SBA Communications Corporation (SBAC) Q3 2022 Earnings Call Transcript

SBA Communications Corporation (NASDAQ:SBAC) Q3 2022 Earnings Conference Call October 31, 2022 5:00 PM ET

Company Participants

Mark DeRussy - Vice President, Finance

Jeff Stoops - President and Chief Executive Officer

Brendan Cavanagh - Chief Financial Officer

Conference Call Participants

Jon Atkin - RBC Capital Markets

Michael Rollins - Citi

Ric Prentiss - Raymond James

Landon Park - Morgan Stanley

Walter Piecyk - LightShed

Batya Levi - UBS

Nick Del Deo - MoffettNathanson

Greg Williams - Cowen

Dave Barden - Bank of America

David Guarino - Green Street

Brendan Lynch - Barclays

Brandon Nispel - KeyBanc

Operator

Ladies and gentlemen, thank you for standing by and welcome to the SBA Third Quarter Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to our host, Mark DeRussy, Vice President of Finance. Please go ahead.

Mark DeRussy

Good evening and thank you for joining us for SBA’s third quarter 2022 earnings conference call. Here with me today are Jeff Stoops, our President and Chief Executive Officer and Brendan Cavanagh, 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 2022 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, October 31 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 it over to Brendan to discuss our third quarter results.

Brendan Cavanagh

Thank you, Mark. Good evening. We continued our very strong 2022 with another outstanding quarter. Our third quarter results were well ahead of our internal expectations and have allowed us to again increase our outlook for our full year results.

Total GAAP site leasing revenues for the third quarter were $587.3 million and cash site leasing revenues were $575.6 million. Foreign exchange rates represented a benefit of approximately $600,000 when compared with our previously forecasted FX rate estimates for the quarter, but they were a headwind on comparisons to the third quarter of 2021, negatively impacting revenues by $3.3 million on a year-over-year basis.