SBA Communications Corporation Reports Fourth Quarter 2019 Results

Provides Full Year 2020 Outlook; and Declares Quarterly Cash Dividend

BOCA RATON, Fla.–(BUSINESS WIRE)–SBA Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today reported results for the quarter ended December 31, 2019.

Highlights of the fourth quarter include:

  • Net income of $67.4 million or $0.59 per share and site leasing revenue of $481.1 million
  • AFFO per share growth of 10.0% over the year earlier period on a constant currency basis
  • Tower Cash Flow and Adjusted EBITDA margins of 81.0% and 71.0%, respectively
  • Portfolio growth of 9.6% for the year, including 1,499 sites added during the quarter
  • Issued $1.0 billion of unsecured senior notes at 3.875% per annum subsequent to the quarter
  • Repurchased 0.9 million shares

In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.465 per share of the Company’s Class A common stock, an increase of 25.7% over the dividend paid in the fourth quarter. The distribution is payable March 26, 2020 to the shareholders of record at the close of business on March 10, 2020.

“We are very pleased with our finish to 2019 and our positioning for 2020 and beyond,” commented Jeffrey A. Stoops, President and Chief Executive Officer. “Notwithstanding the pronounced industry slowdown in the U.S. that began in August resulting from the legal challenges to the T-Mobile acquisition of Sprint, we finished the year very well, producing material growth in AFFO per share ahead of plan. For the first time, we exceeded $2 billion in revenue in a year. In the fourth quarter, we continued to execute very well operationally, repurchased almost 1 million shares of our stock at very attractive prices, repriced over 20% of our debt to lower interest rates and added approximately 1,500 sites to our portfolio, bringing total portfolio growth for the year to over 9%. We did all of this while staying at the low end of our target leverage range and maintaining excellent liquidity. Our international markets continued to perform very well, particularly Brazil and South Africa, our two largest international markets, on a constant currency basis.”

“With the recent developments regarding the T-Mobile/Sprint transaction, the ability for Dish to become the 4th nationwide carrier now clear, the CBRS and C-Band auctions planned for later this year, and important spectrum auctions planned for our international markets over the next two years, we believe we are on the cusp of a material increase in operational activity and demand for our infrastructure likely to begin in the second half of 2020 and continue for years thereafter. We are extremely confident and excited about our future, so much so that we have just approved an increase to our quarterly dividend of over 25%. While a substantial increase, this dividend on an annual basis represents only approximately 20% of our AFFO in our 2020 Outlook, leaving us substantial capital for additional investment. We believe we will continue to produce material growth in AFFO per share and now, with the dividend, total shareholder return.”

Operating Results

The table below details select financial results for the three months ended December 31, 2019 and comparisons to the prior year period.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

excluding

 

 

Q4 2019

 

Q4 2018

 

$ Change

 

% Change

 

FX (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

($ in millions, except per share amounts)

Site leasing revenue

 

$

481.1

 

$

444.7

 

$

36.4

 

 

8.2%

 

 

9.3%

Site development revenue

 

 

32.6

 

 

39.1

 

 

(6.5)

 

 

(16.7%)

 

 

(16.7%)

Tower cash flow (1)

 

 

387.4

 

 

354.2

 

 

33.2

 

 

9.4%

 

 

10.3%

Net income

 

 

67.4

 

 

57.2

 

 

10.2

 

 

17.8%

 

 

7.0%

Earnings per share – diluted

 

 

0.59

 

 

0.50

 

 

0.09

 

 

18.0%

 

 

8.3%

Adjusted EBITDA (1)

 

 

362.4

 

 

339.3

 

 

23.1

 

 

6.8%

 

 

7.7%

AFFO (1)

 

 

248.8

 

 

229.9

 

 

18.9

 

 

8.2%

 

 

9.5%

AFFO per share (1)

 

 

2.18

 

 

2.00

 

 

0.18

 

 

9.0%

 

 

10.0%

(1)

 

See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.

