0001628280-25-006706 | 10-K | XBRL Viewer

Condensed Income Statements, Captions [Line Items]

Summarized Financial Information of Subsidiaries

Summarized financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following summarized financial information. The following summarized financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantors are each a consolidated subsidiary of Lamar Media, Lamar Media’s consolidated financial statements have been filed, and the guaranteed securities are debt securities with Lamar Media as the issuer. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.

Summarized Balance Sheet as of December 31, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Current assets	$	38,950	$	52,617	$	333,201	$	—	$	424,768
Noncurrent assets	4,302,475		6,368,402		297,831		(4,823,669)		6,145,039
Current liabilities	50,707		444,841		272,265		—		767,813
Noncurrent liabilities	3,249,628		1,738,404		384,695		(612,672)		4,760,055
Non-controlling interest	—		1,770		(921)		—		849

Summarized Balance Sheet as of December 31, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Current assets	$	33,875	$	28,905	$	309,906	$	—	$	372,686
Noncurrent assets	4,596,516		6,359,236		318,095		(5,099,653)		6,174,194
Current liabilities	45,225		387,408		271,533		—		704,166
Noncurrent liabilities	3,375,803		1,476,097		368,208		(587,171)		4,632,937
Non-controlling interest	—		964		(550)		—		414

Summarized Statements of Income and Comprehensive Income for the Year Ended December 31, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	2,159,755	$	49,840	$	(2,492)	$	2,207,103
Operating expenses (income)	—		1,626,780		50,207		(2,492)		1,674,495
Operating income (loss)	—		532,975		(367)		—		532,608
Net income (loss)	362,435		530,522		(10,804)		(518,646)		363,507
Net income (loss) attributable to controlling interest	$	362,435	$	529,937	$	(11,291)	$	(518,646)	$	362,435

Summarized Statements of Income and Comprehensive Income for the Year Ended December 31, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	2,069,600	$	44,068	$	(2,681)	$	2,110,987
Operating expenses (income)	—		1,392,389		45,348		(2,681)		1,435,056
Operating income (loss)	—		677,211		(1,280)		—		675,931
Net income (loss)	496,260		673,330		(16,393)		(655,864)		497,333
Net income (loss) attributable to controlling interest	$	496,260	$	672,943	$	(17,079)	$	(655,864)	$	496,260

Summarized Statements of Income and Comprehensive Income for the Year Ended December 31, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	1,992,900	$	41,789	$	(2,549)	$	2,032,140
Operating expenses (income)	—		1,425,150		31,036		(2,549)		1,453,637
Operating income (loss)	—		567,750		10,753		—		578,503
Net income (loss)	439,149		561,626		(81)		(561,545)		439,149
Net income (loss) attributable to controlling interest	$	439,149	$	561,626	$	(81)	$	(561,545)	$	439,149

Related Party Transactions (Subsidiary)	12 Months Ended
Related Party Transactions (Subsidiary)	Dec. 31, 2024
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Advertising Company or its subsidiaries through common ownership and directorate control. RTC Holdings, LLC (“RTC”), a telecommunications company, is 100% owned by entities owned by members of the Reilly family. Entities owned by Sean E. Reilly, President and Chief Executive Officer of the Company; Kevin P. Reilly, Jr., Executive Chairman of the Board of Directors; and members of their respective immediate families hold a majority stake in RTC of approximately 89%. The Reilly Family, LLC, which is owned by Sean E. Reilly, Kevin P. Reilly, Jr., members of our Board of Directors Anna Reilly and Wendell Reilly, and entities owned by each of them and members of their respective immediate families, holds the remaining minority stake in RTC of approximately 11%. On May 31, 2019, RTC acquired EATELCORP, LLC (“EATEL”) and its subsidiaries. EATEL provides phone and internet services to consumers and businesses in Louisiana. EATEL also provides data back-up and recovery services to businesses. During the years ended December 31, 2024 and 2023, the Company was a customer of EATEL for data back-up and recovery services. The aggregate amount paid by the Company to EATEL for such services was $23 and $84 for the years ended December 31, 2024 and 2023, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $230 and $206 for the years ended December 31, 2024 and 2023, respectively. The Company had $162 and $274 receivables from employees or executive officers at December 31, 2024 and 2023, respectively. On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar, a leading global developer of programmatic technology for the digital out-of-home sector. For the years ended December 31, 2024, 2023 and 2022, the Company recognized revenue of $25,333, $12,050 and $13,074, respectively, from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $2,499, $1,134 and $1,167 related to these advertisements and other digital technology agreements with Vistar for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 23, "Subsequent Events" for additional information regarding the Company's interest in Vistar.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Media Corp. or its subsidiaries through common ownership and directorate control. As of December 31, 2024 and 2023, there was a payable to Lamar Advertising Company, its parent, in the amount of $77 and $1,009, respectively. Effective December 31, 2024 and 2023, Lamar Advertising Company contributed $57,028 and $42,627, respectively, to Lamar Media which resulted in an increase in Lamar Media’s additional paid-in capita

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Consolidated Statements of Stockholders' Equity (Subsidiary) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit	Non-controlling Interest	LAMAR MEDIA CORP. AND SUBSIDIARIES	LAMAR MEDIA CORP. AND SUBSIDIARIES Common Stock	LAMAR MEDIA CORP. AND SUBSIDIARIES Additional Paid-In Capital	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Income (Loss)	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit	LAMAR MEDIA CORP. AND SUBSIDIARIES Non-controlling Interest
Beginning balance at Dec. 31, 2021	$ 1,217,089	$ 2,001,399	$ 855	$ (734,415)	$ 0	$ 1,208,346	$ 0	$ 3,071,905	$ 855	$ (1,864,414)	$ 0
Increase (Decrease) in Stockholders' Equity
Contribution from parent						60,273		60,273
Foreign currency translations						(1,514)			(1,514)
Net income	438,647			438,647		439,149				439,149
Dividend to parent						(518,753)				(518,753)
Ending balance at Dec. 31, 2022	1,195,374	2,061,671	(659)	(804,382)	0	1,187,501	0	3,132,178	(659)	(1,944,018)	0
Increase (Decrease) in Stockholders' Equity
Contribution from parent						42,627		42,627
Reallocation of capital	(619)	(1,016)			397	(619)		(1,016)			397
Foreign currency translations						231			231
Net income	496,836			495,763	1,073	497,333				496,260	1,073
Dividend to parent						(517,296)				(516,240)	(1,056)
Ending balance at Dec. 31, 2023	1,216,788	2,103,282	(428)	(819,235)	414	1,209,777	0	3,173,789	(428)	(1,963,998)	414
Increase (Decrease) in Stockholders' Equity
Contribution from parent						57,028		57,028
Reallocation of capital	0	(1,018)			1,018	0		(1,018)			1,018
Foreign currency translations						(2,526)			(2,526)
Net income	362,939			361,867	1,072	363,507				362,435	1,072
Dividend to parent						(585,847)				(584,192)	(1,655)
Ending balance at Dec. 31, 2024	$ 1,048,020	$ 2,159,292	$ (2,954)	$ (1,036,582)	$ 849	$ 1,041,939	$ 0	$ 3,229,799	$ (2,954)	$ (2,185,755)	$ 849

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Commitments and Contingencies Disclosure [Abstract]

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 49,461	$ 44,605
Receivables, net of allowance for doubtful accounts of $12,404 and $12,477 as of 2024 and 2023, respectively	334,798	301,189
Other current assets	41,009	27,392
Total current assets	425,268	373,186
Property, plant and equipment (note 5)	4,574,894	4,274,831
Less accumulated depreciation and amortization	(2,974,085)	(2,708,361)
Net property, plant and equipment	1,600,809	1,566,470
Operating lease right of use assets	1,355,231	1,315,433
Financing lease right of use assets	8,331	11,184
Goodwill (note 6)	2,035,082	2,035,271
Intangible assets, net (note 6)	1,062,601	1,171,434
Other assets	99,227	90,644
Total assets	6,586,549	6,563,622
Current liabilities:
Trade accounts payable	21,586	18,238
Current maturities of long-term debt, net of deferred financing costs of $611 and $380 in 2024 and 2023, respectively (note 9)	249,806	250,018
Current operating lease liabilities (note 7)	218,108	210,568
Current financing lease liabilities (note 7)	1,331	1,331
Accrued expenses (note 8)	133,943	107,195
Deferred income	153,700	126,547
Total current liabilities	778,474	713,897
Long-term debt, net of deferred financing costs of $22,826 and $28,865 in 2024 and 2023, respectively (note 9)	2,961,058	3,091,109
Operating lease liabilities (note 7)	1,114,407	1,075,285
Financing lease liabilities (note 7)	13,283	14,614
Deferred income tax liabilities (note 12)	8,006	12,047
Asset retirement obligation (note 10)	614,713	397,991
Other liabilities	48,588	41,891
Total liabilities	5,538,529	5,346,834
Stockholders’ equity (note 14):
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, authorized 5,720 shares; 5,720 shares issued and outstanding at 2024 and 2023	0	0
Additional paid-in-capital	2,159,292	2,103,282
Accumulated comprehensive loss	(2,954)	(428)
Accumulated deficit	(1,036,582)	(819,235)
Cost of shares held in treasury, 890,558 and 840,935 shares in 2024 and 2023, respectively	(72,688)	(67,347)
Non-controlling interest	849	414
Stockholders’ equity	1,048,020	1,216,788
Total liabilities and stockholders’ equity	6,586,549	6,563,622
Common Class A
Stockholders’ equity (note 14):
Common stock, value	89	88
Common Class B
Stockholders’ equity (note 14):
Common stock, value	$ 14	$ 14

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock awards (in shares)	143,002	168,176	248,947
Exercise of stock options (in shares)	112,575	60,385	194,035
Common stock purchase plan (in shares)	125,409	147,006	127,108
Purchase of treasury stock (in shares)	49,623	57,239	95,679
Cash dividends declared per share of common stock (in usd per share)	$ 5.65	$ 5.00	$ 5.00
Preferred stock dividend shares (in usd per shares)	$ 63.80	$ 63.80	$ 63.80

Commitment and Contingencies

12 Months Ended

Dec. 31, 2024

Commitment and Contingencies

Off balance sheet arrangements

Our off balance sheet commitments consist of guaranteed minimum payments to local transit municipalities and airport authorities for agreements which entitle us to rent advertising space to customers, in airports and on buses, benches or shelters. Also included are other contractual agreements that occur in the ordinary course of business which do not meet the criteria of a lease under ASC 842. The following is a summary of the minimum payments related to these agreements.


2025	$	50,092
2026	$	36,680
2027	$	24,729
2028	$	20,921
2029	$	15,058
Thereafter	$	39,837

Legal matters

The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity.

