SBA Communications Corporation: Overview

SBA Communications Corporation stands as a leading independent owner and operator of wireless communications infrastructure, encompassing tower structures, rooftops, and other structures that support antennas for wireless communications, collectively termed towers or sites.

Company overview

Principal operations reside in the United States and its territories, complemented by towers in South America, Central America, Canada, and Africa. On January 10, 2025, all towers in the Philippines were sold, concluding operations there, and on February 20, 2025, an agreement was reached to sell all towers and related assets in Colombia. The primary business line, site leasing, accounted for 98.4% of total segment operating profit for the year ended December 31, 2024. Site leasing involves leasing space to wireless service providers and other customers on owned or operated assets, alongside managing rooftop and tower sites for property owners under contractual arrangements. As of December 31, 2024, 39,749 towers were owned, a substantial portion constructed by SBA or other owners to enable multi-tenant leasing. The secondary line, site development, assists wireless service providers in developing and maintaining their networks.

The business strategy centers on expanding site leasing through organic growth and tower portfolio augmentation to foster shareholder value. This approach harnesses the long-term, repetitive character of site leasing to sustain stable, recurring cash flows, mitigating exposure to cyclical customer spending in site development. Tower operations exhibit high scalability, permitting domestic and international portfolio increases without proportional rises in selling, general, and administrative expenses. Core strategy elements include:

• Maximizing Tower Capacity: Towers are generally constructed or acquired to host multiple tenants, with a majority being high-capacity structures. Significant capacity exists for additional antennas on most towers, enabling lease revenue growth at minimal incremental cost. Capacity measurement factors in tower height, type, wind loading, environmental conditions, existing equipment, and local zoning/permitting. Internal sales actively market available space, achieving an average of 1.9 tenants per site as of December 31, 2024.
• Capitalizing on Scale and Management Experience: As a major tower owner, operator, and developer with substantial capital, human, and operational resources, SBA has developed towers for U.S. providers since 1989 and owned/operated them since 1997. Size, experience, capabilities, and resources render SBA a preferred partner for wireless providers domestically and internationally. Management’s extensive site leasing and development tenure, among the longest in the industry, alongside strong carrier relationships, supports ongoing organic expansion in both services.
• Systematic Tower Portfolio Growth: Portfolio expansion continues domestically and internationally via acquisitions and new constructions, viewed as optimal liquidity use—including operating cash and borrowings—for accretive investments maintaining long-term leverage targets.
  • Disciplined Domestic and International Tower Acquisitions: Targets third-party towers meeting internal return guidelines, with analyses projecting metrics, capacity, lease-up, and tenant mix. For instance, in Q3 2024, a purchase agreement with Millicom International Cellular S.A. for over 7,000 Central American sites secured leadership alignment with top carriers.
  • Strategic New Builds: Contribute to profitable growth, especially internationally, via build-to-suit (retaining ownership and co-location rights) or company-selected locations based on customer needs. Each new build typically secures at least one signed lease upon completion, often multiple. The Millicom transaction includes seven-year exclusivity for up to 2,500 Central American build-to-suit sites, each with 15-year initial terms.
• International Market Maximization: Emphasizes site leasing and profitability in qualifying international markets with achievable scale, per criteria on carrier quality/quantity, political/regulatory environments. Most markets feature less mature networks, limited wireline, and lower data penetration than the U.S., driving growth from coverage improvements, mobile data traffic (e.g., streaming, apps), and spectrum auctions/voice-data deployments. Continuous evaluation aligns with long-term objectives.
• Using Local Presence to Build Strong Relationships with Major Wireless Service Providers: Towers’ location-specific nature favors local execution; broad U.S. and international field organizations leverage experience/expertise/relationships to enhance customer ties, proactively growing/defending leasing and capturing build opportunities.
• Controlling Underlying Land Positions: Essential for robust leasing; perpetual easements, long-term leases, or property interests are acquired where commercially viable. These elevate margins, cash flows, and rent exposure minimization. As of December 31, 2024, 72% of towers were on land owned/controlled >20 years, average remaining ground lease life 36 years (including controlled renewals), with 11.6% maturing in next 10 years.
• Exploring Opportunities in Evolving Technologies and Ancillary Services: Beyond core services, ancillary and tech pursuits leverage assets/capabilities/relationships in the communications ecosystem, including edge data centers/private networks (cellular/Wi-Fi). SBA owns two U.S. regional data centers, one Brazil regional, and tower-based centers. Open-access networks with developers enable community-wide access; partnerships with carriers/retailers offload data to wireless; tower assets support energy-as-a-service via battery/solar.