Total revenues in the fourth quarter of 2019 were $513.7 million compared to $483.8 million in the year earlier period, an increase of 6.2%. Site leasing revenue in the quarter of $481.1 million was comprised of domestic site leasing revenue of $380.4 million and international site leasing revenue of $100.7 million. Domestic cash site leasing revenue was $377.7 million in the fourth quarter of 2019 compared to $356.4 million in the year earlier period, an increase of 6.0%. International cash site leasing revenue was $100.4 million in the fourth quarter of 2019 compared to $85.4 million in the year earlier period, an increase of 17.6%, or 23.4% excluding the impact of changes in foreign currency exchange rates.

Site leasing operating profit was $386.3 million, an increase of 10.0% over the year earlier period. Site leasing contributed 98.5% of the Company’s total operating profit in the fourth quarter of 2019. Domestic site leasing segment operating profit was $316.5 million, an increase of 8.5% over the year earlier period. International site leasing segment operating profit was $69.8 million, an increase of 17.3% over the year earlier period.

Tower Cash Flow for the fourth quarter of 2019 of $387.4 million was comprised of Domestic Tower Cash Flow of $317.4 million and International Tower Cash Flow of $70.0 million. Domestic Tower Cash Flow for the quarter increased 7.4% over the prior year period and International Tower Cash Flow increased 19.1% over the prior year period. Tower Cash Flow Margin was 81.0% for the fourth quarter of 2019, as compared to 80.2% for the year earlier period.

Net income for the fourth quarter of 2019 was $67.4 million, or $0.59 per share, and included a $23.7 million gain, net of taxes, on the currency related remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries, while net income for the fourth quarter of 2018 was $57.2 million, or $0.50 per share, and included a $15.9 million gain, net of taxes, on the currency related remeasurement of U.S. dollar denominated intercompany loans with a Brazilian subsidiary.

Adjusted EBITDA for the quarter was $362.4 million, a 6.8% increase over the prior year period. Adjusted EBITDA Margin was 71.0% in the fourth quarter of 2019 compared to 70.5% in the fourth quarter of 2018.

Net Cash Interest Expense was $96.5 million in the fourth quarter of 2019 compared to $96.2 million in the fourth quarter of 2018, an increase of 0.3%.

AFFO for the quarter was $248.8 million, an 8.2% increase over the prior year period. AFFO per share for the fourth quarter of 2019 was $2.18, a 9.0% increase over the prior year period.

Investing Activities

During the fourth quarter of 2019, SBA acquired 1,336 communication sites for total cash consideration of $471.7 million. These acquired sites include 1,313 sites purchased from Grupo Torre Sur in Brazil on December 6, 2019 for total cash consideration of $460 million. SBA also built 170 towers during the fourth quarter of 2019. As of December 31, 2019, SBA owned or operated 32,403 communication sites, 16,401 of which are located in the United States and its territories, and 16,002 of which are located internationally. In addition, the Company spent $13.7 million to purchase land and easements and to extend lease terms. Total cash capital expenditures for the fourth quarter of 2019 were $533.1 million, consisting of $9.9 million of non-discretionary cash capital expenditures (tower maintenance and general corporate) and $523.2 million of discretionary cash capital expenditures (new tower builds, tower augmentations, acquisitions, and purchasing land and easements).

Subsequent to the fourth quarter of 2019, the Company acquired 11 communication sites for an aggregate consideration of $11.9 million in cash. In addition, the Company has agreed to purchase and anticipates closing on 166 additional communication sites for an aggregate amount of $97.8 million. The Company anticipates that the majority of these acquisitions will be consummated by the end of the second quarter of 2020.

Financing Activities and Liquidity

SBA ended the fourth quarter of 2019 with $10.4 billion of total debt, $7.8 billion of total secured debt, $139.1 million of cash and cash equivalents, short-term restricted cash, and short-term investments, and $10.3 billion of Net Debt. SBA’s Net Debt and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 7.1x and 5.3x, respectively.

During the fourth quarter of 2019, the Company repurchased 0.9 million shares of its Class A common stock for $200.0 million, at an average price per share of $232.77 under its $1.0 billion stock repurchase plan. All shares repurchased were retired. As of the date of this filing, the Company has $624.3 million of authorization remaining under the plan.

In the fourth quarter of 2019, the Company declared and paid a cash dividend of $41.5 million.

