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Segment Data
 3 Months Ended
Mar. 31, 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 March 31, 2023

(in thousands)

Revenues (1)

$

454,833 

$

162,435 

$

58,248 

$

—

$

675,516 

Cost of revenues (2)

69,750 

50,369 

44,185 

—

164,304 

Operating profit

385,083 

112,066 

14,063 

—

511,212 

Selling, general, and administrative expenses

31,743 

16,730 

6,077 

17,659 

72,209 

Acquisition and new business initiatives

related adjustments and expenses

3,232 

2,825 

—

—

6,057 

Asset impairment and decommission costs

19,435 

4,886 

—

2,069 

26,390 

Depreciation, amortization and accretion

119,487 

60,412 

916 

1,600 

182,415 

Operating income (loss)

211,186 

27,213 

7,070 

(21,328)

224,141 

Other expense, net (principally interest

expense and other income)

(80,079)

(80,079)

Income before income taxes

144,062 

Cash capital expenditures (3)

44,636 

23,033 

395 

1,256 

69,320 

For the three months ended March 31, 2022

Revenues (1)

$

432,986 

$

126,446 

$

60,338 

$

—

$

619,770 

Cost of revenues (2)

65,804 

41,351 

45,773 

—

152,928 

Operating profit

367,182 

85,095 

14,565 

—

466,842 

Selling, general, and administrative expenses

23,373 

15,494 

5,522 

17,735 

62,124 

Acquisition and new business initiatives

related adjustments and expenses

3,599 

1,505 

—

—

5,104 

Asset impairment and decommission costs

5,483 

3,029 

—

—

8,512 

Depreciation, amortization and accretion

123,133 

48,881 

588 

1,721 

174,323 

Operating income (loss)

211,594 

16,186 

8,455 

(19,456)

216,779 

Other income, net (principally interest

expense and other income)

12,004 

12,004 

Income before income taxes

228,783 

Cash capital expenditures (3)

39,545 

211,771 

966 

1,581 

253,863 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (4)

Total

Assets

(in thousands)

As of March 31, 2023

$

6,186,249 

$

3,855,779 

$

127,215 

$

372,286 

$

10,541,529 

As of December 31, 2022

$

6,308,204 

$

3,808,699 

$

158,137 

$

310,001 

$

10,585,041 

 

(1)For the three months ended March 31, 2023 and 2022, site leasing revenue in Brazil was $93.8 million and $65.2 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 $5.8 billion and $5.9 billion as of March 31, 2023 and December 31, 2022, respectively. Total international long-lived assets were $3.5 billion as of March 31, 2023 and December 31, 2022. Total long-lived assets in Brazil were $2.1 billion and $2.0 billion as of March 31, 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.