BOCA RATON, Fla.–(BUSINESS WIRE)–SBA Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today reported results for the quarter ended June 30, 2024.
Highlights of the second quarter include:
- Net income of $159.5 million or $1.51 per share
- Industry-leading AFFO per share of $3.29
- Industry-leading Tower Cash Flow and Adjusted EBITDA margins
- Quarter-ending Net Debt to Annualized Adjusted EBITDA leverage ratio of 6.4x
In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.98 per share of the Company’s Class A Common Stock. The distribution is payable September 18, 2024 to the shareholders of record at the close of business on August 22, 2024.
“We posted solid financial results for the second quarter in line with our expectations,” commented Brendan Cavanagh, President and Chief Executive Officer. “New business execution in the US continued at a similar pace to the levels we have experienced the last few quarters, and internationally we saw a pick-up in new leasing activity that will increase the full year revenue contribution from new leases and amendments. Across our markets mobile network operators continue to have meaningful network needs that we are confident will support continued investment for years to come. During the second quarter, we also continued a balanced approach to capital allocation with a mix of portfolio expansion, stock repurchases, dividends and debt reduction. We ended the quarter with a net debt to annualized Adjusted EBITDA leverage ratio of 6.4x and today have an outstanding balance of only $30 million on our $2 billion revolver. I anticipate that we will continue to take a balanced approach to capital allocation for the rest of the year, but also reserving the flexibility to opportunistically take advantage of material value enhancing investment opportunities if they arise. Our business remains very strong, and we are well positioned to capture growth from our customers’ many network needs.”
Operating Results
The table below details select financial results for the three months ended June 30, 2024 and comparisons to the prior year period.
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% Change |
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excluding |
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Q2 2024 |
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Q2 2023 |
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$ Change |
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% Change |
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FX (1) |
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Consolidated |
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($ in millions, except per share amounts) |
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Site leasing revenue |
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$ |
626.5 |
|
$ |
626.1 |
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$ |
0.4 |
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0.1 |
% |
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1.2 |
% |
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Site development revenue |
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34.0 |
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52.4 |
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(18.4 |
) |
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(35.0 |
%) |
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(35.0 |
%) |
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Tower cash flow (1) |
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503.9 |
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503.5 |
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0.4 |
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0.1 |
% |
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1.0 |
% |
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Net income |
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159.5 |
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202.0 |
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(42.5 |
) |
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(21.0 |
%) |
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30.4 |
% |
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Earnings per share – diluted |
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1.51 |
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1.87 |
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(0.36 |
) |
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(19.1 |
%) |
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32.3 |
% |
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Adjusted EBITDA (1) |
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467.1 |
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471.7 |
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(4.6 |
) |
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(1.0 |
%) |
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(0.1 |
%) |
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AFFO (1) |
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354.3 |
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352.7 |
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1.6 |
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0.4 |
% |
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1.5 |
% |
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AFFO per share (1) |
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3.29 |
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3.24 |
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0.05 |
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1.5 |
% |
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2.8 |
% |
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(1) |
See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release. |
Total revenues in the second quarter of 2024 were $660.5 million compared to $678.5 million in the prior year period, a decrease of 2.7%. Site leasing revenue in the second quarter of 2024 of $626.5 million was comprised of domestic site leasing revenue of $463.2 million and international site leasing revenue of $163.3 million. Domestic cash site leasing revenue in the second quarter of 2024 was $457.4 million compared to $450.3 million in the prior year period, an increase of 1.6%. International cash site leasing revenue in the second quarter of 2024 was $163.6 million compared to $168.4 million in the prior year period, a decrease of 2.9%, or an increase of 1.3% on a constant currency basis. Site development revenues in the second quarter of 2024 were $34.0 million compared to $52.4 million in the prior year period, a decrease of 35.0%.
Site leasing operating profit in the second quarter of 2024 was $512.3 million, an increase of 0.2% over the prior year period. Site leasing contributed 98.7% of the Company’s total operating profit in the second quarter of 2024. Domestic site leasing segment operating profit in the second quarter of 2024 was $397.7 million, an increase of 1.4% over the prior year period. International site leasing segment operating profit in the second quarter of 2024 was $114.6 million, a decrease of 3.5% from the prior year period.
Tower Cash Flow in the second quarter of 2024 of $503.9 million was comprised of Domestic Tower Cash Flow of $388.2 million and International Tower Cash Flow of $115.6 million. Domestic Tower Cash Flow in the second quarter of 2024 increased 0.8% over the prior year period and International Tower Cash Flow decreased 2.4% over the prior year period, or increased 1.5% on a constant currency basis. Tower Cash Flow Margin was 81.1% in the second quarter of 2024, as compared to 81.4% for the prior year period.
Net income in the second quarter of 2024 was $159.5 million, or $1.51 per share, and included a $66.2 million loss, net of taxes, on the currency-related remeasurement of intercompany loans with foreign subsidiaries which are denominated in a currency other than the subsidiaries’ functional currencies. Net income in the second quarter of 2023 was $202.0 million, or $1.87 per share, and included a $27.8 million gain, net of taxes, on the currency-related remeasurement of intercompany loans with foreign subsidiaries which are denominated in a currency other than the subsidiaries’ functional currencies.
Adjusted EBITDA in the second quarter of 2024 was $467.1 million, a 1.0% decrease over the prior year period. Adjusted EBITDA Margin in the second quarter of 2024 was 71.3% compared to 70.3% in the prior year period.
Net Cash Interest Expense in the second quarter of 2024 was $90.5 million compared to $96.6 million in the prior year period, a decrease of 6.3%.
AFFO in the second quarter of 2024 was $354.3 million, a 0.4% increase from the prior year period. AFFO per share in the second quarter of 2024 was $3.29, a 1.5% increase over the prior year period, or 2.8% on a constant currency basis.
Investing Activities
During the second quarter of 2024, SBA acquired 117 communication sites for total cash consideration of $26.5 million. SBA also built 100 towers during the second quarter of 2024. As of June 30, 2024, SBA owned or operated 39,744 communication sites, 17,461 of which are located in the United States and its territories and 22,283 of which are located internationally. In addition, the Company spent $13.3 million to purchase land and easements and to extend lease terms. Total cash capital expenditures for the second quarter of 2024 were $91.6 million, consisting of $13.1 million of non-discretionary cash capital expenditures (tower maintenance and general corporate) and $78.5 million of discretionary cash capital expenditures (new tower builds, tower augmentations, acquisitions, and purchasing land and easements).
Subsequent to the second quarter of 2024, the Company purchased or is under contract to purchase 106 communication sites for an aggregate consideration of $49.3 million in cash that it expects to close by the end of the fourth quarter of 2024.
Financing Activities and Liquidity
SBA ended the second quarter of 2024 with $12.4 billion of total debt, $9.4 billion of total secured debt, $309.4 million of cash and cash equivalents, short-term restricted cash, and short-term investments, and $12.0 billion of Net Debt. SBA’s Net Debt and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 6.4x and 4.8x, respectively.
As of the date of this press release, the Company had $30.0 million outstanding under its $2.0 billion Revolving Credit Facility.
As reported in the Company’s first quarter earnings release, in April of 2024, the Company repurchased 0.4 million shares of its Class A common stock for $93.9 million at an average price per share of $213.30 under its $1 billion stock repurchase plan. No additional purchases were made during the second quarter. After these repurchases, the Company had $204.7 million of authorization remaining under the plan. Shares repurchased were retired.
In the second quarter of 2024, the Company declared and paid a cash dividend of $105.3 million.
Outlook
The Company is updating its full year 2024 Outlook for anticipated results. The Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Company’s filings with the Securities and Exchange Commission.
The Company’s full year 2024 Outlook assumes the acquisitions of only those communication sites under contract which are expected to close prior to year-end at the time of this press release. The Company may spend additional capital in 2024 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2024 guidance. The Outlook also does not contemplate any additional repurchases of the Company’s stock or new debt financings during 2024 (other than the refinancing of the 2014-2C Tower Securities as discussed below), although the Company may ultimately spend capital to repurchase stock or issue new debt during the remainder of the year.
The Company’s Outlook assumes an average foreign currency exchange rate of 5.65 Brazilian Reais to 1.0 U.S. Dollar, 1.38 Canadian Dollars to 1.0 U.S. Dollar, 2,690 Tanzanian shillings to 1.0 U.S. Dollar, and 18.50 South African Rand to 1.0 U.S. Dollar throughout the last two quarters of 2024.
