SBA Communications (SBAC) FY2018 results: revenue $1.9 billion, up 8.0% on the year
SBA Communications Corp. (SBAC) reported revenue of $1.9 billion for fiscal 2018, the year ended 31 December 2018, up 8.0% on the year before. Net income was $47 million, down 54.2%, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$1.9 billion
+8.0% on the year
FY2011FY2018
Operating margin
29.2%
26.5% a year earlier
FY2011FY2018
Net income
$47 million
-54.2% on the year
FY2011FY2018
Diluted EPS
$0.41
-52.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,866
1,728
1,633
+8.0%
Cost of revenue
469
446
421
+5.0%
Gross profit
1,397
1,281
1,212
+9.0%
Gross margin
74.9%
74.2%
74.2%
Selling, general and administrative
143
131
143
+9.1%
Operating income
544
459
387
+18.7%
Operating margin
29.2%
26.5%
23.7%
Pre-tax income
51.7
117
87.3
-55.8%
Income tax
4.2
13.2
11.1
-68.0%
Effective tax rate
8.2%
11.3%
12.7%
Net income
47.5
104
76.2
-54.2%
Net margin
2.5%
6.0%
4.7%
Diluted EPS
$0.41
$0.86
$0.61
-52.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
851
818
743
+3.9%
Capital expenditure
150
147
140
+1.9%
Free cash flow
701
671
603
+4.4%
Free cash flow margin
37.6%
38.9%
36.9%
Cash from investing
-618
-605
-428
Cash from financing
-149
-295
-289
Depreciation and amortisation
672
643
638
+4.5%
Share-based compensation
42.3
38.2
32.9
+10.7%
Buybacks
796
855
546
-6.9%
Diluted shares, weighted
117m
121m
125m
-3.7%
Shares outstanding at period end
112m
116m
n/a
-3.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-3,377
-2,599
-1,996
Debt
9,939
9,311
8,776
+6.7%
Other liabilities
652
609
581
+7.1%
Total liabilities and equity
7,214
7,320
7,361
-1.5%
Fixed assets
2,786
2,812
2,792
-0.9%
Intangible assets
3,331
3,598
3,657
-7.4%
Investments
0.2
n/a
8.1
Securities held for sale or to maturity
n/a
0.5
n/a
Cash and equivalents
143
68.8
146
+108.5%
Receivables
111
90.7
78.3
+22.5%
Other assets
841
750
679
+12.2%
Total assets
7,214
7,320
7,361
-1.5%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.