SBA Communications Corp Files 10-Q for Q1 2024

TL;DR

<b>SBA Communications Corp filed its Q1 2024 10-Q report on May 6, 2024.</b>

AI Summary

SBA COMMUNICATIONS CORP (SBAC) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company is SBA Communications Corp, ticker SBAC. Filed on May 6, 2024. Fiscal year ends December 31. Incorporated in Florida.

Why It Matters

For investors and stakeholders tracking SBA COMMUNICATIONS CORP, this filing contains several important signals. This 10-Q filing provides the latest quarterly financial and operational details for SBA Communications Corp. Investors and analysts can use this report to assess the company's performance and financial health in the first quarter of 2024.

Risk Assessment

Risk Level: low — SBA COMMUNICATIONS CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends and operational performance.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Q1 2024 Start Date (us-gaap:CommonStockMember)
• 2023-01-01 — Q1 2023 Start Date (us-gaap:CommonStockMember)

Key Players & Entities

• SBA Communications Corp (company) — FILER
• SBAC (company) — ticker
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-06 (date) — FILED AS OF DATE
• FL (location) — STATE OF INCORPORATION
• BOCA RATON (location) — CITY

FAQ

Industry Context

SBA Communications Corp operates as a real estate investment trust, primarily involved in the ownership and operation of wireless communications infrastructure.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Analyze the balance sheet for changes in assets and liabilities.
2. Examine the income statement for revenue and expense trends.
3. Review any disclosed subsequent events for material impacts.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-05-06: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first look at the company's performance in the current year.

Key Financial Figures

• $0.01 — hich Registered Class A Common Stock, $0.01 par value per share SBAC The NASDAQ

Filing Documents

• sbac-20240331x10q.htm (10-Q) — 5431KB
• sbac-20240331xex31_1.htm (EX-31.1) — 15KB
• sbac-20240331xex31_2.htm (EX-31.2) — 14KB
• sbac-20240331xex32_1.htm (EX-32.1) — 8KB
• sbac-20240331xex32_2.htm (EX-32.2) — 8KB
• 0001034054-24-000005.txt (&nbsp;) — 17709KB
• sbac-20240331.xsd (EX-101.SCH) — 60KB
• sbac-20240331_cal.xml (EX-101.CAL) — 83KB
• sbac-20240331_def.xml (EX-101.DEF) — 227KB
• sbac-20240331_lab.xml (EX-101.LAB) — 487KB
• sbac-20240331_pre.xml (EX-101.PRE) — 461KB
• sbac-20240331x10q_htm.xml (XML) — 4252KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023 3 Consolidated Statement of Shareholders' Deficit (unaudited) for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 5 Condensed Notes to Consolidated Financial Statements (unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 36

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5. Other Information 37 Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par values) March 31, December 31, 2024 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 240,309 $ 208,547 Restricted cash 19,892 38,129 Accounts receivable, net 126,525 182,746 Costs and estimated earnings in excess of billings on uncompleted contracts 16,535 16,252 Prepaid expenses and other current assets 44,335 38,593 Total current assets 447,596 484,267 Property and equipment, net 2,709,681 2,711,719 Intangible assets, net 2,403,849 2,455,597 Operating lease right-of-use assets, net 2,185,851 2,240,781 Acquired and other right-of-use assets, net 1,441,750 1,473,601 Other assets 806,539 812,476 Total assets $ 9,995,266 $ 10,178,441 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 45,761 $ 42,202 Accrued expenses 77,035 92,622 Current maturities of long-term debt 1,805,395 643,145 Deferred revenue 161,127 235,668 Accrued interest 32,605 57,496 Current lease liabilities 270,318 273,464 Other current liabilities 21,048 18,662 Total current liabilities 2,413,289 1,363,259 Long-term liabilities: Long-term debt, net 10,550,553 11,681,170 Long-term lease liabilities 1,806,278 1,865,686 Other long-term liabilities 411,389 404,161 Total long-term liabilities 12,768,220 13,951,017 Redeemable noncontrolling interests 36,577 35,047 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, 107,880 shares and 108,050 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,079 1,080 Additional paid-in c

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View this 10-Q filing on SEC EDGAR