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Change from |
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Change from |
April 29, 2024 |
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April 29, 2024 |
Outlook |
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(in millions, except per share amounts) |
Full Year 2024 |
Outlook (8) |
Excluding FX |
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Site leasing revenue (1) |
$ |
2,507.0 |
to |
$ |
2,527.0 |
$ |
(10.0 |
) |
$ |
9.0 |
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Site development revenue |
$ |
135.0 |
to |
$ |
145.0 |
$ |
(10.0 |
) |
$ |
(10.0 |
) |
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|
Total revenues |
$ |
2,642.0 |
to |
$ |
2,672.0 |
$ |
(20.0 |
) |
$ |
(1.0 |
) |
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|
Tower Cash Flow (2) |
$ |
2,029.0 |
to |
$ |
2,049.0 |
$ |
(12.0 |
) |
$ |
2.0 |
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Adjusted EBITDA (2) |
$ |
1,876.0 |
to |
$ |
1,896.0 |
$ |
(13.0 |
) |
$ |
1.0 |
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|
Net cash interest expense (3)(4) |
$ |
357.5 |
to |
$ |
362.5 |
$ |
(5.5 |
) |
$ |
(5.0 |
) |
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|
Non-discretionary cash capital expenditures (5) |
$ |
51.0 |
to |
$ |
61.0 |
$ |
— |
|
$ |
— |
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|
AFFO (2) |
$ |
1,410.0 |
to |
$ |
1,450.0 |
$ |
(5.0 |
) |
$ |
8.5 |
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|
AFFO per share (2) (6) |
$ |
13.06 |
to |
$ |
13.43 |
$ |
(0.03 |
) |
$ |
0.09 |
|
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|
Discretionary cash capital expenditures (7) |
$ |
335.0 |
to |
$ |
355.0 |
$ |
— |
|
$ |
6.5 |
|
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(1) |
The Company’s Outlook for site leasing revenue includes revenue associated with pass through reimbursable expenses. |
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(2) |
See the reconciliation of this non-GAAP financial measure presented below under “Non-GAAP Financial Measures.” |
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(3) |
Net cash interest expense is defined as interest expense less interest income. Net cash interest expense does not include amortization of deferred financing fees or non-cash interest expense. |
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(4) |
For purposes of the Outlook, the Company has assumed that the $620.0 million 2014-2C Tower Securities (which have an anticipated repayment date of October 8, 2024) would be refinanced on September 1, 2024 at a fixed rate of 6.000%. |
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(5) |
Consists of tower maintenance and general corporate capital expenditures. |
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(6) |
Outlook for AFFO per share is calculated by dividing the Company’s outlook for AFFO by an assumed weighted average number of diluted common shares of 108.0 million. Outlook does not include the impact of any potential future repurchases of the Company’s stock during 2024. |
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(7) |
Consists of new tower builds, tower augmentations, communication site acquisitions and ground lease purchases. Does not include easements or payments to extend lease terms and expenditures for acquisitions of revenue producing assets not under contract at the date of this press release. |
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(8) |
Changes from prior outlook are measured based on the midpoint of outlook ranges provided. |
Conference Call Information
SBA Communications Corporation will host a conference call on Monday, July 29, 2024 at 5:00 PM (EDT) to discuss the quarterly results. The call may be accessed as follows:
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When: |
Monday, July 29, 2024 at 5:00 PM (EDT) |
|
Dial-in Number: |
(877) 692-8955 |
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Access Code: |
3722027 |
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Conference Name: |
SBA Second quarter 2024 results |
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Replay Available: |
July 29, 2024 at 11:00 PM to August 12, 2024 at 12:00 AM (TZ: Eastern) |
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Replay Number: |
(866) 207-1041 – Access Code: 4132299 |
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Internet Access: |
Information Concerning Forward-Looking Statements
This press release and the Company’s earnings call include forward-looking statements, including statements regarding the Company’s expectations or beliefs regarding (i) execution of the Company’s growth strategies and the impacts to its financial performance, (ii) organic leasing growth in the U.S. and the drivers of that growth, including continued investments by, and market demands on, the Company’s customers, (iii) the Company’s capital allocation strategy, (iv) the Company’s anticipations regarding interest rates, (v) the Company’s outlook for financial and operational performance in 2024, the assumptions it made and the drivers contributing to its updated full year guidance, including its ability to consummate, the timing and the rate of any anticipated refinancing, (vi) the timing of closing for currently pending acquisitions, (vii) the Company’s tower portfolio growth and positioning for future growth, (viii) asset purchases, share repurchases, and debt financings, (ix) its portfolio review, (x) network consumption growth and network strain, (xi) Fixed Wireless Access, (xii) the Company’s ability to enhance its market positioning and align with leading carriers, (xiii) the Company’s ability to enhance the long-term strength and stability of its cash flows, and (xiv) foreign exchange rates and their impact on the Company’s financial and operational guidance and the Company’s 2024 Outlook.
