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10-Q Filing

SBA COMMUNICATIONS CORP CIK: 1034054 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001034054-18-000007
Period End Date 20180331
Filing Date 20180507
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance sbac-20180331.xml
Balance Sheet 62 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $68.78M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $109.35M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $28.37M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $32.92M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $101.10M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $90.67M 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 $13.04M 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 $17.44M 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 and other current assets PrepaidExpenseAndOtherAssetsCurrent $50.92M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $49.72M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Total current assets AssetsCurrent $259.53M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Total current assets AssetsCurrent $302.78M USD 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
Property and equipment, net PropertyPlantAndEquipmentNet $2.81B USD Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $3.60B USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $3.60B USD Point-in-time
Other assets OtherAssetsNoncurrent $698.18M USD Point-in-time
Other assets OtherAssetsNoncurrent $650.20M USD Point-in-time
Total assets Assets $7.41B USD Point-in-time
Total assets Assets $7.32B USD Point-in-time
Accounts payable AccountsPayableCurrent $29.55M USD Point-in-time
Accounts payable AccountsPayableCurrent $33.33M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $60.22M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $69.86M 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 $97.97M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $93.41M USD Point-in-time
Accrued interest InterestPayableCurrent $33.86M USD Point-in-time
Accrued interest InterestPayableCurrent $48.90M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $13.88M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $8.84M USD Point-in-time
Total current liabilities LiabilitiesCurrent $278.90M USD Point-in-time
Total current liabilities LiabilitiesCurrent $250.93M USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $9.36B USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $9.29B USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $349.73M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $378.71M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $9.74B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $9.64B 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, 116,472 and 116,446 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively CommonStockValue $1.16M USD Point-in-time
Common stock - Class A, par value $.01, 400,000 shares authorized, 116,472 and 116,446 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively CommonStockValue $1.17M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.18B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.17B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-4.40B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-4.39B USD Point-in-time
Accumulated other comprehensive loss, net AccumulatedOtherComprehensiveIncomeLossNetOfTax $-379.46M USD Point-in-time
Accumulated other comprehensive loss, net AccumulatedOtherComprehensiveIncomeLossNetOfTax $-379.11M USD Point-in-time
Total shareholders' deficit StockholdersEquity $-2.60B USD Point-in-time
Total shareholders' deficit StockholdersEquity $-2.59B USD Point-in-time
Total liabilities and shareholders' deficit LiabilitiesAndStockholdersEquity $7.32B USD Point-in-time
Total liabilities and shareholders' deficit LiabilitiesAndStockholdersEquity $7.41B USD Point-in-time
Income Statement 51 line items
Line Item Tag Value Unit Period
Site leasing OperatingLeasesIncomeStatementLeaseRevenue $430.54M USD 1 Quarter
Site leasing OperatingLeasesIncomeStatementLeaseRevenue $397.55M USD 1 Quarter
Site development SiteDevelopment $25.81M USD 1 Quarter
Site development SiteDevelopment $27.76M USD 1 Quarter
Total revenues Revenues $458.30M USD 1 Quarter
Total revenues Revenues $423.36M USD 1 Quarter
Non-cash compensation expense ShareBasedCompensation $10.41M USD 1 Quarter
Non-cash compensation expense ShareBasedCompensation $9.28M USD 1 Quarter
Cost of site leasing OperatingLeasesIncomeStatementInitialDirectCosts $92.82M USD 1 Quarter
Cost of site leasing OperatingLeasesIncomeStatementInitialDirectCosts $89.38M USD 1 Quarter
Cost of site development CostOfSiteDevelopment $22.52M USD 1 Quarter
Cost of site development CostOfSiteDevelopment $21.59M USD 1 Quarter
Selling, general, and administrative SellingGeneralAndAdministrativeExpense $34.22M USD 1 Quarter
Selling, general, and administrative SellingGeneralAndAdministrativeExpense $36.05M USD 1 Quarter
Acquisition related adjustments and expenses BusinessCombinationAcquisitionRelatedCostsAndAdjusments $2.97M USD 1 Quarter
Acquisition related adjustments and expenses BusinessCombinationAcquisitionRelatedCostsAndAdjusments $3.04M USD 1 Quarter
Asset impairment and decommission costs AssetImpairmentAndDecommissionCosts $8.51M USD 1 Quarter
Asset impairment and decommission costs AssetImpairmentAndDecommissionCosts $8.35M USD 1 Quarter
Depreciation, accretion, and amortization DepreciationAmortizationAndAccretionNet $159.03M USD 1 Quarter
Depreciation, accretion, and amortization DepreciationAmortizationAndAccretionNet $165.40M USD 1 Quarter
Total operating expenses CostsAndExpenses $328.33M USD 1 Quarter
Total operating expenses CostsAndExpenses $315.54M USD 1 Quarter
Operating income OperatingIncomeLoss $129.97M USD 1 Quarter
Operating income OperatingIncomeLoss $107.82M USD 1 Quarter
Interest income InvestmentIncomeInterest $1.29M USD 1 Quarter
Interest income InvestmentIncomeInterest $3.23M USD 1 Quarter
Interest expense InvestmentIncomeInvestmentExpense $77.60M USD 1 Quarter
Interest expense InvestmentIncomeInvestmentExpense $88.92M USD 1 Quarter
Non-cash interest expense PaidInKindInterest $705.00K USD 1 Quarter
Non-cash interest expense PaidInKindInterest $733.00K USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $6.70M USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $5.39M USD 1 Quarter
