SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the
"Company") today reported results for the quarter ended March 31,
2016. Highlights of the results include:
- Steady growth of AFFO per share on a constant currency
basis
- Adjusted EBITDA Margin exceeds 70%
- Continued stock repurchases
- Purchased or built 188 new communications
sites
“We had a strong first quarter, exceeding the
high end of our guidance on many financial metrics,” commented
Jeffrey A. Stoops, President and Chief Executive Officer. “Customer
activity was steady, and consistent with levels of activity we
experienced the last two quarters. In the U.S., customer activity
was primarily work on existing cell sites, while in our
international markets the activity was more balanced between new
cell sites and existing cell sites. Once again, we executed very
well operationally in the quarter, and we continue to post the
highest margins in our industry. We deployed a mix of capital in
the quarter, investing in new tower builds, acquisitions, land
purchases and stock repurchases and meeting our goal of keeping our
balance sheet fully utilized. We intend to stay opportunistic
around capital allocation and expect to continue to pursue a mix of
investments as we seek to maximize both near-term and long-term
growth in AFFO per share.”
Operating Results
Total revenues in the first quarter of 2016 were
$399.8 million compared to $410.1 million in the year earlier
period, a decrease of 2.5%. Site leasing revenue of $374.5 million
increased 1.3% over the year earlier period. Domestic cash site
leasing revenue was $311.2 million in the first quarter of 2016
compared to $298.4 million in the year earlier period, an increase
of 4.3%. International cash site leasing revenue was $54.5 million
in the first quarter of 2016 compared to $57.0 million in the year
earlier period, a decrease of 4.5%. Eliminating the impact of
changes in foreign currency exchange rates, total site leasing
revenue and international cash site leasing revenue would have
increased 5.2% and 18.5%, respectively, over the year earlier
period. Site development revenues were $25.3 million in the first
quarter of 2016 compared to $40.4 million in the year earlier
period, a decrease of 37.3%.
Site leasing Segment Operating Profit was $291.7
million, an increase of 0.8% over the year earlier period. Site
leasing contributed 98.2% of the Company’s total Segment Operating
Profit in the first quarter of 2016. Domestic site leasing Segment
Operating Profit was $250.8 million, an increase of 2.7% over the
year earlier period. International site leasing Segment Operating
Profit was $40.9 million, a decrease of 9.5% 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 4.0% and 11.4%, respectively, over the year
earlier period. Site development Segment Operating Profit Margin
was 21.7% in the first quarter of 2016 compared to 23.5% in the
year earlier period.
Tower Cash Flow for the first quarter of 2016
was $291.3 million, a 2.6% increase over the year earlier period.
Tower Cash Flow Margin for the first quarter of 2016 was 79.7%
compared to 79.9% in the year earlier period. Domestic Tower Cash
Flow for the first quarter of 2016 was $254.3 million compared to
$244.6 million in the year earlier period, an increase of 4.0%.
International Tower Cash Flow for the first quarter of 2016 was
$37.0 million compared to $39.4 million in the year earlier period,
a decrease of 6.1%. Eliminating the impact of changes in foreign
currency exchange rates, total Tower Cash Flow and International
Tower Cash Flow would have increased 5.5% and 14.8%, respectively,
over the year earlier period.
Net income for the first quarter of 2016 was
$53.6 million or $0.43 per share compared to a net loss of $79.0
million or $(0.61) per share in the year earlier period. Net income
for the first quarter of 2016 included a $44.8 million gain on the
currency related remeasurement of a U.S. dollar denominated
intercompany loan with a Brazilian subsidiary.
Adjusted EBITDA in the first quarter of 2016 was
$274.7 million compared to $271.0 million in the year earlier
period, an increase of 1.3%. Eliminating the impact of changes in
foreign currency exchange rates, Adjusted EBITDA would have
increased 4.2% over the year earlier period. Adjusted EBITDA Margin
was 70.3% in the first quarter of 2016 compared to 68.5% in the
year earlier period.
Net Cash Interest Expense was $81.9 million in
the first quarter of 2016 compared to $77.4 million in the year
earlier period.
