SBAC - Earnings call transcript Q2 2022 | SBA Communications Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you very much for standing by. Welcome to the SBA Second Quarter Results Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Instructions will be given at that time. reminder, is a recorded. As Instructions] this being conference [Operator conference to our Finance. I like the over of would now VP turn to DeRussy, host, Mark go sir. Please ahead,

Mark DeRussy

us XXXX Good SBA's for thank evening joining and second conference earnings quarter call. you for

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

our Some forward-looking, XXXX limited in not guidance for filings, including, and release information In SEC to, our will press to differ on discuss material may we the from detail but of this our is today's beyond. risks expectations. call we cause results any and that future

are as statements statements we any XX, and forward-looking have no that we Our today, to make. update of obligation may August

measures reconciliation be package, metrics. Investor and other now to In Brendan With landing our financial to our on results. addition, key it the that, of over I items of can information page our financial The quarter regarding found these second in is located discuss data supplemental our comments will which non-GAAP turn website. and operating Relations will include

Brendan Cavanagh

cash evening. backlog Good equally or quarter board the second the of possibly site revenues leasing ahead quarter our better GAAP the leasing were site strong and expectations with Mark. revenues an an for even second Thanks continued $XXX.X better building with $XXX.X million. quarter our of half second results supportive across SBA of and on first even good million year. Total were

XXXX, the a quarter, calculated of cash including the cash was and line on basis. we're of growth leasing positively same-tower leasing tailwind $X.X revenue rate growth year-over-year for last gross but X.X% basis second including estimates the bookings the for impact second of very on the quarter largely year. the Same-tower churn. of quarter net a XXXX, revenues which or was second currency Foreign revenue quarter activity FX was by exchange to growth the and X.X% of comparisons rates higher with our impacting than of in over X.X% forecasted second of previously basis year new X.X% X% million placed on basis quarter were on a recurring X.X%. quarter, second leasing the contract is constant basis, this a same-tower gross revenue Domestic during quarter incrementally churn. was over first recurring Domestic strong On a under operational again a on representing

new new combination backlogs our remain us application leasing domestic our well. activity quarter addition, domestic site lease organic and The level second up. of our amendment from and strong leasing XXXX for lease new to backlogs In healthy our outlook revenue increase as very allowed have

and also first amendment Internationally, leases. four second XX% of and or again revenue we constant domestic represented T-Mobile, on big signed in leasing up activity including Verizon basis. activity represented Dish; bookings revenue higher quarter, AT&T, was currency During from The churn net, basis, XX% than a X.X% the of International growth our the domestic was very with the leasing gross cash new leasing XX.X% quarter. same-tower quarter. X.X% on of coming a of good saw XX% carriers incremental during total

customer we our In Same-tower Brazil, We levels escalators. markets, customer quarter. largest strong another continued many increased based our inflation activity in had contributions to see of market, well strong from particularly as as and international elevated in constant growth as a quarter was XX.X% carrier Guatemala in and the financial due primarily consolidations was International other to on currency Panama. mainly challenges, Brazil churn organic anticipated, basis. in

of non-US during dollars. cash representing dollar was with was cash Tower revenue revenues consolidated revenues XX.X% flow from for and site the revenue, expenses. The of million. quarter, site cash second was through consolidated second the denominated leasing Brazil quarter cash majority of X.X% from XX.X% $XXX.X pass leasing of US During revenue leasing denominated excluding site in the Brazil quarter

and flow margin International flow on pass-through XX.X% year-over-year the margin adjusted Our the less tower assets. margins tower XX.X% $XXX.X basis new, second cash EBITDA cash mature by cash quarter. international quarter reimbursable strong expenses. remain XX.X% our tower excluding an margins of Tanzania very million. domestic impacted or with XX.X% a flow were in The Adjusted was the in EBITDA impact of a margin second of quarter was tower

the revenues Approximately in Excluding of EBITDA through expenses, margin tower was quarter. to leasing pass our XX% our from of adjusted was adjusted attributable the XX.X%. total second business impact EBITDA

our a operating in $XX.X segment profit. for During record services quarter, the produced results row million with in $XX.X million of quarter business second and the fifth revenue

full high We AFFO quarter results. Based XX.X% also on level even a have the for finishing site activity $XX was once build our XXXX. the at of quarter $X.XX backlogs second strong customers, AFFO the replenish million. second second notwithstanding outlook higher and services over operations again than levels share funds quarter, continued and quarter to quarter second the per increase year by backlog, our continuing $XXX.X we our was revenue an prior our higher record quarter our million. by the Adjusted raised or from development in of this

and portfolio of previously results one for quarter which with expand quarter, we XXX cash our million. center disclosed communication we $XXX.X continue data first our in Brazil, During second sites total the acquiring to consideration