The Company wishes to caution readers that these forward-looking statements may be affected by the risks and uncertainties in the Company’s business as well as other important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. With respect to the Company’s expectations regarding all of these statements, including its financial and operational guidance, such risk factors include, but are not limited to: (1) the impact of recent macro-economic conditions, including increasing interest rates, inflation and financial market volatility on (a) the ability and willingness of wireless service providers to maintain or increase their capital expenditures, (b) the Company’s business and results of operations, and on foreign currency exchange rates and (c) consumer demand for wireless services, (2) the economic climate for the wireless communications industry in general and the wireless communications infrastructure providers in particular in the United States, Brazil, South Africa, Tanzania, and in other international markets; (3) the Company’s ability to accurately identify and manage any risks associated with its acquired sites, to effectively integrate such sites into its business and to achieve the anticipated financial results; (4) the Company’s ability to secure and retain as many site leasing tenants as planned at anticipated lease rates; (5) the Company’s ability to manage expenses and cash capital expenditures at anticipated levels; (6) the impact of continued consolidation among wireless service providers in the U.S. and internationally, on the Company’s leasing revenue and the ability of Dish to compete as a nationwide carrier; (7) the Company’s ability to successfully manage the risks associated with international operations, including risks associated with foreign currency exchange rates; (8) the Company’s ability to secure and deliver anticipated services business at contemplated margins; (9) the Company’s ability to acquire land underneath towers on terms that are accretive; (10) the Company’s ability to obtain future financing at commercially reasonable rates or at all; (11) the Company’s ability to achieve the new builds targets included in its anticipated annual portfolio growth goals, which will depend, among other things, on obtaining zoning and regulatory approvals, availability of labor and supplies, and other factors beyond the Company’s control that could affect the Company’s ability to build additional towers in 2024; and (12) the Company’s ability to meet its total portfolio growth, which will depend, in addition to the new build risks, on the Company’s ability to identify and acquire sites at prices and upon terms that will provide accretive portfolio growth, competition from third parties for such acquisitions and our ability to negotiate the terms of, and acquire, these potential tower portfolios on terms that meet our internal return criteria.
With respect to its expectations regarding the ability to close pending acquisitions, these factors also include satisfactorily completing due diligence, the amount and quality of due diligence that the Company is able to complete prior to closing of any acquisition, the ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations and the availability of cash on hand or borrowing capacity under the Revolving Credit Facility to fund the consideration, its ability to accurately anticipate the future performance of the acquired towers and any challenges or costs associated with the integration of such towers. With respect to the repurchases under the Company’s stock repurchase program, the amount of shares repurchased, if any, and the timing of such repurchases will depend on, among other things, the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions, the availability of stock, the Company’s financial performance or determinations following the date of this announcement in order to use the Company’s funds for other purposes. Furthermore, the Company’s forward-looking statements and its 2024 outlook assumes that the Company continues to qualify for treatment as a REIT for U.S. federal income tax purposes and that the Company’s business is currently operated in a manner that complies with the REIT rules and that it will be able to continue to comply with and conduct its business in accordance with such rules. In addition, these forward-looking statements and the information in this press release is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s most recently filed Annual Report on Form 10-K.
This press release contains non-GAAP financial measures. Reconciliation of each of these non-GAAP financial measures and the other Regulation G information is presented below under “Non-GAAP Financial Measures.”
This press release will be available on our website at www.sbasite.com.
About SBA Communications Corporation
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites in 15 markets throughout the Americas, Africa, and the Philippines, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and is one of the top Real Estate Investment Trusts (REITs) by market capitalization. For more information, please visit: www.sbasite.com.
