Quarterly Report (10-q)

false--12-31Q2202100010340540001034054sbac:NewPlanMemberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2021-08-050001034054sbac:PriorPlanMemberus-gaap:CommonClassAMember2020-11-020001034054sbac:NewPlanMemberus-gaap:CommonClassAMember2020-11-020001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-04-012021-06-300001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-01-012021-06-300001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-04-012020-06-300001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-01-012020-06-300001034054us-gaap:RetainedEarningsMember2021-06-300001034054us-gaap:AdditionalPaidInCapitalMember2021-06-300001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001034054us-gaap:RetainedEarningsMember2021-03-310001034054us-gaap:AdditionalPaidInCapitalMember2021-03-310001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100010340542021-03-310001034054us-gaap:RetainedEarningsMember2020-12-310001034054us-gaap:AdditionalPaidInCapitalMember2020-12-310001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001034054us-gaap:RetainedEarningsMember2020-06-300001034054us-gaap:AdditionalPaidInCapitalMember2020-06-300001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001034054us-gaap:RetainedEarningsMember2020-03-310001034054us-gaap:AdditionalPaidInCapitalMember2020-03-310001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100010340542020-03-310001034054us-gaap:RetainedEarningsMember2019-12-310001034054us-gaap:AdditionalPaidInCapitalMember2019-12-310001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001034054us-gaap:RestrictedStockUnitsRSUMember2021-06-300001034054us-gaap:PerformanceSharesMember2021-06-300001034054us-gaap:RestrictedStockUnitsRSUMember2020-12-310001034054us-gaap:PerformanceSharesMember2020-12-310001034054us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001034054us-gaap:PerformanceSharesMember2021-01-012021-06-300001034054us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300001034054us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-06-300001034054us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-012020-06-300001034054us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-06-300001034054us-gaap:OtherNoncurrentAssetsMembersbac:SuretyBondsAndWorkersCompensationMember2021-06-300001034054us-gaap:OtherNoncurrentAssetsMembersbac:SuretyBondsAndWorkersCompensationMember2020-12-310001034054sbac:RestrictedCashCurrentAssetMembersbac:SecuritizationEscrowAccountsMember2021-06-300001034054sbac:RestrictedCashCurrentAssetMembersbac:PaymentAndPerformanceBondsMember2021-06-300001034054sbac:RestrictedCashCurrentAssetMembersbac:SecuritizationEscrowAccountsMember2020-12-310001034054sbac:RestrictedCashCurrentAssetMembersbac:PaymentAndPerformanceBondsMember2020-12-310001034054us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-012021-08-050001034054sbac:TwoThousandSeventeenHyphenOneRTowerSecuritiesMember2021-05-142021-05-140001034054sbac:TwoThousandSeventeenHyphenOneCTowerSecuritiesMember2021-05-142021-05-140001034054us-gaap:LandBuildingsAndImprovementsMember2021-06-300001034054us-gaap:ConstructionInProgressMember2021-06-300001034054sbac:TowersAndRelatedComponentsMember2021-06-300001034054sbac:FurnitureEquipmentAndVehiclesMember2021-06-300001034054us-gaap:LandBuildingsAndImprovementsMember2020-12-310001034054us-gaap:ConstructionInProgressMember2020-12-310001034054sbac:TowersAndRelatedComponentsMember2020-12-310001034054sbac:FurnitureEquipmentAndVehiclesMember2020-12-310001034054sbac:AtlasTowerSouthAfricaMember2021-03-252021-03-250001034054us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001034054us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001034054us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-012020-06-300001034054us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-06-300001034054us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMembersbac:NonCashInterestExpenseMember2020-04-012020-06-300001034054us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMembersbac:NonCashInterestExpenseMember2020-01-012020-06-300001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001034054us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001034054country:BR2021-01-012021-06-300001034054country:BR2020-01-012020-06-300001034054sbac:SiteLeasingMember2021-01-012021-06-300001034054sbac:AtlasTowerSouthAfricaMember2021-06-300001034054us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-08-050001034054us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