AFFO decreased 1.2% to $182.4 million in the
first quarter of 2016 compared to $184.6 million in the year
earlier period. Eliminating the impact of changes in foreign
currency exchange rates, AFFO would have increased 3.4% over the
year earlier period. AFFO per share increased 2.8% to $1.45 in the
first quarter of 2016 compared to $1.41 in the year earlier period.
Eliminating the impact of changes in foreign currency exchange
rates, AFFO per share would have increased 7.1% 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 12.1% over the year earlier period.
Investing Activities
During the first quarter of 2016, SBA purchased
117 communication sites for $75.3 million in cash. SBA also built
71 towers during the first quarter of 2016. As of March 31,
2016, SBA owned or operated 25,588 communication sites, 15,840 of
which are located in the United States and its territories, and
9,748 of which are located internationally. In addition, the
Company spent $14.7 million to purchase land and easements and to
extend lease terms. Total cash capital expenditures for the first
quarter of 2016 were $127.9 million, consisting of $7.8 million of
non-discretionary cash capital expenditures (tower maintenance and
general corporate) and $120.1 million of discretionary cash capital
expenditures (new tower builds, tower augmentations, acquisitions,
and purchasing land and easements).
Subsequent to the first quarter of 2016, the Company acquired 31
communication sites for an aggregate consideration of $32.5 million
in cash. In addition, the Company has agreed to purchase in the
U.S. and internationally 55 communication sites for an aggregate
amount of $21.9 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 first quarter with $8.6 billion of
total debt, $129.1 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 $20.0 million of borrowings outstanding
under its $1.0 billion Revolving Credit Facility.
During the first quarter of 2016, the Company
repurchased 0.5 million shares of its Class A common stock for
$50.0 million, at an 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.
Outlook
The Company is providing its second quarter 2016
Outlook and updating its full year 2016 Outlook for anticipated
results. 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 second quarter 2016 Outlook and
full year 2016 Outlook assume approximately $8.5 million and $32.0
million, respectively, of non-cash straight-line leasing revenue.
The second 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 530 to 550 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 3.75 and 3.90 Brazilian Reais to
1.0 U.S. Dollar and 1.30 and 1.32 Canadian Dollars to 1.0 U.S.
Dollar for the second quarter of 2016 and for the updated full year
2016 Outlook, respectively. When compared to the Company’s full
year 2016 Outlook provided February 25, 2016, the variances in the
actual first quarter foreign currency exchange rates versus the
Company’s assumptions, and the changes in the Company’s foreign
currency rate assumptions for the remainder of the year positively
impacted the full year 2016 Outlook by approximately $13 million
for Site Leasing Revenue, $8 million for Tower Cash Flow, $7
million for Adjusted EBITDA, and $8 million for AFFO.
|
Quarter ending |
|
Full |
|
June 30, 2016 |
|
Year 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
($'s in millions) |