$XX on quarter. purchased purchase anticipate the contract, to to end, under We year. the or also We sites by in under are Subsequent sites closing new we million. of of in our agreement end existing an quarter for these markets XXX the sites price have approximately built XXX aggregate

estimates flow on contract fourth and cash in tower a a In know produce based their moment. well closing. TorreSur know quarter, million to remaining will obviously assets Brazil first with to Grupo we X,XXX will closing sites acquisition this GTS Jeff be addition, anticipate We more and $XXX year this this These acquisition purchase a acquisition about to during AFFO we little this following expect upon in per of these market the $XX accretive or into of current the during share the entered share quarter are a approximately year full exchange million. approximately well, during in we tower on immediately rates. of assets for our closing, future

addition In other to also land continue to new tower and our the assets, in invest sites. we under

life end approximately of and spent our owned our options quarter, extend and During an than we renewal the or the towers At to including we underneath to remaining quarter, XX our controlled ground leases, the and of land XX under approximately for of to XX% lease buy million aggregate is $X.X ground the land terms. more easements under control years. years average

updated to outlook full ahead year, the now rest year includes release Looking the press earnings afternoon's for of this XXXX. our

the from leasing, from exchange our in strengthening all We our outlook and our contributions quarter pending both based services key activity foreign metrics interest in churn have the outlook These expectations increased second of previously rates by quarter, higher provided of release. anticipated and items acquisition. levels GTS on a across combination with costs the were and offset partially lower weaker prior earnings outperformance

execute turn the how things will provide in our sheet. and initiatives. on who'll customers and balance current We their network with at operating to to has pleased high and able support an results liquidity been team with are With expected better that, now environment over all a our I than level order position Mark, excited to update produce of about our

Mark DeRussy

ended Brendan. billion with Thanks, of $XX.X $XX.X We the billion debt and quarter total of debt. net

the is to leverage was at debt low end which X.X times, ratio adjusted annualize target range. EBITDA net of our Our

net interest Our history. second the times interest cash of equaling expense the highest cash adjusted was in X.X to net quarter coverage last EBITDA quarter, ratio company's

And debt with X.X our weighted and of maturity a end the rate revolver. the million X.X% of years of average outstanding of interest our have interest was the $XXX the As our on outstanding as of $X.X weighted approximately we is under quarter, debt today, billion rate average XX% of fixed. outstanding

XX, company outstanding common instead We were plan. Brazil as million of stock we X.X%. at million the repurchase second shares XX, pursue billion we $XXX.X June of our did repurchase reduction any $X to not During June to stock which quarter, a our chose compared The at remaining the authorization of XXXX, have currently acquisition. repurchase under XXX.X XXX.X million shares XXXX is

XX, record September XXXX. third cash announced that we the $X.XX we a last be In on XX.X% and quarter, during be of million as today business I'll a close of shareholders declared The declared board of third call directors August second XX, over quarter $XX.X of to of or and a of dividend increase share XXXX payable paid over the the turn addition, our Jeff. per now share cents dividend an With quarter to $X.XX dividend year. that, on will of the

Jeffrey Stoops

evening, good and Mark Thanks, everyone.

areas for all heard, in in As were a total FX well better great you and higher quarter. financial performance of another than operations areas, setting half million the of including meaningfully producing results year a have level and outlook at very we the second and anticipated up second busy us weaker interest rates, Despite rates our year. executed increased had our the full expected $XX increase very have revenue. in we high All

increased the around outlook are the globe. Our results and by strong initiatives network driven investment current

for expect high the degree is which the globe, there levels will the from well around very collectively, of into each they producing in remainder of us customers demand, this While very and XXXX. our keep a activity we busy of range are year of

amendments spectrum. of up us and As impact during continued material first nationwide with on US, AT&T focused issues. gigahertz spectrum. the and Verizon beginning the and and X.X signing new was megahertz each primarily their our deployment and each labor signings seeing from AT&T with C-band deployments activity each from or customers XG XXX remain In of our And on their are nationwide gigahertz busy quarter active very related levels of in increased adverse incorporate deployment XG we this network also continuing carrier X.XX quarter well. build to COVID-XX Dish agreements to the into during moment, networks chain new any their of associated build lease new the not of of leases the through spectrum quarter their with T-Mobile out up deployments out. the contributed as support sign to their quarter supply