-070001034054us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-072021-07-070001034054srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-072021-07-070001034054srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-07-072021-07-070001034054sbac:ExclusiveRightToLeaseAndOperateUtilityTransmissionStructuresMember2021-02-160001034054sbac:NetworkLocationIntangiblesMember2021-06-300001034054sbac:CurrentContractIntangiblesMember2021-06-300001034054sbac:NetworkLocationIntangiblesMember2020-12-310001034054sbac:CurrentContractIntangiblesMember2020-12-310001034054sbac:WorkersCompensationPolicyMember2021-06-300001034054sbac:WorkersCompensationPolicyMember2020-12-310001034054sbac:DeclarationThreeMemberus-gaap:SubsequentEventMember2021-08-050001034054us-gaap:RetainedEarningsMember2021-04-012021-06-300001034054us-gaap:RetainedEarningsMember2021-01-012021-06-300001034054us-gaap:RetainedEarningsMember2020-04-012020-06-300001034054us-gaap:RetainedEarningsMember2020-01-012020-06-300001034054sbac:DeclarationThreeMemberus-gaap:SubsequentEventMember2021-07-012021-08-050001034054us-gaap:InterestRateSwapMember2021-01-012021-06-300001034054us-gaap:InterestRateSwapMember2020-01-012020-12-310001034054sbac:TwoThousandEighteenTermLoanMemberus-gaap:CashFlowHedgingMember2021-06-300001034054us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMembersbac:NonCashInterestExpenseMember2021-04-012021-06-300001034054us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMembersbac:NonCashInterestExpenseMember2021-01-012021-06-300001034054us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMembersbac:NonCashInterestExpenseMember2020-04-012020-06-300001034054us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMembersbac:NonCashInterestExpenseMember2020-01-012020-06-300001034054sbac:TwoThousandEighteenTermLoanMemberus-gaap:InterestRateSwapMember2021-06-300001034054sbac:TwoThousandEighteenTermLoanMemberus-gaap:InterestRateSwapMember2020-12-310001034054sbac:TwoThousandEighteenTermLoanMemberus-gaap:InterestRateSwapMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-06-300001034054us-gaap:CorporateNonSegmentMember2020-04-012020-06-300001034054us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001034054sbac:TwoThousandThirteenHyphenTwoCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandFourteenHyphenTwoCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandTwentyOneHyphenOneRTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandThirteenSecuredTowerRevenueSecuritiesMember2021-06-300001034054sbac:TwoThousandSixteenHyphenOneCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandSeventeenHyphenOneCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandFourteenSecuredTowerRevenueSecuritiesMember2021-06-300001034054sbac:TwoThousandFifteenHyphenOneCTowerSecuritiesMember2021-06-300001034054sbac:SeniorNotesThreeMember2021-06-300001034054sbac:SeniorNotesFiveMember2021-06-300001034054us-gaap:RevolvingCreditFacilityMember2021-06-300001034054sbac:TwoThousandTwentyOneHyphenOneCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandTwentyHyphenTwoCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandTwentyHyphenOneCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandThirteenHyphenTwoCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandNineteenHyphenOneCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandFourteenHyphenTwoCTowerSecuritiesMember2021-06-300001034054sbac:TwoThousandEighteenTermLoanMember2021-06-300001034054sbac:TwoThousandEighteenHyphenOneCTowerSecuritiesMember2021-06-300001034054sbac:SeniorNotesSixMember2021-06-300001034054sbac:SeniorNotesNineMember2021-06-300001034054sbac:SeniorNotesFourMember2021-06-300001034054sbac:TwoThousandTwentyOneHyphenOneRTowerSecuritiesMember2021-05-140001034054sbac:TwoThousandTwentyOneHyphenOneCTowerSecuritiesMember2021-05-140001034054sbac:SeniorNotesNineMember2021-01-290001034054us-gaap:RevolvingCreditFacilityMember2020-12-310001034054sbac:TwoThousandTwentyHyphenTwoCTowerSecuritiesMember2020-12-310001034054sbac:TwoThousandTwentyHyphenOneCTowerSecuritiesMember2020-12-310001034054sbac:TwoThousandThirteenHyphenTwoCTowerSecuritiesMember2020-12-310001034054sbac:TwoThousandSeventeenHyphenOneCTowerSecuritiesMember2020-12-310001034054sbac:TwoThousandNineteenHyphenOneCTowerSecuritiesMember2020-12-310001034054sbac:TwoThousandFourteenHyphenTwoCTowerSecuritiesMember2020-12-310001034054sbac:TwoThousandEighteenTermLoanMember2020-12-310001034054sbac:TwoThousandEighteenHyphenOneCTowerSecuritiesMember2020-12-310001034054sbac:SeniorNotesSixMember2020-12-310001034054sbac:SeniorNotesFourMember2020-12-310001034054sbac:SeniorNotesFiveMember2020-12-310001034054srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:EurodollarMember2021-07-072021-07-070001034054srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:BaseRateMember2021-07-072021-07-070001034054srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:EurodollarMember2021-07-072021-07-070001034054srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:BaseRateMember2021-07-072021-07-070001034054srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300001034054srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300001034054sbac:SiteDevelopmentConstructionMember2021-04-012021-06-300001034054sbac:SiteDevelopmentConstructionMember2021-01-012021-06-300001034054sbac:SiteDevelopmentConstructionMember2020-04-012020-06-300001034054sbac:SiteDevelopmentConstructionMember2020-01-012020-06-300001034054sbac:EightLargestCustomersMembersbac:ContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001034054sbac:EightLargestCustomersMembersbac:ContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-12-310001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-06-300001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-03-310001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-12-310001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-06-300001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-03-310001034054us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-12-310001034054sbac:DeclarationTwoMember2021-01-012021-06-300001034054sbac:DeclarationOneMember2021-01-012021-06-3000010340542020-06-3000010340542019-12-310001034054us-gaap:CorporateNonSegmentMember2021-06-300001034054sbac:SiteDevelopmentConstructionMember2021-06-300001034054sbac:InternationalSiteLeasingRevenueMember2021-06-300001034054sbac:DomesticSiteLeasingRevenueMember2021-06-300001034054country:BR2021-06-300001034054us-gaap:CorporateNonSegmentMember2020-12-310001034054sbac:SiteDevelopmentConstructionMember2020-12-310001034054sbac:InternationalSiteLeasingRevenueMember2020-12-310001034054sbac:DomesticSiteLeasingRevenueMember2020-12-310001034054country:BR2020-12-310001034054us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001034054us-gaap:PerformanceSharesMember2020-01-012020-06-300001034054us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001034054us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001034054us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001034054us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001034054us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-3000010340542020-10-012020-12-310001034054sbac:ExclusiveRightToLeaseAndOperateUtilityTransmissionStructuresMember2021-02-162021-02-160001034054sbac:OtherAcquisitionsMember2021-01-012021-06-300001034054sbac:ContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001034054sbac:ContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-12-310001034054sbac:PreviouslyAnnouncedMembersbac:AirtelTanzaniaMemberus-gaap:SubsequentEventMember2021-07-012021-08-050001034054sbac:AirtelTanzaniaMemberus-gaap:SubsequentEventMember2021-07-012021-08-050001034054sbac:SeniorNotesThreeMember2020-04-012020-06-300001034054srt:MinimumMemberus-gaap:InterestRateSwapMember2021-01-012021-06-300001034054srt:MaximumMemberus-gaap:InterestRateSwapMember2021-01-012021-06-300001034054sbac:TwoThousandEighteenTermLoanMemberus-gaap:CashFlowHedgingMember2021-01-012021-06-300001034054sbac:TwoThousandTwentyOneHyphenOneRTowerSecuritiesMember2021-01-012021-06-300001034054sbac:SeniorNotesNineMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2021-01-012021-06-300001034054sbac:SeniorNotesNineMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMember2021-01-012021-06-300001034054sbac:SeniorNotesNineMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2021-01-012021-06-300001034054sbac:SeniorNotesFiveMember2021-02-112021-02-110001034054us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2020-08-042020-08-040001034054us-gaap:RevolvingCreditFacilityMember2021-04-012021-06-300001034054sbac:TwoThousandTwentyOneHyphenOneCTowerSecuritiesMember2021-04-012021-06-300001034054sbac:TwoThousandTwentyHyphenTwoCTowerSecuritiesMember2021-04-012021-06-300001034054sbac:TwoThousandTwentyHyphenOneCTowerSecuritiesMember2021-04-012021-06-300001034054sbac:TwoThousandThirteenSecuredTowerRevenueSecuritiesMember2021-04-012021-06-300001034054sbac:TwoThousandSeventeenHyphenOneCTowerSecuritiesMember2021-04-012021-06-300001034054