XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Segment Data | 6 Months Ended
--- | ---
Jun. 30, 2024
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, 2024 |  | (in thousands)
Revenues (1) |  | $ | 463,204 |  | $ | 163,253 |  | $ | 34,020 |  | $ | — |  | $ | 660,477
Cost of revenues (2) |  |  | 65,489 |  |  | 48,642 |  |  | 27,137 |  |  | — |  |  | 141,268
Operating profit |  |  | 397,715 |  |  | 114,611 |  |  | 6,883 |  |  | — |  |  | 519,209
Selling, general, and administrative expenses |  |  | 33,608 |  |  | 15,775 |  |  | 2,944 |  |  | 10,049 |  |  | 62,376
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 3,089 |  |  | 3,485 |  |  | — |  |  | — |  |  | 6,574
Asset impairment and decommission costs |  |  | 13,825 |  |  | 17,362 |  |  | — |  |  | 423 |  |  | 31,610
Depreciation, amortization and accretion |  |  | 33,870 |  |  | 27,457 |  |  | 1,038 |  |  | 1,814 |  |  | 64,179
Operating income (loss) |  |  | 313,323 |  |  | 50,532 |  |  | 2,901 |  |  | (12,286) |  |  | 354,470
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (207,355) |  |  | (207,355)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 147,115
Cash capital expenditures (3) |  |  | 48,603 |  |  | 41,687 |  |  | 123 |  |  | 1,177 |  |  | 91,590
For the three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
‎
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the six months ended June 30, 2024 |  | (in thousands)
Revenues (1) |  | $ | 924,703 |  | $ | 330,030 |  | $ | 63,606 |  | $ | — |  | $ | 1,318,339
Cost of revenues (2) |  |  | 131,459 |  |  | 97,485 |  |  | 50,315 |  |  | — |  |  | 279,259
Operating profit |  |  | 793,244 |  |  | 232,545 |  |  | 13,291 |  |  | — |  |  | 1,039,080
Selling, general, and administrative expenses |  |  | 67,956 |  |  | 31,483 |  |  | 7,370 |  |  | 24,265 |  |  | 131,074
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 8,387 |  |  | 5,604 |  |  | — |  |  | — |  |  | 13,991
Asset impairment and decommission costs |  |  | 43,738 |  |  | 31,097 |  |  | — |  |  | 423 |  |  | 75,258
Depreciation, amortization and accretion |  |  | 74,215 |  |  | 61,286 |  |  | 1,872 |  |  | 3,556 |  |  | 140,929
Operating income (loss) |  |  | 598,948 |  |  | 103,075 |  |  | 4,049 |  |  | (28,244) |  |  | 677,828
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (359,244) |  |  | (359,244)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 318,584
Cash capital expenditures (3) |  |  | 89,624 |  |  | 77,289 |  |  | 182 |  |  | 1,771 |  |  | 168,866
For the six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other (4) |  | Total
Assets |  | (in thousands)
As of June 30, 2024 |  | $ | 5,860,164 |  | $ | 3,502,379 |  | $ | 44,447 |  | $ | 379,188 |  | $ | 9,786,178
As of December 31, 2023 |  | $ | 5,876,648 |  | $ | 3,871,164 |  | $ | 66,001 |  | $ | 364,628 |  | $ | 10,178,441
(1)For the three months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $93.1 million and $99.7 million, respectively. For the six months ended June 30, 2024 and 2023, site leasing revenue in Brazil was $190.5 million and $193.6 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenue 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 as of June 30, 2024 and December 31, 2023. Total international long-lived assets were $3.1 billion and $3.4 billion as of June 30, 2024 and December 31, 2023. Total long-lived assets in Brazil were $1.8 billion and $2.1 billion as of June 30, 2024 and December 31, 2023, 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration