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SEC Filings

10-Q
 filed this Form 10-Q on 10/31/2017
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The decrease in our Asia property segment SG&A was primarily due to the reversal of bad debt expense of $3.7 million, partially offset by increased personnel costs to support our business.

The increase in other SG&A was primarily attributable to an increase in stock-based compensation expense of $4.2 million and an increase in corporate SG&A.

Nine Months Ended September 30, 2017
The increases in each of our property segments’ SG&A were primarily driven by increased personnel costs to support our business, including additional costs as a result of the Viom Acquisition in our Asia property segment and the FPS Acquisition in our EMEA property segment. The increase in our EMEA property segment SG&A was partially offset by the reduction in bad debt expense of $3.7 million and the increase in our Asia property segment SG&A was also partially driven by an increase in bad debt expense of $2.7 million.

The increase in our services segment SG&A was primarily attributable to an increase in personnel costs within our tower services group.

The increase in other SG&A was primarily attributable to an increase in stock-based compensation expense of $15.7 million and an increase in corporate SG&A.

Operating Profit
 
Three Months Ended September 30,
 
Percent Increase (Decrease)
 
Nine Months Ended September 30,
 
Percent Increase (Decrease)
 
2017
 
2016
 
 
2017
 
2016
 
Property
 
 
 
 
 
 
 
 
 
 
 
U.S.
$
675,093

 
$
612,699

 
10
%
 
$
2,028,442

 
$
1,862,018

 
9
%
Asia
120,229

 
100,738

 
19

 
335,856

 
206,284

 
63

EMEA
80,408

 
63,919

 
26

 
235,477

 
181,363

 
30

Latin America
184,043

 
159,255

 
16

 
525,224

 
436,486

 
20

Total property
1,059,773

 
936,611

 
13

 
3,124,999

 
2,686,151

 
16

Services
13,367

 
8,643

 
55
%
 
37,141

 
23,923

 
55
%

The growth in operating profit for the three and nine months ended September 30, 2017 for each of our property segments was primarily attributable to an increase in our segment gross margin. The growth in operating profit for the three and nine months ended September 30, 2017 in our U.S., EMEA and Latin America property segments, as well as our Asia property segment for the nine months ended September 30, 2017, were partially offset by increases in our segment SG&A.

The growth in operating profit for the three and nine months ended September 30, 2017 for our services segment was primarily attributable to an increase in our segment gross margin, partially offset by an increase in our segment SG&A.

Depreciation, Amortization and Accretion
 
Three Months Ended September 30,
 
Percent Increase (Decrease)
 
Nine Months Ended September 30,
 
Percent Increase (Decrease)
 
2017
 
2016
 
 
2017
 
2016
 
Depreciation, amortization and accretion
$
432,354

 
$
397,999

 
9
%
 
$
1,249,849

 
$
1,137,398

 
10
%

The increases in depreciation, amortization and accretion expense for the three and nine months ended September 30, 2017 were primarily attributable to the acquisition, lease or construction of new sites since the beginning of each prior-year period, which resulted in increases in property and equipment and intangible assets subject to amortization.


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