Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

SBA Communications Corporation Reports First Quarter 2019 Results;

Updates Full Year 2019 Outlook

Boca Raton, Florida, April 29, 2019 (BUSINESS NEWSWIRE) — SBA Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today reported results for the quarter ended March 31, 2019.

Highlights of the first quarter include:

 

   

Strong leasing and services results

 

   

Net income of $26.0 million or $0.23 per share

 

   

AFFO per share growth of 14.6% over the year earlier period on a constant currency basis

 

   

Increased 2019 Outlook for Revenue, Adjusted EBITDA and AFFO

“We had a great start to 2019,” commented Jeffrey A. Stoops, President and CEO. “Our customers rolled into the new year with the continued strong levels of activity we saw in the second half of 2018, and that level of activity continues. In the U.S., both our leasing and our services results in the first quarter were ahead of expectations, contributing to the increase in our full year Outlook. Internationally, leasing activity remains strong as well, with changes in the International Outlook driven entirely by foreign currency movements. Against this favorable demand environment, we executed very well and produced material growth in AFFO per share. We believe 2019 is shaping up to be another strong year for SBA.”

Operating Results

The table below details select financial results for the three months ended March 31, 2019 and comparisons to the prior year period.

 

                               % Change  
                               excluding  
     Q1 2019      Q1 2018      $ Change     % Change     FX (1)  
Consolidated    ($ in millions, except per share amounts)  

Site leasing revenue

   $ 452.1      $ 430.5      $ 21.6       5.0     7.2

Site development revenue

     41.1        27.8        13.3       48.1     48.1

Tower cash flow (1)

     362.9        339.0        23.9       7.0     8.8

Net income

     26.0        31.5        (5.5     (17.5 %)      (5.1 %) 

Earnings per share - diluted

     0.23        0.27        (0.04     (14.8 %)      0.0

Adjusted EBITDA (1)

     345.6        318.8        26.8       8.4     10.3

AFFO (1)

     236.1        218.4        17.7       8.1     10.9

AFFO per share (1)

     2.07        1.85        0.22       11.9     14.6

 

(1)

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

Total revenues in the first quarter of 2019 were $493.3 million compared to $458.3 million in the year earlier period, an increase of 7.6%. Site leasing revenue in the quarter of $452.1 million was comprised of domestic site leasing revenue of $362.8 million and international site leasing revenue of $89.3 million. Domestic cash site

 

1


The following information was filed by Sba Communications Corp (SBAC) on Monday, April 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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