2024-04-29 21:38:09 ET
SBA Communications Corporation. (SBAC)
Q1 2024 Earnings Conference Call
April 29, 2024, 05:00 PM ET
Company Participants
Mark DeRussy - VP of Finance
Marc Montagner - CFO
Brendan Cavanagh - President & CEO
Conference Call Participants
Michael Rollins - Citigroup
Jonathan Atkin - RBC Capital Markets
Michael Elias - TD Cowen
Simon Flannery - Morgan Stanley
Ric Prentiss - Raymond James.
Nick Del Deo - MoffettNathanson
Batya Levi - UBS
Richard Choe - JPMorgan
Matthew Niknam - Deutsche Bank
Eric Luebchow - Wells Fargo
Walter Piecyk - LightShed Partners
Brandon Nispel - KeyBanc Capital Markets
Brendan Lynch - Barclays
Presentation
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the SBA First Quarter Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. And I now like to turn the conference over to our host, Vice President of Finance, Mr. Mark DeRussy. Please go ahead.
Mark DeRussy
Good evening, and thank you for joining us for SBA’s First Quarter 2024 Earnings Conference Call. Here with me today are Brendan Cavanagh, our President and Chief Executive Officer; and Marc Montagner, our Chief Financial Officer.
Some of the information we will discuss on this call is forward-looking, including, but not limited to, any guidance for 2024 and beyond. In today’s press release and in our SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, April 29, and we have no obligation to update any forward-looking statements we may make. In addition, our comments will include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our supplemental financial data package, which is located on the landing page of our Investor Relations website.
With that, I will now turn the call over to Marc.
Marc Montagner
Thank you Marc. Our first quarter results were in line with our expectations. Excluding the impact of weakening foreign currency assumptions, we increased our full-year outlook for Tower cash flow, adjusted EBITDA, and AFFO per share as compared to our initial 2024 outlook. The primary drivers of these increases are direct cost-saving associated with towers to be decommissioned, and a reduction in our estimated full-year share count from completed share buybacks.
Due to the current strength of the U.S. dollars versus local currency in some of our international markets our overall outlook for site leasing revenue, total revenues, Tower cash flow, and adjusted EBITDA are slightly down versus our initial guidance.
First quarter Domestic same tower recurring cash leasing revenue growth over the first quarter of last year was 5.9% on the growth basis, 2.3% on the net basis, including 3.6% of churn. $7.5 million of the first quarter churn was related to sprint consolidation churn, which we anticipate to be approximately $30 million for the full year 2024....
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SBA Communications Corporation (SBAC) Q1 2024 Earnings Call Transcript