What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-07 compared with 2025-05-01 · 200 added, 95 removed, 617 unchanged (32% of the section changed)

33 unchanged sentences

Common stock - Class A, par value $ 0.01 , 400,000 shares authorized, 107,487 shares and

107,561 shares issued and outstanding at March 31, 2025 and December 31, 2024,

107,561 shares issued and outstanding at June 30, 2025 and December 31, 2024,

Additional paid-in capital

12 unchanged sentences

For the three months

ended March 31,

For the six months

ended June 30,

Site development

21 unchanged sentences

Income before income taxes

Provision for income taxes

(Provision) benefit for income taxes

Net loss attributable to noncontrolling interests

3 unchanged sentences

Weighted-average number of common shares

(1) Includes non-cash compensation of $ 15,075 and $ 20,773 for the three months ended March 31, 2025 and 2024.

(1) Includes non-cash compensation of $ 20,839 and $ 17,872 for the three months ended June 30, 2025 and 2024, respectively, and $ 35,914 and $ 38,645 for the six months ended June 30, 2025 and 2024, respectively.

The accompanying condensed notes are an integral part of these consolidated financial statements.

3 unchanged sentences

For the three months

ended March 31,

For the six months

ended June 30,

Adjustments related to interest rate swaps

10 unchanged sentences

Shareholders'

BALANCE, March 31, 2025

( 7,226,216 )

( 4,970,703 )

Net income attributable to SBA

Communications Corporation

Common stock issued in connection with equity

awards and stock purchase plans, offset

by the impact of net share settlements

Non-cash stock compensation

Adjustments related to interest rate swaps

Repurchase and retirement of common stock

Foreign currency translation adjustments

attributable to SBA Communications

Dividends and dividend equivalents

on common stock

Adjustment to redemption amount related to

noncontrolling interests

BALANCE, June 30, 2025

( 7,251,106 )

( 4,938,895 )

Comprehensive

Shareholders'

BALANCE, December 31, 2024

8 unchanged sentences

Adjustments related to interest rate swaps

Repurchase and retirement of common stock

Foreign currency translation adjustments

4 unchanged sentences

noncontrolling interests

BALANCE, June 30, 2025

( 7,251,106 )

( 4,938,895 )

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)

Comprehensive

Shareholders'

BALANCE, March 31, 2024

1 unchanged sentence

( 5,222,820 )

Net income attributable to SBA

Communications Corporation

Common stock issued in connection with equity

awards and stock purchase plans, offset

by the impact of net share settlements

Non-cash stock compensation

Adjustments related to interest rate swaps

Repurchase and retirement of common stock

Foreign currency translation adjustments

attributable to SBA Communications

Dividends and dividend equivalents

on common stock

Adjustment to redemption amount related to

noncontrolling interests

BALANCE, June 30, 2024

( 7,546,370 )

( 5,316,741 )

Comprehensive

15 unchanged sentences

on common stock

BALANCE, March 31, 2024

Adjustment to redemption amount related to

noncontrolling interests

BALANCE, June 30, 2024

( 7,546,370 )

4 unchanged sentences

(unaudited) (in thousands)

For the three months ended March 31,

For the six months ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

6 unchanged sentences

Loss from extinguishment of debt, net

Deferred and non-cash income tax provision

Deferred and non-cash income tax provision (benefit)

Loss on sale of assets

17 unchanged sentences

Other investing activities

Net cash provided by (used in) investing activities

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

15 unchanged sentences

NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

( 1,100,134 )

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:

5 unchanged sentences

(unaudited) (in thousands)

For the three months ended March 31,

For the six months ended June 30,

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

29 unchanged sentences

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future.

The Company recorded a $ 36.0 million gain and a $ 28.5 million loss, net of taxes, on the remeasurement of intercompany loans for the three months ended March 31, 2025 and 2024, respectively.

During the three months ended March 31, 2025, the Company did no t fund additional loans or make repayments on its intercompany loan agreements.

As of March 31, 2025 and December 31, 2024, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.1 billion.

Subsequent to March 31, 2025, the Company did no t fund additional loans or make repayments on its intercompany loan agreements.

