v3.26.1
Segment Data
 3 Months Ended
Mar. 31, 2026
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, 2026

(in thousands)

Revenues (1)

$

450,301 

$

205,848 

$

47,289 

$

—

$

703,438 

Cost of revenues (2)

70,621 

61,291 

39,424 

—

171,336 

Operating profit

379,680 

144,557 

7,865 

—

532,102 

Selling, general, and administrative expenses

31,357 

18,309 

3,579 

17,303 

70,548 

Acquisition and new business initiatives

related adjustments and expenses

5,530 

2,560 

—

—

8,090 

Asset impairment and decommission costs

26,971 

2,131 

198 

—

29,300 

Depreciation, amortization and accretion

37,618 

41,154 

903 

1,641 

81,316 

Operating income (loss)

278,204 

80,403 

3,185 

(18,944)

342,848 

Other expense, net (principally interest

expense and other income)

(106,834)

(106,834)

Income before income taxes

236,014 

Cash capital expenditures (3)

59,575 

129,305 

432 

2,919 

192,231 

For the three months ended March 31, 2025

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 


‎

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (4)

Total

Assets

(in thousands)

As of March 31, 2026

$

6,198,460 

$

5,221,248 

$

78,104 

$

223,032 

$

11,720,844 

As of December 31, 2025

$

6,178,526 

$

5,183,588 

$

98,072 

$

114,826 

$

11,575,012 

(1)For the three months ended March 31, 2026 and 2025, site leasing revenue in Brazil was $88.9 million and $85.0 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.

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

March 31, 2026

December 31, 2025

(in thousands)

Domestic

$

5,749,826

$

5,737,975

Brazil

1,855,955

1,799,578

Guatemala

749,680

636,476

Other international

1,951,683

1,975,560

Total

$

10,307,144

$

10,149,589