SBA Communications Corporation (SBAC) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 24, 2025 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome, and thank you for joining the SBA Fourth Quarter 2024 Results. This call is being recorded. All participant audio lines are in listen-only mode until the Q&A session of the call. We'll give you instructions on how to enter the queue at that time.

With that, I will now turn the call over to Mark DeRussy, Vice President of Finance. Please go ahead.

Mark DeRussy

Good evening, and thank you for joining us for SBA's fourth quarter 2024 earnings conference call.

Here with me today are Brendan Cavanagh, our President and Chief Executive Officer; and Marc Montagner, our Chief Financial Officer.

Some of the information we will discuss in this call is forward looking, including but not limited to, any guidance for 2025 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, February 24, 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 under supplemental financial data package, which is located on the landing page of our Investor Relations website.

As part of an ongoing effort to improve our earnings materials, we have made certain modifications to the supplemental financial data package and will be providing the materials in both PDF and Excel form. Note, the revised package does not exclude any previously provided financial or operating metrics.

With that, I will now turn the call over to Brendan.

Brendan Cavanagh

Thank you, Mark, and good afternoon.

The fourth quarter was a solid finish to the year. Results for the quarter were in-line to slightly ahead of our estimates, even with worse-than-assumed foreign exchange rates. Domestic new carrier activity or bookings continued to increase sequentially from the third quarter. The shift in the makeup of our new business also continued, the higher percentage coming from new lease colocations versus amendments to existing leases. Our carrier customers continue to expand their 5G mid-band coverage, including adding capacity for fixed wireless access, as well as extend network coverage into areas of the country that have little to no cell coverage today.