Description of the Business and Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) billboard state transit segment reportingUnit $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Jul. 12, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays \| billboard	159,000
Number of states in which the company operates \| state	45
Number of states in which the company operates logo sign business \| state	23
Number of transit advertising displays \| transit	47,500
Number of states in which the company operates transit advertising displays \| state	23
Number of operating segment \| segment	3
Number of reporting units \| reportingUnit	3
REIT threshold percentage of taxable income to be distributed to stockholders	90.00%
Dividends declared and paid	$ 578,849	$ 510,251	$ 508,249
Cash dividends paid per share of common stock (in usd per share) \| $ / shares	$ 5.65	$ 5.00	$ 5.00
Cash dividends declared per share of common stock (in usd per share) \| $ / shares	$ 5.65	$ 5.00	$ 5.00
Distributions paid, preferred stockholders	$ 365	$ 365	$ 365
Distributions paid, preferred stockholders, per share (in usd per share) \| $ / shares	$ 63.80	$ 63.80	$ 63.80
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares) \| shares	0	0	0
Stock-based compensation	$ 44,525	$ 22,649	$ 23,136
Investment maturity period	3 months
Equity in earnings of investee	$ 5,298	$ 4,107	$ 4,284
Vistar Media \| Related Party
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity method investment				$ 30,000
Minority interest, percentage				20.00%
Stock Options and Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	5,072
Performance-Based Stock Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	24,711
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	13,996
Restricted Stock Awards to Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 745
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Life (Years)	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Life (Years)	15 years

Description of the Business and Significant Accounting Policies (Subsidiary) (Details)	Dec. 31, 2024 billboard state
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays \| billboard	159,000
Number of states in which the company operates	45
Number of states in which the company operates logo sign business	23
LAMAR MEDIA CORP. AND SUBSIDIARIES
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays \| billboard	159,000
Number of states in which the company operates	45
Number of states in which the company operates logo sign business	23

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at December 31, 2024 and 2023:


	Estimated Life (Years)	2024				2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	732,098	$	665,095	$	731,156	$	640,635
Non-competition agreements	3 — 15	71,960		66,894		71,960		66,455
Site locations	15	2,982,504		2,002,272		2,955,324		1,891,078
Other	2 — 15	52,761		42,461		52,578		41,416
		$	3,839,323	$	2,776,722	$	3,811,018	$	2,639,584
Unamortizable Intangible Assets:
Goodwill		$	2,288,618	$	253,536	$	2,288,807	$	253,536

The changes in the gross carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


Balance as of December 31, 2022	$	2,288,805

Purchase price adjustments and other	2

Balance as of December 31, 2023	$	2,288,807

Purchase price adjustments and other	(189)

Balance as of December 31, 2024	$	2,288,618

Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $141,892, $140,033 and $134,256, respectively. The following is a summary of the estimated amortization expense for future years:


2025	$	135,374
2026	127,362
2027	123,359
2028	116,832
2029	108,303
Thereafter	451,371
Total	$	1,062,601

Segment Reporting (Subsidiary) - Financial Performance by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Net revenues	$ 2,207,103	$ 2,110,987	$ 2,032,140
Adjusted EBITDA	1,033,158	985,724	938,079
Corporate expenses
Revenue, Major Customer [Line Items]
Adjusted EBITDA	(102,526)	(95,366)	(90,072)
Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	2,207,103	2,110,987	2,032,140
Advertising expenses:	1,071,419	1,029,897	1,003,989
LAMAR MEDIA CORP. AND SUBSIDIARIES
Revenue, Major Customer [Line Items]
Net revenues	2,207,103	2,110,987	2,032,140
Adjusted EBITDA	1,033,726	986,221	938,581
LAMAR MEDIA CORP. AND SUBSIDIARIES \| Corporate expenses
Revenue, Major Customer [Line Items]
Adjusted EBITDA	(101,958)	(94,869)	(89,570)
LAMAR MEDIA CORP. AND SUBSIDIARIES \| Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	2,207,103	2,110,987	2,032,140
Advertising expenses:	1,071,419	1,029,897	1,003,989
Billboard \| Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	1,956,176	1,877,823	1,813,995
Advertising expenses:	870,629	852,912	829,287
Adjusted EBITDA	1,085,547	1,024,911	984,708
Billboard \| LAMAR MEDIA CORP. AND SUBSIDIARIES \| Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	1,956,176	1,877,823	1,813,995
Advertising expenses:	870,629	852,912	829,287
Adjusted EBITDA	1,085,547	1,024,911	984,708
Other \| Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	250,927	233,164	218,145
Advertising expenses:	200,790	176,985	174,702
Adjusted EBITDA	50,137	56,179	43,443
Other \| LAMAR MEDIA CORP. AND SUBSIDIARIES \| Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	250,927	233,164	218,145
Advertising expenses:	200,790	176,985	174,702
Adjusted EBITDA	$ 50,137	$ 56,179	$ 43,443

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Distribution Restrictions (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 4,677,837	$ 4,438,406
Debt ratio (less than)	7.0
Debt ratio related to actual position on senior credit facility (less than)	7.0	7.0
Available cumulative credit	$ 3,428,317	$ 3,188,886
Secured Debt \| LAMAR MEDIA CORP
Debt Instrument [Line Items]
Secured debt ratio (less than)	4.5
Secured Debt \| Maximum
Debt Instrument [Line Items]
Secured debt ratio (less than)	4.5

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Allocation of Purchase Price/Acquisition Costs

The following is a summary of the allocation of the purchase price in the above transactions.


	Total
Property, plant and equipment	$	10,600

Site locations	28,346
Non-competition agreements	380
Customer lists and contracts	1,302

Asset acquisition costs	182
Current assets	4,721
Current liabilities	(409)
Operating lease right of use assets	1,857
Operating lease liabilities	(1,586)

	$	45,393

The following is a summary of the allocation of the purchase price in the above transactions.


	Total
Property, plant and equipment	$	30,837
Goodwill	(50)
Site locations	90,152
Non-competition agreements	360
Customer lists and contracts	11,061

Asset acquisition costs	414
Current assets	8,410
Current liabilities	(3,851)
Operating lease right of use assets	11,016
Operating lease liabilities	(9,388)

	$	138,961

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax [Line Items]
Income taxes receivable	$ 2,104
Taxes payable	199	$ 36
Valuation allowance for deferred tax assets	3,402	5,333
Net change in total state valuation allowance	(1,931)	898
Undistributed earnings of subsidiaries	14,162
Deferred tax liabilities foreign withholding taxes	708	764
Current income tax expense (benefit) related to current period earnings	55
Unrecognized tax benefits	2,626	4,432	$ 5,544	$ 5,125
Income tax penalties and interest expense	71	76	$ 212
Interest and penalties accrued	1,325	1,396
Expect to decrease in unrecognized tax benefits in next twelve months	1,560
State and Local Jurisdiction
Income Tax [Line Items]
Net operating loss carry forwards	1,427,833
Amounts of credits available to offset income tax	47
US
Income Tax [Line Items]
Net operating loss carry forwards	8,627
Canada Revenue Agency
Income Tax [Line Items]
Valuation allowance for deferred tax assets	3,402	1,235
Canada Revenue Agency \| Foreign Tax Jurisdiction
Income Tax [Line Items]
Net operating loss carry forwards	$ 11,867
Puerto Rico
Income Tax [Line Items]
Valuation allowance for deferred tax assets		$ 4,098

Subsequent Event (Details) - USD ($) $ in Thousands	Feb. 03, 2025	Jul. 12, 2021
Vistar Media \| Related Party
Subsequent Event [Line Items]
Minority interest, percentage		20.00%
Subsequent Event \| Vistar Media \| T-Mobile USA, Inc.
Subsequent Event [Line Items]
Percentage of voting interests acquired	100.00%
Subsequent Event \| Vistar Media
Subsequent Event [Line Items]
Proceeds from sale of equity method investments	$ 115,112
Additional consideration	15,086
Initial gain on transcation	$ 68,000

Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 135,374
2026	127,362
2027	123,359
2028	116,832
2029	108,303
Thereafter	451,371
Total	$ 1,062,601	$ 1,171,434

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans The Company sponsors a partially self-insured group health insurance program. The Company is obligated to pay all claims under the program, which are in excess of premiums, up to program limits. The Company is also self-insured with respect to its income disability benefits and against casualty losses on advertising structures. Amounts for expected losses, including a provision for losses incurred but not reported, is included in accrued expenses in the accompanying consolidated financial statements. As of December 31, 2024 and 2023, the Company maintained $5,537 for both years in letters of credit with a bank to meet requirements of the Company’s worker’s compensation and general liability insurance carrier. Savings and Profit Sharing Plan The Company sponsors The Lamar Corporation Savings and Profit Sharing Plan covering eligible employees who have completed one year of service and are at least 21 years of age. The Company has the option to match 50% of employees’ contributions up to 5% of eligible compensation. Employees can contribute up to 100% of compensation. Full vesting on the Company’s matched contributions occurs after three years for contributions made after January 1, 2002. Annually, at the Company’s discretion, an additional profit sharing contribution may be made on behalf of each eligible employee. The Company matched contributions of $8,130, $7,265 and $6,780 for the years ended December 31, 2024, 2023 and 2022, respectively. Deferred Compensation Plan The Company sponsors a Deferred Compensation Plan for the benefit of certain of its board-elected officers who meet specific age and years of service and other criteria. Officers that have attained the age of 30 and have a minimum of 10 years of service to the Company and satisfy additional eligibility guidelines are eligible for annual contributions to the plan generally ranging from $3 to $8, depending on the employee’s length of service. The Company’s contributions to the plan are maintained in a rabbi trust and, accordingly, the assets and liabilities of the plan are reflected in the balance sheet of the Company in other assets and other liabilities. Upon termination, death or disability, participating employees are eligible to receive an amount equal to the fair market value of the assets in the employee’s deferred compensation account. For the years ended December 31, 2024, 2023 and 2022, the Company contributed $2,223, $1,880 and $1,637, respectively. On December 8, 2005, the Company’s Board of Directors approved an amendment to the Lamar Deferred Compensation Plan in order to (1) to comply with the requirements of Section 409A of the Internal Revenue Code (“Section 409A”) applicable to deferred compensation and (2) to reflect changes in the administration of the plan. The Company’s Board of Directors also approved the adoption of a grantor trust pursuant to which amounts may be set aside, but remain subject to claims of the Company’s creditors, for payments of liabilities under the new plan, including amounts contributed under the old plan. The plan was further amended in August 2007 to make certain amendments to reflect Section 409A regulations issued on April 10, 2007. An additional clarifying amendment was made to the plan in December 2013.

The entire disclosure for retirement benefits.

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Goodwill and Other Intangible Assets (Subsidiary) - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,839,323	$ 3,811,018
Accumulated Amortization	2,776,722	2,639,584
Goodwill gross carrying amount	2,288,618	2,288,807	$ 2,288,805
Goodwill accumulated amortization	253,536	253,536
LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,838,777	3,810,473
Accumulated Amortization	2,776,644	2,639,506
Goodwill gross carrying amount	2,277,597	2,277,786	$ 2,277,784
Goodwill accumulated amortization	$ 252,666	252,667
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 732,098	731,156
Accumulated Amortization	665,095	640,635
Customer lists and contracts \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	732,098	731,156
Accumulated Amortization	$ 665,095	640,635
Customer lists and contracts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts \| Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Customer lists and contracts \| Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 71,960	71,960
Accumulated Amortization	66,894	66,455
Non-competition agreements \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	71,960	71,960
Accumulated Amortization	$ 66,894	66,455
Non-competition agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements \| Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Non-competition agreements \| Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,982,504	2,955,324
Accumulated Amortization	$ 2,002,272	1,891,078
Site locations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,982,504	2,955,324
Accumulated Amortization	2,002,272	1,891,078
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,761	52,578
Accumulated Amortization	42,461	41,416
Other \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,215	52,033
Accumulated Amortization	$ 42,383	$ 41,338
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other \| Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other \| Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Non-cash Financing and Investing Activities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Revision in estimates	$ 215,899	$ 1,230	$ 110,321

Income Taxes - Reconciliation Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 4,432	$ 5,544	$ 5,125
Additions for tax positions related to current year	71		718
Additions for tax positions related to prior years	317	703	1,142
Reductions for tax positions related to prior years	(1,396)
Lapse of statute of limitations	(798)	(1,815)	(1,441)
Ending balance	$ 2,626	$ 4,432	$ 5,544

Revenue - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Direct Advertising Expenses (Exclusive of Depreciation and Amortization)
Capitalized Contract Cost [Line Items]
Contract cost expense net	$ 27,686	$ 26,041
Other Current Assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net current	$ 28,003	$ 26,349

Segment Reporting (Subsidiary)

12 Months Ended

Dec. 31, 2024

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:


	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

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

Segment Reporting

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

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

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Accrued Expenses (Subsidiary) (Tables)

12 Months Ended

Dec. 31, 2024

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

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

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

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

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following at December 31, 2024 and 2023:


	December 31, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	883,474	$	5,623	$	877,851
Accounts Receivable Securitization Program	250,000		611		249,389
3 3/4% Senior Notes	600,000		3,802		596,198
3 5/8% Senior Notes	550,000		5,440		544,560
4% Senior Notes	549,595		4,854		544,741
4 7/8% Senior Notes	400,000		3,107		396,893
Other notes with various rates and terms	1,232		—		1,232
	3,234,301		23,437		3,210,864
Less current maturities	(250,417)		(611)		(249,806)
Long-term debt, excluding current maturities	$	2,983,884	$	22,826	$	2,961,058


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225
Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

Summary of Long-Term Debt Contractual Maturities

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2025	$	418	$	—	$	418
2026	$	442	$	—	$	442
2027	$	849,820	$	3,044	$	846,776
2028	$	884,000	$	6,993	$	877,007
2029	$	400,000	$	3,107	$	396,893
Thereafter	$	1,099,621	$	10,293	$	1,089,328

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Revenue and Expense Recognized for Advertising Barter Transactions

Stock Compensation Plans - Summary of ESPP Share Activity (Details) - shares		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ESPP share activity
Purchases (in shares)		(125,409)	(147,006)	(127,108)
Available for future purchases, end of period (in shares)		1,463,374
2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved (in shares)	87,645
Employee Stock Purchase Plan
ESPP share activity
Available for future purchases, beginning of period (in shares)	242,292	242,292
Purchases (in shares)		(125,409)
Available for future purchases, end of period (in shares)		204,528	242,292
Employee Stock Purchase Plan \| 2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved (in shares)		87,645

Description of the Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

The amount of revenue and expense recognized for advertising barter transactions is as follows:


	2024		2023		2022
Net revenues	$	9,787	$	9,599	$	8,775
Direct advertising expenses	$	4,698	$	4,832	$	4,044
General and administrative expenses	$	4,525	$	4,044	$	3,904

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Maturities of Operating Lease Liabilities

The following is a summary of the maturities of our operating lease liabilities as of December 31, 2024:


2025	$	257,371
2026	202,651
2027	178,355
2028	153,861
2029	131,753
Thereafter	915,090
Total undiscounted operating lease payments	1,839,081
Less: Imputed interest	(506,566)
Total operating lease liabilities	$	1,332,515

Information about Geographic Areas (Details) - Foreign Countries - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 13,972	$ 13,930
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 36,465	$ 30,568	$ 29,465

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Asset Retirement Obligation Disclosure [Abstract]

Consolidated Balance Sheets (Subsidiary) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables, allowance for doubtful accounts	$ 12,404	$ 12,477
Deferred financing costs, less current maturities	611	380
Deferred financing costs, excluding current maturities	22,826	28,865
LAMAR MEDIA CORP. AND SUBSIDIARIES
Receivables, allowance for doubtful accounts	12,404	12,477
Deferred financing costs, less current maturities	611	380
Deferred financing costs, excluding current maturities	$ 22,826	$ 28,865
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares, outstanding (in shares)	100	100

Asset Retirement Obligation (Tables)

12 Months Ended

Dec. 31, 2024

The following table reflects information related to our asset retirement obligations:


Balance at December 31, 2022	$	390,442
Additions to asset retirement obligations	4,548
Revision in estimates	1,230
Accretion expense	7,210
Liabilities settled	(5,439)
Balance at December 31, 2023	$	397,991
Additions to asset retirement obligations	289
Revision in estimates	215,899
Accretion expense	7,843
Liabilities settled	(7,309)
Balance at December 31, 2024	$	614,713

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification, as part of the adoption of ASC 842, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease.

Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the Consolidated Statements of Income and Comprehensive Income. Interest related to financing lease liabilities is recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income.

The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population.

During the year ended December 31, 2024, we had base operating lease costs of $319,058 and variable operating lease costs of $64,682, for a total operating lease cost of $383,740. During the year ended December 31, 2023, we had base operating lease costs of $311,640 and variable operating lease costs of $60,147, for a total operating lease cost of $371,787. During the year ended December 31, 2022, we had base operating lease costs of $306,825 and variable operating lease costs of $59,651, for a total operating lease cost of $366,476. Our operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the years ended December 31, 2024, 2023 and 2022, we recorded a gain of $403, $295 and $824 respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $320,053, $310,863 and $298,831 were made reducing our operating lease liabilities for the years ended December 31, 2024, 2023 and 2022, respectively, and are included in cash flows provided by operating activities in the Consolidated Statements of Cash Flows.

We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets or lease liabilities for agreements with a term of twelve months or less. We recorded $10,439, $10,189 and $7,478 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the years ended December 31, 2024, 2023 and 2022, respectively.

Our operating leases have a weighted-average remaining lease term of 12.2 years. The weighted-average discount rate of our operating leases is 5.2%. During the years ended December 31, 2024 and 2023, we obtained $24,627 and $24,999,

respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. Lease terminations during the year resulted in a $5,068 and $10,635 reduction to operating lease liabilities for the years ended December 31, 2024 and 2023, respectively.

The following is a summary of the maturities of our operating lease liabilities as of December 31, 2024:


2025	$	257,371
2026	202,651
2027	178,355
2028	153,861
2029	131,753
Thereafter	915,090
Total undiscounted operating lease payments	1,839,081
Less: Imputed interest	(506,566)
Total operating lease liabilities	$	1,332,515

During the years ended December 31, 2024 and 2023, we obtained no new leased assets in exchange for new financing lease liabilities. Our financing leases have a weighted-average remaining lease term of 2.9 years and a weighted-average discount rate of 3.1%. For the years ended December 31, 2024, 2023 and 2022, amortization expense of $2,853 was recorded within depreciation and amortization and interest expense of $463, $504 and $544, was recorded within interest expense, respectively, on the Consolidated Statements of Income and Comprehensive Income in relation to these financing lease liabilities. Cash payments of $1,331 were made reducing our financing lease liabilities for the years ended December 31, 2024, 2023 and 2022 and are included in cash flows used in financing activities in the Consolidated Statements of Cash Flows.

Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the years ended December 31, 2024, 2023 and 2022, non-lease variable transit expenses were $97,099, $87,688 and $78,877, respectively. These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Consolidated Statements of Income and Comprehensive Income.

Leases

The following is a summary of the maturities of our operating lease liabilities as of December 31, 2024:


2025	$	257,371
2026	202,651
2027	178,355
2028	153,861
2029	131,753
Thereafter	915,090
Total undiscounted operating lease payments	1,839,081
Less: Imputed interest	(506,566)
Total operating lease liabilities	$	1,332,515

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock Series AA Preferred Stock	Common Stock Common Class A	Common Stock Common Class B	Treasury Stock	Additional Paid-In Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit	Non-controlling Interest
Beginning balance at Dec. 31, 2021	$ 1,217,089	$ 0	$ 88	$ 14	$ (50,852)	$ 2,001,399	$ 855	$ (734,415)	$ 0
Increase (Decrease) in Stockholders' Equity
Non-cash compensation	11,012					11,012
Issuance of common stock through stock awards	30,366					30,366
Exercise of stock options	8,671					8,671
Issuance of common stock through employee purchase plan	10,223					10,223
Purchase of treasury stock	(10,506)				(10,506)
Foreign currency translation	(1,514)						(1,514)
Net income	438,647							438,647
Dividends/distributions to common shareholders	(508,249)							(508,249)
Dividends, preferred stock	(365)							(365)
Ending balance at Dec. 31, 2022	1,195,374	0	88	14	(61,358)	2,061,671	(659)	(804,382)	0
Increase (Decrease) in Stockholders' Equity
Non-cash compensation	10,323					10,323
Issuance of common stock through stock awards	16,615					16,615
Exercise of stock options	4,300					4,300
Issuance of common stock through employee purchase plan	11,389					11,389
Purchase of treasury stock	(5,989)				(5,989)
Foreign currency translation	231						231
Net income	496,836							495,763	1,073
Reallocation of capital	(619)					(1,016)			397
Dividends/distributions to common shareholders	(511,307)							(510,251)	(1,056)
Dividends, preferred stock	(365)							(365)
Ending balance at Dec. 31, 2023	1,216,788	0	88	14	(67,347)	2,103,282	(428)	(819,235)	414
Increase (Decrease) in Stockholders' Equity
Non-cash compensation	19,059					19,059
Issuance of common stock through stock awards	16,990					16,990
Exercise of stock options	9,090		1			9,089
Issuance of common stock through employee purchase plan	11,890					11,890
Purchase of treasury stock	(5,341)				(5,341)
Foreign currency translation	(2,526)						(2,526)
Net income	362,939							361,867	1,072
Reallocation of capital	0					(1,018)			1,018
Dividends/distributions to common shareholders	(580,504)							(578,849)	(1,655)
Dividends, preferred stock	(365)							(365)
Ending balance at Dec. 31, 2024	$ 1,048,020	$ 0	$ 89	$ 14	$ (72,688)	$ 2,159,292	$ (2,954)	$ (1,036,582)	$ 849

Property, Plant and Equipment - Summary of Major Categories of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 4,574,894	$ 4,274,831
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	490,367	482,424
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 247,231	235,861
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	10 years
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	39 years
Advertising structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,679,719	3,401,132
Advertising structures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	5 years
Advertising structures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	15 years
Automotive and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 157,577	$ 155,414
Automotive and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Automotive and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 12,477	$ 11,418	$ 11,195
Charged to Costs and Expenses	8,770	12,737	9,013
Deductions	8,843	11,678	8,790
Balance at End of Year	12,404	12,477	11,418
Deducted in balance sheet from deferred tax assets: valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	5,333	4,435	19,433
Charged to Costs and Expenses	0	898	0
Deductions	1,931	0	14,998
Balance at End of Year	$ 3,402	$ 5,333	$ 4,435

Depreciation and Amortization

12 Months Ended

Dec. 31, 2024

Depreciation, Depletion and Amortization [Abstract]

Depreciation and Amortization

The Company includes all categories of depreciation and amortization on a separate line in its Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Consolidated Statements of Income and Comprehensive Income are as follows:


	Year Ended December 31,
	2024		2023		2022
Direct advertising expenses	$	439,933	$	273,297	$	330,357
General and administrative expenses	5,334		5,691		5,242
Corporate expenses	17,700		14,435		13,850
	$	462,967	$	293,423	$	349,449

The increase in the amount of depreciation and amortization expense excluded from direct advertising expense for the year ended December 31, 2024 is due to the revision in the removal cost estimate included in the calculation of asset retirement obligations during the period.

