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 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. Our formerly 77.6% owned subsidiary that operated towers in Australia ("CCAL") is presented on a discontinued operations basis for all periods presented. See note 3 to our consolidated financial statements for further discussion of our sale of CCAL in May 2015.



	Years Ended December 31,
	2017			(a)	2016			(a)	2015			(a)	2014			(a)	2013			(a)
	(In thousands of dollars, except per share amounts)
Statement of Operations Data:
Net revenues:
Site rental	$	3,669,191			$	3,233,307			$	3,018,413			$	2,866,613			$	2,371,380
Network services and other	686,414				687,918				645,438				672,143				494,371
Net revenues	4,355,605				3,921,225				3,663,851				3,538,756				2,865,751
Operating expenses:
Costs of operations(b):
Site rental	1,143,914				1,023,350				963,869				906,152				686,873
Network services and other	419,787				417,171				357,557				400,454				304,144
Total costs of operations	1,563,701				1,440,521				1,321,426				1,306,606				991,017
General and administrative	426,698				371,031				310,921				257,296				213,519
Asset write-down charges	17,322				34,453				33,468				14,246				13,595
Acquisition and integration costs	61,431				17,453				15,678				34,145				25,574
Depreciation, amortization and accretion	1,242,408				1,108,551				1,036,178				985,781				741,342
Operating income (loss)	1,044,045				949,216				946,180				940,682				880,704
Interest expense and amortization of deferred financing costs	(590,682		)		(515,032		)		(527,128		)		(573,291		)		(589,630		)
Gains (losses) on retirement of long-term obligations	(3,525		)		(52,291		)		(4,157		)		(44,629		)		(37,127		)
Interest income	18,761				796				1,906				315				956
Other income (expense)	1,994				(8,835		)		57,028				11,993				(3,902		)
Income (loss) from continuing operations before income taxes	470,593				373,854				473,829				335,070				251,001
Benefit (provision) for income taxes(c)	(26,043		)		(16,881		)		51,457				11,244				(191,000		)
Income (loss) from continuing operations	444,550				356,973				525,286				346,314				60,001
Discontinued operations:
Income (loss) from discontinued operations, net of tax	—				—				19,690				52,460				33,900
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
Net income (loss)	444,550				356,973				1,524,335				398,774				93,901
Less: Net income (loss) attributable to the noncontrolling interest	—				—				3,343				8,261				3,790
Net income (loss) attributable to CCIC stockholders	444,550				356,973				1,520,992				390,513				90,111
Dividends on preferred stock and losses on purchases of preferred stock	(58,294		)		(32,991		)		(43,988		)		(43,988		)		(11,363		)
Net income (loss) attributable to CCIC common stockholders	$	386,256			$	323,982			$	1,477,004			$	346,525			$	78,748
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - basic(d)	$	1.01			$	0.95			$	1.45			$	0.91			$	0.16
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - diluted(d)	$	1.01			$	0.95			$	1.44			$	0.91			$	0.16
Weighted-average common shares outstanding (in thousands):
Basic(d)(e)	381,740				340,349				333,002				332,302				298,083
Diluted(d)(e)	383,221				340,879				334,062				333,265				299,293

Dividends/distributions declared per share of common stock	$	3.90			$	3.61			$	3.35			$	1.87			$	—



	Years Ended December 31,
	2017			(a)	2016			(a)	2015			(a)	2014			(a)	2013			(a)
	(In thousands of dollars, except per share amounts)
Other Data:
Summary cash flow information:
Net cash provided by (used for) operating activities	$	2,044,186			$	1,782,264			$	1,794,025			$	1,600,197			$	1,171,059
Net cash provided by (used for) investing activities	(10,494,021		)		(1,410,232		)		(1,959,734		)		(1,216,709		)		(5,459,285		)
Net cash provided by (used for) financing activities	8,195,152				(96,292		)		(935,476		)		(462,987		)		4,063,133
Ratio of earnings to fixed charges(f)	1.5				1.5				1.6				1.4				1.3
Ratio of earnings to combined fixed charges and preferred stock dividends and losses on purchases of preferred stock(f)	1.4				1.4				1.5				1.3				1.3
Balance Sheet Data (at period end):
Cash and cash equivalents	$	314,094			$	567,599			$	178,810			$	151,312			$	200,526
Property and equipment, net	12,932,885				9,805,315				9,580,057				8,982,783				8,764,031
Total assets	32,229,570				22,675,092				21,936,966				21,026,827				20,466,028
Total debt and other long-term obligations	16,159,620				12,171,142				12,149,959				11,804,412				11,465,620
Total CCIC stockholders' equity(e)(g)	12,339,082				7,557,115				7,089,221				6,716,225				6,926,717


