Reports Q2 revenue $678.5M, consensus $677.26M. “We posted good financial results for the second quarter, exceeding estimates and our own expectations,” stated CEO Jeffrey Stoops. “…Combined, we posted solid growth in site leasing revenue and Tower Cash Flow. We continue to execute very well, growing both our Tower Cash Flow and Adjusted EBITDA margins on a year-over-year basis. We generated solid AFFO in the quarter, providing ample cash for discretionary spending. During the quarter, we dedicated the majority of our discretionary spending to retire floating-rate indebtedness, resulting in quarter-end net debt to Adjusted EBITDA of 6.6x, our lowest leverage ratio in decades….Based on Q2 results, our current expectations for the remainder of 2023 and our new MLA with AT&T, we have adjusted our full year outlook in a number of areas, including increases to Site Leasing Revenue, Tower Cash Flow, Adjusted EBITDA, AFFO and AFFO per share.”
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