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Segment Reporting (Subsidiary)
 12 Months Ended
Dec. 31, 2024
Segment Reporting Information [Line Items]  
Segment Reporting Information about Geographic Areas
Revenues from external customers attributable to foreign countries totaled $36,465, $30,568 and $29,465 for the years ended December 31, 2024, 2023 and 2022, respectively. Net carrying value of long-lived assets located in foreign countries totaled $13,972 and $13,930 as of December 31, 2024 and 2023, 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 (loss) earnings 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:
202420232022
Net revenues:
Billboard$1,956,176 $1,877,823 $1,813,995 
Other250,927 233,164 218,145 
Total net revenues$2,207,103 $2,110,987 $2,032,140 
Advertising expenses:
Billboard$870,629 $852,912 $829,287 
Other200,790 176,985 174,702 
Total advertising expenses$1,071,419 $1,029,897 $1,003,989 
Segmented adjusted EBITDA:
Billboard adjusted EBITDA$1,085,547 $1,024,911 $984,708 
Other adjusted EBITDA50,137 56,179 43,443 
Corporate expenses (a)
(102,526)(95,366)(90,072)
Adjusted EBITDA$1,033,158 $985,724 $938,079 
(a) 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:
202420232022
Adjusted EBITDA$1,033,158 $985,724 $938,079 
Stock-based compensation expense(44,525)(22,649)(23,136)
Capitalized contract fulfillment costs, net317 308 555 
Depreciation and amortization(462,967)(293,423)(349,449)
Gain on disposition of assets6,057 5,474 15,721 
Equity in earnings of investee5,094 3,696 4,315 
Interest expense, net(169,394)(172,397)(126,217)
Loss on debt extinguishment(270)(115)— 
Transaction expenses— — (3,769)
Income before income tax expense$367,470 $506,618 $456,099 
LAMAR MEDIA CORP. AND SUBSIDIARIES  
Segment Reporting Information [Line Items]  
Segment Reporting Segment Reporting
The following table presents our financial performance by segment:
202420232022
Net revenues:
Billboard$1,956,176 $1,877,823 $1,813,995 
Other250,927 233,164 218,145 
Total net revenues$2,207,103 $2,110,987 $2,032,140 
Advertising expenses:
Billboard$870,629 $852,912 $829,287 
Other200,790 176,985 174,702 
Total advertising expenses$1,071,419 $1,029,897 $1,003,989 
Adjusted EBITDA:
Billboard adjusted EBITDA$1,085,547 $1,024,911 $984,708 
Other adjusted EBITDA50,137 56,179 43,443 
Corporate expenses (a)
(101,958)(94,869)(89,570)
Adjusted EBITDA$1,033,726 $986,221 $938,581 
(a) 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:
202420232022
Adjusted EBITDA$1,033,726 $986,221 $938,581 
Non-cash compensation expense(44,525)(22,649)(23,136)
Capitalized contract fulfillment costs, net317 308 555 
Depreciation and amortization(462,967)(293,423)(349,449)
Gain on disposition of assets6,057 5,474 15,721 
Equity in earnings of investee5,094 3,696 4,315 
Interest expense, net(169,394)(172,397)(126,217)
Loss on debt extinguishment(270)(115)— 
Transaction expenses— — (3,769)
Income before income tax expense$368,038 $507,115 $456,601