Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Our selected historical consolidated financial and other data set forth below for each of the five years in the period ended December 31, 2016, and as of December 31, 2016, 2015, 2014, 2013 and 2012 have been derived from our consolidated financial statements. The information set forth below should be read in conjunction with "Item 1. Business," "Item 7. MD&A" and our consolidated financial statements. CCAL is presented on a discontinued operations basis for all periods presented. See note 3 to our consolidated financial statements regarding our sale of CCAL in 2015.



	Years Ended December 31,
	2016			(a)	2015			(a)	2014			(a)	2013			(a)	2012
	(In thousands of dollars, except per share amounts)
Statement of Operations Data:
Net revenues:
Site rental	$	3,233,307			$	3,018,413			$	2,866,613			$	2,371,380			$	2,001,049
Network services and other	687,918				645,438				672,143				494,371				285,287
Net revenues	3,921,225				3,663,851				3,538,756				2,865,751				2,286,336
Operating expenses:
Costs of operations(b):
Site rental	1,023,350				963,869				906,152				686,873				503,661
Network services and other	417,171				357,557				400,454				304,144				173,762
Total costs of operations	1,440,521				1,321,426				1,306,606				991,017				677,423
General and administrative	371,031				310,921				257,296				213,519				184,911
Asset write-down charges	34,453				33,468				14,246				13,595				15,226
Acquisition and integration costs	17,453				15,678				34,145				25,574				18,216
Depreciation, amortization and accretion	1,108,551				1,036,178				985,781				741,342				591,428
Operating income (loss)	949,216				946,180				940,682				880,704				799,132
Interest expense and amortization of deferred financing costs	(515,032		)		(527,128		)		(573,291		)		(589,630		)		(601,031		)
Gains (losses) on retirement of long-term obligations	(52,291		)		(4,157		)		(44,629		)		(37,127		)		(131,974		)
Interest income	796				1,906				315				956				4,089
Other income (expense)	(8,835		)		57,028				11,993				(3,902		)		(5,363		)
Income (loss) from continuing operations before income taxes	373,854				473,829				335,070				251,001				64,853
Benefit (provision) for income taxes(c)	(16,881		)		51,457				11,244				(191,000		)		60,144
Income (loss) from continuing operations	356,973				525,286				346,314				60,001				124,997
Discontinued operations:
Income (loss) from discontinued operations, net of tax	—				19,690				52,460				33,900				75,891
Net gain (loss) from disposal of discontinued operations, net of tax	—				979,359				—				—				—
Income (loss) from discontinued operations, net of tax	—				999,049				52,460				33,900				75,891
Net income (loss)	356,973				1,524,335				398,774				93,901				200,888
Less: Net income (loss) attributable to the noncontrolling interest	—				3,343				8,261				3,790				12,304
Net income (loss) attributable to CCIC stockholders	356,973				1,520,992				390,513				90,111				188,584
Dividends on preferred stock and losses on purchases of preferred stock	(32,991		)		(43,988		)		(43,988		)		(11,363		)		(2,629		)
Net income (loss) attributable to CCIC common stockholders	$	323,982			$	1,477,004			$	346,525			$	78,748			$	185,955
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - basic(d)	$	0.95			$	1.45			$	0.91			$	0.16			$	0.42
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - diluted(d)	$	0.95			$	1.44			$	0.91			$	0.16			$	0.42
Weighted-average common shares outstanding (in thousands):
Basic(d)(f)	340,349				333,002				332,302				298,083				289,285
Diluted(d)(f)	340,879				334,062				333,265				299,293				291,270

