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, 2018. The financial data for the fiscal years ended 2018, 2017, 2016, 2015, and 2014 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,
	2018		2017		2016		2015		2014
	(audited) (in thousands, except for per share data)
Revenues:
Site leasing	$	1,740,434	$	1,623,173	$	1,538,070	$	1,480,634	$	1,360,202
Site development		125,261		104,501		95,055		157,840		166,794
Total revenues		1,865,695		1,727,674		1,633,125		1,638,474		1,526,996
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		372,296		359,527		342,215		324,655		301,313
Cost of site development		96,499		86,785		78,682		119,744		127,172
Selling, general, and administrative		142,526		130,697		143,349		114,951		103,317
Acquisition related adjustments and expenses		10,961		12,367		13,140		11,864		7,798
Asset impairment and decommission costs		27,134		36,697		30,242		94,783		23,801
Depreciation, accretion, and amortization		672,113		643,100		638,189		660,021		627,072
Total operating expenses		1,321,529		1,269,173		1,245,817		1,326,018		1,190,473
Operating income		544,166		458,501		387,308		312,456		336,523
Other income (expense):
Interest income		6,731		11,337		10,928		3,894		677
Interest expense		(376,217)		(323,749)		(329,171)		(322,366)		(292,600)
Non-cash interest expense		(2,640)		(2,879)		(2,203)		(1,505)		(27,112)
Amortization of deferred financing fees		(20,289)		(21,940)		(21,136)		(19,154)		(17,572)
Loss from extinguishment of debt, net		(14,443)		(1,961)		(52,701)		(783)		(26,204)
Other (expense) income, net		(85,624)		(2,418)		94,278		(139,137)		10,628
Total other expense		(492,482)		(341,610)		(300,005)		(479,051)		(352,183)
Income (loss) before provision for income taxes		51,684		116,891		87,303		(166,595)		(15,660)
Provision for income taxes		(4,233)		(13,237)		(11,065)		(9,061)		(8,635)
Net income (loss)	$	47,451	$	103,654	$	76,238	$	(175,656)	$	(24,295)

Basic net income (loss) per common share	$	0.41	$	0.86	$	0.61	$	(1.37)	$	(0.19)
Diluted net income (loss) per common share	$	0.41	$	0.86	$	0.61	$	(1.37)	$	(0.19)
Weighted average common shares outstanding:
Basic		114,909		119,860		124,448		127,794		128,919
Diluted		116,515		121,022		125,144		127,794		128,919



	As of December 31,
	2018		2017		2016		2015		2014
Balance Sheet Data	(audited) (in thousands)
Cash and cash equivalents	$	143,444	$	68,783	$	146,109	$	118,039	$	39,443
Restricted cash - current		32,464		32,924		36,786		25,353		52,519
Property and equipment, net		2,786,355		2,812,346		2,792,076		2,782,353		2,762,417
Intangibles, net		3,331,465		3,598,131		3,656,924		3,735,413		4,189,540
Total assets		7,213,707		7,320,205		7,360,945		7,312,980		7,748,635
Total debt		9,938,553		9,310,686		8,775,583		8,452,070		7,768,309
Total shareholders' deficit		(3,376,823)		(2,599,114)		(1,995,921)		(1,706,144)		(660,801)



	For the year ended December 31,
	2018		2017		2016		2015		2014

Other Data	(audited) (in thousands)
Cash provided by (used in):
Operating activities	$	850,618	$	818,470	$	742,525	$	723,030	$	674,340
Investing activities		(618,347)		(605,107)		(428,235)		(737,065)		(1,764,127)
Financing activities		(148,537)		(294,574)		(288,557)		75,751		995,298

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