Site leasing revenue
(1) |
$ |
373.5 |
to |
$ |
378.5 |
|
$ |
1,508.0 |
to |
$ |
1,523.0 |
Site development
revenue |
$ |
22.5 |
to |
$ |
27.5 |
|
$ |
100.0 |
to |
$ |
120.0 |
Total revenues |
$ |
396.0 |
to |
$ |
406.0 |
|
$ |
1,608.0 |
to |
$ |
1,643.0 |
Tower Cash Flow |
$ |
290.0 |
to |
$ |
295.0 |
|
$ |
1,174.0 |
to |
$ |
1,189.0 |
Adjusted EBITDA |
$ |
271.5 |
to |
$ |
276.5 |
|
$ |
1,107.0 |
to |
$ |
1,122.0 |
Net cash interest
expense (2) |
$ |
80.5 |
to |
$ |
82.5 |
|
$ |
321.0 |
to |
$ |
331.0 |
Non-discretionary cash
capital expenditures (3) |
$ |
8.5 |
to |
$ |
9.5 |
|
$ |
30.0 |
to |
$ |
40.0 |
AFFO |
$ |
176.5 |
to |
$ |
185.5 |
|
$ |
726.0 |
to |
$ |
765.0 |
Discretionary cash
capital expenditures (4) |
$ |
85.0 |
to |
$ |
95.0 |
|
$ |
255.0 |
to |
$ |
275.0 |
|
|
|
|
|
|
|
|
|
|
|
|
(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 Monday, May 2, 2016 at 5:00 PM (EDT) to discuss
the quarterly results. The call may be accessed as follows:
When: |
|
|
Monday, May 2, 2016 at 5:00 PM (EDT) |
Dial-in Number: |
|
|
(800) 230-1093 |
Conference Name: |
|
|
SBA first quarter results |
Replay Available: |
|
|
Monday, May 2, 2016 at 8:00 PM (EDT) through May
16, 2016 at 11:59 PM (EDT) |
Replay Number: |
|
|
(800) 475-6701 |
Access Code: |
|
|
389995 |
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) the Company’s goal with
respect to balance sheet utilization, (ii) the Company’s approach
with respect to capital allocation and its pursuit of a mix of
investments to maximize near-term and long-term growth in AFFO per
share, (iii) the Company’s stock repurchase program and the impact
of stock repurchases, (iv) the impact of portfolio growth and stock
repurchases on AFFO per share, (v) the Company’s financial and
operational guidance for the second quarter of 2016 and full year
2016, and the ability to improve upon its full year 2016 Outlook,
(vi) timing of closing for currently pending acquisitions, (vii)
spending additional capital in 2016 on acquiring revenue producing
assets not yet identified or under contract, (viii) Canada and
Brazil’s foreign exchange rates and their impact on the Company’s
financial and operational guidance, and (ix) 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
February 26, 2016.
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 530 to 550 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 |
|
|
ended March 31, |
|
|
2016 |
|
2015 |
Revenues: |
|
|
|
|
Site leasing |
|
$ |
|
374,450 |
|
|
$ |
|
369,727 |
|
Site development |
|
|
|
25,319 |
|
|
|
|
40,367 |
|
Total revenues |
|
|
|
399,769 |
|
|
|
|
410,094 |
|
Operating
expenses: |
|
|
|
|
|
|
Cost of revenues (exclusive of
depreciation, accretion, |
|
|
|
|
|
|
and amortization shown below): |
|
|
|
|
|
|
Cost of site leasing |
|
|
|
82,762 |
|
|
|
|
80,217 |
|
Cost of site development |
|
|
|
19,833 |
|
|
|
|
30,893 |
|
Selling, general, and
administrative (1) |
|
|
|
30,406 |
|
|
|
|
29,884 |
|
Acquisition related
adjustments and expenses |
|
|
|
3,182 |
|
|
|
|
1,339 |
|
Asset impairment and
decommission costs |
|
|
|
6,183 |
|
|
|
|
6,822 |
|
Depreciation,
accretion, and amortization |
|
|
|
159,801 |
|
|
|
|
171,853 |
|
Total operating expenses |
|
|
|
302,167 |
|
|
|
|
321,008 |
|
Operating income |
|
|
|
97,602 |
|
|
|
|
89,086 |
|
Other income
(expense): |
|
|
|
|
|
|
Interest income |
|
|
|
1,866 |
|
