Subtext

SBA Communications Corporation SBAC

SectorReal Estate
Transcripts33
Date range2017-05-01 – 2025-04-28
Calls charted33

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-10-5+0+5+102017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · Overall: +7.92017 Q2 · Overall: +7.72017 Q3 · Overall: +4.92017 Q4 · Overall: +4.22018 Q1 · Overall: +3.92018 Q2 · Overall: +3.22018 Q3 · Overall: +3.92018 Q4 · Overall: +8.42019 Q1 · Overall: +2.12019 Q2 · Overall: +7.62019 Q3 · Overall: +2.22019 Q4 · Overall: +0.42020 Q1 · Overall: -2.12020 Q2 · Overall: +1.52020 Q3 · Overall: +5.02020 Q4 · Overall: -2.62021 Q1 · Overall: +3.62021 Q2 · Overall: -2.72021 Q3 · Overall: +1.92021 Q4 · Overall: +6.52022 Q1 · Overall: +4.32022 Q2 · Overall: +5.92022 Q3 · Overall: +4.22022 Q4 · Overall: +8.02023 Q1 · Overall: +3.72023 Q2 · Overall: +2.72023 Q3 · Overall: +8.12023 Q4 · Overall: +8.32024 Q1 · Overall: +1.52024 Q2 · Overall: +6.32024 Q3 · Overall: +8.62024 Q4 · Overall: +6.52025 Q1 · Overall: +5.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-23-11+0+11+232017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · CEO: +15.12017 Q2 · CEO: +14.52017 Q3 · CEO: +7.52017 Q4 · CEO: +13.12018 Q1 · CEO: +8.32018 Q2 · CEO: +12.32018 Q3 · CEO: +11.22018 Q4 · CEO: +19.62019 Q1 · CEO: +7.62019 Q2 · CEO: +15.12019 Q3 · CEO: +11.12019 Q4 · CEO: +4.62020 Q1 · CEO: -1.72020 Q2 · CEO: +8.82020 Q3 · CEO: +10.62020 Q4 · CEO: +3.62021 Q1 · CEO: +3.52021 Q3 · CEO: +8.02021 Q4 · CEO: +13.92022 Q1 · CEO: +13.52022 Q2 · CEO: +11.62022 Q3 · CEO: +9.72022 Q4 · CEO: +13.82023 Q1 · CEO: +9.42023 Q2 · CEO: +13.82023 Q3 · CEO: +13.32023 Q4 · CEO: +13.32024 Q1 · CEO: +6.92024 Q2 · CEO: +11.42024 Q3 · CEO: +11.92024 Q4 · CEO: +10.82025 Q1 · CEO: +8.52017 Q1 · CFO: +5.02017 Q2 · CFO: +8.42017 Q3 · CFO: +4.82017 Q4 · CFO: +3.12018 Q1 · CFO: +3.42018 Q2 · CFO: -0.42018 Q3 · CFO: +3.02018 Q4 · CFO: +6.02019 Q1 · CFO: +1.72019 Q2 · CFO: +5.72019 Q3 · CFO: +7.22019 Q4 · CFO: -3.62020 Q1 · CFO: -4.32020 Q2 · CFO: -7.62020 Q3 · CFO: -0.72020 Q4 · CFO: -4.42021 Q1 · CFO: +5.02021 Q3 · CFO: +3.92021 Q4 · CFO: +5.02022 Q1 · CFO: -1.62022 Q2 · CFO: +1.92022 Q3 · CFO: +2.92022 Q4 · CFO: +9.92023 Q1 · CFO: +3.22023 Q2 · CFO: -2.72023 Q3 · CFO: +8.82023 Q4 · CFO: +3.82024 Q1 · CFO: +0.02024 Q2 · CFO: -6.42024 Q3 · CFO: +5.12024 Q4 · CFO: -11.82025 Q1 · CFO: +0.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-164-82+0+82+1642017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · Prepared remarks: +13.52017 Q2 · Prepared remarks: +14.32017 Q3 · Prepared remarks: +12.42017 Q4 · Prepared remarks: +9.42018 Q1 · Prepared remarks: +8.12018 Q2 · Prepared remarks: +5.42018 Q3 · Prepared remarks: +14.42018 Q4 · Prepared remarks: +9.22019 Q1 · Prepared remarks: +9.12019 Q2 · Prepared remarks: +11.82019 Q3 · Prepared remarks: +27.22019 Q4 · Prepared remarks: +6.52020 Q1 · Prepared remarks: -2.02020 Q2 · Prepared remarks: +3.62020 Q3 · Prepared remarks: +5.22020 Q4 · Prepared remarks: +10.52021 Q1 · Prepared remarks: +3.82021 Q2 · Prepared remarks: +142.92021 Q3 · Prepared remarks: +9.32021 Q4 · Prepared remarks: +14.12022 Q1 · Prepared remarks: +3.92022 Q2 · Prepared remarks: +6.32022 Q3 · Prepared remarks: +12.42022 Q4 · Prepared remarks: +19.12023 Q1 · Prepared remarks: +4.92023 Q2 · Prepared remarks: +3.42023 Q3 · Prepared remarks: +9.72023 Q4 · Prepared remarks: +8.82024 Q1 · Prepared remarks: +23.82024 Q2 · Prepared remarks: +9.32024 Q3 · Prepared remarks: +9.02024 Q4 · Prepared remarks: +6.92025 Q1 · Prepared remarks: +13.72017 Q1 · Q&A responses: +6.42017 Q2 · Q&A responses: +8.02017 Q3 · Q&A responses: +0.72017 Q4 · Q&A responses: +6.82018 Q1 · Q&A responses: +1.82018 Q2 · Q&A responses: +3.52018 Q3 · Q&A responses: +2.42019 Q1 · Q&A responses: -1.52019 Q2 · Q&A responses: +7.52019 Q3 · Q&A responses: +8.72019 Q4 · Q&A responses: +1.72020 Q2 · Q&A responses: -0.42020 Q4 · Q&A responses: -1.72021 Q1 · Q&A responses: +11.52021 Q2 · Q&A responses: +3.32021 Q3 · Q&A responses: +1.72021 Q4 · Q&A responses: +6.12022 Q1 · Q&A responses: +23.82022 Q3 · Q&A responses: +2.12022 Q4 · Q&A responses: +3.82023 Q1 · Q&A responses: +5.22023 Q3 · Q&A responses: +10.32024 Q1 · Q&A responses: +6.02024 Q2 · Q&A responses: +9.72025 Q1 · Q&A responses: +3.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.51$4.85$9.182017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1: $1.112017 Q2: $1.332017 Q3: $1.442017 Q4: $1.442018 Q1: $1.192018 Q2: $1.292018 Q3: $1.302018 Q4: $1.662019 Q1: $1.272019 Q2: $1.572019 Q3: $2.002019 Q4: $2.192020 Q1: $2.362020 Q2: $1.502020 Q3: $2.122020 Q4: $2.872021 Q1: $2.312021 Q2: $2.882021 Q3: $3.752021 Q4: $4.042022 Q1: $4.402022 Q2: $4.782022 Q3: $4.632022 Q4: $4.492023 Q1: $5.262023 Q2: $5.222023 Q3: $5.832023 Q4: $5.992024 Q1: $5.512024 Q2: $8.102024 Q3: $8.58

