SBA COMMUNICATIONS CORP false 0001034054 0001034054 2020-05-05 2020-05-05





Washington, D.C. 20549





Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) May 5, 2020


SBA Communications Corporation

(Exact Name of Registrant as Specified in its Charter)







(State or Other Jurisdiction

of Incorporation)



File Number)


(IRS Employer

Identification No.)

8051 Congress Avenue

Boca Raton, FL



(Address of Principal Executive Offices)


(Zip Code)

Registrant’s telephone number, including area code: (561) 995-7670


(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class





Name of each exchange

on which registered

Class A Common Stock, $0.01 par value per share




The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02 Results of Operations and Financial Condition.

On May 5, 2020, SBA Communications Corporation issued a press release announcing its financial and operational results for the first quarter ended March 31, 2020, updating its full year 2020 guidance and announcing its quarterly dividend. A copy of the press release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

As described in Item 2.02 of this Current Report on Form 8-K, the following exhibits are furnished as part of this Current Report.







Press release issued by SBA Communications Corporation on May 5, 2020.




Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





/s/ Brendan T. Cavanagh


Brendan T. Cavanagh


Executive Vice President and Chief Financial Officer

Date: May 5, 2020

EX-99.1 2 d926741dex991.htm EX-99.1 EX-99.1

Exhibit 99.1




SBA Communications Corporation Reports First Quarter 2020 Results;

Updates Full Year 2020 Outlook; and Declares Quarterly Cash Dividend

Boca Raton, Florida, May 5, 2020 (BUSINESS NEWSWIRE) — SBA Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today reported results for the quarter ended March 31, 2020.

Highlights of the first quarter include:



Subsequent to quarter end, declared quarterly cash dividend of $0.465 per share



Repurchased 0.8 million shares at an average price per share of $243



Committed to provide global COVID-19 relief through charitable contributions in each of our existing markets



Net loss of $127.1 million, resulting from $152.8 million non-cash, currency-related inter-company loan remeasurement adjustment



AFFO per share growth of 13.5% over the year earlier period on a constant currency basis

“We had a solid start to 2020”, commented Jeffrey A. Stoops. “In these extremely difficult times brought about by COVID-19, we are very fortunate to serve in an industry that is essential to the geographies in which we operate, where we are able to keep our team members fully employed working for our customers and communities. Our top priorities during this crisis are the health and safety of our team members, and maintaining and expanding wireless service for our customers. 5G and the benefits it will bring are now more important than ever. With the T-Mobile-Sprint merger now complete, our expectations for the full year remain the same. We expect to see in the US increasing levels of operational activity as we move through the year, with the reported financial results to follow. Early stages of this increased operational activity are now underway. Internationally, demand remains solid as well, although, as evidenced by our revised full-year outlook, the only material impact to SBA from the COVID-19 crisis is the expected impact in certain of our international markets from foreign currency adjustments.

Our operational performance, as best evidenced by our margins, continues to be excellent, and I commend all of our team members. Our balance sheet and access to capital remains very strong. We are comfortable at current leverage levels, with future capital allocation priorities first to our dividend and then the substantial remaining amount of investable capital to opportunistic portfolio growth and stock repurchases. During these challenging times, we expect to stay very busy serving our customers and communities, helping to continuously improve wireless service in general and deploy 5G service in particular, while we execute well against increasing operational demand and grow AFFO per share materially”.



Operating Results

The table below details select financial results for the three months ended March 31, 2020 and comparisons to the prior year period.


     Q1 2020     Q1 2019      $ Change     % Change     % Change
FX (1)
Consolidated    ($ in millions, except per share amounts)  

Site leasing revenue

   $ 492.3     $ 452.2      $ 40.1       8.9     11.6

Site development revenue

     24.7       41.1        (16.4     (39.9 %)      (39.9 %) 

Tower cash flow (1)

     398.1       362.9        35.2       9.7     11.9

Net (loss) income

     (127.1     26.0        (153.1     (588.8 %)      5.9

Earnings per share - diluted

     (1.14     0.23        (1.37     (595.7 %)      4.2

Adjusted EBITDA (1)

     369.9       345.6        24.3       7.1     9.4

AFFO (1)

     259.9       236.1        23.8       10.0     13.3

AFFO per share (1)

     2.28       2.07        0.21       10.1     13.5



See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.

Total revenues in the first quarter of 2020 were $517.0 million compared to $493.3 million in the year earlier period, an increase of 4.8%. Site leasing revenue in the quarter of $492.3 million was comprised of domestic site leasing revenue of $386.3 million and international site leasing revenue of $106.0 million. Domestic cash site leasing revenue was $383.9 million in the first quarter of 2020 compared to $361.2 million in the year earlier period, an increase of 6.3%. International cash site leasing revenue was $106.1 million in the first quarter of 2020 compared to $88.3 million in the year earlier period, an increase of 20.1%, or 33.7% excluding the impact of changes in foreign currency exchange rates.

