SBA Communications Corporation Reports 4th Quarter 2010 Results; Provides 1st Quarter, And Updated Full Year 2011 Outlook

Tower Cash Flow and Tower Cash Flow Margin

The tables below set forth the reconciliation of Tower Cash Flow to its most comparable GAAP measurement and the calculation of Tower Cash Flow Margin. Tower Cash Flow for each of the periods set forth in the Outlook section above will be calculated in the same manner.

	For the three months ended December 31,
	2010	2009
	(in thousands)
Site leasing revenue	$140,054	$123,636
Site leasing cost of revenue (excluding depreciation, accretion, and amortization)	(29,628)	(28,115)
Site leasing segment operating profit	110,426	95,521
Non-cash straight-line leasing revenue	(1,516)	(1,093)
Non-cash straight-line ground lease expense	2,321	2,963
Tower Cash Flow	$111,231	$97,391
The calculation of Tower Cash Flow Margin is as follows:
	For the three months ended December 31,
	2010	2009
	(in thousands)
Site leasing revenue	$140,054	$123,636
Non-cash straight-line leasing revenue	(1,516)	(1,093)
Site leasing revenue minus non-cash straight-line leasing revenue	$138,538	$122,543
Tower Cash Flow	$111,231	$97,391
Tower Cash Flow Margin	80.3%	79.5%

Adjusted EBITDA, Annualized Adjusted EBITDA and Adjusted EBITDA Margin

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