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statements of Income
Net revenues (note 2)	$ 2,207,103	$ 2,110,987	$ 2,032,140
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	727,875	696,799	667,288
General and administrative expenses (exclusive of depreciation and amortization)	361,133	344,780	350,623
Corporate expenses (exclusive of depreciation and amortization)	129,145	106,025	102,500
Depreciation and amortization (note 11)	462,967	293,423	349,449
Gain on disposition of assets	(6,057)	(5,474)	(15,721)
Total operating expenses	1,675,063	1,435,553	1,454,139
Operating income	532,040	675,434	578,001
Other expense (income):
Loss on extinguishment of debt	270	115	0
Interest income	(2,315)	(2,115)	(1,293)
Interest expense	171,709	174,512	127,510
Equity in earnings of investee	(5,094)	(3,696)	(4,315)
Total other expense (income)	164,570	168,816	121,902
Income before income tax expense	367,470	506,618	456,099
Income tax expense (note 12)	4,531	9,782	17,452
Net income	362,939	496,836	438,647
Earnings attributable to non-controlling interest	1,072	1,073	0
Net income attributable to controlling interest	361,867	495,763	438,647
Preferred stock dividends	365	365	365
Net income applicable to common stock	$ 361,502	$ 495,398	$ 438,282
Earnings per share:
Basic earnings per share (in usd per share)	$ 3.54	$ 4.86	$ 4.32
Diluted earnings per share (in usd per share)	3.52	4.85	4.31
Cash dividends declared per share of common stock (in usd per share)	$ 5.65	$ 5.00	$ 5.00
Weighted average common shares used in computing earnings per share:
Weighted average number of shares outstanding basic (in shares)	102,258,760	101,920,268	101,527,778
Weighted average common shares outstanding diluted (in shares)	102,561,151	102,106,647	101,634,543
Statements of Comprehensive Income
Net income	$ 362,939	$ 496,836	$ 438,647
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(2,526)	231	(1,514)
Comprehensive income	360,413	497,067	437,133
Earnings attributable to non-controlling interest	1,072	1,073	0
Comprehensive income attributable to controlling interest	$ 359,341	$ 495,994	$ 437,133

Goodwill and Other Intangible Assets (Subsidiary) - Summary of Changes in Gross Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,288,807	$ 2,288,805
Purchase price adjustments and other	(189)	2
Goodwill, ending balance	2,288,618	2,288,807
LAMAR MEDIA CORP. AND SUBSIDIARIES
Goodwill [Roll Forward]
Goodwill, beginning balance	2,277,786	2,277,784
Purchase price adjustments and other	(189)	2
Goodwill, ending balance	$ 2,277,597	$ 2,277,786

Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Year Ended December 31, 2024

During the year ended December 31, 2024, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $45,393.

Each of these asset purchases was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities assumed based on relative fair value estimates at the dates of acquisition.

The following is a summary of the allocation of the purchase price in the above transactions.


	Total
Property, plant and equipment	$	10,600

Site locations	28,346
Non-competition agreements	380
Customer lists and contracts	1,302

Asset acquisition costs	182
Current assets	4,721
Current liabilities	(409)
Operating lease right of use assets	1,857
Operating lease liabilities	(1,586)

	$	45,393

Total acquired intangible assets for the year ended December 31, 2024 were $30,210. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $1,302 (7 year weighted average useful life) and site locations of $28,346 (15 year weighted average useful life). The aggregate amortization expense related to the 2024 acquisitions for the year ended December 31, 2024 was $1,214.

Year Ended December 31, 2023

During the year ended December 31, 2023, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $138,961.

The following is a summary of the allocation of the purchase price in the above transactions.


	Total
Property, plant and equipment	$	30,837
Goodwill	(50)
Site locations	90,152
Non-competition agreements	360
Customer lists and contracts	11,061

Asset acquisition costs	414
Current assets	8,410
Current liabilities	(3,851)
Operating lease right of use assets	11,016
Operating lease liabilities	(9,388)

	$	138,961

Total acquired intangible assets for the year ended December 31, 2023 were $101,937, of which $(50) was assigned to goodwill relating to the finalization of the fair value allocation of the assets acquired and liabilities assumed from Fairway Outdoor and Standard Outdoor in the business combination completed December 9, 2022. Goodwill is not amortized for financial statement purposes and no goodwill related to 2023 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $11,061 (7 year weighted average useful life) and site locations of $90,152 (15 year weighted

average useful life). The aggregate amortization expense related to the 2023 acquisitions for the year ended December 31, 2023 was approximately $3,330.

As of December 31, 2023, we finalized our fair value allocation of the assets acquired and liabilities assumed from Fairway Outdoor and Standard Outdoor in the business combination completed December 9, 2022. The changes to our updated fair value allocation of this business combination were considered immaterial and recorded during the year ended December 31, 2023.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Major Categories of Property, Plant and Equipment

Major categories of property, plant and equipment at December 31, 2024 and 2023 are as follows:


	Estimated Life (Years)	2024		2023
Land	—	$	490,367	$	482,424
Building and improvements	10 — 39	247,231		235,861
Advertising structures	5 — 15	3,679,719		3,401,132
Automotive and other equipment	3 — 7	157,577		155,414
		$	4,574,894	$	4,274,831

Depreciation and Amortization (Tables)

12 Months Ended

Dec. 31, 2024

Depreciation, Depletion and Amortization [Abstract]

Depreciation and Amortization Expense Excluded from Operating Expenses in its Consolidated Statements of Income and Comprehensive Income

The amounts of depreciation and amortization expense excluded from the following operating expenses in its Consolidated Statements of Income and Comprehensive Income are as follows:


	Year Ended December 31,
	2024		2023		2022
Direct advertising expenses	$	439,933	$	273,297	$	330,357
General and administrative expenses	5,334		5,691		5,242
Corporate expenses	17,700		14,435		13,850
	$	462,967	$	293,423	$	349,449

Accrued Expenses (Subsidiary)

12 Months Ended

Dec. 31, 2024

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

Share-Based Payment Arrangement [Abstract]

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

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense at U.S. federal statutory rate	$ 77,166	$ 106,390	$ 95,781
Tax adjustment related to REIT	(76,410)	(101,486)	(86,793)
State and local income taxes, net of federal income tax benefit	2,522	2,732	2,850
Book expenses not deductible for tax purposes	2,401	2,574	3,042
Stock-based compensation	4,814	513	(3,336)
Valuation allowance	548	875	(14,984)
Undistributed earnings of foreign subsidiaries	(55)	(95)	(84)
Jurisdictional tax rate change	(5,417)	0	0
Other differences, net	(1,038)	(1,721)	20,976
Income tax expense	4,531	9,782	17,452
Tax adjustment related dividend paid deduction	121,466	107,137	106,129
Puerto Rico
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Valuation allowance	$ 548	$ 875	(14,984)
Other differences, net			15,201
Income tax expense			$ 5,068
Income tax withholding rate			29.00%

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal, current	$ 5,942	$ 6,223	$ 5,663
State and local, current	2,277	2,035	3,376
Foreign, current	348	(860)	5,201
Total current	8,567	7,398	14,240
U.S. federal, deferred	945	1,280	2,073
State and local, deferred	366	(26)	(136)
Foreign, deferred	(5,347)	1,130	1,275
Total, deferred	(4,036)	2,384	3,212
U.S. federal, total	6,887	7,503	7,736
State and local, total	2,643	2,009	3,240
Foreign, total	(4,999)	270	6,476
Income tax expense	$ 4,531	$ 9,782	$ 17,452

Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:


Grant Year	Dividend Yield	Expected Volatility	Risk Free Interest Rate	Expected Lives
2024	5%	45%	4%	6
2023	5%	45%	4%	6
2022	5%	45%	2%	6

Stock Option Transactions under Various Stock-Based Employee Compensation Plans

Information regarding stock options under the 1996 Plan for the year ended December 31, 2024 is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Contractual Life
Outstanding, beginning of year	391,015	$	85.81
Granted	45,000	122.37
Exercised	(112,575)	80.74
Forfeited	—	—
Expired	—	—
Outstanding, end of year	323,440	$	92.67	6.32
Exercisable at end of year	211,640	$	85.35	5.31

Summary of LTIP Under 1996 Plan

Information regarding LTIP Units under the 1996 Plan for the year ended December 31, 2024 is as follows:


	Shares	Weighted Average Grant Date Fair Value
Outstanding, beginning of year	176,000	$	95.50
Granted	120,000	117.29
Exercised	—	—
Forfeited	(35,200)	102.03
Outstanding, end of year	260,800	$	104.64
Vested at end of year	140,800	$	93.87

Summary of ESPP Share Activity

The following is a summary of 2019 ESPP share activity for the year ended December 31, 2024:


			Shares
Available for future purchases, January 1, 2024			242,292
Additional shares reserved under 2019 ESPP			87,645
Purchases			(125,409)
Available for future purchases, December 31, 2024			204,528

Long-term Debt (Subsidiary)

12 Months Ended

Dec. 31, 2024

Long-term Debt

Long-term debt consists of the following at December 31, 2024 and 2023:


	December 31, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	883,474	$	5,623	$	877,851
Accounts Receivable Securitization Program	250,000		611		249,389
3 3/4% Senior Notes	600,000		3,802		596,198
3 5/8% Senior Notes	550,000		5,440		544,560
4% Senior Notes	549,595		4,854		544,741
4 7/8% Senior Notes	400,000		3,107		396,893
Other notes with various rates and terms	1,232		—		1,232
	3,234,301		23,437		3,210,864
Less current maturities	(250,417)		(611)		(249,806)
Long-term debt, excluding current maturities	$	2,983,884	$	22,826	$	2,961,058


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225
Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2025	$	418	$	—	$	418
2026	$	442	$	—	$	442
2027	$	849,820	$	3,044	$	846,776
2028	$	884,000	$	6,993	$	877,007
2029	$	400,000	$	3,107	$	396,893
Thereafter	$	1,099,621	$	10,293	$	1,089,328

Senior Credit Facility

On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s

existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”).

The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on July 31, 2028, subject to certain conditions (see description of Amendment No. 4 below) (the “revolving credit facility”), (ii) a $600,000 senior secured Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated.

The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Term Secured Overnight Financing Rate ("Term SOFR") plus a credit spread adjustment of 0.10% (Term SOFR plus such credit spread adjustment, the "Adjusted Term SOFR Rate") or the Adjusted Base Rate, at Lamar Media’s option. Term B loans bearing interest at a rate based on Term SOFR bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50%. Term B loans bearing interest at a rate based on the Adjusted Base Rate bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%.

The revolving credit facility bears interest at rates based on Term SOFR ("Term SOFR revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Term SOFR revolving loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility.

On July 29, 2022, Lamar Media entered into Amendment No. 2 ("Amendment No. 2") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto. Amendment No. 2 established the Term A loans as a new class of incremental term loans. The Term A loans were set to mature on February 6, 2025 with no required amortization payments prior to maturity and bore interest at rates based on the Term SOFR ("Term SOFR Term A loans") or the Adjusted Base Rate ("Base Rate Term A loans"), at Lamar Media's option. Term SOFR Term A loans bore interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate Term A loans bore interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The covenants, events of default and other terms of the senior credit facility apply to the Term A loans. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022. Proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. The Term A loans were subsequently repaid in full on July 31, 2024.

On April 26, 2023, Lamar Media entered into Amendment No. 3 ("Amendment No. 3") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank N.A. as administrative agent and the lenders party thereto. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement remain unchanged by Amendment No. 3.

On July 31, 2023, Lamar Media entered into Amendment No. 4 ("Amendment No. 4"), to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto. Amendment No. 4 extends the maturity date of Lamar Media's $750,000

revolving credit facility such that the revolving credit facility matures July 31, 2028; provided, that, if on the date (a "Springing Maturity Test Date") that is 91 days prior to either the then scheduled maturity date of Lamar Media's Term B loans (which is currently February 6, 2027) or the February 15, 2028 maturity date of Lamar Media's 3 3/4% Notes, the Company and its restricted subsidiaries do not have sufficient liquidity (defined as unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus unused commitments under the revolving credit facility) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the Term B loans or the 3 3/4% Notes (as applicable), the revolving credit facility will mature on such Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together with all accrued and unpaid interest on such revolving loans, will be due and payable.

Amendment No. 4 also establishes a $75,000 swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75,000. In addition, Amendment No. 4 amends the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein.

As of December 31, 2024, there were $284,000 in outstanding borrowings under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $8,789 in letters of credit outstanding as of December 31, 2024 resulting in $457,211 of availability under the revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on July 31, 2028.

The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:

•dispose of assets;

•incur or repay debt;

•create liens;

•make investments; and

•pay dividends.

The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under the senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.

Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented.

