SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure, primarily focusing on tower structures, rooftops, and other sites that support antennas. The company's core business is site leasing, where it leases space to wireless service providers and manages sites for property owners. SBA also provides site development services. The company operates primarily in the United States and its territories, with a growing international presence including South America, Central America, Canada, South Africa, the Philippines, and Tanzania. SBA's competitive advantage lies in its extensive tower portfolio, strategic locations, and long-term relationships with major wireless service providers. The company's business model is highly scalable, allowing for expansion without proportionate increases in selling, general, and administrative expenses.

• Employees: 1,787 (as of December 31, 2023), with 644 based outside of the U.S. and its territories
• Geographic Footprint: United States, South America, Central America, Canada, South Africa, the Philippines, and Tanzania
• Headquarters: Boca Raton, Florida
• Founded: 1997
• Number of locations/facilities: 39,618 towers (as of December 31, 2023)
• Revenue: $2.71 billion (FY2023)
• Market Capitalization: $24.9 billion (as of June 30, 2023, aggregate market value of voting stock held by non-affiliates)
• Key Subsidiaries/Brands: SBA Telecommunications, LLC

• CEO: Brendan T. Cavanagh
• CFO: Marc Montagner

Jeffrey A. Stoops retired from his position as President and Chief Executive Officer effective December 31, 2023. Brendan T. Cavanagh assumed the position of Chief Executive Officer. Marc Montagner assumed the position of Executive Vice President and Chief Financial Officer, which was previously held by Mr. Cavanagh. Jason Silberstein, our Executive Vice President, Site Leasing, will retire effective August 1, 2024.

• Annual Revenue: $2.71 billion (FY2023)
• Net Income: $497.4 million
• Total Assets: $10.18 billion
• Employees: 1,787 (as of December 31, 2023)
• Key Financial Highlights: Site leasing contributed 97.4% of total segment operating profit. Domestic site leasing revenue was 73.4% of total site leasing revenue. International site leasing revenue was 26.6% of total site leasing revenue.

SBA's main offerings include:

• Site Leasing: Leasing antenna space on multi-tenant towers to wireless service providers under long-term contracts. This includes domestic and international site leasing.
• Site Development Services: Providing end-to-end services to wireless service providers, including network pre-design, site audits, location identification, leasing support, zoning approvals, tower construction, antenna installation, and radio equipment installation and maintenance.

SBA operates through two main reportable segments:

• Domestic Site Leasing: Generated 73.4% of total site leasing revenue in FY2023.
• International Site Leasing: Generated 26.6% of total site leasing revenue in FY2023. Approximately 30% of total towers are located in Brazil.
• Site Development Services: Conducted in the United States only, complementary to the site leasing business.

SBA's primary strategy is to expand its site leasing business through organic growth and expansion of its tower portfolio. Key strategic initiatives include:

• Organic Growth: Maximizing tower capacity by adding tenants to existing towers and capitalizing on scale and management experience.
• Systematic Tower Portfolio Growth: Growing tower portfolio through acquisitions and new tower construction.
• Disciplined Tower Acquisitions: Pursuing towers from third parties that meet internal return guidelines.
• New Build Program: Building new towers domestically and internationally under build-to-suit arrangements or in strategically chosen locations.
• International Tower Growth: Expanding in international markets with less mature wireless networks.
• Opportunistic International Market Expansion: Evaluating new markets based on economic stability, market potential, and risk-adjusted return criteria.
• Local Presence: Building strong relationships with major wireless service providers through local presence.
• Controlling Underlying Land Positions: Acquiring perpetual easements and long-term leases to control land positions.
• Evolving Technologies and Ancillary Services: Exploring opportunities in edge data centers, private networks, open-access networks, and energy as a service.

SBA operates in the wireless communications infrastructure industry. Key market trends include:

• Market Position: A leading independent owner and operator of wireless communications infrastructure.
• Key Competitors: Large independent tower companies such as American Tower Corporation and Crown Castle International, regional tower owners, wireless service providers that own their own towers, and owners of alternative facilities such as rooftops, DAS networks, and utility poles.
• Industry Trends: Increasing demand for wireless connectivity, adoption of bandwidth-intensive applications, and the ongoing deployment of 5G technologies. The velocity of spectrum development is expected to remain dynamic, requiring carriers to install equipment at new and existing sites.

• Customer Consolidation: Consolidation among wireless service providers could reduce demand for tower leases and impact revenue.
• Customer Dependence: Reliance on a small number of customers for a significant portion of revenue. Loss or instability of these customers could materially decrease revenue.
• Interest Rate Risk: Variable rate indebtedness and refinancing obligations expose the company to interest rate risk, which could increase debt service obligations.
• Competition: Increasing competition in the tower industry could create pricing pressures and non-renewals.
• Technological Changes: New technologies or changes in customer business models may reduce demand for traditional wireless infrastructure.