Company Quick10K Filing
SBA Communications
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 115 $27,990
10-K 2020-02-24 Annual: 2019-12-31
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-06 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-06 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-02-27 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-07 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2020-02-20 Earnings, Exhibits
8-K 2020-02-04 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-01-21 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-12-13 Officers, Exhibits
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-10-25 Regulation FD, Exhibits
8-K 2019-09-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-05-16 Shareholder Vote
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-02-21 Earnings, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-05-17 Shareholder Vote
8-K 2018-04-30 Earnings, Exhibits
8-K 2018-04-11 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-09 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-26 Earnings, Exhibits
8-K 2018-02-16 Enter Agreement, Exhibits

SBA Communications Financials

SBAC Metrics, Comps, Filings

Annual | Quarterly

Business

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” and the location of the towers as “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, and Canada. Our primary business line is our site leasing business, which contributed 98.0% of our total segment operating profit for the year ended December 31, 2018. In our site leasing business, we (1) lease antenna space to wireless service providers on towers that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2018, we owned 29,578 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. We also managed or leased approximately 9,700 actual or potential sites, approximately 500 of which were revenue producing as of December 31, 2018. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

Our primary strategy is to continue to focus on expanding our site leasing business through organic growth and expansion of our tower portfolio to create shareholder value. We believe that the long-term and repetitive nature of the revenue stream of our site leasing business will permit us to maintain a stable, recurring cash flow stream and reduce our exposure to cyclical changes in customer spending which arises in our site development business. Key elements of our strategy include:

· Maximizing our Tower Capacity. We generally have constructed or acquired towers that accommodate multiple tenants and a majority of our towers are high capacity tower structures. Most of our towers have significant capacity available for additional antennas, and we believe that increased use of our towers can generate additional lease revenue and be achieved at a low incremental cost. We measure the available capacity of our existing sites to support additional tenants by assessing several factors, including tower height, tower type, wind loading, environmental conditions, existing equipment on the tower and zoning and permitting regulations in effect in the jurisdiction where the tower is located. We actively market space on our towers through our internal sales force. As of December 31, 2018, we had an average of 1.8 tenants per tower structure.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Stockholders' Equity

Income Statement ($BB Annual)

Revenue, Gross Profit, Net Income

Cash Flow ($BB Annual)

Operating, Investing, Financing

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Equinix (EQIX) 42,256 49% 21.1 2% 22,887 14,137 5,342 2,631 497 2,380 50,291
Public Storage (PSA) 40,864 73% 19.0 15% 11,113 2,319 2,799 2,031 1,707 2,239 42,459
Welltower (WELL) 32,969 24% 21.1 2% 33,149 16,696 5,070 1,220 651 2,182 46,011
Equity Residential (EQR) 29,209 0% 17.9 4% 20,991 10,175 2,638 0 797 1,610 28,900
AvalonBay Communities (AVB) 28,132 0% 19.9 5% 18,933 8,179 2,298 0 917 1,771 35,217
SBA Communications (SBAC) 27,990 76% 50.1 1% 9,269 12,609 1,945 1,476 131 751 37,634
Digital Realty Trust (DLR) 26,438 0% 19.8 1% 23,430 12,939 3,163 0 326 1,889 37,320
Ventas (VTR) 25,377 75% 19.8 2% 22,989 11,890 3,753 2,801 506 1,796 35,585
Realty Income (O) 21,798 0% 17.5 2% 16,749 7,886 1,400 0 391 1,242 21,758
Essex Property Trust (ESS) 20,040 0% 22.7 3% 12,671 6,289 1,422 0 434 1,133 25,731
Boston Properties (BXP) 19,829 41% 11.0 3% 21,268 13,248 2,851 1,172 634 1,704 18,666
Weyerhaeuser (WY) 19,074 20% 27.0 0% 17,029 8,305 6,881 1,372 1 971 26,222
Alexandria Real Estate Equities (ARE) 16,176 0% 20.7 3% 15,480 7,125 1,366 0 392 1,049 21,727
HCP (HCP) 15,617 59% 12.2 7% 13,713 7,094 1,826 1,084 992 1,776 21,696
Extra Space Storage (EXR) 14,252 75% 16.2 6% 8,391 5,562 943 711 464 874 14,196
WP Carey (WPC) 13,963 97% 19.2 3% 14,192 7,201 1,086 1,051 412 1,034 19,878
Mid America Apartment (MAA) 13,556 0% 57.5 1% 11,275 4,990 407 0 64 235 13,498
Annaly Capital Management (NLY) 13,310 -5.9 -3% 131,801 116,093 0 0 -4,495 -2,005 11,832
Host Hotels & Resorts (HST) 13,227 0% 4.9 9% 12,525 4,910 5,624 0 1,160 2,457 11,917
UDR (UDR) 12,621 0% 37.1 2% 8,197 4,229 1,086 0 183 445 16,484

Balance Sheet ($MM)2010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash643440122582940104178
Accounts Receivable19223971104837891111
Inventory
PP&E1,5341,5832,6714,2512,7622,7822,7922,8122,786
Assets3,4003,6066,5966,7837,8417,4037,3617,3207,214
Accounts Payable121328244327283334
Long-Term Debt2,8273,3545,3565,8777,8708,5558,7769,3119,939
Liabilities3,0703,6065,9316,4268,5029,1099,3579,91910,591
Stockholders' Equity317-11653357-661-1,706-1,996-2,599-3,377
Income Statement ($MM)2010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Revenue916989541,3051,5271,6381,6331,7281,866
Cost of Revenue8000408428444421446469
Gross Profit116989548971,0991,1941,2121,2811,397
R&D
SG&A58637285103115143131143
Tax12778910134
Net Income-194-127-181-56-24-1767610447
Cash Flow ($MM)2010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash Operating201249341498672737743818851
Cash Investing-425-508-2,275-827-1,760-735-428-605-618
Cash Financing1272422,11622099289-289-295-149