|
|
|
293 |
|
Interest expense |
|
|
|
(83,804 |
) |
|
|
|
(77,654 |
) |
Non-cash interest expense |
|
|
|
(455 |
) |
|
|
|
(280 |
) |
Amortization of deferred financing
fees |
|
|
|
(5,265 |
) |
|
|
|
(4,544 |
) |
Other income (expense), net |
|
|
|
45,900 |
|
|
|
|
(82,968 |
) |
Total other expense |
|
|
|
(41,758 |
) |
|
|
|
(165,153 |
) |
Income (loss) before provision for
income taxes |
|
|
|
55,844 |
|
|
|
|
(76,067 |
) |
Provision for income
taxes |
|
|
|
(2,205 |
) |
|
|
|
(2,963 |
) |
Net income (loss) |
|
$ |
|
53,639 |
|
|
$ |
|
(79,030 |
) |
Net income (loss) per
common share |
|
|
|
|
|
|
Basic |
|
$ |
|
0.43 |
|
|
$ |
|
(0.61 |
) |
Diluted |
|
$ |
|
0.43 |
|
|
$ |
|
(0.61 |
) |
Weighted average number
of common shares |
|
|
|
|
|
|
Basic |
|
|
|
125,398 |
|
|
|
|
129,235 |
|
Diluted |
|
|
|
126,124 |
|
|
|
|
129,235 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes non-cash
compensation of $7,686 and $6,884 for the three months ended March
31, 2016 and 2015, respectively. |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in thousands,
except par values) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2016 |
|
2015 |
ASSETS |
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
103,266 |
|
|
$ |
|
118,039 |
|
Restricted cash |
|
|
|
25,138 |
|
|
|
|
25,353 |
|
Short-term investments |
|
|
|
708 |
|
|
|
|
706 |
|
Accounts receivable, net of
allowance of $2,235 and $1,681 |
|
|
|
|
|
|
at March 31, 2016 and December 31,
2015, respectively |
|
|
|
87,580 |
|
|
|
|
83,326 |
|
Costs and estimated earnings in
excess of billings on uncompleted contracts |
|
|
|
12,683 |
|
|
|
|
16,934 |
|
Prepaid and other current
assets |
|
|
|
53,177 |
|
|
|
|
49,602 |
|
Total current assets |
|
|
|
282,552 |
|
|
|
|
293,960 |
|
Property and equipment,
net |
|
|
|
2,802,662 |
|
|
|
|
2,782,353 |
|
Intangible assets,
net |
|
|
|
3,764,036 |
|
|
|
|
3,735,413 |
|
Other assets (1) |
|
|
|
522,394 |
|
|
|
|
501,254 |
|
Total assets |
|
$ |
|
7,371,644 |
|
|
$ |
|
7,312,980 |
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
|
20,716 |
|
|
$ |
|
27,105 |
|
Accrued expenses |
|
|
|
56,657 |
|
|
|
|
63,755 |
|
Current maturities of long-term
debt |
|
|
|
20,000 |
|
|
|
|
20,000 |
|
Deferred revenue |
|
|
|
87,283 |
|
|
|
|
97,083 |
|
Accrued interest |
|
|
|
38,813 |
|
|
|
|
53,365 |
|
Other current liabilities |
|
|
|
9,600 |
|
|
|
|
12,063 |
|
Total current liabilities |
|
|
|
233,069 |
|
|
|
|
273,371 |
|
Long-term
liabilities: |
|
|
|
|
|
|
Long-term debt, net (1) |
|
|
|
8,452,270 |
|
|
|
|
8,432,070 |
|
Other long-term liabilities |
|
|
|
316,865 |
|
|
|
|
313,683 |
|
Total long-term liabilities |
|
|
|
8,769,135 |
|
|
|
|
8,745,753 |
|
|
|
|
|
|
|
|
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, 125,512 and |
|
|
|
|
|
|
125,743 shares issued and
outstanding at March 31, 2016 and |
|
|
|
|
|
|
December 31, 2015,
respectively |
|
|
|
1,255 |
|
|
|
|
1,257 |
|
Additional paid-in capital |
|
|
|
1,973,974 |
|
|
|
|
1,962,713 |
|
Accumulated deficit |
|
|
|
(3,164,437 |
) |
|
|
|
(3,168,069 |
) |
Accumulated other comprehensive
loss |
|
|
|
(441,352 |
) |
|
|
|
(502,045 |
) |
Total shareholders' deficit |
|
|
|
(1,630,560 |
) |
|
|
|
(1,706,144 |
) |
Total liabilities and shareholders'
deficit |
|
$ |
|
7,371,644 |
|
|
$ |
|
7,312,980 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
