SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the
"Company") today reported results for the quarter ended December
31, 2015. Highlights of the results include:
- Steady growth of AFFO per share on a constant currency
basis
- Adjusted EBITDA Margin approaches 70%
- Continued stock repurchases
- Purchased or built 392 new communications
sites
“We had a solid end of the year,” commented
Jeffrey A. Stoops, President and Chief Executive Officer. “Wireless
carriers were active with network deployments in the fourth
quarter, and customer activity has remained steady to start 2016.
Domestic activity primarily came from continued AWS-1 and 700 MHz
deployments, and refarming of spectrum used for 2G to LTE. We
expect this type of activity to continue, and to be supplemented by
deployments of additional spectrum bands as we move through 2016.
Internationally, our customers continued with a mix of coverage and
capacity deployments. Longer term, we remain extremely optimistic
about the growth and importance of wireless infrastructure.
Industry experts predict worldwide growth in mobile data of 800%
over the next five years. The growth is expected to be driven by
steadily increasing 4G connections, video traffic and smartphone
penetration. Additional spectrum expected to be available
over the same time period amounts to only a fraction of that which
is already in use. Additional infrastructure will be necessary to
meet demand, and we are well positioned to participate in that
growth. Given our long-term optimism around our business and our
solid balance sheet, we intend to continue to allocate capital
opportunistically to both portfolio growth and stock repurchases in
pursuit of our long-standing goal of maximizing AFFO per
share.”
Operating Results
Total revenues in the fourth quarter of 2015
were $406.9 million compared to $404.7 million in the year earlier
period, an increase of 0.5%. Site leasing revenue of $368.5 million
increased 1.9% over the year earlier period. Domestic cash site
leasing revenue was $305.1 million in the fourth quarter of 2015
compared to $295.4 million in the year earlier period, an increase
of 3.3%. IDen-specific churn during 2015 had a negative impact on
the quarter of $9.1 million, or 3.1% of domestic cash site leasing
revenue. International cash site leasing revenue was $53.3 million
in the fourth quarter of 2015 compared to $51.8 million in the year
earlier period, an increase of 2.9%. Eliminating the impact of
changes in foreign currency exchange rates, total site leasing
revenue and international cash site leasing revenue would have
increased 7.5% and 37.5%, respectively, over the year earlier
period. Site development revenues were $38.5 million in the fourth
quarter of 2015 compared to $43.3 million in the year earlier
period, a decrease of 11.1%.
Site leasing Segment Operating Profit was $287.1
million, an increase of 1.4% over the year earlier period. Site
leasing contributed 96.5% of the Company’s total Segment Operating
Profit in the fourth quarter of 2015. Domestic site leasing Segment
Operating Profit was $246.7 million, an increase of 2.1% over the
year earlier period. International site leasing Segment Operating
Profit was $40.4 million, a decrease of 2.5% when compared to the
year earlier period. Eliminating the impact of changes in foreign
currency exchange rates, total site leasing Segment Operating
Profit and international site leasing Segment Operating Profit
would have increased 6.1% and 29.3%, respectively, over the year
earlier period. Site development Segment Operating Profit Margin
was 27.0% in the fourth quarter of 2015 compared to 22.1% in the
year earlier period.
Tower Cash Flow for the fourth quarter of 2015
was $285.5 million, a 2.7% increase over the year earlier period.
Tower Cash Flow Margin for the fourth quarter of 2015 was 79.7%
compared to 80.0% in the year earlier period. Domestic Tower Cash
Flow for the fourth quarter of 2015 was $249.1 million compared to
$241.7 million in the year earlier period, an increase of 3.0%.
International Tower Cash Flow for the fourth quarter of 2015 was
$36.5 million compared to $36.2 million in the year earlier period,
an increase of 0.7%. Eliminating the impact of changes in foreign
currency exchange rates, total Tower Cash Flow and International
Tower Cash Flow would have increased 6.8% and 32.1%, respectively,
over the year earlier period.
Net income for the fourth quarter of 2015 was
$31.0 million or $0.25 per share compared to net income of $0.4
million in the year earlier period. Net income for the fourth
quarter of 2015 included a $37.2 million gain realized on the sale
of the Company’s investment in Extenet and a $1.6 million gain on
the currency related remeasurement of a U.S. dollar denominated
intercompany loan with a Brazilian subsidiary.
Adjusted EBITDA in the fourth quarter of 2015
was $274.3 million compared to $266.7 million in the year earlier
period, an increase of 2.9%. Eliminating the impact of changes in
foreign currency exchange rates, Adjusted EBITDA would have
increased 6.9% over the year earlier period. Adjusted EBITDA Margin
was 69.1% in the fourth quarter of 2015 compared to 68.3% in the
year earlier period.
Net Cash Interest Expense was $82.3 million in
the fourth quarter of 2015 compared to $76.7 million in the year
earlier period.
AFFO decreased 0.2% to $181.1 million in the
fourth quarter of 2015 compared to $181.5 million in the year
earlier period. Eliminating the impact of changes in foreign
currency exchange rates, AFFO would have increased 6.2% over the
year earlier period. AFFO per share increased 2.9% to $1.43 in the
fourth quarter of 2015 compared to $1.39 in the year earlier
period. Eliminating the impact of changes in foreign currency
exchange rates, AFFO per share would have increased 9.4% over the
year earlier period. Excluding the impact of both iDen-specific
churn and changes in foreign currency exchange rates, AFFO per
share would have increased 14.4% over the year earlier period.
Investing Activities
During the fourth quarter of 2015, SBA purchased
292 communication sites for $183.4 million in cash. SBA also built
100 towers during the fourth quarter of 2015. As of December
31, 2015, SBA owned or operated 25,465 communication sites, 15,778
of which are located in the United States and its territories, and
9,687 of which are located internationally. In addition, the
Company spent $26.4 million to purchase land and easements and to
extend lease terms. Total cash capital expenditures for the fourth
quarter of 2015 were $247.2 million, consisting of $9.0 million of
non-discretionary cash capital expenditures (tower maintenance and
general corporate) and $238.2 million of discretionary cash capital
expenditures (new tower builds, tower augmentations, acquisitions,
purchasing land and easements, and capital expenditures associated
with the refurbishment of a new headquarters building).
Subsequent to the fourth quarter of 2015, the Company acquired
102 communication sites for an aggregate consideration of $62.5
million in cash. In addition, the Company has agreed to purchase in
the U.S. and internationally 72 communication sites for an
aggregate amount of $36.2 million. The Company anticipates that
most of these acquisitions will be consummated by the end of the
third quarter of 2016.
