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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reconciliation of Net Income to Adjusted EBITDA | The following table presents our financial performance by segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenues: |  |  |  |  |  |  |
Billboard | $ | 524,769 |  |  | $ | 502,587 |  |  | $ | 1,481,983 |  |  | $ | 1,444,116 |
Other | 60,772 |  |  | 61,548 |  |  | 188,299 |  |  | 183,420 |
Total net revenues | $ | 585,541 |  |  | $ | 564,135 |  |  | $ | 1,670,282 |  |  | $ | 1,627,536 |
Advertising expenses: |  |  |  |  |  |  |
Billboard | $ | 227,505 |  |  | $ | 219,887 |  |  | $ | 666,328 |  |  | $ | 648,848 |
Other | 50,228 |  |  | 48,941 |  |  | 154,063 |  |  | 146,693 |
Total advertising expenses | $ | 277,733 |  |  | $ | 268,828 |  |  | $ | 820,391 |  |  | $ | 795,541 |
Segmented adjusted EBITDA: |  |  |  |  |  |  |
Billboard adjusted EBITDA | $ | 297,264 |  |  | $ | 282,700 |  |  | $ | 815,655 |  |  | $ | 795,268 |
Other adjusted EBITDA | 10,544 |  |  | 12,607 |  |  | 34,236 |  |  | 36,727 |
Corporate expenses (1) | (27,038) |  |  | (24,148) |  |  | (80,517) |  |  | (77,360) |
Adjusted EBITDA | $ | 280,770 |  |  | $ | 271,159 |  |  | $ | 769,374 |  |  | $ | 754,635 |
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Adjusted EBITDA | $ | 280,770 |  |  | $ | 271,159 |  |  | $ | 769,374 |  |  | $ | 754,635 |
Stock-based compensation expense | (7,580) |  |  | (12,097) |  |  | (25,305) |  |  | (37,713) |
Capitalized contract fulfillment costs, net | 15 |  |  | 132 |  |  | 20 |  |  | 506 |
Depreciation and amortization | (86,276) |  |  | (75,112) |  |  | (242,207) |  |  | (227,531) |
Gain on disposition of assets and investments | 2,155 |  |  | 2,474 |  |  | 76,116 |  |  | 5,486 |
Equity in earnings of investee | — |  |  | 2,642 |  |  | 206 |  |  | 2,087 |
Interest expense, net | (40,431) |  |  | (42,275) |  |  | (118,374) |  |  | (130,060) |
Loss on debt extinguishment | (2,012) |  |  | (270) |  |  | (2,012) |  |  | (270) |
Income before income tax expense | $ | 146,641 |  |  | $ | 146,653 |  |  | $ | 457,818 |  |  | $ | 367,140 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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