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SEGMENT DATA
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
The Company operates two reportable segments, which reflect how the Company is managed: America and Airports, with remaining operations in Singapore reported as “Other.” The America segment offers out-of-home advertising primarily on roadside billboards and street furniture in markets across the U.S., while the Airports segment offers out-of-home advertising at airports in the U.S. and the Caribbean.
Segment Adjusted EBITDA is the profitability metric reported to the Company’s chief operating decision maker (“CODM”). It is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring and other costs. Restructuring and other costs include costs associated with cost-saving initiatives such as severance, consulting and termination costs and other special costs.
The following table presents revenue, significant expenses, Segment Adjusted EBITDA and capital expenditures for each reportable segment for the three months ended March 31, 2026 and 2025. Segment information for total assets is not presented as this information is not used by the CODM to measure segment performance or allocate resources between segments.
(In thousands)Three Months Ended
March 31,
 20262025
America
Revenue
$278,487 $254,193 
Site lease expense(1)
92,649 88,335 
Employee compensation costs(2)
44,772 42,034 
Other segment expenses(3)
36,364 35,953 
Segment Adjusted EBITDA
$104,702 $87,871 
Capital expenditures$7,916 $9,819 
Airports
Revenue
$95,226 $79,983 
Site lease expense(1)
56,476 51,238 
Employee compensation costs(2)
8,008 7,419 
Other segment expenses(3)
7,816 7,013 
Segment Adjusted EBITDA
$22,926 $14,313 
Capital expenditures$3,734 $2,234 
(1)Site lease expense includes rent for both lease and non-lease contracts and consists of payments for land or space used by the Company’s advertising displays, including minimum guaranteed payments and revenue-sharing arrangements.
(2)Employee compensation costs include employee salaries and wages, sales commissions and guarantees, bonuses, employee benefits and payroll taxes. The costs presented in this table exclude restructuring and other costs, such as severance, which are not included in the calculation of Segment Adjusted EBITDA.
(3)Other segment expenses consist of expenses within “Direct operating expenses” and “Selling, general and administrative expenses” on the Consolidated Statements of Income (Loss), excluding site lease expense, employee compensation costs, and restructuring and other costs (as previously defined). Specifically, other segment expenses include production, installation and maintenance costs related to the printing, transporting, posting and maintaining of advertising copy; costs to operate out-of-home displays, including electricity, repair and maintenance costs; and other general operating expenses, such as marketing, facilities and information technology costs.
The following table reconciles certain of the reportable segment measures disclosed in the above table to the Company’s consolidated measures for its continuing operations:
(In thousands)Three Months Ended
March 31,
 20262025
Revenue
America$278,487 $254,193 
Airports95,226 79,983 
Other151 4 
Total$373,864 $334,180 
Segment Adjusted EBITDA
America$104,702 $87,871 
Airports22,926 14,313 
Other(281)(190)
Total$127,347 $101,994 
Reconciliation of Segment Adjusted EBITDA to Loss From Continuing Operations Before Income Taxes
Segment Adjusted EBITDA$127,347 $101,994 
Less reconciling items:
Corporate expenses(1)
30,818 19,780 
Restructuring and other costs(2)
177 5 
Depreciation and amortization41,523 43,004 
Other operating expense (income), net15,346 (5,785)
Interest expense, net98,498 99,361 
Other income, net(741)(249)
Loss from continuing operations before income taxes$(58,274)$(54,122)
Capital Expenditures
America$7,916 $9,819 
Airports3,734 2,234 
Other31 12 
Corporate877 1,166 
Total(3)
$12,558 $13,231 
(1)Corporate expenses primarily consist of infrastructure and support costs related to information technology, human resources, legal (including estimated costs for legal liabilities), finance, business services and administrative functions, as well as overall executive and support functions. Share-based compensation expense and certain restructuring and other costs are also included in corporate expenses.
(2)Restructuring and other costs presented in this table exclude those costs related to corporate functions, which are included within the “Corporate expenses” line item.
(3)In addition to capital expenditures paid during the reported periods, the Company had accrued but unpaid capital expenditures for continuing operations of $6.2 million and $3.4 million as of March 31, 2026 and 2025, respectively.