Financing Activities and Liquidity
SBA ended the fourth quarter with $8.6 billion
of total debt, $144.1 million of cash and cash equivalents,
short-term restricted cash, and short-term investments, and $8.4
billion of Net Debt. SBA’s Net Debt and Net Secured Debt to
Annualized Adjusted EBITDA Leverage Ratios were 7.7x and 5.8x,
respectively. At quarter end, SBA had no borrowings under its $1.0
billion Revolving Credit Facility.
On October 14, 2015, the Company, through its
existing SBA Tower Trust, issued $500.0 million of 3.156% Secured
Tower Revenue Securities Series 2015-1C which have an anticipated
repayment date of October 8, 2020 and a final maturity date of
October 10, 2045 (the “2015 Tower Securities”). Net proceeds from
this offering were used to make a cash distribution to SBA
Guarantor LLC which was further distributed (1) to repay
outstanding amounts on the Revolving Credit Facility of SBA Senior
Finance II LLC and (2) to be used for general corporate
purposes.
During the fourth quarter of 2015, the Company
repaid with cash on hand the entire $160.0 million outstanding
principal balance on the 2012-1 Term Loan. In connection with the
prepayment, the Company expensed $0.8 million of net deferred
financing fees.
During the fourth quarter of 2015, the Company
repurchased 0.5 million shares of its Class A common stock for
$50.0 million, at an average price per share of $103.74. Subsequent
to December 31, 2015, the Company repurchased 0.5 million shares of
its Class A common stock for $50.0 million at a weighted average
price per share of $98.65. As of the date of this filing, the
Company had a remaining authorization to repurchase $650.0 million
of Class A common stock under its current $1.0 billion stock
repurchase program. Since the beginning of 2015, the Company has
reduced its shares of Class A common stock outstanding from 129.1
million to 125.3 million as of the date of this press release.
Outlook
The Company is providing its first quarter 2016
Outlook and updating its full year 2016 Outlook for anticipated
results. Changes in the full year 2016 Outlook are equal to changes
in current assumptions around foreign currency exchange rates. The
Outlook provided is based on a number of assumptions that the
Company believes are reasonable at the time of this press
release. Information regarding potential risks that could
cause the actual results to differ from these forward-looking
statements is set forth below and in the Company’s filings with the
Securities and Exchange Commission.
The Company’s first quarter 2016 Outlook and
full year 2016 Outlook assume approximately $8.0 million and $30.5
million, respectively, of non-cash straight-line leasing revenue.
The first quarter 2016 Outlook and updated full year 2016 Outlook
assume the acquisitions of only those communication sites under
contract at the time of this press release. The Company
intends to spend additional capital in 2016 on acquiring revenue
producing assets not yet identified or under contract, the impact
of which is not reflected in the 2016 guidance. The Company’s full
year 2016 Outlook includes new tower builds in the U.S. and
internationally of 590 to 610 towers. The Outlook does not
contemplate any new financings or any additional repurchases of the
Company’s stock during 2016 other than those repurchases completed
as of the date of this press release.
The Company’s updated Outlook assumes an average
foreign currency exchange rate of 4.00 and 4.20 Brazilian Reais to
1.0 U.S. Dollar and 1.40 and 1.44 Canadian Dollars to 1.0 U.S.
Dollar for the first quarter of 2016 and for the updated full year
2016 Outlook, respectively. When compared to the Company’s initial
full year 2016 Outlook provided November 4, 2015, the variances in
the Company’s foreign currency rate assumptions negatively impact
the updated full year 2016 Outlook by approximately $16 million for
Site Leasing Revenue, $10 million for Tower Cash Flow, $9 million
for Adjusted EBITDA, and $10 million for AFFO.
|
Quarter ending |
|
Full |
|
March 31, 2016 |
|
Year 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($'s in millions) |
Site leasing revenue
(1) |
$ |
366.5 |
|
|
to |
|
|
$ |
371.5 |
|
|
$ |
1,494.0 |
|
|
to |
|
|
$ |
1,514.0 |
Site development
revenue |
$ |
25.0 |
|
|
to |
|
|
$ |
30.0 |
|
|
$ |
125.0 |
|
|
to |
|
|
$ |
145.0 |
Total revenues |
$ |
391.5 |
|
|
to |
|
|
$ |
401.5 |
|
|
$ |
1,619.0 |
|
|
to |
|
|
$ |
1,659.0 |
Tower Cash Flow |
$ |
285.0 |
|
|
to |
|
|
$ |
290.0 |
|
|
$ |
1,163.0 |
|
|
to |
|
|
$ |
1,183.0 |
Adjusted EBITDA |
$ |
268.0 |
|
|
to |
|
|
$ |
273.0 |
|
|
$ |
1,104.0 |
|
|
to |
|
|
$ |
1,124.0 |
Net cash interest
expense (2) |
$ |
81.0 |
|
|
to |
|
|
$ |
83.0 |
|
|
$ |
323.0 |
|
|
to |
|
|
$ |
333.0 |
Non-discretionary cash
capital expenditures (3) |
$ |
9.0 |
|
|
to |
|
|
$ |
10.0 |
|
|
$ |
30.0 |
|
|
to |
|
|
$ |
40.0 |
AFFO |
$ |
173.0 |
|
|
to |
|
|
$ |
182.0 |
|
|
$ |
721.0 |
|
|
to |
|
|
$ |
765.0 |
Discretionary cash
capital expenditures (4) |
$ |
120.0 |
|
|
to |
|
|
$ |
130.0 |
|
|
$ |
220.0 |
|
|
to |
|
|
$ |
240.0 |
(1) The Company’s Outlook for site leasing
revenue includes revenue associated with pass through reimbursable
expenses.(2) Net cash interest expense is defined as interest
expense less interest income. Net cash interest expense does not
include amortization of deferred financing fees or non-cash
interest expense. (3) Consists of tower maintenance and general
corporate capital expenditures.(4) Consists of new tower builds,
tower augmentations, communication site acquisitions and ground
lease purchases. Excludes expenditures for revenue producing assets
not under contract at the date of this press release.
