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.