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SBAC · Sba Communications

50 filings

10-Q

SBAC 10-Q Quarterly Reports

Sba Communications - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K107

SBAC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 107 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’18Apr ’18
  2. Material agreement8-K · Jan ’21Jan ’21
  3. Leadership change8-K · Feb ’23Feb ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25
  1. 2026-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2026

    SBA Communications Corporation (SBAC) reported net income attributable to SBA of $198.8 million for the three months ended June 30, 2026, down from $225.8 million in the prior-year quarter, and $383.6 million for the six months, versus $446.5 million a year earlier. Total revenues were $715.3 million for the quarter, up from $699.0 million, with site leasing revenue of $663.9 million and site development revenue of $51.4 million (down from $67.2 million). Adjusted EBITDA was $483.8 million for the quarter versus $475.5 million, and $959.2 million for the six months versus $932.8 million. Management attributes domestic site leasing declines to Sprint, EchoStar and other lease non-renewals, while international site leasing revenue rose on acquisitions, including the Millicom transaction. Balance sheet and liquidity changes were significant. Total debt principal was $12.78 billion at June 30, 2026, with current maturities of $3.58 billion, and shareholders' deficit was $4.63 billion. Cash provided by operating activities was $662.3 million for the six months, and dividends paid were $267.8 million. Management expects 2026 discretionary cash capital expenditures of $455.0 million to $475.0 million and non-discretionary cash capital expenditures of $65.0 million to $75.0 million, and it expects churn of $132.0 million to $136.0 million in domestic cash site leasing revenue and $36.0 million to $40.0 million internationally. Subsequent to quarter-end, on July 23, 2026, SBAC issued $3.5 billion of senior notes with a blended coupon of 5.113%, used the proceeds to repay the $1.0 billion Revolving Credit Facility and the $2.2 billion 2024 Term Loan, and entered into a new $2.5 billion revolving credit facility maturing July 23, 2031. The company also declared a $1.25 per share dividend on August 2, 2026, payable September 17, 2026.

    Aug 6, 2026
  2. 2026-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2026

    SBA Communications Corporation reported first-quarter 2026 total revenues of $703.4 million, up from $664.2 million a year earlier, with site leasing revenue of $656.1 million. International site leasing revenue rose to $205.8 million from $155.2 million, while domestic site leasing revenue declined to $450.3 million from $461.0 million, which the filing attributes primarily to Sprint, EchoStar, and other lease non-renewals. Net income attributable to SBA Communications Corporation was $184.8 million, or $1.74 per diluted share, compared with $220.7 million, or $2.04 per diluted share, in the prior-year quarter. Adjusted EBITDA, a non-GAAP measure, was $475.4 million, up from $457.3 million. The balance sheet remains in a shareholders' deficit of $4.75 billion. Total debt principal was $13.01 billion at March 31, 2026, including a $1.285 billion Revolving Credit Facility balance that increased after the company borrowed $900.0 million and repaid $90.0 million during the quarter to fund the January 9, 2026 repayment of $750.0 million of 2020-1C Tower Securities. The company stated that after quarter end it repaid $205.0 million on the revolver, leaving $1.1 billion outstanding. Current maturities of long-term debt rose to $2.68 billion, which the company's debt service table shows is driven largely by the $1.165 billion 2021-1C Tower Securities anticipated repayment date of November 9, 2026, and the $1.5 billion 2020 Senior Notes maturing February 15, 2027. Cash flow from operations was $255.1 million, down from $301.2 million, and the company spent $143.5 million on acquisitions. It paid $135.2 million in common dividends, repurchased only 11,898 shares in January 2026 for about $2.2 million, and declared a quarterly dividend of $1.25 per share payable June 17, 2026. Management expects churn of $132.0 million to $136.0 million of domestic cash site leasing revenue and $36.0 million to $40.0 million of international cash site leasing revenue for 2026, and projects discretionary cash capital expenditures of $430.0 million to $450.0 million for the year.

    May 5, 2026
  3. 2025-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2025

    SBA Communications Corporation's third-quarter 2025 Form 10-Q reports total revenues of $732.3 million for the three months ended September 30, 2025, up from $667.6 million a year earlier, and net income attributable to SBA Communications Corporation of $236.8 million, down from $258.5 million. For the nine months, revenues were $2.10 billion and net income attributable to the company was $683.3 million, versus $575.9 million in the prior-year period. Site leasing remains the core business, contributing 97.7% of total segment operating profit for the nine months, and the company reported Adjusted EBITDA of $1.43 billion for the nine months ended September 30, 2025, up from $1.41 billion. The balance sheet shows total assets of $11.26 billion and a total shareholders' deficit of $4.93 billion at September 30, 2025. Total debt principal was $12.77 billion, and the company repaid the $1.165 billion 2019-1C Tower Securities in January 2025. Cash flow from operations was $987.3 million for the nine months, while cash used in investing activities was $421.0 million, largely for tower acquisitions, and cash used in financing activities was $1.52 billion, reflecting the debt repayment, share repurchases of $281.5 million, and dividends of $360.8 million. Subsequent to quarter end, the company closed on 2,020 Millicom-related sites for approximately $217.4 million in cash and agreed to sell 365 Canadian towers for CAD$446.0 million on October 15, 2025. The company also entered a new 10-year master lease agreement with Verizon on October 30, 2025, and declared a quarterly dividend of $1.11 per share payable December 11, 2025.

    Nov 6, 2025
  4. 2025-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2025

    SBA Communications Corporation reported second-quarter 2025 total revenues of $698,981 thousand ($699.0 million), up from $660,477 thousand in the prior-year quarter, with site leasing revenue of $631,788 thousand and site development revenue of $67,193 thousand. Operating income was $334,781 thousand versus $354,470 thousand a year earlier, and net income attributable to SBA Communications Corporation was $225,794 thousand, or $2.09 diluted earnings per share, compared with $162,830 thousand and $1.51 in the second quarter of 2024. Other income, net of $44,123 thousand (including a $45.3 million gain on remeasurement of U.S. dollar intercompany loans) contributed materially to the improvement in net income. Balance sheet activity was dominated by debt reduction and portfolio growth. Total debt principal fell to $12,582,000 thousand from $13,672,750 thousand at December 31, 2024, mainly due to the January 2025 repayment of the $1,165.0 million 2019-1C Tower Securities. Acquisitions of towers and related assets totaled $634,097 thousand for the six months ended June 30, 2025, including 4,644 sites from the Millicom International Cellular S.A. transaction, with approximately 2,500 Millicom sites still under contract for about $391.0 million in cash. Shareholders' deficit improved to $(4,938,895) thousand from $(5,109,938) thousand. Capital return continued alongside these investments. The company repurchased $130.7 million of stock in the second quarter, authorized a new $1.5 billion repurchase plan on April 27, 2025 with $1.45 billion remaining as of the filing date, and paid cash dividends of $1.11 per share in each quarter; a further $1.11 dividend was declared on August 3, 2025. The company also agreed on July 21, 2025 to sell its 369 Canadian towers for CAD$446.0 million, expected to close in the fourth quarter of 2025.

    Aug 7, 2025
  5. 2025-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2025

    SBA Communications Corporation reported first-quarter 2025 total revenues of $664.2 million, up from $657.9 million a year earlier, with site leasing revenue of $616.2 million (down from $628.3 million) and site development revenue rising to $48.0 million from $29.6 million. Net income attributable to SBA Communications Corporation was $220.7 million, or $2.04 per diluted share, compared with $154.5 million, or $1.42 per diluted share, in the prior-year quarter. Results were helped by a $54.6 million gain on remeasurement of U.S. dollar denominated intercompany loans and were partly offset by an $18.8 million loss on sale of assets tied to the sale of its Philippines and Colombia towers. Adjusted EBITDA was $457.3 million, compared with $465.4 million a year earlier. The balance sheet shows cash and cash equivalents of $636.4 million at March 31, 2025, up from $189.8 million at December 31, 2024, after the January 15, 2025 repayment of $1.165 billion of 2019-1C Tower Securities. Total debt principal was $12.50 billion, down from $13.67 billion, and shareholders' deficit was $4.97 billion. Cash provided by operating activities was $301.2 million. The company paid $122.3 million in dividends, declared a $1.11 per share quarterly dividend in April 2025, and authorized a new $1.5 billion share repurchase plan on April 27, 2025. Management expects discretionary cash capital expenditures of $1,255.0 million to $1,275.0 million for 2025, and the company has approximately 6,700 sites under contract in the Millicom transaction for about $925.0 million in cash, with a estimated closing date of September 1, 2025 subject to regulatory approvals.

    May 1, 2025
  6. 2024-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2024

    SBA Communications Corporation (SBAC) reported third-quarter 2024 results in its Form 10-Q filed November 1, 2024. Total revenues were $667.6 million for the three months ended September 30, 2024, compared with $682.5 million a year earlier, while net income attributable to SBA Communications Corporation rose to $258.5 million from $87.4 million. The filing attributes much of the earnings improvement to a change in estimated useful lives of towers and certain intangible assets, from 15 years to 30 years effective January 1, 2024, which reduced depreciation, accretion, and amortization by approximately $103.0 million for the quarter and $308.5 million for the nine months. Adjusted EBITDA was $472.6 million for the quarter, versus $482.1 million a year earlier, and the filing notes that Adjusted EBITDA would have been lower on a constant currency basis only slightly, showing the operating base was roughly flat. The balance sheet remains highly leveraged, with total debt principal of $12.39 billion and a total shareholders' deficit of $5.17 billion as of September 30, 2024. Cash and cash equivalents were $186.3 million, and operating cash flow for the nine months was $1.02 billion. The company repurchased $200.0 million of stock and paid $318.8 million in dividends during the nine months, and it declared a quarterly dividend of $0.98 per share on October 27, 2024. Subsequent to quarter end, SBAC agreed to acquire over 7,000 communication sites in Central America from Millicom International Cellular for approximately $975.0 million in cash, expected to close sometime in 2025 subject to antitrust approvals, and it issued $2.07 billion of Tower Securities in October 2024 to refinance maturing debt. Site leasing remains the core business, contributing 98.5% of total segment operating profit for the nine months ended September 30, 2024. Domestic site leasing revenue was $464.9 million for the quarter, down slightly from $468.4 million, reflecting Sprint lease non-renewals. Site development revenue declined to $41.9 million from $45.1 million on decreased carrier activity. Management expects 2024 discretionary cash capital expenditures of $490.0 million to $500.0 million.

