14. SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s reportable 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. During the fourth quarter of 2012, the Company combined the reporting of its site development segments, as the nature of the services were complementary to one another. All prior periods presented have been restated to conform to the current year presentation.

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 (in thousands):


	Site Leasing		Site Development		Not Identified by Segment ⁽¹⁾			Total

Three months ended June 30, 2013
Revenues	$	279,501	$	44,804	$	—		$	324,305
Cost of revenues ⁽²⁾	$	67,784	$	35,941	$	—		$	103,725
Depreciation, amortization and accretion	$	140,142	$	472	$	475		$	141,089
Operating income (loss)	$	49,751	$	6,448	$	(6,665	)	$	49,534
Capital expenditures ⁽³⁾	$	80,107	$	839	$	264		$	81,210

Three months ended June 30, 2012
Revenues	$	203,581	$	25,566	$	—		$	229,147
Cost of revenues ⁽²⁾	$	44,759	$	21,446	$	—		$	66,205
Depreciation, amortization and accretion	$	93,108	$	519	$	371		$	93,998
Operating income (loss)	$	35,550	$	835	$	(1,647	)	$	34,738
Capital expenditures ⁽³⁾	$	923,070	$	1,754	$	346		$	925,170

Six months ended June 30, 2013
Revenues	$	553,005	$	84,372	$	—		$	637,377
Cost of revenues ⁽²⁾	$	135,885	$	68,535	$	—		$	204,420
Depreciation, amortization and accretion	$	264,750	$	1,031	$	944		$	266,725
Operating income (loss)	$	101,344	$	10,930	$	(5,974	)	$	106,300
Capital expenditures ⁽³⁾	$	324,246	$	2,647	$	718		$	327,611

Six months ended June 30, 2012
Revenues	$	376,504	$	45,133	$	—		$	421,637
Cost of revenues ⁽²⁾	$	80,166	$	38,232	$	—		$	118,398
Depreciation, amortization and accretion	$	174,434	$	1,035	$	629		$	176,098
Operating income (loss)	$	77,804	$	890	$	(3,667	)	$	75,027
Capital expenditures ⁽³⁾	$	998,486	$	2,267	$	716		$	1,001,469

Assets
As of June 30, 2013	$	6,146,675	$	73,760	$	264,071		$	6,484,506
As of December 31, 2012	$	6,422,577	$	58,804	$	114,236		$	6,595,617

(1)	Assets not identified by segment consist primarily of general corporate assets.

(2)	Excludes depreciation, amortization and accretion.

(3)	Includes cash paid for capital expenditures and acquisitions and related earn-outs and vehicle capital lease additions.

For the six months ended June 30, 2013 and 2012, the Company’s leasing revenues generated outside of the United States were 7.1% and 5.8%, respectively, of total consolidated site leasing revenues. As of June 30, 2013 and December 31, 2012, the Company’s total assets outside of the United States were 9.7% and 12.2%, respectively, of total consolidated assets. Total assets held outside of the United States at December 31, 2012 included $178.1 million of cash in Brazil, which was part of the Vivo acquisition, and paid in January 2013.