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Segment Data | 6 Months Ended
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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.

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