Blue J Announces $122M Series D Financing Led By Oak HC/FT and Sapphire Ventures
"With this capital and industry support, we will accelerate innovation and deliver even greater value to tax professionals. We are building the future of tax. This is just the beginning." Benjamin Alarie, CEO and co-founder of Blue J
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'We're thrilled to partner with Sapphire Ventures, Oak HC/FT, Ten Coves, CPA.com, and Intrepid Growth Partners — firms with exceptional track records of backing market-defining companies,' said Benjamin Alarie, CEO and co-founder of Blue J. 'Their commitment is a powerful endorsement of our vision to transform tax research. With this capital and industry support, we will accelerate innovation and deliver even greater value to tax professionals. We are building the future of tax. This is just the beginning.'
'Tax research has long been a cumbersome, time-consuming task,' said Allen Miller, Partner at Oak HC/FT. 'Blue J has solved this challenge with an elegant AI solution that dramatically accelerates research while raising the bar for accuracy. We believe Blue J will become the new standard for complex tax questions — and we're proud to support Ben and the team in their next stage of growth.'
'Blue J is exactly what we look for in vertical AI: deep domain expertise, proprietary data and a product that drives meaningful business impact,' said Cathy Gao, Partner at Sapphire Ventures and Blue J's newest board member. 'By applying generative AI to decades of tax rulings, Blue J reduces research that once took hours to just minutes. It's already trusted by enterprise clients, embraced by top firms, and loved by many practitioners. We believe their momentum shows the industry is ready, and we're proud to back Blue J as they build the operating layer for global tax cognition.'
Blue J's platform leverages advanced generative AI to deliver instant, reliable answers to complex tax questions spanning U.S. federal, state, and local tax (SALT), as well as Canadian and UK tax law. Built on a rigorously curated database of authoritative tax law, Blue J's system continuously improves by learning from millions of user queries each year. The result: practitioners can navigate even the most challenging tax issues with unmatched confidence and speed.
Unlike legacy keyword-based research tools, Blue J lets users ask tax questions conversationally, with no arcane syntax required. The intuitive interface delivers answers in seconds, complete with relevant source citations, making Blue J the industry's most user-friendly tax research platform. More than 70% of users log in weekly, and Blue J's Net Promoter Score (NPS) is consistently in the mid-70s.
In the first half of 2025, the company more than doubled its revenue and customer base, now serving tens of thousands of tax professionals across thousands of organizations that rely on Blue J for authoritative tax research, analysis, and answers. With the Series D funding, Blue J will further accelerate team expansion, product development, and market reach.
The company has proudly earned recognition from other generative AI leaders. 'Blue J is a leading example of effective AI deployment in one of the most complex information domains,' said Marc Manara, Head of Startups at OpenAI. 'By leveraging OpenAI's latest models, Blue J has elevated the standard for accuracy, trust, and insight in tax research. We're excited to continue working together at the forefront of innovation.'
This Series D follows Blue J's December 2024 Series C and comes during a period of rapid acceleration for the company. Since January 2025, Blue J has grown to over 80 employees and more than doubled its rate of new customer acquisition. With this new investment and market momentum, Blue J is poised to set the new standard for AI-driven tax research as global tax complexity continues to rise.
About Blue J
Founded in 2015, Blue J is redefining tax research with generative AI. Trusted by tax professionals across accounting firms, law firms, corporations, and government, Blue J delivers fast, verifiable analysis and answers to even the most complex tax questions — empowering experts to serve with clarity and confidence. With an intuitive conversational interface and a rigorously curated library of authoritative sources, Blue J is transforming how tax professionals work and make decisions. Leading organizations trust Blue J to streamline their research workflow and enhance decision-making accuracy. For more information, visit www.bluej.com.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 105 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.
