SBA Communications Corporation

Welcome and thank you for joining the SBA first quarter 2025 results. This call is being recorded. All participant audio lines are in listen-only mode. There will be a Q&A session at the end of prepared remarks. At that time, you can dial pound two on your phone to enter the question queue. With that, I'll turn the call over to Mark DeRossi, Vice President of Finance. Please go ahead.

Thank you. Good evening, and thank you for joining us for SBA's first quarter 2025 earnings conference call. Here with me today are Brendan Cavanaugh, our President and Chief Executive Officer, and Mark Montagnier, 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 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, April 28, that 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'll now turn it over to Brendan.

Great. Thank you, Mark, and good afternoon. 2025 got off to a good start in the first quarter. Results were broadly in line with our estimates, and activity levels continued to demonstrate a healthy level of growth. In the US, our mobile network operator customers continued growing their level of network investment around our macro tower sites. We had our best quarter going back several years in terms of new domestic leasing business signed up during the quarter. Most encouraging, though, is that our leasing backlog also grew from December 31st, meaning we are adding new applications at a greater pace than we are signing up new business. This bodes well for the balance of the year. We also continue to see a higher percentage of our new U.S. leasing business coming from new lease co-locations versus amendments to existing leases. And our U.S.-based services business had a great quarter as well. with activity levels and results ahead of our expectations. We also saw our new business backlog grow for services during the quarter. And as a result of the strong start to the year and our growing backlog, we have increased our full year outlook for services. In our international markets, we also saw a positive start to the year with solid leasing activity. In addition, elevated CPI rates in some of our markets have presented the potential for better existing lease escalations during the year. Across our markets, our customers have many network goals, which will require continued investment. Macro sites remain the most effective and cost efficient way to advance wireless coverage and deploy new spectrum and technologies. Our portfolio is well positioned to capture growth from these initiatives over the next several years. In addition to our operational achievements during the quarter, We also made progress in the areas of portfolio management and capital allocation. During the quarter, we completed our exit from the Philippines, and on last quarter's earnings call, we announced our planned exit from Colombia. We were able to finalize the required steps to complete this exit and formally sold our Colombian operations prior to quarter end. These steps have allowed us to improve our focus and allocation of resources. We continue to evaluate all of our operations to identify ways to improve our market positioning or gain further synergies. In addition, during the first quarter, we closed on a small portion of the Central American sites previously put under a purchase agreement with Millicom International. While there are numerous regulatory and diligence steps remaining, we will continue to explore opportunities for additional early closings. Against the backdrop of the current uncertain macroeconomic environment and the resulting market volatility, the stability and consistency of our company and our business stand out. We have not experienced, nor do we foresee, any direct impacts from the current tariff policies. Our business continues to generate steady cash flow, and the underlying needs of our customers remain robust. As a result, we have significant confidence in our company and our future. Subsequent to quarter end, we have demonstrated that confidence by repurchasing 583,000 shares of our stock at an average price per share of $210.87. We have also announced today that our board has approved a new $1.5 billion share repurchase plan, supporting our ability to return significant value to our shareholders. The combination of this plan and our industry-leading dividend growth provide a direct line of shareholder returns, while our existing capital structure allows us the flexibility to still pursue meaningful asset investment opportunities. We are very well positioned. For the balance of 2025, SBA will be focused on operational execution, driving efficiencies in our processes, particularly through the incorporation of new technologies and systems, enhancing our relevance to and relationships with our largest customers, and bringing a balance of entrepreneurial spirit and informed financial discipline to capital allocation and expansion. Some of these focus areas may seem straightforward or mundane, but our ability to excel in each of these areas will be what sets SBA apart from our peers. The wireless ecosystem will continually evolve, providing new opportunities for those willing to take them. I believe we have the people, experience, and DNA makeup to maximize these opportunities. Before turning it over to Mark, I'd like to thank our team members to represent that experience in DNA. Our team members represent SBA well every day and continually put the goals and objectives of our customers first. I look forward to sharing our progress with you throughout the balance of the year. With that, I'll turn it over to Mark, who will provide additional details on our results.