SBA Communications Corp at Deutsche Bank Media, Internet & Telecom Conference

Mar 08, 2016 AM EST
SBAC.OQ - SBA Communications Corp
SBA Communications Corp at Deutsche Bank Media, Internet & Telecom Conference
Mar 08, 2016 / 07:05PM GMT 

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Corporate Participants
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   *  Jeff Stoops
      SBA Communications Corporation - CEO & President

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Conference Call Participants
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   *  Matt Niknam
      Deutsche Bank - Analyst

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Presentation
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 Matt Niknam,  Deutsche Bank - Analyst   [1]
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 Okay, alright. Thank you everyone for joining us. I'm Matt Niknam, telecom analyst here at DB. We are very pleased to be joined by SBA, CEO and President, Jeff Stoops. Jeff thanks for joining us.



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [2]
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 Happy to be here.



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 Matt Niknam,  Deutsche Bank - Analyst   [3]
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 So Jeff, maybe just to start, you recently reported 4Q results. Lot's going on with SBA. Maybe just to start off, you can talk about some of the key priorities that you have for the organization this year.



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [4]
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 Yes, our priorities this year, Matt, are similar to what they have been executed very well, take all the opportunities that our customers provide us in the markets in which we operate, which is now nine countries throughout North and in South America. And I think it'll be a year that will look, from a capital allocation perspective, somewhat similar to last year where I think we spent about 60% of our investable capital or at least the capital that we invested on portfolio growth and the other 40% on stock repurchases.

 We expect to continue to execute very well on the operational side. We've enjoyed the highest tower cash flow and EBITDA margins in the business now for many years running and don't think that will change, no reason why that will change. Actually believe that there is some additional room to continue to grow both those margins. So we're looking to continue to do what we've done best over the years, which is execute well, produce high margin EBITDA, grow the EBITDA line, grow the AFFO line, grow the AFFO per share a lot.



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 Matt Niknam,  Deutsche Bank - Analyst   [5]
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 And on the topic of AFFO per share; so in the past, you've talked about targeting call it 15% to 20% type AFFO per share growth. Recent periods, there has been headwinds from FX, iDEN churn and say, maybe a little bit of a slowdown from faster growth in the US that we saw a couple of years back. As we sort of take that into context for 2016 or maybe begin to look forward into 2017 onwards. Is that 15% to 20% type AFFO per share target still relevant?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [6]
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 It is. I tend to speak of things now more in the mid-teens compound AFFO per share growth and one of the things that gives us great confidence around our ability to hit that is last year which was clearly a year where US carrier spending was below average. When you take out the iDEN churn and you normalize for FX, we produced 14.4% AFFO per share growth year-over-year.

 So I mean, the proof is really there. We're going to continue to provide that pro-forma information so that people can see what it will look like once we get through the iDEN churn comparisons, which will be at the end of this year, but all the basic drivers and the growth, the operating leverage in the business, our ability to lever the business to produce even greater growth in AFFO per share all that is still the same.



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 Matt Niknam,  Deutsche Bank - Analyst   [7]
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 Let's start I guess with the US, if we think about the outlook for the year. If the exit gross growth rate you're talking about, it's about 9% 4Q this year, acceleration over the course of the year, I believe it's been implied. Maybe just to start, can you help us understand what's causing some of the slowdown in growth activity at least in the interim? And then secondarily, how should we think about the pacing of improvements as we build for that 9% --?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [8]
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 I think it's probably best to focus on the US; the 9% was the consolidated number. So the US number that we're looking for at the top end would be about 8.5% and that's comparable to the 7.5%, on a gross basis that we reported in our last earnings release. The drivers for that is after a tremendously busy 2013-2014, our customers in the aggregate pulled back spending and it wasn't across the board.

 It was more customer-specific and what I've often described it as to people lately as, it's kind of running like on five of eight cylinders. And the reason we feel good about that pace picking up is, if you look at historical information and we've been doing this now for 20 years and there have been a lot of cycles in the business, carriers really don't -- certainly if they're healthy financially and they're continue to be interested in providing good services and good quality networks, they don't really take a hiatus from spending for too long.