Accounts Receivable Securitization Program

On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the "Receivable Financing Agreement") with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program.

Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty.

On June 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program.

The Accounts Receivable Securitization Program was set to mature on July 21, 2025, but was subsequently extended to October 15, 2027 by the Seventh Amendment to the Receivables Financing Agreement dated October 15, 2024; provided, that, if on the date (a “Securitization Springing Maturity Test Date”) that is 91 days prior to the then scheduled maturity date of Lamar Media’s Term Loan B loans (which is currently February 6, 2027), (a) any of the outstanding Term B loans has a scheduled maturity date prior to the date that is 91 days prior to the then scheduled maturity date of Lamar Media’s revolving credit facility (which is currently July 31, 2028) and (b) the Company and its restricted subsidiaries do not have sufficient liquidity (defined as (i) unused commitments under the revolving credit facility plus (ii) unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus (iii) borrowing availability under the Accounts Receivable Securitization Program) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the Term Loan B loans, then the Accounts Receivable Securitization Program will mature on such Securitization Springing Maturity Test Date. Lamar Media may amend the facility to further extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.

As of December 31, 2024, there was $250,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of December 31, 2024. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the year ended December 31, 2024.

The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Consolidated Balance Sheets, (ii) our Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Consolidated Statements of Cash Flows.

4% Senior Notes

On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.

On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the "Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900.

At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after

February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 3/4% Senior Notes

On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500.

On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

4 7/8% Senior Notes

On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.

On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 5/8% Senior Notes

On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the "3 5/8% Notes"). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500.

At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

Exchange Offers

In October 2020, the Company completed a subsequent exchange offer with respect to each of the 4% Notes, 3 3/4% Notes, and 4 7/8% Notes, in each case, for substantially identical notes registered under the Securities Act of 1933, as amended. In September 2021, the Company completed a subsequent exchange offer with respect to the 3 5/8% Notes for substantially identical notes registered under the Securities Act of 1933, as amended.

Debt Repurchase Program

The Company’s Board of Directors has authorized Lamar Media to repurchase up to $250,000 outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. On September 24, 2024, the Board of Directors authorized the extension of the repurchase program through March 31, 2026. There were no repurchases under the program as of December 31, 2024.

Long-term Debt

Long-term debt consists of the following at December 31, 2024 and 2023:


	December 31, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	883,474	$	5,623	$	877,851
Accounts Receivable Securitization Program	250,000		611		249,389
3 3/4% Senior Notes	600,000		3,802		596,198
3 5/8% Senior Notes	550,000		5,440		544,560
4% Senior Notes	549,595		4,854		544,741
4 7/8% Senior Notes	400,000		3,107		396,893
Other notes with various rates and terms	1,232		—		1,232
	3,234,301		23,437		3,210,864
Less current maturities	(250,417)		(611)		(249,806)
Long-term debt, excluding current maturities	$	2,983,884	$	22,826	$	2,961,058


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225
Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2025	$	417	$	—	$	417
2026	$	442	$	—	$	442
2027	$	849,820	$	3,044	$	846,776
2028	$	884,000	$	6,993	$	877,007
2029	$	400,000	$	3,107	$	396,893
Later years	$	1,099,622	$	10,293	$	1,089,329

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Cover - USD ($)

12 Months Ended

Dec. 31, 2024

Feb. 01, 2025

Jun. 28, 2024

Current Fiscal Year End Date

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2024

--12-31

Document Transition Report

false

Entity File Number

1-36756

Entity Incorporation, State or Country Code

Entity Tax Identification Number

47-0961620

Entity Address, Address Line One

5321 Corporate Blvd.

Entity Address, City or Town

Baton Rouge

Entity Address, State or Province

Entity Address, Postal Zip Code

70808

City Area Code

225

Local Phone Number

926-1000

Title of 12(b) Security

Class A common stock, $0.001 par value

Trading Symbol

LAMR

Security Exchange Name

NASDAQ

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Public Float

$ 10,320,640,348

Documents Incorporated by Reference


Document						Parts into Which Incorporated
Proxy Statement for the Annual Meeting of Stockholders scheduled to be held on May 15, 2025 (Proxy Statement)						Part III

This combined Form 10-K is separately filed by (i) Lamar Advertising Company and (ii) Lamar Media Corp. (which is a wholly owned subsidiary of Lamar Advertising Company). Lamar Media Corp. meets the conditions set forth in general instruction I(1) (a) and (b) of Form 10-K and is, therefore, filing this form with the reduced disclosure format permitted by such instruction.

Amendment Flag

false

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

Entity Central Index Key

0001090425

Entity Registrant Name

LAMAR ADVERTISING CO/NEW

Common Class A

Entity Common Stock, Shares Outstanding

87,976,923

Common Class B

Entity Common Stock, Shares Outstanding

14,420,085

Entity Incorporation, State or Country Code

Entity File Number

1-12407

Entity Tax Identification Number

72-1205791

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Yes

Entity Filer Category

Non-accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Public Float

$ 0

Entity Common Stock, Shares Outstanding

100

Entity Central Index Key

0000899045

Entity Registrant Name

LAMAR MEDIA CORP/DE

Asset Retirement Obligation

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

The Company’s asset retirement obligation includes the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations:


Balance at December 31, 2022	$	390,442
Additions to asset retirement obligations	4,548
Revision in estimates	1,230
Accretion expense	7,210
Liabilities settled	(5,439)
Balance at December 31, 2023	$	397,991
Additions to asset retirement obligations	289
Revision in estimates	215,899
Accretion expense	7,843
Liabilities settled	(7,309)
Balance at December 31, 2024	$	614,713

Revision in estimates in December 31, 2024 of $215,899 reflects changes in cost estimates to remove structures and resurface land for structures that reside on leased land in the Company's outdoor advertising portfolio.

Schedule of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule of Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2024, 2023 and 2022

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying

Amount(3)

Accumulated
Depreciation

Construction
Date

Acquisition
Date

Useful Lives

360,487 Displays

—

4,170,086

(2,797,682)

Various

5 to 20 years

(1)No single asset exceeded 5% of the total gross carrying amount at December 31, 2024

(2)This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.


	December 31, 2024		December 31, 2023		December 31, 2022
Gross real estate assets:
Balance at the beginning of the year	$	3,883,556	$	3,745,006	$	3,439,618
Capital expenditures on new advertising displays(4)	34,030		80,241		85,972
Capital expenditures on improvements/redevelopments of new/existing advertising displays	24,762		26,127		23,850
Capital expenditures other recurring(5)	253,950		42,703		141,030
Land acquisitions(6)	8,719		24,064		31,061
Acquisition of advertising displays(7)	3,153		9,285		64,223
Assets sold or written-off	(35,777)		(44,442)		(39,149)
Foreign exchange	(2,307)		572		(1,599)
Balance at the end of the year	$	4,170,086	$	3,883,556	$	3,745,006
Accumulated depreciation:
Balance at the beginning of the year	$	2,529,560	$	2,440,956	$	2,287,590
Depreciation	300,855		124,072		185,820
Assets sold or written-off	(31,469)		(35,791)		(31,514)
Foreign exchange	(1,264)		323		(940)
Balance at the end of the year	$	2,797,682	$	2,529,560	$	2,440,956

(4)Includes non-cash amounts of $377, $1,138 and $2,367 at December 31, 2024, 2023 and 2022, respectively

(5)Includes non-cash amounts of $211,246, $1,186 and $103,019 at December 31, 2024, 2023 and 2022, respectively, related to the revision in cost estimate included in the calculation of asset retirement obligations

(6)Includes preliminary allocation of assets acquired during 2022

(7)Includes non-cash amounts of $72, $3,052 and $11,132 at December 31, 2024, 2023 and 2022, respectively

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2024 and 2023:


	Estimated Life (Years)	2024				2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	732,098	$	665,095	$	731,156	$	640,635
Non-competition agreements	3 — 15	71,960		66,894		71,960		66,455
Site locations	15	2,982,504		2,002,272		2,955,324		1,891,078
Other	2 — 15	52,761		42,461		52,578		41,416
		$	3,839,323	$	2,776,722	$	3,811,018	$	2,639,584
Unamortizable Intangible Assets:
Goodwill		$	2,288,618	$	253,536	$	2,288,807	$	253,536

Summary of Changes in Gross Carrying Amount of Goodwill

The changes in the gross carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


Balance as of December 31, 2022	$	2,288,805

Purchase price adjustments and other	2

Balance as of December 31, 2023	$	2,288,807

Purchase price adjustments and other	(189)

Balance as of December 31, 2024	$	2,288,618

Summary of Estimated Amortization Expense

The following is a summary of the estimated amortization expense for future years:


2025	$	135,374
2026	127,362
2027	123,359
2028	116,832
2029	108,303
Thereafter	451,371
Total	$	1,062,601

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]

Schedule of Real Estate and Accumulated Depreciation (Subsidiary)

12 Months Ended

Dec. 31, 2024

Schedule of Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2024, 2023 and 2022

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying

Amount(3)

Accumulated
Depreciation

Construction
Date

Acquisition
Date

Useful Lives

360,487 Displays

—

4,170,086

(2,797,682)

Various

5 to 20 years

(1)No single asset exceeded 5% of the total gross carrying amount at December 31, 2024

(2)This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.


	December 31, 2024		December 31, 2023		December 31, 2022
Gross real estate assets:
Balance at the beginning of the year	$	3,883,556	$	3,745,006	$	3,439,618
Capital expenditures on new advertising displays(4)	34,030		80,241		85,972
Capital expenditures on improvements/redevelopments of new/existing advertising displays	24,762		26,127		23,850
Capital expenditures other recurring(5)	253,950		42,703		141,030
Land acquisitions(6)	8,719		24,064		31,061
Acquisition of advertising displays(7)	3,153		9,285		64,223
Assets sold or written-off	(35,777)		(44,442)		(39,149)
Foreign exchange	(2,307)		572		(1,599)
Balance at the end of the year	$	4,170,086	$	3,883,556	$	3,745,006
Accumulated depreciation:
Balance at the beginning of the year	$	2,529,560	$	2,440,956	$	2,287,590
Depreciation	300,855		124,072		185,820
Assets sold or written-off	(31,469)		(35,791)		(31,514)
Foreign exchange	(1,264)		323		(940)
Balance at the end of the year	$	2,797,682	$	2,529,560	$	2,440,956

(4)Includes non-cash amounts of $377, $1,138 and $2,367 at December 31, 2024, 2023 and 2022, respectively

(6)Includes preliminary allocation of assets acquired during 2022

(7)Includes non-cash amounts of $72, $3,052 and $11,132 at December 31, 2024, 2023 and 2022, respectively

SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]

Schedule of Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2024, 2023 and 2022

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying Amount(3)

Accumulated Depreciation

Construction Date

Acquisition Date

Useful Lives

360,487 Displays

—

4,170,086

(2,797,682)

Various

5 to 20 years

(1)No single asset exceeded 5% of the total gross carrying amount at December 31, 2024

(2)This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.


	December 31, 2024		December 31, 2023		December 31, 2022
Gross real estate assets:
Balance at the beginning of the year	$	3,883,556	$	3,745,006	$	3,439,618
Capital expenditures on new advertising displays(4)	34,030		80,241		85,972
Capital expenditures on improvements/redevelopments of new/existing advertising displays	24,762		26,127		23,850
Capital expenditures other recurring(5)	253,950		42,703		141,030
Land acquisitions(6)	8,719		24,064		31,061
Acquisition of advertising displays(7)	3,153		9,285		64,223
Assets sold or written-off	(35,777)		(44,442)		(39,149)
Foreign exchange	(2,307)		572		(1,599)
Balance at the end of the year	$	4,170,086	$	3,883,556	$	3,745,006
Accumulated depreciation:
Balance at the beginning of the year	$	2,529,560	$	2,440,956	$	2,287,590
Depreciation	300,855		124,072		185,820
Assets sold or written-off	(31,469)		(35,791)		(31,514)
Foreign exchange	(1,264)		323		(940)
Balance at the end of the year	$	2,797,682	$	2,529,560	$	2,440,956

(4)Includes non-cash amounts of $377, $1,138 and $2,367 at December 31, 2024, 2023 and 2022, respectively

(6)Includes preliminary allocation of assets acquired during 2022

(7)Includes non-cash amounts of $72, $3,052 and $11,132 at December 31, 2024, 2023 and 2022, respectively

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plans

12 Months Ended

Dec. 31, 2024

Stock Compensation Plans

Equity Incentive Plan. Lamar’s 1996 Equity Incentive Plan, as amended, (the “1996 Plan”) has reserved 17.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive and LTIP Unit programs. Options granted under the 1996 Plan expire ten years from the grant date with vesting terms ranging from three to five years which primarily includes 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the Nasdaq Global Select Market on the date of grant.

In February 2013, the 1996 Plan was amended to eliminate the provision that limited the amount of Class A common stock, including shares retained from an award, that could be withheld to satisfy tax withholding obligations to the minimum tax obligations required by law (except with respect to option awards). In accordance with ASC 718, Compensation – Stock Compensation, the Company is required to classify the awards affected by the amendment as liability-classified awards at fair value each period prior to their settlement. As of December 31, 2024 and 2023, the Company recorded a liability, in accrued expenses, of $16,404 and $7,936, respectively, related to its equity incentive awards affected by this amendment.

We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various highly subjective assumptions, including expected term and expected volatility. We have reviewed our historical pattern of option exercises and have determined that meaningful differences in option exercise activity existed among vesting schedules. Therefore, for all stock options granted after January 1, 2006, we have categorized these awards into two groups of vesting 1) 5-year cliff vest and 2) 4-year graded vest, for valuation purposes. We have determined there were no meaningful differences in employee activity under our ESPP due to the nature of the plan.

We estimate the expected term of options granted using an implied life derived from the results of a hypothetical mid-point settlement scenario, which incorporates our historical exercise, expiration and post-vesting employment termination patterns, while accommodating for partial life cycle effects. We believe these estimates will approximate future behavior.

We estimate the expected volatility of our Class A common stock at the grant date using a blend of 90% historical volatility of our Class A common stock and 10% implied volatility of publicly traded options with maturities greater than six months on our Class A common stock as of the option grant date. Our decision to use a blend of historical and implied volatility was based upon the volume of actively traded options on our common stock and our belief that historical volatility alone may not be completely representative of future stock price trends.

Our risk-free interest rate assumption is determined using the Federal Reserve nominal rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. We assumed an expected dividend yield of 5%.

We estimate option forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We record stock based compensation expense only for those awards expected to vest using an estimated forfeiture rate based on our historical forfeiture data.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:


Grant Year	Dividend Yield	Expected Volatility	Risk Free Interest Rate	Expected Lives
2024	5%	45%	4%	6
2023	5%	45%	4%	6
2022	5%	45%	2%	6

Information regarding stock options under the 1996 Plan for the year ended December 31, 2024 is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Contractual Life
Outstanding, beginning of year	391,015	$	85.81
Granted	45,000	122.37
Exercised	(112,575)	80.74
Forfeited	—	—
Expired	—	—
Outstanding, end of year	323,440	$	92.67	6.32
Exercisable at end of year	211,640	$	85.35	5.31

At December 31, 2024 there was $2,682 of unrecognized compensation cost related to stock options granted which is expected to be recognized over a weighted-average period of 1.70 years.

Shares available for future stock option, LTIP Units and restricted share grants to employees and directors under existing plans were 1,463,374 at December 31, 2024. The aggregate intrinsic value of options outstanding as of December 31,

2024 was $9,586 and the aggregate intrinsic value of options exercisable was $7,738. Total intrinsic value of options exercised was $4,627 for the year ended December 31, 2024.

Information regarding LTIP Units under the 1996 Plan for the year ended December 31, 2024 is as follows:


	Shares	Weighted Average Grant Date Fair Value
Outstanding, beginning of year	176,000	$	95.50
Granted	120,000	117.29
Exercised	—	—
Forfeited	(35,200)	102.03
Outstanding, end of year	260,800	$	104.64
Vested at end of year	140,800	$	93.87

At December 31, 2024 there was $2,346 of unrecognized compensation cost related to LITP Units granted which is expected to be recognized in the first quarter of 2025.

The fair value of LTIP Units granted and vested as of December 31, 2024 was $27,291 and $13,216, respectively, based on the weighted average grant date fair value per unit.

Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available for issuance under the 2019 ESPP was automatically increased by 87,645 shares on January 1, 2024 pursuant to the automatic increase provisions of the 2019 ESPP.

The following is a summary of 2019 ESPP share activity for the year ended December 31, 2024:


			Shares
Available for future purchases, January 1, 2024			242,292
Additional shares reserved under 2019 ESPP			87,645
Purchases			(125,409)
Available for future purchases, December 31, 2024			204,528

Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our 1996 Plan based on certain Company performance measures for fiscal year 2024. The number of shares to be issued, if any, are generally dependent on the level of achievement of these performance measures as determined by the Company’s Compensation Committee based on our 2024 results and are issued in the first quarter of 2025. The shares subject to these awards generally can range from a minimum of 0% to a maximum of 120% of the target number of shares depending on the level at which the goals are attained. Under the 1996 Plan, the Company's Compensation Committee may also award additional shares in its discretion based on other factors, which awards, if any, for 2025, will also be issued in the first quarter of 2025. Based on the Company’s performance measures achieved through December 31, 2024, the Company recorded $24,711, $11,677 and $11,545 as stock-based compensation expense related to these agreements for the years ended December 31, 2024, 2023 and 2022, respectively.

LTIP Units. In addition to stock compensation, the Company may issue LTIP Units of the OP, a subsidiary of the Company, to certain officers, employees and directors under the 1996 Plan. Such LTIP Units are subject to vesting and forfeiture conditions based on performance criteria approved by the Compensation Committee, which generally mirrors the performance criteria applicable to the Company's performance-based compensation, as described above. The Compensation Committee may also make discretionary grants of LTIP Units based on other factors. LTIP Units are a class of units intended to qualify as "profits interests" of the OP. The LTIP Units convert into Common Units of the OP upon the occurrence of certain events. Common Units are redeemable by the holder for shares of the Company's Class A common stock after a holding period

of twelve months, or may be paid out in cash at the option of the general partner of the OP. As of December 31, 2024, the OP issued a total of 260,800 LTIP Units to the Company's executive officers, of which 140,800 LTIP units have vested. For the years ended December 31, 2024 and 2023, the Company recorded $13,996 and $5,347, respectively, as stock-based compensation expense related to these LTIP Units.

Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. For the years ended December 31, 2024 and 2023, the Company recorded $746 and $715, respectively, in stock-based compensation expense related to these awards.

Stockholders' Equity (Details)		12 Months Ended
Stockholders' Equity (Details)	Jul. 16, 1999 $ / shares shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Jul. 24, 2024 USD ($)	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) \| shares		5,720		5,720
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.001		$ 0.001
Conversion ratio	1
Liquidation value of outstanding preferred stock		$ 3,649,000
Series AA Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) \| shares	5,720
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.001
Dividends paid to preferred stock (in usd per share) \| $ / shares	15.95
Amount entitled (in usd per share) \| $ / shares	$ 638
Common stock, number of votes per share \| vote		1
Preferred Class A
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) \| shares	1,000,000
Common Class B
Class of Stock [Line Items]
Common stock, number of votes per share \| vote		10
Common Class A
Class of Stock [Line Items]
Common stock, number of votes per share \| vote		1
Common Class A \| Sales Agreement
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 250,000,000
Stock repurchased during period		$ 0
Common Class A \| Equity Distribution Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares) \| shares		0
Amount available to be sold, common stock		$ 400,000,000
Common Class A \| Maximum \| Equity Distribution Agreement
Class of Stock [Line Items]
Aggregate offering price of common stock issuable			$ 400,000,000

Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization (note 11)	$ 462,967	$ 293,423	$ 349,449
Direct advertising expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization (note 11)	439,933	273,297	330,357
General and administrative expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization (note 11)	5,334	5,691	5,242
Corporate expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization (note 11)	$ 17,700	$ 14,435	$ 13,850

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Information about Geographic Areas

Segment Reporting

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

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

Accrued Expenses (Subsidiary) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable And Accrued Liabilities Current [Line Items]
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
Other	21,443	12,858
Total accrued expenses	133,943	107,195
LAMAR MEDIA CORP. AND SUBSIDIARIES
Accounts Payable And Accrued Liabilities Current [Line Items]
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
Total accrued expenses	$ 123,282	$ 97,464

Leases - Summary of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 257,371
2026	202,651
2027	178,355
2028	153,861
2029	131,753
Thereafter	915,090
Total undiscounted operating lease payments	1,839,081
Less: Imputed interest	(506,566)
Total operating lease liabilities	$ 1,332,515

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 362,939	$ 496,836	$ 438,647
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	462,967	293,423	349,449
Stock-based compensation	44,525	22,649	23,136
Amortization included in interest expense	6,332	6,538	6,158
Gain on disposition of assets	(6,057)	(5,474)	(15,721)
Loss on extinguishment of debt	270	115	0
Equity in earnings of investee	(5,094)	(3,696)	(4,315)
Deferred income tax (benefit) expense	(4,036)	2,384	3,212
Provision for doubtful accounts	8,770	12,737	9,013
(Increase) decrease in:
Receivables	(43,000)	(28,744)	(22,511)
Prepaid expenses	(2,656)	1,087	(906)
Other assets	(7,424)	(3,363)	2,711
Increase (decrease) in:
Trade accounts payable	3,262	(307)	1,176
Accrued expenses	18,902	(1,708)	(10,773)
Operating lease liabilities	7,498	2,490	7,198
Other liabilities	26,412	(11,354)	(4,862)
Cash flows provided by operating activities	873,610	783,613	781,612
Cash flows from investing activities:
Capital expenditures	(125,284)	(178,271)	(167,078)
Acquisitions	(45,393)	(138,961)	(479,766)
Decrease in notes receivable	65	62	12,124
Proceeds from disposition of assets	5,706	7,051	15,649
Cash flows used in investing activities	(164,906)	(310,119)	(619,071)
Cash flows from financing activities:
Net proceeds from issuance of common stock	20,980	15,689	18,894
Cash used for purchase of treasury shares	(5,341)	(5,989)	(10,506)
Proceeds received from revolving credit facility	783,000	403,000	445,000
Payments on revolving credit facility	(569,000)	(378,000)	(575,000)
Principal payments on long-term debt	(400)	(381)	(365)
Principal payments on financing leases	(1,331)	(1,331)	(1,331)
Proceeds received from senior credit facility term loans	0	0	350,000
Payments on senior credit facility term loans	(350,000)	0	0
Proceeds received from accounts receivable securitization program	86,400	114,900	265,000
Payments on accounts receivable securitization program	(86,400)	(114,900)	(190,000)
Debt issuance costs	(464)	(2,951)	(1,583)
Distributions to non-controlling interest	(1,655)	(1,056)	(814)
Dividends/distributions	(579,214)	(510,616)	(508,614)
Cash flows used in financing activities	(703,425)	(481,635)	(209,319)
Effect of exchange rate changes in cash and cash equivalents	(423)	127	(391)
Net increase (decrease) in cash and cash equivalents	4,856	(8,014)	(47,169)
Cash and cash equivalents at beginning of year	44,605	52,619	99,788
Cash and cash equivalents at end of year	49,461	44,605	52,619
Supplemental disclosures of cash flow information:
Cash paid for interest	165,827	168,011	120,000
Cash paid for state and federal income taxes	$ 8,505	$ 11,432	$ 16,325

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,057,776
Debt	$ 3,234,301	$ 3,370,372

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 141,892	$ 140,033	$ 134,256

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments At December 31, 2024 and 2023, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investments and initial recognition of asset retirement obligations are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,057,776, which is less than both the gross and carrying amount of $3,234,301 as of December 31, 2024. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Property, Plant and Equipment [Abstract]

Non-cash Financing and Investing Activities	12 Months Ended
Non-cash Financing and Investing Activities	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Non-cash Financing and Investing Activities	Non-cash Financing and Investing Activities For the years ended December 31, 2024 and 2022, the Company had non-cash investing activities that resulted in an increase to the asset retirement obligation balance and the carrying value of the related property, plant and equipment in the amount of $215,899 and $110,321, respectively, related to the revision in estimate of the Company's asset retirement obligation. For the years ended December 31, 2024, 2023 and 2022, there were non-cash investing and financing activities for the recognition of ROU assets and lease liabilities at lease commencement as disclosed in Note 7, "Leases".