About Sapphire
Sapphire is a global software venture capital firm with over $11 billion in AUM and team members across Austin, London, Menlo Park and San Francisco. For more than two decades, Sapphire has partnered with visionary management teams and venture funds to back companies of consequence. Since its founding, Sapphire has invested in more than 170 companies globally resulting in more than 30 Public Listings and 45 acquisitions. The firm's investment strategies — Sapphire Ventures, Sapphire Partners and Sapphire Sport — are focused on scaling companies and venture funds, elevating them to become category leaders. Sapphire's Portfolio Growth team of experienced operators delivers a strategic blend of value-add services, tools and resources designed to support portfolio company leaders as they scale.
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SBA Communications Corporation Reports Second Quarter 2025 Results; Updates Full Year 2025 Outlook; and Declares Quarterly Cash Dividend
BOCA RATON, Fla.--(BUSINESS WIRE)--SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended June 30, 2025. Highlights of the second quarter include: In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $1.11 per share of the Company's Class A Common Stock. The distribution is payable September 18, 2025 to the shareholders of record at the close of business on August 21, 2025. 'Today we announce another very positive quarter of financial and operating results,' commented Brendan Cavanagh, President and Chief Executive Officer. 'Domestic activity remained very strong in the second quarter as our carrier customers continued to invest meaningfully in their wireless networks. New U.S. leasing business signed up during the quarter was ahead of our expectations and benefitted from continued high levels of new colocations. The results of our services business also reflect the significant level of network investment we are seeing, with construction volumes continuing to grow sequentially over the first quarter. Internationally, we also saw solid new leasing activity, and our company-wide total of new colocations executed during the quarter was the highest in nearly three years. In addition, we were able to close over 4,300 sites from our previously announced Millicom acquisition during the quarter, beginning the integration of these sites several months ahead of our prior projected timeframe. As a result of our strong leasing results, steady leasing and services backlogs, early Millicom closing, and favorable foreign currency movements, we have meaningfully increased our full year outlook across all key financial metrics. Our balance sheet remains strong with a quarter ending net debt to Adjusted EBITDA leverage ratio of 6.5x, and 6.3x adjusted on a pro forma basis for a full quarter of Adjusted EBITDA from the acquired Millicom assets, and only $80 million outstanding on our revolving credit facility. And lastly, as part of our ongoing portfolio review, we are announcing today that we have entered into an agreement to sell all of our Canadian tower assets. This divestiture will be immediately accretive to AFFO per share upon closing and is in alignment with our stated desire to optimize or otherwise exit subscale markets. I am very pleased with the progress we have made to date which will allow us to continue to focus our attention on growing and operating our key markets. Our team continues to execute very well, supporting our customers' significant network goals, and creating incremental value for our shareholders.' Operating Results The table below details select financial results for the three months ended June 30, 2025 and comparisons to the prior year period. (1) See the reconciliations and other disclosures under 'Non-GAAP Financial Measures' later in this press release. (2) Site leasing contributed 97.4% of the Company's total operating profit in the second quarter of 2025. (3) Net income includes a $30.4 million gain and $66.2 million loss, net of taxes, on the currency-related remeasurement of intercompany loans with foreign subsidiaries which are denominated in a currency other than the subsidiaries' functional currencies for the second quarter of 2025 and 2024, respectively. Expand The table below details select financial results by segment for the three months ended June 30, 2025 and comparisons to the prior year period. (1) See the reconciliations and other disclosures under 'Non-GAAP Financial Measures' later in this press release. Expand The table below details key margins for the three months ended June 30, 2025 and comparisons to the prior year period. (1) See the reconciliations and other disclosures under 'Non-GAAP Financial Measures' later in this press release. Expand Investing Activities During the second quarter of 2025, SBA acquired 4,329 communication sites, including 4,323 sites from the previously announced Millicom transaction, for total cash consideration of $562.9 million. SBA also built 94 towers during the second quarter of 2025. As of June 30, 2025, SBA owned or operated 44,065 communication sites, 17,437 of which are located in the United States and its territories and 26,628 of which are located internationally. In addition, the