Segment Data

9 Months Ended

Sep. 30, 2020

Segment Data [Abstract]

Segment Data

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
	Leasing		Leasing		Development		Other		Total
For the three months ended September 30, 2020	(in thousands)
Revenues	$	390,961	$	95,804	$	36,175	$	—	$	522,940
Cost of revenues (1)		64,228		28,494		28,797		—		121,519
Operating profit		326,733		67,310		7,378		—		401,421
Selling, general, and administrative expenses		25,466		8,747		4,518		9,421		48,152
Acquisition and new business initiatives
related adjustments and expenses		2,458		1,666		—		—		4,124
Asset impairment and decommission costs		6,129		2,377		—		—		8,506
Depreciation, amortization and accretion		135,350		42,851		578		1,523		180,302
Operating income (loss)		157,330		11,669		2,282		(10,944)		160,337
Other expense (principally interest expense
and other income (expense))								(147,102)		(147,102)
Income before income taxes										13,235
Cash capital expenditures (2)		89,982		17,971		127		1,176		109,256
For the three months ended September 30, 2019
Revenues	$	374,705	$	93,867	$	38,975	$	—	$	507,547
Cost of revenues (1)		63,836		29,157		30,516		—		123,509
Operating profit		310,869		64,710		8,459		—		384,038
Selling, general, and administrative expenses		21,840		8,626		4,183		7,623		42,272
Acquisition and new business initiatives
related adjustments and expenses		2,717		1,975		—		—		4,692
Asset impairment and decommission costs		6,027		2,213		—		—		8,240
Depreciation, amortization and accretion		132,650		40,208		660		1,469		174,987
Operating income (loss)		147,635		11,688		3,616		(9,092)		153,847
Other expense (principally interest expense
and other income (expense))								(135,083)		(135,083)
Income before income taxes										18,764
Cash capital expenditures (2)		67,951		101,776		357		1,060		171,144

‎

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the nine months ended September 30, 2020	(in thousands)
Revenues	$	1,165,322	$	296,201	$	85,708	$	—	$	1,547,231
Cost of revenues (1)		192,226		87,894		68,417		—		348,537
Operating profit		973,096		208,307		17,291		—		1,198,694
Selling, general, and administrative expenses		78,021		25,713		13,468		29,654		146,856
Acquisition and new business initiatives
related adjustments and expenses		8,059		4,498		—		—		12,557
Asset impairment and decommission costs		22,297		6,806		—		—		29,103
Depreciation, amortization and accretion		403,725		131,474		1,791		4,597		541,587
Operating income (loss)		460,994		39,816		2,032		(34,251)		468,591
Other expense (principally interest expense
and other income (expense))								(626,873)		(626,873)
Loss before income taxes										(158,282)
Cash capital expenditures (2)		229,795		61,605		1,191		3,572		296,163
For the nine months ended September 30, 2019
Revenues	$	1,106,722	$	273,036	$	121,229	$	—	$	1,500,987
Cost of revenues (1)		194,525		84,642		92,606		—		371,773
Operating profit		912,197		188,394		28,623		—		1,129,214
Selling, general, and administrative expenses		77,926		22,624		16,774		31,431		148,755
Acquisition and new business initiatives
related adjustments and expenses		4,698		4,971		—		—		9,669
Asset impairment and decommission costs		18,476		5,155		—		—		23,631
Depreciation, amortization and accretion		394,308		117,197		1,900		4,185		517,590
Operating income (loss)		416,789		38,447		9,949		(35,616)		429,569
Other expense (principally interest expense
and other income (expense))								(327,029)		(327,029)
Income before income taxes										102,540
Cash capital expenditures (2)		242,660		149,704		2,165		2,259		396,788

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (3)		Total
Assets	(in thousands)
As of September 30, 2020	$	5,939,062	$	2,827,255	$	60,182	$	208,183	$	9,034,682
As of December 31, 2019	$	6,157,511	$	3,381,448	$	81,772	$	139,210	$	9,759,941

(1)Excludes depreciation, amortization, and accretion.

(2)Includes cash paid for capital expenditures and acquisitions and financing leases.

(3)Assets in Other consist primarily of general corporate assets and short-term investments.

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 $167.8 million and $168.6 million for the nine months ended September 30, 2020 and 2019, respectively. Total long-lived assets in Brazil were $0.9 billion and $1.4 billion as of September 30, 2020 and December 31, 2019, respectively.