Conference Call Information
SBA Communications Corporation will host a
conference call on Thursday, February 25, 2016 at 5:00 PM (Eastern)
to discuss the quarterly results. The call may be accessed as
follows:
When: |
|
|
|
|
Thursday, February 25,
2016 at 5:00 PM (Eastern) |
Dial-in Number: |
|
|
|
|
(800) 230-1092 |
Conference Name: |
|
|
|
|
SBA fourth quarter
results |
Replay Available: |
|
|
|
|
Thursday, February 25,
2016 at 8:00 PM (Eastern) through March 10, 2016 at 11:59 PM
(Eastern) |
Replay Number: |
|
|
|
|
(800) 475-6701 |
Access Code: |
|
|
|
|
385752 |
Internet Access: |
|
|
|
|
www.sbasite.com |
Information Concerning Forward-Looking Statements
This press release includes forward-looking
statements, including statements regarding the Company’s
expectations or beliefs regarding (i) continued growth in wireless
infrastructure and the drivers of such growth, (ii) portfolio and
organic growth for 2016, both domestically and internationally,
(iii) the Company’s goal of investing substantial amounts of
capital in portfolio growth and stock repurchases and approach with
respect to capital allocation, (iv) the Company’s stock repurchase
program and the impact of stock repurchases, (v) the impact of such
portfolio growth and stock repurchases on AFFO per share, (vi)
network deployments by existing customers, including the AWS-1 and
900 MHz deployments in the U.S., as well as the future availability
of additional spectrum, (vii) the infrastructure needed to meet
future growth in demand and the Company’s positioning to
participate in such growth, (viii) the Company’s financial and
operational guidance for the first quarter of 2016 and full year
2016, and the ability to improve upon its full year 2016 Outlook,
(ix) timing of closing for currently pending acquisitions, (x)
spending additional capital in 2016 on acquiring revenue producing
assets not yet identified or under contract, (xi) customer activity
levels during 2016, (xii) Canada and Brazil’s foreign exchange
rates and their impact on the Company’s financial and operational
guidance, and (xiii) the impact associated with iDen and non-iDen
churn. These forward-looking statements may be affected by the
risks and uncertainties in the Company’s business. This information
is qualified in its entirety by cautionary statements and risk
factor disclosures contained in the Company’s Securities and
Exchange Commission filings, including the Company’s annual report
on Form 10-K filed with the Commission on March 2, 2015.
The Company wishes to caution readers that
certain important factors may have affected and could in the future
affect the Company’s actual results and could cause the Company’s
actual results for subsequent periods to differ materially from
those expressed in any forward-looking statement made by or on
behalf of the Company. With respect to the Company’s expectations
regarding all of these statements, including its financial and
operational guidance, such risk factors include, but are not
limited to: (1) the ability and willingness of wireless service
providers to maintain or increase their capital expenditures; (2)
the Company’s ability to identify and acquire sites at prices and
upon terms that will allow the portfolio growth to be accretive;
(3) the Company’s ability to accurately identify any risks
associated with its acquired sites, to effectively integrate such
sites into its business and to achieve the anticipated financial
results; (4) the Company’s ability to secure and retain as many
site leasing tenants as planned at anticipated lease rates; (5) the
impact of continued consolidation among wireless service providers
on the Company’s leasing revenue; (6) the Company’s ability to
successfully manage the risks associated with international
operations, including risks associated with foreign currency
exchange rates; (7) the Company’s ability to secure and deliver
anticipated services business at contemplated margins; (8) the
Company’s ability to maintain expenses and cash capital
expenditures at appropriate levels for its business while seeking
to attain its investment goals; (9) the Company’s ability to
acquire land underneath towers on terms that are accretive; (10)
the Company’s ability to realize economies of scale from its tower
portfolio; (11) the economic climate for the wireless
communications industry in general and the wireless communications
infrastructure providers in particular in the United States,
Brazil, and internationally; (12) the continued dependence on
towers and outsourced site development services by the wireless
carriers; (13) the Company’s ability to protect its rights to land
under its towers; and (14) the Company’s ability to obtain future
financing at commercially reasonable rates or at all. With respect
to the Company’s plan for new builds, these factors also include
zoning and regulatory approvals, weather, availability of labor and
supplies and other factors beyond the Company’s control that could
affect the Company’s ability to build 590 to 610 towers in 2016.
With respect to its expectations regarding the ability to close
pending acquisitions, these factors also include satisfactorily
completing due diligence, the amount and quality of due diligence
that the Company is able to complete prior to closing of any
acquisition and its ability to accurately anticipate the future
performance of the acquired towers, the ability to receive required
regulatory approval, the ability and willingness of each party to
fulfill their respective closing conditions and their contractual
obligations and the availability of cash on hand or borrowing
capacity under the Revolving Credit Facility to fund the
consideration. With respect to repurchases under the Company’s
stock repurchase program, the amount of shares repurchased, if any,
and the timing of such repurchases will depend on, among other
things, the trading price of the Company’s common stock, which may
be positively or negatively impacted by the repurchase program,
market and business conditions, the availability of stock, the
Company’s financial performance or determinations following the
date of this announcement in order to use the Company’s funds for
other purposes.
This press release contains non-GAAP financial
measures. Reconciliation of each of these non-GAAP financial
measures and the other Regulation G information is presented below
under “Non-GAAP Financial Measures.”
This press release will be available on our
website at www.sbasite.com.
About SBA Communications Corporation
SBA Communications Corporation is a first choice
provider and leading owner and operator of wireless communications
infrastructure in North, Central, and South America. By “Building
Better Wireless,” SBA generates revenue from two primary businesses
– site leasing and site development services. The primary focus of
the Company is the leasing of antenna space on its multi-tenant
communication sites to a variety of wireless service providers
under long-term lease contracts. For more information please visit:
www.sbasite.com.
CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited) (in thousands, except per
share amounts) |
|
|
|
|
|
|
|
For the three months |
|
For the year ended |
|
|
ended December 31, |
|
ended December 31, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenues: |
|
|
|
|
|
|
|
|
|
Site leasing |
|
$ |
|
368,452 |
|
|
$ |
|
361,421 |
|
|
$ |
|
1,480,634 |
|
|
$ |
|
1,360,202 |
|
Site development |
|
|
|
38,489 |
|
|
|
|
43,313 |
|
|
|
|
157,840 |
|
|
|
|
166,794 |
|
Total revenues |
|
|
|
406,941 |
|
|
|
|
404,734 |
|
|
|
|
1,638,474 |
|
|
|
|
1,526,996 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of
depreciation, accretion, |
|
|
|
|
|
|
|
|
|
|
|
|
and amortization shown below): |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of site leasing |
|
|
|
81,357 |
|
|
|
|
78,264 |
|
|
|
|
324,655 |
|
|
|
|
301,313 |
|
Cost of site development |
|
|
|
28,083 |
|
|
|
|
33,740 |
|
|
|
|
119,744 |
|
|
|
|
127,172 |
|
Selling, general, and
administrative (1) |
|
|
|
28,933 |
|
|
|
|
26,609 |
|
|
|
|
114,951 |
|
|
|
|
103,317 |
|
Acquisition related
adjustments and expenses |
|
|
|
4,380 |
|
|
|
|
(2,930 |
) |
|
|
|
11,864 |
|
|
|
|
7,798 |
|
Asset impairment and
decommission costs |
|
|
|
20,598 |
|
|
|
|
10,247 |
|
|
|
|
94,783 |
|
|
|
|
23,801 |
|
Depreciation,
accretion, and amortization |
|
|
|
161,461 |
|
|
|
|
162,214 |
|
|
|
|
660,021 |
|
|
|
|
627,072 |
|
Total operating expenses |
|
|
|
324,812 |
|
|
|
|
308,144 |
|
|
|
|
1,326,018 |
|
|
|
|
1,190,473 |
|
Operating income |
|
|
|
82,129 |
|
|
|
|
96,590 |
|
|
|
|
312,456 |
|
|
|
|
336,523 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
1,610 |
|
|
|
|
249 |
|
|
|
|
3,894 |
|
|
|
|
677 |
|
Interest expense |
|
|
|
(83,926 |
) |
|
|
|
(76,906 |
) |
|
|
|
(322,366 |
) |
|
|
|
(292,600 |
) |
Non-cash interest expense |
|
|
|
(454 |
) |
|
|
|
(280 |
) |
|
|
|
(1,505 |
) |
|
|
|
(27,112 |
) |
Amortization of deferred financing
fees |
|
|
|
(5,181 |
) |
|
|
|
(4,458 |
) |
|
|
|
(19,154 |
) |
|
|
|
(17,572 |
) |
Loss from extinguishment of debt,
net |
|
|
|
(783 |
) |
|
|
|
(1,124 |
) |
|
|
|
(783 |
) |
|
|
|
(26,204 |
) |
Other income (expense), net |
|
|
|
39,572 |
|
|
|
|
(9,758 |
) |
|
|
|
(139,137 |
) |
|
|
|
10,628 |
|
Total other expense |
|
|
|
(49,162 |
) |
|
|
|
(92,277 |
) |
|
|
|
(479,051 |
) |
|
|
|
(352,183 |
) |
Income (loss) before provision for
income taxes |
|
|
|
32,967 |
|
|
|
|
4,313 |
|
|
|
|
(166,595 |
) |
|
|
|
(15,660 |
) |
Provision for income
taxes |
|
|
|
(1,948 |
) |
|
|
|
(3,925 |
) |
|
|
|
(9,061 |
) |
|
|
|
(8,635 |
) |
Net income (loss) |
|
$ |
|
31,019 |
|
|
$ |
|
388 |
|
|
$ |
|
(175,656 |
) |
|
$ |
|
(24,295 |
) |
Net income (loss) per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
0.25 |
|
|
$ |
|
0.00 |
|
|
$ |
|
(1.37 |
) |
|
$ |
|
(0.19 |
) |
Diluted |
|
$ |
|
0.24 |
|
|
$ |
|
0.00 |
|
|
$ |
|
(1.37 |
) |
|
$ |
|
(0.19 |
) |
Weighted average number
of common shares |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
126,005 |
|
|
|
|
129,113 |
|
|
|
|
127,794 |
|
|
|
|
128,919 |
|
Diluted |
|
|
|
126,964 |
|
|
|
|
129,113 |
|
|
|
|
127,794 |
|
|
|
|
128,919 |
|
(1) Includes non-cash compensation of $6,739 and $5,334 for the
three months ended December 31, 2015 and 2014, respectively, and
$28,342 and $22,285 for the year ended December 31, 2015 and 2014,
respectively.
CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, except par
values) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
2014 |
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
118,039 |
|
|
$ |
|
39,443 |
|
Restricted cash |
|
|
|
25,353 |
|
|
|
|
52,519 |
|
Short-term investments |
|
|
|
706 |
|
|
|
|
5,549 |
|
Accounts receivable, net of
allowance of $1,681 and $889 |
|
|
|
|
|
|
at December 31, 2015 and December
31, 2014, respectively |
|
|
|
83,326 |
|
|
|
|
104,268 |
|
Costs and estimated earnings in
excess of billings on uncompleted contracts |
|
|
|
16,934 |
|
|
|
|
30,078 |
|
Prepaid and other current
assets |
|
|
|
49,602 |
|
|
|
|
95,031 |
|
Total current assets |
|
|
|
293,960 |
|
|
|
|
326,888 |
|
Property and equipment,
net |
|
|
|
2,782,353 |
|
|
|
|
2,762,417 |
|
Intangible assets,
net |
|
|
|
3,735,413 |
|
|
|
|
4,189,540 |
|
Deferred financing
fees, net |
|
|
|
94,152 |
|
|
|
|
95,237 |
|
Other assets |
|
|
|
497,337 |
|
|
|
|
467,043 |
|
Total assets |
|
$ |
|
7,403,215 |
|
|
$ |
|
7,841,125 |
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
|
27,105 |
|
|
$ |
|
42,851 |
|
Accrued expenses |
|
|
|
63,755 |
|
|
|
|
65,553 |
|
Current maturities of long-term
debt |
|
|
|
20,000 |
|
|
|
|
32,500 |
|
Deferred revenue |
|
|
|
97,083 |
|
|
|
|
120,047 |
|
Accrued interest |
|
|
|
53,365 |
|
|
|
|
53,178 |
|
Other current liabilities |
|
|
|
12,063 |
|
|
|
|
16,921 |
|
Total current liabilities |
|
|
|
273,371 |
|
|
|
|
331,050 |
|
Long-term
liabilities: |
|
|
|
|
|
|
Long-term debt |
|
|
|
8,522,305 |
|
|
|
|
7,828,299 |
|
Other long-term liabilities |
|
|
|
313,683 |
|
|
|
|
342,576 |
|
Total long-term liabilities |
|
|
|
8,835,988 |
|
|
|
|
8,170,875 |
|
|
|
|
|
|
|
|
Shareholders'
deficit: |
|
|
|
|
|
|
Preferred stock - par value $.01,
30,000 shares authorized, no shares issued |
|
|
|
|
|
|
or outstanding |
|
|
— |
|
|
— |
Common stock - Class A, par value
$.01, 400,000 shares authorized, 125,743 and |
|
|
|
|
|
|
129,134 shares issued and
outstanding at December 31, 2015 and |