Industry trends sustain demand: Growing wireless data requires carrier capacity increases via new/existing site equipment. Expected growth stems from:

• Bandwidth-intensive apps adoption (HD streaming, AI, banking, gaming, social, web, M2M); Ericsson November 2024 report: Global mobile data 157 exabytes/month end-2024, projected 3x to 473 exabytes/month by 2030.
• Dynamic spectrum (new band deployments/optimizations, e.g., U.S. Auctions 108/110) and 5G, boosting installations.
• Network quality as churn driver, spurring carrier capex for differentiation.

The well-capitalized, competitive, quality-focused global wireless industry supports multi-year tower demand, translating to steady SBA leasing growth. SBA’s model—multi-tenant towers under long-term leases—anchors carrier networks, deriving value from data escalation for cycle-resilient performance.

Business segments and revenue breakup %

SBA Communications Corporation structures operations into two reportable segments: site leasing and site development, aligning recurring infrastructure leasing with complementary services for balanced revenue and engagement. For 2024, segments generated $2,679.6 million in total revenues, with site leasing at 94.3% ($2,526.8 million) and site development at 5.7% ($152.9 million). This split emphasizes leasing’s profitability, with development aiding carrier proximity and ancillary capture.

Segments interconnect: Development maintains leasing contact, generating installation revenues on SBA towers. Site leasing operating profit reached $1,475.2 million in 2024 (98.4% total), versus development’s $34.1 million (1.6%), with leasing margins domestic ~85.5%, international ~70.9% from fixed costs minimally scaling with tenancy.

Site leasing segment

Site leasing, the profit core, leases antenna space on multi-tenant towers to providers under 5-15 year contracts, managing rooftops/towers for owners. Revenues from wireless tenants via individual leases or master agreements (MLAs) with site-specific terms. Includes escalators (fixed/inflation/hybrid) and international pass-throughs (utilities/taxes/ground/fuel). 2024 revenues $2,526.8 million (94.3% total, up 0.7% constant currency), operating profit $1,475.2 million, tower cash flow margins 84.7% domestic/70.9% international.

• Domestic Site Leasing: U.S./territories, 17,464 sites (44% portfolio) as of December 31, 2024, generated $1,861.4 million (73.7% leasing revenues, 69.5% total, +0.8% YoY). From T-Mobile (38.1%), AT&T (29.6%), Verizon (20.1%). Leases 5-10 years initial, tenant renewals, 3% escalators; ground 5+ years, company renewals, average 36 years remaining. No state/territory >10% towers/revenues. Growth: $14.9 million organic (amendments/escalators) + 130 acquisitions/39 builds. Operating profit $1,592.3 million (75.9% total, +0.9% YoY), costs $269.2 million (ground/taxes/utilities, fixed-dominant).
• International Site Leasing: 13 markets, 22,285 sites (56% portfolio), $665.3 million (26.3% leasing, 24.8% total, +4.8% constant currency despite 0.7% reported FX). Brazil 30% international towers (15.0% revenues), no other >5%. Leases 5-15 years, escalators/pass-throughs. Currency: USD Ecuador/El Salvador/Guatemala/Nicaragua/Panama (local fees/utilities/taxes limited); local Brazil/Canada/Chile/South Africa; mixed Colombia/Costa Rica/Peru/Tanzania (23.1% non-USD revenues). Growth: $32.5 million constant (amendments/escalators + 147 acquisitions/783 builds), offset non-renewals/churn. Operating profit $471.5 million (22.5% total, +6.8% constant YoY), costs $193.8 million.

Leasing’s 2024 constant growth (0.7%) from organic (1.0%) offset churn; high margins connect tenancy (1.9/site) to profit leverage, with escalators ensuring inflation hedge.

Site development segment

U.S.-only, complements leasing by aiding carrier networks, capturing ancillaries like SBA tower installations. Services: Network pre-design, audits, site identification on infrastructure, leasing support, zoning/permitting, construction, antenna/radio installation/commissioning/maintenance, via regional/project offices. Revenues under ASC 606 over time (milestones/costs). 2024 revenues $152.9 million (5.7% total, -21.5% YoY carrier slowdown), operating profit $34.1 million (1.6% total, -37.6% YoY), costs $118.7 million (-15.2%, ~22% margins).