leasing a saw a our gigahertz about strong Brazil, was based executions significant auction, while, increased in which also number even the of our other upcoming result but again spectrum also escalators our and organic Internationally, of more number markets, leasing a amendment coupled we South CPI excited are Salvador. activity and Africa deployed International in new in X.X by in El of with led in will activity being we quarters markets. had one best We lease including

new international second amendments almost up and and leases leases; evenly quarter, new second signed and leasing revenue through we were history, row. quarter The during top signed through the international the record years. services of our revenue have so its XX% quarter new business the existing leasing in we results in the combined results, seven outstanding produced During producing in quarter balanced. services up XX% to company revenue, best margin about On a of best these for fifth had US

we backlog during by over our our services this guidance support initial pleased outlook finished ever Our done of activity customers year to am team level services provided in in extremely at XX% US our job its time. February. us confidence deliver the increasing our with I outstanding the has the balance critical the to the increase and carrier allowing quarter for highest to

capital disciplined operational and during quarter, In our maintained our allocation. to strong addition to the performance opportunistic approach second we

respected urban sites quarter, suburban the and OX of bit, the and Brazil our pursued Nextel many and dynamic in remaining and a how acquisition independent know options Brazil. of growth, located to who have opportunity business. driver. with individuals tower of in we sites for of X,XXX GTS be as we tenants pleased are believe legacy We companies are known growth Brazil very at are This portfolio company. quite in have XX% portfolio located will these our Sao in longest owned a current very tower, we buy a per the XG GTS quality one veterans recent by towers the most Paul portfolio assets run the tenured for tower by these opportunities towers agreement by to in are spectrum years, evidenced run is from accretive represents our majority properly a industry The state or areas. particularly like GTS. incorporate The high this leases This Brazil there X.X price. second in and into we to attractive On

This to incremental will So will discussions towers future Brazil no these legacy sites more these little XX% uniquely some be integrated also and upcoming believe us while acquisition portfolio in believe future in OI expect by we required necessary this increased we with assets. capture network of an over We consolidation positioned XX,XXX of are present to the to around scale towers three will increase to over and be asset will SG&A we maximize be that size total well incremental churn variability of will the the outcomes, M&Os. expense. position and the remaining SBAs investment

Finally, be this we transaction our times leverage X.X times range. will absorb to target maintaining while able X still in to

investment we We balance a With remain good in know in be expect enhancing regard will a we market sheet, complimentary very this position. that well. our very value to

rate is instrument interest fixed X.X%. outstanding next remains as markets. the We debt at six and to stay have maturing two that in in plan our XX% weighted the debt of years. very our of March, and only X% one is average our respect due rate next one debt instrument we our low months opportunistic credit XXXX, that the to refinance around watch With representing

While be preferred a incremental access issuer capital in very have higher, to rates remains our historically markets debt continue strong interest we we used. and to the are

well very broader to really challenging, the macro are weather positioned We environment.

our strong balance or In to environment of majority our our the the addition and largest steady operational increases and of growing sheet, cap. industry, our fixed are costs AFFO growing

our believe continue closing, additional to of current shareholders. our XXXX. we environment, AFFO only we for we the pleased withstand half share, but result, our In not a As are with creating are are able able value per very we to first growing inflationary

I into team performed and rest has for to support our to Tom to and a environment. I and the demand expect Our appreciate a Moses, and all recognize XXXX. I to industry. and for General retiring this service team each Kurt will are their be thank their strong them Bagwell, against President thank Hunt, an mark Council indelible questions. left of moment well take in SBA. International to end same contributions SBA for and want retirement. the the that success. and want contributions of customers the sacrifices our of we the and of wish their the very throughout our more year of both our now Both And on ready best but decades I at year, brief also members with

Operator

with [Operator instructions] the Citi. go go of And to line first Please Michael ahead. Rollins we

Michael Rollins

Thanks good afternoon. and

XX% might particular, First from dishes the some curious activity deployment to domestic and a seeing you're spectrum mid that it's you if little also future on talk Thanks. seeing regards on are that RA band just more then bit update in progress out give contemplating us be with of rationalization? how to of you subject and the can secondly, be the valuation build, about of could you change leasing acquisition, some an after announced leasing environment what AT&T the and in made any

