Segment Reporting (Subsidiary) (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting Information [Line Items]

Schedule of Reconciliation of Net Income to Adjusted EBITDA

The following table presents our financial performance by segment:

	2024		2023		2022
Net revenues:
Billboard	$	1,956,176	$	1,877,823	$	1,813,995
Other	250,927		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
Other	200,790		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 EBITDA	50,137		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:

	2024		2023		2022
Adjusted EBITDA	$	1,033,158	$	985,724	$	938,079
Stock-based compensation expense	(44,525)		(22,649)		(23,136)
Capitalized contract fulfillment costs, net	317		308		555
Depreciation and amortization	(462,967)		(293,423)		(349,449)
Gain on disposition of assets	6,057		5,474		15,721
Equity in earnings of investee	5,094		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]

Schedule of Reconciliation of Net Income to Adjusted EBITDA

The following table presents our financial performance by segment:

	2024		2023		2022
Net revenues:
Billboard	$	1,956,176	$	1,877,823	$	1,813,995
Other	250,927		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
Other	200,790		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 EBITDA	50,137		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:

	2024		2023		2022
Adjusted EBITDA	$	1,033,726	$	986,221	$	938,581
Non-cash compensation expense	(44,525)		(22,649)		(23,136)
Capitalized contract fulfillment costs, net	317		308		555
Depreciation and amortization	(462,967)		(293,423)		(349,449)
Gain on disposition of assets	6,057		5,474		15,721
Equity in earnings of investee	5,094		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