• Receivables: $26.4 million (18.1% total), indicating billings volume.
• Synergies: T-Mobile 69.9% revenues; embeds in workflows for leasing leads.

2024 split (94.3% leasing/5.7% development) drove $1,509.3 million operating profit, leasing’s scale offsetting development cyclicality.

History and evolution

SBA Communications Corporation originated in 1989 as Steven Bernstein and Associates, a consulting entity assisting carriers in site acquisition and network development amid cellular’s dawn. This foundational phase honed expertise in zoning, permitting, and builds, setting the stage for vertical integration.

• 1996: Solidified as full-service consultant, navigating analog-to-digital transition.
• 1997: Pivotal shift to tower ownership, from fee-based services to asset ownership for multi-tenant leasing.

NASDAQ debut June 16, 1999 (SBAC, Global Select Market) unlocked capital for domestic growth to high-capacity towers. Early 2000s emphasized U.S. scale, constructing/acquiring portfolios.

• 2012: REIT conversion optimized tax efficiency for rental income, enhancing returns.

International forays post-2000 targeted underserved markets; Brazil entry 2013 with 2,113 towers, to 13 countries by 2024 (Brazil 30% international towers). 2024 milestones: 130 domestic/147 international acquisitions, 39/783 builds, net 39,749 sites.

• Land control: 72% long-term by 2024 (36-year average).
• Financial: 2024 useful life extension (15-30 years) slashed D&A $411.5 million, net income +50.6% to $748.7 million.

From 1989 consultant to 2024’s 39,749-site operator, SBA navigated consolidations (Sprint/Oi churn) via diversification. Website highlights 25th anniversary video showing management in uncharted territory, underscoring innovation.

Products and services with revenue breakup %

SBA’s offerings center on infrastructure leasing and development, tailored to wireless carriers’ needs. Products include tower space for antennas, services encompass full-spectrum support, generating revenues through long-term contracts.

Site leasing services

Core product: Antenna space on 39,749 multi-tenant towers, leased to providers for network coverage/capacity. Contracts govern individual sites or master agreements (MLAs) with site-specific terms. Initial terms 5-15 years, renewals tenant-optional, escalators fixed/inflation/hybrid. International leases add pass-through charges (rents, utilities, taxes, fuel). Revenue: $2,526.8 million (94.3% total, +0.7% constant).

• Domestic leasing: $1,861.4 million (73.7% site leasing, +0.8%); escalators annual, ground terms 5+ years with company renewals.
• International leasing: $665.3 million (26.3%, +4.8% constant); escalators vary, currency mixed; Brazil 15.0% share.

Leasing’s 98.4% operating profit ($1,475.2 million) reflects low incremental costs, connecting tenancy (1.9/site) to margins (~80% blended).

Site development services

U.S.-only: Full range end-to-end, from pre-design/audits to installations/maintenance. Revenue $152.9 million (5.7%, -21.5% YoY); profit $34.1 million (1.6%).

• T-Mobile 69.9%; receivables $26.4 million (18.1% total).
• Enhances leasing by embedding in carrier workflows.

Total 2024 revenue $2,679.6 million (94.3% leasing, 5.7% development) drove $1,435.8 million operating income, leasing’s stability offsetting development’s cyclicality.

Brand portfolio with revenue %

SBA operates under a unified brand, SBA Communications Corporation, positioning as a premier independent tower owner/operator. No sub-brands disclosed with revenue splits; all revenues ($2,679.6 million, 2024) accrue to SBAC, emphasizing integrated leasing/development. Brand strength lies in scale (39,749 towers) and relationships with top carriers (T-Mobile 30.5%, AT&T 20.6%, Verizon 15.1%), supporting 98.4% leasing profit share.

Geographical presence and region-wise revenue %

SBA’s footprint spans U.S./territories and 13 international markets, with no single U.S. area >10% towers/revenue.

United States and territories

17,464 sites (44.0% total towers), 73.7% site leasing revenue ($1,861.4 million, 69.5% total). Boca Raton, FL headquarters (160,000 sq ft owned). Regional offices support leasing/development. Operational: Multi-tenant towers with 5-10 year leases, escalators.

