Segment Data

6 Months Ended

Jun. 30, 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 June 30, 2021	(in thousands)
Revenues	$	418,829	$	105,266	$	51,433	$	—	$	575,528
Cost of revenues (1)		63,948		31,402		40,409		—		135,759
Operating profit		354,881		73,864		11,024		—		439,769
Selling, general, and administrative expenses		29,201		9,521		3,994		11,229		53,945
Acquisition and new business initiatives
related adjustments and expenses		4,596		2,198		—		—		6,794
Asset impairment and decommission costs		2,690		961		—		146		3,797
Depreciation, amortization and accretion		128,034		44,744		1,017		1,674		175,469
Operating income (loss)		190,360		16,440		6,013		(13,049)		199,764
Other income (expense) (principally interest
expense and other expense)								155		155
Income before income taxes										199,919
Cash capital expenditures (2)		88,051		18,728		721		1,246		108,746
For the three months ended June 30, 2020
Revenues	$	388,018	$	94,385	$	24,823	$	—	$	507,226
Cost of revenues (1)		64,093		27,505		19,904		—		111,502
Operating profit		323,925		66,880		4,919		—		395,724
Selling, general, and administrative expenses		25,233		9,035		4,494		10,326		49,088
Acquisition and new business initiatives
related adjustments and expenses		3,004		1,630		—		—		4,634
Asset impairment and decommission costs		5,342		900		—		—		6,242
Depreciation, amortization and accretion		134,569		42,011		597		1,529		178,706
Operating income (loss)		155,777		13,304		(172)		(11,855)		157,054
Other income (expense) (principally interest
expense and other expense)								(134,101)		(134,101)
Income before income taxes										22,953
Cash capital expenditures (2)		38,507		17,201		282		1,202		57,192

‎

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the six months ended June 30, 2021	(in thousands)
Revenues	$	822,407	$	206,790	$	95,069	$	—	$	1,124,266
Cost of revenues (1)		129,069		61,649		74,815		—		265,533
Operating profit		693,338		145,141		20,254		—		858,733
Selling, general, and administrative expenses		57,257		17,281		9,783		21,225		105,546
Acquisition and new business initiatives
related adjustments and expenses		7,928		3,867		—		—		11,795
Asset impairment and decommission costs		6,561		1,993		—		146		8,700
Depreciation, amortization and accretion		267,025		87,865		1,162		3,298		359,350
Operating income (loss)		354,567		34,135		9,309		(24,669)		373,342
Other income (expense) (principally interest
expense and other expense)								(206,092)		(206,092)
Income before income taxes										167,250
Cash capital expenditures (2)		1,147,729		35,675		1,591		1,996		1,186,991
For the six months ended June 30, 2020
Revenues	$	774,361	$	200,397	$	49,534	$	—	$	1,024,292
Cost of revenues (1)		127,997		59,400		39,620		—		227,017
Operating profit		646,364		140,997		9,914		—		797,275
Selling, general, and administrative expenses		52,555		16,966		8,950		20,233		98,704
Acquisition and new business initiatives
related adjustments and expenses		5,601		2,832		—		—		8,433
Asset impairment and decommission costs		16,168		4,429		—		—		20,597
Depreciation, amortization and accretion		268,375		88,623		1,213		3,074		361,285
Operating income (loss)		303,665		28,147		(249)		(23,307)		308,256
Other income (expense) (principally interest
expense and other expense)								(479,774)		(479,774)
Loss before income taxes										(171,518)
Cash capital expenditures (2)		139,813		43,634		1,064		2,396		186,907

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (3)		Total
Assets	(in thousands)
As of June 30, 2021	$	6,716,342	$	2,912,584	$	84,486	$	246,901	$	9,960,313
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 six months ended June 30, 2021 and 2020, site leasing revenue in Brazil was $113.8 million and $115.3 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 $1.0 billion as of June 30, 2021 and December 31, 2020.