SBA Communications (NASDAQ: SBAC) reported 3Q22 results that beat the company’s own estimates. Jeff Stoops, SBA President and CEO comments, “The third quarter exceeded almost all expectations and benefited from the significant level of wireless deployment activity by our carrier customers. Notwithstanding the broader challenging macroeconomic environment, our business was extremely busy, and we were able to again increase our full year outlook across all key metrics.”
While there was some M&A activity in the quarter, SBA’s customer network deployments are driving its results. Site leasing revenues reached $587.3 million, up 10 percent YoY. The domestic market represents 76 percent of SBA’s total site leasing revenues. The big four carriers - AT&T, T-Mobile, Verizon, and DISH – represented over 94 percent of total incremental domestic leasing revenue signed up during the quarter. T-Mobile, SBA’s single largest customer, accounted for nearly one-third of global site leasing revenues. Part of SBA’s upside is due to less churn than expected with the timing of some of T-Mobile’s merger-related site decommissioning that will shift into 2023. Continue Reading |
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