Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following table sets forth selected historical financial data as of and for each of the five years in the period ended December 31, 2014. The financial data for the fiscal years ended 2014, 2013, 2012, 2011, and 2010 have been derived from our audited consolidated financial statements. You should read the information set forth below in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes to those consolidated financial statements included in this Form 10-K.



	For the year ended December 31,
	2014		2013		2012		2011		2010
	(audited) (in thousands, except for per share data)
Revenues:
Site leasing	$	1,360,202	$	1,133,013	$	846,094	$	616,294	$	535,444
Site development		166,794		171,853		107,990		81,876		91,175
Total revenues		1,526,996		1,304,866		954,084		698,170		626,619
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		301,313		270,772		188,951		131,916		119,141
Cost of site development		127,172		137,481		90,556		71,005		80,301
Selling, general, and administrative		103,317		85,476		72,148		62,828		58,209
Acquisition related adjustments and expenses		7,798		19,198		40,433		7,144		10,106
Asset impairment and decommission costs		23,801		28,960		6,383		5,472		5,862
Depreciation, accretion, and amortization		627,072		533,334		408,467		309,146		278,727
Total operating expenses		1,190,473		1,075,221		806,938		587,511		552,346
Operating income		336,523		229,645		147,146		110,659		74,273
Other income (expense):
Interest income		677		1,794		1,128		136		432
Interest expense		(292,600)		(249,051)		(196,241)		(160,896)		(149,921)
Non-cash interest expense		(27,112)		(49,085)		(70,110)		(63,629)		(60,070)
Amortization of deferred financing fees		(17,572)		(15,560)		(12,870)		(9,188)		(9,099)
Loss from extinguishment of debt, net		(26,204)		(6,099)		(51,799)		(1,696)		(49,060)
Other income (expense)		10,628		31,138		5,654		(165)		29
Total other expense		(352,183)		(286,863)		(324,238)		(235,438)		(267,689)
Loss before provision for income taxes		(15,660)		(57,218)		(177,092)		(124,779)		(193,416)
Benefit (provision) for income taxes		(8,635)		1,309		(6,594)		(2,113)		(1,005)
Net loss from continuing operations		(24,295)		(55,909)		(183,686)		(126,892)		(194,421)
Income from discontinued operations, net of income taxes		—		—		2,296		—		—
Net loss		(24,295)		(55,909)		(181,390)		(126,892)		(194,421)
Net loss (income) attributable to the
noncontrolling interest		—		—		353		436		(253)
Net loss attributable to SBA Communications Corporation	$	(24,295)	$	(55,909)	$	(181,037)	$	(126,456)	$	(194,674)
Basic and diluted per common share amounts:
Loss from continuing operations	$	(0.19)	$	(0.44)	$	(1.53)	$	(1.14)	$	(1.68)
Income from discontinued operations		—		—		0.02		—		—
Net loss per common share	$	(0.19)	$	(0.44)	$	(1.51)	$	(1.14)	$	(1.68)
Basic and diluted weighted avg. number of common shares		128,919		127,769		120,280		111,595		115,591



	As of December 31,
	2014		2013		2012		2011		2010
	(audited) (in thousands)
Balance Sheet Data
Cash and cash equivalents	$	39,443	$	122,112	$	233,099	$	47,316	$	64,254
Restricted cash - current (1)		52,519		47,305		27,708		22,266		29,456
Short-term investments		5,549		5,446		5,471		5,773		4,016
Property and equipment, net		2,762,417		2,578,444		2,671,317		1,583,393		1,534,318
Intangibles, net		4,189,540		3,387,198		3,134,133		1,639,784		1,500,012
Total assets		7,841,125		6,783,188		6,615,911		3,606,399		3,400,175
Total debt		7,860,799		5,876,607		5,356,103		3,354,485		2,827,450
Total shareholders' (deficit) equity		(660,800)		356,966		652,991		(11,313)		317,110



	For the year ended December 31,
	2014		2013		2012		2011		2010
Other Data	(audited) (in thousands)
Cash provided by (used in):
Operating activities	$	671,643	$	497,587	$	340,914	$	249,058	$	201,140
Investing activities		(1,760,127)		(817,198)		(2,269,120)		(503,273)		(416,370)
Financing activities		991,838		210,837		2,110,481		237,432		118,152

	(1)		Restricted cash of $52.5 million as of December 31, 2014 consisted of $52.1 million related to the Tower Securities loan requirements and $0.4 million related to surety bonds issued for our benefit. Restricted cash of $47.3 million as of December 31, 2013 consisted of $46.4 million related to the Tower Securities loan requirements and $0.9 million related to surety bonds issued for our benefit. Restricted cash of $27.7 million as of December 31, 2012 consisted of $26.8 million related to the Tower Securities loan requirements and $0.9 million related to surety bonds issued for our benefit. Restricted cash of $22.3 million as of December 31, 2011 consisted of $21.4 million related to Tower Securities loan requirements and $0.9 million related to surety bonds issued for our benefit. Restricted cash of $29.5 million as of December 31, 2010 consisted of $28.6 million related to Tower Securities loan requirements and $0.9 million related to surety bonds issued for our benefit. 22

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