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SBA Communications Corp (SBAC) Q1 2021 Earnings Call Transcript | The Motley Fool

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SBA Communications Corp (NASDAQ:SBAC)
Q1 2021 Earnings Call
Apr 26, 2021, 5:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Welcome to the SBA First Quarter Results Call. [Operator Instructions]

Now, I am happy to turn it over to VP of Finance Mark DeRussy.

Mark DeRussyVice President, Finance

Good evening and thank you for joining us for SBA’s first quarter 2021 earnings conference call. Here with me today are Jeff Stoops, our President and Chief Executive Officer and Brendan Cavanagh, 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 2021 and beyond. In today’s press release and in our SEC filings, we detail material risks that may include our future results or may cause our future results to differ from our expectations.

Our statements are as of today, April 26 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 the call over to Brendan to discuss our first quarter results.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Thank you, Mark. Good evening.

SBA had a strong start to the year with the first quarter results ahead of internal expectations for most of our key financial metrics. Total GAAP site leasing revenues for the first quarter were $505.1 million and cash site leasing revenues were $504.5 million. Foreign exchange rates were generally in line with our previously forecasted FX rate estimates for the first quarter. They were, however, a significant headwind on comparisons to the first quarter of 2020, negatively impacting revenues by $12.6 million on a year-over-year basis.

Same tower recurring cash leasing revenue growth for the first quarter, which is calculated on a constant currency basis was 3.6% over the first quarter of 2020 including the impact of 2.4% of churn. On a gross basis, same tower growth was 6%.

Domestic same tower recurring cash leasing revenue growth over the first quarter of last year was 5.6% on a gross basis and 3.1% on a net basis, including 2.5% of churn. Domestic operational leasing activity or bookings representing new revenue placed under contract during the first quarter was modestly lower sequentially in the prior quarter, but on the heels of our newly signed agreements with Verizon Wireless and Dish, we have seen substantial increases in our domestic new lease and new amendment application backlogs. These backlog increases are supportive of significant increases in domestic operational leasing activity throughout the balance of this year. During the first quarter amendment activity represented 77% of our domestic bookings with 23% coming from new leases. The Big 3 carriers represented 86% of total incremental domestic leasing revenue signed up during the quarter.

Internationally, on a constant currency basis same tower cash leasing revenue growth was 6.1%, including 1.3% of churn or 7.4% on a gross basis. International leasing activity remained steady during the first quarter. In Brazil, our largest international market, we had another solid quarter of leasing activity. Gross same tower organic growth in Brazil was 8.5% on a constant currency basis. During the first quarter, 85.3% of consolidated cash site leasing revenue was denominated in US dollars. The majority of non-US dollars denominated revenue was from Brazil, with Brazil, representing 11.1% of all cash site leasing revenues during the quarter and 8.1% of cash site leasing revenue excluding revenues from pass through expenses.

Tower cash flow for the first quarter was $411.8 million. Our tower cash flow margins continue to be very strong with a first quarter domestic tower cash flow margin of 84.4% and an international tower cash flow margin of 70.8% or 91%, excluding the impact of pass-through reimbursable expenses. Adjusted EBITDA in the first quarter $390.1 million. Our industry-leading adjusted EBITDA margin was 71.2% in the quarter. Excluding the impact of revenues from pass through expenses, adjusted EBITDA margin was 75.6%.

Approximately 98% of our total adjusted EBITDA was attributable to our tower leasing business in the first quarter. Our services business had a very strong first quarter with $43.6 million in revenue and a higher contribution to adjusted EBITDA than any quarter in 2020. Activity levels have picked up materially. The increasing activity levels with our carrier customers have led to increases in our services backlog and a resulting increase in our full-year outlook for site development revenue.

AFFO in the first quarter was $286.3 million. AFFO per share was $2.58, an increase of 13.2% over the first quarter of 2020, and a 16.2% increase on a constant currency basis. During the first quarter, we also continued to expand our portfolio, acquiring 731 communication sites, including wireless tenant licenses on 697 utility transmission structures from the previously announced PG&E transaction for total cash consideration for all sites of $975.5 million. We also built 62 new sites in the quarter. Subsequent to quarter end, we have purchased or agreed to purchase 413 additional sites in our existing markets for an aggregate price of $110.2 million and we anticipate closing on the majority of the site under contract by the end of the third quarter. In addition to new tower assets, we also continue to invest in the land under our segments. During the quarter, we spent an aggregate of $6.5 million to buy land and easements and to extend ground lease terms. At the end of the quarter we owned or controlled for more than 20 years, the land underneath approximately 71% of our towers and the average remaining life under our ground leases, including renewal options under our control, is approximately 35 years.

Looking ahead now, this afternoon’s earnings press release includes our updated outlook for full year 2021. We have increased our outlook for most of our key metrics from the outlook previously provided with our prior quarter earnings release. In addition to our increased outlook for site development revenue, which I mentioned a moment ago, we have also increased our outlook for full year site leasing revenue. The majority of this increased leasing revenue outlook is due to our recently signed global amendment and agreement with Verizon Wireless. One component of this agreement involved the extension of the current lease terms across our existing lease agreements with Verizon, resulting in average non-cancelable terms of approximately eight years.

These term extensions increased our outlook for straight line revenue for 2021 by approximately $22.5 million. While we anticipate higher levels of operational leasing activity throughout the year as a result of the Verizon agreement that will contribute to improved organic leasing revenue growth in future years, we do not expect it to materially impact our previously provided 2021 outlook for tower cash flow and adjusted EBITDA. With regard to site leasing revenue, in addition to the Verizon straight line impact, we also increased our outlook for better leasing revenue recognition in the first quarter than we previously projected and for other increases in straight line revenue associated with term extension separate from the Verizon agreement. We anticipate our domestic same tower revenue growth will begin to increase in second half of the year and then we will exit 2021 the highest rate of year.

Our updated outlook for adjusted EBITDA and AFFO incorporate increased expectations for contributions from our services business and AFFO is also projected to benefit from slightly better non-discretionary capital expenditures and cash taxes than we previously anticipated. Our customers’ ramping efforts around 5G give us great confidence in our projected growth. As is always the case, our full-year 2021 outlook does not assume any further acquisitions beyond those under contract today and the outlook also does not assume any share repurchases other than those completed as of today. However, we are likely to invest in additional assets or share repurchases or both during the rest of the year. Our outlook for net cash interest expense does not contemplate any further financing activity in 2021. Finally, our outlook for AFFO per share is based on assumed weighted average number of diluted common shares of 111.4 million, which assumption is influenced in part by estimated future share prices.

With that, I will now turn things over to Mark, who will provide an update on our liquidity position and balance sheet.

Mark DeRussyVice President, Finance

Thanks, Brendan.

We ended the quarter with $12.1 billion of total debt and a $11.9 billion of net debt. Our net debt to annualized adjusted EBITDA leverage ratio was 7.6 times. This leverage ratio is elevated slightly above our target range of 7.0 times to 7.5 times due to the PG&E acquisition during the first quarter. Our first quarter net cash interest coverage ratio of adjusted EBITDA to net cash interest expense was 4.4 times. On January 29, the Company issued $1.5 billion of unsecured senior notes due February 1, 2029. These notes accrue interest at a rate of 3.125% per year and interest is due semiannually on February 1 and August 1 of each year beginning on August 1, 2021. The net proceeds from this offering were used to fully redeem all the outstanding 4% senior notes to pay all premiums and costs associated with such redemption and to repay the amounts outstanding at the time under the revolving credit facility and for general corporate purposes.

As of today, we have $530 million outstanding under our revolver and the weighted average interest rate of our outstanding debt is 3% with a weighted average maturity of approximately 4.3 years. During the first quarter, we repurchased 654,000 shares of our common stock for $168.9 million or average price of $258.33 per share. All shares repurchased were retired. As of today, we have $475.1 million of repurchase authorization remaining under our $1 billion stock repurchase plan. The Company’s shares outstanding at March 30, 2021 were 109.3 million compared to 111.6 million at March 31, 2020, a reduction of 2%. In addition, during the quarter, we declared and paid a cash dividend of $63.4 million or $0.58 per share, and today, we announced that our Board of Directors declared a second quarter dividend of $0.58 per share payable on June 15, 2021 to shareholders of record as of the close of business on May 20, 2021.

With that, I’ll now turn the call over to Jeff.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Thanks Mark, and good evening everyone.

As you heard, we had a strong start to the year with solid financial and operating results. Activities in the first quarter provide solid foundation for the rest of 2021 and for the next couple of years. During the quarter, each of our largest domestic customers provided public disclosures expanding on their 5G deployment plans, making it clear the upgrades to their existing that networks will be a key component of their network investment strategies over the next several years. We’ve begun to see direct evidence of this with significant growth in our leasing application backlog and increasing volumes in our services business. In fact, our services business had its biggest quarter in nearly seven years. And notwithstanding the strong first quarter performance, our services backlog have continued to grow substantially, setting us up now our best service here in a very long time.

Increased services volume and backlog are due to growing network planning and deployment efforts by our largest customers, but are supportive of our anticipated growth in domestic organic leasing activity over the coming quarters. Our growing leasing application backlogs further support our expectations around future releasing activity. Since our last earnings call, the results of the C-band auction were disclosed. Verizon, AT&T and T-Mobile were all meaningful participants in the auction. Verizon and AT&T both paid premium prices for A-Block spectrum, a clear indication that the ability to move quickly and building out the top markets is a priority to them.

On April 1, we signed a new global agreement with Verizon to facilitate their 5G network build out, including the deployment of their newly acquired C-band spectrum. This new agreement addresses several items including the extension of committed terms under our existing agreements with Verizon, establishing equipment-specific pricing, terms and conditions for upgrades to Horizons existing leases and establishing parameters in volume incentives for new site leases. We are excited to expand our existing strong partnership with Verizon and we believe both Verizon and SBA will benefit from years of incremental new business between our organizations. The agreement with Verizon as well as the substantial minimum lease commitment under our new master lease agreement with Dish and our existing activity levels and building backlogs for both T-Mobile and AT&T are all part of the foundation for a strong couple of years of heightened activity. Our domestic leasing backlogs are as high as they have been in quite some time.

We have not incorporated any material amount of revenue from these climbing backlogs in our 2021 outlook, because of the timing, uncertainty and lines between application, execution and [Indecipherable], but the future is certainly bright in this regard. In addition to the exciting events around our domestic leasing and services businesses, our international leasing activity also was solid during the first quarter. During the quarter, we signed up 50% of new international revenue through new leases and the other 50% through amendments through existing leases. We had strong leasing results in Brazil and South Africa, our two largest international markets, notwithstanding continued challenges in these markets from the COVID-19 pandemic.

We believe the underlying fundamentals for wireless network are strong in these markets and once we see a return to normalcy due to increased vaccine availability and other steps to reduce the COVID impact in these markets, we will be well positioned for increased network investment and organic leasing growth. In addition to our first quarter operational successes, we also made advances through positive capital allocation and opportunistic financing activities. As discussed on our prior call, we added a large number of high-quality assets to our portfolio through the PG&E transaction during the quarter.

And while it’s only been about two months since we closed on the majority of this transaction, we’re very pleased with what we’re seeing so far. We have received significant interest from our customers around new sites and we have established a very positive working relationship with PG&E, which should allow us to maximize these opportunities through providing efficient access to these assets for our customers. In addition to the PG&E transaction, we have closed or placed under contract a number of new high-quality assets that should be supportive of incremental future of their growth.

We also continue to deploy capital into share repurchases during the quarter. Successfully deploying almost $170 million to opportunistically take advantage of dislocations in our stock price, while also effectively managing our leverage ratio. I’m particularly pleased that we were able to finish the quarter with a net debt to adjusted EBITDA leverage ratio of 7.6 times, just above our target range of 7 times to 7.5 times. We knew that we would be above our target range temporarily due to the PG&E transaction, but we are ahead of schedule on delevering back into our target range due to our strong first quarter results. In fact, on a pro forma basis for a full quarter’s contribution from PG&E, the EBITDA from PG&E [Indecipherable] of 7.5 times for the first quarter. This result demonstrates the tremendous ability of our company to quickly organically delever even after substantial capital investments.

During the first quarter, we also completed a $1.5 billion unsecured bond offering at the lowest price for unsecured debt in our history. This combination of steadily growing EBITDA and access to low cost debt gives us great confidence in our long-standing approach to leverage and capital allocation as a key component to grow AFFO per share and creating incremental shareholder value. Our access to low cost debt continues today and we are confident we will have other opportunities to improve our cost of debt financing during this year. In the first quarter, we produced $2.58 of AFFO per share, over 16% higher than the first quarter last year on a constant currency basis.

We also increased our first quarter dividend by 25% over the prior year, while still achieving a very low AFFO per share payout ratio of 22.5%. Our ability to manage our balance sheet, optimize our operations and opportunistically allocate capital will allow us to continue to generate long-term returns for our shareholders and capitalize on quality and foundation of the strong underlying macro tower business.

So, I want to close with some comments about our performance through the pandemic. We are currently operating our Boca Raton headquarters, representing about 33% of our global workforce at 50% capacity with plans to fully return to the offices on a 100% by early July. Our other offices are at varying attendance percentages with U.S. offices generally at higher levels of attendance than our international offices. I can thankfully say that the pandemic has had no material impact on our U.S. business and internationally, I believe we are navigating the pandemic as well as anyone. In every case, we’ve worked carefully with local healthcare experts and our team members to prioritize safety first. I could not be more proud of the way we have navigated this pandemic to achieve total safety of our team members and meeting the needs of our customers and communities.

We want to thank our team members and our customers for their commitment, collaboration during these challenging times and their contributions to our success. We look forward to an exciting rest of the year and sharing our results with you next quarter. And with that, Justin, we are now ready for questions.

Questions and Answers:

Operator

Thank you. [Operator Instructions] First, we go to line of Jon Atkin, RBC. Your line is open.

Jon AtkinRBC — Analyst

Thanks very much. So, I was interested in whether you’ve seen any actual equipment installed on your U.S. towers, of kind of the C-band or L-band and then I had a kind of bigger question — bigger picture question about escalators, which historically been fixed and we get a lot of question sometimes about why that could eventually become more CPI based over time and kind of the core U.S. business. Thanks.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

So on C-band type things, I’ll just speak generically, Jon. Signed leases and amendments, yes. Actual installs yet, no. And you shouldn’t read anything more into that other than the typical time it takes to go from execution to installation. On the fixed escalators versus variable, I mean that’s an age old question that obviously depends on which side of the historical inflation you fall on as to what you prefer. It’s been discussed in every case that I know and in the U.S., people have landed on the fixed escalator concept. So, I don’t know what really to tell you beyond it’s a regular topic of discussion and fixed is the way folks have gone.

Jon AtkinRBC — Analyst

Got it. And then, any more color you could provide on Brazil and just kind of macro topics, economy, carrier landscape, factor…

Jeffrey A. StoopsDirector, President and Chief Executive Officer

[Speech Overlap] Yeah, I mean, Brazil is struggling still with COVID, there is no question. The economy is feeling the effects I believe, I saw that the employment rate in Brazil is now currently around 15%. Our approach are optimistic that better times are shortly ahead, but we’ll need to see all that. I will say that notwithstanding the overall bleaker environment there, certainly compared to the U.S., our business and our operations continue to do just fine.

So, we’re obviously thankful for that and communications continues to be a key need there and carriers continue to answer that need. But in general it’s, I mean — everyone reads the same things that I do and the same folks I talk to. They still have some room to go in terms of improving their COVID position.

Jon AtkinRBC — Analyst

Lastly for me, just on the PG&E assets, what — are there any kind of metrics around portion of the portfolio that — do you have a legitimate quality for lease up, what types of use cases you’re finding when people do some of the lease application and just how to kind of think about the growth profile there?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Well, obviously, all the ones that we’ve talked about are end use. We have interest in some of the other 28,000 that are currently not in use and the demand has been both for amendments by existing customers and new leases. So, we’re pretty pleased with how things are going first couple of months.

Justin, I think we’re ready for our next question.

Operator

Next will be Michael Rollins of Citi. Your line is open.

Michael RollinsCiti — Analyst

Hi, thanks and good afternoon. Just first, just following up on your comments regarding the activity levels with the Verizon deal in the books and you had a couple of more months of discussions activity, is 1Q the trough for domestic organic growth site leasing growth that was reported at 5.6%. And how do you think about what the peak range could be for this metric again, now that you have a couple more months of conversations and agreement. And then just secondly, are there any updates on the possible timing for merger related churn relating to the T-Mobile and Sprint deal? Thanks.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah, hey, Mike. On the same tower growth rates, Q1 is certainly right around the trough. It’s possible that Q2 also would be at a similar level based on what we’ve got in mind today. A lot just as a reminder that metric is a calculation based on the trailing 12 months. So, it’s really backward looking and a lot of the increasing — significant increases we’ve seen in the organic leasing activity is just starting to happen recently here. And so, I expect that it will — it will start to increase in the second half of the year and we will exit the year and a higher rate, frankly, continue to increase as we move into next year.

As far as how high it could it be. Yeah, I can’t really say for sure. I think on our previous call, we talked about on a net basis gain to mid-single digit. I think that is certainly achievable. The big question, Mark, is the timing of the churn, which will lead me to your third question, which is about the Sprint, T-Mobile overhang. The numbers that we gave on our previous call are still pretty much the same. We don’t have — nothing’s occurred that would make us change our expectations. Just as a refresher on this year, we have about $8 million or so of impact in 2021, is what we are anticipating. We’ve already incurred a decent portion of that. So that’s probably about the right number for this year. Next year is expected to be a little bit bigger, closer to $30 million of impact next year, before it steps down the following couple of years to somewhere around $10 million to $15 million per year, until we see the biggest impacts potentially in 2025 and 2026.

Having said all of that, that’s an estimate based on the time when those leases, the overlapping leases come up for their maturity date, it’s certainly possible that T-Mobile’s plans will change in terms of which sites they need to keep. And so, we’ll have to keep our eyes on that and we will certainly inform you if anything changes.

Operator

Next up we’re going to Phil Cusick with J.P. Morgan. Your line is open.

Phil CusickJ.P. Morgan — Analyst

Hey guys, thanks. Can you help us think about activity ramping from this year to next year as we go from the guided activity and talking about an exit run rate of accelerating from here. I just want to pull the churn discussion out and really think about what activity could be doing? Thanks.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Well, it’s clearly going to accelerate, Phil, as the C-band spectrum is clear. Verizon themselves stated that one of the reasons [Indecipherable] able to get ahead of the actual clearing and have the equipment already in place and ready to go. But I think as a practical matter, there will be a fair amount of just-in-time delivery of new C-band equipment as it relates to when they get the spectrum cleared. And AT&T’s commentary was that much of their C-band spending is not even going to occur until beginning 2022. So if you think what our customers have said at face value, we should move through this year and continue to grow as we move through 2022.

Phil CusickJ.P. Morgan — Analyst

And if I assume [Phonetic] 2019 as a good example of what happens when two carriers are really spending, do you think 2022 activity could be better than that $63 million on something?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

I mean it could. We will would only be too far ahead of ourselves but I don’t — if you take your premise of all four carriers being very, very busy, I think 2022 will be that year.

Phil CusickJ.P. Morgan — Analyst

Yeah. Okay. Last thing, the service this quarter just really strong. Anything that we should think of, sort of like the one-time are not repeatable in the second quarter or is that a good new runway?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

I don’t know how long to take it out, but it’s — there is nothing that we know of today as to why Q2 should be materially different.

Phil CusickJ.P. Morgan — Analyst

Good. Thanks, Jeff.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah.

Operator

Next, we have the line of Spencer Kurn, New Street Research. Your line is open.

Spencer KurnNew Street Research — Analyst

Hey, guys, thanks for taking the question. I was wondering if you could elaborate on the deal you struck with Verizon, one of your peers signed a more holistic deal where a certain amount of revenue was contracted annually and you guys didn’t. So, I was curious, why didn’t you take that approach?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

We historically have thought it’s best for all parties to operate on a more a la carte basis structure. So you’re correct. Our straight line only includes the results of the term extensions. It does not include any type of nice right, because that’s a different deal. And that’s just the way we historically run the business and like to do things.

Spencer KurnNew Street Research — Analyst

Got it. If I could just…

Jeffrey A. StoopsDirector, President and Chief Executive Officer

I got — I don’t know if there’s any more complicated than chocolate versus vanilla.

Spencer KurnNew Street Research — Analyst

Well, it’s worked out favorably for you in the past. We’ll have to see how things shape out. And one follow-up, in your prepared remarks, I think you said that you didn’t include any benefit from the increase in your backlog that you saw this quarter because of the uncertainty around the commencement timing. Is it the case that you had already baked in some impact of the C-band into the guide and the application that you saw this quarter basically met your expectation or is it the case that if these sites do commence, it could be incremental to your expectations that you laid out last quarter?

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah. Hey, Spencer. It’s Brendan. We did certainly expect and included in our original guidance an increasing amounts of leasing activity throughout the year. The backlogs are supportive of that and the big question mark, which we did mention in our prepared remarks, it’s just simply the timing of those applications turning into signed agreements and then the next step of the signed agreement getting dates at which the rents would kick in. And so, we’ve got certain assumptions we’ve made around how that’s going to play out. It certainly will be increasing as we move through the rest of the year, but that was already assumed. So, to the extent that we are off at all and head into it a little bit faster, I guess it could be higher, but I think as we get later in the year, the potential for that to be a material impact is very limited.

Operator

Next, we have the line of Rick Prentiss with Raymond James. Your line is open.

Rick PrentissRaymond James — Analyst

Great. Thanks. Good afternoon, guys.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Hey, Rick.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Hey, Rick.

Rick PrentissRaymond James — Analyst

We were all surprised with the cash taxes Jeff mentioned. How did you get there?

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

You broke up a little bit, I think you’re asking about the change in our cash taxes.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Tower cash taxes.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah, so the cash taxes for the balance of the year, it’s actually in part due to expected benefits that we have now from the PG&E acquisition in terms of amortization of that asset. That was not, I think fully — more when we gave the original guidance because that deal actually just closed right before we gave the last guidance. So that’s something we’re going to benefit from. Any other things that affected it are fairly minor differences in some of our international market, but PG&E was really the biggest difference.

Rick PrentissRaymond James — Analyst

Because when we think longer term, how should we think about cash taxes will be around?

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Well, obviously as…

Rick PrentissRaymond James — Analyst

I mean, they’re going to go up.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah, they’re certainly going to go up. It’s interesting because as a REIT, we obviously have limited federal cash taxes at any point, but there are currently state cash taxes that we do pay because we’re not paying our full AFFO out as a dividend. So there is some opportunity to improve on that front, but on the other side, the more impactful thing will be our international taxes, which as we continue to grow in those markets and some of the depreciation shields run out, you’ll see the cash taxes in the international market decline.

Rick PrentissRaymond James — Analyst

Makes sense. And how should we think about the CBRS opportunity? What’s the timing and size available to put capital to work?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

The timing is now. The primary, I think, interest right now will come from municipalities, private networks. We’re actually building some school systems to help bridge the digital divide that are focused on CBRS and while some of our cable customers are also active, I think, in terms of the national wireless carriers, they’re going to focus really on the mid-band and use the CBRS stuff really as more of a niche solution for them. So the biggest opportunity is really our CBRS in particular with — outside of the national wireless carriers today.

Rick PrentissRaymond James — Analyst

Makes sense. And have you thought about giving us a table showing Sprint churn as far as colo versus other sites, as well your peer [Indecipherable].

Jeffrey A. StoopsDirector, President and Chief Executive Officer

We haven’t thought about it, but we will think about.

Rick PrentissRaymond James — Analyst

That would be great. All right, thanks guys. Stay well.

Operator

Next, we have line of Batya Levi with UBS. Your line is open.

Batya LeviUBS — Analyst

Great, thank you. I think my first [Technical Issues] how do you think this next [Technical Issues] and maybe into next year or as C-band becomes more of the mix down the road and how does the amendment revenue compared to higher point? Thank you.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Batya, you broke up on a lot of that and I don’t think any of the three of us here heard everything you said. Could you try that again?

Batya LeviUBS — Analyst

Sure. I was asking that about the amendment revenue mix. I think it was 77% this quarter. How do you think about that trending toward the year-end and maybe with the C-band deployments becoming a part of bigger mix of — bigger part of the mix and average in terms of how do these amendment revenues compare on a monthly basis now versus prior upgrade?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Okay. The 77% and this is purely a guess, but I’m going to guess it goes down as we get to year end, mostly because all the Dish business is going to be new leases. So that’s probably going to the extent it changes, it will be for that reason, because most of the other activity is from the other three carriers is definitely going to be amendments. And in terms of the pricing, we really never get into that, but I will tell you that based on load and usage basis, the pricing is entirely consistent with what our history has been.

Batya LeviUBS — Analyst

Okay. Got it. Maybe one quick follow-up. The new tower purchases for $113 million [Phonetic], can you tell us where they were and how is the M&A activity in those markets.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Those are actually under contract, most of those, Batya, and they are mostly located internationally in existing markets of ours.

Batya LeviUBS — Analyst

Got it. Okay, thank you.

Operator

Next, we have the line of David Barden with Bank of America. Your line is open.

David BardenBank of America — Analyst

Hey, guys. Thanks so much. I guess, a few questions. So, on the services activity, in the past we’ve had one or two carriers being the driver of that. I guess how democratically distributed would you describe services activity running ahead of expectations at this stage? I guess the second question was just on this commencement question, Mark, and some of the comments that John Stankey made about quote unquote skittishness with respect to supply chain. Any observations, Jeff, maybe you guys have from your perch as to how you see the probability, the confidence interval around [Indecipherable] those questions for the study. Thanks.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah, on your last one — well, your first one, it’s still not too democratically spread out. It’s still — our services revenues are still disproportionately coming from a few actors, which actually is good, because we have the opportunity to expand that base as we move through the year. In terms of your second question, we haven’t really seen any supply issues yet, David. That’s not to say if somebody says that they are out there and they are, we haven’t seen them yet.

And in terms of what it’s going to mean for us, as I think we’ve explained many, many times, once a leaser amendment is executed, when it actually begins to accrue revenue is the later or excuse me, the earlier of the date certain or when we actually install the equipment. So, we’re all rooting for fast equipment availability and dates of install at far earlier than the specified end date in the contract. If that happens, it will begin to accrue greater revenue earlier, but I mean right now as we think about life and how this year and next year is going to play out, we’re not really thinking about equipment delays.

David BardenBank of America — Analyst

Okay. And then, if I could do one more follow-up, just in light of the PG&E deal, obviously, that’s kind of ripened and closed and has there been an elevated or any amount of inbounds from other corners of the world looking to, kind of do you have done or is that more a force situation that was kind of unique?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Well, PG&E had its own unique needs, but we have had many, frankly, inquiries from other utilities around the country.

David BardenBank of America — Analyst

Okay, good. Thank you, guys.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Thanks.

Operator

Next, we have the line of Nick Del Deo, MoffettNathanson. Your line is open.

Nick Del DeoMoffettNathanson — Analyst

Hey, thanks for taking my questions. First, returning to the PG&E sites. If you think back to other assets you’ve acquired that may not have been adequately marketed, but that’s how long would it take them into kind of hit their stride and start seeing the benefits of being plugged into your sales engine. Was it — was it basically right of way or do you take a little time?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

No, it always takes time, always takes time. I mean six months to a year to really get to the point where it’s just like a home-grown asset.

Nick Del DeoMoffettNathanson — Analyst

Okay. Okay, that’s helpful. And then maybe one on the M&A front. Obviously, a lot of talk of higher capital gains taxes this year. Would you expect that to potentially increase the pool of towers for sale in the U.S. or you’re not hearing much in that front?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

It has historically, Nick. So, I would expect it to do so again, but it is — I don’t know that the magnitude will be so great that it will be like a tsunami of deals, but clearly, there will be tax sensitivity if capital gains rates are increased.

Nick Del DeoMoffettNathanson — Analyst

Okay. So maybe you pick up a few more, but not enough to really change the trajectory or anything?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

I would say we are going to get to 20% portfolio growth off the tax law changes.

Nick Del DeoMoffettNathanson — Analyst

Okay, fair enough. Thank you, Jeff.

Operator

Next, we have Tim Long of Barclays. Your line is open.

Tim LongBarclays — Analyst

Thank you. Two questions if I could. First, I think you guys mentioned something on CBRS and kind of digital dried some benefits there. Could you talk more broadly about some of the government push for more rural broadband and what do you think that might mean overall for your business. And then second, can you just update us on any updated developments on kind of the old — the whole edge compute data center world where we know you guys are kicking the tires right now. Thank you.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah. The government involved in [Phonetic] broadband and bringing broadband to more rural areas, right in the middle of that. The initial bills have been mostly focused on fiber because they are trying to establish a minimum uplink and downlink speed which for fixed wireless today is not available. And there is a tremendous amount of lobbying going on right now to basically free that money for wireless as well as fiber and that all remains to be seen.

In addition, the other aspect of the legislation that’s been proposed, it is mostly for capex and we’ve tried to make it clear, if you are industry channels that it’s only not capex that you need. There’s a lot of capex out there if somehow we believe can be structured in a way that guarantees rental payments and opex for periods of time, then I think you really have something that’s going to be impactful for our industry. So, the work that we’re doing so far actually has not revolved so much on any federal programs. There is derisk program that it’s for education that is federally administered that’s part of it, mostly we have been working with county school districts and actually private funding that’s interested in economic development to make it still happen. So, we’re excited about the potential, what we’ve done to date, has it really evolved much of any federal funding because that cake is still not baked yet.

The edge compute, it continues to be a focus of ours. I continue to think it’s filling to bear a lot of fruit. We actually have two new customers and two new facilities that are under construction since our last call. But what really needs to happen, right and we’ve been very clear on this, I think from day one is you need to have a use case world where you need computing power right at the sell site and that’s — we’re not there yet. I think we’re going to get there, but until we get there, that’s when you really want to know that the edge computing opportunity is the big one that we think it’s going to be.

Tim LongBarclays — Analyst

Thank you very much.

Operator

Next we have Walter Piecyk with LightShed. Your line is open.

Walter PiecykLightShed — Analyst

Thanks, Jeff. I want to go back to Phil’s question. He was drilling on ’22, but do you think ’22 is the peak year for colo and amendments?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

I don’t know. I mean, we’ll see — it all depends on how quickly our customers want to spend more. [Speech Overlap] You had AT&T saying they’re not really going to start their C-band work until 2022. So, I mean, it could be, but it also may not be.

Walter PiecykLightShed — Analyst

Got it. I think Phil had you drilled down pretty nicely and it’s 60 versus 63 [Phonetic], whatever. So, you have good sense where ’22 is and how much of Verizon and [Indecipherable] Dish and stuff like that in there. So, just curious if you think there’s much left over to take that number even higher in ’23.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah, I don’t think we — and I would disagree that we know enough now to have 2022 fully baked and compare that to what ultimately will be the full build-out plans for our customers and it’s going to be multi-year, it’s not just a two-year and it’s not even really starting until late this year. So, I am — the more we talk, the less I’m prepared to say 2022 will be the topic.

Walter PiecykLightShed — Analyst

Got it. And then Brendan, I think, when you were talking about — I mean the last two quarters you gave us a good sense of the churn that was ordered out at T-Mobile and Sprint. So, I think you reiterated that 8-ish number 9-ish whatever. But I think Brendan, you also mentioned a lot of that has already been loaded in the first quarter. So I mean — so was it was a couple of million in Q1 of that 8-ish or 9% that has already kind of hit your numbers?

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah, it was a little less than $2 million. It was probably about $1.8 million or so. So, it’ll be a little bit bigger. So yeah, I mean we saw a bunch of these releases that ended right at the end of last year beginning of this year, so that piece we already knew about and then there are some other extra pieces that we are assuming happened that may or may not, but they’re relatively small.

Walter PiecykLightShed — Analyst

So when you talk about, Brendan, the mid-single digit growth. Is it, if you can, should we think about that including that Sprint number or Sprint Nextel or Nextel, T-Mobile number or is it after that?

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah. Long-term — the question I was answering was, what do we think it could get to in terms of being in a growth rate and — so, yes, that’s a net number, but it’s all…

Walter PiecykLightShed — Analyst

Including Sprint, because obviously that Sprint churns are going to start cranking up and…

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah. But in any given year — but obviously in any given year, it could be higher or lower, because the Sprint churn is lumpy. So depending on the year, some years will be below that. And I guess conceivably could be higher than that if you had really low churn and high lease up. So…

Walter PiecykLightShed — Analyst

[Speech Overlap] I was just hoping it’s like a Dave Schaeffer long term or it’s like that number we’re always waiting for. And then last question is on the Dish massive MIMO — or they using massive MIMO antennas in terms of their new lease activity or is that — are they using a more traditional approach?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

More traditional.

Walter PiecykLightShed — Analyst

Got you. Thank you very much.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Sure.

Operator

Next, we have Brett Feldman from Goldman Sachs. Your line is open.

Brett FeldmanGoldman Sachs — Analyst

Yes, thank you. Two questions if you don’t mind we’re talking a lot about C-band and the historical conventional wisdom has always been higher frequencies are more useful in dense areas and less useful in less dense areas and your portfolio seems to skew a little more less dense. Now that we actually have insight from some conversations with carriers about how you’re thinking about using the C-band. What level of visibility or confidence do you have that they are actually going to go to all of the towers they currently use with you in markets where they hold C-band licenses and upgrade and support C-band or do you think there’s some towers won’t fit. And the other side of it, if you can put your optimist hat on is, to what extent do you actually think they are going to increase their density if you — being going outside they maybe historically have not as they see that.

