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, 2019. The financial data for the fiscal years ended 2019, 2018, 2017, 2016, and 2015 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,
	2019		2018		2017		2016		2015
	(audited) (in thousands, except for per share data)
Revenues:
Site leasing	$	1,860,858	$	1,740,434	$	1,623,173	$	1,538,070	$	1,480,634
Site development		153,787		125,261		104,501		95,055		157,840
Total revenues		2,014,645		1,865,695		1,727,674		1,633,125		1,638,474
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		373,951		372,296		359,527		342,215		324,655
Cost of site development		119,080		96,499		86,785		78,682		119,744
Selling, general, and administrative expenses		192,717		142,526		130,697		143,349		114,951
Acquisition and new business initiatives related
adjustments and expenses		15,228		10,961		12,367		13,140		11,864
Asset impairment and decommission costs		33,103		27,134		36,697		30,242		94,783
Depreciation, accretion, and amortization		697,078		672,113		643,100		638,189		660,021
Total operating expenses		1,431,157		1,321,529		1,269,173		1,245,817		1,326,018
Operating income		583,488		544,166		458,501		387,308		312,456
Other income (expense):
Interest income		5,500		6,731		11,337		10,928		3,894
Interest expense		(390,036)		(376,217)		(323,749)		(329,171)		(322,366)
Non-cash interest expense		(3,193)		(2,640)		(2,879)		(2,203)		(1,505)
Amortization of deferred financing fees		(22,466)		(20,289)		(21,940)		(21,136)		(19,154)
Loss from extinguishment of debt, net		(457)		(14,443)		(1,961)		(52,701)		(783)
Other income (expense), net		14,053		(85,624)		(2,418)		94,278		(139,137)
Total other expense, net		(396,599)		(492,482)		(341,610)		(300,005)		(479,051)
Income (loss) before income taxes		186,889		51,684		116,891		87,303		(166,595)
Provision for income taxes		(39,605)		(4,233)		(13,237)		(11,065)		(9,061)
Net income (loss)		147,284		47,451		103,654		76,238		(175,656)
Net (income) attributable to noncontrolling interests		(293)		—		—		—		—
Net income (loss) attributable to SBA Communications Corporation	$	146,991	$	47,451	$	103,654	$	76,238	$	(175,656)
Net income (loss) per common share attributable to SBA
Communications Corporation:
Basic	$	1.30	$	0.41	$	0.86	$	0.61	$	(1.37)
Diluted	$	1.28	$	0.41	$	0.86	$	0.61	$	(1.37)
Weighted average number of common shares
Basic		112,809		114,909		119,860		124,448		127,794
Diluted		114,693		116,515		121,022		125,144		127,794

‎



	As of December 31,
	2019		2018		2017		2016		2015
Balance Sheet Data	(audited) (in thousands)
Cash and cash equivalents	$	108,309	$	143,444	$	68,783	$	146,109	$	118,039
Restricted cash - current		30,243		32,464		32,924		36,786		25,353
Property and equipment, net		2,794,602		2,786,355		2,812,346		2,792,076		2,782,353
Intangibles, net		3,626,773		3,331,465		3,598,131		3,656,924		3,735,413
Right-of-use assets, net (1)		2,572,217		—		—		—		—
Total assets		9,759,941		7,213,707		7,320,205		7,360,945		7,312,980
Current lease liabilities (1)		247,015		—		—		—		—
Long-term lease liabilities (1)		2,279,400		—		—		—		—
Total debt		10,334,425		9,938,553		9,310,686		8,775,583		8,452,070
Total shareholders' deficit		(3,667,007)		(3,376,823)		(2,599,114)		(1,995,921)		(1,706,144)

(1)On January 1, 2019, the Company adopted ASU 2016-02 which requires lessees to recognize a right-of-use asset and a lease liability. Upon adoption, certain assets and liabilities were reclassified to Right-of-use assets, net and lease liabilities in accordance with provisions of ASU 2016-02.



	For the year ended December 31,
	2019		2018		2017		2016		2015

Other Data	(audited) (in thousands)
Cash provided by (used in):
Operating activities	$	970,045	$	850,618	$	818,470	$	742,525	$	723,030
Investing activities		(947,158)		(618,347)		(605,107)		(428,235)		(737,065)
Financing activities		(62,314)		(148,537)		(294,574)		(288,557)		75,751

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