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, 2016. The financial data for the fiscal years ended 2016, 2015, 2014, 2013, and 2012 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,
	2016		2015		2014		2013		2012
	(audited) (in thousands, except for per share data)
Revenues:
Site leasing	$	1,538,070	$	1,480,634	$	1,360,202	$	1,133,013	$	846,094
Site development		95,055		157,840		166,794		171,853		107,990
Total revenues		1,633,125		1,638,474		1,526,996		1,304,866		954,084
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		342,215		324,655		301,313		270,772		188,951
Cost of site development		78,682		119,744		127,172		137,481		90,556
Selling, general, and administrative		143,349		114,951		103,317		85,476		72,148
Acquisition related adjustments and expenses		13,140		11,864		7,798		19,198		40,433
Asset impairment and decommission costs		30,242		94,783		23,801		28,960		6,383
Depreciation, accretion, and amortization		638,189		660,021		627,072		533,334		408,467
Total operating expenses		1,245,817		1,326,018		1,190,473		1,075,221		806,938
Operating income		387,308		312,456		336,523		229,645		147,146
Other income (expense):
Interest income		10,928		3,894		677		1,794		1,128
Interest expense		(329,171)		(322,366)		(292,600)		(249,051)		(196,241)
Non-cash interest expense		(2,203)		(1,505)		(27,112)		(49,085)		(70,110)
Amortization of deferred financing fees		(21,136)		(19,154)		(17,572)		(15,560)		(12,870)
Loss from extinguishment of debt, net		(52,701)		(783)		(26,204)		(6,099)		(51,799)
Other income (expense)		94,278		(139,137)		10,628		31,138		5,654
Total other expense		(300,005)		(479,051)		(352,183)		(286,863)		(324,238)
Income (loss) before provision for income taxes		87,303		(166,595)		(15,660)		(57,218)		(177,092)
(Provision) benefit for income taxes		(11,065)		(9,061)		(8,635)		1,309		(6,594)
Net income (loss) from continuing operations		76,238		(175,656)		(24,295)		(55,909)		(183,686)
Income from discontinued operations, net of income taxes		—		—		—		—		2,296
Net income (loss)		76,238		(175,656)		(24,295)		(55,909)		(181,390)
Net income attributable to the noncontrolling interest		—		—		—		—		353
Net income (loss) attributable to SBA Commun. Corp.	$	76,238	$	(175,656)	$	(24,295)	$	(55,909)	$	(181,037)
Basic net income (loss) per common share:
Continuing operations	$	0.61	$	(1.37)	$	(0.19)	$	(0.44)	$	(1.53)
Discontinued operations		—		—		—		—		0.02
Basic net income (loss) per common share	$	0.61	$	(1.37)	$	(0.19)	$	(0.44)	$	(1.51)
Diluted net income (loss) per common share:
Continuing operations	$	0.61	$	(1.37)	$	(0.19)	$	(0.44)	$	(1.53)
Discontinued operations		—		—		—		—		0.02
Diluted net income (loss) per common share	$	0.61	$	(1.37)	$	(0.19)	$	(0.44)	$	(1.51)
Weighted average common shares outstanding:
Basic		124,448		127,794		128,919		127,769		120,280
Diluted		125,144		127,794		128,919		127,769		120,280



	As of December 31,
	2016		2015		2014		2013		2012
	(audited) (in thousands)
Balance Sheet Data
Cash and cash equivalents	$	146,109	$	118,039	$	39,443	$	122,112	$	233,099
Restricted cash - current		36,786		25,353		52,519		47,305		27,708
Short-term investments		223		706		5,549		5,446		5,471
Property and equipment, net		2,792,076		2,782,353		2,762,417		2,578,444		2,671,317
Intangibles, net		3,656,924		3,735,413		4,189,540		3,387,198		3,134,133
Total assets (1)		7,360,945		7,312,980		7,748,635		6,714,025		6,554,506
Total debt (1)		8,775,583		8,452,070		7,768,309		5,807,444		5,294,698
Total shareholders' (deficit) equity		(1,995,921)		(1,706,144)		(660,801)		356,966		652,991



	For the year ended December 31,
	2016		2015		2014		2013		2012
Other Data	(audited) (in thousands)
Cash provided by (used in):
Operating activities (2)	$	742,525	$	723,030	$	674,340	$	509,852	$	343,190
Investing activities (2)		(428,235)		(737,065)		(1,764,127)		(820,197)		(2,268,628)
Financing activities (2)		(288,557)		75,751		995,298		218,170		2,113,650

(1) During the first quarter of 2016, we adopted an accounting standard update on the presentation of debt issuance costs. The new standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability on the consolidated balance sheets. The December 31, 2015, 2014, 2013, and 2012 consolidated balance sheet were retrospectively adjusted to reflect this change.

(2) During the fourth quarter of 2016, we adopted an accounting standard update on the presentation of cash and cash equivalents in the Statement of Cash Flows. The new standard requires cash and cash equivalent balances to include restricted cash equivalents. The December 31, 2015, 2014, 2013, and 2012 consolidated statements of cash flows were retrospectively adjusted to reflect this change.

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