SBA Communications Corporation (NASDAQ:SBAC) Q3 2023 Earnings Conference Call November 2, 2023 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
Ric Prentiss – Raymond James
Simon Flannery – Morgan Stanley
Batya Levi – UBS
Michael Rollins – Citi
Nick Del Deo – MoffettNathanson
Eric Luebchow – Wells Fargo
Brendan Lynch – Barclays
David Guarino – Green Street
Brandon Nispel – KeyBanc Capital Markets
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the SBA Third Quarter Results Conference Call. At this time, all participants are in a listen-only mode. And later, we will conduct a question-and-answer session, instructions will be given at that time. [Operator Instructions] And 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 2023 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 2023 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 expectations. Our statements are as of today, November 2, and we have no obligation to update any forward-looking statement 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 had another very solid quarter in Q3, with financial results that were ahead of our expectations. Based on these results and our updated expectations for the fourth quarter, we have increased our full year 2023 outlook for site leasing revenue, tower cash flow, adjusted EBITDA, AFFO and AFFO per share, notwithstanding weaker forecasted foreign currency exchange rates than we had previously expected.
Total GAAP site leasing revenues for the third quarter were $637.5 million and cash site leasing revenues were $630.4 million. Foreign exchange rates represented a headwind of approximately $1.4 million when compared with our previously forecasted FX rate estimates for the quarter, and a benefit of $4.8 million when compared to the third quarter of 2022.