SBA(SBAC) - 2021 Q2 - Quarterly Report

PART I – FINANCIAL INFORMATION Item 1. Financial Statements This section presents the unaudited consolidated financial statements of SBA Communications Corporation and its subsidiaries for the periods ended June 30, 2021, and December 31, 2020, including balance sheets, statements of operations, comprehensive income (loss), shareholders' deficit, and cash flows, along with condensed notes explaining accounting policies, fair value measurements, debt, equity, and segment data Consolidated Balance Sheets This statement provides a snapshot of the company's assets, liabilities, and shareholders' deficit at specific points in time | Metric | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total assets | $9,960,313 | $9,158,018 | | Total current assets | $482,226 | $472,990 | | Total liabilities | $14,784,878 | $13,967,206 | | Total shareholders' deficit | $(4,839,742) | $(4,824,382) | - Total assets increased by approximately $802.3 million from December 31, 2020, to June 30, 2021[10] Consolidated Statements of Operations This statement details the company's revenues, expenses, and net income (loss) over specific reporting periods | Metric | Three Months Ended June 30, 2021 (in thousands) | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :------------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Total revenues | $575,528 | $507,226 | $1,124,266 | $1,024,292 | | Operating income | $199,764 | $157,054 | $373,342 | $308,256 | | Net income (loss) attributable to SBA Comm. Corp. | $152,669 | $22,813 | $140,922 | $(104,247) | | Basic EPS | $1.40 | $0.20 | $1.29 | $(0.93) | | Diluted EPS | $1.37 | $0.20 | $1.27 | $(0.93) | - Total revenues increased by 13.5% for the three months ended June 30, 2021, and 9.8% for the six months ended June 30, 2021, compared to the prior year periods[12] - Net income attributable to SBA Communications Corporation significantly increased from $22.8 million to $152.7 million for the three months ended June 30, 2021, and from a loss of $104.2 million to a gain of $140.9 million for the six months ended June 30, 2021[12] Consolidated Statements of Comprehensive Income (Loss) This statement presents net income alongside other comprehensive income or loss items not recognized in net income | Metric | Three Months Ended June 30, 2021 (in thousands) | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :------------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net income (loss) | $152,669 | $23,118 | $140,922 | $(104,816) | | Adjustments related to interest rate swaps | $5,565 | $(12,684) | $48,352 | $(115,923) | | Foreign currency translation adjustments | $63,869 | $(8,166) | $20,235 | $(184,193) | | Comprehensive income (loss) | $222,103 | $2,268 | $209,509 | $(404,932) | - Comprehensive income significantly increased to $222.1 million for the three months ended June 30, 2021, from $2.3 million in the prior year, driven by positive adjustments from interest rate swaps and foreign currency translation[15] Consolidated Statement of Shareholders' Deficit This statement outlines changes in the company's shareholders' deficit, including net income, share repurchases, and dividends | Metric | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total Shareholders' Deficit | $(4,839,742) | $(4,824,382) | | Net income attributable to SBAC | $140,922 | N/A (for 6 months) | | Common stock repurchased | $(168,922) | N/A (for 6 months) | | Dividends on common stock | $(127,361) | N/A (for 6 months) | - The company reported a net income of $140.9 million for the six months ended June 30, 2021, contributing to changes in accumulated deficit[20] - Share repurchases amounted to $168.9 million and dividends paid were $127.4 million for the six months ended June 30, 2021[20] Consolidated Statements of Cash Flows This statement categorizes cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :-------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash provided by operating activities | $638,282 | $592,418 | | Net cash used in investing activities | $(1,184,754) | $(413,970) | | Net cash provided by (used in) financing activities | $545,394 | $(52,121) | | Net change in cash, cash equivalents, and restricted cash | $(3,998) | $110,518 | | End of period cash, cash equivalents, and restricted cash | $338,810 | $251,638 | - Operating cash flow increased to $638.3 million for the six months ended June 30, 2021, from $592.4 million in the prior year[22] - Investing activities used significantly more cash, $1.18 billion, in the first six months of 2021, primarily due to acquisitions, compared to $414.0 million in the prior year[22] Condensed Notes to Consolidated Financial Statements (Unaudited) These notes provide detailed explanations and additional information supporting the unaudited consolidated financial statements Note 1. Basis of Presentation This note describes the accounting principles and methods used in preparing the financial statements - The Company recorded a $73.6 million gain on intercompany loan remeasurement for the three months ended June 30, 2021, compared to a $20.4 million loss in the prior year, and a $16.6 million gain for the six months ended June 30, 2021, compared to a $173.2 million loss in the prior year, due to foreign exchange rate changes[30] - The Company amended its Credit Facility on July 7, 2021, to address the transition away from LIBOR as a benchmark interest rate[31] Note 2. Fair Value Measurements This note details the valuation techniques and inputs used for assets and liabilities measured at fair value | Cost Type | Three Months Ended June 30, 2021 (in thousands) | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Asset impairment | $2,211 | $5,424 | $5,366 | $16,432 | | Write-off of decommissioned towers | $1,264 | $739 | $2,592 | $3,439 | | Other decommission costs | $322 | $79 | $742 | $726 | | Total asset impairment and decommission costs | $3,797 | $6,242 | $8,700 | $20,597 | - Total asset impairment and decommission costs decreased by 40.8% for the three months and 57.8% for the six months ended June 30, 2021, compared to the prior year periods[35] Note 3. Cash, Cash Equivalents, and Restricted Cash This note provides a breakdown of the company's cash and cash equivalents, including any restricted amounts | Category | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--------------------------------------- | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $273,803 | $308,560 | | Securitization escrow accounts | $62,201 | $31,507 | | Payment and performance bonds | $169 | $164 | | Surety bonds and workers compensation | $2,637 | $2,577 | | Total cash, cash equivalents, and restricted cash | $338,810 | $342,808 | - Restricted cash in securitization escrow accounts nearly doubled from $31.5 million to $62.2 million[40] Note 4. Costs and Estimated Earnings on Uncompleted Contracts This note outlines the accounting for revenues and costs associated with long-term construction contracts | Category | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :---------------------------------------------------------------- | :----------------------------- | :------------------------------- | | Costs incurred on uncompleted contracts | $73,925 | $54,949 | | Estimated earnings | $27,991 | $21,778 | | Billings to date | $(71,992) | $(43,725) | | Costs and estimated earnings in excess of billings on uncompleted contracts, net | $29,924 | $33,002 | - Costs incurred on uncompleted contracts increased by $18.9 million, while billings to date increased by $28.3 million[42] Note 5. Prepaid Expenses and Other Current Assets and Other Assets This note details the composition of prepaid expenses, other current assets, and non-current assets | Category | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total prepaid expenses and other current assets | $26,840 | $23,875 | | Straight-line rent receivable | $333,434 | $321,816 | | Interest rate swap asset | $38,032 | $12,123 | | Total other assets | $491,998 | $477,992 | - The interest rate swap asset significantly increased from $12.1 million to $38.0 million[43] Note 6. Acquisitions This note provides information on business combinations, including acquired assets, liabilities, and consideration paid | Acquisition Type | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Acquisitions of towers and related intangible assets | $168,885 | $99,424 | | Acquisition of right-of-use assets | $947,698 | — | | Land buyouts and other assets | $13,268 | $19,611 | | Total cash acquisition capital expenditures | $1,129,851 | $119,035 | - Total cash acquisition capital expenditures surged to $1.13 billion for the six months ended June 30, 2021, primarily due to the acquisition of right-of-use assets, including 699 utility transmission structures from PG&E for $955.8 million[44][45] - Subsequent to June 30, 2021, the Company purchased or agreed to purchase approximately 1,800 communication sites for an aggregate consideration of approximately $270.0 million in cash, including 1,400 sites from Airtel Tanzania[47] Note 7. Property and Equipment, Net This note presents the carrying value of property and equipment, net of accumulated depreciation | Category | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Towers and related components | $5,292,525 | $5,213,019 | | Total property and equipment | $6,215,376 | $6,123,966 | | Accumulated depreciation | $(3,590,279) | $(3,446,640) | | Property and equipment, net | $2,625,097 | $2,677,326 | - Depreciation expense was $139.8 million for the six months ended June 30, 2021, a slight decrease from $143.2 million in the prior year[50] Note 8. Intangible Assets, Net This note details the company's intangible assets, such as contract intangibles and network location intangibles, net of amortization | Category | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Current contract intangibles | $2,333,665 | $2,405,442 | | Network location intangibles | $717,951 | $750,708 | | Intangible assets, net | $3,051,616 | $3,156,150 | - Amortization expense for intangible assets was $212.9 million for the six months ended June 30, 2021, down from $218.0 million in the prior year[51] Note 9. Accrued Expenses This note provides a breakdown of various accrued liabilities, including salaries, taxes, and