Loss from extinguishment of debt, net GainsLossesOnExtinguishmentOfDebt $-645.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $4.55M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $14.95M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-66.82M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-89.84M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $41.00M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $40.13M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $8.58M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $3.40M USD 1 Quarter
Net income NetIncomeLoss $37.60M USD 1 Quarter
Net income NetIncomeLoss $31.55M USD 1 Quarter
Basic EarningsPerShareBasic $0.27 USD 1 Quarter
Basic EarningsPerShareBasic $0.31 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.27 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.31 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 116.49M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 121.05M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 118.29M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 121.73M shares 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $37.60M USD 1 Quarter
Net income NetIncomeLoss $31.55M USD 1 Quarter
Depreciation, accretion, and amortization DepreciationAmortizationAndAccretionNet $159.03M USD 1 Quarter
Depreciation, accretion, and amortization DepreciationAmortizationAndAccretionNet $165.40M USD 1 Quarter
Non-cash asset impairment and decommission costs NoncashAssetImpairmentAndDecommissionCosts $8.45M USD 1 Quarter
Non-cash asset impairment and decommission costs NoncashAssetImpairmentAndDecommissionCosts $7.05M USD 1 Quarter
Non-cash compensation expense ShareBasedCompensation $10.41M 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 $5.39M USD 1 Quarter
Gain on remeasurement of U.S. dollar denominated intercompany loans ForeignCurrencyTransactionGainLossRealized $13.66M USD 1 Quarter
Gain on remeasurement of U.S. dollar denominated intercompany loans ForeignCurrencyTransactionGainLossRealized $1.62M USD 1 Quarter
Other non-cash items reflected in the Statements of Operations OtherNoncashIncomeExpense $-35.00K USD 1 Quarter
Other non-cash items reflected in the Statements of Operations OtherNoncashIncomeExpense $-1.30M 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 $5.20M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $4.78M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $9.28M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-3.90M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-14.34M USD 1 Quarter
Accrued interest IncreaseDecreaseInAccruedInterestReceivableNet $25.29M USD 1 Quarter
Accrued interest IncreaseDecreaseInAccruedInterestReceivableNet $15.14M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $1.67M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-1.20M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $178.58M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $172.31M USD 1 Quarter
Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired $42.65M USD 1 Quarter
Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired $117.62M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $35.75M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $31.10M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $2.88M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $5.88M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-151.60M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-84.28M USD 1 Quarter
Borrowings under Revolving Credit Facility ProceedsFromLongTermLinesOfCredit $265.00M USD 1 Quarter
Repayments under Revolving Credit Facility RepaymentsOfLongTermLinesOfCredit $110.00M USD 1 Quarter
Repayments under Revolving Credit Facility RepaymentsOfLongTermLinesOfCredit $70.00M USD 1 Quarter
Repayment of Tower Securities RepaymentsOfSecuredDebt $755.00M USD 1 Quarter
Proceeds from issuance of Tower Securities, net of fees ProceedsFromIssuanceOfSecuredDebt $631.85M 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 PaymentsForRepurchaseOfCommonStock $38.55M USD 1 Quarter
Repurchase and retirement of common stock PaymentsForRepurchaseOfCommonStock $4.42M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $5.75M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $7.15M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-112.27M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $34.05M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.74M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-504.00K USD 1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $60.52M USD 1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-20.50M USD 1 Quarter
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $104.30M USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $185.97M USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $165.47M USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $164.82M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $104.30M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $185.97M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $165.47M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $164.82M USD Point-in-time
Interest InterestPaidNet $102.88M USD 1 Quarter
Interest InterestPaidNet $104.01M USD 1 Quarter
Income taxes IncomeTaxesPaid $2.81M USD 1 Quarter
Income taxes IncomeTaxesPaid $2.15M USD 1 Quarter
Assets acquired through capital leases CapitalLeaseObligationsIncurred $260.00K USD 1 Quarter
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
BALANCE StockholdersEquity $-2.60B USD Point-in-time
BALANCE StockholdersEquity $-2.59B USD Point-in-time
Net income (loss) NetIncomeLoss $37.60M USD 1 Quarter
Net income (loss) NetIncomeLoss $31.55M USD 1 Quarter
Common stock issued in connection with stock purchase/option plans StockIssuedDuringPeriodValueShareBasedCompensation $6.89M USD 1 Quarter
Non-cash stock compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $10.64M USD 1 Quarter
Repurchase and retirement of common stock StockRepurchasedAndRetiredDuringPeriodValue $38.55M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $351.00K USD 1 Quarter
BALANCE StockholdersEquity $-2.60B USD Point-in-time
BALANCE StockholdersEquity $-2.59B USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $37.60M USD 1 Quarter
Net income NetIncomeLoss $31.55M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $27.29M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $351.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $64.88M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $31.90M USD 1 Quarter

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

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