SBA Communications Corporation

Welcome, and thank you for joining the SBA first quarter 2026 results. Please note that all audio lines are in listen-only mode. There will be a Q&A session at the end of the presentation, and we'll give you instructions on how to ask the question at that time. With that, I'll turn the call over to Louis Friend, the Vice President of Finance and Capital Markets. Please go ahead.

Good evening, and thank you for joining us for SBA's first quarter 2026 earnings conference call. Here with me today are Brendan Cavanaugh, our President and Chief Executive Officer, and Marc Martinier, 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 2026 and beyond. In today's press release and in our FTP filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, April 29th, and we have no obligation to update any forward-looking statements 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 will now turn it over to Mark to comment on the first quarter results and 2026 outlook.

Thank you, Louis. Given the solid start of the year, we are increasing our full-year outlook for all key metrics, including cycle leasing revenue, tariff cash flow, adjusted EBITDA, ASFO, and ASFO per share as compared to our initial 2026 guidance. The primary drivers of these increases include high performance during our first quarter, high straight-leg revenue, and favorable foreign currency rates. In the first quarter, we continued to operate efficiently, controlling direct costs and achieving company-wide salary cash flow margins of approximately 80%. In the U.S., we added approximately $10 million of quarterly new lease and amendment bailings year over year. The bulk of the activity continues to come from new collocations as carriers both densify and expand their network footprints. With respect to churn, our priority for both print and Equistar-related churn for the year remains unchanged. With regard to Equistar, we continue to litigate the matter in federal court and deal strongly in our contractual rights. Internationally, we continue to see healthy demand for infrastructure, and we added approximately $4 million of quarterly new lease and amendment billings year over year. International return continues to be elevated due to carry-on consolidations, bankruptcy restructuring, and wireless operator network re-solidations. We believe 2026 will be the peak year for international return and expect improvement in our turn rate over the next several years. Moving to our balance sheet, in January, we paid off $750 million of ABS debt with our revolving credit facility. and our outlook assumes that we will use our free cash flow to pay down the current outstanding amount on our credit facility over time. Consistent with our prior outlook, we continue to assume that a $1.2 billion November ABS maturity will be recognized in November at 5.25%. We also continue to be committed to becoming an investment-grade issuer, and anticipate making our inaugural investment grade bond insurance at some point in 2026, depending on market conditions. We ended the quarter with approximately $13 billion of total debt. A total leverage of 6.6 times net debt to adjusted EBITDA, we made near historical lows and within our target range of six to seven times. During the first quarter, We declare a payable cash dividend of $135.2 million, or $1.25 per share. And today, we announce that our Board of Directors declare a first quarter dividend of $1.25 per share, payable on June 17, 2026, to shareholders of record as of the close of business on May 22, 2026. This dividend represents an increase of approximately 13% over the dividend paid in the first quarter of 2025 and an annualized rate of approximately 41% of the midpoint of our four-year AFFO guidance. I will now turn the call over to Brendan.