SBA Communications (SBAC) FY2020 results: revenue $2.1 billion, up 3.4% on the year
SBA Communications Corp. (SBAC) reported revenue of $2.1 billion for fiscal 2020, the year ended 31 December 2020, up 3.4% on the year before. Net income was $24 million, down 83.6%, and diluted earnings per share $0.21. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$2.1 billion
+3.4% on the year
FY2013FY2020
Operating margin
30.4%
29.0% a year earlier
FY2013FY2020
Net income
$24 million
-83.6% on the year
FY2013FY2020
Diluted EPS
$0.21
-83.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,083
2,015
1,866
+3.4%
Cost of revenue
477
493
469
-3.3%
Gross profit
1,607
1,522
1,397
+5.6%
Gross margin
77.1%
75.5%
74.9%
Selling, general and administrative
194
193
143
+0.8%
Operating income
634
583
544
+8.6%
Operating margin
30.4%
29.0%
29.2%
Pre-tax income
-17.7
187
51.7
Income tax
-41.8
39.6
4.2
Effective tax rate
n/a
21.2%
8.2%
Net income
24.1
147
47.5
-83.6%
Net margin
1.2%
7.3%
2.5%
Diluted EPS
$0.21
$1.28
$0.41
-83.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,126
970
851
+16.1%
Capital expenditure
129
154
150
-16.6%
Free cash flow
997
816
701
+22.3%
Free cash flow margin
47.9%
40.5%
37.6%
Cash from investing
-446
-947
-618
Cash from financing
-469
-62.3
-149
Depreciation and amortisation
722
697
672
+3.6%
Share-based compensation
68.9
73.2
42.3
-5.9%
Buybacks
859
467
796
+84.0%
Dividends paid
208
83.4
n/a
+149.1%
Diluted shares, weighted
113m
115m
117m
-1.1%
Shares outstanding at period end
110m
112m
112m
-1.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
-4,824
-3,667
-3,377
Redeemable equity
15.2
16.1
n/a
-5.3%
Debt
11,096
10,334
9,939
+7.4%
Operating lease liabilities
2,092
2,277
n/a
-8.1%
Finance lease liabilities
2.0
2.5
n/a
-20.9%
Other liabilities
777
797
652
-2.5%
Total liabilities and equity
9,158
9,760
7,214
-6.2%
Fixed assets
2,677
2,795
2,786
-4.2%
Intangible assets
3,156
3,627
3,331
-13.0%
Investments
58.3
13.8
0.2
+322.5%
Cash and equivalents
309
108
143
+184.9%
Receivables
74.1
132
111
-43.9%
Other assets
2,884
3,084
841
-6.5%
Total assets
9,158
9,760
7,214
-6.2%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.