    Nov 1, 2024
  7. 2024-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2024

    SBA Communications Corporation (SBAC) reported net income attributable to SBA Communications Corporation of $162.8 million for the three months ended June 30, 2024, compared with $203.6 million in the prior-year quarter, and $317.4 million for the six months ended June 30, 2024, versus $304.9 million a year earlier. Total revenues were $660.5 million for the quarter, down from $678.5 million, driven by a decline in site development revenue to $34.0 million from $52.4 million, while site leasing revenue was essentially flat at $626.5 million. The company attributes a significant part of its improved operating income to a change in the estimated useful lives of its towers and certain intangible assets from 15 years to 30 years, effective January 1, 2024, which reduced depreciation, accretion, and amortization by $102.7 million for the quarter and $205.4 million for the six months. Net income for the quarter was also affected by a $100.9 million loss on remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries. The balance sheet shows total shareholders' deficit of $5.32 billion as of June 30, 2024. Current maturities of long-term debt rose to $1.81 billion from $643.1 million at year-end 2023, reflecting the Tower Securities and the 2014-2C and 2019-1C maturities approaching their anticipated repayment dates. The company refinanced its 2018 Term Loan in January 2024 with a $2.3 billion 2024 Term Loan maturing in 2031, and increased its revolving credit facility commitments to $2.0 billion. Cash flow from operations was $720.0 million for the six months, and the company repurchased $200.0 million of Class A common stock and paid $213.5 million in dividends during the period. Subsequent to quarter end, the board declared a quarterly dividend of $0.98 per share payable September 18, 2024. Management states that its site leasing segment generated 98.7% of total segment operating profit for the six months, and that it expects organic site leasing revenue in both domestic and international segments to increase over 2023 levels on a currency neutral basis during the remainder of 2024. The company also disclosed a Brazilian tax assessment for which it has recorded no liability, with an estimated reasonably possible loss in excess of accruals of between zero and $66.8 million, excluding penalties and interest of $80.7 million.

    Aug 2, 2024
  8. 2024-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2024

    SBA Communications Corporation reported first-quarter 2024 total revenues of $657.9 million, down from $675.5 million a year earlier, as site development revenue fell to $29.6 million from $58.2 million. Site leasing revenue rose to $628.3 million from $617.3 million. Operating income increased to $323.4 million from $224.1 million, driven largely by a change in the estimated useful life of towers and intangibles from 15 to 30 years, which reduced depreciation, accretion, and amortization by approximately $102.7 million for the quarter. Net income attributable to SBA Communications Corporation was $154.5 million, or $1.42 per diluted share, compared with $101.2 million, or $0.93 per diluted share, in the prior-year period. Adjusted EBITDA was $465.4 million, compared with $459.3 million. The balance sheet and liquidity profile changed through refinancing activity in January 2024, when the company issued a new $2.3 billion Term Loan maturing in 2031 to retire the 2018 Term Loan, and increased Revolving Credit Facility commitments to $2.0 billion. Total debt principal was $12.4 billion at March 31, 2024, and current maturities of long-term debt rose to $1.81 billion from $643.1 million. Cash provided by operating activities was $294.5 million. The company repurchased 495,260 shares for $106.2 million and paid $108.1 million in dividends during the quarter, and it declared a $0.98 per share dividend payable June 19, 2024. Shareholders' deficit was $5.22 billion at quarter end. The filing also notes rising churn-related asset impairment charges, which increased to $43.6 million from $26.4 million, and a $42.3 million loss on remeasurement of U.S. dollar-denominated intercompany loans in other expense. Management expects organic site leasing revenue growth in both domestic and international segments for the remainder of 2024.

    May 6, 2024
  9. 2023-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2023

    SBA Communications Corporation reported third-quarter 2023 results with total revenues of $682.5 million, up from $675.6 million a year earlier, and operating income of $248.6 million versus $243.0 million. Site leasing revenue rose to $637.4 million from $587.3 million, while site development revenue fell to $45.1 million from $88.3 million as carrier activity slowed, notably from T-Mobile and DISH Wireless. Net income attributable to SBA Communications was $87.4 million, or $0.80 diluted per share, compared with $100.0 million, or $0.91 diluted, in the prior-year quarter. Interest expense rose to $99.3 million from $87.0 million, and management stated it expects interest expense to increase in future periods given the rising interest rate environment. For the nine months, total revenues were $2.04 billion versus $1.95 billion, and net cash provided by operating activities was $1.11 billion versus $997.1 million. Adjusted EBITDA for the nine months was $1.41 billion, up from $1.31 billion, a figure the filing presents as a non-GAAP measure. Impairment and decommission costs increased sharply to $92.3 million for the nine months from $25.6 million, which management attributed in part to increased churn from Sprint. Shareholders' deficit narrowed to $5.17 billion at September 30, 2023 from $5.28 billion at December 31, 2022. Capital allocation remained focused on dividends, buybacks and acquisitions. The company paid $0.85 per share quarterly dividends in each quarter of 2023, declared another $0.85 dividend on November 1, 2023, and repurchased $87.3 million of stock in the third quarter. The filing also states that the company is reviewing the useful lives of its towers and intangible assets and expects to conclude that analysis in 2024, and it discloses an estimated reasonably possible loss range of zero to $94.3 million, excluding penalties and interest, related to a Brazilian tax assessment.

    Nov 7, 2023
  10. 2023-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2023

    SBA Communications Corporation (SBAC) reported second-quarter 2023 results with total revenues of $678.5 million, up from $652.0 million a year earlier, and net income attributable to SBA Communications Corporation of $203.6 million, compared with $69.5 million in the prior-year quarter. Site leasing revenue was $626.1 million, and operating income was $241.2 million. Results were helped by an $40.7 million other income line in the quarter, including a $43.3 million gain on remeasurement of U.S. dollar denominated intercompany loans, and by a $66.3 million release of the valuation allowance on the U.S. taxable REIT subsidiary's net deferred tax assets, which drove a $29.2 million income tax benefit for the quarter. Adjusted EBITDA was $471.7 million for the quarter, up from $437.8 million. The company's balance sheet shows total assets of $10.60 billion and a total shareholders' deficit of $5.09 billion. Total debt principal was $12.67 billion as of June 30, 2023, and the company stated it was in compliance with its Revolving Credit Facility covenants. Net cash provided by operating activities was $798.1 million for the six months, versus $664.6 million a year earlier. Management expects interest expense to increase in future periods given the rising interest rate environment, and the company paid $0.85 per share in dividends in each of the two quarters, with another $0.85 per share declared after quarter end. Subsequent to June 30, 2023, the company repaid $90.0 million under its Revolving Credit Facility, leaving $360.0 million outstanding as of the filing date, and it purchased or agreed to purchase 134 communication sites for $72.9 million in cash. On July 30, 2023, the company entered into a new five-year master lease agreement with AT&T covering deployment of 5G and other next-generation technology across its U.S. tower portfolio. The company also disclosed a Brazil tax assessment with an estimated range of reasonably possible losses in excess of amounts accrued of zero to $97.7 million.

    Aug 3, 2023
  11. 2023-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2023

    SBA Communications Corporation's first-quarter 2023 Form 10-Q reports total revenues of $675.5 million, up from $619.8 million a year earlier, driven by site leasing revenue of $617.3 million. Operating income rose to $224.1 million from $216.8 million, but net income attributable to SBA Communications Corporation fell to $101.2 million from $188.6 million, largely because other income, net dropped to $37.6 million from $108.2 million and interest expense rose to $101.2 million from $82.3 million. Diluted earnings per share were $0.93 versus $1.72. Adjusted EBITDA, a non-GAAP measure, increased to $459.3 million from $423.8 million. Cash flow from operations was $311.2 million, compared with $292.5 million in the prior-year quarter. Capital expenditures were $49.1 million, and the company paid $93.9 million in dividends. Total debt principal was $12.90 billion at March 31, 2023, and shareholders' deficit was $5.27 billion. The company repaid $80.0 million under its Revolving Credit Facility after quarter-end, leaving $595.0 million outstanding. It also declared a quarterly dividend of $0.85 per share and reported $504.7 million remaining under its stock repurchase authorization. Management expects interest expense to increase in future periods given the rising interest rate environment. The filing notes the 2018 Term Loan and related swap must be transitioned away from LIBOR before June 30, 2023. It also discloses an assessment in Brazil where the company believes a more-likely-than-not outcome supports its position, with a reasonably possible loss range of zero to $93.1 million above accrued amounts.

    May 9, 2023
  12. 2022-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2022

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2022 shows third-quarter revenue of $675.6 million, up from $589.3 million a year earlier, and operating income of $243.0 million versus $211.8 million. For the nine months, total revenues were $1.95 billion and net income attributable to SBA Communications Corporation was $358.2 million, compared with $188.7 million in the prior-year period. Adjusted EBITDA for the nine months was $1.31 billion, up from $1.20 billion, as the company cited growth in segment operating profit across its three segments. The balance sheet shows total assets of $9.95 billion against total long-term debt of $11.70 billion (plus $663.2 million of current maturities), and a total shareholders' deficit of $5.36 billion. Cash and cash equivalents were $201.2 million at quarter-end. During the nine months, the company repurchased $431.7 million of common stock and paid $230.1 million in dividends, funded in part by $997.1 million of operating cash flow. Subsequent to quarter-end, the company completed the acquisition of 2,632 sites from Grupo TorreSur in Brazil for $725.0 million in cash, funded by Revolving Credit Facility borrowings and cash on hand, and it declared a $0.71 per share quarterly dividend. For 2022, the company expects discretionary cash capital expenditures of $1,380.0 million to $1,390.0 million and non-discretionary cash capital expenditures of $48.0 million to $53.0 million. Management stated it believes cash on hand, Revolving Credit Facility capacity, and operating cash flows will be sufficient to service debt over the next twelve months. As of the filing date, $995.0 million was outstanding under the Revolving Credit Facility.