Site leasing operating profit was $396.6 million, an increase of 10.3% over the year earlier period. Site leasing contributed 98.8% of the Company’s total operating profit in the first quarter of 2020. Domestic site leasing segment operating profit was $322.4 million, an increase of 8.3% over the year earlier period. International site leasing segment operating profit was $74.1 million, an increase of 20.0% over the year earlier period.

Tower Cash Flow for the first quarter of 2020 of $398.1 million was comprised of Domestic Tower Cash Flow of $323.4 million and International Tower Cash Flow of $74.7 million. Domestic Tower Cash Flow for the quarter increased 7.2% over the prior year period and International Tower Cash Flow increased 22.2% over the prior year period, or 35.4% on a constant currency basis. Tower Cash Flow Margin was 81.2% for the first quarter of 2020, as compared to 80.7% for the year earlier period.

Net loss for the first quarter of 2020 was $127.1 million, or $(1.14) per share, and included a $152.8 million loss, net of taxes, on the currency related remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries. Net income for the first quarter of 2019 was $26.0 million, or $0.23 per share, and included a $1.4 million loss, net of taxes, on the currency related remeasurement of U.S. dollar denominated intercompany loans with a Brazilian subsidiary.

Adjusted EBITDA for the quarter was $369.9 million, a 7.1% increase over the prior year period. Adjusted EBITDA Margin was 71.9% in the first quarter of 2020 compared to 70.4% in the first quarter of 2019.



Net Cash Interest Expense was $95.0 million in the first quarter of 2020 compared to $96.9 million in the first quarter of 2019, a decrease of 2.0%.

AFFO for the quarter was $259.9 million, a 10.0% increase over the prior year period. AFFO per share for the first quarter of 2020 was $2.28, a 10.1% increase over the prior year period, and 13.5% on a constant currency basis.

Investing Activities

During the first quarter of 2020, SBA acquired 69 communication sites for total cash consideration of $79.9 million. SBA also built 49 towers during the first quarter of 2020. As of March 31, 2020, SBA owned or operated 32,515 communication sites, 16,463 of which are located in the United States and its territories, and 16,052 of which are located internationally. In addition, the Company spent $6.9 million to purchase land and easements and to extend lease terms. Total cash capital expenditures for the first quarter of 2020 were $128.8 million, consisting of $9.2 million of non-discretionary cash capital expenditures (tower maintenance and general corporate) and $119.6 million of discretionary cash capital expenditures (new tower builds, tower augmentations, acquisitions, and purchasing land and easements).

Subsequent to the first quarter of 2020, the Company has purchased or agreed to purchase 137 additional communication sites for an aggregate amount of $52.0 million. The Company anticipates that the majority of these acquisitions will be consummated by the end of the third quarter of 2020.

Financing Activities and Liquidity

SBA ended the first quarter of 2020 with $10.7 billion of total debt, $7.8 billion of total secured debt, $228.0 million of cash and cash equivalents, short-term restricted cash, and short-term investments, and $10.4 billion of Net Debt. SBA’s Net Debt and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 7.0x and 5.1x, respectively.

On February 4, 2020, the Company issued $1.0 billion of unsecured senior notes due February 15, 2027 (the “2020 Senior Notes”). The 2020 Senior Notes accrue interest at a rate of 3.875% per annum. Interest on the 2020 Senior Notes is due semi-annually on February 15 and August 15 of each year, beginning on August 15, 2020. Net proceeds from this offering were used to redeem all of the outstanding principal amount of the 4.875% Senior Notes due 2022 and repay a portion of the amount outstanding under the Revolving Credit Facility.

As of the date of this press release, the Company had $380.0 million outstanding under the $1.25 billion Revolving Credit Facility.

During the first quarter of 2020, the Company repurchased 0.8 million shares of its Class A common stock for $200.0 million, at an average price per share of $242.86 under its $1.0 billion stock repurchase plan. All shares repurchased were retired. As of the date of this filing, the Company has $424.3 million of authorization remaining under the plan.

In the first quarter of 2020, the Company declared and paid a cash dividend of $52.2 million.

In addition, the Company announced today, May 5, 2020, that its Board of Directors has declared a quarterly cash dividend of $0.465 per share of the Company’s Class A common stock. The distribution is payable June 18, 2020 to the shareholders of record at the close of business on May 28, 2020.




The Company is updating its full year 2020 Outlook for anticipated results. The Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Company’s filings with the Securities and Exchange Commission.

The Company’s full year 2020 Outlook assumes the acquisitions of only those communication sites under contract and anticipated to close at the time of this press release. The Company may spend additional capital in 2020 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2020 guidance. The Outlook also does not contemplate any additional repurchases of the Company’s stock during 2020, although the Company may ultimately spend capital to repurchase some of its stock during the year.

The Company’s Outlook assumes an average foreign currency exchange rate of 5.45 Brazilian Reais to 1.0 U.S. Dollar, 1.42 Canadian Dollars to 1.0 U.S. Dollar, and 18.65 South African Rand to 1.0 U.S. Dollar throughout the last three quarters of 2020. When compared to the Company’s initial full year 2020 Outlook provided February 20, 2020, the variances in the actual first quarter foreign currency exchange rates versus the Company’s assumptions, and the changes in the Company’s foreign currency rate assumptions for the remainder of the year, negatively impacted the 2020 full year Outlook by the amounts indicated in the chart below.


(in millions, except per share amounts)    Full Year 2020      Change from
Feb. 20, 2020
Due to FX (7)
    Change from
Feb. 20, 2020
Excluding FX (7)

Site leasing revenue (1)

   $ 1,930.0        to      $ 1,950.0      $ (47.0   $ 4.0  

Site development revenue

   $ 110.0        to      $ 130.0      $ —       $ (20.0

Total revenues

   $ 2,040.0        to      $ 2,080.0      $ (47.0   $ (16.0

Tower Cash Flow (2)

   $ 1,570.0        to      $ 1,590.0      $ (32.0   $ 5.0  

Adjusted EBITDA (2)

   $ 1,464.0        to      $ 1,484.0      $ (30.0   $ (1.0

Net cash interest expense (3)

   $ 371.0        to      $ 381.0      $ 0.5     $ 1.5  

Non-discretionary cash capital expenditures (4)

   $ 32.0        to      $ 42.0      $ (0.5   $ (4.5

AFFO (2)

   $ 1,013.0        to      $ 1,059.0      $ (29.0   $ 1.0  

AFFO per share (2) (5)

   $ 8.89        to      $ 9.29      $ (0.255   $ 0.075  

Discretionary cash capital expenditures (6)

   $ 270.0        to      $ 290.0      $ (9.0   $ 39.0  



The Company’s Outlook for site leasing revenue includes revenue associated with pass through reimbursable expenses.


See the reconciliation of this non-GAAP financial measure presented below under “Non-GAAP Financial Measures.”


Net cash interest expense is defined as interest expense less interest income. Net cash interest expense does not include amortization of deferred financing fees or non-cash interest expense.


Consists of tower maintenance and general corporate capital expenditures.


Outlook for AFFO per share is calculated by dividing the Company’s outlook for AFFO by an assumed weighted average number of diluted common shares of 114.0 million. Our Outlook does not include the impact of any potential future repurchases of the Company’s stock during 2020.


Consists of new tower builds, tower augmentations, communication site acquisitions and ground lease purchases. Does not include expenditures for acquisitions of revenue producing assets not under contract at the date of this press release.


Changes from prior outlook are measured based on the midpoint of outlook ranges provided.



Conference Call Information

SBA Communications Corporation will host a conference call on Tuesday, May 5, 2020 at 5:00 PM (EDT) to discuss the quarterly results. The call may be accessed as follows:


When:   Tuesday, May 5, 2020 at 5:00 PM (EDT), please dial-in by 4:45 PM
Dial-in Number:   (844) 291-6360
Access Code:   7145173
Conference Name:   SBA first quarter results
Replay Available:   May 5, 2020 at 11:00 PM to May 19, 2020 at 12:00 AM (TZ: Eastern)
Replay Number:   (866) 207-1041 – Access Code: 9137856
Internet Access:   www.sbasite.com

Information Concerning Forward-Looking Statements

This press release and our earnings call include forward-looking statements, including statements regarding the Company’s expectations or beliefs regarding (i) the increase in operational activity and demand for the Company’s infrastructure, and the timing, magnitude and drivers of that increase, (ii) the impact of the completed T-Mobile/Sprint transaction, the expected growth in incremental leasing activity and services business and the drivers of that growth, (iii) the impact of carrier equipment upgrades and network investment, 5G deployment and spectrum auctions in 2020, (iv) the Company’s leverage levels and future capital allocation strategy, (v) the Company’s financial and operational performance in 2020, including growth in AFFO per share, (vi) the Company’s revised financial and operational guidance for the full year 2020, the assumptions it made and the drivers contributing to its full year guidance and the changes thereto, (vii) the timing of closing for currently pending acquisitions, and (viii) foreign exchange rates and their impact on the Company’s financial and operational guidance, including the volatility in foreign currency exchange rates caused by the COVID-19 crisis.

