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![SBA COMMUNICATIONS CORP [SBAC] reports annual net loss of $497.4 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FSBAC.png&w=1200&q=75)
SBA COMMUNICATIONS CORP [SBAC] has reported a net loss of $497.4 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $2.7 billion
Based in BOCA RATON, Florida, SBA COMMUNICATIONS CORP operates in the FINANCE sector.
In the 12 months ended December 31, 2023, SBA Communications Corporation reported revenues of $2.71 billion, showcasing a rise from $2.63 billion in the previous year and $2.31 billion in 2021. The revenue increase is mainly driven by the growth in site leasing and site development segments.
Cost of revenues, excluding depreciation, accretion, and amortization, totaled $1.79 billion this year, compared to $1.71 billion in the prior year and $1.53 billion in 2021. This increase is primarily due to higher costs in site leasing, site development, and other operating expenses.
Operating income for the current period reached $923.66 million, slightly down compared to $925.41 million in the previous year but significantly up from $782.50 million in 2021. The slight decrease can be attributed to higher operating expenses this year.
Interest income saw a notable increase to $18.31 million from $10.13 million in the previous year. However, total other expenses, net, declined to $375.16 million from $399.56 million in the prior year.
Net income for the current period was $497.42 million, showing growth from $459.80 million in the previous year and a substantial increase from $237.62 million in 2021. The rise in net income is a positive sign for the company's financial health.
The basic earnings per share for SBA Communications Corporation stood at $4.64, up from $4.27 in the previous year and significantly higher than $2.17 in 2021. Similarly, diluted earnings per share increased to $4.61 from $4.22 in the prior year and $2.14 in 2021.
Overall, SBA Communications Corporation has shown a healthy financial performance in the most recent reporting period, with revenue growth, improved profitability, and higher earnings per share compared to the previous periods.
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