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Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases
During the three months ended September 30, 2025 and 2024, we had operating lease costs of $83,463 and $79,798, respectively, and variable lease costs of $17,490 and $16,783, respectively. During the nine months ended September 30, 2025 and 2024, we had operating lease costs of $248,406 and $238,569, respectively, and variable lease costs of $48,700 and $47,092, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2025 and 2024, we recorded a gain of $200 and $61, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2025 and 2024, we recorded a gain of $241 and $330, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $269,147 and $264,093 were made reducing our operating lease liabilities for the nine months ended September 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 $2,625 and $2,638 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2025 and 2024, respectively. We recorded $7,784 and $7,812 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2025 and 2024, respectively.
Our operating leases have a weighted-average remaining lease term of 13.0 years. The weighted-average discount rate of our operating leases is 5.2%. Also, during the nine months ended September 30, 2025 and 2024, we obtained $64,636 and $9,912, 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 September 30, 2025:

2025$48,620 
2026248,366 
2027211,331 
2028181,732 
2029160,262 
Thereafter1,182,932 
Total undiscounted operating lease payments2,033,243 
Less: Imputed interest(608,443)
Total operating lease liabilities$1,424,800 
During the three months ended September 30, 2025 and 2024, $713 of amortization expense for each period and $104 and $115, 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 nine months ended September 30, 2025 and 2024, $2,140 of amortization expense for both periods, and $321 and $351, 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 $998 were made reducing our financing lease liabilities for each of the nine months ended September 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 2.2 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 September 30, 2025 and 2024, non-lease variable transit costs were $22,360 and $23,559, respectively. For the nine months ended September 30, 2025 and 2024, non-lease variable transit costs were $70,990 and $70,551, respectively.
Leases Leases
During the three months ended September 30, 2025 and 2024, we had operating lease costs of $83,463 and $79,798, respectively, and variable lease costs of $17,490 and $16,783, respectively. During the nine months ended September 30, 2025 and 2024, we had operating lease costs of $248,406 and $238,569, respectively, and variable lease costs of $48,700 and $47,092, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2025 and 2024, we recorded a gain of $200 and $61, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2025 and 2024, we recorded a gain of $241 and $330, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $269,147 and $264,093 were made reducing our operating lease liabilities for the nine months ended September 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 $2,625 and $2,638 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2025 and 2024, respectively. We recorded $7,784 and $7,812 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2025 and 2024, respectively.
Our operating leases have a weighted-average remaining lease term of 13.0 years. The weighted-average discount rate of our operating leases is 5.2%. Also, during the nine months ended September 30, 2025 and 2024, we obtained $64,636 and $9,912, 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 September 30, 2025:

2025$48,620 
2026248,366 
2027211,331 
2028181,732 
2029160,262 
Thereafter1,182,932 
Total undiscounted operating lease payments2,033,243 
Less: Imputed interest(608,443)
Total operating lease liabilities$1,424,800 
During the three months ended September 30, 2025 and 2024, $713 of amortization expense for each period and $104 and $115, 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 nine months ended September 30, 2025 and 2024, $2,140 of amortization expense for both periods, and $321 and $351, 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 $998 were made reducing our financing lease liabilities for each of the nine months ended September 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 2.2 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 September 30, 2025 and 2024, non-lease variable transit costs were $22,360 and $23,559, respectively. For the nine months ended September 30, 2025 and 2024, non-lease variable transit costs were $70,990 and $70,551, respectively.