v3.26.1
SEGMENT DATA (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segment Results
The following table presents revenue, significant expenses, Segment Adjusted EBITDA and capital expenditures for each reportable segment for the three and six months ended June 30, 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
June 30,		Six Months Ended
June 30,
2026202520262025
America
Revenue
$324,316 $303,111 $602,803 $557,304 
Site lease expense(1)
96,087 94,115 188,736 182,450 
Employee compensation costs(2)
48,524 43,903 93,296 85,937 
Other segment expenses(3)
37,328 37,492 73,692 73,445 
Segment Adjusted EBITDA
$142,377 $127,601 $247,079 $215,472 
Capital expenditures$13,754 $8,827 $21,670 $18,646 
Airports
Revenue
$113,601 $99,685 $208,827 $179,668 
Site lease expense(1)
67,113 59,915 123,589 111,153 
Employee compensation costs(2)
8,963 8,213 16,971 15,632 
Other segment expenses(3)
7,635 7,210 15,451 14,223 
Segment Adjusted EBITDA
$29,890 $24,347 $52,816 $38,660 
Capital expenditures$2,157 $2,559 $5,891 $4,793 
(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
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue
America$324,316 $303,111 $602,803 $557,304 
Airports113,601 99,685 208,827 179,668 
Other123 12 274 16 
Total$438,040 $402,808 $811,904 $736,988 
Segment Adjusted EBITDA
America$142,377 $127,601 $247,079 $215,472 
Airports29,890 24,347 52,816 38,660 
Other(278)(381)(559)(571)
Total$171,989 $151,567 $299,336 $253,561 
Reconciliation of Segment Adjusted EBITDA to Income (Loss) From Continuing Operations Before Income Taxes
Segment Adjusted EBITDA$171,989 $151,567 $299,336 $253,561 
Less reconciling items:
Corporate expenses(1)
36,581 31,123 67,399 50,903 
Restructuring and other costs(2)
95 — 272 5 
Depreciation and amortization41,246 43,335 82,769 86,339 
Other operating expense (income), net5,011 (315)20,357 (6,100)
Interest expense, net99,027 96,026 197,525 195,387 
Gain on extinguishment of debt— (28,796)— (28,796)
Other income, net(268)(663)(1,009)(912)
Income (loss) from continuing operations before income taxes$(9,703)$10,857 $(67,977)$(43,265)
Capital Expenditures
America$13,754 $8,827 $21,670 $18,646 
Airports2,157 2,559 5,891 4,793 
Other— 40 31 52 
Corporate1,266 1,401 2,143 2,567 
Total(3)
$17,177 $12,827 $29,735 $26,058 
(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 $6.0 million and $3.5 million as of June 30, 2026 and 2025, respectively.