$SBAC
SBA COMMUNICATIONS CORP

2013 Q4 Form 10-Q Financial Statement

#000119312513432073 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $335.4M $332.1M $293.8M
YoY Change 14.14% 39.18% 59.85%
Cost Of Revenue $100.5M $103.3M $89.40M
YoY Change 12.42% 44.1% 77.73%
Gross Profit $234.9M $228.8M $204.4M
YoY Change 14.92% 37.07% 52.99%
Gross Profit Margin 70.04% 68.9% 69.56%
Selling, General & Admin $21.70M $21.83M $19.60M
YoY Change 10.71% 24.26% 24.05%
% of Gross Profit 9.24% 9.54% 9.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $133.3M $65.10M $131.4M
YoY Change 1.45% 19.45% 65.49%
% of Gross Profit 56.75% 28.45% 64.29%
Operating Expenses $155.1M $21.83M $151.0M
YoY Change 2.72% 24.26% 58.61%
Operating Profit $79.80M $63.90M $31.05M
YoY Change 157.02% 55.59% -2.91%
Interest Expense -$77.30M -$76.30M -$80.20M
YoY Change -3.62% -250.86% 79.82%
% of Operating Profit -96.87% -119.4% -258.31%
Other Income/Expense, Net -$3.700M -$42.16M $400.0K
YoY Change -1025.0% -55.01% -102.47%
Pretax Income -$21.90M $21.74M -$50.70M
YoY Change -56.8% -141.3% 76.04%
Income Tax -$2.800M $207.0K $1.800M
% Of Pretax Income 0.95%
Net Earnings -$19.20M $21.53M -$52.49M
YoY Change -63.42% -141.05% 80.49%
Net Earnings / Revenue -5.72% 6.48% -17.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$149.5K $157.0K -$414.4K
COMMON SHARES
Basic Shares Outstanding 128.4M shares 127.9M shares 126.4M shares
Diluted Shares Outstanding 136.9M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.6M $194.3M $238.6M
YoY Change -46.52% -86.57% 349.34%
Cash & Equivalents $122.1M $189.4M $233.1M
Short-Term Investments $5.400M $4.900M $5.500M
Other Short-Term Assets $116.9M $97.00M $87.50M
YoY Change 33.6% 75.09% 139.73%
Inventory
Prepaid Expenses $39.54M
Receivables $99.20M $65.12M $39.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $343.7M $390.4M $368.6M
YoY Change -6.75% -74.92% 184.92%
LONG-TERM ASSETS
Property, Plant & Equipment $2.578B $2.579B $2.671B
YoY Change -3.48% 25.66% 68.71%
Goodwill
YoY Change
Intangibles $3.122B $3.134B
YoY Change 48.64% 91.13%
Long-Term Investments
YoY Change
Other Assets $473.9M $416.0M $355.3M
YoY Change 33.39% 36.27% 67.74%
Total Long-Term Assets $6.440B $6.194B $6.227B
YoY Change 3.41% 22.93% 79.09%
TOTAL ASSETS
Total Short-Term Assets $343.7M $390.4M $368.6M
Total Long-Term Assets $6.440B $6.194B $6.227B
Total Assets $6.783B $6.584B $6.596B
YoY Change 2.84% -0.17% 82.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.30M $26.17M $27.69M
YoY Change -12.26% 31.74% 117.12%
Accrued Expenses $132.8M $67.06M $42.05M
YoY Change 215.8% 69.17% 77.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $481.9M $11.25M $475.4M
YoY Change 1.38% -97.88% 9407.02%
Total Short-Term Liabilities $747.7M $252.9M $863.7M
YoY Change -13.43% -63.29% 580.71%
LONG-TERM LIABILITIES
Long-Term Debt $5.395B $5.637B $4.881B
YoY Change 10.53% 18.02% 45.72%
Other Long-Term Liabilities $283.8M $246.1M $186.5M
YoY Change 52.19% 48.45% 44.24%
Total Long-Term Liabilities $5.679B $5.883B $5.067B
YoY Change 12.06% 19.04% 45.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $747.7M $252.9M $863.7M
Total Long-Term Liabilities $5.679B $5.883B $5.067B
Total Liabilities $6.426B $6.136B $5.931B
YoY Change 8.35% 8.97% 64.49%
SHAREHOLDERS EQUITY
Retained Earnings -$2.499B -$2.462B
YoY Change 3.7% 7.94%
Common Stock $1.281M $1.269M
YoY Change 5.17% 15.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $357.0M $448.4M $653.0M
YoY Change
Total Liabilities & Shareholders Equity $6.783B $6.584B $6.596B
YoY Change 2.84% 8.24% 82.89%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income -$19.20M $21.53M -$52.49M
YoY Change -63.42% -141.05% 80.49%
Depreciation, Depletion And Amortization $133.3M $65.10M $131.4M
YoY Change 1.45% 19.45% 65.49%
Cash From Operating Activities $154.6M $114.8M $103.3M
YoY Change 49.66% 27.84% 64.75%
INVESTING ACTIVITIES
Capital Expenditures -$65.50M -$33.20M -$38.80M
YoY Change 68.81% 26.72% 28.48%
Acquisitions $91.65M
YoY Change 190.04%
Other Investing Activities -$302.2M -$90.90M -$1.271B
YoY Change -76.23% -246.85% 645.51%
Cash From Investing Activities -$367.7M -$124.1M -$1.310B
YoY Change -71.93% -447.62% 552.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 149.3M 8.500M -2.700M
YoY Change -5629.63% -99.31% -145.76%
NET CHANGE
Cash From Operating Activities 154.6M 114.8M 103.3M
Cash From Investing Activities -367.7M -124.1M -1.310B
Cash From Financing Activities 149.3M 8.500M -2.700M
Net Change In Cash -63.80M -800.0K -1.209B
YoY Change -94.72% -100.06% 816.14%
FREE CASH FLOW
Cash From Operating Activities $154.6M $114.8M $103.3M
Capital Expenditures -$65.50M -$33.20M -$38.80M
Free Cash Flow $220.1M $148.0M $142.1M
YoY Change 54.89% 27.59% 52.96%

