14.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business 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. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region.

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.



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

For the three months ended March 31, 2018	(in thousands)
Revenues	$	341,707	$	88,835	$	27,760	$	—	$	458,302
Cost of revenues (2)		65,015		27,802		22,520		—		115,337
Operating profit		276,692		61,033		5,240		—		342,965
Selling, general, and administrative		19,339		6,614		4,077		6,019		36,049
Acquisition related adjustments and expenses		1,786		1,258		—		—		3,044
Asset impairment and decommission costs		6,726		1,502		278		—		8,506
Depreciation, amortization and accretion		123,458		39,680		642		1,618		165,398
Operating income (loss)		125,383		11,979		243		(7,637)		129,968
Other expense (principally interest expense
and other income (expense))								(89,841)		(89,841)
Income before provision for income taxes										40,127
Cash capital expenditures (3)		71,019		77,056		267		636		148,978

For the three months ended March 31, 2017
Revenues	$	321,130	$	76,420	$	25,813	$	—	$	423,363
Cost of revenues (2)		65,427		23,955		21,588		—		110,970
Operating profit		255,703		52,465		4,225		—		312,393
Selling, general, and administrative		19,356		5,959		3,617		5,291		34,223
Acquisition related adjustments and expenses		1,901		1,068		—		—		2,969
Asset impairment and decommission costs		7,430		816		105		—		8,351
Depreciation, amortization and accretion		123,896		32,825		711		1,599		159,031
Operating income (loss)		103,120		11,797		(208)		(6,890)		107,819
Other expense (principally interest expense
and other income (expense))								(66,823)		(66,823)
Income before provision for income taxes										40,996
Cash capital expenditures (3)		50,433		26,890		133		942		78,398



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

Assets	(in thousands)
As of March 31, 2018	$	5,139,407	$	2,133,870	$	53,144	$	78,661	$	7,405,082
As of December 31, 2017	$	5,171,190	$	2,028,479	$	49,487	$	71,049	$	7,320,205

(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.

Other than Brazil, no foreign country represented a material amount of total revenues in any of the periods presented. Site leasing revenue in Brazil was $61.2 million and $53.2 million for the three months ended March 31, 2018 and 2017, respectively. Total long-lived assets in Brazil were $1,262.5 million and $1,278.9 million as of March 31, 2018 and December 31, 2017, respectively.