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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts)
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For the three months |
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For the six months |
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ended June 30, |
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ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues: |
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|
Site leasing |
|
$ |
626,457 |
|
|
$ |
626,143 |
|
|
$ |
1,254,733 |
|
|
$ |
1,243,411 |
|
|
Site development |
|
|
34,020 |
|
|
|
52,357 |
|
|
|
63,606 |
|
|
|
110,605 |
|
|
Total revenues |
|
|
660,477 |
|
|
|
678,500 |
|
|
|
1,318,339 |
|
|
|
1,354,016 |
|
|
Operating expenses: |
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||||||||
|
Cost of revenues (exclusive of depreciation, accretion, |
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|
||||||||
|
and amortization shown below): |
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|
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|
||||||||
|
Cost of site leasing |
|
|
114,131 |
|
|
|
115,014 |
|
|
|
228,944 |
|
|
|
235,133 |
|
|
Cost of site development |
|
|
27,137 |
|
|
|
39,236 |
|
|
|
50,315 |
|
|
|
83,421 |
|
|
Selling, general, and administrative expenses (1) |
|
|
62,376 |
|
|
|
63,383 |
|
|
|
131,074 |
|
|
|
135,592 |
|
|
Acquisition and new business initiatives related |
|
|
|
|
|
|
|
|
||||||||
|
adjustments and expenses |
|
|
6,574 |
|
|
|
4,953 |
|
|
|
13,991 |
|
|
|
11,010 |
|
|
Asset impairment and decommission costs |
|
|
31,610 |
|
|
|
32,867 |
|
|
|
75,258 |
|
|
|
59,257 |
|
|
Depreciation, accretion, and amortization |
|
|
64,179 |
|
|
|
181,820 |
|
|
|
140,929 |
|
|
|
364,235 |
|
|
Total operating expenses |
|
|
306,007 |
|
|
|
437,273 |
|
|
|
640,511 |
|
|
|
888,648 |
|
|
Operating income |
|
|
354,470 |
|
|
|
241,227 |
|
|
|
677,828 |
|
|
|
465,368 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||
|
Interest income |
|
|
7,046 |
|
|
|
4,683 |
|
|
|
14,360 |
|
|
|
7,498 |
|
|
Interest expense |
|
|
(97,530 |
) |
|
|
(101,288 |
) |
|
|
(193,921 |
) |
|
|
(202,514 |
) |
|
Non-cash interest expense |
|
|
(7,080 |
) |
|
|
(7,518 |
) |
|
|
(15,523 |
) |
|
|
(21,757 |
) |
|
Amortization of deferred financing fees |
|
|
(4,932 |
) |
|
|
(5,044 |
) |
|
|
(10,221 |
) |
|
|
(10,032 |
) |
|
Loss from extinguishment of debt, net |
|
|
— |
|
|
|
— |
|
|
|
(4,428 |
) |
|
|
— |
|
|
Other (expense) income, net |
|
|
(104,859 |
) |
|
|
40,732 |
|
|
|
(149,511 |
) |
|
|
78,293 |
|
|
Total other expense, net |
|
|
(207,355 |
) |
|
|
(68,435 |
) |
|
|
(359,244 |
) |
|
|
(148,512 |
) |
|
Income before income taxes |
|
|
147,115 |
|
|
|
172,792 |
|
|
|
318,584 |
|
|
|
316,856 |
|
|
Benefit (provision) for income taxes |
|
|
12,337 |
|
|
|
29,178 |
|
|
|
(4,590 |
) |
|
|
(14,331 |
) |
|
Net income |
|
|
159,452 |
|
|
|
201,970 |
|
|
|
313,994 |
|
|
|
302,525 |
|
|
Net loss attributable to noncontrolling interests |
|
|
3,378 |
|
|
|
1,678 |
|
|
|
3,378 |
|
|
|
2,340 |
|
|
Net income attributable to SBA Communications |
|
|
|
|
|
|
|
|
||||||||
|
Corporation |
|
$ |
162,830 |
|
|
$ |
203,648 |
|
|
$ |
317,372 |
|
|
$ |
304,865 |
|
|
Net income per common share attributable to SBA |
|
|
|
|
|
|
|
|
||||||||
|
Communications Corporation: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
1.52 |
|
|
$ |
1.88 |
|
|
$ |
2.94 |
|
|
$ |
2.82 |
|
|
Diluted |