The Company recorded a $ 30.4 million gain and a $ 66.2 million loss, net of taxes, on the remeasurement of intercompany loans for the three months ended June 30, 2025 and 2024, respectively, and a $ 66.3 million gain and a $ 94.7 million loss, net of taxes, on the remeasurement of intercompany loans for the six months ended June 30, 2025 and 2024, respectively.

During the six months ended June 30, 2025, the Company repaid $ 75.0 million under its intercompany loan agreements.

As of June 30, 2025 and December 31, 2024, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.1 billion.

Accounting Standards Updates

21 unchanged sentences

For the three months

ended March 31,

For the six months

ended June 30,

(in thousands)

4 unchanged sentences

(1) Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers .

The Company’s long-term investments were $ 18.1 million and $ 20.8 million as of March 31, 2025 and December 31, 2024, respectively, and are recorded in Other assets on the Consolidated Balance Sheets.

The Company’s long-term investments were $ 16.0 million and $ 20.8 million as of June 30, 2025 and December 31, 2024, respectively, and are recorded in Other assets on the Consolidated Balance Sheets.

The Company evaluates these investments for indicators of impairment.

2 unchanged sentences

If indicators exist and the fair value of the investment is less than the carrying amount, an impairment charge will be recorded.

The Company did no t recognize any impairment loss associated with its investments during the three months ended March 31, 2025 and 2024.

The Company did no t recognize any impairment loss associated with its investments during the three or six months ended June 30, 2025 and 2024.

Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments.

The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values.

As of March 31, 2025 and December 31, 2024, the Company had $ 65.7 million and $ 254.5 million of short-term investments, respectively.

For the three months ended March 31, 2025, the Company purchased $ 227.0 million and sold $ 415.8 million of short-term investments.

For the three months ended March 31, 2024, the Company purchased $ 311.5 million and sold $ 311.0 million of short-term investments.

As of June 30, 2025 and December 31, 2024, the Company had $ 1.6 million and $ 254.5 million of short-term investments, respectively.

For the six months ended June 30, 2025, the Company purchased $ 432.9 million and sold $ 685.8 million of short-term investments.

For the six months ended June 30, 2024, the Company purchased $ 680.4 million and sold $ 651.0 million of short-term investments.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices.

The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the

applicable Term SOFR Rate was set for the Revolving Credit Facility ( 112.5 to 150.0 basis points).

The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable Term SOFR Rate was set for the Revolving Credit Facility ( 112.5 to 150.0 basis points).

Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

2 unchanged sentences

The cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following:

March 31, 2025

June 30, 2025

December 31, 2024

16 unchanged sentences

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company.

Other restricted cash includes $ 6.7 million and $ 6.4 million held in escrow as of March 31, 2025 and December 31, 2024 related to the Company’s acquisition activities.

Other restricted cash includes $ 7.2 million and $ 6.4 million held in escrow as of June 30, 2025 and December 31, 2024, respectively, related to the Company’s acquisition activities.

Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations.

As of March 31, 2025 and December 31, 2024, the Company had $ 42.7 million and $ 42.5 million in surety and payment and performance bonds, respectively, for which no collateral was required to be posted.

As of June 30, 2025 and December 31, 2024, the Company had $ 42.5 million in surety and payment and performance bonds for which no collateral was required to be posted.

The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements.

As of March 31, 2025 and December 31, 2024, the Company had pledged $ 2.9 million and $ 2.5 million, respectively, as collateral related to its workers’ compensation policy.

As of June 30, 2025 and December 31, 2024, the Company had pledged $ 2.9 million and $ 2.5 million, respectively, as collateral related to its workers’ compensation policy.

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

March 31, 2025

June 30, 2025

December 31, 2024

4 unchanged sentences

These amounts are included in the Consolidated Balance Sheets under the following captions:

March 31, 2025

June 30, 2025

December 31, 2024

3 unchanged sentences

uncompleted contracts (included in Other current liabilities)

At March 31, 2025 and December 31, 2024, the two largest customers comprised 93.0 % and 89.0 %, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.

At June 30, 2025 and December 31, 2024, the two largest customers comprised 97.0 % and 89.0 %, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.

PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS

The Company’s prepaid expenses and other current assets are comprised of the following:

March 31, 2025

June 30, 2025

December 31, 2024

10 unchanged sentences

The Company’s other assets are comprised of the following:

March 31, 2025

June 30, 2025

December 31, 2024

14 unchanged sentences

For the three months

ended March 31,

For the six months

ended June 30,

(in thousands)

2 unchanged sentences

Total cash acquisition capital expenditures

(1) Excludes $ 3.2 million and $ 4.6 million spent to extend ground lease terms for the three months ended March 31, 2025 and 2024, respectively.

(1) Excludes $ 4.6 million and $ 3.7 million spent to extend ground lease terms for the three months ended June 30, 2025 and 2024, respectively, and excludes $ 7.8 million and $ 9.3 million spent to extend ground lease terms for the six months ended June 30, 2025 and 2024, respectively.

The Company recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liabilities, net of acquisitions section of its Consolidated Statements of Cash Flows.

During the three months ended March 31, 2025, the Company acquired 344 towers and related assets and liabilities, including 321 sites from the previously announced transaction with Millicom International Cellular S.A.

During the six months ended June 30, 2025, the Company acquired 4,673 towers and related assets and liabilities, including 4,644 sites from the previously announced transaction with Millicom International Cellular S.A.

(“Millicom”).

During the three months ended March 31, 2024, the Company acquired 11 towers and related assets and liabilities.

During the six months

ended June 30, 2024, the Company acquired 128 towers and related assets and liabilities.

The table below summarizes the Company’s acquisition of towers and related assets and liabilities, by asset class:

For the three months

ended March 31,

For the six months

ended June 30,

(in thousands)

6 unchanged sentences

Total acquisitions of towers and related assets and liabilities

During the three months ended March 31, 2025 , the Company concluded that for each of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets .

During the six months ended June 30, 2025 , the Company concluded that for each of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets .

As of June 30, 2025, there were no acquisitions with purchase price allocations that were preliminary other than for the acquisitions from the Millicom transaction.

As of the date of this filing, approximately 2,500 sites related to the Millicom transaction remain under contract for approximately $ 391.0 million in cash.

2 unchanged sentences

In addition to the Millicom sites, the Company is under contract to purchase 13 communication sites for an aggregate consideration of $ 5.5 million in cash.

The Company anticipates that these acquisitions will be closed by the end of the third quarter of 2025.

The maximum potential obligation related to contingent consideration for closed acquisitions was $ 15.8 million and $ 12.1 million as of March 31, 2025 and December 31, 2024, respectively.

The Company anticipates that these acquisitions will be closed by the end of the fourth quarter of 2025.

The maximum potential obligation related to contingent consideration for closed acquisitions was $ 40.1 million and $ 12.1 million as of June 30, 2025 and December 31, 2024, respectively.

No such amounts have been recorded on the Company’s Consolidated Balance Sheets.

1 unchanged sentence

Property and equipment, net consists of the following:

March 31, 2025

June 30, 2025

December 31, 2024

11 unchanged sentences

(2) Includes amounts related to the Company’s data centers.

Depreciation expense was $ 27.3 million and $ 37.5 million for the three months ended March 31, 2025 and 2024, respectively.

At March 31, 2025 and December 31, 2024, unpaid capital expenditures that are included in accounts payable and accrued expenses were $ 15.4 million and $ 14.6 million, respectively.

Depreciation expense was $ 31.7 million and $ 26.2 million for the three months ended June 30, 2025 and 2024, respectively, and $ 59.0 million and $ 63.6 million for the six months ended June 30, 2025 and 2024, respectively.

At June 30, 2025 and December 31, 2024, unpaid capital expenditures that are included in accounts payable and accrued expenses were $ 12.1 million and $ 14.6 million, respectively.

During the first quarter of 2025, the Company sold all of its towers in both the Philippines and Colombia and ended its operations in those countries.

Proceeds from the sale of these towers were $ 40.3 million and are included in Proceeds from sale of assets on the Consolidated Statements of Cash Flows.