The Company wishes to caution readers that these forward-looking statements may be affected by the risks and uncertainties in the Company’s business as well as other important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. With respect to the Company’s expectations regarding all of these statements, including its financial and operational guidance, such risk factors include, but are not limited to: (1) the ability and willingness of wireless service providers to maintain or increase their capital expenditures; (2) the Company’s ability to identify and acquire sites at prices and upon terms that will provide accretive portfolio growth; (3) the Company’s ability to accurately identify and manage any risks associated with its acquired sites, to effectively integrate such sites into its business and to achieve the anticipated financial results; (4) the Company’s ability to secure and retain as many site leasing tenants as planned at anticipated lease rates; (5) the impact of continued consolidation among wireless service providers, including the impact of the completed T-Mobile and Sprint merger, on the Company’s leasing revenue; (6) the Company’s ability to successfully manage the risks associated with international operations, including risks associated with foreign currency exchange rates; (7) the Company’s ability to secure and deliver anticipated services business at contemplated margins; (8) the Company’s ability to maintain expenses and cash capital expenditures at appropriate levels for its business while seeking to attain its investment goals; (9) the Company’s ability to acquire land underneath towers on terms that are accretive; (10) the economic climate for the wireless communications industry in general and the wireless communications infrastructure providers in particular in the United States, Brazil, South Africa and in other international markets; (11) the ability of Dish to become and compete as a nationwide carrier; (12) the Company’s ability to obtain future financing at commercially reasonable rates or at all; (13) the ability of the Company to achieve its long-term stock repurchases strategy, which will depend, among other things, on the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions; (14) the Company’s ability to achieve the new builds targets included in its anticipated annual portfolio growth goals, which will depend, among other things, on



obtaining zoning and regulatory approvals, weather, availability of labor and supplies and other factors beyond the Company’s control that could affect the Company’s ability to build additional towers in 2020; and (15) the extent and duration of the impact of the COVID-19 crisis on the global economy, on the Company’s business and results of operations, and on foreign currency exchange rates; and (16) the Company’s ability to meet its total portfolio growth, which will depend, in addition to the new build risks, on the availability of sufficient towers for sale to meet our targets, competition from third parties for such acquisitions and our ability to negotiate the terms of, and acquire, these potential tower portfolios on terms that meet our internal return criteria. With respect to its expectations regarding the ability to close pending acquisitions, these factors also include satisfactorily completing due diligence, the amount and quality of due diligence that the Company is able to complete prior to closing of any acquisition and its ability to accurately anticipate the future performance of the acquired towers, the ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations and the availability of cash on hand or borrowing capacity under the Revolving Credit Facility to fund the consideration. With respect to the repurchases under the Company’s stock repurchase program, the amount of shares repurchased, if any, and the timing of such repurchases will depend on, among other things, the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions, the availability of stock, the Company’s financial performance or determinations following the date of this announcement in order to use the Company’s funds for other purposes. Furthermore, the Company’s forward-looking statements and its 2020 outlook assumes that the Company continues to qualify for treatment as a REIT for U.S. federal income tax purposes and that the Company’s business is currently operated in a manner that complies with the REIT rules and that it will be able to continue to comply with and conduct its business in accordance with such rules. In addition, these forward-looking statements and the information in this press release is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s Annual Report on Form 10-K filed with the Commission on February 24, 2020.

This press release contains non-GAAP financial measures. Reconciliation of each of these non-GAAP financial measures and the other Regulation G information is presented below under “Non-GAAP Financial Measures.”

This press release will be available on our website at www.sbasite.com.

About SBA Communications Corporation

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.


Mark DeRussy, CFA

Capital Markets


Lynne Hopkins

Media Relations





(unaudited) (in thousands, except per share amounts)


     For the three months  
     ended March 31,  
     2020     2019  



Site leasing

   $ 492,356     $ 452,183  

Site development

     24,711       41,110  







Total revenues

     517,067       493,293  







Operating expenses:


Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):


Cost of site leasing

     95,799       92,714  

Cost of site development

     19,715       31,101  

Selling, general, and administrative expenses (1)

     49,617       50,959  

Acquisition and new business initiatives related adjustments and expenses

     3,799       2,437  

Asset impairment and decommission costs

     14,355       5,771  

Depreciation, accretion, and amortization

     182,579       171,038  







Total operating expenses

     365,864       354,020  







Operating income

     151,203       139,273  







Other income (expense):


Interest income

     885       1,800  

Interest expense

     (95,851     (98,667

Non-cash interest expense

     (2,406     (641

Amortization of deferred financing fees

     (5,139     (5,061

Loss from extinguishment of debt, net

     (16,864     —    

Other income (expense), net

     (226,299     (508







Total other expense, net

     (345,674     (103,077







(Loss) income before income taxes

     (194,471     36,196  

Benefit (provision) for income taxes

     66,538       (10,207







Net (loss) income

     (127,933     25,989  

Net loss attributable to noncontrolling interests

     875       —    







Net (loss) income attributable to SBA Communications Corporation

   $ (127,058   $ 25,989  







Net (loss) income per common share attributable to SBA Communications Corporation:



   $ (1.14   $ 0.23  








   $ (1.14   $ 0.23  







Weighted average number of common shares



     111,908       112,708  








     111,908       114,344  









Includes non-cash compensation of $15,553 and $22,605 for the three months ended March 31, 2020 and 2019, respectively.