 So we see the business as cyclical. In 2013, when we produced -- I forget the number, I think it was something like 14% organic growth in the US; we had all four carriers being busy to some degree. So that was really a bit of a perfect storm. We tend to look at the last year and as we're moving through this seasonally slow first quarter is, some of those customers are not as busy and the ones who were less busy last year, one in particular, we think is going to pick up because they're so far below their historically average spend and we don't think anything else in the dynamics of how you provide wireless service have changed. So we really went from a big up cycle in 2014 to a below average spend in 2015 and we believe that that normalizes itself over time.



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 Matt Niknam,  Deutsche Bank - Analyst   [9]
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 In terms of catalyst to get that going, there are several, we'll call it spectrum catalysts often talked about in the marketplace whether it's AWS-3, WCS and then there are others that may not necessarily be a 2016 or even 2017 event, whether it's FirstNet, Dish so on and so forth. In your view, how do we think about, let's just take AWS-3 and WCS; those seem to be the most tangible near term. How do you think about those in terms of contributors to an improvement in growth over the course of the year?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [10]
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 Well, we think they'll definitely contribute, because they haven't heretofore been part of the deployment. Lot of money was spent on AWS-3; a lot of deployment needs to occur there for a return on invested capital for our customers. We think we're looking at primarily an amendment type of activity, where our customers will come back to the existing sites where they have already the power, the zoning the base locations and they'll add equipment, swap out equipment, add new equipment to handle the WCS the AWS-3 bands and that will be additive to our revenue.

 Last year we did about 5,500 amendments on our 15,000 US towers, so we had a lot of amendment activity on what -- as I've already mentioned, was a below average year in terms of carrier spending. So with these new spectrum deployments on the cusp, we feel very good that that type of activity not only will continue, but pick up particularly as we get into the AWS redeployments.



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 Matt Niknam,  Deutsche Bank - Analyst   [11]
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 And we kind of touched on this before with the AFFO per share growth target, but if we look beyond 2016 and bear in mind some of the spectrum catalysts, we talked about. Is this sort of, we'll call it 7.5% 8.5% gross growth for the US still relevant or do you sense that we may be hitting more of a maturation phase?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [12]
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 No, I think it's still relevant. I mean we view last year as cyclically low and average well below. And I think what we're looking at this year, perhaps even a little bit beyond that, at least for the foreseeable future as we move through these new spectrum's paths should be a realistic goal for us. And again, we're talking about an organic gross revenue growth basis in the United States.



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 Matt Niknam,  Deutsche Bank - Analyst   [13]
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 Okay. Although I would argue, I guess just to follow on to that, churn-wise your past sort of the iDEN revenue roll-off is on a sequential basis?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [14]
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 Yes, but we're still going to be at the high end of our historic churn ranges of 1% to 1.5% consolidated as we move through what we expected to occur and it's occurring in T-Mobile Metro, the Sprint WiMAX and AT&T Leap all of which we knew was going to produce some churn for us when those announcements in combinations were made. We expect that to continue at a slightly elevated pace for the next several years. So you're talking about 7% to 7.5% maybe in the future, but off of 8.5% minus 1.5% that say 7% net, as we get to the end of the year, but the iDEN churn, other than the comparables is over until a very small bid is left in the fourth quarter of 2018.



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 Matt Niknam,  Deutsche Bank - Analyst   [15]
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 One other questions we get fairly often is around repurposing spectrum in terms of carriers trying of free-up capacity, so --



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [16]
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 It's happening a lot.



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 Matt Niknam,  Deutsche Bank - Analyst   [17]
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 And so the question I guess often is how many of these events really trigger incremental revenue. So carrier X goes up, takes down antennas, put some more antennas. I believe your comment have implied that I think only about 10% of them were incremental revenue?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [18]
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 Slightly less than 10% involved no additional rental to us. And the reason for that is most of the 2G and 3G to LTE re-farming always involves bigger antennas. The LTE antennas are the largest that have been used in the history of the technological evolutions and they continue to grow. We recently have started receiving applications for antennas that weigh a 125 pounds each, which is probably 30 pounds above the most weighty that we'd historically seen. So LTE particularly has been a very equipment-intensive generation of technology and the best propagation comes from the larger antennas.



