SBA Communications (SBAC) FY2014 results: revenue $1.5 billion, up 17.0% on the year
SBA Communications Corp. (SBAC) reported revenue of $1.5 billion for fiscal 2014, the year ended 31 December 2014, up 17.0% on the year before. Net income was -$24 million, and diluted earnings per share $-0.19. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$1.5 billion
+17.0% on the year
FY2008FY2014
Operating margin
22.0%
17.6% a year earlier
FY2008FY2014
Net income
-$24 million
FY2008FY2014
Diluted EPS
-$0.19
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,527
1,305
954
+17.0%
Cost of revenue
428
408
0.2
+5.0%
Gross profit
1,099
897
675
+22.5%
Gross margin
71.9%
68.7%
70.7%
Selling, general and administrative
103
85.5
72.1
+20.9%
Operating income
337
230
147
+46.5%
Operating margin
22.0%
17.6%
15.4%
Interest expense
n/a
n/a
196
Pre-tax income
-15.7
-57.2
-177
Income tax
8.6
-1.3
6.6
Net income
-24.3
-55.9
-181
Net margin
-1.6%
-4.3%
-19.0%
Diluted EPS
-$0.19
-$0.44
-$1.51
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
674
498
341
+35.5%
Capital expenditure
211
169
113
+25.1%
Free cash flow
463
329
228
+40.9%
Free cash flow margin
30.3%
25.2%
23.9%
Cash from investing
n/a
-827
-2,275
Cash from financing
n/a
220
2,116
Depreciation and amortisation
627
533
408
+17.6%
Share-based compensation
22.7
17.2
14.0
+31.8%
Diluted shares, weighted
129m
n/a
n/a
Shares outstanding at period end
n/a
n/a
110m
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
-661
357
653
Redeemable equity
n/a
n/a
11.7
Debt
7,861
5,877
5,356
+33.8%
Other liabilities
641
550
595
+16.7%
Total liabilities and equity
7,841
6,783
6,616
+15.6%
Fixed assets
2,762
2,578
2,671
+7.1%
Intangible assets
4,190
3,387
3,134
+23.7%
Investments
49.6
58.2
58.4
-14.8%
Cash and equivalents
39.4
122
233
-67.7%
Receivables
104
71.3
39.1
+46.2%
Other assets
696
566
480
+23.0%
Total assets
7,841
6,783
6,616
+15.6%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.