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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Site leasing $ 625,697 $ 637,440 $ 1,880,430 $ 1,880,851
Site development 41,898 45,104 105,504 155,709
Total revenues 667,595 682,544 1,985,934 2,036,560
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):        
Cost of site leasing 117,948 118,277 346,893 353,411
Cost of site development 32,391 31,493 82,705 114,914
Selling, general, and administrative expenses [1] 60,087 64,821 191,161 200,412
Acquisition and new business initiatives related adjustments and expenses 5,388 5,612 19,379 16,622
Asset impairment and decommission costs 12,670 33,063 87,928 92,320
Depreciation, accretion, and amortization 63,515 180,674 204,444 544,909
Total operating expenses 291,999 433,940 932,510 1,322,588
Operating income 375,596 248,604 1,053,424 713,972
Other income (expense):        
Interest income 6,999 5,266 21,359 12,765
Interest expense (95,711) (99,322) (289,632) (301,835)
Non-cash interest expense (7,192) (7,898) (22,715) (29,655)
Amortization of deferred financing fees (5,185) (5,097) (15,405) (15,129)
Loss from extinguishment of debt, net     (4,428)  
Other income (expense), net 23,700 (48,330) (125,811) 29,961
Total other expense, net (77,389) (155,381) (436,632) (303,893)
Income before income taxes 298,207 93,223 616,792 410,079
Provision for income taxes (42,316) (7,861) (46,906) (22,192)
Net income 255,891 85,362 569,886 387,887
Net loss attributable to noncontrolling interests 2,643 2,057 6,020 4,397
Net income attributable to SBA Communications Corporation $ 258,534 $ 87,419 $ 575,906 $ 392,284
Net income per common share attributable to SBA Communications Corporation:        
Basic $ 2.41 $ 0.81 $ 5.35 $ 3.62
Diluted $ 2.40 $ 0.80 $ 5.33 $ 3.60
Weighted-average number of common shares        
Basic 107,486 108,373 107,683 108,288
Diluted 107,922 108,891 108,072 109,017
[1] Includes non-cash compensation of $15,732 and $20,615 for the three months ended September 30, 2024 and 2023, respectively, and $54,376 and $63,709 for the nine months ended September 30, 2024 and 2023, respectively.