SBA Communications (SBAC) FY2023 results: revenue $2.7 billion, up 3.0% on the year
SBA Communications Corp. (SBAC) reported revenue of $2.7 billion for fiscal 2023, the year ended 31 December 2023, up 3.0% on the year before. Net income was $502 million, up 8.8%, and diluted earnings per share $4.61. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.
Revenue
$2.7 billion
+3.0% on the year
FY2016FY2023
Operating margin
34.1%
35.1% a year earlier
FY2016FY2023
Net income
$502 million
+8.8% on the year
FY2016FY2023
Diluted EPS
$4.61
+9.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,544
1,286
1,190
+20.1%
Capital expenditure
237
214
134
+10.4%
Free cash flow
1,308
1,071
1,056
+22.1%
Free cash flow margin
48.2%
40.7%
45.7%
Cash from investing
-468
-1,394
-1,423
Cash from financing
-1,017
-135
339
Depreciation and amortisation
716
708
700
+1.2%
Share-based compensation
87.9
99.9
84.4
-12.0%
Buybacks
100
432
583
-76.8%
Dividends paid
370
307
254
+20.6%
Diluted shares, weighted
109m
109m
111m
-0.4%
Shares outstanding at period end
108m
108m
109m
+0.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
-5,171
-5,276
-5,283
Redeemable equity
35.0
31.7
17.2
+10.4%
Debt
12,324
12,868
12,303
-4.2%
Operating lease liabilities
1,863
2,037
1,979
-8.6%
Finance lease liabilities
3.2
3.1
2.1
+1.4%
Other liabilities
1,124
921
784
+22.1%
Total liabilities and equity
10,178
10,585
9,802
-3.8%
Fixed assets
2,712
2,714
2,575
-0.1%
Intangible assets
2,456
2,776
2,803
-11.6%
Investments
25.6
42.0
48.7
-39.1%
Cash and equivalents
209
144
367
+45.1%
Receivables
183
184
102
-0.9%
Other assets
4,594
4,725
3,905
-2.8%
Total assets
10,178
10,585
9,802
-3.8%
10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.