sbac:TwoThousandNineteenHyphenOneCTowerSecuritiesMember2021-04-012021-06-300001034054sbac:TwoThousandFourteenSecuredTowerRevenueSecuritiesMember2021-04-012021-06-300001034054sbac:TwoThousandEighteenTermLoanMember2021-04-012021-06-300001034054sbac:TwoThousandEighteenHyphenOneCTowerSecuritiesMember2021-04-012021-06-300001034054sbac:SeniorNotesSixMember2021-04-012021-06-300001034054sbac:SeniorNotesNineMember2021-04-012021-06-300001034054sbac:SeniorNotesFourMember2021-04-012021-06-300001034054sbac:OtherDebtMember2021-04-012021-06-300001034054us-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300001034054sbac:TwoThousandTwentyOneHyphenOneCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandTwentyHyphenTwoCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandTwentyHyphenOneCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandThirteenSecuredTowerRevenueSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandSeventeenHyphenOneCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandNineteenHyphenOneCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandFourteenSecuredTowerRevenueSecuritiesMember2021-01-012021-06-300001034054sbac:TwoThousandEighteenTermLoanMember2021-01-012021-06-300001034054sbac:TwoThousandEighteenHyphenOneCTowerSecuritiesMember2021-01-012021-06-300001034054sbac:SeniorNotesSixMember2021-01-012021-06-300001034054sbac:SeniorNotesNineMember2021-01-012021-06-300001034054sbac:SeniorNotesFourMember2021-01-012021-06-300001034054sbac:SeniorNotesFiveMember2021-01-012021-06-300001034054sbac:OtherDebtMember2021-01-012021-06-300001034054us-gaap:RevolvingCreditFacilityMember2020-04-012020-06-300001034054sbac:TwoThousandThirteenSecuredTowerRevenueSecuritiesMember2020-04-012020-06-300001034054sbac:TwoThousandSixteenHyphenOneCTowerSecuritiesMember2020-04-012020-06-300001034054sbac:TwoThousandSeventeenHyphenOneCTowerSecuritiesMember2020-04-012020-06-300001034054sbac:TwoThousandNineteenHyphenOneCTowerSecuritiesMember2020-04-012020-06-300001034054sbac:TwoThousandFourteenSecuredTowerRevenueSecuritiesMember2020-04-012020-06-300001034054sbac:TwoThousandFifteenHyphenOneCTowerSecuritiesMember2020-04-012020-06-300001034054sbac:TwoThousandEighteenTermLoanMember2020-04-012020-06-300001034054sbac:TwoThousandEighteenHyphenOneCTowerSecuritiesMember2020-04-012020-06-300001034054sbac:SeniorNotesSixMember2020-04-012020-06-300001034054sbac:SeniorNotesFourMember2020-04-012020-06-300001034054sbac:SeniorNotesFiveMember2020-04-012020-06-300001034054sbac:OtherDebtMember2020-04-012020-06-300001034054us-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300001034054sbac:TwoThousandThirteenSecuredTowerRevenueSecuritiesMember2020-01-012020-06-300001034054sbac:TwoThousandSixteenHyphenOneCTowerSecuritiesMember2020-01-012020-06-300001034054sbac:TwoThousandSeventeenHyphenOneCTowerSecuritiesMember2020-01-012020-06-300001034054sbac:TwoThousandNineteenHyphenOneCTowerSecuritiesMember2020-01-012020-06-300001034054sbac:TwoThousandFourteenSecuredTowerRevenueSecuritiesMember2020-01-012020-06-300001034054sbac:TwoThousandFifteenHyphenOneCTowerSecuritiesMember2020-01-012020-06-300001034054sbac:TwoThousandEighteenTermLoanMember2020-01-012020-06-300001034054sbac:TwoThousandEighteenHyphenOneCTowerSecuritiesMember2020-01-012020-06-300001034054sbac:SeniorNotesThreeMember2020-01-012020-06-300001034054sbac:SeniorNotesSixMember2020-01-012020-06-300001034054sbac:SeniorNotesFourMember2020-01-012020-06-300001034054sbac:SeniorNotesFiveMember2020-01-012020-06-300001034054sbac:OtherDebtMember2020-01-012020-06-300001034054sbac:OtherAcquisitionsMember2021-06-300001034054us-gaap:CorporateNonSegmentMember2021-04-012021-06-300001034054sbac:InternationalSiteLeasingRevenueMember2021-04-012021-06-300001034054sbac:DomesticSiteLeasingRevenueMember2021-04-012021-06-300001034054us-gaap:CorporateNonSegmentMember2021-01-012021-06-300001034054sbac:InternationalSiteLeasingRevenueMember2021-01-012021-06-300001034054sbac:DomesticSiteLeasingRevenueMember2021-01-012021-06-300001034054sbac:InternationalSiteLeasingRevenueMember2020-04-012020-06-300001034054sbac:DomesticSiteLeasingRevenueMember2020-04-012020-06-3000010340542020-04-012020-06-300001034054sbac:InternationalSiteLeasingRevenueMember2020-01-012020-06-300001034054sbac:DomesticSiteLeasingRevenueMember2020-01-012020-06-3000010340542020-01-012020-06-3000010340542021-04-012021-06-3000010340542021-06-3000010340542020-12-3100010340542021-07-2800010340542021-01-012021-06-30sbac:segmentiso4217:USDxbrli:sharessbac:customersbac:itemxbrli:pureiso4217:USDxbrli:shares

