filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The selected financial data should be read in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our audited consolidated financial statements and the related notes to those consolidated financial statements included in this Annual Report.
Year-over-year comparisons are significantly affected by our acquisitions, dispositions and construction of towers. Our acquisition of MIP Tower Holdings LLC (“MIPT”), our transaction with Verizon Communications Inc. (“Verizon” and the transaction, the “Verizon Transaction”) and the acquisition of a 51% controlling ownership interest in Viom Networks Limited (“Viom” and the acquisition, the “Viom Acquisition”), which closed in October 2013, March 2015 and April 2016, respectively, significantly impact the comparability of reported results between periods. Our principal acquisitions are described in note 6 to our consolidated financial statements included in this Annual Report.
We have converted our disclosure from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year amounts disclosed in the table below.
| Year Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| (In millions, except share and per share data) | ||||||||||||||||||||
| Statements of Operations Data: | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Property | $ | 6,565.9 | $ | 5,713.1 | $ | 4,680.4 | $ | 4,006.9 | $ | 3,287.1 | ||||||||||
| Services | 98.0 | 72.6 | 91.1 | 93.1 | 74.3 | |||||||||||||||
| Total operating revenues | 6,663.9 | 5,785.7 | 4,771.5 | 4,100.0 | 3,361.4 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Cost of operations (exclusive of items shown separately below) | ||||||||||||||||||||
| Property | 2,022.0 | 1,762.7 | 1,275.4 | 1,056.2 | 828.7 | |||||||||||||||
| Services | 34.6 | 27.7 | 33.4 | 38.1 | 31.1 | |||||||||||||||
| Depreciation, amortization and accretion | 1,715.9 | 1,525.6 | 1,285.3 | 1,003.8 | 800.1 | |||||||||||||||
| Selling, general, administrative and development expense | 637.0 | 543.4 | 497.8 | 446.5 | 415.5 | |||||||||||||||
| Other operating expenses | 256.0 | 73.3 | 66.8 | 68.5 | 71.7 | |||||||||||||||
| Total operating expenses | 4,665.5 | 3,932.7 | 3,158.7 | 2,613.1 | 2,147.1 | |||||||||||||||
| Operating income | 1,998.4 | 1,853.0 | 1,612.8 | 1,486.9 | 1,214.3 | |||||||||||||||
| Interest income, TV Azteca, net | 10.8 | 10.9 | 11.2 | 10.5 | 22.2 | |||||||||||||||
| Interest income | 35.4 | 25.6 | 16.5 | 14.0 | 9.7 | |||||||||||||||
| Interest expense | (749.6 | ) | (717.1 | ) | (595.9 | ) | (580.2 | ) | (458.3 | ) | ||||||||||
| (Loss) gain on retirement of long-term obligations | (70.2 | ) | 1.2 | (79.6 | ) | (3.5 | ) | (38.7 | ) | |||||||||||
| Other income (expense) (1) | 31.3 | (47.7 | ) | (135.0 | ) | (62.0 | ) | (207.5 | ) | |||||||||||
| Income from continuing operations before income taxes and income on equity method investments | 1,256.1 | 1,125.9 | 830.0 | 865.7 | 541.7 | |||||||||||||||
| Income tax provision | (30.7 | ) | (155.5 | ) | (158.0 | ) | (62.5 | ) | (59.5 | ) | ||||||||||
| Net income | 1,225.4 | 970.4 | 672.0 | 803.2 | 482.2 | |||||||||||||||
| Net loss (income) attributable to noncontrolling interests | 13.5 | (14.0 | ) | 13.1 | 21.7 | 69.1 | ||||||||||||||
| Net income attributable to American Tower Corporation stockholders | 1,238.9 | 956.4 | 685.1 | 824.9 | 551.3 | |||||||||||||||
| Dividends on preferred stock | (87.4 | ) | (107.1 | ) | (90.2 | ) | (23.9 | ) | — | |||||||||||
| Net income attributable to American Tower Corporation common stockholders | $ | 1,151.5 | $ | 849.3 | $ | 594.9 | $ | 801.0 | $ | 551.3 | ||||||||||
| Net income per common share amounts: | ||||||||||||||||||||
| Basic net income attributable to American Tower Corporation common stockholders | $ | 2.69 | $ | 2.00 | $ | 1.42 | $ | 2.02 | $ | 1.40 | ||||||||||
| Diluted net income attributable to American Tower Corporation common stockholders | $ | 2.67 | $ | 1.98 | $ | 1.41 | $ | 2.00 | $ | 1.38 | ||||||||||
| Weighted average common shares outstanding (in thousands): | ||||||||||||||||||||
| Basic | 428,181 | 425,143 | 418,907 | 395,958 | 395,040 | |||||||||||||||
| Diluted | 431,688 | 429,283 | 423,015 | 400,086 | 399,146 | |||||||||||||||
| Distribution declared per common share | $ | 2.62 | $ | 2.17 | $ | 1.81 | $ | 1.40 | $ | 1.10 | ||||||||||
| Distribution declared per preferred share, Series A | $ | 2.63 | $ | 5.25 | $ | 3.94 | $ | 3.98 | $ | — | ||||||||||
| Distribution declared per preferred share, Series B | $ | 55.00 | $ | 55.00 | $ | 38.65 | $ | — | $ | — | ||||||||||
| Other Operating Data: | ||||||||||||||||||||
| Ratio of earnings to fixed charges (2) | 2.14x | 2.11x | 1.99x | 2.11x | 1.89x | |||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends (2) | 1.98x | 1.91x | 1.80x | 2.05x | 1.89x |
| As of December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 (3) | 2013 (3) | ||||||||||||||||
| (In millions) | ||||||||||||||||||||
| Balance Sheet Data: (4) | ||||||||||||||||||||
| Cash and cash equivalents (including restricted cash) (5) | $ | 954.9 | $ | 936.5 | $ | 462.9 | $ | 473.7 | $ | 446.5 | ||||||||||
| Property and equipment, net | 11,101.0 | 10,517.3 | 9,866.4 | 7,590.1 | 7,177.7 | |||||||||||||||
| Total assets | 33,214.3 | 30,879.2 | 26,904.3 | 21,263.6 | 20,213.9 | |||||||||||||||
| Long-term obligations, including current portion | 20,205.1 | 18,533.5 | 17,119.0 | 14,540.3 | 14,408.6 | |||||||||||||||
| Redeemable noncontrolling interest | 1,126.2 | 1,091.3 | — | — | — | |||||||||||||||
| Total American Tower Corporation equity | 6,241.5 | 6,763.9 | 6,651.7 | 3,953.6 | 3,534.2 |
| (1) | For the years ended December 31, 2017, 2016, 2015, 2014 and 2013, amount includes unrealized foreign currency gains (losses) of $26.5 million, $(23.4) million, $(71.5) million, $(49.3) million and $(211.7) million, respectively. |
| (2) | For the purpose of this calculation, “earnings” consists of income from continuing operations before income taxes and income on equity method investments, as well as fixed charges (excluding interest capitalized and amortization of interest capitalized). “Fixed charges” consists of interest expensed and capitalized, amortization of debt discounts, premiums and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon. |
| (3) | Balances have been revised to reflect debt issuance cost adjustments. |
| (4) | Balances have been revised to reflect purchase accounting measurement period adjustments for the years ended December 31, 2014 and 2013. |
| (5) | As of December 31, 2017, 2016, 2015, 2014 and 2013, amount includes $152.8 million, $149.3 million, $142.2 million, $160.2 million and $152.9 million, respectively, of restricted funds pledged as collateral to secure obligations and cash, the use of which is otherwise limited by contractual provisions. |
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