capital expenditures | Category | June 30, 2021 (in thousands) | December 31, 2020 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Salaries and benefits | $21,397 | $20,958 | | Real estate and property taxes | $9,932 | $9,583 | | Unpaid capital expenditures | $6,987 | $6,073 | | Other | $30,339 | $26,417 | | Total accrued expenses | $68,655 | $63,031 | - Total accrued expenses increased by $5.6 million from December 31, 2020, to June 30, 2021[53] Note 10. Debt This note describes the company's debt instruments, including principal balances, interest rates, and maturities | Debt Instrument | June 30, 2021 Principal Balance (in thousands) | December 31, 2020 Principal Balance (in thousands) | | :-------------------------------- | :--------------------------------------------- | :----------------------------------------------- | | Revolving Credit Facility | $85,000 | $380,000 | | 2018 Term Loan | $2,328,000 | $2,340,000 | | Tower Securities | $5,515,000 | $4,410,000 | | Senior Notes | $4,100,000 | $3,350,000 | | Total debt | $12,028,000 | $11,180,000 | - Total debt increased by $848 million to $12.03 billion as of June 30, 2021, primarily due to new Tower Securities and Senior Notes issuances[54] - The Revolving Credit Facility was amended on July 7, 2021, increasing commitments to $1.5 billion, extending maturity to July 7, 2026, lowering interest rate margins, and incorporating sustainability-linked targets[58] - The Company issued $1.165 billion of 2021-1C Tower Securities and $1.5 billion of 2021 Senior Notes, using proceeds to repay existing debt and for general corporate purposes[63][66] Note 11. Shareholders' Equity This note details the components of shareholders' equity, including common stock, accumulated deficit, and other comprehensive income | Metric | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total shares repurchased (millions) | 0.7 | 0.8 | | Average price paid per share | $258.33 | $242.86 | | Total price paid (millions) | $168.9 | $200.0 | - The Board authorized a new $1.0 billion stock repurchase plan on November 2, 2020, with $475.1 million remaining as of the filing date[71] - Cash dividends of $0.58 per share were paid in March and June 2021, totaling $126.8 million for the six months[73] Note 12. Stock-Based Compensation This note explains the accounting for equity awards granted to employees and directors | Stock Options Activity | December 31, 2020 (in thousands) | June 30, 2021 (in thousands) | | :-------------------------------- | :------------------------------- | :--------------------------- | | Outstanding shares | 3,202 | 2,928 | | Weighted-average exercise price | $143.01 | $144.55 | | Aggregate intrinsic value | N/A | $509,774 | | RSU/PSU Activity | December 31, 2020 (in thousands) | June 30, 2021 (in thousands) | | :-------------------------------- | :------------------------------- | :--------------------------- | | RSUs Outstanding shares | 274 | 247 | | PSUs Outstanding shares | 148 | 299 | Note 13. Income Taxes This note outlines the company's income tax provisions, effective tax rates, and deferred tax assets and liabilities - The Company's effective tax rate differs from the U.S. statutory rate primarily due to its REIT election and a full valuation allowance on the net deferred tax assets of its U.S. taxable REIT subsidiary (TRS)[77] - As a REIT, the Company is generally not subject to U.S. federal corporate income tax on distributed net income and can use approximately $651.1 million in federal net operating losses (NOLs) as of December 31, 2020, to offset REIT taxable income[78] Note 14. Segment Data This note provides financial information for the company's operating segments, including revenues and operating profit | Segment | Six Months Ended June 30, 2021 Revenues (in thousands) | Six Months Ended June 30, 2020 Revenues (in thousands) | | :-------------------- | :--------------------------------------------- | :----------------------------------------------- | | Domestic Site Leasing | $822,407 | $774,361 | | International Site Leasing | $206,790 | $200,397 | | Site Development | $95,069 | $49,534 | | Total Revenues | $1,124,266 | $1,024,292 | | Segment | Six Months Ended June 30, 2021 Operating Profit (in thousands) | Six Months Ended June 30, 2020 Operating Profit (in thousands) | | :-------------------- | :------------------------------------------------- | :------------------------------------------------- | | Domestic Site Leasing | $693,338 | $646,364 | | International Site Leasing | $145,141 | $140,997 | | Site Development | $20,254 | $9,914 | | Total Operating Profit | $858,733 | $797,275 | - Site leasing business generated 97.6% of total segment operating profit for the six months ended June 30, 2021[98] Note 15. Earnings Per Share This note presents the calculation of basic and diluted earnings per share | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic EPS | $1.40 | $0.20 | $1.29 | $(0.93) | | Diluted EPS | $1.37 | $0.20 | $1.27 | $(0.93) | | Basic weighted-average shares outstanding (thousands) | 109,412 | 111,738 | 109,441 | 111,823 | | Diluted weighted-average shares outstanding (thousands) | 