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Accrued Expenses (Subsidiary) (Tables) | 12 Months Ended
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Dec. 31, 2024
Accrued Expenses [Line Items] |
Summary of Accrued Expenses | The following is a summary of accrued expenses at December 31, 2024 and 2023:
| 2024 |  | 2023
Payroll | $ | 27,871 |  |  | $ | 21,903 |
Interest | 22,837 |  |  | 23,322 |
Insurance benefits | 10,972 |  |  | 10,801 |
Accrued variable lease and contract expense | 34,416 |  |  | 30,375 |
Stock-based compensation | 16,404 |  |  | 7,936 |
Other | 21,443 |  |  | 12,858 |
| $ | 133,943 |  |  | $ | 107,195 |
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 |
Accrued Expenses [Line Items] |
Summary of Accrued Expenses | The following is a summary of accrued expenses at December 31, 2024 and 2023:
| 2024 |  | 2023
Payroll | $ | 27,871 |  |  | $ | 21,903 |
Interest | 22,837 |  |  | 23,322 |
Insurance benefits | 10,972 |  |  | 10,801 |
Accrued variable lease and contract expense | 34,416 |  |  | 30,375 |
Non-cash compensation | 16,404 |  |  | 7,936 |
Other | 10,782 |  |  | 3,127 |
| $ | 123,282 |  |  | $ | 97,464 |
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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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