And then the second question, if I just sort of think back on some of the earlier questions before, it sounds like you really haven’t changed your approach to your leases. You are sitting with fixed escalators. You still like a la carte and there are some emerging operators who have signaled that maybe that has created opportunity for them that they’ve been able to get into some spaces where maybe you’re not winning business because you haven’t been as flexible. How have you been comfortable with that trade-off that as you went through this vast iteration of major negotiations, it doesn’t seem like you [Indecipherable].

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Well, I would put out our historic results as the reason why we’re comfortable with that and our first quarter results, where we will be this year, where we will be next year and kind of leave it at that. In terms of the — your first question on density, I think we’ve seen enough so far to know that it’s going to be fairly broad. I mean, I would never tell you to count on 100% of a release, but it is going to be broad, it’s going to be closer to a 100% than it is to 50%. And, we won’t really know, I think, until we get into it a little bit, particularly with the existing carriers as to how much new leasing will come about this because clearly they’re all pursuing co-locations first because that’s faster, cheaper, it’s just a smart way to go about it. And it will be a little bit of time before we see the demand for new leases, but it’ll be like anything else. I mean if the demand is good enough and there’s money to be made, they’re going to follow it.

Brett FeldmanGoldman Sachs — Analyst

Thank you.

Operator

Next, we have Eric Luebchow with Wells Fargo. Your line is open.

Eric LuebchowWells Fargo — Analyst

Thanks for taking the question. I just wanted to follow up on that last point. You mentioned in the Verizon deal, there were some parameters around new site build and it seems like recently the big three wireless carriers haven’t done as much with the public tower co’s on new bill. So do you see an opportunity beyond just the initial amendment activity for new sites, either with Verizon or any of the other carriers, or is it just too early to tell at this point?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

No, we definitely see an opportunity and this agreement will facilitate that.

Eric LuebchowWells Fargo — Analyst

Okay, great. And then just one more for me. Just wondering in the initial discussions with the C-band winners, your large customers, you’ve seen the amendment opportunity beyond the C-band radios, perhaps then looking at lower frequency spectrum upgrades to support uplink to allow them to get better propagation out of the mid-band spectrum?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yes, I mean there is a variety of requests and equipment contents that go about this. It’s not just strictly C-band radios. A big part of this is the massive MIMO antennas that’s different than what your question was, but we’re seeing a whole variety of different things here of which really the unleashing of the C-band has now given everybody the reason to go back to the macro networks that they knew was coming. So here we are.

Eric LuebchowWells Fargo — Analyst

Great. Thank you.

Operator

Next, we have line of Colby Synesael with Cowen. Your line is open.

Colby SynesaelCowen — Analyst

Hi, great, thank you. I appreciate with the Verizon MLA that there is not a use case. I’m curious in deals like that, if you put in place some type of an incentive to potentially go on to X amount of their sites faster than otherwise and if, for example, they do that they get pricing lower than they might otherwise. I’m just curious if there is those types of structures and deals…

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah. We do have an incentive, Colby. And you say deals like this. I mean this is the first global master agreement we’ve ever done for Verizon, so…

Colby SynesaelCowen — Analyst

Okay. But I guess, to your point, there is an incentive that if they going to X amount of sites by X amount of date, it would be more cost effective on a per site basis then if they took longer?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yes, X amount, X price, X date equals X discount.

Colby SynesaelCowen — Analyst

Got it. And then secondly, Brendan. I’m curious if there’s any more refi opportunities, obviously, that was nice savings. And then lastly, I’m just curious what drove the AFFO beat. I think that’s where in terms of revenue, EBITDA, AFFO, that’s where we saw the biggest beat and if I just take your first quarter number and annualize that, that already gets me to the midpoint of your 2021 guidance. Just curious if there’s anything one time in there. Thank you.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah, hey, Colby. So, refi opportunities — there definitely are opportunities without doubt. We have some debt that is reaching points where it can be refinanced and based on the current market environment. We would expect to be able to refinance it at better rates than we’re currently paying on several of those instruments. So, I’d just say stay tuned since we’re constantly looking at that and I would expect us to take advantage of those opportunities. On the AFFO beat, we — I think you are referring to, basically, our increase in our outlook for, in addition to the beat, but yeah, I mean, I guess they are one-timers in some sense. One of the main contributors was in the services area, which we already talked about, we actually had a very strong quarter.

So the margin contribution from services was very high. That’s not a recurring business. So, I guess you could call it one time, but we do expect to continue to see a similar level of activity throughout the year based on the backlog that we have. We also…

Colby SynesaelCowen — Analyst

And then get to that point I just — sorry and I guess I think Cusick asked this, but are you seeing a similar margin growth after that as well?

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yes. Yes.

Colby SynesaelCowen — Analyst

Okay.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

We are and that is subject to shift a little bit depending on the mix side act type work versus construction. Construction is typically a little bit lower margin but as of right now most of the work that’s happening is — a lot of it’s pre-construction. So, I would expect that to stay similar. And as we get toward the latter part of the year, you probably start to see more construction work and so maybe the margin starts to shift down slightly at that point.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

So the projects have much higher volume.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

They have higher volumes, that’s right. So — and then, other contributions on AFFO, it was a couple of different things. We obviously had a little bit better cash taxes which we talked about on an earlier question. We also had lower non-discretionary capex than we had expected. We even lowered our guidance for the full year slightly for that as well. So, it’s a mix of each of those things and frankly on the per share number, the share buyback helps a little bit as well in reducing our share count. So, a mix of all those things.