111,301 | 113,634 | 111,210 | 111,823 | - Diluted EPS significantly increased to $1.37 for the three months and $1.27 for the six months ended June 30, 2021, from $0.20 and $(0.93) respectively, in the prior year periods[87] Note 16. Redeemable Noncontrolling Interests This note describes the accounting for noncontrolling interests that are redeemable by the holder - The Company acquired the remaining 6% minority interest in Atlas Tower South Africa (Atlas SA) for $13.7 million on March 25, 2021, though litigation regarding the transaction is ongoing[90] - The fair value of the redeemable noncontrolling interest is based on the contractually-defined redemption value[91] Note 17. Derivatives and Hedging Activities This note details the company's use of derivative instruments and their impact on financial statements - The Company entered into an interest rate swap for $1.95 billion notional value on August 4, 2020, fixing the rate at 1.874% per annum through the 2018 Term Loan's maturity, designated as a cash flow hedge[92][93] | Metric | Three Months Ended June 30, 2021 (in thousands) | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :------------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Change in fair value recorded in AOCI (Cash Flow Hedge) | $(5,657) | $(17,326) | $25,909 | $(125,208) | | Amount reclassified from AOCI into Non-cash interest expense (De-designated Hedges) | $11,222 | $4,642 | $22,443 | $9,285 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the Company's financial condition and results of operations, highlighting performance drivers, segment analysis, capital allocation strategy, and liquidity Business Overview This section describes the company's core operations, strategic focus, and market position in the wireless communications infrastructure industry - SBA Communications is a leading independent owner and operator of wireless communications infrastructure, with primary operations in the U.S. and territories, and towers in South America, Central America, Canada, and South Africa[98] - The site leasing business is the primary focus, contributing 97.6% of total segment operating profit for the six months ended June 30, 2021, characterized by long-term contracts, rent escalators, high operating margins, and low customer churn[98][104] - The capital allocation strategy focuses on portfolio growth (tower acquisitions and new builds), stock repurchases when the stock price is below intrinsic value, and returning cash through dividends[109][110][111] - The Company has experienced minimal impact to its business or results of operations from the COVID-19 pandemic[112] Critical Accounting Policies and Estimates This section discusses the significant accounting policies and estimates that require management's judgment and could materially affect financial results - Management's preparation of financial statements requires estimates and assumptions that affect reported amounts, with actual results potentially varying significantly[114] - The Company is evaluating the impact of ASU 2020-04 and ASU 2021-01, Reference Rate Reform, on its consolidated financial statements, having already amended its Credit Facility for the LIBOR transition[115] Results of Operations This section analyzes the company's financial performance, including revenue, expenses, and net income trends over specified periods | Metric | Three Months Ended June 30, 2021 (in thousands) | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :-------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Total Revenues | $575,528 (12.8% increase) | $507,226 | $1,124,266 (10.7% increase) | $1,024,292 | | Total Operating Profit | $439,769 (11.1% increase) | $395,724 | $858,733 (7.7% increase) | $797,275 | | Net Income (Loss) | $152,669 (561.0% increase) | $23,118 | $140,922 (N/A, from loss) | $(104,816) | - Domestic site leasing revenues increased by $30.8 million (7.9%) for the three months and $48.0 million (6.2%) for the six months, driven by acquired towers and organic growth[118][140] - Site development revenues increased significantly by $26.6 million (107.2%) for the three months and $45.5 million (91.9%) for the six months, due to increased carrier activity from T-Mobile and DISH[120][142] - Other income (expense), net, included a $111.3 million gain for the three months and a $25.0 million gain for the six months ended June 30, 2021, from remeasurement of U.S. dollar denominated intercompany loans, compared to losses in the prior year periods[135][157] Non-GAAP Financial Measures This section defines and reconciles non-GAAP financial measures, such as Adjusted EBITDA, to their most directly comparable GAAP measures - Adjusted EBITDA is defined as net income excluding non-cash straight-line leasing revenue and ground lease expense, non-cash compensation, debt extinguishment loss, other income/expenses, acquisition/new business initiatives, asset impairment, interest income/expense, depreciation, accretion, amortization, and income taxes[161] | Metric | Three Months Ended June 30, 2021 (in thousands) | Three Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :-------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Adjusted