• No state/territory exceeds 10% towers or revenues, diversifying risk.

International markets

22,285 sites (56.0%), 26.3% site leasing ($665.3 million, 24.8% total). Brazil 30% towers (15.0% revenue share); no other >5%. South/Central America, Canada, Africa: 5-15 year leases, escalators. Currency exposure varies: USD in Ecuador/El Salvador/Guatemala/Nicaragua/Panama (local obligations limited to fees, utilities, taxes); local in Brazil/Canada/Chile/South Africa; mixed in Colombia/Costa Rica/Peru/Tanzania.

• Operations and offices throughout the Americas and in Africa.
• Divestitures: Philippines sale Jan 2025, Colombia agreement Feb 2025.

Revenues balance U.S. stability with international growth (4.8% constant).

Financial performance analysis

2024 consolidated: Revenues $2,679.6 million (-1.2% YoY, flat constant); operating $1,435.8 million (+56.9%); net $748.7 million (+50.6%, $6.94/share). Adjusted EBITDA $1,894.3 million (+1.3%).

Multi-year:

• Revenues: 2024 $2,679.6M (94.3% leasing); 2023 $2,711.6M; leasing up 0.7% constant 2024.
• Operating profit: $1,435.8M (53.6% margin); leasing 98.4%.
• Net profit: $748.7M (+50.6%).
• Capex: $809.3M (acqs $299.8M).
• Leverage: 6.5x target.

ROE/ROCE undisclosed. Equity deficit; NOLs $337.7M. Performance: Leasing organic +1.0%; D&A cut boosted profits.

Profit and loss analysis

2024 P&L: Revenues $2,679.6M; costs $581.7M (21.7%); SG&A $258.8M (9.7%); acq/new biz $25.9M; impairment $107.9M; D&A $269.5M; operating $1,435.8M (53.6%). Other expense $663.1M (interest $448.7M); tax $24.0M; net $748.7M (28.0%).

Revenue

$2,679.6M (+0.2% constant): Leasing $2,526.8M (94.3%, +0.7% constant, escalators/amendments/acqs/builds); dev $152.9M (5.7%, -21.5%). Domestic leasing $1,861.4M (69.5%, +0.8%); int’l $665.3M (24.8%, +4.8% constant). Organic leasing +1.0%.

Operating profit and margin

$1,435.8M (53.6%, +56.9%): Leasing $1,475.2M (98.4%, domestic $1,592.3M +0.9%, int’l $471.5M +6.8% constant).

Net profit

$748.7M (28.0%, +50.6%): From ops/D&A cut, interest income +132.1% to $42.0M, offset forex losses.

Expense structure

Costs $581.7M (21.7%, -3.2%): Leasing $463.0M (ground dominant); dev $118.7M (-15.2%). SG&A $258.8M (-2.3%); acq $25.9M (+21.9%); impairments $107.9M (-34.1%); D&A $269.5M (-61.6%); interest $448.7M (-1.6%). Fixed structure amplifies revenue to profit.

Margin movements

Operating 53.6% (+19.5 pts D&A/impairments); net 28.0% (+8.9 pts tax/interest).

Balance sheet analysis

Dec 31, 2024: Assets $15,249M (PPE net $3,921.9M towers, intangibles $4,000M+); liabilities $18,500M (debt $13,673M); equity deficit $3,251M.

Assets, liabilities, and equity

Assets: Cash/restricted $1,400.7M; receivables $145.7M; towers 72% long-term land. Liabilities: Debt $13,673M (term $2,283M, sec $8,400M, notes $3,000M); deferred $200M. Equity: 107.6M shares; deficit accum losses; NOLs $337.7M REIT.

Capital structure

98% fixed-rate 4.5%; 6.5x leverage; $2.0B revolver undrawn.

Net worth and reserves

Negative; reserves NOLs $337.7M.

Debt and liquidity position

$13,673M (current $1,188M); service $1,645.5M next 12 months.

Cash flow analysis

2024: Ops $1,334.9M; invest ($809.3M); finance $645.7M; net +$1,171.3M.

Operating cash flow

$1,334.9M (-13.6%); leasing profit up, offset WC/timing.