During the first quarter of 2016, the Company adopted an
accounting standard update on the presentation of debt issuance
costs. The new guidance requires debt issuance costs related to a
recognized debt liability to be presented in the balance sheet as a
direct deduction from the carrying amount of the debt liability on
the condensed consolidated balance sheets. The December 31, 2015
condensed consolidated balance sheet was retrospectively adjusted
to reflect this change. |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS |
(unaudited) (in thousands) |
|
|
|
|
|
For the three months |
|
|
ended March 31, |
|
|
2016 |
|
2015 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
|
53,639 |
|
|
$ |
|
(79,030 |
) |
Adjustments to reconcile net income
(loss) to net cash provided by operating |
|
|
|
|
|
|
activities: |
|
|
|
|
|
|
Depreciation, accretion, and
amortization |
|
|
|
159,801 |
|
|
|
|
171,853 |
|
Non-cash interest expense |
|
|
|
455 |
|
|
|
|
280 |
|
Deferred income tax (benefit)
expense |
|
|
|
(264 |
) |
|
|
|
557 |
|
Non-cash asset impairment and
decommission costs |
|
|
|
4,196 |
|
|
|
|
5,027 |
|
Non-cash compensation expense |
|
|
|
7,785 |
|
|
|
|
6,988 |
|
Amortization of deferred financing
fees |
|
|
|
5,265 |
|
|
|
|
4,544 |
|
(Gain) loss on remeasurement of
U.S. dollar denominated intercompany loan |
|
|
|
(44,765 |
) |
|
|
|
83,995 |
|
Other non-cash items reflected in
the Statements of Operations |
|
|
|
(309 |
) |
|
|
|
(1,531 |
) |
Changes in operating assets and
liabilities, net of acquisitions: |
|
|
|
|
|
|
Accounts receivable and costs and
estimated earnings in excess of |
|
|
|
|
|
|
billings on uncompleted contracts,
net |
|
|
|
90 |
|
|
|
|
4,445 |
|
Prepaid and other assets |
|
|
|
(12,036 |
) |
|
|
|
(6,286 |
) |
Accounts payable and accrued
expenses |
|
|
|
(8,277 |
) |
|
|
|
3,834 |
|
Accrued interest |
|
|
|
(14,552 |
) |
|
|
|
(15,212 |
) |
Other liabilities |
|
|
|
(6,151 |
) |
|
|
|
(1,056 |
) |
Net cash provided by operating
activities |
|
|
|
144,877 |
|
|
|
|
178,408 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Acquisitions |
|
|
|
(91,845 |
) |
|
|
|
(53,279 |
) |
Capital expenditures |
|
|
|
(36,060 |
) |
|
|
|
(68,100 |
) |
Other investing activities |
|
|
|
(4,447 |
) |
|
|
|
(175 |
) |
Net cash used in investing
activities |
|
|
|
(132,352 |
) |
|
|
|
(121,554 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Net borrowings (repayments) under
Revolving Credit Facility |
|
|
|
20,000 |
|
|
|
|
110,000 |
|
Repayment of Term Loans |
|
|
|
(5,000 |
) |
|
|
|
(7,500 |
) |
Payments for settlement of common
stock warrants |
|
|
|
— |
|
|
|
|
(135,236 |
) |
Repurchase and retirement of common
stock, inclusive of fees |
|
|
|
(50,012 |
) |
|
|
|
— |
|
Other financing activities |
|
|
|
1,689 |
|
|
|
|
1,207 |
|
Net cash used in financing
activities |
|
|
|
(33,323 |
) |
|
|
|
(31,529 |
) |
Effect of exchange rate changes on
cash and cash equivalents |
|
|
|
6,025 |
|
|
|
|
(2,397 |
) |
|
|
|
|
|
|
|
NET (DECREASE) INCREASE
IN CASH AND CASH EQUIVALENTS |
|
|
|
(14,773 |
) |
|
|
|
22,928 |
|
CASH AND CASH
EQUIVALENTS: |
|
|
|
|
|
|
Beginning of period |
|
|
|
118,039 |
|
|
|
|
39,443 |
|
End of period |
|
$ |
|
103,266 |
|
|
$ |
|
62,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Capital Expenditure Detail
|
|
For the three months |
|
|
ended March 31, |