Company spent $9.4 million to purchase land and easements and to extend lease terms. Total cash capital expenditures for the second quarter of 2025 were $645.1 million, consisting of $13.8 million of non-discretionary cash capital expenditures (tower maintenance and general corporate) and $631.3 million of discretionary cash capital expenditures (new tower builds, tower augmentations, acquisitions, and purchasing land and easements). As of the date of this press release, approximately 2,500 sites related to the Millicom transaction remain under contract for approximately $391.0 million in cash. In addition to the Millicom sites, the Company is under contract to purchase 13 communication sites for an aggregate consideration of $5.5 million in cash, which it expects to close by the end of the fourth quarter of 2025. On July 21, 2025, the Company entered into an agreement to sell all of its 369 towers and related operations in Canada for CAD$446.0 million. This transaction is expected to close during the fourth quarter of 2025. Given the uncertainty of the closing date, the Company has made no adjustment to its full year 2025 Outlook related to this transaction. Financing Activities and Liquidity SBA ended the second quarter of 2025 with $12.6 billion of total debt, $9.6 billion of total secured debt, $0.3 billion of cash and cash equivalents, short-term restricted cash, and short-term investments, and $12.3 billion of Net Debt. SBA's Net Debt and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 6.5x and 4.9x, respectively. As of the date of this press release, the Company had $35.0 million outstanding under its $2.0 billion Revolving Credit Facility. During the second quarter of 2025, the Company repurchased 618 thousand shares of its Class A common stock for $130.7 million at an average price per share of $211.63 under its $1.5 billion stock repurchase plan. Subsequent to the second quarter of 2025, the Company repurchased an additional 182 thousand shares of its Class A common stock for $41.4 million at an average price per share of $227.92. After these repurchases, the Company had $1.45 billion of authorization remaining under the plan. Shares repurchased were retired. In the second quarter of 2025, the Company declared and paid a cash dividend of $119.4 million. Outlook The Company is updating its full year 2025 Outlook for anticipated results. The 2025 Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Company's filings with the Securities and Exchange Commission. The Company's full year 2025 Outlook assumes the acquisitions of only those communication sites under contract which are expected to close in 2025 at the time of this press release. This includes an estimated closing date for the remaining sites under contract with Millicom of September 1, 2025; however, the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date. The Company may spend additional capital in 2025 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2025 Outlook. The 2025 Outlook also does not contemplate any additional repurchases of the Company's stock or new debt financings during 2025, although the Company may ultimately spend capital to repurchase stock or issue new debt during the remainder of the year. The 2025 Outlook also does not contemplate any impact from the disposition of the Company's Canadian operations, which, if closed prior to year end, would impact full year results. The Company's 2025 Outlook assumes an average foreign currency exchange rate of 5.60 Brazilian Reais to 1.0 U.S. Dollar, 1.36 Canadian Dollars to 1.0 U.S. Dollar, 2,650 Tanzanian Shillings to 1.0 U.S. Dollar, and 17.90 South African Rand to 1.0 U.S. Dollar throughout the last two quarters of 2025. (1) See the reconciliation of this non-GAAP financial measure presented below under 'Non-GAAP Financial Measures.' (2) Net cash interest expense is defined as interest expense less interest income. Net cash interest expense does not include amortization of deferred financing fees or non-cash interest expense. (3) Consists of tower maintenance and general corporate capital expenditures. (4) Outlook for AFFO per share is calculated by dividing the Company's outlook for AFFO by an assumed weighted average number of diluted common shares of 107.9 million. Outlook does not include the impact of any potential future repurchases of the Company's stock during 2025. (5) Consists of new tower builds, tower augmentations, communication site acquisitions and ground lease purchases. Does not include easements or payments to extend lease terms and expenditures for acquisitions of revenue producing assets not under contract at the date of this press release. (6) Changes from prior outlook are measured based on the midpoint of outlook ranges provided. Expand Bridge of 2024 Total Site Leasing Revenue to 2025 Outlook The table below presents a bridge of the Company's 2024 Site Leasing Revenue to the Company's 2025 Outlook for 2025 Site Leasing Revenue by reportable segment. (1) Includes contributions from acquisitions and new infrastructure builds. (2) Includes pass-through reimbursable expenses, amortization of capital contributions for tower augmentations, managed and non-macro business and other miscellaneous