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 Matt Niknam,  Deutsche Bank - Analyst   [19]
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 Question on 5G, so it is a topic that some will argue later in the decade, some will argue it's coming in 2017. Can you give us your thoughts in terms of timing of builds and then how you're positioned as a beneficiary of the trend given the talk that this could be on significantly higher spectrum frequencies, how does a macro -- primarily macro side operator like yourself benefit?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [20]
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 Well outside of the urban markets where you have many more alternatives for the deployment of wireless, really there is no good substitute for the macro sites. So we believe that as 5G does become more well-known and more defined it will result in additional equipment on the macro sites. We don't think it's a technology that only sees itself in the urban markets.

 We've never seen our customers bifurcate their offerings that way. We think that when they go about doing something, it will be rolled out on a nationwide basis, maybe at different times, but everything ultimately goes nationwide and has a primary delivery system. Think about the macro site as the only facility that really can have a generator. It's the only facility that would satisfy the FCC E911 requirements. It's really the heart and the foundation of the networks around which other things are engineered and attached to. So we see 5G being another good opportunity for us to continue to add to our business.



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 Matt Niknam,  Deutsche Bank - Analyst   [21]
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 But is it fair to say then, is the comments from some of the carriers imply a focus on more dense capacity constrained areas at least in the near term or maybe we'll call it just urban hubs. Is it fair to say SBA might see that tailwind a little bit later, just given the footprint of where your towers are?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [22]
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 Throughout our history, we've always seen our customers spend money in the urban markets first, because you'd expect that, right. That's where the most people are and the most geography where the pops are. So there is the old line of thinking, which I think is still accurate today is the roll outs occurs first in the NFL cities and then they spread to the rest of the country. We've seen that for 2G, 3G, 4G. I would expect to see the same thing for 5G, but ultimately, we're going to benefit from those new technology offerings.



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 Matt Niknam,  Deutsche Bank - Analyst   [23]
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 You alluded before to capital allocation between portfolio growth and share buybacks. Maybe you can just comment a little bit on what you're seeing in the acquisition pipeline, both in terms of available assets and valuations in the marketplace [evolve].

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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [24]
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 Okay, our bias has always been and continues to be to allocate capital to portfolio growth, but only at the right prices. We think portfolio growth obviously adds to the revenue line, it adds to the EBITDA line, it increases our financing base off of which we can continue our capital strategies. So we like that and we will actually pay a little bit more for assets that we think would be comparable to our own portfolio versus what we could pay to repurchase our stock, but only a little bit more.

 We wouldn't pay six or eight turns more and that was some of the bid-ask spread that we saw last year, which caused us to only spend a portion of our investable capital on portfolio growth. I think the market is starting to become a little bit more rational terms of the sellers bid and ask closing up some. Not sure it's entirely where it needs to be for us to decide to spend all of our investable capital on portfolio growth, but I think it continues to move in the right direction and I think we will, once again, have a year where you'll see a healthy mix of both portfolio growth and stock repurchases this year.



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 Matt Niknam,  Deutsche Bank - Analyst   [25]
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 And as we think about -- I guess a two-fold question to follow-up. The 5% to 10% growth target, given a more limited number of portfolios, I guess, in the US; A, are you still confident of 5% to 10% growth in the portfolio at least for this year? And then secondarily, is it fair to assume a lot more of this is going to come internationally relative to the US?





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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [26]
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 Well certainly to get to the 10%, we're going to need to do more internationally, I feel very confident about the 5% level and it's not so much that there aren't a lot of opportunities in the US, there are. There are less opportunities that I think are appropriately priced. But it's really a question not of volume and opportunity, but of the price of the opportunity.