(a)	Inclusive of the impact of acquisitions. See note 4 to our consolidated financial statements for a discussion of our acquisitions during 2015, 2016 and 2017. In addition, during 2014, we acquired several portfolios of land interests under towers and during 2013, we acquired rights to approximately 9,100 towers through the AT&T Acquisition.


(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 net 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 restricted stock awards and restricted stock units as determined under the treasury stock method and (2) upon conversion of convertible preferred stock securities (including the currently outstanding 6.875% Convertible Preferred Stock, which was issued in 2017, and the formerly outstanding 4.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share ("4.50% Convertible Preferred Stock") which was issued in 2013 and converted to common stock in 2016), 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 net 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 restricted stock awards and restricted stock units as determined under the treasury stock method and (2) upon conversion of convertible preferred stock securities (including the currently outstanding 6.875% Convertible Preferred Stock, which was issued in 2017, and the formerly outstanding 4.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share ("4.50% Convertible Preferred Stock") which was issued in 2013 and converted to common stock in 2016), as determined under the if-converted method. See note 2 to our consolidated financial statements.


(e)	During 2017, we issued shares of our common stock in connection with (1) our May 2017 issuance of 4.75 million shares of common stock, which generated net proceeds of $442 million ("May 2017 Common Stock Offering") to partially fund the Wilcon Acquisition in June 2017, (2) our July 2017 issuance of 40.15 million shares of common stock, which generated approximately $3.8 billion ("July 2017 Common Stock Offering") to partially fund the Lightower Acquisition in November 2017 and (3) our ATM Program. During 2016, we issued shares of our common stock in connection with (1) our ATM Program, the proceeds of which we utilized to partially fund our acquisition of Tower Development Corporation ("TDC Acquisition") in April 2016, (2) the conversion of our then outstanding 4.50% Convertible Preferred Stock to common stock and (3) our November 2016 issuance of 11.4 million shares of common stock, which generated net proceeds of $1.0 billion ("November 2016 Common Stock Offering") to partially fund the FiberNet Acquisition. 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 to partially fund the AT&T Acquisition.

(e)

During 2017, we issued shares of our common stock in connection with (1) our May 2017 issuance of 4.75 million shares of common stock, which generated net proceeds of $442 million ("May 2017 Common Stock Offering") to partially fund the Wilcon Acquisition in June 2017, (2) our July 2017 issuance of 40.15 million shares of common stock, which generated approximately $3.8 billion ("July 2017 Common Stock Offering") to partially fund the Lightower Acquisition in November 2017 and (3) our ATM Program. During 2016, we issued shares of our common stock in connection with (1) our ATM Program, the proceeds of which we utilized to partially fund our acquisition of Tower Development Corporation ("TDC Acquisition") in April 2016, (2) the conversion of our then outstanding 4.50% Convertible Preferred Stock to common stock and (3) our November 2016 issuance of 11.4 million shares of common stock, which generated net proceeds of $1.0 billion ("November 2016 Common Stock Offering") to partially fund the FiberNet Acquisition. 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 to partially fund the AT&T Acquisition.


(f)	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.


(g)	During 2017, we issued 1.65 million shares of 6.875% Convertible Preferred Stock, which generated net proceeds of approximately $1.6 billion ("6.875% Convertible Preferred Stock Offering") to partially fund the Lightower Acquisition in November 2017. During 2013, we issued 9.8 million shares of 4.50% Convertible Preferred Stock, which generated net proceeds of $950.9 million to partially fund the AT&T Acquisition.

(g)

During 2017, we issued 1.65 million shares of 6.875% Convertible Preferred Stock, which generated net proceeds of approximately $1.6 billion ("6.875% Convertible Preferred Stock Offering") to partially fund the Lightower Acquisition in November 2017. During 2013, we issued 9.8 million shares of 4.50% Convertible Preferred Stock, which generated net proceeds of $950.9 million to partially fund the AT&T Acquisition.

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