XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Site leasing $ 626,143 $ 580,233 $ 1,243,411 $ 1,139,665
Site development 52,357 71,773 110,605 132,111
Total revenues 678,500 652,006 1,354,016 1,271,776
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):        
Cost of site leasing 115,014 111,515 235,133 218,670
Cost of site development 39,236 54,497 83,421 100,269
Selling, general, and administrative expenses [1] 63,383 63,274 135,592 125,398
Acquisition and new business initiatives related adjustments and expenses 4,953 6,829 11,010 11,933
Asset impairment and decommission costs 32,867 8,521 59,257 17,033
Depreciation, accretion, and amortization 181,820 176,392 364,235 350,716
Total operating expenses 437,273 421,028 888,648 824,019
Operating income 241,227 230,978 465,368 447,757
Other income (expense):        
Interest income 4,683 1,517 7,498 4,020
Interest expense (101,288) (84,315) (202,514) (166,566)
Non-cash interest expense (7,518) (11,529) (21,757) (23,054)
Amortization of deferred financing fees (5,044) (4,922) (10,032) (9,804)
Other income (expense), net 40,732 (66,141) 78,293 42,019
Total other expense, net (68,435) (165,390) (148,512) (153,385)
Income before income taxes 172,792 65,588 316,856 294,372
Benefit (provision) for income taxes 29,178 3,563 (14,331) (36,914)
Net income 201,970 69,151 302,525 257,458
Net loss attributable to noncontrolling interests 1,678 365 2,340 682
Net income attributable to SBA Communications Corporation $ 203,648 $ 69,516 $ 304,865 $ 258,140
Net income per common share attributable to SBA Communications Corporation:        
Basic $ 1.88 $ 0.64 $ 2.82 $ 2.39
Diluted $ 1.87 $ 0.64 $ 2.79 $ 2.36
Weighted average number of common shares        
Basic 108,355 107,850 108,244 107,966
Diluted 108,884 109,347 109,078 109,443
[1] Includes non-cash compensation of $17,566 and $23,248 for the three months ended June 30, 2023 and 2022, respectively, and $43,094 and $47,364 for the six months ended June 30, 2023 and 2022, respectively.