SBA Communications Corporation's (SBAC) CEO Jeffrey Stoops on Q2 2022 Results - Earnings Call Transcript

SBA Communications Corporation (NASDAQ:SBAC) Q2 2022 Earnings Conference Call August 1, 2022 5:00 PM ET

Company Participants

Mark DeRussy - VP of Finance

Jeffrey Stoops - CEO

Brendan Cavanagh - CFO

Conference Call Participants

Michael Rollins - Citi

Batya Levi - UBS

Ric Prentiss - Raymond James

Simon Flannery - Morgan Stanley

Nick Del Deo - MoffettNathanson

Phil Cusick - JPMorgan

Matt Niknam - Deutsche Bank

Eric Luebchow - Wells Fargo Securities

David Guarino - Green Street Advisors

Greg Williams - Cowen

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the SBA Second Quarter Results Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Mark DeRussy, VP of Finance. Please go ahead.

Mark DeRussy

Good evening and thank you for joining us for SBA's second 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, August 01, and we have no obligation to update any forward-looking statements that we may make.

In addition, our comments will include non-GAAP financial measures and other key operating metrics. The reconciliation of and 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 second quarter results.

Brendan Cavanagh

Thanks, Mark. Good evening. SBA continued building on our strong first quarter with an even better second quarter with across the board results ahead of our expectations and backlog supportive of an equally good or possibly even better second half of the year.

Total GAAP site leasing revenues for the second quarter were $580.2 million and cash site leasing revenues were $570.4 million. Foreign exchange rates were largely in line with our previously forecasted FX rate estimates for the quarter, but we're a tailwind on comparisons to the second quarter of 2021, positively impacting revenues by $3.4 million on a year-over-year basis.