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 Matt Niknam,  Deutsche Bank - Analyst   [27]
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 Just one on DAS and small cells, I mean this is a topic that keeps coming up so I got to ask the question. You've talked about building out a team focused, I think, on indoor DAS opportunities and you've traditionally had, I guess, a greater preference for indoor relative to outdoor. With the focus carriers have had and I'm talking about a few specific ones that have had been focused on outdoor DAS and small cells, what would you need to see to change your view on outdoor DAS more positively?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [28]
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 Better return on invested capital. I think small cells are going to be numerous, they're going to provide for ample revenue opportunities. But I think they'll be lacking our choices for capital allocation in terms of return on invested capital.



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 Matt Niknam,  Deutsche Bank - Analyst   [29]
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 Relative to just either buying back your own stock or investing in macro sites.



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [30]
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 Exactly.



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 Matt Niknam,  Deutsche Bank - Analyst   [31]
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 Okay, let's shift International. On Brazil, can you give us an update on what you're seeing. Obviously there is a lot of macro headwinds there, but in terms of core organic activity, what's the latest you're seeing and then in terms of expectations for 2016, how do you think about growth relative to this past year?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [32]
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 Yes, I think we have guided to a touch lower organic growth, above the escalator this year compared to last year because we are going to probably see a bigger escalator benefit this year. So the amount on top of that to kind of get to the same number would be a little bit less and times are difficult in Brazil, the economy is not doing well, inflation is high. I think our customers are having trouble squeezing more ARPU out of the consumer base, which in turn puts limits on the amount of investable capital that they have to put back into their networks and that's a situation we expect will last this year, and maybe into next.

 But the reason we remain excited about Brazil is it's a wonderful country from an operational need basis. The population there is even more hooked into smart devices than the United States, it's a younger population, a younger demographic, a faster growing demographic. Their services and the state of their networks is well behind the United States. They are moving to wireless much faster than they're deploying fiber.

 All of those things, I think, bode very well for us long term. Unfortunately, in the last year or two, all of our operational successes and it's been good operational success and Brazil has been outweighed by the translation impact of the Brazilian Real, but it's a very good long-term growth market. And one of the things that excites me about Brazil is, our base down there is much less mature than United States and where that will be important is when we do see a turn in activity and an improvement in the economy, it won't take much because of the relatively lower revenue per tower down there to really push those growth rates much higher, so the law of smaller numbers.



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 Matt Niknam,  Deutsche Bank - Analyst   [33]
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 Right. How about this strategy longer term for international? I mean do you need to -- one of your peers has gone global, I believe in the past you've sort of said we want to stay on the Western Hemisphere. Is that still the case or how do you just think about other opportunities in terms of expanding the international footprint?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [34]
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 Yes, our thoughts on that stem with our long-term views on value creation and everything we do stems from our approach to value creation, which is a levered capital appreciation story. That's our proposition to the investment community. And to stay a levered capital appreciation opportunity we have to watch obviously our debt service, where our debt comes from?

 Currently there are huge differences in the cost of debt in the United States versus cost of debt in the emerging high-growth markets. Currently, we're fully funded in US dollars and because we carefully watch the relationship between our US EBITDA and our total cash interest coverage, that's always going to have to stay within balance unless we are to choose to fund in local currencies, but those are at very, very higher rates.

 So as long as that continues to be our strategy there will be limits to the amount of non-US dollar denominated EBITDA and revenue that we seek. Now we're probably less than halfway to where those levels would be. Based on our analysis and calculations, we're about 10% between Brazil and Brazil of course will be the vast majority of our non-US dollar denominated revenue. So we have room to at least double that, but there will be limits based on the strategy that we're pursuing unless we see better debt opportunities outside the United States.



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 Matt Niknam,  Deutsche Bank - Analyst   [35]
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 I'm going to pause and just open it up to the floor for questions. If anyone has a question, just raise your hand, we got mike runners across the room. One at the back.

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Questions and Answers
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Unidentified Audience Member   [1]
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 Could you comment on how you view leverage? Maybe medium-to-long term, do you think your levered profile starts to look like AMT or CCI; reduced leverage and maybe approach investment grade rating?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [2]
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 At some point, that may be in our future. I don't think it's in our near-term future. We carefully think about where we lever the business. We look at our growth rates. We look at the interest rate forecasts and projections and we look at our access to credit. And today and I'm glad you asked the question. So I think there is a bit of disconnect out in the markets today.

