Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 99

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 99
---
. Box 505000, Louisville, KY 40233-5000, or by telephone: in the U.S., (877) 282-1168;outside the U.S., (781) 575-4706. If you participate in householding and wish to receive a separate copy of the Notice, or if you do not wish to participate in householding and prefer to receive separate copies of the Notice in the future, please contact Computershare as indicated above. Beneficial shareholders can request information about householding from their nominee. SBA Communications Corporation | 2025 Proxy Statement 81

| Proxy Summary |     | Proposal 1 |     | Corporate Governance |     | Executive Officers |     | Executive Compensation |     | Security Ownership |     | Proposal 2 |     | Proposal 3 |     | Other Compensation Disclosures |     | Q&A About Voting |     | Other   
 Matters |
|               |     |            |     |                      |     |                    |     |                        |     |                    |     |            |     |            |     |                                |     |                  |     | ●       |

APPENDIX A GAAP to Non-GAAPReconciliations For more information regarding the measures included in this Appendix A, please see our Current Report on Form 8-Kdated February24 , 2025. Tower Cash Flow and Tower Cash Flow Margin We believe that Tower Cash Flow and Tower Cash Flow Margin are indicators of the performance of our site leasing operations. The tables below set forth the reconciliation of Tower Cash Flow to its most comparable GAAP measurement.

|                                                                                     |     | For the year ended December 31, 
 2020                            |     |               |           |     | 2021 |     |           |     | 2022 |     |           |     | 2023 |     |           |     | 2024 |     |           |
|:------------------------------------------------------------------------------------|:----|:--------------------------------|:----|:--------------|----------:|:----|:-----|:----|----------:|:----|:-----|:----|----------:|:----|:-----|:----|----------:|:----|:-----|:----|----------:|
|                                                                                     |     |                                 |     | -in thousands |           |     |      |     |           |     |      |     |           |     |      |     |           |     |      |     |           |
| Site leasing revenue                                                                |