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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.16
CY2013Q3 us-gaap Revenues
Revenues
332094000
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
23140000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
23140000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
21738000
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
CY2013Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
91646000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
34175000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
274000
CY2013Q3 us-gaap Profit Loss
ProfitLoss
21531000
CY2013Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
63902000
CY2013Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
21531000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-42164000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
21531000
CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
16909000
CY2013Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
287483000
CY2013Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
6200000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
268192000
CY2013Q3 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
62987000
CY2013Q3 us-gaap Paid In Kind Interest
PaidInKindInterest
9642000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
103295000
CY2013Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
100000
CY2013Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
133281000
CY2013Q3 us-gaap Operating Leases Income Statement Initial Direct Costs
OperatingLeasesIncomeStatementInitialDirectCosts
68042000
CY2013Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3599000
CY2013Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3981000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
68100000
CY2013Q3 us-gaap Depreciation
Depreciation
65100000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21827000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
207000
CY2013Q3 sbac Cost Of Site Development
CostOfSiteDevelopment
35253000
CY2013Q3 sbac Site Development
SiteDevelopment
44611000
CY2013Q3 sbac Ground Lease Land Purchases
GroundLeaseLandPurchases
11320000
CY2013Q3 sbac Number Of Towers Acquired
NumberOfTowersAcquired
279 Tower
CY2013Q3 sbac Towers And Related Intangible Assets Acquisitions
TowersAndRelatedIntangibleAssetsAcquisitions
80326000
CY2013Q3 sbac Cash Interest Expense
CashInterestExpense
62987000
CY2013Q3 sbac Ground Lease Extensions
GroundLeaseExtensions
2800000
CY2013Q3 sbac Asset Impairment And Decommission Costs
AssetImpairmentAndDecommissionCosts
6190000
CY2013Q3 sbac Noncash Interest Expense
NoncashInterestExpense
9642000
CY2013Q3 sbac Capital Expenditures
CapitalExpenditures
125371000
CY2013Q3 sbac Number Of Additional Communication Sites
NumberOfAdditionalCommunicationSites
4 site

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