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LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free earnings report on SBA Communications Corp. (NASDAQ: SBAC), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SBAC. SBA Communications reported its first quarter fiscal 2018 operating and financial results on April 27, 2018. The communications tower operator outperformed top- and bottom-line expectations.Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
SBA Communications' total revenues jumped 8.3% to $458.3 million compared to $423.4 million in Q1 2017. The Company's reported numbers topped analysts' estimates of $453.2 million.
During Q1 2018, SBA Communications' Site leasing revenue was $430.5 million, comprising of domestic site leasing revenue of $341.7 million and international site leasing revenue of $88.8 million. The Company's Domestic cash site leasing revenue was $338.7 million in the reported quarter, up 5.3% compared to $321.7 million in the year earlier same period. SBA Communications' International cash site leasing revenue surged 20.1% to $86.4 million in Q1 2018 compared to $71.9 million in Q1 2017.
For Q1 2018, SBA Communications' Site leasing operating profit was $337.7 million, up 9.6% on a y-o-y basis. Site leasing contributed 98.5% of the Company's total operating profit in the reported quarter. Domestic site leasing segment's operating profit was $276.7 million, an increase of 8.2% over the year earlier same period. International site leasing segment's operating profit was $61.0 million, an increase of 16.3% over the year earlier comparable period.
SBA Communications' Tower Cash Flow was $339.0 million for Q1 2018, comprising of Domestic Tower Cash Flow of $279.9 million and International Tower Cash Flow of $59.1 million. Domestic Tower Cash Flow for the quarter increased 6.3% over the prior year's same period and International Tower Cash Flow increased 20.9% over the prior year's corresponding period. The Company's Tower Cash Flow Margin was 79.8% for the reported quarte, compared to 79.3% in the year earlier same period.
During Q1 2018, SBA Communications' adjusted EBITDA grew 9.1% to $318.8 million on a y-o-y basis. The Company's adjusted EBITDA margin was 70.4% in the reported quarter compared to 69.7% in the year earlier same quarter.
In Q1 2018, net income for SBA Communications was $31.5 million, or $0.27 per share, and included a $1.6 million gain on the currency related remeasurement of US dollar denominated intercompany loans with a Brazilian subsidiary, while net income was $37.6 million, or $0.31 per share, for Q1 2017 and included a $13.7 million gain on the currency related remeasurement of a US dollar denominated intercompany loan with a Brazilian subsidiary. The Company's earnings beat Wall Street's estimates of $0.21 per share.
For Q1 2018, SBA Communications' adjusted funds from operations (AFFO) was $218.4 million, or $1.85 per diluted share, compared to $206.3 million, or $1.69 per share, for Q1 2017.
During Q1 2018, SBA Communications purchased 334 communication sites for total consideration of $106.7 million. The Company also built 67 towers in the reported quarter. As of March 31, 2018, SBA Communications owned or operated 28,309 communication sites, 16,018 of which are in the United States and its territories, and 12,291 of which are located internationally. In addition, the Company spent $16.1 million to purchase land and easements and to extend lease terms.
In Q1 2018, SBA Communications' total cash capital expenditures were $148.7 million, consisting of $7.5 million of non-discretionary cash capital expenditures, and $141.2 million of discretionary cash capital expenditures.
Subsequent to Q1 2018, SBA Communications acquired 190 communication sites for an aggregate consideration of $119.5 million in cash. In addition, the Company has agreed to purchase in the US and internationally 874 communication sites for an aggregate amount of $182.7 million. The Company anticipates that these acquisitions will be consummated throughout 2018.
Financing Activities and Liquidity
SBA Communications ended Q1 2018 with $9.5 billion of total debt, $6.9 billion of total secured debt, $138.0 million of cash and cash equivalents, short-term restricted cash, and short-term investments, and $9.3 billion of net debt. The Company's net debt and net secured debt to annualized adjusted EBITDA Leverage Ratios were 7.3x and 5.3x, respectively.
During Q1 2018, SBA Communications purchased under its $1.0 billion stock repurchase plan 0.2 million shares of its Class A common stock for $38.5 million, at an average price per share of $161.60.
Subsequent to March 31, 2018, SBA Communications purchased 1.6 million shares of its Class A common stock for $261.5 million, at an average price per share of $164.82.
Stock Performance Snapshot
May 23, 2018 - At Wednesday's closing bell, SBA Communications's stock was marginally up 0.42%, ending the trading session at $157.95.
Volume traded for the day: 583.81 thousand shares.
Stock performance in the past twelve-month period – up 17.60%
After yesterday's close, SBA Communications's market cap was at $18.17 billion.
Price to Earnings (P/E) ratio was at 146.52.
The stock is part of the Technology sector, categorized under the Diversified Communication Services industry. This sector was up 0.5% at the end of the session.
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