SBA Communications (SBAC) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 results were solid, meeting or exceeding estimates, with net income of $178.8 million ($1.61 per share), up 63.3% year-over-year.

• AFFO per share reached $3.47, a 3.0% increase year-over-year.

• Domestic new carrier activity and bookings increased, with a shift toward new lease colocations.

• Strategic priorities advanced, including a major tower acquisition in Central America and exits from subscale markets.

• Ended 2024 with the lowest net debt to annualized Adjusted EBITDA leverage ratio in company history at 6.1x.

Financial highlights

• Q4 2024 total revenues were $693.7 million, up from $675.0 million in Q4 2023.

• Domestic organic revenue growth was 5.1% gross and 2.2% net year-over-year, with 2.9% churn.

• International organic recurring cash leasing revenue grew 1.7% net and 7.7% gross year-over-year, with 6% churn.

• Fourth quarter dividend of $0.98/share paid; first quarter 2025 dividend increased to $1.11/share, up 13% sequentially.

• Adjusted EBITDA for Q4 2024 was $489.3 million, up 1.8% year-over-year.

Outlook and guidance

• 2025 site leasing revenue expected between $2,530 million and $2,555 million.

• 2025 AFFO guidance is $1,345 million to $1,385 million ($12.40 to $12.76 per share).

• 2025 domestic outlook: $35–$39M in new leases/amendments, $50–$52M Sprint churn, $20–$22M regular churn.

• International outlook: $16–$18M new leases/amendments, $27–$31M churn, $25M negative FX impact.

• Millicom transaction expected to close September 1, 2025, contributing $42M to leasing revenue and $29M tower cash flow.