SBA Communications (SBAC) FY2013 results: revenue $1.3 billion, up 36.8% on the year
SBA Communications Corp. (SBAC) reported revenue of $1.3 billion for fiscal 2013, the year ended 31 December 2013, up 36.8% on the year before. Net income was -$56 million, and diluted earnings per share $-0.44. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$1.3 billion
+36.8% on the year
FY2008FY2013
Operating margin
17.6%
15.4% a year earlier
FY2008FY2013
Net income
-$56 million
FY2008FY2013
Diluted EPS
-$0.44
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,305
954
698
+36.8%
Cost of revenue
408
0.2
0.2
+218,217.1%
Gross profit
897
675
698
+32.9%
Gross margin
68.7%
70.7%
100.0%
Selling, general and administrative
85.5
72.1
62.8
+18.5%
Operating income
230
147
111
+56.1%
Operating margin
17.6%
15.4%
15.8%
Interest expense
n/a
196
161
Pre-tax income
-57.2
-177
-125
Income tax
-1.3
6.6
2.1
Net income
-55.9
-181
-126
Net margin
-4.3%
-19.0%
-18.1%
Diluted EPS
-$0.44
-$1.51
-$1.13
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
498
341
249
+46.0%
Capital expenditure
169
113
127
+49.1%
Free cash flow
329
228
122
+44.4%
Free cash flow margin
25.2%
23.9%
17.5%
Cash from investing
-827
-2,275
-508
Cash from financing
220
2,116
242
-89.6%
Depreciation and amortisation
533
408
309
+30.6%
Share-based compensation
17.2
14.0
11.5
+23.2%
Buybacks
n/a
n/a
225
Shares outstanding at period end
n/a
110m
110m
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
357
653
-11.3
-45.3%
Redeemable equity
n/a
11.7
12.1
Debt
5,877
5,356
3,354
+9.7%
Other liabilities
550
595
251
-7.6%
Total liabilities and equity
6,783
6,616
3,606
+2.5%
Fixed assets
2,578
2,671
1,583
-3.5%
Intangible assets
3,387
3,134
1,640
+8.1%
Investments
58.2
58.4
55.3
-0.3%
Cash and equivalents
122
233
47.3
-47.6%
Receivables
71.3
39.1
22.1
+82.5%
Other assets
566
480
259
+17.9%
Total assets
6,783
6,616
3,606
+2.5%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.