Investing cash flow

($809.3M): Acqs $299.8M ($243.6M towers/$56.2M land); builds $119.9M; upgrades $53.6M; maint $49.2M; corp $5.5M.

Financing cash flow

$645.7M: Debt proceeds $4,332.7M; repayments ($3,092.5M); repurch $200.0M; div $424.2M.

Free cash flow insights

$525.6M (ops – capex); funds returns/debt.

Board of directors and leadership team

Board comprises 10 members, majority independent, overseeing strategy/risk/governance. Composition includes:

• Jeffrey A. Stoops: Chairman (since Jan 2024), director since Aug 1999. Joined Apr 1997, CEO Jan 2002, President Apr 2000, ex-CFO. 65 years old.
• Steven E. Bernstein: Founder, director; ex-Chairman 1989-2023. 63 years old.
• Kevin L. Beebe: Director since Oct 2009, Audit/Compensation Committees. President/CEO 2BPartners LLC since Nov 2007. 65 years old.
• Jay L. Johnson: Director, Audit Committee. 78 years old, elected Mar 2022.
• George R. Krouse Jr.: Director, Audit Committee. Private investor.
• Jack Langer: Director since May 2004, Audit Committee. Private investor; ex-Managing Director Lehman Brothers. 75 years old.
• Mary S. Chan: Director. Ex-board CommScope Holding, Dialog Semiconductor.
• Amy E. Wilson: Director. Executive/attorney, 20+ years corporate leadership. 53 years old.
• Laurie Bowen: Director, Compensation Committee.
• Fidelma Russo: Director.

Committees:

• Audit: Kevin L. Beebe (Chair), Jay L. Johnson, George R. Krouse Jr., Jack Langer—cyber oversight, quarterly CIO reports.
• Compensation: Kevin L. Beebe (Chair), Laurie Bowen.

Leadership team:

• Brendan T. Cavanagh: President/CEO since Jan 2024, director. Joined 1998, ex-CFO. 52 years old.
• Marc Montagner: EVP/CFO since Oct 2023. 64 years old.
• Mark R. Cane: EVP/President International since 2023. Joined 2019 as SVP International. Oversees international ops.
• Jason Brown: CIO, 25+ years cybersecurity experience.
• Donald Day: EVP Site Leasing since Aug 2024. Responsible for sales/leasing of owned towers.
• Joshua Koenig: EVP/CAO/General Counsel since 2023. Joined Jan 2010. 47 years old.
• Saul Kredi: VP/CAO since Jan 2025. Joined Nov 2014.

Team’s tenure (longest in industry) drives expertise in leasing/development.

Subsidiaries, associates, joint ventures and revenue %

Subsidiaries (100% owned unless noted):

• SBA Telecommunications LLC: Holding company.
• SBA Senior Finance II LLC: Debt-related.
• SBA Towers Brazil: Brazilian operations.
• SBA Properties LLC: Tower security borrower.
• Other regional entities (e.g., Central America post-Millicom).

Associates/JVs: Unconsolidated JV loan $111.6M (2024).

No revenue % disclosed; all ops through subs. Historical mergers: Com-Net Construction Services (1999 acquisition).

Physical properties (offices, plants, factories, etc.)

• Headquarters: Boca Raton, FL (160,000 sq ft owned, 8051 Congress Ave).
• Regional offices: U.S. market/project offices for leasing/development; international offices in 13 markets for management.
• Towers: 39,749 sites (rural ~10,000 sq ft, urban monopoles <2,500 sq ft); 72% on long-term land.
• Data centers: 2 U.S. regional, 1 Brazil regional, tower-based.
• No plants/factories; non-cancelable leases for land, office space, equipment, site leases.

Operations/offices throughout Americas/Africa.

Segment-wise performance

Site leasing

• Domestic: Revenues $1,861.4M (+0.8% YoY), profit $1,592.3M (+0.9%), margin ~85.5%.
• International: Revenues $665.3M (+4.8% constant, -0.7% reported), profit $471.5M (+6.8% constant, +1.1% reported), margin ~70.9%.
• Total: Revenues $2,526.8M (+0.7% constant), profit $1,475.2M (98.4% total), organic +1.0%.

YoY from escalators/amendments/acqs/builds, offset churn.

Site development

• Revenues $152.9M (-21.5% YoY), profit $34.1M (-37.6%), margin ~22%.

