Segment Data

3 Months Ended

Mar. 31, 2021

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 March 31, 2021	(in thousands)
Revenues	$	403,579	$	101,524	$	43,636	$	—	$	548,739
Cost of revenues (1)		65,120		30,248		34,406		—		129,774
Operating profit		338,459		71,276		9,230		—		418,965
Selling, general, and administrative expenses		28,056		7,760		5,789		9,996		51,601
Acquisition and new business initiatives
related adjustments and expenses		3,332		1,669		—		—		5,001
Asset impairment and decommission costs		3,871		1,032		—		—		4,903
Depreciation, amortization and accretion		137,054		43,121		2,082		1,624		183,881
Operating income (loss)		166,146		17,694		1,359		(11,620)		173,579
Other expense (principally interest expense
and other expense)								(206,246)		(206,246)
Loss before income taxes										(32,667)
Cash capital expenditures (2)		1,059,678		16,947		870		750		1,078,245
For the three months ended March 31, 2020
Revenues	$	386,345	$	106,011	$	24,711	$	—	$	517,067
Cost of revenues (1)		63,905		31,894		19,715		—		115,514
Operating profit		322,440		74,117		4,996		—		401,553
Selling, general, and administrative expenses		27,323		7,931		4,456		9,907		49,617
Acquisition and new business initiatives
related adjustments and expenses		2,597		1,202		—		—		3,799
Asset impairment and decommission costs		10,826		3,529		—		—		14,355
Depreciation, amortization and accretion		133,806		46,612		616		1,545		182,579
Operating income (loss)		147,888		14,843		(76)		(11,452)		151,203
Other expense (principally interest expense
and other expense)								(345,674)		(345,674)
Loss before income taxes										(194,471)
Cash capital expenditures (2)		101,306		26,433		782		1,194		129,715

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (3)		Total
Assets	(in thousands)
As of March 31, 2021	$	6,776,019	$	2,696,652	$	81,127	$	209,662	$	9,763,460
As of December 31, 2020	$	5,893,636	$	2,955,563	$	61,729	$	247,090	$	9,158,018

(1)Excludes depreciation, amortization, and accretion.

(2)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.

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

For the three months ended March 31, 2021 and 2020, site leasing revenue in Brazil was $55.4 million and $63.1 million, respectively. Other than Brazil, no foreign country represented a material amount of the Company’s total revenues in any of the periods presented. Total long-lived assets in Brazil were $0.9 billion and $1.0 billion as of March 31, 2021 and December 31, 2020, respectively.