Brendan Cavanagh

one Well, account that. that the will XX.X heavily don't Mike. is of really exactly oil times price in first revenue we takes underwriting. revenue clearly discounted believe on well and have I'll Clearly, any as into take extremely the our attractive the stay We next last

all yes, arrived account price. that was So when into taken at we the

corridor highway their mostly markets, our In terms listened comments our and which are to call in and suburban of I on their observations and based AT&T, heard rural.

they dense generational the I urban start. a mostly talking markets, that's all because numbers that's how from upgrades of -- think where new about that makes were sense which all lot came new

represent and long most X.XX and our of are we They AT&T all in go that very a work active to So a we contributor. new Dish is still C-band their would very signing leases the way domestically. have opinion, and very, with,

regulatory some very and be active already they around requirements, will XXXX flows now around there -- requirements work will So as ebbs participant. towards XXXX be and to a very, worked going still they their working regulatory are have a their but have their

Operator

to Levi UBS. go we'll Please ahead. Next, with of go line Batya

Batya Levi

into pushed helpful expected. ramping that you're you to provide you you expectations? be terms know think I year, bodes are lower end expect With on but than activity towards comments activity question to should well another 'XX? been had year. seeing next going up of next we of the guidance the some think churn later, about or trajectory, for coming than formal the puts it do prior out in and And year lower for would leasing decommissioning the had takes has Is Thank you. to that you

Jeffrey Stoops

I extrapolate what give most when we'll Batya, I'm obviously a our the that could give full growth Yeah, you think of highest year let question. the let the going of to the quarter year churn this going fourth you we'll Brendan, will say about rate the believe is And trajectory forward. we guidance. means be take we and we that review the XXXX

Brendan Cavanagh

around is we little Yeah, had the should the the different. below into It's timing future or be a don't expectations. we as any next expect made, timing as you just year primarily to T-Mobile the mostly largely more than deferred year is our the related churn total Sprint, to estimates is -- opposed that but it think rolling decommissioning it's bit it really of

Batya Levi

it's us Great. if you million said originally closer great. Should $XX think maybe that'd you $XX up now, Brendan, 'XX, to Maybe had in guidance for that, follow million it's could we just and on I a 'XX. assume to give that then be

Brendan Cavanagh

$X $X it actually quarter. and last quarter down well, this another brought down we was brought million it about million we Yeah, it about

to somewhere in probably to there level. that is but that's assumed right around And exact It's 'XX, $XX-ish So for million numbers our next year now million wide million uncertainties somewhere but some range. timing, range, closer a XXXX. in probably obviously fairly are the what's we're in $XX this 'XX $XX year for

Operator

And of to we'll go the Please Raymond next, Ric go Prentiss with line ahead. James.

Ric Prentiss

time? was just understand about up follow got up. Nextel follow should the international think we as doing the and to for your I've of now right operations Why maybe questions? it to right on a some Was GTS exposure price affect and the Want as and deal Nextel far total us help Michael's as timing to

Brendan Cavanagh

Brazil fairly time they've for is, and Yeah, itself attractive very we of terms of a where bit value I presented terms recession. think on opportunity having, have and right going a economy mushroom on at in their What's the was because hawkish thought it it dancing time notwithstanding ahead right the -- XG demand, in They creation. they're to now for future continues was our Brazil. got a US The central the little cellular bank. being around that in

do You know, needs the have, carriers be of market position rationalization a better this oil to three that. deployed you to for spectrum are with share new have going lot a now all transaction that bought on who in and

a together So and like we we and way. the in the and lot, assets came these know dynamic we right all the kind well know things of Rick well, sellers

Jeffrey Stoops

on in churn portfolio $XX our of Yeah, on to would over percentage oil somewhere million million next the Brazil, reduces to oil our actually $XX the many ballparking $X-ish a in Rick, of estimate. current be million add been we've at incremental would about US kind probably basis of This exposure but our years. portfolio

Ric Prentiss

not know account to you rent. just it. I on And -- this all know I really amortization cash. it. prepaid you me. whole like for Okay. don't have of it's I harp It's

very been Yours tiny. has

number about $XX talked this lower going maybe acknowledge million. theirs tower Crown to maybe think million, and did was of valuations. as in $XXX level $XXX their $XX been million to it drop for think we dropping the of American season had where table, $XXX good way at on really million a distribution about available cash, again, funds million. we and $XXX provide Should because I kind right a a earning think do and million AFO year is maybe your to