Operational: End-to-end services, T-Mobile 69.9%; cyclical carrier activity.

Founders

• Steven E. Bernstein: Founder, established 1989 as Steven Bernstein and Associates. Served as Chairman 1989-2023, current director. 63 years old; drove consulting to ownership transition.

No additional co-founders detailed on website; report references 1997 rights agreement with Ronald G. Bizick II, Robert Grobstein.

Shareholding pattern

• Class A common stock: 107,615,241 shares outstanding (Feb 14, 2025).
• Non-affiliates voting stock market value: $21.0 billion (June 30, 2024).
• Changes: $200 million repurchases 2024.

No promoter/institutional/public breakdown disclosed on website.

Parent

None; standalone public company, founded 1989, NASDAQ-listed 1999.

Investments and capital expenditure plans

• 2024 capex $809.3M: Acquisitions $299.8M ($243.6M towers, $56.2M land); builds $119.9M; augmentations $53.6M; maintenance $49.2M; corporate $5.5M.
• Plans: Continue accretive acquisitions (e.g., Millicom $975M for 7,000+ sites), builds (strategic/build-to-suit), targeting 6.5x leverage. Additional capital for unidentified revenue-producing assets.
• R&D: Undisclosed.
• Allocation: Focus portfolio growth, domestic/int’l, maintaining short/long-term accretion.

Future strategy

• Organic: Maximize capacity (1.9 tenants/site), colocation/escalators for low-cost revenue.
• Portfolio: Acquisitions/builds in scale markets; Millicom adds 7,000+ Central American sites (15-year MLAs, 2,500 build exclusivity).
• International: Maximize in quality markets (carrier density, regulation); focus post-divestitures (Philippines/Colombia/Canada).
• Local: Field teams build carrier relationships for leasing defense/growth.
• Land: Acquire long-term control (72% >20 years) to minimize rents.
• Ancillary: Edge data centers (3 owned), private/open-access networks, energy-as-service (battery/solar).
• Partnerships: Verizon 10-year MLA (Nov 3, 2025) for network expansion/efficiencies.
• Targets: Leasing growth via 5G/spectrum/data traffic (157 to 473 EB/month by 2030); capital allocation among growth/stock repurchases/dividends.

Competitive landscape

SBA positions as leading independent owner/operator, preferred via 39,749 sites, 1989 legacy, 1997 ownership, carrier relationships. Scale/experience distinguish.

• Competitors: American Tower Corporation, Crown Castle, Cellnex Telecom, Indus Towers, IHS Towers, Vertical Bridge, Phoenix Tower International, Telesites, BAI Communications, MasTec, Uniti.

Key strengths

• Scale: 39,749 sites, 1.9 tenants/site capacity.
• Recurring: 94.3% leasing, escalators.
• Land: 72% >20 years, 36-year avg.
• Cash: $1.3B ops 2024.
• Growth: Organic +1.0% 2024; Millicom leadership.
• Partnerships: Big 3 66.2%; Verizon MLA.

Key challenges and risks

• Customer: 66.2% Big 3; churn $115-125M 2025-2028 Sprint, $27-31M 2025 Oi/TIM.
• Debt: $13.7B, 6.5x leverage.
• FX: 23.1% exposure, $156.8M loss 2024.
• Regulatory: Zoning/FCC delays.
• Operational: Carrier capex cuts, competition.
• Cyber: NIST/ISO 27001, no material breaches 3 years.
• Legal: Immaterial proceedings.

Conclusion and strategic outlook

2024 $748.7M net, $1.89B EBITDA affirm leasing. Strategy—acqs/builds, organic—positions for data/5G growth, 6.5x leverage; long-term value via escalators/scale/partnerships.

Frequently Asked Questions

What is SBA’s main business?

Owner and operator of wireless infrastructure.

How many towers does SBA own?

39,749 as of December 31, 2024.

What was 2024 revenue?

$2,679.6 million.

Who are key customers?

T-Mobile, AT&T, Verizon.

What is net income 2024?

$748.7 million.

What is SBA’s debt level?

$13.7 billion.

What is dividend?

$0.98 quarterly in 2024.

What is Millicom deal?

Acquisition of over 7,000 sites.

Average tenants per site?

1.9.

What is cybersecurity approach?

NIST framework.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.