Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected consolidated financial data for the years ended December 31, 2017, 2016 and 2015 and as of December 31, 2017 and 2016 were derived from our consolidated financial statements which are included in Item 8 of this annual report on Form 10-K. Selected consolidated financial data as of December 31, 2015 and as of and for the years ended December 31, 2014 and 2013 were derived from our consolidated financial statements, but are not included herein.

The following data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Item 7 of this annual report on Form 10-K and with our consolidated financial statements and related notes included in Item 8 of this annual report on Form 10-K.

Year Ended December 31,
20172016201520142013
(In thousands, except per share amounts)
Statement of operations data:
Sales$7,034,209$6,367,284$3,564,425$1,604,096$1,489,892
Gross margin1,727,3911,596,748901,458356,997319,920
Selling, general and administrative expenses1,442,2881,360,412810,703307,387272,204
Net income (loss) (1)(2)38,781144,341(22,831)18,150(42,691)
Net income (loss) per share — basic$0.34$1.30$(0.22)$0.19$(0.44)
Net income (loss) per share — diluted$0.34$1.27$(0.22)$0.18$(0.44)
Balance sheet data (end of period):
Cash and cash equivalents$57,533$14,449$65,063$17,773$54,696
Total assets3,006,1242,909,8872,882,038574,065505,436
Total debt (including current portion)1,784,4201,802,0521,951,671374,903343,567
Stockholders’ equity376,209309,620149,19540,20015,368
Other financial data:
Depreciation and amortization$92,993$109,793$58,280$9,519$9,305
(1)As discussed in Note 11 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K, net income includes $29.0 million in income tax expense attributable to revaluation of our net deferred tax assets resulting from the enactment of the 2017 Tax Act. Net income includes a reduction to our valuation allowance of $131.7 million as we released the valuation allowance against our net federal and certain state deferred tax assets for the year ended December 31, 2016. Net loss includes a valuation allowance of $9.7 million against primarily all of our deferred tax assets for the year ended December 31, 2015. Net income includes a reduction to our valuation allowance of $7.2 million due to the utilization of net operating loss carryforwards to reduce taxable income for the year ended December 31, 2014. Net loss includes a valuation allowance of $15.3 million against primarily all of our deferred tax assets for the year ended December 31, 2013.
(2)Net income for the years ended December 31, 2017 and 2016 includes losses on debt extinguishment and other financing costs of $58.7 million and $56.9 million, respectively, resulting from multiple debt transactions executed in 2017 and 2016. Our 2017 and 2016 debt transactions are discussed in detail in Note 8 to the consolidated financial statements included in Item 8 of this annual report on Form 10-K. Net loss for the year ended December 31, 2015 includes $38.6 million of acquisition and transaction related costs associated with the ProBuild acquisition, including $13.2 million in commitment fees related to bridge and backstop financing facilities incurred in connection with the financing of the ProBuild acquisition. In addition, net loss for the year ended December 31, 2015 also includes $10.3 million related to non-cash interest expense from the amortization of debt discount and deferred loan costs, and fair value adjustments related to our warrants. Net loss for the year ended December 31, 2013 includes a $39.5 million prepayment penalty.

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