On November 19, 2019, the Company repriced its $2.4 billion senior secured term loan from a Eurodollar Rate plus 200 basis points to a Eurodollar Rate plus 175 basis points, reducing the Company’s Net Cash Interest Expense by approximately $5.9 million annually.

On December 3, 2019, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, entered into a series of interest rate swaps on a portion of its 2018 Term Loan, effectively replacing both existing interest rate swaps. As a result, the Company has swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 3.78% per annum through the maturity date of the existing term loan.

On February 4, 2020, the Company issued $1.0 billion of unsecured senior notes due February 15, 2027 (the “2020 Senior Notes”). The 2020 Senior Notes accrue interest at a rate of 3.875% per annum. Interest on the 2020 Senior Notes is due semi-annually on February 15 and August 15 of each year, beginning on August 15, 2020. Net proceeds from this offering were used to redeem all of the outstanding principal amount of the 4.875% Senior Notes due 2022, and repay a portion of the amount outstanding under the Revolving Credit Facility. As of the date of this press release, the Company had $175.0 million outstanding under the $1.25 billion Revolving Credit Facility.

Outlook

The Company is providing its initial full year 2020 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 2020 Outlook assumes the acquisitions of only those communication sites under contract and anticipated to close at the time of this press release. The Company may spend additional capital in 2020 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2020 guidance. The Outlook also does not contemplate any additional repurchases of the Company’s stock during 2020, although the Company may ultimately spend capital to repurchase some of its stock during the year.

The Company’s Outlook assumes an average foreign currency exchange rate of 4.36 Brazilian Reais to 1.0 U.S. Dollar, 1.33 Canadian Dollars to 1.0 U.S. Dollar, and 15.0 South African Rand to 1.0 U.S. Dollar for the full year 2020 outlook. When compared to 2019 actual foreign currency exchange rates, these 2020 foreign currency rate assumptions negatively impacted the 2020 full year Outlook by approximately $29 million for leasing revenue, $19 million for Tower Cash Flow, $18 million for Adjusted EBITDA and $18 million for AFFO.

 

 

 

 

 

 

(in millions, except per share amounts)

Full Year 2020

 

 

 

 

 

 

Site leasing revenue (1)

$

1,973.0

to

$

1,993.0

Site development revenue

$

130.0

to

$

150.0

Total revenues

$

2,103.0

to

$

2,143.0

Tower Cash Flow (2)

$

1,597.0

to

$

1,617.0

Adjusted EBITDA (2)

$

1,495.0

to

$

1,515.0

Net cash interest expense (3)

$

369.0

to

$

379.0

Non-discretionary cash capital expenditures (4)

$

37.0

to

$

47.0

AFFO (2)

$

1,041.0

to

$

1,087.0

AFFO per share (2) (5)

$

9.07

to

$

9.47

Discretionary cash capital expenditures (6)

$

240.0

to

$

260.0

(1)

The Company’s Outlook for site leasing revenue includes revenue associated with pass through reimbursable expenses.

(2)

See the reconciliation of this non-GAAP financial measure presented below under “Non-GAAP Financial Measures.”

(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.

(4)

Consists of tower maintenance and general corporate capital expenditures.

(5)

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 114.8 million. Our Outlook does not include the impact of any potential future repurchases of the Company’s stock during 2020.

(6)

Consists of new tower builds, tower augmentations, communication site acquisitions and ground lease purchases. Does not include expenditures for acquisitions of revenue producing assets not under contract at the date of this press release.

Conference Call Information

SBA Communications Corporation will host a conference call on Thursday, February 20, 2020 at 5:00 PM (EST) to discuss the quarterly results. The call may be accessed as follows:

When: Thursday, February 20, 2020 at 5:00 PM (EST)

Dial-in Number: (844) 291-6360

Access Code: 1730799

Conference Name: SBA fourth quarter results

Replay Available: February 20, 2020 at 11:00 PM to March 6, 2020 at 12:00 AM (TZ: Eastern)

Replay Number: (866) 207-1041 – Access Code: 6891459

Internet Access: www.sbasite.com

Information Concerning Forward-Looking Statements

This press release and our earnings call include forward-looking statements, including statements regarding the Company’s expectations or beliefs regarding (i) the increase in operational activity and demand for the Company’s infrastructure, and the timing, magnitude and drivers of that increase, (ii) the potential T-Mobile/Sprint transaction and the emergence of Dish as a nationwide carrier, (iii) the Company’s future capital allocation, including with respect to its increased dividend, (iv) the Company’s financial and operational performance in 2020, including growth in AFFO per share and total shareholder return, (v) the Company’s financial and operational guidance for the full year 2020, the assumptions it made and the drivers contributing to its full year guidance, (vi) the timing of closing for currently pending acquisitions, and (vii) foreign exchange rates and their impact on the Company’s financial and operational guidance.