Table of Contents

 

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 June 30, 2021

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: 109,553,452 shares of Class A common stock as of July 28, 2021.


Table of Contents

Table of Contents

 

 

Page

PART I – FINANCIAL INFORMATION 

Item 1.

Financial Statements

 

Consolidated Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020

1 

Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2021 and 2020

2 

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended June 30, 2021 and 2020

3 

Consolidated Statement of Shareholders’ Deficit (unaudited) for the three and six months ended June 30, 2021 and 2020

4 

Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2021 and 2020

6 

Condensed Notes to Consolidated Financial Statements (unaudited)

8 

Item 2.

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

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

42

PART II – OTHER INFORMATION 

Item 6.

Exhibits

42

SIGNATURES

43


Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except par values)

June 30,

December 31,

2021

2020

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$

273,803

$

308,560

Restricted cash

62,370

31,671

Accounts receivable, net

85,976

74,088

Costs and estimated earnings in excess of billings on uncompleted contracts

33,237

34,796

Prepaid expenses and other current assets

26,840

23,875

Total current assets

482,226

472,990

Property and equipment, net

2,625,097

2,677,326

Intangible assets, net

3,051,616

3,156,150

Operating lease right-of-use assets, net

2,353,365

2,369,358

Acquired and other right-of-use assets, net

956,011

4,202

Other assets

491,998

477,992

Total assets

$

9,960,313

$

9,158,018

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS,

AND SHAREHOLDERS' DEFICIT

Current Liabilities:

Accounts payable

$

34,602

$

109,969

Accrued expenses

68,655

63,031

Current maturities of long-term debt

24,000

24,000

Deferred revenue

176,996

113,117

Accrued interest

66,392

54,350

Current lease liabilities

242,516

236,037

Other current liabilities

12,845

14,297

Total current liabilities

626,006

614,801

Long-term liabilities:

Long-term debt, net

11,908,447

11,071,796

Long-term lease liabilities

2,064,831

2,094,363

Other long-term liabilities

185,594

186,246

Total long-term liabilities

14,158,872

13,352,405

Redeemable noncontrolling interests

15,177

15,194

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, 109,534 shares and

109,819 shares issued and outstanding at June 30, 2021 and December 31, 2020,

respectively

1,095

1,098

Additional paid-in capital

2,657,540

2,586,130

Accumulated deficit

(6,759,382)

(6,604,028)

Accumulated other comprehensive loss, net

(738,995)

(807,582)

Total shareholders' deficit

(4,839,742)

(4,824,382)

Total liabilities, redeemable noncontrolling interests, and shareholders' deficit

$

9,960,313

$

9,158,018

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

1


SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

For the three months

For the six months

ended June 30,

ended June 30,

2021

2020

2021

2020

Revenues:

Site leasing

$

524,095

$

482,403

$

1,029,197

$

974,758

Site development

51,433

24,823

95,069

49,534

Total revenues

575,528

507,226

1,124,266

1,024,292

Operating expenses:

Cost of revenues (exclusive of depreciation, accretion,

and amortization shown below):

Cost of site leasing

95,350

91,598

190,718

187,397

Cost of site development

40,409

19,904

74,815

39,620

Selling, general, and administrative expenses (1)

53,945

49,088

105,546

98,704

Acquisition and new business initiatives related

adjustments and expenses

6,794

4,634

11,795

8,433

Asset impairment and decommission costs

3,797

6,242

8,700

20,597

Depreciation, accretion, and amortization

175,469

178,706

359,350

361,285

Total operating expenses

375,764

350,172

750,924

716,036

Operating income

199,764

157,054

373,342

308,256

Other income (expense):

Interest income

547

699

1,179

1,584

Interest expense

(90,544)

(95,687)

(180,639)

(191,538)

Non-cash interest expense

(11,812)

(2,337)

(23,615)

(4,743)

Amortization of deferred financing fees

(4,865)

(5,188)

(9,755)

(10,328)

Loss from extinguishment of debt, net

(2,020)

(13,672)

(16,864)

Other income (expense), net

108,849

(31,588)

20,410

(257,885)

Total other income (expense), net

155

(134,101)

(206,092)

(479,774)

Income (loss) before income taxes

199,919

22,953

167,250

(171,518)

(Provision) benefit for income taxes

(47,250)

165

(26,328)

66,702

Net income (loss)

152,669

23,118

140,922

(104,816)

Net (income) loss attributable to noncontrolling interests

(305)

569

Net income (loss) attributable to SBA Communications

Corporation

$

152,669

$

22,813

$

140,922

$

(104,247)

Net income (loss) per common share attributable to SBA

Communications Corporation:

Basic

$

1.40

$

0.20

$

1.29

$

(0.93)

Diluted

$

1.37

$

0.20

$

1.27

$

(0.93)

Weighted average number of common shares

Basic

109,412

111,738

109,441

111,823

Diluted

111,301

113,634

111,210

111,823

(1)Includes non-cash compensation of $21,077 and $18,131 for the three months ended June 30, 2021 and 2020, respectively, and $40,661 and $33,684 for the six months ended June 30, 2021 and 2020, respectively.

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

2


SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited) (in thousands)

For the three months

For the six months

ended June 30,

ended June 30,

2021

2020

2021

2020

Net income (loss)

$

152,669 

$

23,118 

$

140,922 

$

(104,816)

Adjustments related to interest rate swaps

5,565 

(12,684)

48,352 

(115,923)

Foreign currency translation adjustments

63,869 

(8,166)

20,235 

(184,193)

Comprehensive income (loss)

222,103 

2,268 

209,509 

(404,932)

Comprehensive (income) loss attributable to noncontrolling interests

(485)

1,573 

Comprehensive income (loss) attributable to SBA

Communications Corporation

$

222,103 

$

1,783 

$

209,509 

$

(403,359)

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


3


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, Net

Deficit

BALANCE, March 31, 2021

109,331 

$

1,093 

$

2,610,472 

$

(6,848,313)

$

(808,429)

$

(5,045,177)

Net income attributable to SBA

Communications Corporation

152,669 

152,669 

Common stock issued in connection with equity

awards and stock purchase plans, offset

by the impact of net share settlements

203 

2 

25,093 

25,095 

Non-cash stock compensation

21,975 

21,975 

Adjustments related to interest rate swaps

5,565 

5,565 

Foreign currency translation adjustments

attributable to SBA Communications

Corporation

63,869 

63,869 

Dividends and dividend equivalents

on common stock

(63,738)

(63,738)

BALANCE, June 30, 2021

109,534 

$

1,095 

$

2,657,540 

$

(6,759,382)

$

(738,995)

$

(4,839,742)

Accumulated

Class A

Additional

Other

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Shareholders'

Shares

Amount

Capital

Deficit

Loss

Deficit

BALANCE, March 31, 2020

111,559 

$

1,116 

$

2,471,886 

$

(5,943,386)

$

(846,847)

$

(4,317,231)

Net income attributable to SBA

Communications Corporation

22,813 

22,813 

Common stock issued in connection with equity

awards and stock purchase plans, offset

by the impact of net share settlements