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment

Major categories of property, plant and equipment at December 31, 2024 and 2023 are as follows:


	Estimated Life (Years)	2024		2023
Land	—	$	490,367	$	482,424
Building and improvements	10 — 39	247,231		235,861
Advertising structures	5 — 15	3,679,719		3,401,132
Automotive and other equipment	3 — 7	157,577		155,414
		$	4,574,894	$	4,274,831

Summarized Financial Information of Subsidiaries (Subsidiary) (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES

12 Months Ended

Dec. 31, 2024

Condensed Income Statements, Captions [Line Items]

Summarized Balance Sheet

Summarized Balance Sheet as of December 31, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Current assets	$	38,950	$	52,617	$	333,201	$	—	$	424,768
Noncurrent assets	4,302,475		6,368,402		297,831		(4,823,669)		6,145,039
Current liabilities	50,707		444,841		272,265		—		767,813
Noncurrent liabilities	3,249,628		1,738,404		384,695		(612,672)		4,760,055
Non-controlling interest	—		1,770		(921)		—		849

Summarized Balance Sheet as of December 31, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Current assets	$	33,875	$	28,905	$	309,906	$	—	$	372,686
Noncurrent assets	4,596,516		6,359,236		318,095		(5,099,653)		6,174,194
Current liabilities	45,225		387,408		271,533		—		704,166
Noncurrent liabilities	3,375,803		1,476,097		368,208		(587,171)		4,632,937
Non-controlling interest	—		964		(550)		—		414

Summarized Statements of Income and Comprehensive Income

Summarized Statements of Income and Comprehensive Income for the Year Ended December 31, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	2,159,755	$	49,840	$	(2,492)	$	2,207,103
Operating expenses (income)	—		1,626,780		50,207		(2,492)		1,674,495
Operating income (loss)	—		532,975		(367)		—		532,608
Net income (loss)	362,435		530,522		(10,804)		(518,646)		363,507
Net income (loss) attributable to controlling interest	$	362,435	$	529,937	$	(11,291)	$	(518,646)	$	362,435

Summarized Statements of Income and Comprehensive Income for the Year Ended December 31, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	2,069,600	$	44,068	$	(2,681)	$	2,110,987
Operating expenses (income)	—		1,392,389		45,348		(2,681)		1,435,056
Operating income (loss)	—		677,211		(1,280)		—		675,931
Net income (loss)	496,260		673,330		(16,393)		(655,864)		497,333
Net income (loss) attributable to controlling interest	$	496,260	$	672,943	$	(17,079)	$	(655,864)	$	496,260

Summarized Statements of Income and Comprehensive Income for the Year Ended December 31, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	1,992,900	$	41,789	$	(2,549)	$	2,032,140
Operating expenses (income)	—		1,425,150		31,036		(2,549)		1,453,637
Operating income (loss)	—		567,750		10,753		—		578,503
Net income (loss)	439,149		561,626		(81)		(561,545)		439,149
Net income (loss) attributable to controlling interest	$	439,149	$	561,626	$	(81)	$	(561,545)	$	439,149

Goodwill and Other Intangible Assets (Subsidiary) (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2024 and 2023:


	Estimated Life (Years)	2024				2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	732,098	$	665,095	$	731,156	$	640,635
Non-competition agreements	3 — 15	71,960		66,894		71,960		66,455
Site locations	15	2,982,504		2,002,272		2,955,324		1,891,078
Other	2 — 15	52,761		42,461		52,578		41,416
		$	3,839,323	$	2,776,722	$	3,811,018	$	2,639,584
Unamortizable Intangible Assets:
Goodwill		$	2,288,618	$	253,536	$	2,288,807	$	253,536

Summary of Changes in Gross Carrying Amount of Goodwill

The changes in the gross carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


Balance as of December 31, 2022	$	2,288,805

Purchase price adjustments and other	2

Balance as of December 31, 2023	$	2,288,807

Purchase price adjustments and other	(189)

Balance as of December 31, 2024	$	2,288,618

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2024 and 2023:


	Estimated Life (Years)	2024				2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7—10	$	732,098	$	665,095	$	731,156	$	640,635
Non-competition agreement	3—15	71,960		66,894		71,960		66,455
Site locations	15	2,982,504		2,002,272		2,955,324		1,891,078
Other	2—15	52,215		42,383		52,033		41,338
		$	3,838,777	$	2,776,644	$	3,810,473	$	2,639,506
Unamortizable Intangible Assets:
Goodwill		$	2,277,597	$	252,666	$	2,277,786	$	252,667

Summary of Changes in Gross Carrying Amount of Goodwill

The changes in the gross carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


Balance as of December 31, 2022	$	2,277,784

Purchase price adjustments and other	2

Balance as of December 31, 2023	2,277,786

Purchase price adjustments and other	(189)

Balance as of December 31, 2024	$	2,277,597

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Display Asset	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays \| Display	360,487
Encumbrances	$ 0
Initial Cost	0
Gross Carrying Amount	4,170,086	$ 3,883,556	$ 3,745,006
Accumulated Depreciation	$ (2,797,682)	(2,529,560)	(2,440,956)
Number of single asset exceeded 5% of the total gross carrying amount \| Asset	0
Percentage of asset contribution to total gross carrying amount	5.00%
Gross real estate assets:
Balance at the beginning of the year	$ 3,883,556	3,745,006	3,439,618
Capital expenditures on new advertising displays	34,030	80,241	85,972
Capital expenditures on improvements/redevelopments of new/existing advertising displays	24,762	26,127	23,850
Capital expenditures other recurring	253,950	42,703	141,030
Land acquisitions	8,719	24,064	31,061
Acquisition of advertising displays	3,153	9,285	64,223
Assets sold or written-off	(35,777)	(44,442)	(39,149)
Foreign exchange	(2,307)	572	(1,599)
Balance at the end of the year	4,170,086	3,883,556	3,745,006
Accumulated depreciation:
Balance at the beginning of the year	2,529,560	2,440,956	2,287,590
Depreciation	300,855	124,072	185,820
Assets sold or written-off	(31,469)	(35,791)	(31,514)
Foreign exchange	(1,264)	323	(940)
Balance at the end of the year	2,797,682	2,529,560	2,440,956
Revision in cost estimate in the calculation of asset retirement obligations	211,246	1,186	103,019
New Advertising Displays
Accumulated depreciation:
Non-cash amounts	377	1,138	2,367
Acquisition of Advertising Displays
Accumulated depreciation:
Non-cash amounts	$ 72	$ 3,052	$ 11,132
Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	5 years
Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	20 years

Long-term Debt (Subsidiary) (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Long-Term Debt Contractual Maturities

Long-Term Debt

Long-term debt consists of the following at December 31, 2024 and 2023:


	December 31, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	883,474	$	5,623	$	877,851
Accounts Receivable Securitization Program	250,000		611		249,389
3 3/4% Senior Notes	600,000		3,802		596,198
3 5/8% Senior Notes	550,000		5,440		544,560
4% Senior Notes	549,595		4,854		544,741
4 7/8% Senior Notes	400,000		3,107		396,893
Other notes with various rates and terms	1,232		—		1,232
	3,234,301		23,437		3,210,864
Less current maturities	(250,417)		(611)		(249,806)
Long-term debt, excluding current maturities	$	2,983,884	$	22,826	$	2,961,058


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225
Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2025	$	418	$	—	$	418
2026	$	442	$	—	$	442
2027	$	849,820	$	3,044	$	846,776
2028	$	884,000	$	6,993	$	877,007
2029	$	400,000	$	3,107	$	396,893
Thereafter	$	1,099,621	$	10,293	$	1,089,328

Summary of Long-Term Debt Contractual Maturities

Long-Term Debt

Long-term debt consists of the following at December 31, 2024 and 2023:


	December 31, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	883,474	$	5,623	$	877,851
Accounts Receivable Securitization Program	250,000		611		249,389
3 3/4% Senior Notes	600,000		3,802		596,198
3 5/8% Senior Notes	550,000		5,440		544,560
4% Senior Notes	549,595		4,854		544,741
4 7/8% Senior Notes	400,000		3,107		396,893
Other notes with various rates and terms	1,232		—		1,232
	3,234,301		23,437		3,210,864
Less current maturities	(250,417)		(611)		(249,806)
Long-term debt, excluding current maturities	$	2,983,884	$	22,826	$	2,961,058


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225
Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2025	$	417	$	—	$	417
2026	$	442	$	—	$	442
2027	$	849,820	$	3,044	$	846,776
2028	$	884,000	$	6,993	$	877,007
2029	$	400,000	$	3,107	$	396,893
Later years	$	1,099,622	$	10,293	$	1,089,329

Description of the Business and Significant Accounting Policies

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Related Party Transactions (Subsidiary) (Details) - LAMAR MEDIA CORP. AND SUBSIDIARIES - Related Party - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Amount payable to parent company	$ 77	$ 1,009
Amount contributed to affiliate	$ 57,028	$ 42,627

Stock Compensation Plans - LTIP Units 1996 Plan (Details) - LTIP Units	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Shares
Outstanding, beginning of year (in shares) \| shares	176,000
Granted (in shares) \| shares	120,000
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(35,200)
Outstanding, ending of year (in shares) \| shares	260,800
Vested at end of year (in shares) \| shares	140,800
Weighted Average Grant Date Fair Value
Outstanding, beginning of year (in usd per share) \| $ / shares	$ 95.50
Granted (in usd per share) \| $ / shares	117.29
Exercised (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	102.03
Outstanding, ending of year (in usd per share) \| $ / shares	104.64
Vested at end of year (in usd per share) \| $ / shares	$ 93.87