(in thousands, except par values)


     March 31,     December 31,  
     2020     2019  



Current assets:


Cash and cash equivalents

   $ 184,137   $ 108,309

Restricted cash

     43,012     30,243

Accounts receivable, net

     107,200     132,125

Costs and estimated earnings in excess of billings on uncompleted contracts

     18,823     26,313

Prepaid expenses and other current assets

     41,886     37,281







Total current assets

     395,058     334,271

Property and equipment, net

     2,697,778     2,794,602

Intangible assets, net

     3,294,369     3,626,773

Right-of-use assets, net

     2,420,363     2,572,217

Other assets

     551,934     432,078







Total assets

   $ 9,359,502   $ 9,759,941









Current Liabilities:


Accounts payable

   $ 26,939   $ 31,846

Accrued expenses

     54,175     67,618

Current maturities of long-term debt

     522,691     522,090

Deferred revenue

     133,548     113,507

Accrued interest

     32,697     49,269

Current lease liabilities

     231,385     247,015

Other current liabilities

     18,117     16,948







Total current liabilities

     1,019,552     1,048,293

Long-term liabilities:


Long-term debt, net

     10,050,737     9,812,335

Long-term lease liabilities

     2,153,917     2,279,400

Other long-term liabilities

     438,048     270,868







Total long-term liabilities

     12,642,702     12,362,603

Redeemable noncontrolling interests

     14,478     16,052

Shareholders’ deficit:


Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding

     —         —    

Common stock - Class A, par value $0.01, 400,000 shares authorized, 111,559 shares and 111,775 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

     1,116     1,118

Additional paid-in capital

     2,471,886     2,461,335

Accumulated deficit

     (5,943,386     (5,560,695

Accumulated other comprehensive loss, net

     (846,846     (568,765







Total shareholders’ deficit

     (4,317,230     (3,667,007







Total liabilities, redeemable noncontrolling interests, and shareholders’ deficit

   $ 9,359,502   $ 9,759,941










(unaudited) (in thousands)


     For the three months  
     ended March 31,  
     2020     2019  



Net (loss) income

   $ (127,933   $ 25,989

Adjustments to reconcile net (loss) income to net cash provided by operating activities:


Depreciation, accretion, and amortization

     182,579     171,038

Non-cash asset impairment and decommission costs

     13,997     5,451

Non-cash compensation expense

     16,278     23,414

Amortization of deferred financing fees

     5,139     5,061

Loss on remeasurement of U.S. dollar denominated intercompany loans

     230,132     2,080

Deferred income tax (benefit) expense

     (72,204     3,470

Other non-cash items reflected in the Statements of Operations

     13,127     (2,494

Changes in operating assets and liabilities, net of acquisitions:


AR and costs and est. earnings in excess of billings on uncompleted contracts, net

     19,712     1,931

Prepaid expenses and other assets

     (1,643     (130

Operating lease right-of-use assets, net

     30,181     24,116

Accounts payable and accrued expenses

     (4,725     (5,050

Accrued interest

     (18,197     (13,663

Long-term lease liabilities

     (24,712     (19,652

Other liabilities

     16,011     1,104







Net cash provided by operating activities

     277,742     222,665










     (89,531     (55,287

Capital expenditures

     (39,291     (36,374

Other investing activities

     (3,190     6,685







Net cash used in investing activities

     (132,012     (84,976









Net borrowings under Revolving Credit Facility

     (5,000     (215,000

Proceeds from issuance of Senior Notes, net of fees

     988,516     —    

Repayment of Senior Notes

     (759,143     —    

Proceeds from employee stock purchase/stock option plans

     38,869     69,690

Payments related to taxes on stock options and restricted stock units

     (44,488     (6,215

Repurchase and retirement of common stock

     (203,330     —    

Payment of dividends on common stock

     (52,201     —    

Other financing activities

     (6,558     (6,522







Net cash used in financing activities

     (43,335     (158,047







Effect of exchange rate changes on cash, cash equivalents, and restricted cash

     (13,900     (14,071


     88,495     (34,429



Beginning of period

     141,120     178,300







End of period

   $ 229,615   $ 143,871









Selected Capital Expenditure Detail


     For the three months ended March 31,  
     2020      2019  
     (in thousands)  

Construction and related costs on new builds

   $ 17,031      $ 15,426  

Augmentation and tower upgrades

     13,031        13,703  

Non-discretionary capital expenditures:


Tower maintenance

     8,194        6,420  

General corporate

     1,035        825  







Total non-discretionary capital expenditures

     9,229        7,245  







Total capital expenditures

   $ 39,291      $ 36,374  







Communication Site Portfolio Summary


     Domestic      International      Total  

Sites owned at December 31, 2019

     16,401        16,002        32,403  

Sites acquired during the first quarter

     63        6        69  

Sites built during the first quarter

     4        45        49  

Sites decommissioned during the first quarter

     (5      (1      (6










Sites owned at March 31, 2020

     16,463        16,052        32,515  










Segment Operating Profit and Segment Operating Profit Margin

Domestic site leasing and International site leasing are the two segments within our site leasing business. Segment operating profit is a key business metric and one of our two measures of segment profitability. The calculation of Segment operating profit for each of our segments is set forth below.


