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Segment Data | 9 Months Ended
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Sep. 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 CODM 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 September 30, 2024 |  | (in thousands)
Revenues (1) |  | $ | 464,860 |  | $ | 160,837 |  | $ | 41,898 |  | $ | — |  | $ | 667,595
Cost of revenues (2) |  |  | 68,908 |  |  | 49,040 |  |  | 32,391 |  |  | — |  |  | 150,339
Operating profit |  |  | 395,952 |  |  | 111,797 |  |  | 9,507 |  |  | — |  |  | 517,256
Selling, general, and administrative expenses |  |  | 32,114 |  |  | 15,258 |  |  | 2,849 |  |  | 9,866 |  |  | 60,087
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 3,496 |  |  | 1,892 |  |  | — |  |  | — |  |  | 5,388
Asset impairment and decommission costs |  |  | 1,337 |  |  | 10,989 |  |  | — |  |  | 344 |  |  | 12,670
Depreciation, amortization and accretion |  |  | 34,636 |  |  | 26,098 |  |  | 895 |  |  | 1,886 |  |  | 63,515
Operating income (loss) |  |  | 324,369 |  |  | 57,560 |  |  | 5,763 |  |  | (12,096) |  |  | 375,596
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (77,389) |  |  | (77,389)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 298,207
Cash capital expenditures (3) |  |  | 234,962 |  |  | 36,317 |  |  | 428 |  |  | 590 |  |  | 272,297
For the three months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 468,371 |  | $ | 169,069 |  | $ | 45,104 |  | $ | — |  | $ | 682,544
Cost of revenues (2) |  |  | 66,768 |  |  | 51,509 |  |  | 31,493 |  |  | — |  |  | 149,770
Operating profit |  |  | 401,603 |  |  | 117,560 |  |  | 13,611 |  |  | — |  |  | 532,774
Selling, general, and administrative expenses |  |  | 30,759 |  |  | 15,925 |  |  | 4,993 |  |  | 13,144 |  |  | 64,821
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 2,369 |  |  | 3,243 |  |  | — |  |  | — |  |  | 5,612
Asset impairment and decommission costs |  |  | 25,560 |  |  | 7,503 |  |  | — |  |  | — |  |  | 33,063
Depreciation, amortization and accretion |  |  | 114,849 |  |  | 63,218 |  |  | 915 |  |  | 1,692 |  |  | 180,674
Operating income (loss) |  |  | 228,066 |  |  | 27,671 |  |  | 7,703 |  |  | (14,836) |  |  | 248,604
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (155,381) |  |  | (155,381)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 93,223
Cash capital expenditures (3) |  |  | 81,886 |  |  | 31,583 |  |  | 1,280 |  |  | 681 |  |  | 115,430
‎
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the nine months ended September 30, 2024 |  | (in thousands)
Revenues (1) |  | $ | 1,389,563 |  | $ | 490,867 |  | $ | 105,504 |  | $ | — |  | $ | 1,985,934
Cost of revenues (2) |  |  | 200,368 |  |  | 146,525 |  |  | 82,705 |  |  | — |  |  | 429,598
Operating profit |  |  | 1,189,195 |  |  | 344,342 |  |  | 22,799 |  |  | — |  |  | 1,556,336
Selling, general, and administrative expenses |  |  | 100,070 |  |  | 46,741 |  |  | 10,219 |  |  | 34,131 |  |  | 191,161
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 11,883 |  |  | 7,496 |  |  | — |  |  | — |  |  | 19,379
Asset impairment and decommission costs |  |  | 45,075 |  |  | 42,086 |  |  | — |  |  | 767 |  |  | 87,928
Depreciation, amortization and accretion |  |  | 108,851 |  |  | 87,384 |  |  | 2,767 |  |  | 5,442 |  |  | 204,444
Operating income (loss) |  |  | 923,316 |  |  | 160,635 |  |  | 9,813 |  |  | (40,340) |  |  | 1,053,424
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (436,632) |  |  | (436,632)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 616,792
Cash capital expenditures (3) |  |  | 324,586 |  |  | 113,606 |  |  | 610 |  |  | 2,361 |  |  | 441,163
For the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 1,379,959 |  | $ | 500,892 |  | $ | 155,709 |  | $ | — |  | $ | 2,036,560
Cost of revenues (2) |  |  | 200,952 |  |  | 152,459 |  |  | 114,914 |  |  | — |  |  | 468,325
Operating profit |  |  | 1,179,007 |  |  | 348,433 |  |  | 40,795 |  |  | — |  |  | 1,568,235
Selling, general, and administrative expenses |  |  | 90,946 |  |  | 51,068 |  |  | 15,541 |  |  | 42,857 |  |  | 200,412
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 8,174 |  |  | 8,448 |  |  | — |  |  | — |  |  | 16,622
Asset impairment and decommission costs |  |  | 75,460 |  |  | 14,633 |  |  | — |  |  | 2,227 |  |  | 92,320
Depreciation, amortization and accretion |  |  | 351,689 |  |  | 185,522 |  |  | 2,767 |  |  | 4,931 |  |  | 544,909
Operating income (loss) |  |  | 652,738 |  |  | 88,762 |  |  | 22,487 |  |  | (50,015) |  |  | 713,972
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (303,893) |  |  | (303,893)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 410,079
Cash capital expenditures (3) |  |  | 177,464 |  |  | 86,695 |  |  | 2,350 |  |  | 2,272 |  |  | 268,781
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other (4) |  | Total
Assets |  | (in thousands)
As of September 30, 2024 |  | $ | 6,173,557 |  | $ | 3,641,169 |  | $ | 55,076 |  | $ | 331,861 |  | $ | 10,201,663
As of December 31, 2023 |  | $ | 5,876,648 |  | $ | 3,871,164 |  | $ | 66,001 |  | $ | 364,628 |  | $ | 10,178,441
(1)For the three months ended September 30, 2024 and 2023, site leasing revenue in Brazil was $89.3 million and $100.0 million, respectively. For the nine months ended September 30, 2024 and 2023, site leasing revenue in Brazil was $279.9 million and $293.6 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 $5.7 billion and $5.4 billion as of September 30, 2024 and December 31, 2023, respectively. Total international long-lived assets were $3.3 billion and $3.4 billion as of September 30, 2024 and December 31, 2023. Total long-lived assets in Brazil were $1.9 billion and $2.1 billion as of September 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.

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- Definition The entire disclosure for reporting segments including data and tables. 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