    Nov 3, 2022
  13. 2022-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2022

    SBA Communications Corporation (SBAC) reported results for the three and six months ended June 30, 2022 in its Form 10-Q filed August 4, 2022. Total revenues were $652.0 million for the quarter, up from $575.5 million, and $1.27 billion for the six months, up from $1.12 billion. Site leasing revenue was $580.2 million for the quarter. Net income attributable to SBA Communications Corporation was $69.5 million for the quarter, compared with $152.7 million a year earlier, and $258.1 million for the six months, compared with $140.9 million. The filing attributes the quarterly decline mainly to foreign currency effects from remeasuring U.S. dollar denominated intercompany loans, which produced a $63.7 million loss in the quarter versus a $111.3 million gain in the prior year period. Adjusted EBITDA was $437.8 million for the quarter, up from $400.2 million, and $861.5 million for the six months, up from $790.3 million. The balance sheet shows total assets of $10.01 billion and a total shareholders' deficit of $5.44 billion at June 30, 2022. Cash and cash equivalents fell to $183.1 million from $367.3 million at year-end 2021, and current maturities of long-term debt rose to $662.7 million, largely reflecting the 2018-1C Tower Securities with an anticipated repayment date of March 9, 2023. Total debt principal was $12.56 billion. During the six months, the company repurchased 1.3 million shares for $431.6 million, and paid dividends of $0.71 per share in each of February and April 2022. A further $0.71 quarterly dividend was declared July 31, 2022. Cash provided by operating activities was $664.6 million, and the company expects 2022 discretionary cash capital expenditures of $1.41 billion to $1.43 billion, including acquisitions. Subsequent to quarter end, the company agreed to acquire approximately 2,600 sites from Grupo TorreSur in Brazil for $725.0 million, expected to close by the end of the fourth quarter of 2022. The filing reports that site leasing accounted for 96.6% of total segment operating profit for the six months, and that management expects organic site leasing revenue growth in both domestic and international segments during the remainder of 2022. Disclosure controls were concluded to be effective as of June 30, 2022.

    Aug 4, 2022
  14. 2022-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2022

    SBA Communications Corporation's first-quarter 2022 results show revenues of $619.8 million, up from $548.7 million in the prior-year quarter, and net income attributable to SBA Communications Corporation of $188.6 million, compared with a net loss of $11.7 million a year earlier. Site leasing revenue was $559.4 million, and site development revenue was $60.3 million. Operating income rose to $216.8 million from $173.6 million. Adjusted EBITDA was $423.8 million versus $390.1 million. The net income swing was driven in part by a $109.6 million gain on remeasurement of U.S. dollar intercompany loans with foreign subsidiaries, recorded in other income (expense), net. The balance sheet shows total assets of $10.14 billion and a total shareholders' deficit of $5.43 billion. Total debt principal was $12.72 billion, and current maturities of long-term debt rose to $662.3 million, largely reflecting the 2018-1C Tower Securities with an anticipated repayment date of March 9, 2023. The Revolving Credit Facility balance was $680.0 million at quarter-end and $570.0 million as of the filing date. Cash and cash equivalents fell to $263.6 million from $367.3 million. Capital deployment remained active. The company repurchased 1.3 million shares for $431.6 million, paid $76.9 million in dividends, and closed 1,445 sites under the Airtel Tanzania transaction for $176.1 million. Management expects 2022 discretionary cash capital expenditures of $615.0 million to $635.0 million, and the company declared a $0.71 per share dividend payable June 14, 2022.

    Apr 29, 2022
  15. 2021-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2021

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2021 shows total revenues of $589.3 million for the third quarter, up from $522.9 million a year earlier, and $1.71 billion for the nine months, up from $1.55 billion. Operating income for the quarter was $211.8 million versus $160.3 million, and net income attributable to SBA was $47.8 million compared with $22.6 million. For the nine months, net income was $188.7 million, compared with a net loss of $81.7 million attributable to SBA in the prior-year period. The filing states that the company's site leasing business contributed 97.5% of total segment operating profit for the nine months, and that the company owned 34,072 towers as of September 30, 2021. Cash provided by operating activities was $891.3 million for the nine months, versus $882.9 million a year earlier. Investing outflows were $1.28 billion, driven mainly by $1.19 billion of acquisitions, including $948.4 million for the right to lease 710 utility transmission structures from PG&E. Total debt was $11.94 billion principal at September 30, 2021, and the company reported shareholders' deficit of $4.96 billion. The company repurchased $318.9 million of stock and paid $190.5 million in dividends during the nine months, and its Board authorized a new $1.0 billion repurchase plan on October 28, 2021. Subsequent to quarter end, the company issued $1.79 billion of Secured Tower Revenue Securities (2021-2C and 2021-3C) to repay revolver borrowings and fund the planned redemption of its $1.1 billion 2016 Senior Notes, and repaid $575.0 million of 2013-2C Tower Securities. The filing also notes that the company's 2021 Adjusted EBITDA was $1.20 billion for the nine months, up from $1.11 billion, and that it expects 2021 discretionary cash capital expenditures of $1,425.0 million to $1,435.0 million.

    Nov 5, 2021
  16. 2021-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2021

    SBA Communications Corporation (SBAC) reported second-quarter 2021 total revenues of $575.5 million, up from $507.2 million in the prior-year quarter, with net income attributable to SBA Communications of $152.7 million, compared with $22.8 million a year earlier. Operating income rose to $199.8 million from $157.1 million. The quarter's net income was lifted by a $111.3 million gain on remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries, recorded in other income (expense), net. Site leasing revenue was $524.1 million, and site development revenue was $51.4 million, up from $24.8 million. Adjusted EBITDA was $400.2 million for the quarter, compared with $368.8 million in the prior-year period, as defined in the filing's non-GAAP reconciliation. For the six months ended June 30, 2021, net income attributable to SBA Communications was $140.9 million, compared with a net loss of $104.2 million a year earlier. Cash provided by operating activities was $638.3 million. Cash used in investing activities was $1.18 billion, driven mainly by $947.7 million for right-of-use assets tied to 699 utility transmission structures acquired from PG&E, along with $168.9 million in tower acquisitions. Financing included issuance of $1.5 billion of 3.125% 2021 Senior Notes due 2029 and $1.165 billion of 2021-1C Tower Securities at a 1.631% fixed rate. Total debt was $12.03 billion principal at June 30, 2021, and shareholders' deficit was $4.84 billion. Management reported that the Revolving Credit Facility was amended on July 7, 2021 to increase commitments to $1.5 billion and extend maturity to July 7, 2026. The filing notes subsequent events including the purchase or agreement to purchase approximately 1,800 communication sites for about $270.0 million in cash, a declared quarterly dividend of $0.58 per share payable September 23, 2021, and about $475.1 million remaining under the stock repurchase authorization. Management stated that its disclosure controls were effective as of June 30, 2021.

    Aug 5, 2021
  17. 2021-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2021

    SBA Communications Corporation (SBAC) reported first-quarter 2021 results in this Form 10-Q for the period ended March 31, 2021. Total revenues rose to $548.7 million from $517.1 million, with site leasing revenue of $505.1 million and site development revenue of $43.6 million. Operating income increased to $173.6 million from $151.2 million, while the company posted a net loss of $11.7 million, or $(0.11) per share, compared with a net loss of $127.1 million attributable to SBA, or $(1.14) per share, a year earlier. The improvement was driven largely by a much smaller loss on remeasurement of intercompany loans ($86.3 million versus $230.1 million) and a lower benefit-related swing in other expense. Adjusted EBITDA increased to $390.1 million from $369.9 million, and cash provided by operating activities was $285.5 million. The balance sheet shows total assets of $9.76 billion and a shareholders' deficit of $(5.05) billion, with total debt principal of $12.13 billion as of March 31, 2021. A major item in the quarter was the February 16, 2021 acquisition of exclusive rights to lease and operate 697 utility transmission structures from PG&E for $954.0 million, recorded as a right-of-use asset. The company also issued $1.5 billion of 3.125% 2021 Senior Notes due 2029 and redeemed the $750.0 million 2017 Senior Notes. Liquidity remains supported by a $1.25 billion revolving credit facility with $590.0 million drawn at quarter end, and $495.0 million outstanding after a subsequent $95.0 million repayment. Management stated it has seen minimal COVID-19 impact on its business. It expects 2021 discretionary cash capital expenditures of $1,225.0 million to $1,245.0 million, and it declared a quarterly dividend of $0.58 per share payable June 15, 2021. Subsequent to quarter end, the company priced $1.165 billion of 2021-1C Tower Securities, which are expected to close May 14, 2021 and will be used to repay the 2017-1C Tower Securities.

    May 6, 2021
  18. 2020-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2020

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2020 shows third-quarter revenues of $522.9 million, up from $507.5 million a year earlier, with operating income of $160.3 million versus $153.8 million. For the nine months, the company reported a net loss attributable to SBA Communications of $81.7 million, compared with net income of $79.6 million in the prior-year period. The filing attributes the swing mainly to a $299.9 million loss on remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries, a $19.5 million loss from extinguishment of debt, and higher non-cash interest expense, partially offset by higher operating income and a larger income tax benefit. Adjusted EBITDA, a non-GAAP measure, rose to $1.11 billion for the nine months from $1.05 billion. Balance sheet and cash flow data show cash and cash equivalents of $271.9 million at quarter end, total debt principal of $10.8 billion, and shareholders' deficit of $4.49 billion. Net cash provided by operating activities was $882.9 million for the nine months, versus $705.0 million a year earlier. During the period the company issued $1.48 billion of 2020 Senior Notes and $1.35 billion of 2020 Tower Securities, repurchased $378.99 million of common stock, and paid $156.2 million in dividends. Subsequent to quarter end, the Board authorized a new $1.0 billion stock repurchase plan and declared a quarterly dividend of $0.465 per share. Site leasing remains the core business, contributing 98.6% of total segment operating profit for the nine months. T-Mobile represented 40.6% of domestic site leasing revenue and 59.7% of site development revenue for the nine months. The filing states that COVID-19 had minimal impact on the business through the nine months, though it notes continuing uncertainty.