|
$ |
1.51 |
|
|
$ |
1.87 |
|
|
$ |
2.93 |
|
|
$ |
2.79 |
|
|
Weighted-average number of common shares |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
107,462 |
|
|
|
108,355 |
|
|
|
107,782 |
|
|
|
108,244 |
|
|
Diluted |
|
|
107,679 |
|
|
|
108,884 |
|
|
|
108,148 |
|
|
|
109,078 |
|
|
(1) |
Includes non-cash compensation of $17,872 and $17,566 for the three months ended June 30, 2024 and 2023, respectively, and $38,645 and $43,094 for the six months ended June 30, 2024 and 2023, respectively. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par values)
|
||||||||
|
|
|
|||||||
|
|
|
June 30, |
|
December 31, |
||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
ASSETS |
|
(unaudited) |
|
|
||||
|
Current assets: |
|
|||||||
|
Cash and cash equivalents |
|
$ |
220,508 |
|
|
$ |
208,547 |
|
|
Restricted cash |
|
|
58,474 |
|
|
|
38,129 |
|
|
Accounts receivable, net |
|
|
88,650 |
|
|
|
182,746 |
|
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
|
|
19,810 |
|
|
|
16,252 |
|
|
Prepaid expenses and other current assets |
|
|
72,564 |
|
|
|
38,593 |
|
|
Total current assets |
|
|
460,006 |
|
|
|
484,267 |
|
|
Property and equipment, net |
|
|
2,719,810 |
|
|
|
2,711,719 |
|
|
Intangible assets, net |
|
|
2,314,238 |
|
|
|
2,455,597 |
|
|
Operating lease right-of-use assets, net |
|
|
2,129,244 |
|
|
|
2,240,781 |
|
|
Acquired and other right-of-use assets, net |
|
|
1,376,941 |
|
|
|
1,473,601 |
|
|
Other assets |
|
|
785,939 |
|
|
|
812,476 |
|
|
Total assets |
|
$ |
9,786,178 |
|
|
$ |
10,178,441 |
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, |
|
|
|
|
||||
|
AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
||||
|
Current Liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
50,738 |
|
|
$ |
42,202 |
|
|
Accrued expenses |
|
|
76,319 |
|
|
|
92,622 |
|
|
Current maturities of long-term debt |
|
|
1,806,304 |
|
|
|
643,145 |
|
|
Deferred revenue |
|
|
191,325 |
|
|
|
235,668 |
|
|
Accrued interest |
|
|
57,928 |
|
|
|
57,496 |
|
|
Current lease liabilities |
|
|
262,781 |
|
|
|
273,464 |
|
|
Other current liabilities |
|
|
14,170 |
|
|
|
18,662 |
|
|
Total current liabilities |
|
|
2,459,565 |
|
|
|
1,363,259 |
|
|
Long-term liabilities: |
|
|
|
|
||||
|
Long-term debt, net |
|
|
10,473,739 |
|
|
|
11,681,170 |
|
|
Long-term lease liabilities |
|
|
1,755,101 |
|
|
|
1,865,686 |
|
|
Other long-term liabilities |
|
|
373,697 |
|
|
|
404,161 |
|
|
Total long-term liabilities |
|
|
12,602,537 |
|
|
|
13,951,017 |
|
|
Redeemable noncontrolling interests |
|
|
40,817 |
|
|
|
35,047 |
|
|
Shareholders’ deficit: |
|
|
|
|
||||
|
Preferred stock – par value $0.01, 30,000 shares authorized, no shares issued or outstanding |
|
|
— |
|
|
|
— |
|
|
Common stock – Class A, par value $0.01, 400,000 shares authorized, 107,471 shares and |
|
|
|
|
||||
|
108,050 shares issued and outstanding at June 30, 2024 and December 31, 2023, |
|
|
|
|
||||
|
respectively |
|
|
1,075 |
|
|
|
1,080 |
|
|
Additional paid-in capital |
|
|
2,930,332 |
|
|
|
2,894,060 |
|
|
Accumulated deficit |
|
|
(7,546,370 |
) |
|
|
(7,450,824 |
) |
|
Accumulated other comprehensive loss, net |
|
|
(701,778 |
) |
|
|
(615,198 |
) |
|
Total shareholders’ deficit |
|
|
(5,316,741 |
) |
|
|
(5,170,882 |
) |
|
Total liabilities, redeemable noncontrolling interests, and shareholders’ deficit |
|
$ |
9,786,178 |
|
|
$ |
10,178,441 |
|
Contacts
Mark DeRussy, CFA
Capital Markets
561-226-9531
Lynne Hopkins
Media Relations
561-226-9431