items. Expand Conference Call Information SBA Communications Corporation will host a conference call on Monday, August 4, 2025 at 5:00 PM (EDT) to discuss the quarterly results. The call may be accessed as follows: Information Concerning Forward-Looking Statements This press release and the Company's earnings call include forward-looking statements, including statements regarding the Company's expectations or beliefs regarding (i) the execution of its growth strategies and the impacts to its financial performance, (ii) continued growth in the U.S. and the drivers of that growth, (iii) its capital allocation strategy, (iv) its outlook for financial and operational performance in 2025, the assumptions it made and the drivers contributing to its full year 2025 Outlook, (v) the timing of closing for currently pending acquisitions, including the Millicom acquisition and its anticipated revenue, tower cash flows and other anticipated benefits, (vi) tower portfolio growth and its long-term growth potential, (vii) asset purchases, share repurchases, and debt financings, (viii) its ability to return capital to shareholders, (ix) the strength of its balance sheet and ability to generate significant free cash flow, (x) its customers' ongoing network investments, (xi) international churn, and (xii) sale of its Canadian tower assets, including the timing of closing and impact to AFFO per share. The Company wishes to caution readers that these forward-looking statements may be affected by the risks and uncertainties in the Company's business as well as other important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. With respect to the Company's expectations regarding all of these statements, including its financial and operational guidance, such risk factors include, but are not limited to: (1) the impact of macro-economic conditions, including high interest rates, tariffs, inflation and financial market volatility on (a) the ability and willingness of wireless service providers to maintain or increase their capital expenditures, (b) the Company's business and results of operations, and on foreign currency exchange rates and (c) consumer discretionary income and demand for wireless services, (2) the timing of the closing of the Millicom acquisition and the Company's ability to recognize anticipated revenues, tower cash flows and other anticipated benefits under the Millicom transaction, (3) the economic climate for the wireless communications industry in general and the wireless communications infrastructure providers in the United States and in the Company's other international markets; (4) the Company's ability to accurately identify and manage any risks associated with its acquired sites, to effectively integrate such sites into its business and to achieve the anticipated financial results; (5) the Company's ability to secure and retain as many site leasing tenants as planned at anticipated lease rates; (6) the Company's ability to manage expenses and cash capital expenditures at anticipated levels; (7) the impact of continued consolidation among wireless service providers in the U.S. and internationally, on the Company's leasing revenue; (8) the Company's ability to successfully manage the risks associated with international operations, including risks associated with foreign currency exchange rates; (9) the Company's ability to secure and deliver anticipated services business at contemplated margins; (10) the Company's ability to acquire land underneath towers on terms that are accretive; (11) the Company's ability to obtain future financing at commercially reasonable rates or at all; (12) the Company's ability to achieve the new builds targets included in its anticipated annual portfolio growth goals, which will depend, among other things, on obtaining zoning and regulatory approvals, availability and cost of labor and supplies, and other factors beyond the Company's control that could affect the Company's ability to build additional towers in 2025; and (13) the Company's ability to meet its total portfolio growth, which will depend, in addition to the new build risks, on the Company's ability to identify and acquire sites at prices and upon terms that will provide accretive portfolio growth, competition from third parties for such acquisitions and our ability to negotiate the terms of, and acquire, these potential tower portfolios on terms that meet our internal return criteria. With respect to its expectations regarding the ability to close, and realize the benefits of, pending acquisitions, including the Millicom transaction, and the pending disposition of Canadian assets, these factors also include each party satisfactorily completing due diligence, the ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations and, with respect to the Company's acquisitions, the amount and quality of due diligence that the Company is able to complete prior to closing of any acquisition and the availability of cash on hand or borrowing capacity under the Revolving Credit Facility to fund the consideration, its ability to accurately anticipate the future performance of the acquired towers and any challenges or costs associated with the integration of such