    Nov 5, 2020
  19. 2020-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2020

    SBA Communications Corporation reported a net loss attributable to SBA Communications Corporation of $104.2 million for the six months ended June 30, 2020, compared with net income of $58.0 million in the prior-year period, while the three-month period produced net income of $22.8 million versus $32.0 million a year earlier. The swing was driven mainly by a $261.3 million loss on remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries (included in other expense), with the filing attributing the change primarily to foreign currency fluctuations. Operations were steadier: total revenues rose to $1.02 billion for the six months from $993.4 million, site leasing revenue reached $974.8 million, and operating income increased to $308.3 million from $275.7 million. Adjusted EBITDA was $738.7 million for the six months, up from $692.8 million. Site development revenue declined sharply due to lower activity from T-Mobile and Sprint. Balance sheet and cash flow activity were significant. Cash and cash equivalents rose to $207.5 million, and net cash from operating activities was $592.4 million for the six months. The company issued $1.5 billion of 3.875% 2020 Senior Notes due 2027, redeemed the $750.0 million 2014 Senior Notes, and repaid $1.0 billion under its revolving credit facility, which had no balance outstanding at June 30, 2020. Shareholders' deficit widened to $4.30 billion. The company repurchased $200.0 million of stock and paid $104.2 million in dividends during the six months, and declared a $0.465 per share dividend payable September 22, 2020. Subsequent to quarter end, it issued $1.35 billion of Secured Tower Revenue Securities on July 14, 2020, and terminated an interest rate swap on August 6, 2020 for a $176.2 million payment. Management stated the company experienced minimal impact from COVID-19 through June 30, 2020, while noting the pandemic's future effects remain uncertain. The company expects 2020 discretionary cash capital expenditures of $325.0 million to $345.0 million and non-discretionary cash capital expenditures of $31.0 million to $41.0 million.

    Aug 6, 2020
  20. 2020-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2020

    SBA Communications Corporation's first-quarter 2020 Form 10-Q reports total revenues of $517.1 million, up from $493.3 million in the prior-year quarter, with site leasing revenue of $492.4 million and site development revenue of $24.7 million. Operating income rose to $151.2 million from $139.3 million, and Adjusted EBITDA was $369.9 million versus $345.6 million. However, the company reported a net loss attributable to SBA Communications Corporation of $127.1 million, compared with net income of $26.0 million a year earlier, driven mainly by a $230.1 million loss on remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries and a $16.9 million loss from extinguishment of debt. Diluted loss per share was $1.14. The balance sheet shows total assets of $9.36 billion and total shareholders' deficit of $4.32 billion at March 31, 2020, with long-term debt, net of $10.05 billion. Operating cash flow was $277.7 million versus $222.7 million. During the quarter the company issued $1.0 billion of 3.875% Senior Notes due 2027, redeemed its $750.0 million 2014 Senior Notes, repurchased $200.0 million of common stock, and paid a $0.465 per share dividend. The filing states that COVID-19 had minimal impact on the business through March 31, 2020, while noting the full impact is not yet known. Management highlighted that its site leasing segment generated 98.8% of total segment operating profit, and that Sprint and T-Mobile together accounted for a significant share of revenue, with T-Mobile and Sprint representing 17.7% and 15.6% of total revenue for the quarter, respectively. As of the filing date, $424.3 million remained under the stock repurchase authorization and $380.0 million was outstanding under the Revolving Credit Facility.

    May 6, 2020
  21. 2019-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2019

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2019 shows revenue of $507.5 million for the three months, up from $467.2 million a year earlier, and $1.50 billion for the nine months versus $1.38 billion. Operating income for the nine months was $429.6 million, compared with $393.8 million, and net income attributable to SBA Communications was $79.6 million, compared with a net loss of $9.7 million in the prior-year period. Adjusted EBITDA for the nine months was $1.05 billion, up from $965.8 million. Site leasing generated 97.5% of total segment operating profit for the nine months. The balance sheet reflects the January 1, 2019 adoption of ASU 2016-02, which added $2.45 billion of right-of-use assets and $2.40 billion of total lease liabilities. Total debt principal was $9.93 billion at September 30, 2019, and shareholders' deficit was $3.56 billion. The company repurchased $270.3 million of Class A common stock during the nine months, leaving $824.3 million of authorization, and paid its first quarterly cash dividend of $0.37 per share in September 2019, with another $0.37 dividend declared on October 25, 2019. In financing activities, the company issued $1.165 billion of 2019-1C Tower Securities and used the proceeds to repay the $920.0 million 2014-1C Tower Securities. Cash provided by operating activities was $705.0 million for the nine months, and the company's management stated that cash on hand, Revolving Credit Facility capacity, and operating cash flows are sufficient to service debt over the next twelve months.

    Nov 7, 2019
  22. 2019-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2019

    SBA Communications Corporation's quarterly report for the period ended June 30, 2019 shows total revenues of $500.1 million for the three months ended June 30, 2019, up from $456.3 million a year earlier, and $993.4 million for the six months, up from $914.6 million. Site leasing revenue was $459.0 million for the quarter versus $429.9 million, and site development revenue was $41.1 million versus $26.4 million. Net income was $32.0 million for the quarter, compared with a net loss of $57.4 million in the prior-year quarter, and $58.0 million for the six months versus a $25.8 million loss. The filing attributes the swing largely to a prior-year $88.9 million loss on remeasurement of intercompany loans with a Brazilian subsidiary, which did not recur, and to higher operating income. Adjusted EBITDA, a non-GAAP measure, was $347.2 million for the quarter, up from $318.9 million. The balance sheet reflects adoption of ASU 2016-02 (Topic 842) on January 1, 2019, which added $2.5 billion of right-of-use assets and $2.5 billion of total lease liabilities. Total assets were $9.27 billion at June 30, 2019, and shareholders' deficit was $3.34 billion. Total debt principal was $9.77 billion, with $943.2 million of current maturities, including $920.0 million of 2014-1C Tower Securities with an anticipated repayment date of October 8, 2019. Cash and cash equivalents were $101.8 million at quarter end. Subsequent events include a board-authorized $1.0 billion stock repurchase plan and the company's first quarterly cash dividend of 37 cents per share, payable September 25, 2019. The company also plans to acquire all but 6.0% of the Atlas Tower South Africa joint venture in the third quarter of 2019, with a cumulative investment of approximately $140.0 million and consolidation of its results afterward.

    Aug 6, 2019
  23. 2019-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2019

    SBA Communications Corporation reported first-quarter 2019 total revenues of $493.3 million, up from $458.3 million a year earlier, driven by domestic site leasing revenue of $362.8 million (up $21.1 million), international site leasing revenue of $89.3 million, and site development revenue of $41.1 million (up $13.4 million). Net income was $26.0 million, or $0.23 per diluted share, compared with $31.5 million, or $0.27 per diluted share, in the prior-year quarter. Adjusted EBITDA rose to $345.6 million from $318.8 million. Net income declined mainly due to higher income tax provision and interest expense, along with foreign currency effects. Operating income increased to $139.3 million from $130.0 million. The balance sheet reflects the January 1, 2019 adoption of ASU 2016-02 (Topic 842), which added $2.55 billion of right-of-use assets, net, and $2.51 billion of total lease liabilities ($228.8 million current and $2.28 billion long-term). Total assets rose to $9.31 billion from $7.21 billion, and total shareholders' deficit was $3.30 billion at March 31, 2019. Total debt principal was $9.81 billion, down from $10.03 billion at year-end 2018, following $215.0 million of net revolver repayments and $6.0 million of term loan amortization. Cash and cash equivalents were $117.6 million. Cash provided by operating activities was $222.7 million, while cash capital expenditures totaled $91.7 million. Management stated it expects 2019 discretionary cash capital expenditures of $325.0 million to $345.0 million and non-discretionary capital expenditures of $31.0 million to $41.0 million. The company also reported that it believes cash on hand, revolver capacity, and operating cash flow will be sufficient to service debt over the next twelve months. As of the filing date, $204.5 million remained under the stock repurchase authorization, and no shares were repurchased during the quarter.

    May 9, 2019
  24. 2018-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2018

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2018 shows third-quarter revenue of $467.2 million, up from $433.9 million a year earlier, with site leasing revenue of $435.3 million making up the bulk of the total. Operating income rose to $138.0 million from $117.0 million, and Adjusted EBITDA was $328.1 million versus $303.1 million. Net income, however, fell to $16.1 million from $49.2 million, largely because of a $25.9 million loss on remeasurement of U.S. dollar intercompany loans with a Brazilian subsidiary (versus an $18.4 million gain a year earlier) and higher interest expense of $95.7 million. For the nine months, the company reported a net loss of $9.7 million, compared with net income of $96.0 million in the prior-year period, driving a $113.1 million remeasurement loss. Balance sheet and cash flow highlights include total assets of $7.21 billion, total debt principal of $9.83 billion, and a shareholders' deficit of $3.15 billion. Net cash from operating activities was $624.1 million for the nine months, while cash capital expenditures totaled $508.8 million, including $372.1 million on tower acquisitions. The company repurchased 2.8 million Class A shares for $453.5 million during the nine months under a $1.0 billion authorization, with $404.5 million remaining as of the filing date. A new $2.4 billion 2018 Term Loan was issued in April 2018 to refinance the 2014 and 2015 Term Loans, and a $640.0 million 2018-1C Tower Securities issuance occurred in March 2018. Management stated that the company expects 2018 discretionary cash capital expenditures of $580.0 million to $590.0 million and non-discretionary capital expenditures of $33.0 million to $38.0 million. Management also believes cash on hand, revolver availability, and operating cash flow will cover debt service for the next twelve months, which is estimated at $408.6 million. Investors should note the filing's disclosure of foreign currency sensitivity, with a hypothetical 10% adverse move in the Brazilian Real estimated to reduce revenues by approximately 1.1% for the nine months.

    Nov 8, 2018
  25. 2018-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2018

    SBA Communications Corporation's Form 10-Q for the quarter ended June 30, 2018 shows second-quarter 2018 total revenues of $456.3 million, up from $427.3 million a year earlier, with site leasing revenue of $429.9 million and site development revenue of $26.4 million. Operating income rose to $125.9 million from $114.6 million, but the company posted a net loss of $57.4 million for the quarter, compared with net income of $9.2 million in the prior-year period. The swing was driven mainly by other expense of $90.2 million, which includes an $88.9 million loss on remeasurement of U.S. dollar-denominated intercompany loans with a Brazilian subsidiary, along with higher interest expense of $93.6 million and a $13.8 million loss from debt extinguishment. For the six months, net loss was $25.8 million versus net income of $46.8 million a year earlier, and Adjusted EBITDA (a non-GAAP measure defined in the filing) was $637.7 million versus $591.0 million. Balance sheet and cash flow highlights center on refinancing activity and capital return. In April 2018 the company issued a new $2.4 billion 2018 Term Loan maturing April 11, 2025 and used proceeds to retire the 2014 and 2015 Term Loans, and it issued $640.0 million of 2018-1C Tower Securities in March 2018. Total debt principal stood at $9.80 billion at June 30, 2018, compared with $9.41 billion at December 31, 2017. Shareholders' deficit widened to $3.04 billion from $2.60 billion, reflecting $345.5 million of share repurchases in the six months. Cash provided by operating activities was $425.1 million for the six months, and cash capital expenditures totaled $354.0 million. Management continues to describe site leasing as the core business, contributing 98.4% of total segment operating profit for the six months, and expects organic site leasing revenue per tower to rise over 2017 levels for the rest of 2018. The company reported that it had $654.5 million of repurchase authorization remaining as of the filing date and expects 2018 discretionary cash capital expenditures of $560.0 million to $580.0 million. Disclosure controls were concluded to be effective as of June 30, 2018.

