SBA Announces Their 2nd Quarter Earnings

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Today, SBA Communications Corporation reported their 2nd quarter earnings for the quarter that ended on June, 30, 2013. They reported that the highlights of results include:
  • Site leasing revenue growth of 37%
  • Tower Cash Flow growth of 34%
  • Net loss decreased from $54 million to $36 million
  • Adjusted EBITDA growth of 38%
  • AFFO Per Share growth of 28%

“The second quarter was another strong one for SBA,” commented Jeff Stoops, President and CEO. “Our domestic customers continue to stay very busy, with both high levels of 4G amendment activity on existing macro sites and an increasing amount of new macro site deployment activity. Activity in our international markets was strong as well. Based on our existing backlogs, we expect continued strength in both our leasing and services segments for the remainder of 2013 and into 2014. We expect our portfolio growth will accelerate materially in the second half of 2013, primarily as a result of our recently announced Oi transaction in Brazil, which upon its anticipated closing later this year will result in us once again surpassing our annual portfolio growth goals. We expect the combination of strong continued customer activity and material portfolio growth will allow us to finish 2013 with, and position 2014 for, material growth in site leasing revenue, adjusted EBITDA, AFFO and AFFO per share.” (Source: SBA Press Release)

The Company’s Outlook also assumes an average foreign currency exchange rate of 2.28 Brazilian Reais to 1.0 U.S. Dollar for the third and fourth quarters of 2013.
Quarter ending
Full
September 30, 2013
Year 2013
($’s in millions)
Site leasing revenue(1)
$279.5
to
$284.5
$1,117.0
to
$1,127.0
Site development revenue
$35.0
to
$45.0
$150.0
to
$165.0
Total revenues
$314.5
to
$329.5
$1,267.0
to
$1,292.0
Tower Cash Flow
$203.0
to
$208.0
$813.0
to
$823.0
Adjusted EBITDA
$193.5
to
$198.5
$776.0
to
$786.0
Net cash interest expense(2)
$61.5
to
$63.5
$241.0
to
$251.0
Non-discretionary cash capital expenditures(3)
$3.7
to
$4.7
$14.5
to
$19.5
AFFO
$123.5
to
$132.5
$500.0
to
$526.0
Discretionary cash capital expenditures(4)
$84.0
to
$94.0
$805.0
to
$845.0

August 1, 2013 |
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