 We are a high-yield issuer. We're now the only high-yield issuer in the tower space and when the high yield market went through it's -- primarily, energy related disconnects, all leveraged companies or at least high-yield issuers were impacted by that. But in reality, our debt has actually tightened to almost historical levels. We're about 250 basis points over the comparable treasury in the high yield market.

 I can't remember a tighter more efficient spread in those markets. So we have tremendous respect in that market. We have a tremendous appetite for our debt in that market, and as long as those conditions continue to avail themselves to us and interest rates are lower for longer, I think we're going to stay a leverage capital appreciation story. The beauty of your question though is we can always de lever and go the other route if and when we decide that's the right thing to do.



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 Matt Niknam,  Deutsche Bank - Analyst   [3]
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 Just to follow on to that question, do you think about prioritizing uses of excess cash, whether it's M&A, buybacks, deleveraging, land purchases. I mean how do you guys think about that?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [4]
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 We love land purchases and ground lease extensions. We can only spend about $50 million a year though operationally in that area just because every one of those transactions involves a personal visit and a one-off transaction. We like our new builds, I don't see cutting back there. We'd probably spend another $50 million to $60 million in that.

 But then, when you look at our free cash flow generation and our EBITDA growth and what that creates when we stay levered at 7 to 7.5 times; basically every year, we have a $1 billion of investable capital to decide what we want to do with. So, those first two don't come close to using that up. So what's left is portfolio growth through acquisition and stock repurchases.



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 Matt Niknam,  Deutsche Bank - Analyst   [5]
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 Just to go to the US, one of the questions that comes up fairly often is, well is carriers taking a tougher stand as it relates to annual rent increase and I think part of this is if you look at -- you alluded to Brazil and the carriers are getting squeezed. I mean, in the US as well, some of the carriers are -- pricing compression is pretty common now in the US. Does that come up often? Has anything changed in terms of the relationship with your carrier customers and are you seeing them, I guess, take a tougher stand?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [6]
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 It's interesting, I hear more about at in investment conferences than my operational people ever hear about it. We have the same way of dealing with our customers that we always have, we don't have MLAs. We have very equipment-specific contracts where any type of change requires an amendment; some get additional dollars others do not. But it's a very consistent predictable way that our customers know to expect from SBA.

 So whether they had an MLA from us before and I mean we don't have any of those issues. Our method of dealing with our customers hasn't changed. Now our customers, as you would expect want to get the most for every dollar that they spend. I mean, they focus on return on invested capital, just like we do and they are in a competitive environment. They want to continue to see more and more and more out of their dollar spent. So I don't think that's necessarily surprising, nor is it something that should be surprising. That's their job

 But at the end of the day, they will invest because they have decided that that investment and the growth in wireless will be the right thing for them, and that's the way it's been for 25 years. I mean they're all for-profit businesses, always have been. They've spent the money to invest in the networks. I think a part of part what you're hearing is the realization that the need to spend on additional equipment is never-ending and there certain realization is around that and what customer doesn't want to get more for less.

 So we really don't see any change at all in the operational dynamic. But again, our customers have always negotiated hard for the services that we provide and today is no different.



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 Matt Niknam,  Deutsche Bank - Analyst   [7]
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 Okay VoLTE is another topic that comes up fairly often. The industries I think got significant room to run as it relates to VoLTE. T-Mobile aside, most of their other peers have less than half of their voice traffic on LTE today. In your view, I guess; A, is cells splitting effectively a necessity to maintain call quality in a VoLTE world. And then secondarily, are you seeing that drive any type of activity on your end today?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [8]
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 I do think it will lead to additional cell siting, but what it leads to first is what we're seeing today, which is the re-farming of 2G and 3G spectrum to 4G, so that they can accommodate VoLTE and that's where we're seeing the bigger equipment and particularly, the bigger antennas.