    Aug 6, 2018
  26. 2018-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2018

    SBA Communications Corporation's first-quarter 2018 Form 10-Q reports total revenues of $458.3 million, up from $423.4 million a year earlier, with site leasing revenue of $430.5 million and site development revenue of $27.8 million. Operating income rose to $130.0 million from $107.8 million, but net income declined to $31.5 million from $37.6 million, reflecting higher interest expense of $88.9 million (versus $77.6 million), a $8.6 million tax provision, and a $9.4 million swing in other income from foreign currency remeasurement gains. Diluted EPS was $0.27 versus $0.31. Site leasing accounted for 98.5% of total segment operating profit, and the filing reports Adjusted EBITDA of $318.8 million compared with $292.2 million. The balance sheet shows total assets of $7.41 billion and a shareholders' deficit of $2.59 billion at March 31, 2018. Cash from operations was $178.6 million, while cash used in investing activities was $151.6 million, including $117.6 million of acquisitions. During the quarter the company issued $640.0 million of 2018-1C Tower Securities and drew $265.0 million on its revolver, and it repurchased $38.5 million of stock. Subsequent to quarter end, the company closed a new $2.4 billion Term Loan on April 11, 2018, used to retire the 2014 Term Loan, the 2015 Term Loan and the revolver balance, and amended the revolver to $1.25 billion. Management expects 2018 discretionary cash capital expenditures of $565.0 million to $585.0 million, plus non-discretionary capital expenditures of $33.0 million to $43.0 million. The company also reports a $1.0 billion stock repurchase authorization approved February 16, 2018, with $700.0 million remaining as of the filing date, and it notes approximately $1.0 billion of federal NOLs as of December 31, 2017 that may reduce future REIT taxable income.

    May 7, 2018
  27. 2017-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2017

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2017 reports total revenues of $433.9 million for the three months ended September 30, 2017, up from $411.3 million a year earlier, and $1.28 billion for the nine months, up from $1.22 billion. Net income was $49.2 million for the quarter versus a net loss of $15.4 million in the prior-year quarter, and $96.0 million for the nine months versus $71.0 million. Site leasing accounted for 98.7% of total segment operating profit for the nine months ended September 30, 2017. Adjusted EBITDA was $303.1 million for the quarter, compared with $283.2 million in the prior-year period. The balance sheet remains heavily leveraged. Total debt principal was $9.05 billion at September 30, 2017, and total shareholders' deficit was $2.26 billion. Cash provided by operating activities was $591.5 million for the nine months. During the nine months, the company repurchased 3.9 million Class A shares for $538.9 million, and as of the filing date $350.0 million remained under the current repurchase authorization. Subsequent to quarter end, the company issued $750.0 million of 4.0% 2017 Senior Notes due 2022 and used the proceeds to repay $460.0 million of its Revolving Credit Facility. The filing also notes that the company elected REIT taxation beginning with its 2016 taxable year and holds federal net operating losses of approximately $1.1 billion as of December 31, 2016, which may reduce required REIT distributions. Management expects 2017 discretionary cash capital expenditures of $395.0 million to $415.0 million, plus non-discretionary capital expenditures of $32.5 million to $37.5 million.

    Nov 7, 2017
  28. 2017-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2017

    SBA Communications Corporation's Form 10-Q for the quarter ended June 30, 2017 shows steady operating growth, with net income pressured by foreign currency remeasurement. Total revenues were $427.3 million for the second quarter of 2017, up from $405.5 million a year earlier, and $850.7 million for the six months, up from $805.3 million. Operating income rose to $114.6 million in the quarter from $74.1 million, and to $222.4 million for the six months from $171.7 million. Net income fell to $9.2 million from $32.7 million in the quarter, and to $46.8 million from $86.3 million for the six months. The filing attributes the decline mainly to a $20.4 million loss on remeasurement of intercompany loans in the quarter, compared with a $47.4 million gain in the prior-year quarter. Adjusted EBITDA excluding the prior-year Oi reserve increased to $298.8 million in the quarter and $591.0 million for the six months. Cash generation remained strong, with net cash provided by operating activities of $404.2 million for the six months, up from $354.7 million. The company spent $151.6 million on cash capital expenditures and $82.2 million on acquisitions in the six months. It repurchased 1.2 million Class A shares for $155.0 million during the quarter and six-month period, and after quarter-end repurchased an additional 0.7 million shares for $95.0 million, leaving $750.0 million of authorization. Total debt principal was $8.775 billion at June 30, 2017, versus $8.875 billion at December 31, 2016, and the company reported a total shareholders' deficit of $1.99 billion. Management states it expects cash on hand, revolver capacity and operating cash flow to cover debt service for the next twelve months. The company operates as a REIT, having elected REIT tax treatment beginning with its 2016 taxable year, and it reports federal NOLs of approximately $1.1 billion as of December 31, 2016. The filing also notes that 26,562 towers were owned as of June 30, 2017, and that 318 completed towers were acquired during the six months. Revenue is concentrated in site leasing, which contributed 98.6% of total segment operating profit for the six months.

    Aug 4, 2017
  29. 2017-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2017

    SBA Communications Corporation's first-quarter 2017 Form 10-Q reports total revenues of $423.4 million, up from $399.8 million in the prior-year quarter, with site leasing revenue of $397.6 million and site development revenue of $25.8 million. Operating income rose to $107.8 million from $97.6 million, but net income fell to $37.6 million from $53.6 million, mainly because the gain on remeasurement of an intercompany loan dropped to $13.7 million from $44.8 million. Diluted EPS was $0.31 versus $0.43. Adjusted EBITDA was $292.2 million, compared with $274.7 million a year earlier. The filing states that domestic and international site leasing segment operating profit both increased, while site development operating profit declined. Cash flow from operations was $172.3 million, versus $144.6 million in the prior-year period. The company repaid $110.0 million on its revolving credit facility during the quarter and repurchased 42,163 Class A shares for $4.4 million. Subsequent to quarter-end, it repaid another $190.0 million on the revolver and issued $760.0 million of 2017-1C Tower Securities on April 17, 2017, using the proceeds to prepay the $610.0 million 2012-1C Tower Securities. Total debt principal was $8.76 billion at March 31, 2017, and shareholders' deficit was $1.92 billion. The company's full $1.0 billion repurchase authorization remained available as of the filing date. Management expects 2017 organic site leasing revenue growth in both domestic and international segments to be consistent with 2016. The company has elected REIT tax treatment beginning with the 2016 tax year and cites approximately $1.1 billion of federal net operating losses that may reduce required distributions.

    May 8, 2017
  30. 2016-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2016

    SBA Communications Corporation (SBAC) reported third-quarter 2016 results in this Form 10-Q. Total revenues for the three months ended September 30, 2016 were $411.3 million, up slightly from $410.7 million a year earlier, while net loss narrowed to $15.4 million from $155.9 million, largely because of a much smaller foreign currency-driven other expense line and lower asset impairment costs. For the nine months, the company posted net income of $71.0 million versus a net loss of $206.7 million in 2015, and net cash provided by operating activities was $514.2 million. Site leasing generated 98.5% of total segment operating profit for the nine months, and the company owned 25,878 towers as of September 30, 2016. The balance sheet shows total debt of $9.14 billion at September 30, 2016, up from $8.56 billion at December 31, 2015, reflecting new 2016 Senior Notes of $1.1 billion and 2016-1C Tower Securities of $700.0 million. Management refinanced higher-coupon debt: the 5.75% Senior Notes ($800.0 million) were redeemed in August 2016, and the 5.625% Senior Notes ($500.0 million) were funded into escrow on September 30 and redeemed on October 1 and 3, 2016, generating a $34.5 million loss from extinguishment of debt in the quarter. Shareholders' deficit improved to $1.67 billion from $1.71 billion. The filing also discloses a proposed REIT conversion, authorized by the Board on October 3, 2016, with an intended election effective for the taxable year ending December 31, 2016, and approximately $1.2 billion of net operating losses as of December 31, 2015. The company recorded a $16.5 million bad debt reserve for Oi S.A., its largest Brazilian customer, which filed for judicial reorganization on June 20, 2016. The filing also notes that SBAC expects to be removed from the NASDAQ 100 Index upon REIT conversion.

    Nov 9, 2016
  31. 2016-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2016

    SBA Communications Corporation (SBAC) reported net income of $32.7 million for the three months ended June 30, 2016, up from $28.3 million a year earlier, and net income of $86.3 million for the six months, compared with a net loss of $50.7 million in the prior-year period. Total revenues were $405.5 million for the quarter, down slightly from $410.7 million, as site development revenue fell $16.6 million to $23.7 million while site leasing revenue rose to $381.8 million from $370.5 million. Results were affected by a $16.5 million bad debt provision (the "Oi reserve") recorded after Oi, S.A., the company's largest Brazilian customer, filed for judicial reorganization on June 20, 2016. Other income included a $47.4 million gain on remeasurement of intercompany loans for the quarter. The balance sheet shows total assets of $7.44 billion and a total shareholders' deficit of $1.61 billion as of June 30, 2016. Total debt principal was $8.58 billion, and current maturities of long-term debt rose to $568.9 million, driven mainly by the 2010-2C Tower Securities maturing in April 2017. Net cash provided by operating activities was $354.6 million for the six months. The company repurchased 1.5 million Class A shares for $150.0 million during the six months and had $550.0 million of repurchase authorization remaining. Subsequent events include the July 2016 issuance of $700.0 million of 2.877% Secured Tower Revenue Securities (Series 2016-1C), used to repay the $550.0 million 2010-2C Tower Securities, and the August 1, 2016 pricing of $1.1 billion of 4.875% senior notes due 2024, intended to redeem $800.0 million of the 5.75% Senior Notes and $250.0 million of the 5.625% Senior Notes. As of June 30, 2016, the company owned 25,670 towers, with site leasing contributing 98.5% of segment operating profit for the six months.

