Segment Data

3 Months Ended

Mar. 31, 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 March 31, 2025	(in thousands)
Revenues (1)	$	460,994	$	155,215	$	48,039	$	—	$	664,248
Cost of revenues (2)		68,272		47,206		38,188		—		153,666
Operating profit		392,722		108,009		9,851		—		510,582
Selling, general, and administrative expenses		31,007		17,424		3,215		14,573		66,219
Acquisition and new business initiatives
related adjustments and expenses		5,861		1,518		—		—		7,379
Asset impairment and decommission costs		15,164		21,318		—		544		37,026
Depreciation, amortization and accretion		36,744		25,523		857		1,924		65,048
Operating income (loss)		303,946		42,226		5,779		(17,041)		334,910
Other expense, net (principally interest
expense and other income)								(74,985)		(74,985)
Income before income taxes										259,925
Cash capital expenditures (3)		42,379		66,340		826		895		110,440
For the three months ended March 31, 2024
Revenues (1)	$	461,499	$	166,777	$	29,586	$	—	$	657,862
Cost of revenues (2)		65,970		48,843		23,178		—		137,991
Operating profit		395,529		117,934		6,408		—		519,871
Selling, general, and administrative expenses		34,348		15,708		4,426		14,216		68,698
Acquisition and new business initiatives
related adjustments and expenses		5,298		2,119		—		—		7,417
Asset impairment and decommission costs		29,913		13,735		—		—		43,648
Depreciation, amortization and accretion		40,345		33,829		834		1,742		76,750
Operating income (loss)		285,625		52,543		1,148		(15,958)		323,358
Other expense, net (principally interest
expense and other income)								(151,888)		(151,888)
Income before income taxes										171,470
Cash capital expenditures (3)		41,021		35,602		59		594		77,276

	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total
Assets	(in thousands)
As of March 31, 2025	$	6,224,701	$	3,619,615	$	75,558	$	523,043	$	10,442,917
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 March 31, 2025 and 2024, site leasing revenue in Brazil was $85.0 million and $97.5 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.

Total domestic long-lived assets were $5.7 billion as of March 31, 2025 and December 31, 2024. Total international long-lived assets were $3.1 billion and $3.0 billion as of March 31, 2025 and December 31, 2024. Total long-lived assets in Brazil were $1.8 billion and $1.7 billion as of March 31, 2025 and December 31, 2024, 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.