Segment Data

9 Months Ended

Sep. 30, 2022

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.

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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, 2022	(in thousands)
Revenues (1)	$	449,595	$	137,707	$	88,282	$	—	$	675,584
Cost of revenues (2)		66,423		45,590		65,540		—		177,553
Operating profit		383,172		92,117		22,742		—		498,031
Selling, general, and administrative expenses		26,189		14,952		5,711		18,991		65,843
Acquisition and new business initiatives
related adjustments and expenses		4,318		2,526		—		—		6,844
Asset impairment and decommission costs		7,835		697		—		—		8,532
Depreciation, amortization and accretion		122,149		49,530		624		1,522		173,825
Operating income (loss)		222,681		24,412		16,407		(20,513)		242,987
Other expense (principally interest
expense and other expense)								(140,342)		(140,342)
Income before income taxes										102,645
Cash capital expenditures (3)		48,522		73,007		1,367		933		123,829
For the three months ended September 30, 2021
Revenues (1)	$	426,758	$	108,734	$	53,813	$	—	$	589,305
Cost of revenues (2)		65,260		33,406		41,357		—		140,023
Operating profit		361,498		75,328		12,456		—		449,282
Selling, general, and administrative expenses		27,983		9,272		4,791		8,954		51,000
Acquisition and new business initiatives
related adjustments and expenses		2,911		2,819		—		—		5,730
Asset impairment and decommission costs		6,113		3,747		—		—		9,860
Depreciation, amortization and accretion		123,705		45,035		565		1,611		170,916
Operating income (loss)		200,786		14,455		7,100		(10,565)		211,776
Other expense (principally interest
expense and other expense)								(174,812)		(174,812)
Income before income taxes										36,964
Cash capital expenditures (3)		39,062		51,897		221		1,755		92,935

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	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the nine months ended September 30, 2022	(in thousands)
Revenues (1)	$	1,324,666	$	402,301	$	220,393	$	—	$	1,947,360
Cost of revenues (2)		197,995		132,687		165,809		—		496,491
Operating profit		1,126,671		269,614		54,584		—		1,450,869
Selling, general, and administrative expenses		75,787		45,519		16,445		53,490		191,241
Acquisition and new business initiatives
related adjustments and expenses		10,705		8,071		—		—		18,776
Asset impairment and decommission costs		20,407		5,158		—		—		25,565
Depreciation, amortization and accretion		367,853		150,008		1,831		4,849		524,541
Operating income (loss)		651,919		60,858		36,308		(58,339)		690,746
Other expense (principally interest
expense and other expense)								(293,728)		(293,728)
Income before income taxes										397,018
Cash capital expenditures (3)		182,494		380,072		4,061		4,143		570,770
For the nine months ended September 30, 2021
Revenues (1)	$	1,249,291	$	315,523	$	148,882	$	—	$	1,713,696
Cost of revenues (2)		194,455		95,055		116,172		—		405,682
Operating profit		1,054,836		220,468		32,710		—		1,308,014
Selling, general, and administrative expenses		85,240		26,553		14,574		30,179		156,546
Acquisition and new business initiatives
related adjustments and expenses		10,839		6,686		—		—		17,525
Asset impairment and decommission costs		12,674		5,740		—		146		18,560
Depreciation, amortization and accretion		390,730		132,900		1,727		4,909		530,266
Operating income (loss)		555,353		48,589		16,409		(35,234)		585,117
Other expense (principally interest
expense and other expense)								(380,903)		(380,903)
Income before income taxes										204,214
Cash capital expenditures (3)		1,186,791		87,572		1,812		3,751		1,279,926

	Domestic Site		Int'l Site		Site
	Leasing		Leasing (1)		Development		Other (4)		Total
Assets	(in thousands)
As of September 30, 2022	$	6,400,854	$	3,055,310	$	125,512	$	367,338	$	9,949,014
As of December 31, 2021	$	6,628,156	$	2,870,503	$	87,410	$	215,630	$	9,801,699

(1)For the three months ended September 30, 2022 and 2021, site leasing revenue in Brazil was $70.7 million and $60.7 million, respectively. For the nine months ended September 30, 2022 and 2021, site leasing revenue in Brazil was $209.8 million and $174.5 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 as of September 30, 2022 and December 31, 2021.

(2)Excludes depreciation, amortization, and accretion.

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

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