Dividends/distributions declared per share	$	3.61			$	3.35			$	1.87			$	—			$	—



	Years Ended December 31,
	2016			(a)	2015			(a)	2014			(a)	2013			(a)	2012
	(In thousands of dollars, except per share amounts)
Other Data:
Summary cash flow information:
Net cash provided by (used for) operating activities	$	1,782,264			$	1,794,025			$	1,600,197			$	1,171,059			$	710,984
Net cash provided by (used for) investing activities	(1,410,232		)		(1,959,734		)		(1,216,709		)		(5,459,285		)		(4,152,200		)
Net cash provided by (used for) financing activities	(96,292		)		(935,476		)		(462,987		)		4,063,133				3,786,803
Ratio of earnings to fixed charges(e)	1.5				1.6				1.4				1.3				1.1
Balance Sheet Data (at period end):
Cash and cash equivalents	$	567,599			$	178,810			$	151,312			$	200,526			$	405,682
Property and equipment, net	9,805,315				9,580,057				8,982,783				8,764,031				6,714,481
Total assets	22,675,092				21,936,966				21,026,827				20,466,028				15,963,575
Total debt and other long-term obligations	12,171,142				12,149,959				11,804,412				11,465,620				11,486,108
Total CCIC stockholders' equity(f)	7,557,115				7,089,221				6,716,225				6,926,717				2,938,748


(a)	Inclusive of the impact of acquisitions. See note 4 to our consolidated financial statements for a discussion of our acquisitions during 2014, 2015 and 2016. In addition, during 2013, we acquired rights to approximately 9,100 towers through the AT&T Acquisition, and during 2012, we acquired (1) rights to approximately 7,100 towers through the T-Mobile Acquisition and (2) NextG Networks, Inc., the then largest U.S operator of outdoor DAS.

(a)

Inclusive of the impact of acquisitions. See note 4 to our consolidated financial statements for a discussion of our acquisitions during 2014, 2015 and 2016. In addition, during 2013, we acquired rights to approximately 9,100 towers through the AT&T Acquisition, and during 2012, we acquired (1) rights to approximately 7,100 towers through the T-Mobile Acquisition and (2) NextG Networks, Inc., the then largest U.S operator of outdoor DAS.


(b)	Exclusive of depreciation, amortization and accretion, which are shown separately.


(c)	See note 11 to our consolidated financial statements regarding our income taxes, including our REIT status.


(d)	Basic net income (loss) attributable to CCIC common stockholders, per common share excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of unvested restricted stock awards ("RSAs") and unvested restricted stock units ("RSUs"), as determined under the treasury stock method and (2) upon conversion of our 4.50% Mandatory Convertible Preferred Stock, Series A ("Convertible Preferred Stock"), as determined under the if-converted method. See note 2 to our consolidated financial statements.

(d)

Basic net income (loss) attributable to CCIC common stockholders, per common share excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of unvested restricted stock awards ("RSAs") and unvested restricted stock units ("RSUs"), as determined under the treasury stock method and (2) upon conversion of our 4.50% Mandatory Convertible Preferred Stock, Series A ("Convertible Preferred Stock"), as determined under the if-converted method. See note 2 to our consolidated financial statements.


(e)	For purposes of computing the ratio of earnings to fixed charges, earnings represent income (loss) before income taxes and fixed charges less interest capitalized. Fixed charges consist of interest expense, amortized premiums, discounts and capitalized expenses related to indebtedness, interest capitalized and the interest component of operating lease expense.


(f)	During 2016, we issued shares of our common stock in connection with (1) our ATM Program, which we utilized the proceeds to partially fund the TDC Acquisition, (2) the conversion of our previously outstanding Convertible Preferred Stock to common stock, and (3) our November 2016 Equity Offering, which we utilized to partially fund the FiberNet Acquisition in January 2017. See note 12 to our consolidated financial statements. In October 2013, we issued 41.4 million shares of common stock, which generated net proceeds of $3.0 billion, and approximately 9.8 million shares of Convertible Preferred Stock, which generated net proceeds of $950.9 million, to partially fund the AT&T Acquisition (collectively, "October 2013 Equity Financings").

(f)

During 2016, we issued shares of our common stock in connection with (1) our ATM Program, which we utilized the proceeds to partially fund the TDC Acquisition, (2) the conversion of our previously outstanding Convertible Preferred Stock to common stock, and (3) our November 2016 Equity Offering, which we utilized to partially fund the FiberNet Acquisition in January 2017. See note 12 to our consolidated financial statements. In October 2013, we issued 41.4 million shares of common stock, which generated net proceeds of $3.0 billion, and approximately 9.8 million shares of Convertible Preferred Stock, which generated net proceeds of $950.9 million, to partially fund the AT&T Acquisition (collectively, "October 2013 Equity Financings").

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