$SBAC
SBA COMMUNICATIONS CORP

2023 Q4 Form 10-Q Financial Statement

#000103405423000008 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $675.0M $682.5M
YoY Change -1.61% 1.03%
Cost Of Revenue $144.3M $149.8M
YoY Change -16.18% -15.65%
Gross Profit $530.7M $532.8M
YoY Change 3.27% 6.98%
Gross Profit Margin 78.62% 78.06%
Selling, General & Admin $67.52M $64.82M
YoY Change -4.37% -1.55%
% of Gross Profit 12.72% 12.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $171.4M $68.20M
YoY Change -6.36% -0.15%
% of Gross Profit 32.3% 12.8%
Operating Expenses $238.9M $64.82M
YoY Change -5.8% -1.55%
Operating Profit $209.7M $248.6M
YoY Change -10.64% 2.31%
Interest Expense -$104.4M -$107.1M
YoY Change -8.14% 6.48%
% of Operating Profit -49.77% -43.08%
Other Income/Expense, Net $33.09M -$155.4M
YoY Change 303.29% 10.72%
Pretax Income $138.4M $93.22M
YoY Change 7.45% -9.18%
Income Tax $28.90M $7.861M
% Of Pretax Income 20.87% 8.43%
Net Earnings $109.5M $87.42M
YoY Change 6.05% -12.59%
Net Earnings / Revenue 16.23% 12.81%
Basic Earnings Per Share $1.01 $0.81
Diluted Earnings Per Share $1.01 $0.80
COMMON SHARES
Basic Shares Outstanding 107.9M 108.4M
Diluted Shares Outstanding 108.9M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $208.5M $192.0M
YoY Change 43.79% -4.58%
Cash & Equivalents $208.5M $190.5M
Short-Term Investments $1.046M $1.000M
Other Short-Term Assets $19.15M $20.85M
YoY Change 7.29% -5.64%
Inventory
Prepaid Expenses
Receivables $182.7M $158.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $484.3M $460.0M
YoY Change 0.32% -13.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.712B $2.701B
YoY Change -0.07% 1.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $24.54M $32.00M
YoY Change -39.7% -27.31%
Other Assets $812.5M $845.2M
YoY Change 12.47% 13.58%
Total Long-Term Assets $9.694B $9.874B
YoY Change -4.04% 4.83%
TOTAL ASSETS
Total Short-Term Assets $484.3M $460.0M
Total Long-Term Assets $9.694B $9.874B
Total Assets $10.18B $10.33B
YoY Change -3.84% 3.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.20M $46.61M
YoY Change -17.94% -9.16%
Accrued Expenses $92.62M $92.70M
YoY Change -8.73% -3.61%
Deferred Revenue $5.597M $9.987M
YoY Change -77.78% -39.82%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $643.1M $24.00M
YoY Change 2579.77% -96.38%
Total Short-Term Liabilities $1.363B $663.1M
YoY Change 95.66% -50.45%
LONG-TERM LIABILITIES
Long-Term Debt $11.68B $12.49B
YoY Change -9.05% 6.8%
Other Long-Term Liabilities $404.2M $332.2M
YoY Change 62.92% 50.31%
Total Long-Term Liabilities $13.95B $14.80B
YoY Change -7.81% 6.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.363B $663.1M
Total Long-Term Liabilities $13.95B $14.80B
Total Liabilities $15.31B $15.47B
YoY Change -3.26% 1.26%
SHAREHOLDERS EQUITY
Retained Earnings -$7.451B -$7.422B
YoY Change -0.42% -1.15%
Common Stock $1.080M $1.081M
YoY Change 0.0% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.171B -$5.166B
YoY Change
Total Liabilities & Shareholders Equity $10.18B $10.33B
YoY Change -3.84% 3.87%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $109.5M $87.42M
YoY Change 6.05% -12.59%
Depreciation, Depletion And Amortization $171.4M $68.20M
YoY Change -6.36% -0.15%
Cash From Operating Activities $432.4M $313.7M
YoY Change 49.81% -13.93%
INVESTING ACTIVITIES
Capital Expenditures $62.72M $61.40M
YoY Change -5.1% -207.01%
Acquisitions $53.11M
YoY Change -18.47%
Other Investing Activities -$43.65M -$42.10M
YoY Change -94.07% -12.73%
Cash From Investing Activities -$106.4M -$103.6M
YoY Change -86.74% -1.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -311.6M -230.8M
YoY Change -172.35% 3.93%
NET CHANGE
Cash From Operating Activities 432.4M 313.7M
Cash From Investing Activities -106.4M -103.6M
Cash From Financing Activities -311.6M -230.8M
Net Change In Cash 14.49M -20.70M
YoY Change -117.43% -156.27%
FREE CASH FLOW
Cash From Operating Activities $432.4M $313.7M
Capital Expenditures $62.72M $61.40M
Free Cash Flow $369.7M $252.3M
YoY Change 66.13% -40.19%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
SBA COMMUNICATIONS CORPORATION
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
FL
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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2023
dei Entity Central Index Key
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dei Document Quarterly Report
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dei Document Period End Date
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2023-09-30
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
001-16853
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
EntityAddressAddressLine1
8051 Congress Avenue
dei Entity Address City Or Town
EntityAddressCityOrTown
Boca Raton
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
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dei City Area Code
CityAreaCode
561
dei Local Phone Number
LocalPhoneNumber
995-7670
dei Security12b Title
Security12bTitle
Class A Common Stock, $0.01 par value per share
dei Trading Symbol
TradingSymbol
SBAC
dei Security Exchange Name
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 5pt;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 5pt;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company is in the process of reviewing the remaining estimated useful lives of its towers and intangible assets and is considering whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist in completing this review and analysis. If the Company concludes that a revision in the estimated useful lives of its towers and intangible assets is appropriate based on its review and analysis, the Company will account for any changes in the useful lives as a change in accounting estimate under Accounting Standards Codification (ASC) 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. The Company expects to conclude its analysis in 2024. </span></p>
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GroundLeaseLandPurchases
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AmortizationOfIntangibleAssets
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CY2022Q4 sbac Liabilities Other Current
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CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2023Q3 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
LongTermDebt
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CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CashInterestExpense
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NoncashInterestExpense
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CashInterestExpense
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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TreasuryStockAcquiredAverageCostPerShare
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us-gaap Treasury Stock Acquired Average Cost Per Share
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us-gaap Treasury Stock Value Acquired Cost Method
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
54436000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
163.42
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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us-gaap Number Of Operating Segments
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CY2023Q3 us-gaap Gross Profit
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BusinessCombinationAcquisitionRelatedCostsAndAdjusments
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BusinessCombinationAcquisitionRelatedCostsAndAdjusments
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sbac Business Combination Acquisition Related Costs And Adjusments
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sbac Asset Impairment And Decommission Costs
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us-gaap Depreciation Amortization And Accretion Net
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us-gaap Operating Income Loss
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us-gaap Nonoperating Income Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Payments To Acquire Productive Assets
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CY2022Q4 us-gaap Assets
Assets
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CY2023Q3 us-gaap Net Income Loss
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2022 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Noncontrolling Interest
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sbac Contribution From Joint Venture Partner
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CY2022 us-gaap Minority Interest Change In Redemption Value
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CY2023Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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