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	2015 - 2019
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	2015 - 2019
Net Income	856.97	749.54	501.81	461.43	237.62	24.1	Upgrade
Depreciation & Amortization	276.97	269.52	716.31	707.58	700.16	721.97	Upgrade
Other Amortization	21.27	21.27	20.27	19.84	19.59	20.06	Upgrade
Asset Writedown	113.41	91.28	154.95	42.81	31.79	39.5	Upgrade
Stock-Based Compensation	74.49	74.37	87.92	99.91	84.4	68.89	Upgrade
Change in Accounts Receivable	-72.41	18.11	44.39	-81.35	-38.24	38.2	Upgrade
Change in Accounts Payable	10.39	-4.4	-66.32	25.12	-0.47	13.17	Upgrade
Change in Other Net Operating Assets	-98.13	-156.76	86.41	-56.89	3.58	-2.66	Upgrade
Other Operating Activities	97.06	271.95	-1.34	67.26	151.46	202.8	Upgrade
Operating Cash Flow	1,297	1,335	1,544	1,286	1,190	1,126	Upgrade
Operating Cash Flow Growth	-10.97%	-13.57%	20.12%	8.05%	5.67%	16.08%	Upgrade
Acquisition of Real Estate Assets	-913.46	-527.96	-366.66	-1,391	-440.86	-399.98	Upgrade
Net Sale / Acq. of Real Estate Assets	-872.89	-527.96	-366.66	-1,391	-440.86	-399.98	Upgrade
Investment in Marketable & Equity Securities	13.38	-263.93	-0.67	-3.64	-0.63	-49.5	Upgrade
Other Investing Activities	109.62	-17.42	-100.92	0.52	-981.76	3.12	Upgrade
Investing Cash Flow	-749.9	-809.31	-468.25	-1,394	-1,423	-446.37	Upgrade
Long-Term Debt Issued	-	4,703	190	1,815	6,344	3,710	Upgrade
Long-Term Debt Repaid	-	-3,463	-754	-1,269	-5,171	-2,964	Upgrade
Net Debt Issued (Repaid)	362.62	1,240	-564	545.89	1,173	746.24	Upgrade
Issuance of Common Stock	60.33	35.99	44.2	38.3	86.69	99.13	Upgrade
Repurchase of Common Stock	-307.02	-218.82	-127.49	-441.62	-654.48	-904.42	Upgrade
Common Dividends Paid	-466.16	-424.19	-369.96	-306.77	-253.58	-207.69	Upgrade
Other Financing Activities	9.6	12.58	0.04	28.73	-12.83	-202.28	Upgrade
Foreign Exchange Rate Adjustments	6.95	-21.59	2.73	-2.92	-13.08	-8.96	Upgrade
Net Cash Flow	213.9	1,150	61.66	-246.34	92.82	201.69	Upgrade
Cash Interest Paid	450.54	395.11	396.59	347.66	360.52	351.89	Upgrade
Cash Income Tax Paid	49.46	42.42	25.58	32.32	25.57	20.28	Upgrade
Levered Free Cash Flow	205.14	-676.96	988.06	-171.51	559.11	800.42	Upgrade
Unlevered Free Cash Flow	490.99	-417.79	1,253	70.99	801.76	1,038	Upgrade
Change in Working Capital	-160.15	-143.06	64.47	-113.12	-35.13	48.71	Upgrade

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