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 transaction with Verizon Communications Inc. (“Verizon” and the transaction, the “Verizon Transaction”) and the acquisition of a controlling ownership interest in Viom Networks Limited (“Viom” and the acquisition, the “Viom Acquisition”), which closed in March 2015 and April 2016, respectively, significantly impact the comparability of reported results between periods. Our principal 2019 acquisitions are described in note 7 to our consolidated financial statements included in this Annual Report.
| Year Ended December 31, | ||||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
| (In millions, except share and per share data) | ||||||||||||||||||||
| Statements of Operations Data: | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Property | $ | 7,464.9 | $ | 7,314.7 | $ | 6,565.9 | $ | 5,713.1 | $ | 4,680.4 | ||||||||||
| Services | 115.4 | 125.4 | 98.0 | 72.6 | 91.1 | |||||||||||||||
| Total operating revenues | 7,580.3 | 7,440.1 | 6,663.9 | 5,785.7 | 4,771.5 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Cost of operations (exclusive of items shown separately below) | ||||||||||||||||||||
| Property | 2,173.7 | 2,128.7 | 2,022.0 | 1,762.7 | 1,275.4 | |||||||||||||||
| Services | 43.1 | 49.1 | 34.6 | 27.7 | 33.4 | |||||||||||||||
| Depreciation, amortization and accretion | 1,778.4 | 2,110.8 | 1,715.9 | 1,525.6 | 1,285.3 | |||||||||||||||
| Selling, general, administrative and development expense | 730.4 | 733.2 | 637.0 | 543.4 | 497.8 | |||||||||||||||
| Other operating expenses | 166.3 | 513.3 | 256.0 | 73.3 | 66.8 | |||||||||||||||
| Total operating expenses | 4,891.9 | 5,535.1 | 4,665.5 | 3,932.7 | 3,158.7 | |||||||||||||||
| Operating income | 2,688.4 | 1,905.0 | 1,998.4 | 1,853.0 | 1,612.8 | |||||||||||||||
| Interest (expense) income, TV Azteca, net | — | (0.1 | ) | 10.8 | 10.9 | 11.2 | ||||||||||||||
| Interest income | 46.8 | 54.7 | 35.4 | 25.6 | 16.5 | |||||||||||||||
| Interest expense | (814.2 | ) | (825.5 | ) | (749.6 | ) | (717.1 | ) | (595.9 | ) | ||||||||||
| (Loss) gain on retirement of long-term obligations | (22.2 | ) | (3.3 | ) | (70.2 | ) | 1.2 | (79.6 | ) | |||||||||||
| Other income (expense) (1) | 17.6 | 23.8 | 31.3 | (47.7 | ) | (135.0 | ) | |||||||||||||
| Income from continuing operations before income taxes | 1,916.4 | 1,154.6 | 1,256.1 | 1,125.9 | 830.0 | |||||||||||||||
| Income tax benefit (provision) | 0.2 | 110.1 | (30.7 | ) | (155.5 | ) | (158.0 | ) | ||||||||||||
| Net income | 1,916.6 | 1,264.7 | 1,225.4 | 970.4 | 672.0 | |||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (28.8 | ) | (28.3 | ) | 13.5 | (14.0 | ) | 13.1 | ||||||||||||
| Net income attributable to American Tower Corporation stockholders | 1,887.8 | 1,236.4 | 1,238.9 | 956.4 | 685.1 | |||||||||||||||
| Dividends on preferred stock | — | (9.4 | ) | (87.4 | ) | (107.1 | ) | (90.2 | ) | |||||||||||
| Net income attributable to American Tower Corporation common stockholders | $ | 1,887.8 | $ | 1,227.0 | $ | 1,151.5 | $ | 849.3 | $ | 594.9 | ||||||||||
| Net income per common share amounts: | ||||||||||||||||||||
| Basic net income attributable to American Tower Corporation common stockholders | $ | 4.27 | $ | 2.79 | $ | 2.69 | $ | 2.00 | $ | 1.42 | ||||||||||
| Diluted net income attributable to American Tower Corporation common stockholders | $ | 4.24 | $ | 2.77 | $ | 2.67 | $ | 1.98 | $ | 1.41 | ||||||||||
| Weighted average common shares outstanding (in thousands): | ||||||||||||||||||||
| Basic | 442,319 | 439,606 | 428,181 | 425,143 | 418,907 | |||||||||||||||
| Diluted | 445,520 | 442,960 | 431,688 | 429,283 | 423,015 | |||||||||||||||
| Distribution declared per common share | $ | 3.78 | $ | 3.15 | $ | 2.62 | $ | 2.17 | $ | 1.81 | ||||||||||
| Distribution declared per preferred share, Series A | $ | — | $ | — | $ | 2.63 | $ | 5.25 | $ | 3.94 | ||||||||||
| Distribution declared per preferred share, Series B | $ | — | $ | 13.75 | $ | 55.00 | $ | 55.00 | $ | 38.65 |
| As of December 31, | ||||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
| (In millions) | ||||||||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||
| Cash and cash equivalents (including restricted cash) (2) | $ | 1,578.0 | $ | 1,304.9 | $ | 954.9 | $ | 936.5 | $ | 462.9 | ||||||||||
| Property and equipment, net | 12,084.4 | 11,247.1 | 11,101.0 | 10,517.3 | 9,866.4 | |||||||||||||||
| Total assets (3) | 42,801.6 | 33,010.4 | 33,214.3 | 30,879.2 | 26,904.3 | |||||||||||||||
| Long-term obligations, including current portion | 24,055.4 | 21,159.9 | 20,205.1 | 18,533.5 | 17,119.0 | |||||||||||||||
| Redeemable noncontrolling interests | 1,096.5 | 1,004.8 | 1,126.2 | 1,091.3 | — | |||||||||||||||
| Total American Tower Corporation equity | 5,055.4 | 5,336.1 | 6,241.5 | 6,763.9 | 6,651.7 |
| (1) | For the years ended December 31, 2019, 2018, 2017, 2016 and 2015, amounts include foreign currency gains (losses) of $6.1 million, ($4.5) million, $26.4 million, ($48.9) million and ($134.7) million, respectively. |
| (2) | As of December 31, 2019, 2018, 2017, 2016 and 2015, amounts include $76.8 million, $96.2 million, $152.8 million, $149.3 million, and $142.2 million, respectively, of restricted funds pledged as collateral to secure obligations and cash, the use of which is otherwise limited by contractual provisions. |
| (3) | Total assets as of December 31, 2019 includes the Right-of-use asset recognized in connection with our adoption of the new lease accounting standard described in note 1 to our consolidated financial statements included in this Annual Report |
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