Segment Data

12 Months Ended

Dec. 31, 2023

Segment Data [Abstract]

Segment Data

15.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 year ended December 31, 2023	(in thousands)
Revenues (1)	$	1,846,554	$	670,381	$	194,649	$	—	$	2,711,584
Cost of revenues (2)		268,572		204,115		139,935		—		612,622
Operating profit		1,577,982		466,266		54,714		—		2,098,962
Selling, general, and administrative expenses		121,782		66,619		21,316		58,219		267,936
Acquisition and new business initiatives
related adjustments and expenses		10,725		10,946		—		—		21,671
Asset impairment and decommission costs		138,699		28,089		372		2,227		169,387
Depreciation, amortization and accretion		457,169		248,758		3,704		6,678		716,309
Operating income (loss)		849,607		111,854		29,322		(67,124)		923,659
Other expense, net (principally interest
expense and other income)								(375,156)		(375,156)
Income before income taxes										548,503
Cash capital expenditures (3)		244,366		118,972		2,573		2,702		368,613
For the year ended December 31, 2022
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, net (principally interest
expense and other income)								(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, net (principally interest
expense and other income)								(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

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total
Assets	(in thousands)
As of December 31, 2023	$	5,876,648	$	3,871,164	$	66,001	$	364,628	$	10,178,441
As of December 31, 2022	$	6,308,204	$	3,808,699	$	158,137	$	310,001	$	10,585,041

(1)For the years ended December 31, 2023, 2022, and 2021, site leasing revenue in Brazil was $392.0 million, $299.5 million, and $233.5 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing 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 $5.4 billion and $5.9 billion as of December 31, 2023 and 2022, respectively. Total international long-lived assets were $3.4 billion and $3.5 billion as of December 31, 2023 and 2022, respectively. Total long-lived assets in Brazil were $2.1 billion and $2.0 billion as of December 31, 2023 and 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.