Tech stock to watch: SBA Communications Corporation (NASDAQ: SBAC)

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SBA Communications Corporation (NASDAQ: SBAC) stock fell over 1.3% on 6th May, 2020 (as of 12:56 pm GMT-4; Source: Google finance) after the company’s first quarter of FY 20. SBAC in the first quarter of FY 20 has reported the adjusted funds from operations per share of $2.28, while reported the adjusted revenue of $517.1 million in the first quarter of FY 20.

Moreover, Site leasing revenue in the first quarter of $492.3 million, comprising of domestic site leasing revenue of $386.3 million and international site leasing revenue of $106.0 million. Domestic cash site leasing revenue has increased to $383.9 million in the first quarter of 2020 compared to $361.2 million in the year earlier period, which is an increase of 6.3%. International cash site leasing revenue was $106.1 million in the first quarter of 2020 compared to $88.3 million in the year earlier period, which is an increase of 20.1%.

Meanwhile, in February, the company had issued $1 billion of new seven year unsecured senior notes at an interest rate of 3.875%. The proceeds of which were used to redeem all of the outstanding 2002, 4.875% senior notes, pay the associated call premium on those notes and repay a portion of the balance outstanding under the revolving credit facility. Currently, the outstanding balance under the revolver is $380 million. The weighted average coupon of the outstanding debt is 3.6% and the weighted average maturity is approximately four years.

During the first quarter, the company had repurchased 824,000 shares of the common stock for $200 million or an average price of $242.86 per share. As of today, the company has $424.3 million of repurchase authorization remaining under the $1 billion stock repurchase plan. The company’s shares outstanding as of March 31, 2020, are $111.6 million compared to $113.2 million at March 31, 2019, a reduction of 1.5%. Further, during the first quarter, the company has declared and paid a cash dividend of $52.2 million or $0.465 per share. The company has declared an equivalent second quarter dividend of $0.465 per share, which will be payable on June 18, 2020, to shareholders of record as of the close of business on May 28, 2020.

The company expects full-year funds from operations to be in the range of $8.89 to $9.29 per share, with revenue expected to be in the range of $2.04 billion to $2.08 billion.

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