towers. With respect to the repurchases under the Company's stock repurchase program, the amount of shares repurchased, if any, and the timing of such repurchases will depend on, among other things, the trading price of the Company's common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions, the availability of stock, the Company's financial performance or determinations following the date of this announcement in order to use the Company's funds for other purposes. Furthermore, the Company's forward-looking statements and its 2025 outlook assumes that the Company continues to qualify for treatment as a REIT for U.S. federal income tax purposes and that the Company's business is currently operated in a manner that complies with the REIT rules and that it will be able to continue to comply with and conduct its business in accordance with such rules. In addition, these forward-looking statements and the information in this press release is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's most recently filed Annual Report on Form 10-K. This press release contains non-GAAP financial measures. Reconciliation of each of these non-GAAP financial measures and the other Regulation G information is presented below under 'Non-GAAP Financial Measures.' This press release will be available on our website at SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 44,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one of the top Real Estate Investment Trusts (REITs) by market capitalization. For more information, please visit: (1) Includes non-cash compensation of $20,839 and $17,872 for the three months ended June 30, 2025 and 2024, respectively, and $35,914 and $38,645 for the six months ended June 30, 2025 and 2024, respectively. Expand CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par values) June 30, December 31, 2025 2024 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 275,275 $ 189,841 Restricted cash 20,757 1,206,653 Accounts receivable, net 139,890 145,695 Costs and estimated earnings in excess of billings on uncompleted contracts 46,811 19,198 Prepaid expenses and other current assets 41,075 417,333 Total current assets 523,808 1,978,720 Property and equipment, net 3,258,183 2,792,084 Intangible assets, net 2,579,806 2,388,707 Operating lease right-of-use assets, net 2,419,435 2,292,459 Acquired and other right-of-use assets, net 1,343,508 1,308,269 Other assets 641,647 657,097 Total assets $ 10,766,387 $ 11,417,336 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 60,820 $ 59,549 Accrued expenses 86,085 81,977 Current maturities of long-term debt 772,181 1,187,913 Deferred revenue 125,371 127,308 Accrued interest 75,102 62,239 Current lease liabilities 289,465 261,017 Other current liabilities 20,681 17,933 Total current liabilities 1,429,705 1,797,936 Long-term liabilities: Long-term debt, net 11,739,364 12,403,825 Long-term lease liabilities 2,004,715 1,903,439 Other long-term liabilities 466,341 367,942 Total long-term liabilities 14,210,420 14,675,206 Redeemable noncontrolling interests 65,157 54,132 Shareholders' deficit: Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding — — Common stock - Class A, par value $0.01, 400,000 shares authorized, 107,487 shares and 107,561 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 1,075 1,076 Additional paid-in capital 3,022,684 2,975,455 Accumulated deficit (7,251,106 ) (7,326,189 ) Accumulated other comprehensive loss, net (711,548 ) (760,280 ) Total shareholders' deficit (4,938,895 ) (5,109,938 ) Total liabilities, redeemable noncontrolling interests, and shareholders' deficit $ 10,766,387 $ 11,417,336 Expand CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) For the three months ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 225,694 $ 159,452 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, accretion, and amortization 69,964 64,179 (Gain) loss on remeasurement of U.S. denominated intercompany loans (45,265 ) 101,494 Non-cash compensation expense 21,516 18,598 Non-cash asset impairment and decommission costs 42,994 25,948 Deferred and non-cash income tax provision (benefit) 26,185 (21,409 ) Other non-cash items reflected in the Statements of Operations 14,376 15,336 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net (31,125 ) 29,266 Prepaid expenses and other assets 1,076 (4,949 ) Operating lease right-of-use assets, net 30,373 35,351 Accounts payable and accrued expenses 2,159 (2,980 ) Accrued interest 40,445 25,426 Long-term lease liabilities (32,035 ) (35,968 ) Other liabilities 1,741 15,849 Net cash provided by operating activities 368,098 425,593 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions (589,222 ) (41,617 ) Capital expenditures (55,865 ) (49,973 ) Proceeds from sale (purchase) of investments, net 64,069 (28,719 ) Other investing activities 56 (899 ) Net cash used in investing activities (580,962 ) (121,208 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings (repayments) under Revolving Credit Facility 80,000 (75,000 ) Repurchase and retirement of common stock (130,696 ) (93,862 ) Payment of dividends on common stock (119,365 ) (105,329 ) Proceeds related to taxes on net settlement of stock options and restricted stock