| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flow from operating activities | ||||||
Net (loss) income | ||||||
10,908 | 16,545 | -8,828 | -212 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
405,754 | 451,750 | 434,205 | 375,970 | |||
Amortization of deferred financing costs and debt discount | ||||||
42,779 | 24,614 | 23,102 | 16,002 | |||
Deferred income taxes | ||||||
-11,428 | -7,385 | -41,171 | -2,186 | |||
Straight-line revenues | ||||||
208 | 15,048 | 15,136 | 17,293 | |||
Stock-based compensation | ||||||
10,808 | 8,064 | 7,713 | 4,846 | |||
Change in fair value of contingent consideration | ||||||
-28,500 | -3,721 | 10,736 | - | |||
Gain on sale of real estate | ||||||
28,995 | - | - | - | |||
Loss on sale of Uniti Fiber Midwest operations | ||||||
-2,242 | - | - | - | |||
Loss on asset disposal | ||||||
-6,891 | - | - | - | |||
Other | ||||||
435 | -7,818 | -872 | -936 | |||
Changes in assets and liabilities, net of acquisitions: | ||||||
Accounts receivable | ||||||
-25,592 | 52,792 | 10,524 | 3,516 | |||
Other assets | ||||||
-10,297 | -1,755 | 1,560 | 1,365 | |||
Accounts payable, accrued expenses and other liabilities | ||||||
-3,260 | 41,218 | 5,851 | 2,806 | |||
Deferred revenue from prepaid rent - Bluebird/Uniti Fiber Midwest networks (Note 5) | ||||||
174,500 | - | - | - | |||
Net cash provided by operating activities | ||||||
616,982 | 472,818 | 405,260 | 375,988 | |||
Cash flow from investing activities | ||||||
Acquisition of businesses, net of cash acquired | ||||||
10,312 | 53,669 | 761,887 | 488,788 | |||
Asset acquisition | ||||||
- | 3,299 | - | - | |||
Proceeds from sale of Uniti Fiber Midwest operations | ||||||
6,400 | - | - | - | |||
Acquisition of ground lease investments | ||||||
- | - | 21,764 | 11,543 | |||
Proceeds from sale of real estate, net of cash | ||||||
130,429 | - | - | - | |||
Other capital expenditures | ||||||
350,480 | 423,575 | 166,028 | 34,900 | |||
Net cash used in investing activities | ||||||
-544,781 | -480,543 | -1,019,408 | -535,231 | |||
Principal payments on debt | ||||||
21,080 | 21,080 | 21,080 | 22,027 | |||
Dividends paid | ||||||
138,731 | 426,094 | 400,210 | 367,830 | |||
Payments of contingent consideration | ||||||
32,253 | 18,640 | 19,999 | - | |||
Proceeds from issuance of notes | ||||||
345,000 | - | 201,000 | 548,875 | |||
Proceeds from sale of warrants | ||||||
50,800 | - | - | - | |||
Payment for bond hedge option | ||||||
70,035 | - | - | - | |||
Purchase of noncontrolling interest | ||||||
- | - | 560 | - | |||
Distributions paid to noncontrolling interest | ||||||
3,046 | 9,917 | 2,498 | - | |||
Borrowings under revolving credit facility | ||||||
139,000 | 500,000 | 845,000 | 641,000 | |||
Payments under revolving credit facility | ||||||
203,981 | 140,000 | 565,000 | 641,000 | |||
Finance lease payments | ||||||
4,257 | - | 3,237 | - | |||
Capital lease payments | ||||||
- | 5,946 | - | 1,549 | |||
Payments for financing costs | ||||||
49,497 | - | 28,539 | 20,557 | |||
Deferred financing costs | ||||||
49,497 | - | 28,539 | 20,557 | |||
Common stock issuance, net of costs | ||||||
21,641 | 109,441 | 498,926 | 54,213 | |||
Employee stock purchase program | ||||||
883 | - | - | - | |||
Net share settlement | ||||||
1,834 | 1,605 | 1,836 | 2,359 | |||
Net cash (used in) provided by financing activities | ||||||
32,629 | -13,841 | 501,967 | 188,766 | |||
Effect of exchange rates on cash and cash equivalents | ||||||
-43 | -173 | 192 | -267 | |||
Net (decrease) increase in cash and cash equivalents | ||||||
104,787 | -21,739 | -111,989 | 29,256 | |||
Non-cash investing and financing activities: | ||||||
Property and equipment acquired but not yet paid | ||||||
17,032 | 17,901 | 15,285 | 5,752 | |||
Tenant capital improvements | ||||||
164,742 | 153,615 | 227,969 | 156,972 | |||
Settlement of convertible preferred stock, Series A Shares | ||||||
87,500 | - | - | - | |||
Settlement of contingent consideration through non-cash consideration | ||||||
11,178 | - | - | - | |||
Exchange of noncontrolling interest through non-cash consideration | ||||||
6,540 | - | - | - | |||
Acquisition of businesses through non-cash consideration | ||||||
- | - | 122,395 | 259,996 | |||
Bluebird Network, LLC | ||||||
Asset acquisition | ||||||
320,818 | - | - | - | |||
NMS | ||||||
Asset acquisition | ||||||
- | - | 69,729 | - | |||