SBA Communications Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SBA Communications Corp. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SBA COMMUNICATIONS CORP (SBAC) filed a Annual Report (10-K) with the SEC on February 28, 2024. SBA Communications Corp. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 8051 Congress Avenue, Boca Raton, FL 33487. SBA Communications Corp. is classified under Real Estate Investment Trusts (SIC code 6798). The filing includes detailed financial information for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking SBA COMMUNICATIONS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SBA Communications Corp.'s financial health, operational activities, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. As a Real Estate Investment Trust (REIT), the detailed financial disclosures in this report are essential for understanding the company's asset base, revenue streams, and compliance with REIT-specific regulations.

Risk Assessment

Risk Level: medium — SBA COMMUNICATIONS CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial details and risk factors within the report will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess SBA Communications Corp.'s performance and potential risks for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (Filed as of date)
• 150 — Public Document Count (Number of documents in the filing)
• 6798 — SIC Code (Standard Industrial Classification for Real Estate Investment Trusts)

Key Players & Entities

• SBA COMMUNICATIONS CORP (company) — Filer name
• BOCA RATON (location) — Business address city
• FL (location) — Business address state
• 6798 (industry_code) — Standard Industrial Classification
• 20231231 (date) — Conformed period of report
• 20240228 (date) — Filed as of date

FAQ

Industry Context

SBA Communications Corp. operates as a Real Estate Investment Trust (REIT), focusing on the ownership and operation of wireless communications infrastructure. This sector is critical for the expansion of mobile networks and data services.

Regulatory Implications

As a publicly traded company and a REIT, SBA Communications Corp. is subject to regulations from the Securities and Exchange Commission (SEC) and specific tax and operational rules governing REITs.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue trends, profitability, and debt levels.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing the company.
3. Compare key financial metrics from this 10-K to previous filings to identify significant changes or trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted, and a comparison to a previous filing is not yet available.

Key Financial Figures

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

Filing Documents

• sbac-20231231x10k.htm (10-K) — 10412KB
• sbac-20231231xex10_85g.htm (EX-10.85G) — 171KB
• sbac-20231231xex10_97.htm (EX-10.97) — 1103KB
• sbac-20231231xex21.htm (EX-21) — 44KB
• sbac-20231231xex23_1.htm (EX-23.1) — 11KB
• sbac-20231231xex31_1.htm (EX-31.1) — 13KB
• sbac-20231231xex31_2.htm (EX-31.2) — 13KB
• sbac-20231231xex32_1.htm (EX-32.1) — 5KB
• sbac-20231231xex32_2.htm (EX-32.2) — 6KB
• sbac-20231231xex97.htm (EX-97) — 130KB
• 0001034054-24-000002.txt (&nbsp;) — 39611KB
• sbac-20231231.xsd (EX-101.SCH) — 115KB
• sbac-20231231_cal.xml (EX-101.CAL) — 141KB
• sbac-20231231_def.xml (EX-101.DEF) — 444KB
• sbac-20231231_lab.xml (EX-101.LAB) — 861KB
• sbac-20231231_pre.xml (EX-101.PRE) — 870KB
• sbac-20231231x10k_htm.xml (XML) — 10553KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 8 ITEM 1B. UNRESOLVED STAFF COMMENTS 22 ITEM 1C. CYBERSECURITY 22 ITEM 2.

PROPERTIES

PROPERTIES 24 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 24 ITEM 4. MINE SAFETY DISCLOSURE 24 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24 ITEM 6. RESERVED 25 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 45 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 45 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 45 ITEM 9B. OTHER INFORMATION 48 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 49 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 49 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 49 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 49 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 50 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 50 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 50 ITEM 16. FORM 10-K SUMMARY 55

SIGNATURES

SIGNATURES 56 Table of Contents

BUSINESS

ITEM 1. BUSINESS General 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" or "sites." Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, Canada, South Africa, the Philippines, and Tanzania. Our primary business line is our site leasing business, which contributed 97.4% of our total segment operating profit for the year ended December 31, 2023. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2023, we owned 39,618 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. 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. Business Strategy 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 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. We believe that our tower operations are highly scalable. Consequently, we believe that we are able to materially increase our domestic and international tower portfolio without proportionately increasing selling, general, and administrative expenses. Key ele