|
|
|
|
|
|
December 31, 2014,
respectively |
|
|
|
1,257 |
|
|
|
|
1,291 |
|
Additional paid-in capital |
|
|
|
1,962,713 |
|
|
|
|
2,062,775 |
|
Accumulated deficit |
|
|
|
(3,168,069 |
) |
|
|
|
(2,542,380 |
) |
Accumulated other comprehensive
loss |
|
|
|
(502,045 |
) |
|
|
|
(182,486 |
) |
Total shareholders' deficit |
|
|
|
(1,706,144 |
) |
|
|
|
(660,800 |
) |
Total liabilities and shareholders'
deficit |
|
$ |
|
7,403,215 |
|
|
$ |
|
7,841,125 |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS(unaudited) (in thousands) |
|
|
|
|
|
|
|
|
|
For the three months |
|
|
ended December 31, |
|
|
2015 |
|
2014 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
|
$ |
|
31,019 |
|
|
$ |
|
388 |
|
Adjustments to reconcile net income
to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation, accretion, and
amortization |
|
|
|
161,461 |
|
|
|
|
162,214 |
|
Non-cash interest expense |
|
|
|
454 |
|
|
|
|
280 |
|
Deferred income tax expense
(benefit) |
|
|
|
(200 |
) |
|
|
|
1,573 |
|
Non-cash asset impairment and
decommission costs |
|
|
|
19,511 |
|
|
|
|
8,475 |
|
Non-cash compensation expense |
|
|
|
6,845 |
|
|
|
|
5,440 |
|
Amortization of deferred financing
fees |
|
|
|
5,181 |
|
|
|
|
4,458 |
|
(Gain) Loss on remeasurement of
U.S. denominated intercompany loan |
|
|
|
(1,568 |
) |
|
|
|
22,965 |
|
Gain on sale of cost method
investments |
|
|
|
(38,326 |
) |
|
|
|
(12,461 |
) |
Other non-cash items reflected in
the Statements of Operations |
|
|
|
341 |
|
|
|
|
(5,058 |
) |
Changes in operating assets and
liabilities, net of acquisitions: |
|
|
|
|
|
|
Accounts receivable and costs and
estimated earnings in excess of billings |
|
|
|
|
|
|
on uncompleted contracts, net |
|
|
|
(8,267 |
) |
|
|
|
(25,596 |
) |
Prepaid expenses and other
assets |
|
|
|
3,953 |
|
|
|
|
(20,959 |
) |
Accounts payable and accrued
expenses |
|
|
|
(3,950 |
) |
|
|
|
(2,311 |
) |
Accrued interest |
|
|
|
14,181 |
|
|
|
|
14,665 |
|
Other liabilities |
|
|
|
11,801 |
|
|
|
|
32,282 |
|
Net cash provided by operating
activities |
|
|
|
202,436 |
|
|
|
|
186,355 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Acquisitions |
|
|
|
(200,819 |
) |
|
|
|
(536,474 |
) |
Capital expenditures |
|
|
|
(46,396 |
) |
|
|
|
(79,904 |
) |
Proceeds from sale of
investments |
|
|
|
81,933 |
|
|
|
|
15,029 |
|
Other investing activities |
|
|
|
(2,508 |
) |
|
|
|
5,208 |
|
Net cash used in investing
activities |
|
|
|
(167,790 |
) |
|
|
|
(596,141 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Net borrowings (repayments) under
Revolving Credit Facility |
|
|
|
(280,000 |
) |
|
|
|
(175,000 |
) |
Repayment of Term Loans |
|
|
|
(165,000 |
) |
|
|
|
(7,500 |
) |
Payments for settlement of
convertible debt |
|
|
— |
|
|
|
(367,129 |
) |
Payments for settlement of common
stock warrants |
|
|
— |
|
|
|
(282,151 |
) |
Proceeds from issuance of Tower
Securities |
|
|
|
489,100 |
|
|
|
|
1,518,229 |
|
Repayment of 2010 Tower
Securities |
|
|
— |
|
|
|
(680,000 |
) |
Repurchase and retirement of common
stock |
|
|
|
(50,009 |
) |
|
|
— |
Proceeds from (payment of)
restricted cash relating to SBA Tower Trust |
|
|
|
13,186 |
|
|
|
|
(3,460 |
) |
Other financing activities |
|
|
|
3,147 |
|
|
|
|
(1,514 |
) |
Net cash provided by financing
activities |
|
|
|
10,424 |
|
|
|
|
1,475 |
|
Effect of exchange rate changes on
cash and cash equivalents |
|
|
|
(302 |
) |
|
|
|
(2,503 |
) |
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS |
|
|
|
44,768 |
|
|
|
|
(410,814 |
) |
CASH AND CASH
EQUIVALENTS: |
|
|
|
|
|
|
Beginning of period |
|
|
|
73,271 |
|
|
|
|
450,257 |
|
End of period |
|
$ |
|
118,039 |
|
|
$ |
|
39,443 |
|
Selected Capital Expenditure Detail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three |
|
For the year |
|
|
months ended |
|
ended |
|
|
December 31, 2015 |
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
(in thousands) |
New tower build
construction |
|
$ |
24,048 |
|
$ |
100,736 |
Tower
upgrades/augmentations |
|
|
12,717 |
|
|
61,410 |
Refurbishment of
headquarters building |
|
|
673 |
|
|
12,961 |
Non-discretionary
capital expenditures: |
|
|
|
|
|
|
Maintenance/improvement capital
expenditures |
|
|
7,263 |
|
|
28,626 |
General corporate expenditures |
|
|
1,695 |
|
|
4,974 |
Total non-discretionary capital
expenditures |
|
|
8,958 |
|
|
33,600 |
Total capital expenditures |
|
$ |
46,396 |
|
$ |
208,707 |
Communication Site Portfolio Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
International |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sites owned at
September 30, 2015 |
|
|
15,509 |
|
|
|
9,602 |
|
|
|
25,111 |
|
Sites acquired during
the fourth quarter |
|
|
284 |
|
|
|
8 |
|
|
|
292 |
|
Sites built during the
fourth quarter |
|
|
22 |
|
|
|
78 |
|
|
|
100 |
|
Sites
reclassified/decommissioned during the fourth quarter |
|
|
(37 |
) |
|
|
(1 |
) |
|
|
(38 |
) |
Sites owned at December 31,
2015 |
|
|
15,778 |
|
|
|
9,687 |
|
|
|
25,465 |
|
Segment Operating Profit and Segment Operating
Profit Margin
The reconciliation of Site Leasing Segment
Operating Profit and Site Development Segment Operating Profit and
the calculation of Segment Operating Profit Margin are as
follows:
|
|
Domestic Site Leasing |
|
Int'l Site Leasing |
|
Total Site Leasing |
|
|
For the three months |
|
For the three months |
|
For the three months |
|
|
ended December 31, |
|
