Segment Data

9 Months Ended

Sep. 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 September 30, 2023	(in thousands)
Revenues (1)	$	468,371	$	169,069	$	45,104	$	—	$	682,544
Cost of revenues (2)		66,768		51,509		31,493		—		149,770
Operating profit		401,603		117,560		13,611		—		532,774
Selling, general, and administrative expenses		30,759		15,925		4,993		13,144		64,821
Acquisition and new business initiatives
related adjustments and expenses		2,369		3,243		—		—		5,612
Asset impairment and decommission costs		25,560		7,503		—		—		33,063
Depreciation, amortization and accretion		114,849		63,218		915		1,692		180,674
Operating income (loss)		228,066		27,671		7,703		(14,836)		248,604
Other expense, net (principally interest
expense and other income)								(155,381)		(155,381)
Income before income taxes										93,223
Cash capital expenditures (3)		81,886		31,583		1,280		681		115,430
For the three months ended September 30, 2022
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		31,380		14,952		5,711		13,800		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)		217,490		24,412		16,407		(15,322)		242,987
Other expense, net (principally interest
expense and other income)								(140,342)		(140,342)
Income before income taxes										102,645
Cash capital expenditures (3)		48,522		73,007		1,367		933		123,829

‎

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total
For the nine months ended September 30, 2023	(in thousands)
Revenues (1)	$	1,379,959	$	500,892	$	155,709	$	—	$	2,036,560
Cost of revenues (2)		200,952		152,459		114,914		—		468,325
Operating profit		1,179,007		348,433		40,795		—		1,568,235
Selling, general, and administrative expenses		90,946		51,068		15,541		42,857		200,412
Acquisition and new business initiatives
related adjustments and expenses		8,174		8,448		—		—		16,622
Asset impairment and decommission costs		75,460		14,633		—		2,227		92,320
Depreciation, amortization and accretion		351,689		185,522		2,767		4,931		544,909
Operating income (loss)		652,738		88,762		22,487		(50,015)		713,972
Other expense, net (principally interest
expense and other income)								(303,893)		(303,893)
Income before income taxes										410,079
Cash capital expenditures (3)		177,464		86,695		2,350		2,272		268,781
For the nine months ended September 30, 2022
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		90,541		45,519		16,445		38,736		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)		637,165		60,858		36,308		(43,585)		690,746
Other expense, net (principally interest
expense and other income)								(293,728)		(293,728)
Income before income taxes										397,018
Cash capital expenditures (3)		182,494		380,072		4,061		4,143		570,770

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total
Assets	(in thousands)
As of September 30, 2023	$	6,061,251	$	3,775,452	$	74,763	$	422,715	$	10,334,181
As of December 31, 2022	$	6,308,204	$	3,808,699	$	158,137	$	310,001	$	10,585,041

(1)For the three months ended September 30, 2023 and 2022, site leasing revenue in Brazil was $100.0 million and $70.7 million, respectively. For the nine months ended September 30, 2023 and 2022, site leasing revenue in Brazil was $293.6 million and $209.8 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 $5.6 billion and $5.9 billion as of September 30, 2023 and December 31, 2022, respectively. Total international long-lived assets were $3.4 billion and $3.5 billion as of September 30, 2023 and December 31, 2022. Total long-lived assets in Brazil were $2.1 billion and $2.0 billion as of September 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.