    Aug 9, 2016
  32. 2016-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2016

    SBA Communications Corporation (SBAC) reported first-quarter 2016 total revenues of $399.8 million, down from $410.1 million in the prior-year quarter, as site development revenue fell to $25.3 million from $40.4 million while site leasing revenue rose to $374.5 million from $369.7 million. Net income was $53.6 million, or $0.43 per diluted share, compared with a net loss of $79.0 million, or $(0.61) per share, in the first quarter of 2015. The swing was driven mainly by other income of $45.9 million, primarily a $44.8 million gain on remeasurement of intercompany loans, versus an $84.0 million loss in the prior-year period. Operating income rose to $97.6 million from $89.1 million. The balance sheet shows total assets of $7.37 billion and a total shareholders' deficit of $1.63 billion at March 31, 2016. Long-term debt, net, was $8.45 billion, and total debt principal was $8.57 billion. Cash provided by operating activities was $144.9 million, while cash capital expenditures totaled $127.9 million and acquisitions totaled $91.8 million in cash. Subsequent to quarter end, the company acquired 31 towers for $32.5 million and repaid the $20.0 million outstanding on its revolving credit facility. The company repurchased 0.5 million Class A shares for $50.0 million during the quarter and had $650.0 million of repurchase authorization remaining. Management expects 2016 discretionary cash capital expenditures of $255.0 million to $275.0 million, plus non-discretionary capital expenditures of $30.0 million to $40.0 million. Adjusted EBITDA was $274.7 million, up from $271.0 million, and site leasing represented 98.2% of total segment operating profit.

    May 10, 2016
  33. 2015-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2015

    SBA Communications Corporation reported a widening net loss for the third quarter and first nine months of 2015. Net loss was $155.9 million for the three months ended September 30, 2015 (versus $16.6 million in the prior year), and $206.7 million for the nine months (versus $24.7 million). The main drivers cited are a $112.1 million foreign exchange loss on remeasurement of an intercompany loan with a Brazilian subsidiary, a $56.7 million impairment charge on fiber assets acquired in the 2012 Mobilitie transaction, and higher depreciation, accretion, and amortization. Revenue grew, with total revenues of $410.7 million for the quarter (up 4.4%) and $1.23 billion for the nine months (up 9.7%), led by site leasing. Adjusted EBITDA rose to $275.2 million for the quarter and $820.5 million for the nine months. The balance sheet shows a shareholders' deficit of $1.70 billion at September 30, 2015, compared with $660.8 million at year-end 2014, driven by a $400.1 million share repurchase, a $150.9 million warrant settlement, and $319.0 million of foreign currency translation losses. Total debt principal was $8.5 billion, and the company ended the quarter with $73.3 million of cash and cash equivalents. Operating cash flow was $534.7 million for the nine months, and cash capital expenditures totaled $571.0 million. Subsequent to quarter end, the company issued $500.0 million of 3.156% Secured Tower Revenue Securities due 2045 on October 14, 2015, and used the proceeds to repay the $280.0 million balance on its Revolving Credit Facility. The company also has $750.0 million remaining under its $1.0 billion stock repurchase program.

    Nov 9, 2015
  34. 2015-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2015

    SBA Communications Corporation (SBAC) reported a net loss for the six months ended June 30, 2015 of $50.7 million, compared with a net loss of $8.1 million in the prior-year period, while revenue grew to $820.8 million from $729.0 million. The increase in revenue was driven largely by site leasing, with domestic site leasing revenue up $53.1 million and international site leasing revenue up $37.3 million for the six months. The company attributes the larger loss mainly to a $68.3 million foreign exchange loss on remeasuring an intercompany loan with a Brazilian subsidiary, along with higher interest expense, selling, general and administrative expenses, and depreciation, accretion and amortization. Adjusted EBITDA rose to $545.3 million for the six months from $477.7 million. Balance sheet and capital activity were notable in the period. Total assets were $7.75 billion at June 30, 2015, and total shareholders' deficit was $1.13 billion. Total debt principal was $8.27 billion, including a new $500.0 million 2015 Term Loan issued June 10, 2015. The company repurchased $150.0 million of Class A common stock, completing its $300.0 million plan, and authorized a new $1.0 billion repurchase plan, of which $900.3 million remained after subsequent repurchases of $99.7 million. Cash provided by operating activities was $375.5 million for the six months, while cash capital expenditures totaled $441.5 million, including $265.7 million for acquisitions. Looking ahead, the company expects 2015 discretionary cash capital expenditures of $580.0 million to $600.0 million, plus non-discretionary capital expenditures of $30.0 million to $35.0 million. Management believes cash on hand, revolver availability, operating cash flow and future financings will be sufficient to service debt over the next twelve months. Subsequent to June 30, 2015, the company acquired 19 towers for $28.4 million and borrowed an additional $130.0 million under its Revolving Credit Facility, bringing the balance outstanding to $170.0 million as of the filing date.

    Aug 6, 2015
  35. 2015-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2015

    SBA Communications Corporation reported a net loss of $79.0 million, or $0.61 per basic and diluted share, for the three months ended March 31, 2015, compared with net income of $1.4 million, or $0.01 per share, in the prior-year quarter. Total revenues rose to $410.1 million from $345.6 million, driven by site leasing revenue of $369.7 million and site development revenue of $40.4 million. Operating income increased to $89.1 million from $67.1 million. The swing to a loss was primarily due to an $84.0 million foreign exchange loss on remeasurement of a U.S. dollar denominated intercompany loan with a Brazilian subsidiary, which is recorded in other expense and is non-cash in nature, as reflected in the cash flow statement add-back of $83,995 thousand. Adjusted EBITDA, a non-GAAP measure the company uses for covenant compliance, was $271.0 million versus $226.7 million a year earlier. Cash provided by operating activities was $178.4 million, while cash used in investing activities was $121.6 million, including $53.3 million in acquisitions and $68.1 million in capital expenditures. Total assets declined to $7.53 billion from $7.84 billion, and shareholders' deficit widened to $1.04 billion from $660.8 million, largely due to $135.2 million paid to settle common stock warrants and a $174.5 million foreign currency translation loss in other comprehensive loss. Total debt principal stood at $7.97 billion at quarter-end. The company borrowed $135.0 million and repaid $25.0 million on its revolving credit facility, leaving $235.0 million outstanding against a $1.0 billion facility, with $765.0 million available under covenants. Management stated it believes cash on hand, revolver capacity, operating cash flows and future financings will be sufficient to service debt over the next twelve months.

    May 8, 2015
  36. 2014-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2014

    SBA Communications Corporation (SBAC) reported a net loss of $16.6 million for the third quarter of 2014, compared with net income of $21.5 million in the prior-year quarter, on total revenues of $393.3 million (up from $332.1 million). For the nine months ended September 30, 2014, revenues were $1.12 billion and the net loss was $24.7 million. Site leasing revenue drove growth, with international site leasing revenue rising to $55.2 million for the quarter from $19.9 million, reflecting the Oi S.A. tower acquisition that closed March 31, 2014. Adjusted EBITDA was $254.3 million for the quarter, up from $203.7 million. Interest expense of $78.2 million and loss from extinguishment of debt of $14.9 million weighed on results in the quarter. The balance sheet expanded substantially as the company funded acquisitions with debt. Total assets were $7.81 billion at September 30, 2014, up from $6.78 billion at December 31, 2013, while total shareholders' deficit was $(297.6) million, compared with equity of $357.0 million at year-end 2013. Long-term debt was $6.47 billion and current maturities of long-term debt were $1.08 billion, largely the 4.0% Convertible Senior Notes due October 1, 2014. Cash and cash equivalents rose to $450.3 million. Net cash provided by operating activities was $503.2 million for the nine months, while acquisitions used $1.05 billion. Subsequent to quarter-end, the company issued $1.54 billion of 2014 Tower Securities with a blended interest rate of 3.289%, used the proceeds to prepay the 2010-1 Tower Securities and repay the $300.0 million outstanding Revolving Credit Facility balance, and settled the 4.0% Notes on October 1, 2014. The company also disclosed a pending acquisition of additional sites from Oi for R$1.2 billion (approximately $470.3 million at current exchange rates), expected to close before year-end.

    Nov 7, 2014
  37. 2014-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2014

    SBA Communications Corporation reported a net loss of $9.5 million for the three months ended June 30, 2014, narrowing from a loss of $35.9 million a year earlier, and a six-month net loss of $8.1 million versus $58.3 million in the prior-year period. Total revenues grew to $383.4 million for the quarter (up from $324.3 million) and $729.0 million for the six months (up from $637.4 million). Operating income rose to $83.3 million for the quarter from $49.5 million. Growth was driven by domestic and international site leasing, with international site leasing revenue rising sharply after the Oi S.A. tower acquisition closed on March 31, 2014. Adjusted EBITDA was $251.1 million for the quarter, up from $196.4 million. The balance sheet expanded substantially. Total assets were $7.56 billion at June 30, 2014, compared with $6.78 billion at December 31, 2013, and total debt principal was $6.87 billion. Shareholders' equity fell to $159.3 million from $357.0 million, largely due to $276.2 million paid to settle warrants. Cash and cash equivalents declined to $107.7 million. The company funded its growth with a $1.5 billion 2014 Term Loan and, after the period end, a $750.0 million 4.875% Senior Notes offering due 2022, which was used to redeem the 8.25% Notes and settle a portion of the 4.0% Convertible Senior Notes due October 2014. Management expects 2014 discretionary cash capital expenditures of $1,732.0 million to $1,762.0 million, including the pending acquisition of 1,641 sites from Oi for approximately $527.0 million at current exchange rates. Management states it believes cash on hand, revolver availability, operating cash flow and future financings will be sufficient to service debt over the next twelve months, with $1,355.4 million of estimated debt service in that period.