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
(in thousands) |
New tower build
construction |
|
$ |
18,944 |
|
$ |
31,037 |
Tower
upgrades/augmentations |
|
|
9,292 |
|
|
22,232 |
Refurbishment of
headquarters building |
|
|
— |
|
|
7,455 |
Non-discretionary
capital expenditures: |
|
|
|
|
|
|
Maintenance/improvement capital
expenditures |
|
|
6,662 |
|
|
6,421 |
General corporate expenditures |
|
|
1,162 |
|
|
955 |
Total non-discretionary capital
expenditures |
|
|
7,824 |
|
|
7,376 |
Total capital expenditures |
|
$ |
36,060 |
|
$ |
68,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Site Portfolio Summary
|
|
Domestic |
|
International |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sites owned at December
31, 2015 |
|
|
15,778 |
|
|
9,687 |
|
|
25,465 |
|
Sites acquired during
the first quarter |
|
|
117 |
|
|
— |
|
|
117 |
|
Sites built during the
first quarter |
|
|
10 |
|
|
61 |
|
|
71 |
|
Sites
reclassified/decommissioned during the first quarter |
|
|
(65 |
) |
|
— |
|
|
(65 |
) |
Sites owned at March 31, 2016 |
|
|
15,840 |
|
|
9,748 |
|
|
25,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, |
|
ended March 31, |
|
ended March 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenue |
|
$ |
|
315,230 |
|
|
$ |
|
305,950 |
|
|
$ |
|
59,220 |
|
|
$ |
|
63,777 |
|
|
$ |
|
374,450 |
|
|
$ |
|
369,727 |
|
Segment cost of revenues
(excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation, accretion,
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization) |
|
|
|
(64,475 |
) |
|
|
|
(61,686 |
) |
|
|
|
(18,287 |
) |
|
|
|
(18,531 |
) |
|
|
|
(82,762 |
) |
|
|
|
(80,217 |
) |
Segment operating profit |
|
$ |
|
250,755 |
|
|
$ |
|
244,264 |
|
|
$ |
|
40,933 |
|
|
$ |
|
45,246 |
|
|
$ |
|
291,688 |
|
|
$ |
|
289,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating profit
margin |
|
|
|
79.5 |
% |
|
|
|
79.8 |
% |
|
|
|
69.1 |
% |
|
|
|
70.9 |
% |
|
|
|
77.9 |
% |
|
|
|
78.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Site Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
25,319 |
|
|
$ |
|
40,367 |
|
Segment cost of
revenues (excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation, accretion,
and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,833 |
) |
|
|
|
(30,893 |
) |
Segment operating profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
5,486 |
|
|
$ |
|
9,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating profit
margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21.7 |
% |
|
|
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
First quarter |
|
|
|
Growth |
|
|
|
Growth excluding |
|
|
2016 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 |
|
|
1.3 |
% |
|
|
(3.9 |
%) |
|
|
5.2 |
% |
|
|
(2.4 |
%) |
|
|
7.6 |
% |
Total cash site leasing
revenue |
|
|
2.8 |
% |
|
|
(3.7 |
%) |
|
|
6.5 |
% |
|
|
(2.4 |
%) |
|
|
8.9 |
% |
Int'l cash site leasing
revenue |
|
|
(4.5 |
%) |
|
|
(23.0 |
%) |
|
|
18.5 |
% |
|
-- |
|
|
18.5 |
% |
Total site leasing
segment operating profit |
|
|
0.8 |
% |
|
|
(3.2 |
%) |
|
|
4.0 |
% |
|
|
(3.0 |
%) |
|
|
7.0 |
% |
Int'l site leasing
segment operating profit |
|
|
(9.5 |
%) |
|
|
(20.9 |
%) |
|
|
11.4 |
% |
|
-- |
|
|
11.4 |
% |
Total site leasing
tower cash flow |
|
|
2.6 |
% |
|
|
(2.9 |
%) |
|
|
5.5 |
% |
|
|
(3.1 |
%) |
|
|
8.6 |
% |
Int'l site leasing
tower cash flow |
|
|
(6.1 |
%) |
|
|
(20.9 |
%) |
|
|
14.8 |
% |
