10-Q Filing

SBA COMMUNICATIONS CORP CIK: 1034054 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001034054-17-000006`
Period End Date	20170331
Filing Date	20170508
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	sbac-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 50 Cash Flow Statement 62 Stockholders Equity 10 Comprehensive Income 6

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$146.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$132.22M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$36.79M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$30.67M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$78.34M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$74.21M	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`	$13.11M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$11.13M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$52.20M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$51.05M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$324.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$301.27M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	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`	$2.79B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.79B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.66B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.61B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$587.37M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$604.69M	USD	Point-in-time
Total assets	`Assets`	$7.36B	USD	Point-in-time
Total assets	`Assets`	$7.30B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$28.32M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$61.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$53.96M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$627.16M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$96.04M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$101.10M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$44.50M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$19.21M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$11.24M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$873.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$228.59M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$8.65B	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$8.15B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$339.18M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$334.99M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$8.48B	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$8.99B	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, 121,256 and 121,004 shares issued and outstanding at March 31, 2017and December 31, 2016, respectively	`CommonStockValue`	$1.21M	USD	Point-in-time
Common stock - Class A, par value $.01, 400,000 shares authorized, 121,256 and 121,004 shares issued and outstanding at March 31, 2017and December 31, 2016, respectively	`CommonStockValue`	$1.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.01B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.03B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.60B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.64B	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-370.18M	USD	Point-in-time
Accumulated other comprehensive loss, net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-342.90M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-2.00B	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-1.92B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.30B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$7.36B	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Site leasing	`OperatingLeasesIncomeStatementLeaseRevenue`	$374.45M	USD	1 Quarter
Site leasing	`OperatingLeasesIncomeStatementLeaseRevenue`	$397.55M	USD	1 Quarter
Site development	`SiteDevelopment`	$25.32M	USD	1 Quarter
Site development	`SiteDevelopment`	$25.81M	USD	1 Quarter
Total revenues	`Revenues`	$399.77M	USD	1 Quarter
Total revenues	`Revenues`	$423.36M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$7.79M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$9.28M	USD	1 Quarter
Cost of site leasing	`OperatingLeasesIncomeStatementInitialDirectCosts`	$89.38M	USD	1 Quarter
Cost of site leasing	`OperatingLeasesIncomeStatementInitialDirectCosts`	$82.76M	USD	1 Quarter
Cost of site development	`CostOfSiteDevelopment`	$21.59M	USD	1 Quarter
Cost of site development	`CostOfSiteDevelopment`	$19.83M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$34.22M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$30.41M	USD	1 Quarter
Acquisition related adjustments and expenses	`BusinessCombinationAcquisitionRelatedCostsAndAdjusments`	$3.18M	USD	1 Quarter
Acquisition related adjustments and expenses	`BusinessCombinationAcquisitionRelatedCostsAndAdjusments`	$2.97M	USD	1 Quarter
Asset impairment and decommission costs	`AssetImpairmentAndDecommissionCosts`	$8.35M	USD	1 Quarter
Asset impairment and decommission costs	`AssetImpairmentAndDecommissionCosts`	$6.18M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$159.80M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$159.03M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$315.54M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$302.17M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$107.82M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$97.60M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.87M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.23M	USD	1 Quarter
Interest expense	`InvestmentIncomeInvestmentExpense`	$77.60M	USD	1 Quarter
Interest expense	`InvestmentIncomeInvestmentExpense`	$83.80M	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$705.00K	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$455.00K	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$6.70M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$5.26M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$45.90M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$14.95M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-66.82M	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-41.76M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.84M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$41.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.40M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.60M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.43	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.43	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.31	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	125.40M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	121.05M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	121.73M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	126.12M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.60M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$159.80M	USD	1 Quarter
