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Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
During the three months ended June 30, 2025 and 2024, we had operating lease costs of $82,812 and $79,519, respectively, and variable lease costs of $17,278 and $16,868, respectively. During the six months ended June 30, 2025 and 2024, we had operating lease costs of $164,943 and $158,770, respectively, and variable lease costs of $31,210 and $30,310, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2025 and 2024, we recorded a gain of $62 and $260, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2025 and 2024, we recorded a gain of $41 and $268, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $191,085 and $189,395 were made reducing our operating lease liabilities for the six months ended June 30, 2025 and 2024, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $2,525 and $2,647 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2025 and 2024, respectively. We recorded $5,159 and $5,174 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2025 and 2024, respectively.
Our operating leases have a weighted-average remaining lease term of 12.9 years. The weighted-average discount rate of our operating leases is 5.2%. Also, during the six months ended June 30, 2025 and 2024, we obtained $31,588 and $5,169, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions.

The following is a summary of the maturities of our operating lease liabilities as of June 30, 2025:

2025$109,621 
2026230,522 
2027198,302 
2028169,526 
2029148,908 
Thereafter1,074,575 
Total undiscounted operating lease payments1,931,454 
Less: Imputed interest(538,349)
Total operating lease liabilities$1,393,105 
During the three months ended June 30, 2025 and 2024, $713 of amortization expense for each period and $107 and $117, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2025 and 2024, amortization expense was $1,426 and $1,427, respectively, and $217 and $237, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $666 were made reducing our financing lease liabilities for each of the six months ended June 30, 2025 and 2024, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 2.4 years and a weighted-average discount rate of 3.1%.
Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore, they are no longer accounted for as a lease. For the three months ended June 30, 2025 and 2024, non-lease variable transit costs were $25,182 and $23,429, respectively. For the six months ended June 30, 2025 and 2024, non-lease variable transit costs were $48,630 and $46,992, respectively.
Leases Leases
During the three months ended June 30, 2025 and 2024, we had operating lease costs of $82,812 and $79,519, respectively, and variable lease costs of $17,278 and $16,868, respectively. During the six months ended June 30, 2025 and 2024, we had operating lease costs of $164,943 and $158,770, respectively, and variable lease costs of $31,210 and $30,310, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2025 and 2024, we recorded a gain of $62 and $260, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2025 and 2024, we recorded a gain of $41 and $268, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $191,085 and $189,395 were made reducing our operating lease liabilities for the six months ended June 30, 2025 and 2024, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $2,525 and $2,647 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2025 and 2024, respectively. We recorded $5,159 and $5,174 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2025 and 2024, respectively.
Our operating leases have a weighted-average remaining lease term of 12.9 years. The weighted-average discount rate of our operating leases is 5.2%. Also, during the six months ended June 30, 2025 and 2024, we obtained $31,588 and $5,169, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions.

The following is a summary of the maturities of our operating lease liabilities as of June 30, 2025:

2025$109,621 
2026230,522 
2027198,302 
2028169,526 
2029148,908 
Thereafter1,074,575 
Total undiscounted operating lease payments1,931,454 
Less: Imputed interest(538,349)
Total operating lease liabilities$1,393,105 
During the three months ended June 30, 2025 and 2024, $713 of amortization expense for each period and $107 and $117, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2025 and 2024, amortization expense was $1,426 and $1,427, respectively, and $217 and $237, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $666 were made reducing our financing lease liabilities for each of the six months ended June 30, 2025 and 2024, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 2.4 years and a weighted-average discount rate of 3.1%.
Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore, they are no longer accounted for as a lease. For the three months ended June 30, 2025 and 2024, non-lease variable transit costs were $25,182 and $23,429, respectively. For the six months ended June 30, 2025 and 2024, non-lease variable transit costs were $48,630 and $46,992, respectively.