     Domestic Site Leasing     Int’l Site Leasing     Site Development  
     For the three months     For the three months     For the three months  
     ended March 31,     ended March 31,     ended March 31,  
     2020     2019     2020     2019     2020     2019  
     (in thousands)  

Segment revenue

   $ 386,345     $ 362,838     $ 106,011     $ 89,345     $ 24,711     $ 41,110  

Segment cost of revenues (excluding depreciation, accretion, and amort.)

     (63,905     (65,114     (31,894     (27,600     (19,715     (31,101



















Segment operating profit

   $ 322,440     $ 297,724     $ 74,117     $ 61,745     $ 4,996     $ 10,009  



















Segment operating profit margin

     83.5     82.1     69.9     69.1     20.2     24.3



















Non-GAAP Financial Measures

The press release contains non-GAAP financial measures including (i) Cash Site Leasing Revenue; (ii) Tower Cash Flow and Tower Cash Flow Margin; (iii) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin; (iv) Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio (collectively, our “Non-GAAP Debt Measures”); (v) Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and AFFO per share; and (vi) certain financial metrics after eliminating the impact of changes in foreign currency exchange rates (collectively, our “Constant Currency Measures”).



We have included these non-GAAP financial measures because we believe that they provide investors additional tools in understanding our financial performance and condition.

Specifically, we believe that:

(1)    Cash Site Leasing Revenue and Tower Cash Flow are useful indicators of the performance of our site leasing operations;

(2)    Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance;

(3)    FFO, AFFO and AFFO per share, which are metrics used by our public company peers in the communication site industry, provide investors useful indicators of the financial performance of our business and permit investors an additional tool to evaluate the performance of our business against those of our two principal competitors. FFO, AFFO, and AFFO per share are also used to address questions we receive from analysts and investors who routinely assess our operating performance on the basis of these performance measures, which are considered industry standards. We believe that FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs). We believe that AFFO and AFFO per share help investors or other interested parties meaningfully evaluate our financial performance as they include (1) the impact of our capital structure (primarily interest expense on our outstanding debt) and (2) sustaining capital expenditures and exclude the impact of (1) our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods and the non-cash portion of our reported tax provision. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. We only use AFFO as a performance measure. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment. We believe our definition of FFO is consistent with how that term is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and that our definition and use of AFFO and AFFO per share is consistent with those reported by the other communication site companies;

(4)    Our Non-GAAP Debt Measures provide investors a more complete understanding of our net debt and leverage position as they include the full principal amount of our debt which will be due at maturity and, to the extent that such measures are calculated on Net Debt are net of our cash and cash equivalents, short-term restricted cash, and short-term investments; and

(5)    Our Constant Currency Measures provide management and investors the ability to evaluate the performance of the business without the impact of foreign currency exchange rate fluctuations.



In addition, Tower Cash Flow, Adjusted EBITDA, and our Non-GAAP Debt Measures are components of the calculations used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and indentures relating to our 2016 Senior Notes, 2017 Senior Notes, and 2020 Senior Notes. These non-GAAP financial measures are not intended to be an alternative to any of the financial measures provided in our results of operations or our balance sheet as determined in accordance with GAAP.

Financial Metrics after Eliminating the Impact of Changes In Foreign Currency Exchange Rates

We eliminate the impact of changes in foreign currency exchange rates for each of the financial metrics listed in the table below by dividing the current period’s financial results by the average monthly exchange rates of the prior year period, and by eliminating the impact of the remeasurement of our intercompany loans. The table below provides the reconciliation of the reported growth rate year-over-year of each of such measures to the growth rate after eliminating the impact of changes in foreign currency exchange rates to such measure.


     First quarter              
     2020 year     Foreign     Growth excluding  
     over year     currency     foreign  
     growth rate     impact     currency impact  

Total site leasing revenue

     8.9     (2.7 %)      11.6

Total cash site leasing revenue

     9.0     (2.7 %)      11.7

Int’l cash site leasing revenue

     20.1     (13.6 %)      33.7

Total site leasing segment operating profit

     10.3     (2.3 %)      12.6

Int’l site leasing segment operating profit

     20.0     (13.2 %)      33.2

Total site leasing tower cash flow

     9.7     (2.2 %)      11.9

Int’l site leasing tower cash flow

     22.2     (13.2 %)      35.4

Net (loss) income

     (588.8 %)      (594.7 %)      5.9

Earnings per share - diluted

     (595.7 %)      (599.9 %)      4.2

Adjusted EBITDA

     7.1     (2.3 %)      9.4


     10.0     (3.3 %)      13.3

AFFO per share

     10.1     (3.4 %)      13.5



Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin

The table below sets forth the reconciliation of Cash Site Leasing Revenue and Tower Cash Flow to their most comparable GAAP measurement and Tower Cash Flow Margin, which is calculated by dividing Tower Cash Flow by Cash Site Leasing Revenue.