Depreciation, accretion, and amortization	`DepreciationAmortizationAndAccretionNet`	$159.03M	USD	1 Quarter
Non-cash asset impairment and decommission costs	`NoncashAssetImpairmentAndDecommissionCosts`	$4.20M	USD	1 Quarter
Non-cash asset impairment and decommission costs	`NoncashAssetImpairmentAndDecommissionCosts`	$7.05M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$7.79M	USD	1 Quarter
Non-cash compensation expense	`ShareBasedCompensation`	$9.28M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$6.70M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$5.26M	USD	1 Quarter
Gain on remeasurement of U.S. dollar denominated intercompany loan	`ForeignCurrencyTransactionGainLossRealized`	$44.77M	USD	1 Quarter
Gain on remeasurement of U.S. dollar denominated intercompany loan	`ForeignCurrencyTransactionGainLossRealized`	$13.66M	USD	1 Quarter
Other non-cash items reflected in the Statements of Operations	`OtherNoncashIncomeExpense`	$121.00K	USD	1 Quarter
Other non-cash items reflected in the Statements of Operations	`OtherNoncashIncomeExpense`	$-35.00K	USD	1 Quarter
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	`IncreaseDecreaseInReceivables`	$-1.44M	USD	1 Quarter
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	`IncreaseDecreaseInReceivables`	$-90.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.78M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$12.27M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.90M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.28M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-14.55M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-25.29M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-6.15M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.20M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$144.64M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$172.31M	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$42.65M	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$91.83M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$36.06M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.75M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$4.45M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$5.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-132.34M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-84.28M	USD	1 Quarter
Borrowings under Revolving Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$70.00M	USD	1 Quarter
Repayments under Revolving Credit Facility	`RepaymentsOfLongTermLinesOfCredit`	$50.00M	USD	1 Quarter
Repayments under Revolving Credit Facility	`RepaymentsOfLongTermLinesOfCredit`	$110.00M	USD	1 Quarter
Repayment of Term Loans	`RepaymentsOfOtherLongTermDebt`	$5.00M	USD	1 Quarter
Repayment of Term Loans	`RepaymentsOfOtherLongTermDebt`	$5.00M	USD	1 Quarter
Repurchase and retirement of common stock, inclusive of fees	`PaymentsForRepurchaseOfCommonStock`	$50.01M	USD	1 Quarter
Repurchase and retirement of common stock, inclusive of fees	`PaymentsForRepurchaseOfCommonStock`	$4.42M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$7.15M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.69M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-33.32M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-112.27M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$6.03M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.74M	USD	1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-20.50M	USD	1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.99M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsAndRestrictedCash`	$131.63M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsAndRestrictedCash`	$185.97M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsAndRestrictedCash`	$165.47M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsAndRestrictedCash`	$146.62M	USD	Point-in-time
End of period	`CashCashEquivalentsAndRestrictedCash`	$131.63M	USD	Point-in-time
End of period	`CashCashEquivalentsAndRestrictedCash`	$185.97M	USD	Point-in-time
End of period	`CashCashEquivalentsAndRestrictedCash`	$165.47M	USD	Point-in-time
End of period	`CashCashEquivalentsAndRestrictedCash`	$146.62M	USD	Point-in-time
Interest	`InterestPaid`	$102.88M	USD	1 Quarter
Interest	`InterestPaid`	$98.43M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$2.36M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$2.81M	USD	1 Quarter
Assets acquired through capital leases	`CapitalLeaseObligationsIncurred`	$273.00K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
BALANCE	`StockholdersEquity`	$-2.00B	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-1.92B	USD	Point-in-time
Net income	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.60M	USD	1 Quarter
Common stock issued in connection with stock purchase/option plans	`StockIssuedDuringPeriodValueShareBasedCompensation`	$9.49M	USD	1 Quarter
Non-cash compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$9.47M	USD	1 Quarter
Repurchase and retirement of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$4.42M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$27.29M	USD	1 Quarter
BALANCE	`StockholdersEquity`	$-2.00B	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-1.92B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$53.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.60M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$27.29M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$60.69M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$114.33M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$64.88M	USD	1 Quarter

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