15.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s reportable segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities.

Commencing in the second quarter of 2014, the Company expanded the presentation of its site leasing business into two reporting segments, domestic site leasing and international site leasing as a result of its international site leasing revenues exceeding 10% of total revenues. All prior periods have been restated to conform to the current year presentation.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below:



							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment (1)		Total

	(in thousands)
For the three months ended June 30, 2014
Revenues	$	285,168	$	55,284	$	42,968	$	—	$	383,420
Cost of revenues (2)		60,314		15,068		32,056		—		107,438
Depreciation, amortization and accretion		130,363		29,351		609		682		161,005
Operating income (loss)		72,513		6,339		8,259		(3,794)		83,317
Cash capital expenditures (3)		62,734		11,847		1,931		3,395		79,907

For the three months ended June 30, 2013
Revenues	$	259,754	$	19,747	$	44,804	$	—	$	324,305
Cost of revenues (2)		61,220		6,564		35,941		—		103,725
Depreciation, amortization and accretion		129,724		10,418		472		475		141,089
Operating income (loss)		51,685		(1,934)		6,448		(6,665)		49,534
Cash capital expenditures (3)		60,279		18,919		839		264		80,301

For the six months ended June 30, 2014
Revenues	$	560,228	$	89,543	$	79,198	$	—	$	728,969
Cost of revenues (2)		122,528		22,594		59,483		—		204,605
Depreciation, amortization and accretion		256,377		46,368		1,128		1,574		305,447
Operating income (loss)		135,204		7,491		14,587		(6,831)		150,451
Cash capital expenditures (3)		337,823		695,406		3,772		3,571		1,040,572

For the six months ended June 30, 2013
Revenues	$	513,826	$	39,179	$	84,372	$	—	$	637,377
Cost of revenues (2)		122,609		13,276		68,535		—		204,420
Depreciation, amortization and accretion		244,032		20,718		1,031		944		266,725
Operating income (loss)		108,241		(6,897)		10,930		(5,974)		106,300
Cash capital expenditures (3)		290,325		32,611		2,647		718		326,301

Assets
As of June 30, 2014	$	5,530,137	$	1,747,761	$	62,056	$	224,629	$	7,564,583
As of December 31, 2013		5,427,969		1,040,401		76,214		238,604		6,783,188

(1)Assets not identified by segment consist primarily of general corporate assets.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.