     Domestic Site Leasing     Int’l Site Leasing     Total Site Leasing  
     For the three months     For the three months     For the three months  
     ended March 31,     ended March 31,     ended March 31,  
     2020     2019     2020     2019     2020     2019  
     (in thousands)  

Site leasing revenue

   $ 386,345     $ 362,838     $ 106,011     $ 89,345     $ 492,356     $ 452,183  

Non-cash straight-line leasing revenue

     (2,406     (1,603     65       (1,042     (2,341     (2,645



















Cash site leasing revenue

     383,939       361,235       106,076       88,303       490,015       449,538  

Site leasing cost of revenues (excluding depreciation, accretion, and amortization)

     (63,905     (65,114     (31,894     (27,600     (95,799     (92,714

Non-cash straight-line ground lease expense

     3,353       5,663       495       426       3,848       6,089  



















Tower Cash Flow

   $ 323,387     $ 301,784     $ 74,677     $ 61,129     $ 398,064     $ 362,913  



















Tower Cash Flow Margin

     84.2     83.5     70.4     69.2     81.2     80.7



















Forecasted Tower Cash Flow for Full Year 2020

The table below sets forth the reconciliation of forecasted Tower Cash Flow set forth in the Outlook section to its most comparable GAAP measurement for the full year 2020:


     Full Year 2020  
     (in millions)  

Site leasing revenue

   $ 1,930.0     to    $ 1,950.0  

Non-cash straight-line leasing revenue

     (5.0   to      —    







Cash site leasing revenue

     1,925.0     to      1,950.0  

Site leasing cost of revenues (excluding depreciation, accretion, and amortization)

     (365.0   to      (375.0

Non-cash straight-line ground lease expense

     10.0     to      15.0  







Tower Cash Flow

   $ 1,570.0     to    $ 1,590.0  









Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin

The table below sets forth the reconciliation of Adjusted EBITDA to its most comparable GAAP measurement.


     For the three months  
     ended March 31,  
     2020      2019  
     (in thousands)  

Net (loss) income

   $ (127,933    $ 25,989  

Non-cash straight-line leasing revenue

     (2,341      (2,645

Non-cash straight-line ground lease expense

     3,848        6,089  

Non-cash compensation

     16,278        23,414  

Loss from extinguishment of debt, net

     16,864        —    

Other expense, net

     226,299        508  

Acquisition and new business initiatives related adjustments and expenses

     3,799        2,437  

Asset impairment and decommission costs

     14,355        5,771  

Interest income

     (885      (1,800

Total interest expense (1)

     103,396        104,369  

Depreciation, accretion, and amortization

     182,579        171,038  

(Benefit) provision for taxes (2)

     (66,311      10,404  







Adjusted EBITDA

   $ 369,948      $ 345,574  







Annualized Adjusted EBITDA (3)

   $ 1,479,792      $ 1,382,296  









Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.


For the three months ended March 31, 2020 and 2019, these amounts included $227 and $197, respectively, of franchise and gross receipts taxes reflected in the Statements of Operations in selling, general and administrative expenses.


Annualized Adjusted EBITDA is calculated as Adjusted EBITDA for the most recent quarter multiplied by four.

The calculation of Adjusted EBITDA Margin is as follows:


     For the three months  
     ended March 31,  
     2020     2019  
     (in thousands)  

Total revenues

   $ 517,067     $ 493,293  

Non-cash straight-line leasing revenue

     (2,341     (2,645







Total revenues minus non-cash straight-line leasing revenue

   $ 514,726     $ 490,648  







Adjusted EBITDA

   $ 369,948     $ 345,574  







Adjusted EBITDA Margin

     71.9     70.4









Forecasted Adjusted EBITDA for Full Year 2020

The table below sets forth the reconciliation of the forecasted Adjusted EBITDA set forth in the Outlook section to its most comparable GAAP measurement for the full year 2020:


     Full Year 2020  
     (in millions)  

Net (loss) income

   $ (31.0   to    $ 19.0  

Non-cash straight-line leasing revenue

     (5.0   to      —    

Non-cash straight-line ground lease expense

     10.0     to      15.0  

Non-cash compensation

     67.0     to      62.0  

Loss from extinguishment of debt, net

     16.5     to      17.5  

Other expense (income), net

     269.0     to      267.0  

Acquisition and new business initiatives related adjustments and expenses

     18.0     to      14.0  

Asset impairment and decommission costs

     43.0     to      38.0  

Interest income

     (4.5   to      (1.5

Total interest expense (1)

     413.0     to      401.0  

Depreciation, accretion, and amortization

     712.0     to      702.0  

Benefit for taxes (2)

     (44.0   to      (50.0







Adjusted EBITDA

   $ 1,464.0     to    $ 1,484.0  









Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.