    Aug 5, 2014
  38. 2014-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2014

    SBA Communications Corporation reported first-quarter 2014 net income of $1.4 million, compared with a net loss of $22.4 million in the prior-year quarter. Total revenues rose to $345.6 million from $313.1 million, driven by site leasing revenue of $309.3 million (up from $273.5 million), while site development revenue fell to $36.2 million from $39.6 million. Operating income was $67.1 million versus $56.8 million, and Adjusted EBITDA was $226.7 million versus $187.7 million. Other income of $18.4 million, largely a $17.9 million gain on foreign currency forward contracts hedging the Oi S.A. acquisition, helped results. The company's balance sheet expanded substantially during the quarter. Total assets increased to $7.79 billion from $6.78 billion at December 31, 2013, primarily from the March 31, 2014 acquisition of 2,007 towers in Brazil from Oi S.A. for $673.9 million. Long-term debt rose to $6.37 billion from $5.39 billion, reflecting a new $1.5 billion 2014 Term Loan maturing in 2021, which was used to refinance the 2011 and 2012-2 Term Loans, repay the revolver, and fund the Oi acquisition. Cash and cash equivalents increased to $322.9 million, and shareholders' equity rose to $396.2 million. Cash flow from operations was $179.0 million, up from $94.2 million. The company expects 2014 discretionary cash capital expenditures of $1,160.0 million to $1,190.0 million, funded from cash on hand, operating cash flow and revolver borrowings. The 4.0% Convertible Senior Notes due October 2014 remain a near-term obligation, with $121.3 million in principal conversion notices received after quarter end, to be settled in cash and shares in the second quarter of 2014.

    May 9, 2014
  39. 2013-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2013

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2013 shows continued rapid growth in its tower business alongside a significant restructuring of its capital structure. Total revenues for the nine months ended September 30, 2013 were $969.5 million, up from $660.2 million a year earlier, with site leasing revenue of $840.5 million and site development revenue of $129.0 million. Operating income rose to $170.2 million from $116.1 million, but the company still reported a net loss attributable to SBA of $36.7 million for the nine months, narrowed from a $128.5 million loss. For the third quarter alone, the company reported net income of $21.5 million, compared with a net loss of $52.4 million in the prior-year quarter. Third-quarter revenue was $332.1 million, and Adjusted EBITDA was $203.7 million. The balance sheet and financing activity were central to the period. In April 2013 the company issued $1.33 billion of Secured Tower Revenue Securities at a blended rate of 3.218%, and used the proceeds to settle its 1.875% Convertible Senior Notes, which required $794.8 million in cash for converted notes, and to repay portions of its term loans and revolver. Total debt stood at $5.69 billion principal as of September 30, 2013, and shareholders' equity declined to $448.4 million from $653.0 million at December 31, 2012. Cash and cash equivalents fell to $189.4 million. During the quarter the company acquired 279 completed towers and recorded a $54.1 million purchase price allocation reclassification, and it expects discretionary capital expenditures of $423.0 million to $443.0 million for the remainder of 2013. The filing also reports that the Sixth Amendment to the Senior Credit Agreement, signed August 27, 2013, raised the maximum Consolidated Total Debt to Annualized Borrower EBITDA covenant from 6.0x to 6.5x, and that management believes cash on hand, revolver availability of $770.0 million and operating cash flows will cover debt service over the next twelve months, which the company estimates at $261.9 million.

    Nov 7, 2013
  40. 2013-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2013

    SBA Communications Corporation's second-quarter 2013 Form 10-Q reports total revenues of $324.3 million for the three months ended June 30, 2013, up from $229.1 million a year earlier, and $637.4 million for the six months, up from $421.6 million. Site leasing revenue was $279.5 million for the quarter, and site leasing contributed approximately 96% of total segment operating profit for the year-to-date period. The company still posted a net loss of $35.9 million for the quarter and $58.3 million for the six months, though both were narrower than the prior-year losses. The balance sheet reflects a major refinancing. In April 2013 SBA issued $1.33 billion of 2013 Tower Securities with a blended rate of 3.218%, and it used the proceeds to settle its 1.875% Convertible Senior Notes in cash, repay the Revolving Credit Facility balance, and prepay $310.7 million of the 2011 Term Loan and $189.3 million of the 2012-2 Term Loan. Total debt principal was $5.69 billion at June 30, 2013, against $5.44 billion at December 31, 2012, and shareholders' equity fell to $435.7 million from $653.0 million, largely due to the settlement of convertible notes and related hedge and warrant transactions. Cash and cash equivalents ended the period at $189.4 million. Operating cash flow was $228.2 million for the six months, compared with $148.8 million a year earlier, while capital expenditures and acquisitions were substantial. The company reported 17,587 owned tower sites as of June 30, 2013, and expects to build 380 to 400 new towers in 2013. Adjusted EBITDA, a non-GAAP measure, was $196.4 million for the quarter and $384.1 million for the six months.

    Aug 6, 2013
  41. 2013-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2013

    SBA Communications Corporation's first-quarter 2013 Form 10-Q reports total revenues of $313.1 million for the three months ended March 31, 2013, up from $192.5 million a year earlier, driven mainly by site leasing revenue of $273.5 million (versus $172.9 million). Operating income rose to $56.8 million from $40.3 million, but the company still posted a net loss of $22.4 million, or $0.18 per share, compared with a net loss of $22.7 million in the prior-year period. Adjusted EBITDA, a non-GAAP measure the filing defines, was $187.7 million versus $121.5 million. Site leasing accounted for 96.7% of total segment operating profit for the period. Balance sheet and liquidity changed significantly in the quarter. Cash and cash equivalents fell to $122.2 million from $233.1 million at year-end 2012, largely reflecting $209.5 million of acquisition and related earn-out spending, including $175.9 million tied to the Brazil acquisition closed in the fourth quarter of 2012. Total debt principal was $5.43 billion at March 31, 2013. The filing also details subsequent events: on April 18, 2013 the company issued $1.33 billion of Secured Tower Revenue Securities at a blended rate of 3.218%, and used the proceeds to repay the $100 million revolver balance, $310.7 million of the 2011 Term Loan, and $189.3 million of the 2012-2 Term Loan, with the remainder going toward settling the 1.875% Convertible Senior Notes due May 1, 2013. The filing also notes that the company converted and settled its 1.875% convertible notes in cash beginning February 4, 2013, and that it expects to fund remaining 2013 discretionary capital expenditures from cash on hand, operating cash flow and revolver borrowings. The company had $670.0 million of revolver availability at March 31, 2013, subject to financial ratio compliance.

    May 10, 2013
  42. 2012-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2012

    SBA Communications Corporation's third-quarter 2012 Form 10-Q shows a company in an aggressive growth phase, financed heavily with debt and equity. Total assets rose to $6.08 billion at September 30, 2012, from $3.61 billion at December 31, 2011, while total long-term liabilities reached $4.94 billion. Cash and cash equivalents stood at $1.44 billion, reflecting proceeds from new notes, tower securities, term loans and an equity offering raised ahead of the October 1, 2012 TowerCo II Holdings LLC acquisition, which the filing says cost $1.2 billion in cash plus 4.6 million Class A shares. Operating performance improved. Total revenues were $238.6 million for the third quarter of 2012 versus $175.5 million a year earlier, and $660.2 million for the nine months versus $514.4 million. Site leasing revenue was $208.8 million for the quarter, and the filing states site leasing accounted for 97.2% of total segment operating profit for the quarter. Adjusted EBITDA was $146.6 million for the quarter versus $112.5 million. However, the company still reported a net loss of $52.7 million for the quarter and $128.8 million for the nine months, driven by interest expense, non-cash interest, depreciation, accretion and amortization, and a $22.6 million loss on debt extinguishment in the quarter. Shareholders' equity turned positive at $440.5 million, up from a deficit of $11.3 million at year-end 2011, mainly due to share issuances. Debt totaled $5.31 billion principal-based carrying value at September 30, 2012, with $529.6 million classified as current, largely the 1.875% convertible notes maturing May 1, 2013. The company also reported that its 4.0% and 1.875% convertible notes were convertible by holders at quarter-end, and that the Revolving Credit Facility had $700.0 million of availability with no balance outstanding.

    Nov 8, 2012
  43. 2012-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2012

    SBA Communications Corporation reported a net loss attributable to SBA Communications Corporation of $53.5 million for the three months ended June 30, 2012, compared with $29.8 million a year earlier, and $76.1 million for the six months ended June 30, 2012, compared with $64.1 million. Total revenues rose to $229.1 million for the quarter from $171.1 million, driven largely by site leasing revenue of $203.6 million. The increase reflected towers acquired through the Mobilitie acquisition, completed on April 2, 2012 for $1.1 billion ($850.0 million in cash plus 5,250,000 Class A shares valued at $263.3 million). Operating income for the quarter was $34.7 million, and Adjusted EBITDA was $142.9 million for the three months ended June 30, 2012 versus $109.5 million a year earlier. Net losses were driven by a $27.1 million loss on extinguishment of debt, $15.8 million of acquisition related expenses and higher interest expense. The balance sheet expanded significantly, with total assets of $4.79 billion at June 30, 2012 versus $3.61 billion at December 31, 2011, and total shareholders' equity rising to $480.2 million from a deficit of $11.3 million. Current maturities of debt increased to $918.0 million, primarily reflecting the $535.0 million 1.875% Convertible Senior Notes due 2013 and the $400.0 million Mobilitie Bridge Loan. Subsequent to June 30, 2012, the company agreed to acquire TowerCo affiliates owning 3,252 tower sites for $1.2 billion in cash and 4.6 million Class A shares, expected to close in the fourth quarter of 2012. The company also agreed to sell certain DAS assets to ExteNet Systems for $100 million in cash and a $25 million promissory note, and issued $800 million of 5.75% Senior Notes due 2020 on July 13, 2012 to repay the Mobilitie Bridge Loan and the Revolving Credit Facility. The filing reports 13,122 owned tower sites as of June 30, 2012, and site leasing accounted for 88.8% of quarterly revenues. Cash and cash equivalents were $86.7 million at quarter end, and $416.0 million was available under the Revolving Credit Facility. Management stated that cash on hand and operating cash flows for the next twelve months would be sufficient to service outstanding debt.

    Aug 7, 2012
  44. 2012-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2012

    SBA Communications Corporation reported a first-quarter 2012 net loss attributable to the company of $22.6 million, or $0.20 per share, compared with a net loss of $34.3 million, or $0.30 per share, in the first quarter of 2011. Total revenues rose to $192.5 million from $167.7 million, driven by site leasing revenue of $172.9 million, up from $146.5 million. Operating income increased to $40.3 million from $23.9 million, and Adjusted EBITDA rose to $121.5 million from $105.6 million, as stated in the filing. The balance sheet strengthened during the quarter. Cash and cash equivalents increased to $525.6 million from $47.3 million at December 31, 2011, primarily reflecting a March 2012 sale of 6,005,000 Class A common shares for proceeds of $283.9 million net of fees and $200.0 million of revolving credit borrowings. Total shareholders' equity moved to $259.6 million from a deficit of $11.3 million, and total debt was $3.57 billion. Operating cash flow was $66.0 million. Subsequent to quarter end, the company completed the Mobilitie acquisition on April 2, 2012, paying $850.0 million in cash and 5,250,000 Class A shares for 2,275 towers with 42 more in development, plus DAS assets. The cash consideration was funded through a $400 million bridge loan maturing April 1, 2013 and additional revolver borrowings, and the revolving facility was upsized to $600 million. The company also used April 2012 equity proceeds to redeem $131.3 million each of its 8.0% 2016 and 8.25% 2019 senior notes.

