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, 2017. The financial data for the fiscal years ended 2017, 2016, 2015, 2014, and 2013 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,
	2017		2016		2015		2014		2013
	(audited) (in thousands, except for per share data)
Revenues:
Site leasing	$	1,623,173	$	1,538,070	$	1,480,634	$	1,360,202	$	1,133,013
Site development		104,501		95,055		157,840		166,794		171,853
Total revenues		1,727,674		1,633,125		1,638,474		1,526,996		1,304,866
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		359,527		342,215		324,655		301,313		270,772
Cost of site development		86,785		78,682		119,744		127,172		137,481
Selling, general, and administrative		130,697		143,349		114,951		103,317		85,476
Acquisition related adjustments and expenses		12,367		13,140		11,864		7,798		19,198
Asset impairment and decommission costs		36,697		30,242		94,783		23,801		28,960
Depreciation, accretion, and amortization		643,100		638,189		660,021		627,072		533,334
Total operating expenses		1,269,173		1,245,817		1,326,018		1,190,473		1,075,221
Operating income		458,501		387,308		312,456		336,523		229,645
Other income (expense):
Interest income		11,337		10,928		3,894		677		1,794
Interest expense		(323,749)		(329,171)		(322,366)		(292,600)		(249,051)
Non-cash interest expense		(2,879)		(2,203)		(1,505)		(27,112)		(49,085)
Amortization of deferred financing fees		(21,940)		(21,136)		(19,154)		(17,572)		(15,560)
Loss from extinguishment of debt, net		(1,961)		(52,701)		(783)		(26,204)		(6,099)
Other income (expense)		(2,418)		94,278		(139,137)		10,628		31,138
Total other expense		(341,610)		(300,005)		(479,051)		(352,183)		(286,863)
Income (loss) before provision for income taxes		116,891		87,303		(166,595)		(15,660)		(57,218)
(Provision) benefit for income taxes		(13,237)		(11,065)		(9,061)		(8,635)		1,309
Net income (loss)	$	103,654	$	76,238	$	(175,656)	$	(24,295)	$	(55,909)

Basic net income (loss) per common share	$	0.86	$	0.61	$	(1.37)	$	(0.19)	$	(0.44)
Diluted net income (loss) per common share	$	0.86	$	0.61	$	(1.37)	$	(0.19)	$	(0.44)
Weighted average common shares outstanding:
Basic		119,860		124,448		127,794		128,919		127,769
Diluted		121,022		125,144		127,794		128,919		127,769



	As of December 31,
	2017		2016		2015		2014		2013
	(audited) (in thousands)
Balance Sheet Data
Cash and cash equivalents	$	68,783	$	146,109	$	118,039	$	39,443	$	122,112
Restricted cash - current		32,924		36,786		25,353		52,519		47,305
Property and equipment, net		2,812,346		2,792,076		2,782,353		2,762,417		2,578,444
Intangibles, net		3,598,131		3,656,924		3,735,413		4,189,540		3,387,198
Total assets		7,320,205		7,360,945		7,312,980		7,748,635		6,714,025
Total debt		9,310,686		8,775,583		8,452,070		7,768,309		5,807,444
Total shareholders' (deficit) equity		(2,599,114)		(1,995,921)		(1,706,144)		(660,801)		356,966



	For the year ended December 31,
	2017		2016		2015		2014		2013
Other Data	(audited) (in thousands)
Cash provided by (used in):
Operating activities	$	818,470	$	742,525	$	723,030	$	674,340	$	509,852
Investing activities		(605,107)		(428,235)		(737,065)		(1,764,127)		(820,197)
Financing activities		(294,574)		(288,557)		75,751		995,298		218,170

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