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, 2022	(in thousands)
Revenues ⁽¹⁾	$	1,777,593	$	558,982	$	296,879	$	—	$	2,633,454
Cost of revenues ⁽²⁾		264,149		181,536		222,965		—		668,650
Operating profit		1,513,444		377,446		73,914		—		1,964,804
Selling, general, and administrative expenses		102,619		62,911		22,911		73,412		261,853
Acquisition and new business initiatives
related adjustments and expenses		13,280		13,527		—		—		26,807
Asset impairment and decommission costs		33,880		9,280		—		—		43,160
Depreciation, amortization and accretion		489,072		209,563		2,521		6,420		707,576
Operating income (loss)		874,593		82,165		48,482		(79,832)		925,408
Other expense (principally interest
expense and other expense)								(399,565)		(399,565)
Income before income taxes										525,843
Cash capital expenditures ⁽³⁾		235,787		1,148,941		4,057		5,610		1,394,395
For the year ended December 31, 2021
Revenues ⁽¹⁾	$	1,681,372	$	422,715	$	204,747	$	—	$	2,308,834
Cost of revenues ⁽²⁾		258,612		127,779		159,093		—		545,484
Operating profit		1,422,760		294,936		45,654		—		1,763,350
Selling, general, and administrative expenses		115,458		37,768		20,636		46,167		220,029
Acquisition and new business initiatives
related adjustments and expenses		14,452		13,169		—		—		27,621
Asset impairment and decommission costs		20,135		12,763		—		146		33,044
Depreciation, amortization and accretion		514,234		177,059		2,295		6,573		700,161
Operating income (loss)		758,481		54,177		22,723		(52,886)		782,495
Other expense (principally interest
expense and other expense)								(529,931)		(529,931)
Income before income taxes										252,564
Cash capital expenditures ⁽³⁾		1,249,075		135,591		2,563		6,269		1,393,498
For the year ended December 31, 2020
Revenues ⁽¹⁾	$	1,558,311	$	396,161	$	128,666	$	—	$	2,083,138
Cost of revenues ⁽²⁾		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 ⁽³⁾		303,366		89,762		1,752		6,191		401,071



	Domestic Site		Int'l Site		Site
	Leasing		Leasing ⁽¹⁾		Development		Other ⁽⁴⁾		Total

Assets	(in thousands)
As of December 31, 2022	$	6,308,204	$	3,808,699	$	158,137	$	310,001	$	10,585,041
As of December 31, 2021	$	6,628,156	$	2,870,503	$	87,410	$	215,630	$	9,801,699

(1)For the years ended December 31, 2022, 2021, and 2020, site leasing revenue in Brazil was $299.5 million, $233.5 million, and $222.6 million, respectively. Other than Brazil, no foreign country represented a material amount of the Company’s total site leasing revenues in any of the periods presented. Total long-lived assets in Brazil were $1.0 billion and $0.9 billion as of December 31, 2022 and 2021, respectively.

(2)Excludes depreciation, amortization, and accretion.

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