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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Site leasing $ 637,440 $ 587,302 $ 1,880,851 $ 1,726,967
Site development 45,104 88,282 155,709 220,393
Total revenues 682,544 675,584 2,036,560 1,947,360
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):        
Cost of site leasing 118,277 112,013 353,411 330,682
Cost of site development 31,493 65,540 114,914 165,809
Selling, general, and administrative expenses [1] 64,821 65,843 200,412 191,241
Acquisition and new business initiatives related adjustments and expenses 5,612 6,844 16,622 18,776
Asset impairment and decommission costs 33,063 8,532 92,320 25,565
Depreciation, accretion, and amortization 180,674 173,825 544,909 524,541
Total operating expenses 433,940 432,597 1,322,588 1,256,614
Operating income 248,604 242,987 713,972 690,746
Other income (expense):        
Interest income 5,266 2,858 12,765 6,878
Interest expense (99,322) (86,961) (301,835) (253,528)
Non-cash interest expense (7,898) (11,528) (29,655) (34,582)
Amortization of deferred financing fees (5,097) (4,955) (15,129) (14,758)
Other (expense) income, net (48,330) (39,756) 29,961 2,262
Total other expense, net (155,381) (140,342) (303,893) (293,728)
Income before income taxes 93,223 102,645 410,079 397,018
Provision for income taxes (7,861) (2,883) (22,192) (39,797)
Net income 85,362 99,762 387,887 357,221
Net loss attributable to noncontrolling interests 2,057 247 4,397 929
Net income attributable to SBA Communications Corporation $ 87,419 $ 100,009 $ 392,284 $ 358,150
Net income per common share attributable to SBA Communications Corporation:        
Basic $ 0.81 $ 0.93 $ 3.62 $ 3.32
Diluted $ 0.80 $ 0.91 $ 3.60 $ 3.27
Weighted-average number of common shares        
Basic 108,373 107,916 108,288 107,950
Diluted 108,891 109,358 109,017 109,416
[1] Includes non-cash compensation of $20,615 and $24,945 for the three months ended September 30, 2023 and 2022, respectively, and $63,709 and $72,309 for the nine months ended September 30, 2023 and 2022, respectively.