The Company recorded a $ 18.2 million loss on the sale of these towers which is included in Other income (expense), net on the Consolidated Statements of Operations and in Loss on sale of assets on the Consolidated Statements of Cash Flow s.

The Company recorded an $ 18.0 million loss on the sale of these towers which is included in Other income (expense), net on the Consolidated Statements of Operations and in Loss on sale of assets on the Consolidated Statements of Cash Flows.

On July 21, 2025, the Company entered into an agreement to sell all of its 369 towers held in Canada for CAD$ 446.0 million.

This transaction is expected to close during the fourth quarter of 2025.

INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

As of March 31, 2025

As of June 30, 2025

As of December 31, 2024

12 unchanged sentences

All intangible assets noted above are included in the Company’s site leasing segment.

Amortization expense relating to the intangible assets above was $ 26.8 million and $ 27.1 million for the three months ended March 31, 2025 and 2024, respectively.

Amortization expense relating to the intangible assets above was $ 27.1 million and $ 26.3 million for the three months ended June 30, 2025 and 2024, respectively and $ 53.9 million and $ 53.5 million for the six months ended June 30, 2025 and 2024, respectively.

ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

March 31, 2025

June 30, 2025

December 31, 2024

6 unchanged sentences

The principal balances, fair values, and carrying values of debt consist of the following:

March 31, 2025

June 30, 2025

December 31, 2024

1 unchanged sentence

(in thousands)

Revolving Credit Facility

2024 Term Loan

16 unchanged sentences

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

For the three months ended March 31,

For the three months ended June 30,

For the six months ended June 30,

(in thousands)

Revolving Credit Facility

13 unchanged sentences

2021 Senior Notes

(1) T he 2024 Term Loan has a blended rate of 5.276 %, which includes the impact of the interest rate swaps.

The weighted-average interest rate on the 2024 Term Loan was 2.429 % for the three months ended March 31, 2025, which includes the impact of the then outstanding interest rate swap.

Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 6.080 % as of March 31, 2025.

(1) The 2024 Term Loan has a blended rate of 5.276 %, which includes the impact of the interest rate swaps.

Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 6.080 % as of June 30, 2025.

Refer to Note 17 for more information on the Company’s interest rate swaps .

3 unchanged sentences

Senior Credit Agreement

As of March 31, 2025, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

As of June 30, 2025, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility under the Senior Credit Agreement

1 unchanged sentence

Interest Rate

March 31, 2025 (1)

March 31, 2025 (2)

June 30, 2025 (1)

June 30, 2025 (2)

Revolving Credit Facility

1 unchanged sentence

(2) The rate reflected includes a 0.010 % reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2024.

The table below summarizes the Company’s Revolving Credit Facility activity during the three months ended March 31, 2025 and 2024:

The table below summarizes the Company’s Revolving Credit Facility activity during the three and six months ended June 30, 2025 and 2024:

For the three months

ended March 31,

For the six months

ended June 30,

(in thousands)

1 unchanged sentence

Ending outstanding balance

Subsequent to March 31, 2025, the Company made no borrowings from the Revolving Credit Facility.

Subsequent to June 30, 2025, the Company borrowed $ 25.0 million and repaid $ 70.0 million under the Revolving Credit Facility, and as of the date of this filing, $ 35.0 million was outstanding.

Term Loan under the Senior Credit Agreement

2024 Term Loan

During the three months ended March 31, 2025, the Company repaid an aggregate of $ 5.75 million of principal on the 2024 Term Loan.

As of March 31, 2025, the 2024 Term Loan had a principal balance of $ 2.3 billion.

During the six months ended June 30, 2025, the Company repaid an aggregate of $ 5.75 million of principal on the 2024 Term Loan.

As of June 30, 2025, the 2024 Term Loan had a principal balance of $ 2.3 billion.

Secured Tower Revenue Securities

On January 15, 2025, the Company repaid the entire aggregate principal amount of the 2019-1C Tower Securities ($ 1,165.0 million) and the 2019-1R Tower Securities ($ 61.4 million).

As of March 31, 2025, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

As of June 30, 2025, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers .

4 unchanged sentences

On April 27, 2025, the Company’s Board of Directors authorized a new $ 1.5 billion share repurchase plan, replacing the prior plan authorized on October 28, 2021 which had a remaining authorization of $ 81.8 million.

This new plan authorizes the Company to purchase, from time to time, up to $ 1.5 billion of our outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors.

This new plan authorizes the Company to purchase, from time to time, up to $ 1.5 billion of its outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors.

Shares repurchased will be retired.

The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion.

As of the date of this filing, the Company had the full $ 1.5 billion of authorization remaining under the new plan.

As of the date of this filing, the Company had $ 1.45 billion of authorization remaining under the new plan.

The following is a summary of the Company’s share repurchases:

For the three months

ended March 31,

For the six months

ended June 30,

Total number of shares purchased (in millions) (1)

1 unchanged sentence

Total purchase price (in millions) (1)

Subsequent to March 31, 2025, the Company made the following share repurchases:

Subsequent to June 30, 2025, the Company made the following share repurchases:

Total number of shares purchased (in millions) (1)

2 unchanged sentences

(1) Amounts reflected are based on the trade date and may differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.

For the three months ended March 31, 2025, the Company paid the following cash dividends:

For the six months ended June 30, 2025, the Company paid the following cash dividends:

Payable to Shareholders

7 unchanged sentences

March 27, 2025

April 27, 2025

$ 119.4 million

June 17, 2025

(1) Amount reflected includes the payment of $ 2.4 million in dividend equivalents.

Dividends paid in 2025 were ordinary taxable dividends.

Subsequent to March 31, 2025, the Company declared the following cash dividends:

Subsequent to June 30, 2025, the Company declared the following cash dividends:

Payable to Shareholders

3 unchanged sentences

Date to be Paid

April 27, 2025

June 17, 2025

August 3, 2025

August 21, 2025

September 18, 2025

STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the Company’s activities with respect to its stock option plans for the three months ended March 31, 2025 as follows (dollars and shares in thousands, except for per share data):

The following table summarizes the Company’s activities with respect to its stock option plans for the six months ended June 30, 2025 as follows (dollars and shares in thousands, except for per share data):

Weighted-Average

4 unchanged sentences

Forfeited/canceled

Outstanding at March 31, 2025

Exercisable at March 31, 2025

Unvested at March 31, 2025

The total intrinsic value for options exercised during the three months ended March 31, 2025 was $ 23.5 million.

Outstanding at June 30, 2025

Exercisable at June 30, 2025

Unvested at June 30, 2025

The total intrinsic value for options exercised during the six months ended June 30, 2025 was $ 27.1 million.

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the three months ended March 31, 2025:

The following table summarizes the Company’s RSU and PSU activity for the six months ended June 30, 2025:

Weighted-Average

9 unchanged sentences

Forfeited/canceled

Outstanding at March 31, 2025

Outstanding at June 30, 2025

(1) PSUs represent the target number of shares granted that are issuable at the end of the three year performance period.

26 unchanged sentences

There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period.

As of March 31, 2025, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $ 52.5 million, excluding penalties and interest of $ 69.3 million.

As of June 30, 2025, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $ 55.2 million, excluding penalties and interest of $ 75.6 millio n.

The Company operates principally in two business segments:

10 unchanged sentences

Domestic Site

For the three months ended March 31, 2025

For the three months ended June 30, 2025

(in thousands)

11 unchanged sentences

Cash capital expenditures (3)

For the three months ended March 31, 2024

For the three months ended June 30, 2024

Cost of revenues (2)

11 unchanged sentences

Domestic Site

For the six months ended June 30, 2025

(in thousands)

As of March 31, 2025

Cost of revenues (2)

Operating profit

Selling, general, and administrative expenses

Acquisition and new business initiatives

related adjustments and expenses

Asset impairment and decommission costs

Depreciation, amortization and accretion

Operating income (loss)

Other expense, net (principally interest

expense and other income)

Income before income taxes

Cash capital expenditures (3)

For the six months ended June 30, 2024

Cost of revenues (2)

Operating profit

Selling, general, and administrative expenses

Acquisition and new business initiatives

related adjustments and expenses

Asset impairment and decommission costs

Depreciation, amortization and accretion

Operating income (loss)

Other expense, net (principally interest

expense and other income)

Income before income taxes

Cash capital expenditures (3)

Domestic Site

(in thousands)

As of June 30, 2025

As of December 31, 2024

(1) For the three months ended March 31, 2025 and 2024, site leasing revenue in Brazil was $ 85.0 million and $ 97.5 million, respectively.

