Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 78

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 78
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% 17.3%                        For the year ended December 31, Percentage of Site Development Revenue   2024 2023 2022         T-Mobile   69.9% 71.5% 80.1%Verizon Wireless   20.1% 16.8% 7.8%Five customers comprised 61.4% and 65.6% of total gross accounts receivable at December 31, 2024 and 2023, respectively.19.DEFINED CONTRIBUTION PLANThe Company has a defined contribution profit sharing plan under Section 401(k) of the Internal Revenue Code that provides for voluntary employee contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. Employer matching begins immediately upon the employee’s participation in the plan.The Company makes a discretionary matching contribution of 75% (increased to 100% effective January 1, 2025) of an employee’s contributions up to a maximum of $4,000 annually. Company matching contributions were approximately $3.3 million, $3.4 million, and $3.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.20.REDEEMABLE NONCONTROLLING INTERESTSThe Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder or (2) the redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs. ‎ 

F-40Table of Contents

 The components of redeemable noncontrolling interests are as follows (in thousands):                 December 31, December 31,  2024 2023     Beginning balance $ 35,047 $ 31,735Net loss attributable to noncontrolling interests   (859)   (4,397)Foreign currency translation adjustments   618   (899)Purchase of noncontrolling interests