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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 March 31, 2022

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: 107,829,051 shares of Class A common stock as of April 19, 2022.

Table of Contents

 

 

Page

PART I – FINANCIAL INFORMATION 

Item 1.

Financial Statements

 

Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021

1 

Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2022 and 2021

2 

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2022 and 2021

3 

Consolidated Statement of Shareholders’ Deficit (unaudited) for the three months ended March 31, 2022 and 2021

4 

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2022 and 2021

6 

Condensed Notes to Consolidated Financial Statements (unaudited)

8 

Item 2.

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

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

33

PART II – OTHER INFORMATION 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

Item 6.

Exhibits

34

SIGNATURES

35

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except par values)

March 31,

December 31,

2022

2021

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$

263,569

$

367,278

Restricted cash

69,781

65,561

Accounts receivable, net

121,583

101,950

Costs and estimated earnings in excess of billings on uncompleted contracts

48,028

48,844

Prepaid expenses and other current assets

36,462

30,813

Total current assets

539,423

614,446

Property and equipment, net

2,674,679

2,575,487

Intangible assets, net

2,909,789

2,803,247

Operating lease right-of-use assets, net

2,362,287

2,268,470

Acquired and other right-of-use assets, net

1,017,508

964,405

Other assets

638,414

575,644

Total assets

$

10,142,100

$

9,801,699

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS,

AND SHAREHOLDERS' DEFICIT

Current Liabilities:

Accounts payable

$

40,583

$

34,066

Accrued expenses

80,628

68,070

Current maturities of long-term debt

662,264

24,000

Deferred revenue

195,553

184,380

Accrued interest

23,710

49,096

Current lease liabilities

254,448

238,497

Other current liabilities

21,367

18,222

Total current liabilities

1,278,553

616,331

Long-term liabilities:

Long-term debt, net

11,969,068

12,278,694

Long-term lease liabilities

2,050,790

1,981,353

Other long-term liabilities

232,799

191,475

Total long-term liabilities

14,252,657

14,451,522

Redeemable noncontrolling interests

36,037

17,250

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, 107,806 shares and

108,956 shares issued and outstanding at March 31, 2022 and December 31, 2021,

respectively

1,078

1,089

Additional paid-in capital

2,688,835

2,681,347

Accumulated deficit

(7,523,696)

(7,203,531)

Accumulated other comprehensive loss, net

(591,364)

(762,309)

Total shareholders' deficit

(5,425,147)

(5,283,404)

Total liabilities, redeemable noncontrolling interests, and shareholders' deficit

$

10,142,100

$

9,801,699

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

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

For the three months

ended March 31,

2022

2021

Revenues:

Site leasing

$

559,432

$

505,103

Site development

60,338

43,636

Total revenues

619,770

548,739

Operating expenses:

Cost of revenues (exclusive of depreciation, accretion,

and amortization shown below):

Cost of site leasing

107,155

95,368

Cost of site development

45,773

34,406

Selling, general, and administrative expenses (1)

62,124

51,601

Acquisition and new business initiatives related

adjustments and expenses

5,104

5,001

Asset impairment and decommission costs

8,512

4,903

Depreciation, accretion, and amortization

174,323

183,881

Total operating expenses

402,991

375,160

Operating income

216,779

173,579

Other income (expense):

Interest income

2,502

632

Interest expense

(82,252)

(90,095)

Non-cash interest expense

(11,526)

(11,804)

Amortization of deferred financing fees

(4,881)

(4,891)

Loss from extinguishment of debt, net

(11,652)

Other income (expense), net

108,161

(88,436)

Total other income (expense), net

12,004

(206,246)

Income (loss) before income taxes

228,783

(32,667)

(Provision) benefit for income taxes

(40,477)

20,922

Net income (loss)

188,306

(11,745)

Net loss attributable to noncontrolling interests

317

Net income (loss) attributable to SBA Communications

Corporation

$

188,623

$

(11,745)

Net income (loss) per common share attributable to SBA

Communications Corporation:

Basic

$

1.75

$

(0.11)

Diluted

$

1.72

$

(0.11)

Weighted average number of common shares

Basic

108,086

109,469

Diluted

109,544

109,469

(1)Includes non-cash compensation expense of $24,116 and $19,584 for the three months ended March 31, 2022 and 2021, respectively.

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

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited) (in thousands)

For the three months

ended March 31,

2022

2021

Net income (loss)

$

188,306

$

(11,745)

Adjustments related to interest rate swaps

85,322

42,787

Foreign currency translation adjustments

85,506

(43,634)

Comprehensive income (loss)

359,134

(12,592)

Comprehensive loss attributable to noncontrolling interests

434

Comprehensive income (loss) attributable to SBA

Communications Corporation

$

359,568

$

(12,592)

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


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

Deficit

BALANCE, December 31, 2021

108,956 

$

1,089 

$

2,681,347 

$

(7,203,531)

$

(762,309)

$

(5,283,404)

Net income attributable to SBA

Communications Corporation

188,623 

188,623 

Common stock issued in connection with equity

awards and stock purchase plans, offset

by the impact of net share settlements

150 

2 

1,566 

1,568 

Non-cash stock compensation

25,143 

25,143 

Adjustments related to interest rate swaps

85,322 

85,322 

Repurchase and retirement of common stock

(1,300)

(13)

(431,654)

(431,667)

Foreign currency translation adjustments

attributable to SBA Communications

Corporation

85,623 

85,623 

Dividends and dividend equivalents

on common stock

(77,134)

(77,134)

Adjustment to redemption amount related to

noncontrolling interests

(19,221)

(19,221)

BALANCE, March 31, 2022

107,806 

$

1,078 

$

2,688,835 

$

(7,523,696)

$

(591,364)

$

(5,425,147)

Accumulated

Class A

Additional

Other

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Shareholders'

Shares

Amount

Capital

Deficit

Loss

Deficit

BALANCE, December 31, 2020

109,819 

$

1,098 

$

2,586,130 

$

(6,604,028)

$

(807,582)

$

(4,824,382)

Net loss attributable to SBA

Communications Corporation

(11,745)

(11,745)

Common stock issued in connection with equity

awards and stock purchase plans, offset

by the impact of net share settlements

166 

2 

2,013 

2,015 

Non-cash stock compensation

20,812