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 ability and willingness of wireless service providers to maintain or increase their capital expenditures; (2) the Company’s ability to identify and acquire sites at prices and upon terms that will provide accretive portfolio growth; (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 impact of continued consolidation among wireless service providers, including the impact of the potential T-Mobile and Sprint merger, on the Company’s leasing revenue; (6) the Company’s ability to successfully manage the risks associated with international operations, including risks associated with foreign currency exchange rates; (7) the Company’s ability to secure and deliver anticipated services business at contemplated margins; (8) the Company’s ability to maintain expenses and cash capital expenditures at appropriate levels for its business while seeking to attain its investment goals; (9) the Company’s ability to acquire land underneath towers on terms that are accretive; (10) 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 and in other international markets; (11) the ability of Dish to become and compete as a nationwide carrier; (12) the Company’s ability to obtain future financing at commercially reasonable rates or at all; (13) the ability of the Company to achieve its long-term stock repurchases strategy, which will depend, among other things, on the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions; (14) 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, weather, 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 2020; and (15) the Company’s ability to meet its total portfolio growth, which will depend, in addition to the new build risks, on the availability of sufficient towers for sale to meet our targets, 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 and its ability to accurately anticipate the future performance of the acquired towers, 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. 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 2020 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 Annual Report on Form 10-K filed with the Commission on February 28, 2019.

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 first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.

CONSOLIDATED STATEMENTS OF OPERATIONS

 (unaudited) (in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months

 

For the year

 

 

ended December 31,

 

ended December 31,

 

 

2019

 

2018

 

2019

 

2018

Revenues:

 

 

 

 

 

 

 

 

Site leasing

 

$

481,100

 

$

444,748

 

$

1,860,858

 

$

1,740,434

Site development

 

 

32,559

 

 

39,101

 

 

153,787

 

 

125,261

Total revenues

 

 

513,659

 

 

483,849

 

 

2,014,645

 

 

1,865,695

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (exclusive of depreciation, accretion,

 

 

 

 

 

 

 

 

 

 

 

 

and amortization shown below):

 

 

 

 

 

 

 

 

 

 

 

 

Cost of site leasing

 

 

94,785

 

 

93,497

 

 

373,951

 

 

372,296

Cost of site development

 

 

26,474

 

 

28,806

 

 

119,080

 

 

96,499

Selling, general, and administrative expenses (1)

 

 

43,962

 

 

35,626

 

 

192,717

 

 

142,526

Acquisition and new business initiatives related

 

 

 

 

 

 

 

 

 

 

 

 

adjustments and expenses

 

 

5,559

 

 

1,789

 

 

15,228

 

 

10,961

Asset impairment and decommission costs

 

 

9,472

 

 

4,356

 

 

33,103

 

 

27,134

Depreciation, accretion, and amortization

 

 

179,487

 

 

169,454

 

 

697,078

 

 

672,113

Total operating expenses

 

 

359,739

 

 

333,528

 

 

1,431,157

 

 

1,321,529

Operating income

 

 

153,920

 

 

150,321

 

 

583,488

 

 

544,166

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

808

 

 

1,760

 

 

5,500

 

 

6,731

Interest expense

 

 

(97,355)

 

 

(97,939)

 

 

(390,036)

 

 

(376,217)

Non-cash interest expense

 

 

(1,239)

 

 

(638)

 

 

(3,193)

 

 

(2,640)

Amortization of deferred financing fees

 

 

(7,133)

 

 

(5,024)

 

 

(22,466)

 

 

(20,289)

Loss from extinguishment of debt, net

 

 

 

 

 

 

(457)

 

 

(14,443)

Other income (expense), net

 

 

35,349

 

 

24,550

 

 