Jeffrey Stoops

period the been to some it we've as of time. a reason is obviously terms tenant it's longer leases, down trending -- had Rick trending longer over because you Part of down. That's of done Yeah. and amendments our it's amortize

So had it's reducing a effect. actually

of lower. function much trended, mentioned the leases but So how that But million it's relates we that and augmentation past much number reimbursed it that is of think way so the just based time really work it's a or we you that I which estimate, in been is get it's for probably do and to how on they reasonable just higher $XX been that a have.

we'll see it think but, how So, that's reasonable estimate. a goes, I

Brendan Cavanagh

but is… going Yeah. We're This a to necessarily always Rick, bad disclose it's specifically, it very thing. not

Ric Prentiss

I love right? getting paid,

Jeffrey Stoops

it Understand is. it what for

but going out. not to So we always it's us can on discourage it's be depend something to you look clearly that marked

Ric Prentiss

return yield an for to just great think I AFFO. capital like as opposed kind on as don't net AFFO It's like capital. on number. thing, return to just it of it of an I

Brendan Cavanagh

Yeah, no, you. I hear

Operator

we'll Flannery Next go Please to Morgan go Simon ahead. - Stanley. line of

Simon Flannery

Great. Thank Good evening. you.

the be than On market was the Anything the Brazil the rising, any to point times, to has given easier said or want more environment? elsewhere. the on that liquidity accretive. you for profile, changing you It's are down this it's right a have lower markets obviously private the this forward towards given it been than then sense seven you X market, Do lower M&A to updates going maybe in stay oil to or we've etcetera. rates rate for of exposure, leases, last either X.X or seen came but be the you've multiple, the couple turn obviously towers been ground a a do transaction years? you great situation buyer end leverage there still happy in particular certainly you within it's you that a think And to got going in

Brendan Cavanagh

to things Simon, obviously to produce to it'll times. trending the fine But, if in X organic X.X continue buy, we're don't good we Yeah, lower. we I the long as as think can be growth find

with this coming situation in on and question, that your more them, the the was In towers last some familiarity do case, particular liquidate a in to world that our some there are the seller around terms But things of first breaks private of terms assets, the of do. of them fact think basically expectations that it margins needs more buyer the some was sell that this equity happening tranche together. had I and seller particular are needed to these to and funds

would So wholesale environment. the it I to in I that change would buying a attribute more this deal

Although is I think that improving. do

Simon Flannery

And of you what the on have -- sort clarity churn can for assets? the us on of timing assumed these next you give what the oil or

Jeffrey Stoops

It's over several next the years.

is it that of roughly of terms the each. years of assume to the timeframes out it specific spread agreements, won't those over the Some but to certain it'll different next Simon you even, on and all be should they're but dates amount be average, three

Simon Flannery

includes closing. months $XX in XX presumably churn some that's So, the next million after

Jeffrey Stoops

A little bit. Yes.

Operator

we'll ahead. to line go Del MoffettNathanson. the with go Nick of Deo Next, Please

Nick Del Deo

my taking for questions. Thanks

for $X Brendan, you million that clarifications in quick churn? GTS for first two expectation share said the expect from about is the Brendan. oil you First, churn next your you what towers. Can,

Brendan Cavanagh

all the oil, give XX%. to the exact but, Jeff revenue well, and said, The about for goes of assuming want total Yeah, that next oil tell is number as don't next I we're there the away.

is of half that. So Nextel roughly

probably there. can you math So do from the

Nick Del Deo

Okay. that quarter? zero last That's what quarter 'XX, expectation $X other in function quarter, went then revenue and this US million realized for in Thanks. that was the And great. to of, this a from your

Jeffrey Stoops

revenue, one Yes, it a we're which is quarter. stuff essentially there, collecting things realized cash there's basically was basis off. in kind what few of consider different that but It's this we it's

lease. that not fees holdover paid part things or the are fees, recurring extra are there's that of ongoing Sometimes

So that but as we increase is than more we really classify other, got the we it of that expected.

second quarter. almost realized but the all projected small most of realized. may it a of actually of year, the half we So amount in that second stuff of the be was is that for There

