Segment Data

6 Months Ended

Jun. 30, 2023

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, 2023	(in thousands)
Revenues (1)	$	456,754	$	169,389	$	52,357	$	—	$	678,500
Cost of revenues (2)		64,434		50,580		39,236		—		154,250
Operating profit		392,320		118,809		13,121		—		524,250
Selling, general, and administrative expenses		28,445		18,413		4,471		12,054		63,383
Acquisition and new business initiatives
related adjustments and expenses		2,573		2,380		—		—		4,953
Asset impairment and decommission costs		30,465		2,244		—		158		32,867
Depreciation, amortization and accretion		117,353		61,892		936		1,639		181,820
Operating income (loss)		213,484		33,880		7,714		(13,851)		241,227
Other expense, net (principally interest
expense and other income)								(68,435)		(68,435)
Income before income taxes										172,792
Cash capital expenditures (3)		50,943		32,079		675		335		84,032
For the three months ended June 30, 2022
Revenues (1)	$	442,084	$	138,149	$	71,773	$	—	$	652,006
Cost of revenues (2)		65,768		45,747		54,497		—		166,012
Operating profit		376,316		92,402		17,276		—		485,994
Selling, general, and administrative expenses		26,225		15,073		5,212		16,764		63,274
Acquisition and new business initiatives
related adjustments and expenses		2,789		4,040		—		—		6,829
Asset impairment and decommission costs		7,089		1,432		—		—		8,521
Depreciation, amortization and accretion		122,570		51,597		619		1,606		176,392
Operating income (loss)		217,643		20,260		11,445		(18,370)		230,978
Other expense, net (principally interest
expense and other income)								(165,390)		(165,390)
Income before income taxes										65,588
Cash capital expenditures (3)		94,427		95,294		1,728		1,629		193,078

‎

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the six months ended June 30, 2023	(in thousands)
Revenues (1)	$	911,588	$	331,823	$	110,605	$	—	$	1,354,016
Cost of revenues (2)		134,183		100,950		83,421		—		318,554
Operating profit		777,405		230,873		27,184		—		1,035,462
Selling, general, and administrative expenses		60,188		35,143		10,548		29,713		135,592
Acquisition and new business initiatives
related adjustments and expenses		5,805		5,205		—		—		11,010
Asset impairment and decommission costs		49,900		7,130		—		2,227		59,257
Depreciation, amortization and accretion		236,840		122,304		1,852		3,239		364,235
Operating income (loss)		424,672		61,091		14,784		(35,179)		465,368
Other expense, net (principally interest
expense and other income)								(148,512)		(148,512)
Income before income taxes										316,856
Cash capital expenditures (3)		95,578		55,112		1,070		1,591		153,351
For the six months ended June 30, 2022
Revenues (1)	$	875,070	$	264,595	$	132,111	$	—	$	1,271,776
Cost of revenues (2)		131,573		87,097		100,269		—		318,939
Operating profit		743,497		177,498		31,842		—		952,837
Selling, general, and administrative expenses		49,598		30,567		10,734		34,499		125,398
Acquisition and new business initiatives
related adjustments and expenses		6,388		5,545		—		—		11,933
Asset impairment and decommission costs		12,572		4,461		—		—		17,033
Depreciation, amortization and accretion		245,704		100,478		1,207		3,327		350,716
Operating income (loss)		429,235		36,447		19,901		(37,826)		447,757
Other expense, net (principally interest
expense and other income)								(153,385)		(153,385)
Income before income taxes										294,372
Cash capital expenditures (3)		133,972		307,065		2,694		3,210		446,941

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total
Assets	(in thousands)
As of June 30, 2023	$	6,133,583	$	3,908,377	$	96,882	$	465,628	$	10,604,470
As of December 31, 2022	$	6,308,204	$	3,808,699	$	158,137	$	310,001	$	10,585,041

(1)For the three months ended June 30, 2023 and 2022, site leasing revenue in Brazil was $99.7 million and $73.8 million, respectively. For the six months ended June 30, 2023 and 2022, site leasing revenue in Brazil was $193.6 million and $139.1 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total revenues in any of the periods presented.

(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.

Total domestic long-lived assets were $5.7 billion and $5.9 billion as of June 30, 2023 and December 31, 2022, respectively. Total international long-lived assets were $3.6 billion and $3.5 billion as of June 30, 2023 and December 31, 2022. Total long-lived assets in Brazil were $2.2 billion and $2.0 billion as of June 30, 2023 and December 31, 2022, respectively. Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. Other than Brazil, no foreign country represented more than 5% of the Company’s total long-lived assets in any of the periods presented.