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 year ended December 31, 2020	(in thousands)
Revenues	$	1,558,311	$	396,161	$	128,666	$	—	$	2,083,138
Cost of revenues ⁽¹⁾		256,673		117,105		102,750		—		476,528
Operating profit		1,301,638		279,056		25,916		—		1,606,610
Selling, general, and administrative expenses		102,889		34,905		17,663		38,810		194,267
Acquisition and new business initiatives
related adjustments and expenses		10,331		6,251		—		—		16,582
Asset impairment and decommission costs		28,887		11,210		—		—		40,097
Depreciation, amortization and accretion		539,399		174,073		2,356		6,142		721,970
Operating income (loss)		620,132		52,617		5,897		(44,952)		633,694
Other expense (principally interest expense
and other expense)								(651,443)		(651,443)
Loss before income taxes										(17,749)
Cash capital expenditures ⁽²⁾		303,366		89,762		1,752		6,191		401,071
For the year ended December 31, 2019
Revenues	$	1,487,108	$	373,750	$	153,787	$	—	$	2,014,645
Cost of revenues ⁽¹⁾		258,413		115,538		119,080		—		493,031
Operating profit		1,228,695		258,212		34,707		—		1,521,614
Selling, general, and administrative expenses		99,707		32,411		21,525		39,074		192,717
Acquisition and new business initiatives
related adjustments and expenses		7,933		7,295		—		—		15,228
Asset impairment and decommission costs		24,202		8,899		2		—		33,103
Depreciation, amortization and accretion		527,718		161,183		2,341		5,836		697,078
Operating income (loss)		569,135		48,424		10,839		(44,910)		583,488
Other expense (principally interest expense
and other expense)								(396,599)		(396,599)
Income before income taxes										186,889
Cash capital expenditures ⁽²⁾		287,793		635,728		3,900		4,271		931,692
For the year ended December 31, 2018
Revenues	$	1,400,095	$	340,339	$	125,261	$	—	$	1,865,695
Cost of revenues ⁽¹⁾		266,131		106,165		96,499		—		468,795
Operating profit		1,133,964		234,174		28,762		—		1,396,900
Selling, general, and administrative expenses		72,879		27,082		16,215		26,350		142,526
Acquisition and new business initiatives
related adjustments and expenses		5,268		5,693		—		—		10,961
Asset impairment and decommission costs		18,857		7,932		345		—		27,134
Depreciation, amortization and accretion		511,823		151,570		2,556		6,164		672,113
Operating income (loss)		525,137		41,897		9,646		(32,514)		544,166
Other expense (principally interest expense
and other expense)								(492,482)		(492,482)
Income before income taxes										51,684
Cash capital expenditures ⁽²⁾		338,610		258,785		1,561		3,724		602,680



	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other ⁽³⁾		Total

Assets	(in thousands)
As of December 31, 2020	$	5,893,636	$	2,955,563	$	61,729	$	247,090	$	9,158,018
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.