Brendan Cavanagh

the to doesn't folks as careful about that in that because, be we Right go year to Stuff $XX year year. bucket. how million after after think want

Nick Del Deo

out more would worth then non-traditional question coming be it. less or and Got that That's you'll might call that cable a from customer Great. behaviour suggest, likely Okay. terrific customers in likely either substantive one they're meaningful in any change be to calling like years. and more it

Jeffrey Stoops

change, that to real comes No No real Nick. mind. change

Operator

with line We'll Phil JPMorgan. Cusick ahead. go to go of the Please

Phil Cusick

durability to for is to mentioned, tell what's and 'XX us, flat you Thanks. happening back one? sort of go steady sort there guys. 'XX. the of trying US is you back from acceleration second, of to here, maybe Jeff, an Hey continuing or get running it just the a strength there Just was in there. strength interesting in driving and the half and that an idea can

So us on to then driving help it's can growth add service And sort anything shifting margin. you second you can and the of if what's us the revenue anything Thanks there? much. there at very

Jeffrey Stoops

from Well, services is the gleaned own stuff entirely more revenue almost more our straightforward. activity, It's is just towers. our gained services pretty going and business

basis. those So of it's trailing just a on report we remember in lot month activity, XX a Phil. And growth rates terms of the --

So you're know, and for the to or third going our the of fourth books. the already quarter, second the in financial on it's kind of already see a what lot reports we

than as risk those drops less company, there's the year drops through it drops. much move of calendar the and and speak part risk, as that we So, year a so and to

we isn't Yeah. our in it's here year baked entirely So are August, pretty yet, close. but

last they're question a on our your to of been so it of really dish a being And year. part last the success part certainly part leasing activity big it, because over a of they've

those And a so timing driver. of leases the when is commence

a so QX that and QX. in it's to the expect factor contributing increasing we certainly growth And

Phil Cusick

more from cautioned to get from Do year year extrapolating look each reasonable you and closer run quarter fourth taking Yep. you as that us rate to exit of Jeff, that's quarter. you this Jeff, that onto starting next XX? sort think that

Jeffrey Stoops

my XXXX save like that till all I to think I'd Phil. guidance

Operator

of Niknam go Next. ahead. Please We'll Matt Bank. go with to line Deutsche

Matt Niknam

breadth terms can in four I one question. last contributions The upside of And of of in just question updates Thanks. about share, and one any big on any you're edge terms on just, use driving of thoughts, thinking any services. to about how terms secondly, how the services, carrier the difference color the the of the on is just in in terms up it, you the of terms have up cases other internationally? then strategy, across follow follow in thinking relative what's you're many

Jeffrey Stoops

recall Well about last the this we quarter, talked center we data and internationally, in bought Brazil.

having into we'll are and center expertise. other carrier and that, data around data a advanced [ph] center CRAN We owning more deployments tie there discussions

maybe So the the direction, still not itself, edge the it in at the three, a edge to five, as and from encouraging, a is is material. couple still we're of but new needs many quarter, say still in but tower many adding that's It's it's but prepared more time, terms facilities ways right we're it's here yet XX four, site. off certainly being all as going

terms of I are. the services services believe our top in we customers disclose in XX-Q Now contributions, who our

So accelerate that the certainly three, quarter T-Mobile, right. for number is Dish going the be for I Brendan. Tmobile, and are and one. that, will it Yeah. to Verizon Yeah. you top Yeah, this

Matt Niknam

Great. All appreciate right, Thanks guys. it.

Operator

of to Please Luebchow go Next we'll Eric Fargo. line with Wells go ahead.

Eric Luebchow

to wanted real quick. I check

people a service think going or if bidder the kind T-Mobile licenses now. be You the looking will for are And year most have any only of whether wondering gigahertz next auction mentioned with the overlap there, out that some that's you that but of maybe you think meaningful on the and up be you right meaningful contributor X.X Generally just of some auction. the for -- two? thoughts can

Jeffrey Stoops

another. what you to to in and agree for winner spectrum of based folks I would big us of spectrum number degree prove only valuable addition new I registered, T-Mobile is one going to be read, in most T-Mobile any kind the expect folks is on or Well, a with

and existing Now, radios spectrum X.X if mean have antennas. don't going to that's generally it's gigahertz new deploy, folks to who

be good will thing. little greater more can not, a more that densification spectrum impactful a just permit So having but that than is and

to valuable So, to I'm not really going else the a that put to who is ultimately that spectrum speculate as there's going bids we gets win just mid We're auction, that happy band day. ultimately deployed. know another in very