Colby SynesaelCowen — Analyst

Okay. And I mean, I guess the point that I was at, when I look at your — taking that number, I already got to the midpoint of your guidance. So it would seem that number should be going up through the course of the year.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah, I mean, some of it’s timing related. I mean, we did do well in the first quarter in certain areas like the capex and frankly even our SG&A costs that we expect to be both of those items to be a little bit higher as we moved through the year. So, some of it’s just the timing issue. But overall, we were able to improve our full year guidance, in part because of the performance in the first quarter.

Colby SynesaelCowen — Analyst

Got it. Thank you.

Operator

Next we have the line of Brandon Nispel of KeyBanc Capital Markets. Your line is open.

Brandon NispelKeyBanc Capital Markets — Analyst

Great. Two questions, Jeff, a question for you. Can you quantify the year-over-year change in the backlog of signed, but not commenced new leases? And I guess when was the last time backlogs were this high? And the second question was around the minimum commitment that you would have with Dish. How do the minimum commitments trend throughout the life of the contract? Thanks.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

While they do have certain time periods, which we’re not going to disclose. So there’s X business by Y day and so it’s broken out in more discrete periods over the contract. So, if there is definitely incentives and commitments to move things along during the life of the lease. In terms of the dollar volume and the backlogs, we generally internally talk about backlogs in terms of the number of amendments and the number of leases. And where we are today versus where we were a year ago, which is — remember, we hadn’t even got to the T-Mobile, Sprint and maybe we just got to the finish line right about now. They’re more than twice the size, but it’s a different time.

Brandon NispelKeyBanc Capital Markets — Analyst

And I guess, when was the last time that backlogs was there for this high?

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

It’s been a few years.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

It’s been a number of years.

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Yeah, I think we’ve had periods obviously when you go back to the LTE upgrade, they were high. They probably were higher than they are now, although we’re still building and that — they may very well be eclipsed in future here, but if you go back a couple of years ago when T-Mobile was particularly active, we saw some higher levels but we’re definitely at a high level by historical standards, even if it’s not the highest, and it’s continuing to build, which is the…

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Of recent times. Yeah, the LTE, the one thing we’ve made clear before is backlog from 3G to 4G, the average amendment prices was much higher — heavy equipment [Technical Issues]. We certainly expect volumes to line with that, but pricing will be a little bit different this time within the less heavy additional weight loads that would be the question as part of the upgrades.

Brandon NispelKeyBanc Capital Markets — Analyst

Got it. Thank you for taking the questions.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah. We have time for some more questions.

Operator

Thank you. Next will come from David Guarino, Green Street. Your line is open.

David GuarinoGreen Street — Analyst

Hey, thanks, guys. A question for you on data center. So since the start of the year, we’ve seen a pickup in the number of transactions. Have you guys evaluated any other acquisition since the one — last done in Jacksonville and I guess what’s the Company’s appetite to grow the data center footprint?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

We have a greater appetite provided that it comes along with edge deployments on our cell sites. So as that continues to grow and as we continue to demonstrate the synergy between a regional data center and the MEC centers at our tower site, which is what we’re beginning to now experience in Jacksonville in particular, we would continue to look. We’re very mindful of what we are though. We’re wireless infrastructure company. And these regional data centers, if any, would be pursued, only because of the success or the perceived success we’ll be having around the cell sites.

David GuarinoGreen Street — Analyst

That’s helpful. And is that just in the US you’d be looking or can we see you guys look internationally as well?

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah, the concept applies everywhere.

David GuarinoGreen Street — Analyst

Thanks.

Operator

And the final question comes from the line of Matthew Niknam of Deutsche. Your line is open.

Matthew NiknamDeutsche — Analyst

Hey, guys. Thanks for squeezing me in. Can you give any more color in terms of the latest you’re seeing from Dish and when we should anticipate them to maybe become a more meaningful driver for cash site leasing revenue growth in upcoming quarters. And then one housekeeping item, maybe for Brandon. If you can give us the contribution from a revenue in a tower cash flow perspective for PG&E in 1Q and should we effectively double that into 3Q, given the full quarter? Thanks.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Brendan, if…

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

On the PG&E one, I believe the contribution was somewhere between $4 million and $5 million of tower cash flow and only slightly higher on the revenue side, because the costs are very limited there and you should pretty much double that because it closed pretty close to the middle of the quarter.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah. And on Dish, Matt, a lot of signed leases times 10 for application. So, tremendous amount of activity. But what — whether we see revenue out of that this year will depend solely on how quickly Dish goes through the site acquisition from a construction phase of things and that’s — I can’t give you anymore estimate than what I’ve said because that’s what — that’s what’s going to drive revenue recognition this year is the pace of the installs for Dish, but the — I mean, it’s all moving in the right direction.

Matthew NiknamDeutsche — Analyst

Understood. Thank you.

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Yeah. Thank you and thanks everyone for joining us. We think it’s going to be a great year and we look forward to sharing our progress with you next quarter.

Operator

[Operator Closing Remarks]

Duration: 67 minutes

Call participants:

Mark DeRussyVice President, Finance

Brendan T. CavanaghExecutive Vice President and Chief Financial Officer

Jeffrey A. StoopsDirector, President and Chief Executive Officer

Jon AtkinRBC — Analyst

Michael RollinsCiti — Analyst

Phil CusickJ.P. Morgan — Analyst

Spencer KurnNew Street Research — Analyst

Rick PrentissRaymond James — Analyst

Batya LeviUBS — Analyst

David BardenBank of America — Analyst

Nick Del DeoMoffettNathanson — Analyst

Tim LongBarclays — Analyst

Walter PiecykLightShed — Analyst

Brett FeldmanGoldman Sachs — Analyst

Eric LuebchowWells Fargo — Analyst

Colby SynesaelCowen — Analyst

Brandon NispelKeyBanc Capital Markets — Analyst

David GuarinoGreen Street — Analyst

Matthew NiknamDeutsche — Analyst

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