10-Q Filing

SBA COMMUNICATIONS CORP CIK: 1034054 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001034054-16-000020`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	sbac-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 50 Cash Flow Statement 68 Stockholders Equity 10 Comprehensive Income 6

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$118.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$62.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.44M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$25.14M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$25.35M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$708.00K	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$706.00K	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.23M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.68M	USD	Point-in-time
Accounts receivable, net of allowance of $2,235 and $1,681 at March 31, 2016 and December 31, 2015, respectively	`AccountsReceivableNetCurrent`	$87.58M	USD	Point-in-time
Accounts receivable, net of allowance of $2,235 and $1,681 at March 31, 2016 and December 31, 2015, respectively	`AccountsReceivableNetCurrent`	$83.33M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$16.93M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$12.68M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$49.60M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$53.18M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$293.96M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$282.55M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.78B	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.80B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.76B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.74B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$501.25M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$522.39M	USD	Point-in-time
Total assets	`Assets`	$7.31B	USD	Point-in-time
Total assets	`Assets`	$7.37B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$56.66M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$63.76M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$87.28M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$97.08M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$53.37M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$38.81M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$12.06M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$233.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$273.37M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$8.43B	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$8.45B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$316.87M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$313.68M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$8.77B	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$8.75B	USD	Point-in-time
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock - Class A, par value $.01, 400,000 shares authorized, 125,512 and 125,743 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$1.25M	USD	Point-in-time
Common stock - Class A, par value $.01, 400,000 shares authorized, 125,512 and 125,743 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$1.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.97B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.96B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.17B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.16B	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-441.35M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-502.05M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.71B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.63B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.31B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.37B	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Site leasing	`OperatingLeasesIncomeStatementLeaseRevenue`	$369.73M	USD	1 Quarter
Site leasing	`OperatingLeasesIncomeStatementLeaseRevenue`	$374.45M	USD	1 Quarter
Site development	`SiteDevelopment`	$40.37M	USD	1 Quarter
Site development	`SiteDevelopment`	$25.32M	USD	1 Quarter
Total revenues	`Revenues`	$399.77M	USD	1 Quarter
Total revenues	`Revenues`	$410.09M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$7.79M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$6.99M	USD	1 Quarter
Cost of site leasing	`OperatingLeasesIncomeStatementInitialDirectCosts`	$80.22M	USD	1 Quarter
Cost of site leasing	`OperatingLeasesIncomeStatementInitialDirectCosts`	$82.76M	USD	1 Quarter
Cost of site development	`CostOfSiteDevelopment`	$30.89M	USD	1 Quarter
Cost of site development	`CostOfSiteDevelopment`	$19.83M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$29.88M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$30.41M	USD	1 Quarter
Acquisition related adjustments and expenses	`BusinessCombinationAcquisitionRelatedCostsAndAdjusments`	$1.34M	USD	1 Quarter
Acquisition related adjustments and expenses	`BusinessCombinationAcquisitionRelatedCostsAndAdjusments`	$3.18M	USD	1 Quarter
Asset impairment and decommission costs	`AssetImpairmentAndDecommissionCosts`	$6.18M	USD	1 Quarter
Asset impairment and decommission costs	`AssetImpairmentAndDecommissionCosts`	$6.82M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$159.80M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$171.85M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$321.01M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$302.17M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$89.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$97.60M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$293.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.87M	USD	1 Quarter
Interest expense	`InvestmentIncomeInvestmentExpense`	$83.80M	USD	1 Quarter
