Company: SBAC
Filing Date: 2025-04-07
Form Type: DEF 14A
Source: 0001193125-25-074669
Chunk: 102

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: DEF 14A
Chunk 102
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 |     12.25 |     | $    |     |     13.08 |     | $    |     |     13.37 |

| (1) | Prior year amounts have been reclassed to conform to the current year presentation. |

| (2) | Removes the non-cash portion of the tax provision for the period specified. |

| (3) | For purposes of the AFFO per share calculation, the basic weighted average number of common shares has been adjusted to include the dilutive effect of stock options and restricted stock units. |

SBA Communications Corporation | 2025 Proxy Statement A-3

| 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 |
|               |     |            |     |                      |     |                    |     |                        |     |                    |     |            |     |            |     |                                |     |                  |     | ●       |

Return on Invested Capital We believe that Return on Invested Capital, or ROIC, is useful to investors as a measure of the effectiveness of the use of capital in our operations. The table below sets forth the reconciliation of ROIC.

|                                            |     | For the quarter ended December 31, 
 2020                               |     |               |            |     | 2021 |     |            |     | 2022 |     |            |     | 2023 |     |            |     | 2024 |     |            |
|:-------------------------------------------|:----|:-----------------------------------|:----|:--------------|-----------:|:----|:-----|:----|-----------:|:----|:-----|:----|-----------:|:----|:-----|:----|-----------:|:----|:-----|:----|-----------:|
|                                            |     |                                    |     | -in thousands |            |     |      |     |            |     |      |     |            |     |      |     |            |     |      |     |            |
| Annualized Adjusted EBITDA                 |     | $                                  |     |               |  1,522,384 |     | $    |     |  1,636,212 |     | $    |