|
-- |
|
|
14.8 |
% |
Adjusted EBITDA |
|
|
1.3 |
% |
|
|
(2.9 |
%) |
|
|
4.2 |
% |
|
|
(3.2 |
%) |
|
|
7.4 |
% |
AFFO |
|
|
(1.2 |
%) |
|
|
(4.6 |
%) |
|
|
3.4 |
% |
|
|
(4.7 |
%) |
|
|
8.1 |
% |
AFFO per share |
|
|
2.8 |
% |
|
|
(4.3 |
%) |
|
|
7.1 |
% |
|
|
(5.0 |
%) |
|
|
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, |
|
ended March 31, |
|
ended March 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
(in thousands) |
Site leasing
revenue |
|
$ |
|
315,230 |
|
|
$ |
|
305,950 |
|
|
$ |
|
59,220 |
|
|
$ |
|
63,777 |
|
|
$ |
|
374,450 |
|
|
$ |
|
369,727 |
|
Non-cash straight-line
leasing revenue |
|
|
|
(4,079 |
) |
|
|
|
(7,503 |
) |
|
|
|
(4,768 |
) |
|
|
|
(6,738 |
) |
|
|
|
(8,847 |
) |
|
|
|
(14,241 |
) |
Cash site leasing revenue |
|
|
|
311,151 |
|
|
|
|
298,447 |
|
|
|
|
54,452 |
|
|
|
|
57,039 |
|
|
|
|
365,603 |
|
|
|
|
355,486 |
|
Site leasing cost of
revenues (excluding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation, accretion, and
amortization) |
|
|
|
(64,475 |
) |
|
|
|
(61,686 |
) |
|
|
|
(18,287 |
) |
|
|
|
(18,531 |
) |
|
|
|
(82,762 |
) |
|
|
|
(80,217 |
) |
Non-cash straight-line
ground lease expense |
|
|
|
7,624 |
|
|
|
|
7,795 |
|
|
|
|
870 |
|
|
|
|
921 |
|
|
|
|
8,494 |
|
|
|
|
8,716 |
|
Tower Cash Flow |
|
$ |
|
254,300 |
|
|
$ |
|
244,556 |
|
|
$ |
|
37,035 |
|
|
$ |
|
39,429 |
|
|
$ |
|
291,335 |
|
|
$ |
|
283,985 |
|
Tower Cash Flow Margin |
|
|
|
81.7 |
% |
|
|
|
81.9 |
% |
|
|
|
68.0 |
% |
|
|
|
69.1 |
% |
|
|
|
79.7 |
% |
|
|
|
79.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
(in thousands) |
Net income (loss) |
|
|
|
|
$ |
|
53,639 |
|
|
$ |
|
(79,030 |
) |
Non-cash straight-line leasing
revenue |
|
|
|
|
|
|
(8,847 |
) |
|
|
|
(14,241 |
) |
Non-cash straight-line ground lease
expense |
|
|
|
|
|
|
8,494 |
|
|
|
|
8,716 |
|
Non-cash compensation |
|
|
|
|
|
|
7,785 |
|
|
|
|
6,988 |
|
Other (income) expense |
|
|
|
|
|
|
(45,900 |
) |
|
|
|
82,968 |
|
Acquisition related adjustments and
expenses |
|
|
|
|
|
|
3,182 |
|
|
|
|
1,339 |
|
Asset impairment and decommission
costs |
|
|
|
|
|
|
6,183 |
|
|
|
|
6,822 |
|
Interest income |
|
|
|
|
|
|
(1,866 |
) |
|
|
|
(293 |
) |
Total interest expense (1) |
|
|
|
|
|
|
89,524 |
|
|
|
|
82,478 |
|
Depreciation, accretion, and
amortization |
|
|
|
|
|
|
159,801 |
|
|
|
|
171,853 |
|
Provision for taxes (2) |
|
|
|
|
|
|
2,660 |
|
|
|
|
3,420 |
|
Adjusted EBITDA |
|
|
|
|
$ |
|
274,655 |
|
|
$ |
|
271,020 |
|
Annualized Adjusted EBITDA (3) |
|
|
|
|
$ |
|
1,098,620 |
|
|
$ |
|
1,084,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Total interest expense includes interest expense, non-cash
interest expense, and amortization of deferred financing fees. |
(2)
For the three months ended March 31, 2016 and 2015, these
amounts included $455 and $457, 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 March 31, |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
(in thousands) |
Total revenues |
|
|
|
|
$ |
|
399,769 |
|
|
$ |
|
410,094 |
|
Non-cash straight-line
leasing revenue |
|
|
|
|
|
|
(8,847 |
) |
|
|
|
(14,241 |
) |
Total revenues minus non-cash
straight-line leasing revenue |
|
|
|
|
$ |
|
390,922 |
|
|
$ |
|
395,853 |
|
Adjusted EBITDA |
|
|
|
|
$ |
|
274,655 |
|
|
$ |
|
271,020 |
|
Adjusted EBITDA Margin |
|
|
|
|
|
|
70.3 |
% |
|
|
|
68.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