ended December 31, |
|
ended December 31, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenue |
|
$ |
|
310,316 |
|
|
$ |
|
303,290 |
|
|
$ |
|
58,136 |
|
|
$ |
|
58,131 |
|
|
$ |
|
368,452 |
|
|
$ |
|
361,421 |
|
Segment cost of
revenues (excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation, accretion,
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization) |
|
|
|
(63,652 |
) |
|
|
|
(61,600 |
) |
|
|
|
(17,705 |
) |
|
|
|
(16,664 |
) |
|
|
|
(81,357 |
) |
|
|
|
(78,264 |
) |
Segment operating profit |
|
$ |
|
246,664 |
|
|
$ |
|
241,690 |
|
|
$ |
|
40,431 |
|
|
$ |
|
41,467 |
|
|
$ |
|
287,095 |
|
|
$ |
|
283,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating profit
margin |
|
|
|
79.5 |
% |
|
|
|
79.7 |
% |
|
|
|
69.5 |
% |
|
|
|
71.3 |
% |
|
|
|
77.9 |
% |
|
|
|
78.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Site Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
38,489 |
|
|
$ |
|
43,313 |
|
Segment cost of
revenues (excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation, accretion,
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,083 |
) |
|
|
|
(33,740 |
) |
Segment operating profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
10,406 |
|
|
$ |
|
9,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating profit
margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27.0 |
% |
|
|
|
22.1 |
% |
Non-GAAP Financial Measures
The press release contains non-GAAP financial
measures including (i) Cash Site Leasing Revenue; (ii) Tower Cash
Flow and Tower Cash Flow Margin; (iii) Adjusted EBITDA, Annualized
Adjusted EBITDA, and Adjusted EBITDA Margin; (iv) Net Debt, Net
Secured Debt, Leverage Ratio, and Secured Leverage Ratio
(collectively, our “Non-GAAP Debt Measures”); (v) Funds from
Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and
AFFO per share; and (vi) certain financial metrics after
eliminating the impact of changes in foreign currency exchange
rates (collectively, our “Constant Currency Measures”) and the
impact of iDen-related churn.
We have included these non-GAAP financial
measures because we believe that they provide investors additional
tools in understanding our financial performance and
condition. Specifically, we believe that:
(1) Cash Site Leasing Revenue and Tower Cash
Flow are indicators of the performance of our site leasing
operations;(2) Adjusted EBITDA, FFO, AFFO, and AFFO per share are
useful indicators of the financial performance of our core
businesses; (3) Our Non-GAAP Debt Measures provide investors a more
complete understanding of our net debt and leverage position as
they include the full principal amount of our debt which will be
due at maturity; (4) Our Constant Currency Measures provide
management and investors the ability to evaluate the performance of
the business without the impact of foreign currency exchange rate
fluctuations; and (5) Excluding the impact of iDen-related churn
provides management and investors a better understanding of our
core growth rate.
In addition, Tower Cash Flow, Adjusted EBITDA,
and our Non-GAAP Debt Measures are components of the calculations
used by our lenders to determine compliance with certain covenants
under our Senior Credit Agreement and indentures relating to our
5.625% Notes, 5.75% Notes, and 4.875% Notes. These non-GAAP
financial measures are not intended to be an alternative to any of
the financial measures provided in our results of operations or our
balance sheet as determined in accordance with GAAP.
We believe that FFO, AFFO, and AFFO per share,
which are also being used by American Tower Corporation and Crown
Castle International (our two public company peers in the
communication site industry), provide investors useful indicators
of the financial performance of our core business and permit
investors an additional tool to evaluate the performance of our
business against those of our two principal competitors. FFO,
AFFO and AFFO per share are not necessarily indicative of the
operating results that would have been achieved had we converted to
a REIT. In addition, our FFO, AFFO, and AFFO per share may
not be comparable to those reported in accordance with National
Association of Real Estate Investment Trusts or by the other
communication site companies as the calculation of these non-GAAP
measures requires us to estimate the impact had we converted to a
REIT, including estimates of the tax provision adjustment to
reflect our estimate of our cash taxes had we been a REIT.
Financial Metrics after Eliminating the Impact of Changes In
Foreign Currency Exchange Rates and the Impact of 2015 iDen-related
Churn
We eliminate the impact of changes in foreign
currency exchange rates for each of the following financial metrics
by dividing the current period’s financial results by the average
monthly exchange rates of the prior year period. The table
below provides the reconciliation of the reported growth rate
year-over-year of each of the following measures to the growth rate
after eliminating the impact of changes in foreign currency
exchange rates to such measure: (1) total site leasing revenue and
international cash site leasing revenue, (2) total site leasing
segment operating profit and international site leasing segment
operating profit, (3) total Tower Cash Flow and international Tower
Cash Flow, (4) Adjusted EBITDA, and (5) AFFO and AFFO per share.