Interest expense	`InvestmentIncomeInvestmentExpense`	$77.65M	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$280.00K	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$455.00K	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$5.26M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$4.54M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-82.97M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$45.90M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-41.76M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-165.15M	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-76.07M	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.84M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.96M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.21M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-79.03M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.43	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.61	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.61	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.43	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	125.40M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	129.24M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	129.24M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	126.12M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-79.03M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$159.80M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$171.85M	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$280.00K	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$455.00K	USD	1 Quarter
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$557.00K	USD	1 Quarter
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$-277.00K	USD	1 Quarter
Non-cash asset impairment and decommission costs	`NoncashAssetImpairmentAndDecommissionCosts`	$4.20M	USD	1 Quarter
Non-cash asset impairment and decommission costs	`NoncashAssetImpairmentAndDecommissionCosts`	$5.03M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$7.79M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$6.99M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$5.26M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$4.54M	USD	1 Quarter
(Gain) loss on remeasurement of U.S. dollar denominated intercompany loan	`ForeignCurrencyTransactionGainLossRealized`	$44.77M	USD	1 Quarter
(Gain) loss on remeasurement of U.S. dollar denominated intercompany loan	`ForeignCurrencyTransactionGainLossRealized`	$-84.00M	USD	1 Quarter
Other non-cash items reflected in the Statements of Operations	`OtherNoncashIncomeExpense`	$1.53M	USD	1 Quarter
Other non-cash items reflected in the Statements of Operations	`OtherNoncashIncomeExpense`	$309.00K	USD	1 Quarter
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	`IncreaseDecreaseInReceivables`	$-90.00K	USD	1 Quarter
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	`IncreaseDecreaseInReceivables`	$-4.45M	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$12.04M	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.29M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.28M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.83M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-15.21M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-14.55M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.06M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-6.15M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$144.86M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$178.41M	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$53.28M	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$91.83M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$36.06M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$68.10M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$4.45M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$175.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-121.55M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-132.34M	USD	1 Quarter
Borrowings under Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$70.00M	USD	1 Quarter
Borrowings under Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$135.00M	USD	1 Quarter
Repayments under Revolving Credit Facility	`RepaymentsOfLongTermLinesOfCredit`	$25.00M	USD	1 Quarter
Repayments under Revolving Credit Facility	`RepaymentsOfLongTermLinesOfCredit`	$50.00M	USD	1 Quarter
Repayment of Term Loans	`RepaymentsOfOtherLongTermDebt`	$7.50M	USD	1 Quarter
Repayment of Term Loans	`RepaymentsOfOtherLongTermDebt`	$5.00M	USD	1 Quarter
Payments for settlement of common stock warrants	`PaymentsForRepurchaseOfWarrants`	$135.24M	USD	1 Quarter
Repurchase and retirement of common stock, inclusive of fees	`PaymentsForRepurchaseOfCommonStock`	$50.01M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.69M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.21M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-33.32M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-31.53M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.40M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$6.03M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$22.93M	USD	1 Quarter
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.77M	USD	1 Quarter
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$103.27M	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$118.04M	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$62.37M	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$39.44M	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$103.27M	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$118.04M	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$62.37M	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$39.44M	USD	Point-in-time
Interest	`InterestPaid`	$92.91M	USD	1 Quarter
Interest	`InterestPaid`	$98.43M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$2.36M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.51M	USD	1 Quarter
Assets acquired through capital leases	`CapitalLeaseObligationsIncurred`	$273.00K	USD	1 Quarter
Assets acquired through capital leases	`CapitalLeaseObligationsIncurred`	$1.46M	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
BALANCE, Amount	`StockholdersEquity`	$-1.71B	USD	Point-in-time
BALANCE, Amount	`StockholdersEquity`	$-1.63B	USD	Point-in-time
Net income	`NetIncomeLoss`	$-79.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Common stock issued in connection with stock purchase/option plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.33M	USD	1 Quarter
Non-cash compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$7.93M	USD	1 Quarter
Repurchase and retirement of common stock, Amount	`StockRepurchasedAndRetiredDuringPeriodValue`	$50.01M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$60.69M	USD	1 Quarter
BALANCE, Amount	`StockholdersEquity`	$-1.71B	USD	Point-in-time
BALANCE, Amount	`StockholdersEquity`	$-1.63B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-79.03M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$60.69M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-174.45M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$114.33M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-253.48M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.