SBA Communications Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	856.97	749.54	501.81	461.43	237.62	24.1
Depreciation & Amortization	276.97	269.52	716.31	707.58	700.16	721.97
Other Amortization	21.27	21.27	20.27	19.84	19.59	20.06
Asset Writedown	113.41	91.28	154.95	42.81	31.79	39.5
Stock-Based Compensation	74.49	74.37	87.92	99.91	84.4	68.89
Change in Accounts Receivable	-72.41	18.11	44.39	-81.35	-38.24	38.2
Change in Accounts Payable	10.39	-4.4	-66.32	25.12	-0.47	13.17
Change in Other Net Operating Assets	-98.13	-156.76	86.41	-56.89	3.58	-2.66
Other Operating Activities	97.06	271.95	-1.34	67.26	151.46	202.8
Operating Cash Flow	1,297	1,335	1,544	1,286	1,190	1,126
Operating Cash Flow Growth	-10.97%	-13.57%	20.12%	8.05%	5.67%	16.08%
Acquisition of Real Estate Assets	-913.46	-527.96	-366.66	-1,391	-440.86	-399.98
Net Sale / Acq. of Real Estate Assets	-872.89	-527.96	-366.66	-1,391	-440.86	-399.98
Investment in Marketable & Equity Securities	13.38	-263.93	-0.67	-3.64	-0.63	-49.5
Other Investing Activities	109.62	-17.42	-100.92	0.52	-981.76	3.12
Investing Cash Flow	-749.9	-809.31	-468.25	-1,394	-1,423	-446.37
Long-Term Debt Issued	-	4,703	190	1,815	6,344	3,710
Long-Term Debt Repaid	-	-3,463	-754	-1,269	-5,171	-2,964
Net Debt Issued (Repaid)	362.62	1,240	-564	545.89	1,173	746.24
Issuance of Common Stock	60.33	35.99	44.2	38.3	86.69	99.13
Repurchase of Common Stock	-307.02	-218.82	-127.49	-441.62	-654.48	-904.42
Common Dividends Paid	-466.16	-424.19	-369.96	-306.77	-253.58	-207.69
Other Financing Activities	9.6	12.58	0.04	28.73	-12.83	-202.28
Foreign Exchange Rate Adjustments	6.95	-21.59	2.73	-2.92	-13.08	-8.96
Net Cash Flow	213.9	1,150	61.66	-246.34	92.82	201.69
Cash Interest Paid	450.54	395.11	396.59	347.66	360.52	351.89
Cash Income Tax Paid	49.46	42.42	25.58	32.32	25.57	20.28
Levered Free Cash Flow	205.14	-676.96	988.06	-171.51	559.11	800.42
Unlevered Free Cash Flow	490.99	-417.79	1,253	70.99	801.76	1,038
Change in Working Capital	-160.15	-143.06	64.47	-113.12	-35.13	48.71

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.