Eric Luebchow

point, X.X overlays been XXX pretty just mid said, but running they'll maybe and sounds it by and to related a with they've some their T-Mobile like enough, Fair on at year. seems they've mostly next be based pace fast what at done like

there's or wondering the they've moderate So could that see and if to sign the opportunity, with especially do that C-band you maybe deploy? licenses some activity, you get any still X.XX think they

Jeffrey Stoops

there'll spectrum of driven generally deployed, and about this think think uptake about infill apps by really, And of the they our and consumer talk ultimately talking and all be beginning densification I products. all be and other I XG that will they're when just coverage Yeah, the when of the that's is end opportunities. gets customers things of coverage

is gone periods have in we pops that the you talk desired So it pops, just achieving different. to their think well because of about history investment, when which these coverage, then they gets folks much beyond additional densification, about dates our always -- then their

Operator

of go go to we'll line with ahead. Next David Guarino Street. Please Green

David Guarino

Thanks.

markets today? guys the on the versus from quick you market. the Brendan, just Just a for one a transaction, of comment if secured Did planning mention maybe on financing relative unsecured could on funding attractiveness me you you're how and the GTS

Brendan Cavanagh

capacity we financing to Yeah. On from necessary, the the have be revolver generating do That haven't handle a of GTS, We We our the intend it do maturity. we're to have we and right plan that. if as on opportunistic. be specific opportunistic but been we with financing, in cash about do that to markets. now, operations

that maturity actually between at our up then, and some refinanced step will more next be ABS raise so within point money. comes March Our of now capacity there's in year and and structure actually to next

be So a contributor. that might

versus of general In sense now don't we'll the all of think So I pricing. see terms right up that obviously how unsecured, in they're goes. secured

us any typically we that still availability of the For there's use. markets and

so And not So and take don't represents it's other just our our as to be outstanding was time have debt. in script, X% pricing than the intend question years. maturities question access, which we a and we opportunistic. of any I mentioned of this over be really that one of a maturity mentioned, it's two We about for have

think But I to both will be secured for little a that. But, the continue we'll a So we should patient to markets you have expect of the we be bit us. have mix in as with past. use the the likely path flexibility

Jeffrey Stoops

our somewhere a on cash Yeah. be the it of opportunistic and assumes David hand revolver raise money, for while outlook, else may purposes And draw. and we from

Operator

ahead. Please. we'll Go to Greg Next go with of Williams Cowen. line

Greg Williams

for Thanks my taking Great. questions.

First one's amendments. the of mix on just colo versus

where you'd that mentioned third amendments thirds that to more see at think the hear We I that this from your of elevated go new I imagine sort could and like had we're International's thoughts going US, would here. go Curious a split. of coverage levels, levels. noted two colo way. from amendments pish-ish densification. think you to you Jeff, XX-XX I to you're and a on

hear to curious your So there. thoughts

questions just the on margin. Second service

this and from you you're a you designing as a five playing bit of more and are Thanks. construction? phase, that to construction mean in a the going could away like service shift quarters towards decline seeing margin would row If record

Jeffrey Stoops

Well, last question is to the short your answer yes.

a colo color you well go and the mix So vary by amendments happen was what side really of that terms shift, US versus in it heavily could is of Dish. very sorry, if kind the and of I'm the back driven in

a you see contribution, the more a infill, And think as shifting be and I talked less as percentage little towards so have trending dish probably and will amendments percentage. mix amendments as you about towards that, with higher we the

Brendan Cavanagh

to exceptions think how this for go, AT&T the to most is there'll be course When rollouts going the Yeah. of Verizon be heavily amendment. T-Mobilem, but and about to going by this, and are part, you

to get but when densification stage. deification to we amendment, see think get more brand kind when the I believe lean we of be towards of will you Dish you the For to new it's I And then Greg, colo. leases higher a part, percentage going that

Operator

this at queue. one time And in no there's instructions] [Operator

Jeffrey Stoops

and report. Okay. you. we quarter joining We want Well, thank a Thank next to I look for great forward to us. had our everyone

Operator

conference using for AT&T Thank This for participation concludes our and today. your you for service. conferencing

You may now disconnect.

SBA Communications (SBAC) 2 Aug 222022 Q2 Earnings call transcript