(1) For the three months ended June 30, 2025 and 2024, site leasing revenue in Brazil was $ 85.1 million and $ 93.1 million, respectively.

For the six months ended June 30, 2025 and 2024, site leasing revenue in Brazil was $ 170.1 million and $ 190.5 million, respectively.

Other than Brazil, no foreign country represented more than 5 % of the Company’s total site leasing revenue in any of the periods presented.

4 unchanged sentences

Assets in Other for the period ended December 31, 2024 also includes $ 1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities.

Total domestic long-lived assets were $ 5.7 billion as of March 31, 2025 and December 31, 2024.

Total international long-lived assets were $ 3.1 billion and $ 3.0 billion as of March 31, 2025 and December 31, 2024.

Total long-lived assets in Brazil were $ 1.8 billion and $ 1.7 billion as of March 31, 2025 and December 31, 2024, respectively.

Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net.

Other than Brazil, no foreign country represented more than 5 % of the Company’s total long-lived assets in any of the periods presented.

The Company’s long-lived assets by geographic areas representing more than 5% of the Company’s total long-lived assets is presented below:

June 30, 2025

December 31, 2024

(in thousands)

Other international

EARNINGS PER SHARE

1 unchanged sentence

Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method .

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the three months ended March 31, 2025 and 2024:

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the three and six months ended June 30, 2025 and 2024:

For the three months

ended March 31,

For the six months

ended June 30,

(in thousands, except per share data)

6 unchanged sentences

Communications Corporation:

For the three months ended March 31, 2025 and 2024, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s stock options, RSUs, and PSUs because the impact would be anti-dilutive.

For the three and six months ended June 30, 2025 and 2024, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s stock options, RSUs, and PSUs because the impact would be anti-dilutive.

REDEEMABLE NONCONTROLLING INTERESTS

3 unchanged sentences

The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs.

The components of redeemable noncontrolling interests as of March 31, 2025 and December 31, 2024 are as follows:

The components of redeemable noncontrolling interests as of June 30, 2025 and December 31, 2024 are as follows:

(in thousands)

8 unchanged sentences

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates.

As of March 31, 2025, the Company has interest rate swap agreements (collectively “the swaps”) on its 2024 Term Loan which swap $ 2.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165 % per annum through April 11, 2028.

As of June 30, 2025, the Company has interest rate swap agreements on its 2024 Term Loan which swap $ 2.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165 % per annum through April 11, 2028.

On September 11, 2024, the Company entered into a treasury lock agreement to fix the three-year treasury rate at 3.3985 % for $ 620.0 million of notional value related to the 2024-2C Tower Securities issued on October 11, 2024.

1 unchanged sentence

After consideration of the treasury lock agreement, the all-in fixed rate on the 2024-2C Tower Securities is 4.654 % per annum.

As of March 31, 2025, the hedges remain highly effective;

As of June 30, 2025, the hedges remain highly effective;

therefore, changes in fair value are recorded in Accumulated other comprehensive loss, net.

The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.

Fair Value as of

5 unchanged sentences

Other long-term liabilities

Accumulated other comprehensive loss, net includes an aggregate $ 16.0 million gain and a $ 50.9 million gain as of March 31, 2025 and December 31, 2024, respectively.

Accumulated other comprehensive loss, net includes an aggregate $ 4.4 million gain and a $ 50.9 million gain as of June 30, 2025 and December 31, 2024, respectively.

The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract.

1 unchanged sentence

The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows .

The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the three months ended March 31, 2025 and 2024.

For the three months

ended March 31,

For the six months

ended June 30,

Cash Flow Hedge - Interest Rate Swap Agreement

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements