SBA Communications (SBAC) FY2019 results: revenue $2.0 billion, up 8.0% on the year
SBA Communications Corp. (SBAC) reported revenue of $2.0 billion for fiscal 2019, the year ended 31 December 2019, up 8.0% on the year before. Net income was $147 million, up 209.8%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$2.0 billion
+8.0% on the year
FY2012FY2019
Operating margin
29.0%
29.2% a year earlier
FY2012FY2019
Net income
$147 million
+209.8% on the year
FY2012FY2019
Diluted EPS
$1.28
+212.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,015
1,866
1,728
+8.0%
Cost of revenue
493
469
446
+5.2%
Gross profit
1,522
1,397
1,281
+8.9%
Gross margin
75.5%
74.9%
74.2%
Selling, general and administrative
193
143
131
+35.2%
Operating income
583
544
459
+7.2%
Operating margin
29.0%
29.2%
26.5%
Pre-tax income
187
51.7
117
+261.6%
Income tax
39.6
4.2
13.2
+835.6%
Effective tax rate
21.2%
8.2%
11.3%
Net income
147
47.5
104
+209.8%
Net margin
7.3%
2.5%
6.0%
Diluted EPS
$1.28
$0.41
$0.86
+212.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
970
851
818
+14.0%
Capital expenditure
154
150
147
+3.0%
Free cash flow
816
701
671
+16.4%
Free cash flow margin
40.5%
37.6%
38.9%
Cash from investing
-947
-618
-605
Cash from financing
-62.3
-149
-295
Depreciation and amortisation
697
672
643
+3.7%
Share-based compensation
73.2
42.3
38.2
+73.0%
Buybacks
467
796
855
-41.3%
Dividends paid
83.4
n/a
n/a
Diluted shares, weighted
115m
117m
121m
-1.6%
Shares outstanding at period end
112m
112m
116m
-0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-3,667
-3,377
-2,599
Redeemable equity
16.1
n/a
n/a
Debt
10,334
9,939
9,311
+4.0%
Operating lease liabilities
2,277
n/a
n/a
Finance lease liabilities
2.5
n/a
n/a
Other liabilities
797
652
609
+22.3%
Total liabilities and equity
9,760
7,214
7,320
+35.3%
Fixed assets
2,795
2,786
2,812
+0.3%
Intangible assets
3,627
3,331
3,598
+8.9%
Investments
13.8
0.2
n/a
+5,674.1%
Securities held for sale or to maturity
n/a
n/a
0.5
Cash and equivalents
108
143
68.8
-24.5%
Receivables
132
111
90.7
+19.0%
Other assets
3,084
841
750
+266.7%
Total assets
9,760
7,214
7,320
+35.3%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.