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 Matt Niknam,  Deutsche Bank - Analyst   [9]
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 Is that a priority in terms of spending budgets from your customers today?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [10]
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 Yes, a lot of the amendments that we did last year, and are currently doing look to be re-farming of 2G and 3G equipment to LTE.



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 Matt Niknam,  Deutsche Bank - Analyst   [11]
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 How about FirstNet, that's something that comes up fairly often in terms of, is this going to be the year where FirstNet begins to contribute or this is going to be year where we get more clarity. What's your expectation in terms of how this gets resolved and I guess more importantly, when this actually becomes a contributor for the tower guys?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [12]
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 Well, they've taken great steps to shape what they're looking for. They want a partner that they can piggyback on their network and a partner that has use for the spectrum when it's not being used for emergency response needs. So there's an RFP out now. I expect it to be well responded to, I don't think we'll know where it all shakes out until the second half of this year.

 I don't expect any real activity for our industry this year, at least from a revenue production perspective. But once the RFP gets decided and a deal gets cut. I think it's going to be very, very meaningful and I think you're going to see a lot of activity from sometime in 2017,not sure whether it's midway or late in the year, but it would last for years to actually build out the public safety network.

 We think it takes the form of what we, as an industry, were prepared to do with LightSquared, where there was a -- I believe almost universally negotiated amendment to the Sprint leases and networks to accommodate LightSquared. We think it would look something like that. The FirstNet equipment is going to have to be separate.

 It's going to have to have certain safety precautions in place that needs to be a little bit harder and not co-mingled with other equipment so that clearly is something under our contracts would result in some amendment activity. So I mean at this point we're rooting for the process to continue the way that it is going and assuming it concludes with a name partner, and a contract, it's going to be good.



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 Matt Niknam,  Deutsche Bank - Analyst   [13]
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 In terms of other growth opportunities, one of the other -- we touched a little bit on international but I want to get a better sense of criteria you would evaluate in terms of entering new markets. Brazil is the primary market right now, there is some Canada, there is some -- I believe Panama was a recent one?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [14]
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 No, we've actually been in Central America since 2010 and Central America has done unbelievably well for us. Revenue has exceeded our expectations. But even more so, expenses have been very controllable down there. And those markets were easier to consider because they're all denominated in US dollars. So when we get to a non-US dollar denominated market, we need to add certain risk returns and hurdle rates that we believe will compensate us for what will be the inevitable variations in the translation exchange rates.

 So Brazil, based on the Real devaluation in Brazil, our hurdle rates in Brazil for new investments are 20% or above. In Central America dollar denominated markets they would be less than that, but still higher than what we would look to return on an unlevered basis in the United States. So the short answer to that is, we absolutely factor that in when we think about those markets and what our return requirements are in those markets.



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 Matt Niknam,  Deutsche Bank - Analyst   [15]
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 And did you think about it? Do you have a cap internally in terms of, you had alluded to Brazil being about 10% of non-US dollar denominated [gross] revenue. You said, you could theoretically double that. I mean is there an absolute cap that you have in terms -- is 20% that cap or is there a number of the other --?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [16]
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 No, we've talked about 25% to 30% and that would assume we stay levered where we are today and that all of our debt is sourced on a US dollar basis in US markets. I think it'd be long time before, if ever, we get to those levels.



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 Matt Niknam,  Deutsche Bank - Analyst   [17]
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 Okay. One last question before we run out of time. Just in terms of Canadian market, I know this is one very small part of the revenues but I feel like the third party lease model has been tough to scale up there just given carrier preference to own their own towers, has that changed at all?



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [18]
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 It is still the preference of the incumbents to own their own assets, including build their own assets. There have been no sales of portfolios in Canada by the incumbents. A lot of our growth in Canada has been working for wind. It's great market but a difficult market for us to invest a lot of additional capital in for those reasons.



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 Matt Niknam,  Deutsche Bank - Analyst   [19]
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 Okay. I think we are just about out of time. Jeff, thank you very much. Appreciate it.



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 Jeff Stoops,  SBA Communications Corporation - CEO & President   [20]
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 Great thank you.






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