Includes projections for franchise taxes and gross receipts taxes which will be reflected in the Statement of Operations in Selling, general, and administrative expenses.



Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)

The table below sets forth the reconciliations of FFO and AFFO to their most comparable GAAP measurement.


     For the three months  
     ended March 31,  
(in thousands, except per share amounts)    2020      2019  

Net (loss) income

   $ (127,933    $ 25,989  

Real estate related depreciation, amortization, and accretion

     181,431        169,951  

Asset impairment and decommission costs (1)

     14,355        5,771  

Adjustments for unconsolidated joint ventures

     —          1,094  








   $ 67,853      $ 202,805  

Adjustments to FFO:


Non-cash straight-line leasing revenue

     (2,341      (2,645

Non-cash straight-line ground lease expense

     3,848        6,089  

Non-cash compensation

     16,278        23,414  

Adjustment for non-cash portion of tax (benefit) provision

     (72,204      3,470  

Non-real estate related depreciation, amortization, and accretion

     1,148        1,087  

Amortization of deferred financing costs and debt discounts

     7,545        5,702  

Loss from extinguishment of debt, net

     16,864        —    

Other expense, net

     226,299        508  

Acquisition and new business initiatives related adjustments and expenses

     3,799        2,437  

Non-discretionary cash capital expenditures

     (9,229      (7,245

Adjustments for unconsolidated joint ventures

     —          509  








   $ 259,860      $ 236,131  







Weighted average number of common shares (2)

     113,993        114,344  







AFFO per share

   $ 2.28      $ 2.07  









Prior year amounts have been reclassed to conform to the current year presentation.


For purposes of the AFFO per share calculation, the basic weighted average number of common shares has been adjusted to include the dilutive effect of stock options and restricted stock units.



Forecasted AFFO for the Full Year 2020

The table below sets forth the reconciliation of the forecasted AFFO and AFFO per share set forth in the Outlook section to its most comparable GAAP measurement for the full year 2020:


(in millions, except per share amounts)    Full Year 2020  

Net (loss) income

   $ (31.0   to    $ 19.0  

Real estate related depreciation, amortization, and accretion

     705.0     to      697.0  

Asset impairment and decommission costs

     43.0     to      38.0  








   $ 717.0     to    $ 754.0  

Adjustments to FFO:


Non-cash straight-line leasing revenue

     (5.0   to      —    

Non-cash straight-line ground lease expense

     10.0     to      15.0  

Non-cash compensation

     67.0     to      62.0  

Adjustment for non-cash portion of tax benefit

     (72.0   to      (72.0

Non-real estate related depreciation, amortization, and accretion

     7.0     to      5.0  

Amort. of deferred financing costs and debt discounts

     27.5     to      28.5  

Loss from extinguishment of debt, net

     16.5     to      17.5  

Other expense, net

     269.0     to      267.0  

Acquisition and new business initiatives related adjustments and expenses

     18.0     to      14.0  

Non-discretionary cash capital expenditures

     (42.0   to      (32.0








   $ 1,013.0     to    $ 1,059.0  







Weighted average number of common shares (1)

     114.0     to      114.0  







AFFO per share

   $ 8.89     to    $ 9.29  









Our assumption for weighted average number of common shares does not contemplate any additional repurchases of the Company’s stock during 2020.



Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio

Net Debt is calculated using the notional principal amount of outstanding debt. Under GAAP policies, the notional principal amount of the Company’s outstanding debt is not necessarily reflected on the face of the Company’s financial statements.

The Net Debt and Leverage calculations are as follows:


     March 31,  
     (in thousands)  

2013-2C Tower Securities

   $ 575,000  

2014-2C Tower Securities


2015-1C Tower Securities


2016-1C Tower Securities


2017-1C Tower Securities


2018-1C Tower Securities


2019-1C Tower Securities


Revolving Credit Facility


2018 Term Loan





Total secured debt


2016 Senior Notes


2017 Senior Notes


2020 Senior Notes





Total unsecured debt





Total debt

   $ 10,653,000  




Leverage Ratio


Total debt

   $ 10,653,000  

Less: Cash and cash equivalents, short-term restricted cash and short-term investments





Net debt

   $ 10,425,002  




Divided by: Annualized Adjusted EBITDA

   $ 1,479,792  




Leverage Ratio





Secured Leverage Ratio


Total secured debt

   $ 7,803,000  

Less: Cash and cash equivalents, short-term restricted cash and short-term investments





Net Secured Debt

   $ 7,575,002  




Divided by: Annualized Adjusted EBITDA

   $ 1,479,792  




Secured Leverage Ratio







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