SBAC
SBA Communications Corporation189.98
-3.15-1.63%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
20.24BP/E (TTM)
23.93Basic EPS (TTM)
7.94Dividend Yield
0.02%Recent Filings
8-K
SBA Q3 earnings, Millicom close
SBA Communications posted Q3 2025 net income of $240.4 million and AFFO per share of $3.30, with site leasing revenue up 4.9% to $656.4 million, fueled by carrier network investments and international escalators. The company closed its Millicom acquisition for $360.2 million and sold Canadian towers for CAD$446.0 million on October 15, while inking a long-term Verizon lease and repurchasing $194 million in shares. Updated 2025 guidance holds AFFO per share at $12.76-$12.98, but timing shifts trimmed revenue outlook; leverage targets 6.0x-7.0x for investment-grade push. Portfolio exits sharpen focus.
10-Q
Q2 FY2025 results
SBA Communications posted solid Q2 results, with total revenues climbing 5.8% year-over-year to $699M, fueled by a 97.5% surge in site development to $67M while site leasing held steady at $632M amid organic growth and Millicom acquisitions offset by non-renewals. Operating income dipped 5.6% to $335M, pressured by higher asset impairments and depreciation from new towers, yet diluted EPS jumped 38.4% to $2.09 on stronger other income from currency gains. Cash from operations reached $669M year-to-date, supporting $653M in tower buys including 4,644 Millicom sites; free cash flow stood at $567M after $102M capex (derived). Debt eased to $12.6B post $1.2B Tower Securities repayment, with $275M cash and $1.7B revolver availability. Acquisitions drive portfolio expansion. Churn from carrier consolidation lingers as a risk.
8-K
SBA boosts Q2 earnings, updates outlook
SBA Communications reported Q2 2025 net income of $225.7 million, up 41.5% year-over-year, driven by robust U.S. leasing and services growth amid carrier network investments. The company closed on 4,323 Millicom sites for $562.9 million, accelerating integration, while announcing a sale of its 369 Canadian towers for CAD$446 million, expected accretive to AFFO per share upon Q4 close. It updated full-year guidance higher across key metrics, including AFFO per share to $12.65-$13.02, yet faces risks from regulatory delays and currency fluctuations. Strong leasing backlogs fuel portfolio expansion.
8-K
Annual meeting votes pass
SBA Communications shareholders at the May 23, 2025 annual meeting elected Kevin L. Beebe, Jack Langer, and Jeffrey A. Stoops as Class II directors for terms ending in 2028, with strong support exceeding 90% for Beebe. They ratified Ernst & Young LLP as auditors for 2025, backed by 95 million votes, and approved executive compensation on an advisory basis. Governance continuity holds firm. Yet broker non-votes hit 2.9 million shares.
10-Q
Q1 FY2025 results
SBA Communications posted solid Q1 results, with total revenues climbing 1.0% year-over-year to $664.2M, driven by a 62.4% surge in site development to $48.0M while site leasing dipped slightly to $616.2M amid international currency headwinds. Operating income rose 3.5% to $334.9M, bolstered by lower asset impairments ($37.0M, down 15.1%) and depreciation ($65.0M, down 15.2%), though interest expense edged up 8.1% to $104.1M from higher rates. Diluted EPS jumped 43.7% to $2.04 on 108.1M shares, reconciling cleanly to net income of $220.7M. Cash from operations hit $301.2M (up 2.3%), yielding free cash flow of $255.0M after $46.2M capex, while total debt fell to $12.5B following the $1.2B Tower Securities repayment; revolver remains undrawn with $1.5B available. Acquisitions added 344 towers for $63.4M cash, including Millicom sites, with $935.0M more pending by Q3 end. Exiting Philippines and Colombia freed up $40.4M in proceeds. Yet competition from alternative infrastructure like small cells pressures traditional tower demand.
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