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Segment Data | 6 Months Ended
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Jun. 30, 2025
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 (“CODM”) is the Company’s Chief Executive Officer. 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 June 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 469,807 |  | $ | 161,981 |  | $ | 67,193 |  | $ | — |  | $ | 698,981
Cost of revenues (2) |  |  | 69,421 |  |  | 49,150 |  |  | 53,525 |  |  | — |  |  | 172,096
Operating profit |  |  | 400,386 |  |  | 112,831 |  |  | 13,668 |  |  | — |  |  | 526,885
Selling, general, and administrative expenses |  |  | 31,515 |  |  | 20,803 |  |  | 3,065 |  |  | 15,639 |  |  | 71,022
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 4,667 |  |  | 1,220 |  |  | — |  |  | — |  |  | 5,887
Asset impairment and decommission costs |  |  | 19,977 |  |  | 25,088 |  |  | — |  |  | 166 |  |  | 45,231
Depreciation, amortization and accretion |  |  | 36,840 |  |  | 30,249 |  |  | 864 |  |  | 2,011 |  |  | 69,964
Operating income (loss) |  |  | 307,387 |  |  | 35,471 |  |  | 9,739 |  |  | (17,816) |  |  | 334,781
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (74,028) |  |  | (74,028)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 260,753
Cash capital expenditures (3) |  |  | 41,906 |  |  | 602,782 |  |  | 1,474 |  |  | 771 |  |  | 646,933
For the three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
‎
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the six months ended June 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 930,800 |  | $ | 317,197 |  | $ | 115,232 |  | $ | — |  | $ | 1,363,229
Cost of revenues (2) |  |  | 137,693 |  |  | 96,356 |  |  | 91,714 |  |  | — |  |  | 325,763
Operating profit |  |  | 793,107 |  |  | 220,841 |  |  | 23,518 |  |  | — |  |  | 1,037,466
Selling, general, and administrative expenses |  |  | 62,522 |  |  | 38,227 |  |  | 6,280 |  |  | 30,212 |  |  | 137,241
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 10,528 |  |  | 2,738 |  |  | — |  |  | — |  |  | 13,266
Asset impairment and decommission costs |  |  | 35,141 |  |  | 46,406 |  |  | — |  |  | 710 |  |  | 82,257
Depreciation, amortization and accretion |  |  | 73,584 |  |  | 55,772 |  |  | 1,721 |  |  | 3,935 |  |  | 135,012
Operating income (loss) |  |  | 611,332 |  |  | 77,698 |  |  | 15,517 |  |  | (34,857) |  |  | 669,690
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (149,014) |  |  | (149,014)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 520,676
Cash capital expenditures (3) |  |  | 84,284 |  |  | 669,122 |  |  | 2,300 |  |  | 1,666 |  |  | 757,372
For the six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other (4) |  | Total
Assets |  | (in thousands)
As of June 30, 2025 |  | $ | 6,220,514 |  | $ | 4,308,485 |  | $ | 93,465 |  | $ | 143,923 |  | $ | 10,766,387
As of December 31, 2024 |  | $ | 6,206,748 |  | $ | 3,417,981 |  | $ | 65,481 |  | $ | 1,727,126 |  | $ | 11,417,336
(1)For the three months ended June 30, 2025 and 2024, site leasing revenue in Brazil was $85.1 million and $93.1 million, respectively. For the six months ended June 30, 2025 and 2024, site leasing revenue in Brazil was $170.1 million and $190.5 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. Cost of revenues is primarily comprised of rent expense related to the Company’s ground leases. (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. Assets in Other for the period ended December 31, 2024 also includes $1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities. ‎ 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. The Company’s long-lived assets by geographic areas representing more than 5% of the Company’s total long-lived assets is presented below:
|  | As of |  | As of
|  | June 30, 2025 |  | December 31, 2024
|  |  | (in thousands)
Domestic |  | $ | 5,763,235 |  | $ | 5,741,882
Brazil |  |  | 1,839,629 |  |  | 1,681,925
Guatemala |  |  | 577,880 |  |  | 50,686
Other international |  |  | 1,420,187 |  |  | 1,307,026
Total |  | $ | 9,600,931 |  | $ | 8,781,519

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