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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Information About Geographic Areas
Revenues from external customers attributable to foreign countries totaled $17,219 and $16,773 for the six months ended June 30, 2025 and 2024, respectively. Net carrying value of long-lived assets located in foreign countries totaled $14,437 and $13,972 as of June 30, 2025 and December 31, 2024, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.
Segment Reporting
The Company revised its segment information to reflect the adoption of ASU 2023-07 and certain changes resulting from our periodic review of factors relevant to how the chief operating decision maker (CODM) assesses performance and allocates resources in accordance with FASB ASC 280, Segment Reporting. As described in Note 1, we currently manage our operations through three operating segments - billboard, logo, and transit advertising. Logo and transit advertising do not meet the criteria to be reportable segments, and accordingly, are included in Other.

We define the term CODM to be our executive management group, which consists of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Net revenues, advertising expenses and segmented adjusted EBITDA are used to monitor expected versus actual results. Total advertising expenses is the expense category regularly provided to the CODM. There are no other expenses regularly provided to the CODM that are used to manage the segment's operations. Total advertising expenses is defined as direct advertising expenses and general and administrative expenses excluding stock-based compensation expense and capitalized contract fulfillment costs. Segment Adjusted EBITDA is the profitability metric reported to the Company's CODM for purposes of assessing the performance of each operating segment as well as to make decisions related to invested capital, personnel, operational improvement or training, or to allocate other company resources. We define adjusted EBITDA as net income before income tax (expense) benefit, interest (expense) income, equity in earnings (loss) of investee, (loss) gain on extinguishment of debt and investments, stock-based compensation, depreciation and amortization, (loss) gain on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net. Segment information for total assets is not presented as this information is not used by the Company’s CODM in measuring segment performance or allocating resources between segments.
The following table presents our financial performance by segment:

Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Net revenues:
Billboard$512,317 $502,144 $957,214 $941,529 
Other66,994 63,107 127,527 121,872 
Total net revenues$579,311 $565,251 $1,084,741 $1,063,401 
Advertising expenses:
Billboard$221,892 $219,058 $438,823 $428,961 
Other51,943 48,731 103,835 97,752 
Total advertising expenses$273,835 $267,789 $542,658 $526,713 
Segmented adjusted EBITDA:
Billboard adjusted EBITDA$290,425 $283,086 $518,391 $512,568 
Other adjusted EBITDA15,051 14,376 23,692 24,120 
Corporate expenses (1)
(27,093)(25,908)(53,479)(53,212)
Adjusted EBITDA$278,383 $271,554 $488,604 $483,476 
(1)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.

Reconciliation of adjusted EBITDA to income before income tax expense:

Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Adjusted EBITDA$278,383 $271,554 $488,604 $483,476 
Stock-based compensation expense(7,148)(11,150)(17,725)(25,616)
Capitalized contract fulfillment costs, net380 190 5 374 
Depreciation and amortization(78,110)(77,191)(155,931)(152,419)
Gain on disposition of assets and investments
4,176 824 73,961 3,012 
Equity in (loss) earnings of investee(174)4 206 (555)
Interest expense, net
(40,103)(43,765)(77,943)(87,785)
Income before income tax expense
$157,404 $140,466 $311,177 $220,487