(in thousands) |
Net income (loss) |
|
|
|
|
$ |
|
53,639 |
|
|
$ |
|
(79,030 |
) |
Adjusted tax provision
(1) |
|
|
|
|
|
|
117 |
|
|
|
|
1,706 |
|
Real estate related
depreciation, amortization, and accretion |
|
|
|
|
|
|
158,335 |
|
|
|
|
170,251 |
|
FFO |
|
|
|
|
$ |
|
212,091 |
|
|
$ |
|
92,927 |
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
FFO: |
|
|
|
|
|
|
|
|
|
Non-cash straight-line
leasing revenue |
|
|
|
|
|
|
(8,847 |
) |
|
|
|
(14,241 |
) |
Non-cash straight-line
ground lease expense |
|
|
|
|
|
|
8,494 |
|
|
|
|
8,716 |
|
Non-cash
compensation |
|
|
|
|
|
|
7,785 |
|
|
|
|
6,988 |
|
Non-real estate related
depreciation, amortization, and accretion |
|
|
|
|
|
|
1,466 |
|
|
|
|
1,602 |
|
Amortization of
deferred financing costs and debt discounts |
|
|
|
|
|
|
5,720 |
|
|
|
|
4,824 |
|
Other (income)
expense |
|
|
|
|
|
|
(45,900 |
) |
|
|
|
82,968 |
|
Acquisition related
adjustments and expenses |
|
|
|
|
|
|
3,182 |
|
|
|
|
1,339 |
|
Asset impairment and
decommission costs |
|
|
|
|
|
|
6,183 |
|
|
|
|
6,822 |
|
Non-discretionary cash
capital expenditures |
|
|
|
|
|
|
(7,824 |
) |
|
|
|
(7,376 |
) |
AFFO |
|
|
|
|
$ |
|
182,350 |
|
|
$ |
|
184,569 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares (2) |
|
|
|
|
|
|
126,124 |
|
|
|
|
130,525 |
|
|
|
|
|
|
|
|
|
|
|
AFFO per share |
|
|
|
|
$ |
|
1.45 |
|
|
$ |
|
1.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Revolving Credit
Facility |
|
|
|
|
|
|
|
|
|
|
|
|
20,000 |
|
2014 Term Loan B
(carrying value of $1,461,581) |
|
|
|
|
|
|
|
|
|
|
|
|
1,473,750 |
|
2015 Term Loan B
(carrying value of $487,180) |
|
|
|
|
|
|
|
|
|
|
|
|
496,250 |
|
Total secured debt |
|
|
|
|
|
|
|
|
|
|
|
|
6,520,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.625% 2019 Senior
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
500,000 |
|
5.75% 2020 Senior
Notes |
|
|
|
|
|
|
|
|
|
|
|
|
800,000 |
|
4.875% 2022 Senior
Notes (carrying value of $735,497) |
|
|
|
|
|
|
|
|
|
|
|
|
750,000 |
|
Total unsecured debt |
|
|
|
|
|
|
|
|
|
|
|
|
2,050,000 |
|
Total debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
8,570,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
Total debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
8,570,000 |
|
Less: Cash and cash
equivalents, short-term restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
and short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
(129,112 |
) |
Net debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
8,440,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided by: Annualized
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
$ |
|
1,098,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
7.7x |
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Leverage
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
Total secured debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
6,520,000 |
|
Less: Cash and cash
equivalents, short-term restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
and short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
(129,112 |
) |
Net Secured Debt |
|
|
|
|
|
|
|
|
|
|
$ |
|
6,390,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided by: Annualized Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
$ |
|
1,098,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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