14,053

 

 

(85,624)

Total other expense, net

 

 

(69,570)

 

 

(77,291)

 

 

(396,599)

 

 

(492,482)

Income before income taxes

 

 

84,350

 

 

73,030

 

 

186,889

 

 

51,684

Provision for income taxes

 

 

(16,794)

 

 

(15,878)

 

 

(39,605)

 

 

(4,233)

Net income

 

 

67,556

 

 

57,152

 

 

147,284

 

 

47,451

Net (income) attributable to noncontrolling interests

 

 

(206)

 

 

 

 

(293)

 

 

Net income attributable to SBA Communications

 

 

 

 

 

 

 

 

 

 

 

 

Corporation

 

$

67,350

 

$

57,152

 

$

146,991

 

$

47,451

Net income per common share attributable to SBA

 

 

 

 

 

 

 

 

 

 

 

 

Communications Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

$

0.50

 

$

1.30

 

$

0.41

Diluted

 

$

0.59

 

$

0.50

 

$

1.28

 

$

0.41

Weighted average number of common shares

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

112,288

 

 

113,517

 

 

112,809

 

 

114,909

Diluted

 

 

114,306

 

 

115,010

 

 

114,693

 

 

116,515

(1)

 

Includes non-cash compensation of $12,163 and $9,957 for the three months ended December 31, 2019 and 2018, and $71,180 and $41,145 for the twelve months ended December 31, 2019 and 2018, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2019

 

2018

ASSETS

 

(unaudited)

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

108,309

 

$

143,444

Restricted cash

 

 

30,243

 

 

32,464

Accounts receivable, net

 

 

132,125

 

 

111,035

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 

26,313

 

 

23,785

Prepaid expenses and other current assets (1)

 

 

37,281

 

 

63,126

Total current assets

 

 

334,271

 

 

373,854

Property and equipment, net (1)

 

 

2,794,602

 

 

2,786,355

Intangible assets, net

 

 

3,626,773

 

 

3,331,465

Right-of-use assets, net (1)

 

 

2,572,217

 

 

Other assets (1)

 

 

432,078

 

 

722,033

Total assets

 

$

9,759,941

 

$

7,213,707

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS,

 

 

 

 

 

 

AND SHAREHOLDERS’ DEFICIT

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

31,846

 

$

34,308

Accrued expenses

 

 

67,618

 

 

63,665

Current maturities of long-term debt

 

 

522,090

 

 

941,728

Deferred revenue

 

 

113,507

 

 

108,054

Accrued interest

 

 

49,269

 

 

48,722

Current lease liabilities (1)

 

 

247,015

 

 

Other current liabilities (1)

 

 

16,948

 

 

9,802

Total current liabilities

 

 

1,048,293

 

 

1,206,279

Long-term liabilities:

 

 

 

 

 

 

Long-term debt, net

 

 

9,812,335

 

 

8,996,825

Long-term lease liabilities (1)

 

 

2,279,400

 

 

Other long-term liabilities (1)

 

 

270,868

 

 

387,426

Total long-term liabilities

 

 

12,362,603

 

 

9,384,251

Redeemable noncontrolling interests

 

 

16,052

 

 

Shareholders’ deficit:

 

 

 

 

 

 

Preferred stock-par value $0.01, 30,000 shares authorized, no shares issued or outst.

 

 

 

 

Common stock – Class A, par value $0.01, 400,000 shares authorized, 111,775

 

 

 

 

 

 

shares and 112,433 shares issued and outstanding at December 31, 2019

 

 

 

 

 

 

and December 31, 2018, respectively

 

 

1,118

 

 

1,124

Additional paid-in capital

 

 

2,461,335

 

 

2,270,326

Accumulated deficit

 

 

(5,560,695)

 

 

(5,136,368)

Accumulated other comprehensive loss

 

 

(568,765)

 

 

(511,905)

Total shareholders’ deficit

 

 

(3,667,007)

 

 

(3,376,823)

Total liabilities, redeemable noncontrolling interests, and shareholders’ deficit

 

$

9,759,941

 

$

7,213,707

Contacts

Mark DeRussy, CFA

Capital Markets

561-226-9531

Lynne Hopkins

Media Relations

561-226-9431

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