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Information About Geographic Areas | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Information About Geographic Areas | Information About Geographic Areas Revenues from external customers attributable to foreign countries totaled $22,464 and $26,455 for the nine months ended September 30, 2025 and 2024, respectively. Net carrying value of long-lived assets located in foreign countries totaled $9,900 and $13,972 as of September 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 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 The entire disclosure for reporting segments including data and tables. 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