units, net 12,475 3,950 Other financing activities (692 ) (6,282 ) Net cash used in financing activities (158,278 ) (276,523 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 7,559 (9,050 ) (363,583 ) 18,812 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Beginning of period 664,106 264,332 End of period $ 300,523 $ 283,144 Expand Selected Capital Expenditure Detail For the three For the six months ended months ended June 30, 2025 June 30, 2025 (in thousands) Construction and related costs $ 27,376 $ 47,151 Augmentation and tower upgrades 14,643 26,808 Non-discretionary capital expenditures: Tower maintenance 12,878 25,218 General corporate 968 2,861 Total non-discretionary capital expenditures 13,846 28,079 Total capital expenditures $ 55,865 $ 102,038 Expand Communication Site Portfolio Summary Segment Operating Profit and Segment Operating Profit Margin Domestic site leasing and International site leasing are the two segments within our site leasing business. Segment operating profit is a key business metric and one of our two measures of segment profitability. The calculation of Segment operating profit for each of our segments is set forth below. Non-GAAP Financial Measures The press release contains non-GAAP financial measures including (i) Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin; (ii) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin; (iii) Funds from Operations ('FFO'), Adjusted Funds from Operations ('AFFO'), and AFFO per share; (iv) Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio (collectively, our 'Non-GAAP Debt Measures'); and (v) certain financial metrics after eliminating the impact of changes in foreign currency exchange rates (collectively, our 'Constant Currency Measures'). We have included these non-GAAP financial measures because we believe that they provide investors additional tools in understanding our financial performance and condition. Specifically, we believe that: (1) Cash Site Leasing Revenue and Tower Cash Flow are useful indicators of the performance of our site leasing operations; (2) Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance; (3) FFO, AFFO and AFFO per share, which are metrics used by our public company peers in the communication site industry, provide investors useful indicators of the financial performance of our business and permit investors an additional tool to evaluate the performance of our business against those of our two principal competitors. FFO, AFFO, and AFFO per share are also used to address questions we receive from analysts and investors who routinely assess our operating performance on the basis of these performance measures, which are considered industry standards. We believe that FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs). We believe that AFFO and AFFO per share help investors or other interested parties meaningfully evaluate our financial performance as they include (1) the impact of our capital structure (primarily interest expense on our outstanding debt) and (2) sustaining capital expenditures and exclude the impact of (1) our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods and the non-cash portion of our reported tax provision. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. We only use AFFO as a performance measure. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment. We believe our definition of FFO is consistent with how that term is defined by the National Association of Real Estate Investment Trusts ('NAREIT') and that our definition and use of AFFO and AFFO per share is consistent with those reported by the other communication site companies; (4) Our Non-GAAP Debt Measures provide investors a more complete understanding of our net debt and leverage position as they include the full principal amount of our debt which will be due at maturity and, to the extent that such measures are calculated on Net Debt are net of our cash and cash equivalents, short-term restricted cash, and short-term investments; and (5) Our Constant Currency Measures provide management and investors the ability to evaluate the performance of the business without the impact of foreign currency exchange rate fluctuations. In addition, Tower Cash Flow, Adjusted EBITDA, and our Non-GAAP Debt Measures are components of the calculations used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and indentures relating to our 2020 Senior Notes and 2021 Senior Notes. These non-GAAP financial measures are not intended to be an alternative to any of the financial measures provided in our results of operations or our balance sheet as determined in accordance with GAAP. Financial Metrics after Eliminating the Impact of Changes In Foreign Currency Exchange Rates We eliminate the impact of changes in foreign currency exchange rates for each of the financial metrics listed in the table below by dividing the current period's financial results by the average monthly exchange rates of the prior year period, and by eliminating the impact of the remeasurement of our intercompany loans. The table below provides the reconciliation of the reported growth rate year-over-year of each of such measures to the growth rate after eliminating the impact of changes in foreign currency exchange rates to such measure. Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin The table below sets forth the reconciliation of Cash Site Leasing Revenue and Tower Cash Flow to their most comparable GAAP measurement and Tower Cash Flow Margin, which is calculated by dividing Tower Cash Flow by Cash Site Leasing Revenue. Forecasted Tower Cash Flow for Full Year 2025 The table below sets forth the reconciliation of forecasted Tower Cash Flow set forth in the Outlook section to its most comparable GAAP measurement for the full year 2025: Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin The table below sets forth the reconciliation of Adjusted EBITDA to its most comparable GAAP measurement. (1) Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees. (2) Includes franchise and gross receipts taxes reflected in the Statements of Operations in selling, general and administrative expenses. (3) Annualized Adjusted EBITDA is calculated as Adjusted EBITDA for the most recent quarter multiplied by four. Expand The calculation of Adjusted EBITDA Margin is as follows: Forecasted Adjusted EBITDA for Full Year 2025 The table below sets forth the reconciliation of the forecasted Adjusted EBITDA set forth in the Outlook section to its most comparable GAAP measurement for the full year 2025: (1) Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees. (2) Includes projections for franchise taxes and gross receipts taxes, which will be reflected in the Statement of Operations in Selling, general, and administrative expenses. Expand Funds from Operations ('FFO'), Adjusted Funds from Operations ('AFFO'), and AFFO per share The tables below set forth the reconciliations of FFO, AFFO, and AFFO per share to their most comparable GAAP measurement. Forecasted AFFO for the Full Year 2025 The tables below set forth the reconciliations of the forecasted AFFO and AFFO per share set forth in the Outlook section to their most comparable GAAP measurements for the full year 2025: (1) Our assumption for weighted average number of common shares does not contemplate any additional repurchases of the Company's stock during 2025. Expand Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio Net Debt is calculated using the notional principal amount of outstanding debt. Under GAAP policies, the notional principal amount of the Company's outstanding debt is not necessarily reflected on the face of the Company's financial statements. The Net Debt and Leverage calculations are as follows: (1) As further adjusted to reflect a full quarter of EBITDA from the acquired Millicom assets, Annualized Adjusted EBITDA would have been $1,938,592 and the Leverage Ratio would have been 6.3x. Expand
Time Business News
2 hours ago
- Time Business News
How to Choose the Best Immigration Consultant in Canada (2025)
One of the most important decisions you'll make if you want to move to Canada in 2025 is choosing the best immigration consultant . The process is hard no matter why you are applying, and getting help from a professional can make a big difference in how your application turns out. Forms are just one part of moving to Canada. The paperwork has to be correct, the requirements for eligibility change often, and even a small mistake can cause long delays or even outright rejections. Having a qualified consultant with you can make the process easier, less stressful, and help you avoid costly mistakes. What is the point of hiring an immigration consultant? Canada has a number of immigration streams, each with its own rules and time frame. A certified consultant helps you figure out the best course of action based on your goals, paperwork, and profile. The following are common routes: Temporary workers and foreign professionals can get work permits. Express Entry Impact Assessment of the Labor Market (LMIA) helps both employers and workers who want to live in Canada permanently. Use Provincial Nominee Programs (PNPs) to find specialized jobs in your province. Family sponsorship lets you get back together with your spouse, kids, or parents. Business immigration for investors and business owners Claims for Refugees for People Looking for Safety Refusals and requests to change applications that were denied With professional help, you can understand the required documentation, how to formulate the deadlines, and how to present your case for positive results. Is there a checklist to find the right immigration advisor? Verify the professional you intend to hire meets the following criteria: In Canada, only immigration consultants who have a license with the College of Immigration and Citizenship Consultants (CICC) can provide immigration consulting services. Always check registration first. Their specialty is immigration to Canada: Don't engage consultants who lack knowledge of Canadian law or who work with multiple countries. You need someone with deep knowledge of Canadian legal frameworks and compliance. They respond in a timely and direct manner: Customers who hire consultants expect them to respond to their calls or emails. They expect to be guided through the process. They expect to hear from the consultant through the process. They expect timely updates. Responding slowly or dodging the question is a red flag. No one should guarantee a visa. Identifiable consultants should not be offering services that guarantee approval. The consultant should give you a fair estimation of your chances after a thorough evaluation of your case. They Do Not Make Guarantees: No one can guarantee a visa. Avoid consultants who promise 100% approval or take payment only on success. Honest consultants will analyze your case and tell you the likelihood of success based on your immigration history. They Do Not Use Templates: An immigration history is never the starting point of a competent consultant. Your past will be scrutinized to serve as the basis for a plan to meet the objectives you have set. Start Searching and Stay Positive There is no harm in browsing, but you may approach a leading Canadian best immigration consultant if you wish to begin with someone who can guide you through the process. Find someone who has your best interest in mind, a clear positive reputation, and is specialized in visa applications of your category. Your immigration process will be much smoother with sophisticated guidance instead of just filled forms. Relocating to another country comes with challenges and demands. The process is much smoother, more transparent, and ultimately more successful with the right consultant helping you navigate through the immigration process. TIME BUSINESS NEWS
Business Insider
2 hours ago
- Business Insider
Procurement leaders talk about how AI changing the way they plan, report, and solve problems
Procurement is an integral function within companies, but today's global supply landscape demands that it go beyond its traditional cost-cutting mandate to be a strategic partner. " Resilient Growth: Navigating Procurement Complexity," a virtual event presented by Amazon Business, gathered leaders across industries to discuss different factors impacting today's procurement departments — and how data and AI play a role in its future. Speakers included Sandhya Dhir, head of new solution development at Amazon Business; Paula Glickenhaus, chief procurement officer at Bristol Myers Squibb; and Sheila Gundersen, managing director of global procurement and sourcing at SMBC Americas. The event was moderated by Shefali Kapadia, a contributor to Business Insider. Not surprisingly, all panelists agreed that AI is playing a role in how procurement departments are servicing the rest of the company. "AI is here to stay," Bristol Myers Squibb's Glickenhaus said. "In the past year, there's been a rapid surge of AI solutions and also an interest from stakeholders to understand how procurement can use AI to differentiate how we service the business, how we give them faster solutions, how we provide analytics forward." Dhir said one of the opportunities she sees for AI in procurement is to help with inefficient manual workflows or approval chains that result in bottlenecks and oversight. "AI can auto adapt to, or learn, each client's data and assign tasks within a workflow based on capacity or priority and internal resources," Amazon Business' Dhir said. "Workflows can automatically adapt based on user metrics and potential inefficiencies. And then on top of that, a solution can also leverage Gen AI and create guidance for resolutions such as recommendations of actions." She said when she's doing a task more than once, that's when she starts looking for AI solutions. She also said it's important to build in additional time at first when establishing an AI workflow. "Expect it to take longer at first as you figure out the right prompts or the right tool or even create the mechanism," Dhir said. From reactive response to proactive planning Traditionally, procurement has focused on risk and reactive planning when it comes to supplier relationships, but that is shifting, Gundersen said. "We have definitely transitioned to figuring out how to be more proactive, what tools and capabilities there are— whether it's from AI and/or other ongoing monitoring tools," Gunderson said. "So definitely being able to build that into the supply chain management, risk management function is important. I think that's where everybody is moving and trending." A big part of that transition is due to the data that is available to collect and analyze, SMBC's Glickenhaus said. Glickenhaus cited recent earthquakes and tsunamis as an example of how things have shifted. In the past, they would need hours to analyze data and react to how it might affect the supply chain. But with the systems and data available now, that time is significantly reduced and they can be more proactive about solutions. "It's helping procurement to have a better positioning in companies as a gatherer of data and then being able to analyze this data and provide this analysis to senior leaders so that they can make the right decisions," she said. That access to data and its analysis is ultimately what proves procurement's value to the rest of the organization. "What I'm most excited about is this interconnection between procurement and data utilization," Dhir said. "It's a combination of actively partnering and supporting our clients and our customers, leveraging all the different solutions that we can provide."
