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 June 30, 2018	(in thousands)
Revenues	$	346,683	$	83,201	$	26,439	$	—	$	456,323
Cost of revenues (2)		67,756		25,932		20,726		—		114,414
Operating profit		278,927		57,269		5,713		—		341,909
Selling, general, and administrative		17,944		6,894		3,932		7,173		35,943
Acquisition related adjustments and expenses		1,570		1,563		—		—		3,133
Asset impairment and decommission costs		6,444		906		54		—		7,404
Depreciation, amortization and accretion		129,786		37,560		648		1,564		169,558
Operating income (loss)		123,183		10,346		1,079		(8,737)		125,871
Other expense (principally interest expense
and other income (expense))								(201,511)		(201,511)
Loss before income taxes										(75,640)
Cash capital expenditures (3)		182,898		21,507		653		846		205,904

For the three months ended June 30, 2017
Revenues	$	325,324	$	77,677	$	24,293	$	—	$	427,294
Cost of revenues (2)		65,251		24,086		20,007		—		109,344
Operating profit		260,073		53,591		4,286		—		317,950
Selling, general, and administrative		16,845		6,390		4,052		6,107		33,394
Acquisition related adjustments and expenses		1,438		868		—		—		2,306
Asset impairment and decommission costs		7,418		586		136		—		8,140
Depreciation, amortization and accretion		124,225		33,015		652		1,628		159,520
Operating income (loss)		110,147		12,732		(554)		(7,735)		114,590
Other expense (principally interest expense
and other income (expense))								(101,967)		(101,967)
Income before income taxes										12,623
Cash capital expenditures (3)		53,029		19,212		187		790		73,218



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

For the six months ended June 30, 2018	(in thousands)
Revenues	$	688,390	$	172,036	$	54,199	$	—	$	914,625
Cost of revenues (2)		132,772		53,734		43,246		—		229,752
Operating profit		555,618		118,302		10,953		—		684,873
Selling, general, and administrative		37,284		13,508		8,009		13,192		71,993
Acquisition related adjustments and expenses		3,356		2,821		—		—		6,177
Asset impairment and decommission costs		13,169		2,408		332		—		15,909
Depreciation, amortization and accretion		253,244		77,240		1,290		3,182		334,956
Operating income (loss)		248,565		22,325		1,322		(16,374)		255,838
Other expense (principally interest expense
and other income (expense))								(291,351)		(291,351)
Loss before income taxes										(35,513)
Cash capital expenditures (3)		253,917		98,563		920		1,482		354,882

For the six months ended June 30, 2017
Revenues	$	646,454	$	154,097	$	50,106	$	—	$	850,657
Cost of revenues (2)		130,678		48,041		41,595		—		220,314
Operating profit		515,776		106,056		8,511		—		630,343
Selling, general, and administrative		36,202		12,349		7,669		11,398		67,618
Acquisition related adjustments and expenses		3,338		1,936		—		—		5,274
Asset impairment and decommission costs		14,848		1,402		241		—		16,491
Depreciation, amortization and accretion		248,121		65,840		1,363		3,227		318,551
Operating income (loss)		213,267		24,529		(762)		(14,625)		222,409
Other expense (principally interest expense
and other income (expense))								(168,788)		(168,788)
Income before income taxes										53,621
Cash capital expenditures (3)		103,462		46,102		320		1,732		151,616



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

Assets	(in thousands)
As of June 30, 2018	$	5,193,378	$	1,952,742	$	48,271	$	94,987	$	7,289,378
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 the Company’s total revenues in any of the periods presented. Site leasing revenue in Brazil was $115.6 million and $107.4 million for the six months ended June 30, 2018 and 2017, respectively. Total long-lived assets in Brazil were $1,061.9 million and $1,278.9 million as of June 30, 2018 and December 31, 2017, respectively.