EBITDA | $400,194 (7.9% increase) | $368,767 | $790,265 (7.8% increase) | $738,715 | - Adjusted EBITDA increased by $29.3 million (constant currency) for the three months and $57.6 million (constant currency) for the six months ended June 30, 2021, primarily due to increased segment operating profit[166][167] Liquidity and Capital Resources This section assesses the company's ability to generate and manage cash flows, fund operations, and meet financial obligations | Cash Flow Activity | Six Months Ended June 30, 2021 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | | :-------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Cash provided by operating activities | $638,282 | $592,418 | | Cash used in investing activities | $(1,184,754) | $(413,970) | | Cash provided by (used in) financing activities | $545,394 | $(52,121) | - The increase in operating cash flow was primarily due to higher segment operating profit, positive foreign currency exchange rate impacts, and lower net cash interest paid[170] - Discretionary cash capital expenditures for 2021 are expected to be $1.45 billion to $1.47 billion, funded by cash on hand, operations, and new financings[172] - Financing activities provided $545.4 million in cash for the six months ended June 30, 2021, a significant increase from a net use of $52.1 million in the prior year, driven by new debt issuances[174] Debt Instruments and Debt Service Requirements This section provides details on the company's debt structure, including terms, maturities, and associated debt service obligations - The Revolving Credit Facility was amended on July 7, 2021, to increase commitments to $1.5 billion, extend maturity to July 7, 2026, and incorporate sustainability-linked targets[180] - As of June 30, 2021, the 2018 Term Loan had a principal balance of $2.3 billion, with quarterly principal payments of $6.0 million[184] - The Company issued $1.165 billion of 2021-1C Tower Securities with a 1.631% fixed interest rate and $1.5 billion of 2021 Senior Notes with a 3.125% interest rate[186][192] | Debt Instrument | Total Debt Service for Next 12 Months (in thousands) | | :-------------------------------- | :--------------------------------------------- | | Revolving Credit Facility | $3,690 | | 2018 Term Loan | $67,572 | | Tower Securities (various series) | $125,583 | | Senior Notes (various series) | $158,625 | | Total | $379,234 | Item 3. Quantitative and Qualitative Disclosures About Market Risk This section details the Company's exposure to market risks, primarily interest rate risk and foreign currency exchange rate risk, and outlines strategies for managing these risks, including sensitivity analysis - The Company is exposed to interest rate risk from its variable rate debt (2018 Term Loan and Revolving Credit Facility) and manages this through fixed-rate debt and interest rate swaps[200] - A hypothetical 10% adverse movement in the Brazilian Real would cause revenues and operating income to decline by approximately 0.9% and 0.5%, respectively, for the six months ended June 30, 2021[202] - A 10% change in underlying exchange rates of unsettled intercompany debt would result in approximately $62.7 million of unrealized gains or losses[203] Special Note Regarding Forward-Looking Statements This section provides a cautionary statement regarding forward-looking statements within the report, highlighting various factors that could cause actual results to differ materially from projections, including industry trends, financial conditions, and operational risks - The report contains forward-looking statements concerning future growth, financial health of the wireless industry, demand for towers, capital investments, and competitive factors[205][207] - Key risk factors include consolidation among wireless service providers, ability to comply with debt covenants, risks of international operations and acquisitions, industry developments, competition, interest rate fluctuations, and the impact of COVID-19[206][208] Item 4. Controls and Procedures This section confirms the effectiveness of the Company's disclosure controls and procedures as of June 30, 2021, following a review and evaluation by the principal executive and financial officers - The Company's disclosure controls and procedures were effective as of June 30, 2021[209] PART II – OTHER INFORMATION Item 6. Exhibits This section lists the exhibits filed as part of the Form 10-Q, including certifications by the Chief Executive Officer and Chief Financial Officer, and XBRL-related documents - Exhibits include certifications by the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[210] - XBRL Instance Document, Taxonomy Extension Schema, Definition Linkbase, Calculation Linkbase, Label Linkbase, and Presentation Linkbase Documents are included[210] Signatures This section contains the duly authorized signatures of the Chief Executive Officer and Chief Financial Officer, affirming the submission of the report - The report was signed by Jeffrey A. Stoops, Chief Executive Officer, and Brendan T. Cavanagh, Chief Financial Officer, on August 5, 2021[215]