The table also provides the reconciliation of the reported
year-over-year growth rates of these measures to the growth rates
after eliminating the impact of iDen-related lease terminations
that occurred during 2015.
|
|
Fourth quarter |
|
|
|
Growth |
|
|
|
Growth excluding |
|
|
2015 year |
|
Foreign |
|
excluding |
|
|
|
foreign |
|
|
over year |
|
currency |
|
foreign |
|
iDen churn |
|
currency and iDen |
|
|
growth rate |
|
impact |
|
currency impact |
|
impact |
|
churn impact |
|
|
|
|
|
|
|
|
|
|
|
Total site leasing
revenue |
|
|
1.9 |
% |
|
|
(5.6 |
%) |
|
|
7.5 |
% |
|
|
(2.5 |
%) |
|
|
10.0 |
% |
Int'l cash site leasing
revenue |
|
|
2.9 |
% |
|
|
(34.6 |
%) |
|
|
37.5 |
% |
|
-- |
|
|
37.5 |
% |
Total site leasing
segment operating profit |
|
|
1.4 |
% |
|
|
(4.7 |
%) |
|
|
6.1 |
% |
|
|
(3.2 |
%) |
|
|
9.3 |
% |
Int'l site leasing
segment operating profit |
|
|
(2.5 |
%) |
|
|
(31.8 |
%) |
|
|
29.3 |
% |
|
-- |
|
|
29.3 |
% |
Total site leasing
tower cash flow |
|
|
2.7 |
% |
|
|
(4.1 |
%) |
|
|
6.8 |
% |
|
|
(3.3 |
%) |
|
|
10.1 |
% |
Int'l site leasing
tower cash flow |
|
|
0.7 |
% |
|
|
(31.4 |
%) |
|
|
32.1 |
% |
|
-- |
|
|
32.1 |
% |
Adjusted EBITDA |
|
|
2.9 |
% |
|
|
(4.0 |
%) |
|
|
6.9 |
% |
|
|
(3.4 |
%) |
|
|
10.3 |
% |
AFFO |
|
|
(0.2 |
%) |
|
|
(6.4 |
%) |
|
|
6.2 |
% |
|
|
(5.0 |
%) |
|
|
11.2 |
% |
AFFO per share |
|
|
2.9 |
% |
|
|
(6.5 |
%) |
|
|
9.4 |
% |
|
|
(5.0 |
%) |
|
|
14.4 |
% |
Cash Site Leasing Revenue, Tower Cash Flow, and
Tower Cash Flow Margin
The tables below set forth the reconciliation of
Cash Site Leasing Revenue and Tower Cash Flow to their most
comparable GAAP measurement and Tower Cash Flow Margin, which is
calculated by dividing Tower Cash Flow by Cash Site Leasing
Revenue. Tower Cash Flow for each of the periods set forth in the
Outlook section above will be calculated in the same manner.
|
|
Domestic Site Leasing |
|
Int'l Site Leasing |
|
Total Site Leasing |
|
|
For the three months |
|
For the three months |
|
For the three months |
|
|
ended December 31, |
|
ended December 31, |
|
ended December 31, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
(in thousands) |
Site leasing
revenue |
|
$ |
|
310,316 |
|
|
$ |
|
303,290 |
|
|
$ |
|
58,136 |
|
|
$ |
|
58,131 |
|
|
$ |
|
368,452 |
|
|
$ |
|
361,421 |
|
Non-cash straight-line
leasing revenue |
|
|
|
(5,175 |
) |
|
|
|
(7,850 |
) |
|
|
|
(4,788 |
) |
|
|
|
(6,283 |
) |
|
|
|
(9,963 |
) |
|
|
|
(14,133 |
) |
Cash site leasing revenue |
|
|
|
305,141 |
|
|
|
|
295,440 |
|
|
|
|
53,348 |
|
|
|
|
51,848 |
|
|
|
|
358,489 |
|
|
|
|
347,288 |
|
Site leasing cost of
revenues (excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation, accretion, and
amortization) |
|
|
|
(63,652 |
) |
|
|
|
(61,600 |
) |
|
|
|
(17,705 |
) |
|
|
|
(16,664 |
) |
|
|
|
(81,357 |
) |
|
|
|
(78,264 |
) |
Non-cash straight-line
ground lease expense |
|
|
|
7,561 |
|
|
|
|
7,853 |
|
|
|
|
849 |
|
|
|
|
1,048 |
|
|
|
|
8,410 |
|
|
|
|
8,901 |
|
Tower Cash Flow |
|
$ |
|
249,050 |
|
|
$ |
|
241,693 |
|
|
$ |
|
36,492 |
|
|
$ |
|
36,232 |
|
|
$ |
|
285,542 |
|
|
$ |
|
277,925 |
|
Tower Cash Flow Margin |
|
|
|
81.6 |
% |
|
|
|
81.8 |
% |
|
|
|
68.4 |
% |
|
|
|
69.9 |
% |
|
|
|
79.7 |
% |
|
|
|
80.0 |
% |
Adjusted EBITDA, Annualized Adjusted EBITDA, and
Adjusted EBITDA Margin
The table below sets forth the reconciliation of
Adjusted EBITDA to its most comparable GAAP measurement.
Adjusted EBITDA for each of the periods set forth in the Outlook
section above will be calculated in the same manner:
|
|
|
|
|
For the three months |
|
|
|
|
|
ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
|
|
|
|
(in thousands) |
Net income |
|
|
|
|
$ |
|
31,019 |
|
|
$ |
|
388 |
|
Non-cash straight-line leasing
revenue |
|
|
|
|
|
|
(9,963 |
) |
|
|
|
(14,133 |
) |
Non-cash straight-line ground lease
expense |
|
|
|
|
|
|
8,410 |
|
|
|
|
8,901 |
|
Non-cash compensation |
|
|
|
|
|
|
6,845 |
|
|
|
|
5,440 |
|
Loss from extinguishment of debt,
net |
|
|
|
|
|
|
783 |
|
|
|
|
1,124 |
|
Other (income) expense |
|
|
|
|
|
|
(39,572 |
) |
|
|
|
9,758 |
|
Acquisition related adjustments and
expenses |
|
|
|
|
|
|
4,380 |
|
|
|
|
(2,930 |
) |
Asset impairment and decommission
costs |
|
|
|
|
|
|
20,598 |
|
|
|
|
10,247 |
|
Interest income |
|
|
|
|
|
|
(1,610 |
) |
|
|
|
(249 |
) |
Total interest expense (1) |
|
|
|
|
|
|
89,561 |
|
|
|
|
81,644 |
|
Depreciation, accretion, and
amortization |
|
|
|
|
|
|
161,461 |
|
|
|
|
162,214 |
|
Provision for taxes (2) |
|
|
|
|
|
|
2,411 |
|
|
|
|
4,288 |
|
Adjusted EBITDA |
|
|
|
|
$ |
|
274,323 |
|
|
$ |
|
266,692 |
|
Annualized Adjusted EBITDA (3) |
|
|
|
|
$ |
|
1,097,292 |
|
|
$ |
|
1,066,768 |
|
(1) Total interest expense includes interest expense, non-cash
interest expense, and amortization of deferred financing fees.(2)
For the three months ended December 31, 2015 and 2014, these
amounts included $463 and $363, respectively, of franchise and
gross receipts taxes reflected in the Statements of Operations in
selling, general and administrative expenses.(3) Annualized
Adjusted EBITDA is calculated as Adjusted EBITDA for the most
recent quarter multiplied by four.
The calculation of Adjusted EBITDA Margin is as
follows:
|
|
|
|
|
For the three months |
|
|
|
|
|
ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
|
|
|
|
(in thousands) |
Total revenues |
|
|
|
|
$ |
|
406,941 |
|
|
$ |
|
404,734 |
|
Non-cash straight-line
leasing revenue |
|
|
|
|
|
|
(9,963 |
) |
|
|
|
(14,133 |
) |
Total revenues minus non-cash
straight-line leasing revenue |
|
|
|
|
$ |
|
396,978 |
|
|
$ |
|
390,601 |
|
Adjusted EBITDA |
|
|
|
|
$ |
|
274,323 |
|
|
$ |
|
266,692 |
|
Adjusted EBITDA Margin |
|
|
|
|
|
|
69.1 |
% |
|
|
|
68.3 |
% |
Funds from Operations (“FFO”) and Adjusted Funds from Operations
(“AFFO”)
The tables below set forth the reconciliations of FFO and AFFO
to their most comparable GAAP measurement. AFFO for each of the
periods set forth in the Outlook section above will be calculated
in the same manner:
|
|
|
|
|
For the three months |
|
|
|
|
|
ended December 31, |
|
|
|
|
|
2015 |
|
2014 |
|
|
|
|
|
(in thousands) |
Net income |
|
|
|
|
$ |
|
31,019 |
|
|
$ |
|
388 |
|
Adjusted tax provision
(1) |
|
|
|
|
|
|
470 |
|
|
|
|
2,997 |
|
Real estate related
depreciation, amortization, and accretion |
|
|
|
|
|
|
159,958 |
|
|
|
|
160,675 |
|
FFO |
|
|
|
|
$ |
|
191,447 |
|
|
$ |
|
164,060 |
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
FFO: |
|
|
|
|
|
|
|
|
|
Non-cash straight-line
leasing revenue |
|
|
|
|
|
|
(9,963 |
) |
|
|
|
(14,133 |
) |
Non-cash straight-line
ground lease expense |
|
|
|
|
|
|
8,410 |
|
|
|
|
8,901 |
|
Non-cash
compensation |
|
|
|
|
|
|
6,845 |
|
|
|
|
5,440 |
|
Non-real estate related
depreciation, amortization, and accretion |
|
|
|
|
|
|
1,503 |
|
|
|
|
1,539 |
|
Amortization of
deferred financing costs and debt discounts |
|
|
|
|
|
|
5,635 |
|
|
|
|
4,738 |
|
Loss from
extinguishment of debt, net |
|
|
|
|
|
|
783 |
|
|
|
|
1,124 |
|
Other (income)
expense |
|
|
|
|
|
|
(39,572 |
) |
|
|
|
9,758 |
|
Acquisition related
adjustments and expenses |
|
|
|
|
|
|
4,380 |
|
|
|
|
(2,930 |
) |
Asset impairment and
decommission costs |
|
|
|
|
|
|
20,598 |
|
|
|
|
10,247 |
|
Non-discretionary cash
capital expenditures |
|
|
|
|
|
|
(8,958 |
) |
|
|
|
(7,238 |
) |
AFFO |
|
|
|
|
$ |
|
181,108 |
|
|
$ |
|
181,506 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares (2) |
|
|
|
|
|
|
126,964 |
|
|
|
|
130,339 |
|
|
|
|
|
|
|
|
|
|
|
AFFO per share |
|
|
|
|
$ |
|
1.43 |
|
|
$ |
|
1.39 |
|
(1) Adjusts the income tax provision during the period, to
reflect our estimate of cash income taxes (primarily foreign taxes)
that would have been payable had we been a REIT.(2) For purposes of
the AFFO per share calculation, the basic weighted average number
of common shares has been adjusted to include the dilutive effect
of stock options and restricted stock units.
Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage
Ratio
Net Debt is calculated using the notional
principal amount of outstanding debt. Under GAAP policies, the
notional principal amount of the Company's outstanding debt is not
necessarily reflected on the face of the Company's financial
statements.
The Net Debt and Leverage calculations are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
2010-2C Tower
Securities |
|
|
|
|
|
|
|
|
|
|
$ |
|
550,000 |
|
2012-1C Tower
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
610,000 |
|
2013-1C Tower
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
425,000 |
|
2013-2C Tower
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
575,000 |
|
2013-1D Tower
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
330,000 |
|
2014-1C Tower
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
920,000 |
|
2014-2C Tower
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
620,000 |
|
2015-1C Tower
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
500,000 |
|
2014 Term Loan B
(carrying value of $1,474,641) |
|
|
|
|
|
|
|
|
|
|
|
|
1,477,500 |
|
2015 Term Loan B
(carrying value of $492,858) |
|
|
|
|
|
|
|
|
|
|
|
|
497,500 |
|
Total secured debt |
|
|
|
|
|
|
|
|
|
|
|
|
6,505,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.625% 2019 Senior
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
500,000 |
|
5.75% 2020 Senior
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
800,000 |
|
4.875% 2022 Senior
Notes (carrying value of $744,806) |
|
|
|
|
|
|
|
|
|
|
|
|
750,000 |
|
Total unsecured debt |
|
|
|
|
|
|
|
|
|
|
|
|
2,050,000 |
|
Total debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
8,555,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
Total debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
8,555,000 |
|
Less: Cash and cash
equivalents, short-term restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
and short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
(144,098 |
) |
Net debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
8,410,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided by: Annualized
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
$ |
|
1,097,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
7.7x |
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Leverage
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
Total secured debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
6,505,000 |
|
Less: Cash and cash
equivalents, short-term restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
and short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
(144,098 |
) |
Net Secured Debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
6,360,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided by: Annualized Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
$ |
|
1,097,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Leverage
Ratio |
|
|
|
|
|
|
|
|
|
|
|
5.8x |
Contacts
Mark DeRussy, CFA
Capital Markets
561-226-9531
Lynne Hopkins
Media Relations
561-226-9431
SBA Communications (NASDAQ:SBAC)
過去 株価チャート
から 6 2024 まで 7 2024
SBA Communications (NASDAQ:SBAC)
過去 株価チャート
から 7 2023 まで 7 2024