Forward P/E

9.68110.78211.872017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1: 105.362017 Q2: 99.562017 Q3: 103.402017 Q4: 114.882018 Q1: 143.352018 Q2: 121.222018 Q3: 123.712018 Q4: 99.462019 Q1: 148.502019 Q2: 148.712019 Q3: 126.852019 Q4: 106.802020 Q1: 110.392020 Q2: 197.932020 Q3: 152.132020 Q4: 96.082021 Q1: 116.022021 Q2: 109.982021 Q3: 94.732021 Q4: 91.632022 Q1: 74.062022 Q2: 63.052022 Q3: 68.222022 Q4: 65.572023 Q1: 48.742023 Q2: 43.982023 Q3: 36.402023 Q4: 41.412024 Q1: 39.892024 Q2: 23.622024 Q3: 27.95

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2017 Q3 tone ↓ -2.8 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -5.4 fwd EPS ↑ +0.43 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -2.5 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +3.6 fwd EPS ↓ -0.85 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -7.6 fwd EPS ↑ +0.75 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↑ +6.2 fwd EPS ↓ -0.56 Tone rose while the forward EPS estimate was cut.
  • 2021 Q2 tone ↓ -6.3 fwd EPS ↑ +0.58 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -2.2 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↑ +3.8 fwd EPS ↓ -0.14 Tone rose while the forward EPS estimate was cut.
  • 2023 Q1 tone ↓ -4.2 fwd EPS ↑ +0.77 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-28+5.5——View →
2024 Q42025-02-24+6.5——View →
2024 Q32024-10-28+8.6$8.5827.9View →
2024 Q22024-07-29+6.3$8.1023.6View →
2024 Q12024-04-29+1.5$5.5139.9View →
2023 Q42024-02-26+8.3$5.9941.4View →
2023 Q32023-11-02+8.1$5.8336.4View →
2023 Q22023-07-31+2.7$5.2244.0View →