SBA Communications Reports Strong Fourth Quarter 2024 Results and Increases Dividend

SBA Communications Corporation announced its financial and operational results for the fourth quarter ended December 31, 2024, in a filing with the SEC. The Company reported a net income of $178.8 million or $1.61 per share, with AFFO per share reaching an industry-leading $3.47. Key highlights included a record-low net debt to Annualized Adjusted EBITDA leverage ratio of 6.1x and robust performance in both domestic and international site leasing activities.

In its press release, SBA detailed operational metrics for the quarter with landing figures such as a slight increase in site leasing revenue and marked improvements in tower cash flow. The Company’s domestic and international segments registered steady gains, demonstrating resilience amid evolving market conditions. The strong finish is attributed to rising carrier activity in the United States, supported by network investments in mid-band spectrum, 5G, and overall network densification.

SBA’s Board of Directors also declared a quarterly cash dividend of $1.11 per share on the Company’s Class A common stock—a 13% increase over the previous quarter. The dividend is expected to be paid on March 27, 2025, to shareholders of record on March 13, 2025.

Comments from management reinforced the positive results. President and Chief Executive Officer Brendan Cavanagh noted that the Company finished 2024 with its highest backlogs for both leasing and services. He highlighted continued investments by U.S. carriers and solid international leasing activity. Additionally, SBA announced the exit of operations in the Philippines and an agreement to exit its Colombia assets, moves intended to streamline the international portfolio and focus on higher-yield markets.

On the balance sheet front, SBA ended the quarter with $13.7 billion in total debt (including $10.7 billion in secured debt), $1.7 billion in cash and cash equivalents, and $12.0 billion of net debt. Capital expenditure during the quarter totaled $87.0 million, which included investments in new tower builds, tower augmentations, acquisitions, and land-related expenses.

Looking ahead, the Company provided its initial full-year 2025 outlook. The guidance projects site leasing revenue in the range of $2.53 to $2.56 billion, total revenues between $2.69 and $2.74 billion, and tower cash flow of approximately $2.04 to $2.07 billion. Full-year Adjusted EBITDA is expected to be between $1.885 and $1.905 billion, while AFFO is forecast at $1.345 to $1.385 billion, translating to AFFO per share of $12.40 to $12.76. The outlook assumes that acquisitions currently under contract will close in 2025 and reflects assumptions regarding foreign currency exchange rates as well as operating performance across core markets.

The filing underscores SBA’s commitment to leveraging a strong balance sheet and consistent free cash flow generation to support its growth strategy, dividend policy, potential additional portfolio investments, and stock repurchase opportunities.

Investors and analysts will have an opportunity to discuss these results further on the Company’s conference call scheduled for February 24, 2025, at 5:00 PM EST.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read SBA Communications’s 8K filing here.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.