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Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 001-16853

SBA COMMUNICATIONS CORPORATION

(Exact name of Registrant as specified in its charter)

Florida

65-0716501

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

8051 Congress Avenue

Boca Raton, Florida

33487

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (561995-7670

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Class A Common Stock, $0.01 par value per share

SBAC

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x    No  ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x   No  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated Filer

¨

Non-Accelerated Filer

¨

Smaller Reporting Company

¨

Emerging Growth Company

¨

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ¨    No  x

Indicate the number of shares outstanding of each issuer’s classes of common stock, as of the latest practicable date: 107,887,031 shares of Class A common stock as of October 25, 2023.


Table of Contents

Table of Contents

 

 

Page

PART I – FINANCIAL INFORMATION 

Item 1.

Financial Statements

 

Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022

1

Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2023 and 2022

2

Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2023 and 2022

3

Consolidated Statement of Shareholders’ Deficit (unaudited) for the three and nine months ended September 30, 2023 and 2022

4

Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2023 and 2022

6

Condensed Notes to Consolidated Financial Statements (unaudited)

8

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

44

PART II – OTHER INFORMATION 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 5.

Other Information

44

Item 6.

Exhibits

45

SIGNATURES

46


Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except par values)

September 30,

December 31,

2023

2022

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$

190,545

$

143,708

Restricted cash

37,221

41,959

Accounts receivable, net

158,333

184,368

Costs and estimated earnings in excess of billings on uncompleted contracts

28,334

79,549

Prepaid expenses and other current assets

45,550

33,149

Total current assets

459,983

482,733

Property and equipment, net

2,700,717

2,713,727

Intangible assets, net

2,523,620

2,776,472

Operating lease right-of-use assets, net

2,315,868

2,381,955

Acquired and other right-of-use assets, net

1,488,762

1,507,781

Other assets

845,231

722,373

Total assets

$

10,334,181

$

10,585,041

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS,

AND SHAREHOLDERS' DEFICIT

Current Liabilities:

Accounts payable

$

46,613

$

51,427

Accrued expenses

92,700

101,484

Current maturities of long-term debt

24,000

24,000

Deferred revenue

175,804

154,553

Accrued interest

30,106

54,173

Current lease liabilities

272,435

262,365

Other current liabilities

21,490

48,762

Total current liabilities

663,148

696,764

Long-term liabilities:

Long-term debt, net

12,491,102

12,844,162

Long-term lease liabilities

1,979,150

2,040,628

Other long-term liabilities

332,220

248,067

Total long-term liabilities

14,802,472

15,132,857

Redeemable noncontrolling interests

35,047

31,735

Shareholders' deficit:

Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding

Common stock - Class A, par value $0.01, 400,000 shares authorized, 108,120 shares and

107,997 shares issued and outstanding at September 30, 2023 and December 31, 2022,

respectively

1,081

1,080

Additional paid-in capital

2,848,463

2,795,176

Accumulated deficit

(7,421,725)

(7,482,061)

Accumulated other comprehensive loss, net

(594,305)

(590,510)

Total shareholders' deficit

(5,166,486)

(5,276,315)

Total liabilities, redeemable noncontrolling interests, and shareholders' deficit

$

10,334,181

$

10,585,041

The accompanying condensed notes are an integral part of these consolidated financial statements.

1


Table of Contents

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (in thousands, except per share amounts)

For the three months

For the nine months

ended September 30,

ended September 30,

2023

2022

2023

2022

Revenues:

Site leasing

$

637,440

$

587,302

$

1,880,851

$

1,726,967

Site development

45,104

88,282

155,709

220,393

Total revenues

682,544

675,584

2,036,560

1,947,360

Operating expenses:

Cost of revenues (exclusive of depreciation, accretion,

and amortization shown below):

Cost of site leasing

118,277

112,013

353,411

330,682

Cost of site development

31,493

65,540

114,914

165,809

Selling, general, and administrative expenses (1)

64,821

65,843

200,412

191,241

Acquisition and new business initiatives related

adjustments and expenses

5,612

6,844

16,622

18,776

Asset impairment and decommission costs

33,063

8,532

92,320

25,565

Depreciation, accretion, and amortization

180,674

173,825

544,909

524,541

Total operating expenses

433,940

432,597

1,322,588

1,256,614

Operating income

248,604

242,987

713,972

690,746

Other income (expense):

Interest income

5,266

2,858

12,765

6,878

Interest expense

(99,322)

(86,961)

(301,835)

(253,528)

Non-cash interest expense

(7,898)

(11,528)

(29,655)

(34,582)

Amortization of deferred financing fees

(5,097)

(4,955)

(15,129)

(14,758)

Other (expense) income, net

(48,330)

(39,756)

29,961

2,262

Total other expense, net

(155,381)

(140,342)

(303,893)

(293,728)

Income before income taxes

93,223

102,645

410,079

397,018

Provision for income taxes

(7,861)

(2,883)

(22,192)

(39,797)

Net income

85,362

99,762

387,887

357,221

Net loss attributable to noncontrolling interests

2,057

247

4,397

929

Net income attributable to SBA Communications

Corporation

$

87,419

$

100,009

$

392,284

$

358,150

Net income per common share attributable to SBA

Communications Corporation:

Basic

$

0.81

$

0.93

$

3.62

$

3.32

Diluted

$

0.80

$

0.91

$

3.60

$

3.27

Weighted-average number of common shares

Basic

108,373

107,916

108,288

107,950

Diluted

108,891

109,358

109,017

109,416

(1)Includes non-cash compensation of $20,615 and $24,945 for the three months ended September 30, 2023 and 2022, respectively, and $63,709 and $72,309 for the nine months ended September 30, 2023 and 2022, respectively.

The accompanying condensed notes are an integral part of these consolidated financial statements.

2


Table of Contents

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited) (in thousands)

For the three months

For the nine months

ended September 30,

ended September 30,

2023

2022

2023

2022

Net income

$

85,362

$

99,762

$

387,887

$

357,221

Adjustments related to interest rate swaps

(9,489)

53,336

(16,561)

162,491

Foreign currency translation adjustments

(29,688)

(40,757)

11,867

(14,277)

Comprehensive income

46,185

112,341

383,193

505,435

Comprehensive loss attributable to noncontrolling interests

2,499

247

5,296

1,130

Comprehensive income attributable to SBA

Communications Corporation

$

48,684

$

112,588

$

388,489

$

506,565

The accompanying condensed notes are an integral part of these consolidated financial statements.


3


Table of Contents

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)

Accumulated

Class A

Additional

Other

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Shareholders'

Shares

Amount

Capital

Deficit

Loss, Net

Deficit

BALANCE, June 30, 2023

108,381 

$

1,084 

$

2,824,994 

$

(7,362,838)

$

(555,570)

$

(5,092,330)

Net income attributable to SBA

Communications Corporation

87,419

87,419

Common stock issued in connection with equity

awards and stock purchase plans, offset

by the impact of net share settlements

11 

1,655 

1,655 

Non-cash stock compensation

21,787 

21,787 

Adjustments related to interest rate swaps

(9,489)