    May 7, 2012
  45. 2011-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2011

    SBA Communications Corporation's Form 10-Q for the quarter ended September 30, 2011 shows total revenues of $175.5 million for the third quarter, up from $158.6 million a year earlier, and $514.4 million for the nine months. Site leasing is the core business, generating $154.5 million of third-quarter revenue and accounting for approximately 97.6% of year-to-date total segment operating profit. Operating income rose to $27.6 million in the quarter and $78.7 million year to date, while the company still reported a net loss attributable to SBA Communications Corporation of $33.3 million for the quarter and $97.4 million for the nine months. Adjusted EBITDA, a non-GAAP measure the company defines in the filing, was $112.5 million for the quarter and $327.6 million for the nine months. The balance sheet expanded during the period. Total assets reached $3.61 billion, and long-term debt rose to $3.33 billion, driven by a $500.0 million senior secured Term Loan issued June 30, 2011 and $250.0 million of revolver borrowings during the first half, which were repaid from the Term Loan proceeds. Shareholders' equity fell to $6.3 million from $317.1 million at year-end 2010, reflecting $225.1 million of share repurchases in the nine months. Cash and cash equivalents increased to $179.3 million. The company reported it was in full compliance with the financial covenants under its Credit Agreement as of September 30, 2011. Investors should note the company's capital deployment: during the nine months it acquired 388 completed towers for $189.8 million in cash, and cash capital expenditures totaled $306.0 million. The company also repurchased $15.0 million of its 1.875% Convertible Senior Notes and reported a remaining $150.0 million authorization under its $300.0 million stock repurchase program. The filing states that the company believes cash on hand and operating cash flows will be sufficient to service its debt over the next twelve months.

    Nov 4, 2011
  46. 2011-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2011

    SBA Communications Corporation's second-quarter 2011 Form 10-Q, filed August 5, 2011, shows revenue growth and a narrowing net loss, alongside a sizable increase in debt and a sharp drop in shareholders' equity driven by share buybacks. Total revenues were $171.1 million for the three months ended June 30, 2011, up from $154.5 million a year earlier, with site leasing revenue of $150.2 million (up $18.4 million) as the main driver. Operating income rose to $27.2 million from $20.0 million, and net loss attributable to the company narrowed to $29.8 million from $83.7 million, largely because the prior-year period included a $48.9 million loss on debt extinguishment. Site leasing segment operating profit was $118.1 million for the quarter. The balance sheet changed meaningfully in the first half of 2011. Cash and cash equivalents rose to $277.7 million from $64.3 million at December 31, 2010, and long-term debt increased to $3.32 billion from $2.83 billion. On June 30, 2011, the company entered into an amended credit agreement that extended its $500.0 million revolving credit facility to 2016 and added a new $500.0 million term loan maturing in 2018. Total shareholders' equity fell to $112.9 million from $317.1 million, reflecting $150.1 million of share repurchases in the first half. Cash from operations was $123.0 million for the six months, while the company spent $166.0 million on acquisitions and related earn-outs and $55.7 million on capital expenditures. The company reported 9,574 tower sites owned at June 30, 2011, and acquired 306 completed towers in the first half of 2011. Management states it was in full compliance with the financial covenants of its credit agreement as of June 30, 2011, and believes cash on hand and operating cash flows will be sufficient to service debt over the next twelve months. Investors should note that the company's convertible note hedge covers only about half of the 1.875% Notes, leaving dilution exposure above the $41.46 conversion price.

    Aug 5, 2011
  47. 2011-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2011

    SBA Communications Corporation's first-quarter 2011 Form 10-Q reports total revenues of $167.7 million, up from $147.97 million in the prior-year quarter, with site leasing revenue of $146.5 million making up the bulk of that. Operating income rose to $23.9 million from $16.9 million, but the company still posted a net loss attributable to SBA Communications of $34.3 million, or $0.30 per share, compared with a loss of $37.3 million a year earlier. Adjusted EBITDA was $105.6 million versus $91.4 million, and cash provided by operating activities was $53.2 million versus $37.4 million. The balance sheet shows growth in the tower portfolio, which reached 9,290 owned tower sites at March 31, 2011, including 166 acquired towers during the quarter. Total assets were $3.47 billion and long-term debt rose to $3.00 billion from $2.83 billion, mainly because the company borrowed $175.0 million under its 2010 Credit Facility. Shareholders' equity fell to $213.1 million from $317.1 million, reflecting $75.0 million of share repurchases during the quarter. Management stated that cash on hand and operating cash flow are expected to cover debt service for the next twelve months. The company also expects 2011 discretionary capital expenditures of $275.0 million to $295.0 million, and in April 2011 its board replaced the $250.0 million repurchase program with a new $300.0 million program. The filing discloses that AT&T's announced intent to acquire T-Mobile USA could lead to non-renewal of some overlapping tenant leases.

    May 6, 2011
  48. 2010-Q3

    Sba Communications Quarterly Report for Q3 Ended Sep 30, 2010

    SBA Communications Corporation's 10-Q for the quarter ended September 30, 2010 shows total revenues of $158.6 million for the third quarter, up from $139.3 million a year earlier, and $461.1 million for the first nine months, up from $410.5 million. Site leasing revenue was $135.7 million in the quarter and represented 97.6% of year-to-date total segment operating profit. Operating income rose to $20.7 million for the quarter from $15.0 million, but the company still reported a net loss attributable to SBA of $34.5 million for the quarter and $155.5 million for the nine months, largely due to a $49.1 million loss on extinguishment of debt tied to the repayment of the 2006 CMBS Certificates. The balance sheet grew to $3.42 billion in total assets, with long-term debt rising to $2.79 billion from $2.46 billion at year-end 2009. This reflects the April 2010 issuance of $1.23 billion of Secured Tower Revenue Securities, which refinanced $938.6 million of 2006 CMBS Certificates. Shareholders' equity fell to $371.9 million from $599.9 million, driven by the net loss and $97.1 million of share repurchases. Cash and cash equivalents were $197.2 million at quarter end, and the company reported that it had $500.0 million of availability under its 2010 Credit Facility. During the period the company acquired 307 completed towers year to date for about $150.7 million in cash, and it owned 8,705 tower sites at September 30, 2010. Management stated that cash on hand and operating cash flows should be sufficient to service debt over the next twelve months. The company also disclosed that on October 5, 2010 it elected to settle its 0.375% Convertible Senior Notes due December 2010 entirely in cash.

    Nov 4, 2010
  49. 2010-Q2

    Sba Communications Quarterly Report for Q2 Ended Jun 30, 2010

    SBA Communications Corporation's 10-Q for the quarter ended June 30, 2010 shows continued revenue growth but a widening net loss driven largely by debt refinancing. Total revenues were $154.5 million for the second quarter of 2010 versus $136.2 million a year earlier, and $302.5 million for the six months versus $271.2 million. Site leasing, the core business, generated $131.7 million of quarterly revenue and contributed approximately 97.6% of year-to-date total segment operating profit. Operating income rose to $20.0 million for the quarter from $13.6 million, but the company posted a net loss attributable to SBA of $83.7 million for the quarter and $121.0 million for the six months, versus losses of $29.4 million and $47.3 million (net loss attributable to SBA for the six months in 2009 was $47.3 million) in the prior-year periods. The main driver of the quarterly loss was a $48.9 million loss on extinguishment of debt, tied to the April 16, 2010 repayment of $938.6 million of 2006 CMBS Certificates, funded by the issuance of $1.23 billion of Secured Tower Revenue Securities (2010-1 at 4.254% and 2010-2 at 5.101%, weighted average coupon 4.6%). Interest expense, non-cash interest expense and depreciation, accretion and amortization all increased year over year. Total debt was $2.81 billion at June 30, 2010, up from $2.49 billion at December 31, 2009, and shareholders' equity fell to $397.8 million from $599.9 million, reflecting the net loss and $97.1 million of share repurchases. Liquidity remained supported by $227.9 million of cash and cash equivalents and an undrawn $500.0 million 2010 Credit Facility. Cash provided by operating activities was $98.1 million for the six months, while cash used in investing activities was $171.0 million, mainly for tower acquisitions (221 completed towers in the first half, including 102 in Panama) and capital expenditures. Management stated that cash on hand and operating cash flows should be sufficient to service debt for the next twelve months.

    Aug 4, 2010
  50. 2010-Q1

    Sba Communications Quarterly Report for Q1 Ended Mar 31, 2010

    SBA Communications Corporation's first-quarter 2010 10-Q reports total revenues of $147.97 million, up from $135.05 million a year earlier, with site leasing revenue of $127.97 million and site leasing representing 86.5% of total revenues. Operating income rose to $16.89 million from $14.35 million, but the company posted a net loss attributable to SBA of $37.33 million, or $0.32 per share, compared with a net loss of $17.89 million, or $0.15 per share, in the prior-year quarter. The filing attributes the larger loss mainly to higher interest expense ($37.12 million versus $26.82 million), higher non-cash interest expense ($14.87 million versus $8.85 million) and higher depreciation, accretion and amortization ($67.45 million versus $63.65 million). Adjusted EBITDA increased $9.7 million to $91.4 million. Total assets were $3.27 billion at March 31, 2010, and total long-term debt was $2.47 billion, with cash and cash equivalents of $118.3 million. Operating cash flow was $37.4 million, compared with $49.3 million a year earlier, and the company made $72.8 million of net investing outlays, including $32.3 million for an equity interest in Extenet Systems, Inc. and acquisitions of 36 towers. Subsequent to quarter end, SBA completed a major refinancing: on April 16, 2010, it issued $1.23 billion of Secured Tower Revenue Securities (weighted average fixed coupon of 4.6%) and used the proceeds to repay the $938.6 million 2006 CMBS Certificates and pay $38.5 million in prepayment consideration and fees. The company also reported acquiring 145 towers after quarter end, including 102 in Panama, for approximately $50.0 million in cash.

    May 7, 2010