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

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 Real Estate and Accumulated Depreciation (Subsidiary) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Display Asset asset	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays \| Display	360,487
Encumbrances	$ 0
Initial Cost	0
Gross Carrying Amount	4,170,086	$ 3,883,556	$ 3,745,006
Accumulated Depreciation	$ (2,797,682)	(2,529,560)	(2,440,956)
Number of single asset exceeded 5% of the total gross carrying amount \| Asset	0
Percentage of asset contribution to total gross carrying amount	5.00%
Gross real estate assets:
Balance at the beginning of the year	$ 3,883,556	3,745,006	3,439,618
Capital expenditures on new advertising displays	34,030	80,241	85,972
Capital expenditures on improvements/redevelopments of new/existing advertising displays	24,762	26,127	23,850
Capital expenditures other recurring	253,950	42,703	141,030
Land acquisitions	8,719	24,064	31,061
Acquisition of advertising displays	3,153	9,285	64,223
Assets sold or written-off	(35,777)	(44,442)	(39,149)
Foreign exchange	(2,307)	572	(1,599)
Balance at the end of the year	4,170,086	3,883,556	3,745,006
Accumulated depreciation:
Balance at the beginning of the year	2,529,560	2,440,956	2,287,590
Depreciation	300,855	124,072	185,820
Assets sold or written-off	(31,469)	(35,791)	(31,514)
Foreign exchange	(1,264)	323	(940)
Balance at the end of the year	$ 2,797,682	2,529,560	2,440,956
LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays \| Display	360,487
Encumbrances	$ 0
Initial Cost	0
Gross Carrying Amount	4,170,086	3,883,556	3,745,006
Accumulated Depreciation	$ (2,797,682)	(2,529,560)	(2,440,956)
Number of single asset exceeded 5% of the total gross carrying amount \| asset	0
Percentage of asset contribution to total gross carrying amount	5.00%
Gross real estate assets:
Balance at the beginning of the year	$ 3,883,556	3,745,006	3,439,618
Capital expenditures on new advertising displays	34,030	80,241	85,972
Capital expenditures on improvements/redevelopments of new/existing advertising displays	24,762	26,127	23,850
Capital expenditures other recurring	253,950	42,703	141,030
Land acquisitions	8,719	24,064	31,061
Acquisition of advertising displays	3,153	9,285	64,223
Assets sold or written-off	(35,777)	(44,442)	(39,149)
Foreign exchange	(2,307)	572	(1,599)
Balance at the end of the year	4,170,086	3,883,556	3,745,006
Accumulated depreciation:
Balance at the beginning of the year	2,529,560	2,440,956	2,287,590
Depreciation	300,855	124,072	185,820
Assets sold or written-off	(31,469)	(35,791)	(31,514)
Foreign exchange	(1,264)	323	(940)
Balance at the end of the year	2,797,682	2,529,560	2,440,956
Non-cash amounts	211,246	1,186	103,019
New Advertising Displays
Accumulated depreciation:
Non-cash amounts	377	1,138	2,367
New Advertising Displays \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Accumulated depreciation:
Non-cash amounts	377	1,138	2,367
Acquisition of Advertising Displays
Accumulated depreciation:
Non-cash amounts	72	3,052	11,132
Acquisition of Advertising Displays \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Accumulated depreciation:
Non-cash amounts	$ 72	$ 3,052	$ 11,132
Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	5 years
Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	5 years
Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	20 years
Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	20 years

Description of the Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

(a)Nature of Business

Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 159,000 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves.

In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 47,500 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves.

The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted.

On July 1, 2022, the Company's direct wholly owned subsidiary Lamar Media Corp. ("Lamar Media") entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements.

(b)Principles of Consolidation

The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media, and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.

An operating segment is a component of an enterprise:

•that engages in business activities from which it may earn revenues and incur expenses;

•whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and

•for which discrete financial information is available.

We manage our business through three operating segments – billboard, logo and transit advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals.

(c)Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

(d)Goodwill and Intangible Assets

Goodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has identified three reporting units, billboard operations, transit operations and logo operations, by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to book an impairment loss.

The Company conducts a qualitative assessment by examining relevant events and circumstances which could have a negative impact on the Company’s goodwill, which includes macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, the market capitalization of the Company and other relevant events specific to the Company. If, after assessing the totality of events or circumstances described above, the Company determines that it is more likely than not that the fair value of either of the Company's reporting units is less than its carrying amount, the Company will perform a quantitative impairment test. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges.

The Company performed its annual measurement for impairment of the goodwill of its reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2024 and 2023; therefore, the Company was not required to recognize an impairment loss.

Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets' estimated useful lives, generally from 2 to 15 years.

(e)Impairment of Long-Lived Assets

Long-lived assets, such as property, plant and equipment, lease right of use assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.

(f)Acquisitions

The Company accounts for transactions that meet the definition of a business and group asset purchases as acquisitions. For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. For transactions that meet the definition of asset group purchases, the Company proportionally allocates the purchase price to the assets based on relative fair value acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition. If a transaction is determined to be a group of assets, any direct acquisition costs are capitalized. Transaction costs for transactions determined to be a business combination are expensed as incurred.

The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to

age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows.

(g)Lease Liabilities

The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease.

Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the consolidated statements of income and comprehensive income. Interest related to financing lease liabilities is recorded in interest expense on the consolidated statements of income and comprehensive income.

(h)Deferred Income

Deferred income consists principally of advertising revenue invoiced in advance. Deferred advertising revenue is recognized in income over the term of the contract.

(i)Revenue Recognition

The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon satisfaction of its performance obligation.

The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction. The amount of revenue and expense recognized for advertising barter transactions is as follows:


	2024		2023		2022
Net revenues	$	9,787	$	9,599	$	8,775
Direct advertising expenses	$	4,698	$	4,832	$	4,044
General and administrative expenses	$	4,525	$	4,044	$	3,904

(j)Income Taxes

As a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences

attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date.

(k)Dividends/Distributions

As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the years ended December 31, 2024, 2023 and 2022, the Company declared and paid distributions of its REIT taxable income of $578,849 or $5.65 per share, $510,251 or $5.00 per share and $508,249 or $5.00 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in its existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs, the impact of general economic conditions on the Company's operations and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2024, 2023 and 2022, the Company paid dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share.

(l)Earnings Per Share

The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. For the years ended December 31, 2024, 2023 and 2022 there were no dilutive shares excluded from the calculation.

(m)Stock Based Compensation

Compensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which is generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2024, 2023, and 2022 was $44,525, $22,649 and $23,136, respectively. The $44,525 expensed during the year ended December 31, 2024 consists of (i) $5,072 related to stock options and the employee stock purchase plan, (ii) $24,711 related to stock grants made under the Company’s performance-based stock incentive program in 2024, (iii) $13,996 related to LTIP Units issued to the Company's executive officers, and (iv) $745 related to restricted stock awards to directors. See Note 15 for information on the assumptions used to calculate the fair value of stock-based compensation.

(n)Cash and Cash Equivalents

The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents.

(o)Credit Losses

The Company estimates credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends.

(p)Foreign Currency Translation

Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of

other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income and as a component of accumulated comprehensive income (loss) in the Consolidated Statements of Stockholders’ Equity.

(q)Asset Retirement Obligations

The Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Adjustments are made to the asset retirement obligation liability to reflect changes in the estimates of the retirement period and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company's asset retirement obligations include the retirement period, cost of asset dismantlement, credit-adjusted risk-free interest rates, inflation and market risk. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its leased properties.

(r)Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(s)Comprehensive Income

Total comprehensive income is presented in the Consolidated Statements of Income and Comprehensive Income and the components of accumulated comprehensive income (loss) are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive income is composed of foreign currency translation effects.

(t)Fair Value Measurements

The Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

(u) Investments

On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, Inc. ("Vistar"), a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Consolidated Balance Sheets. For the years ended December 31, 2024, 2023 and 2022, related to this investment, the Company recorded $5,298, $4,107 and $4,284, respectively, in equity in earnings of investee on the Consolidated Statements of Income and Comprehensive Income. See Note 23, "Subsequent Events" for additional information regarding the Company's interest in Vistar.

(v) Subsequent Events

The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued.

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,839,323	$ 3,811,018
Accumulated Amortization	2,776,722	2,639,584
Goodwill gross carrying amount	2,288,618	2,288,807	$ 2,288,805
Goodwill accumulated amortization	$ 253,536	253,536
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 732,098	731,156
Accumulated Amortization	$ 665,095	640,635
Customer lists and contracts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 71,960	71,960
Accumulated Amortization	$ 66,894	66,455
Non-competition agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,982,504	2,955,324
Accumulated Amortization	2,002,272	1,891,078
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,761	52,578
Accumulated Amortization	$ 42,461	$ 41,416
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Summarized Financial Information of Subsidiaries (Subsidiary) - Summarized Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Condensed Income Statements, Captions [Line Items]
Current assets	$ 425,268	$ 373,186
Current liabilities	778,474	713,897
Non-controlling interest	849	414
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	424,768	372,686
Noncurrent assets	6,145,039	6,174,194
Current liabilities	767,813	704,166
Noncurrent liabilities	4,760,055	4,632,937
Non-controlling interest	849	414
Eliminations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	0	0
Noncurrent assets	(4,823,669)	(5,099,653)
Current liabilities	0	0
Noncurrent liabilities	(612,672)	(587,171)
Non-controlling interest	0	0
Lamar Media Corp. \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	38,950	33,875
Noncurrent assets	4,302,475	4,596,516
Current liabilities	50,707	45,225
Noncurrent liabilities	3,249,628	3,375,803
Non-controlling interest	0	0
Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	52,617	28,905
Noncurrent assets	6,368,402	6,359,236
Current liabilities	444,841	387,408
Noncurrent liabilities	1,738,404	1,476,097
Non-controlling interest	1,770	964
Non-Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	333,201	309,906
Noncurrent assets	297,831	318,095
Current liabilities	272,265	271,533
Noncurrent liabilities	384,695	368,208
Non-controlling interest	$ (921)	$ (550)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to controlling interest	$ 361,867	$ 495,763	$ 438,647

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Income Tax Expense (Benefit)

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,035,082	$ 2,035,271
2024 Acquisitions
Business Acquisition [Line Items]
Business combination, consideration transferred	45,393
Total acquired intangible assets	$ 30,210
Weighted average useful life	14 years
Aggregate amortization expense related to acquisition	$ 1,214
2024 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Weighted average useful life	7 years
Total acquired intangible assets	$ 1,302
2024 Acquisitions \| Site locations
Business Acquisition [Line Items]
Weighted average useful life	15 years
Total acquired intangible assets	$ 28,346
2023 Acquisitions
Business Acquisition [Line Items]
Business combination, consideration transferred		138,961
Goodwill		(50)
Amount deductible for tax purposes		$ 0
Weighted average useful life		14 years
Aggregate amortization expense related to acquisition		$ 3,330
2023 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Weighted average useful life		7 years
Total acquired intangible assets		$ 11,061
2023 Acquisitions \| Site locations
Business Acquisition [Line Items]
Weighted average useful life		15 years
Total acquired intangible assets		$ 90,152
2022 Acquisitions
Business Acquisition [Line Items]
Total acquired intangible assets		101,937
Goodwill		$ (50)

Description of the Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies [Line Items]
Nature of Business	Nature of Business Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 159,000 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 47,500 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. On July 1, 2022, the Company's direct wholly owned subsidiary Lamar Media Corp. ("Lamar Media") entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media, and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. An operating segment is a component of an enterprise: •that engages in business activities from which it may earn revenues and incur expenses; •whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and •for which discrete financial information is available. We manage our business through three operating segments – billboard, logo and transit advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has identified three reporting units, billboard operations, transit operations and logo operations, by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to book an impairment loss. The Company conducts a qualitative assessment by examining relevant events and circumstances which could have a negative impact on the Company’s goodwill, which includes macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, the market capitalization of the Company and other relevant events specific to the Company. If, after assessing the totality of events or circumstances described above, the Company determines that it is more likely than not that the fair value of either of the Company's reporting units is less than its carrying amount, the Company will perform a quantitative impairment test. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges. The Company performed its annual measurement for impairment of the goodwill of its reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2024 and 2023; therefore, the Company was not required to recognize an impairment loss. Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets' estimated useful lives, generally from 2 to 15 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment, lease right of use assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.
Acquisitions	Acquisitions The Company accounts for transactions that meet the definition of a business and group asset purchases as acquisitions. For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. For transactions that meet the definition of asset group purchases, the Company proportionally allocates the purchase price to the assets based on relative fair value acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition. If a transaction is determined to be a group of assets, any direct acquisition costs are capitalized. Transaction costs for transactions determined to be a business combination are expensed as incurred. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows.
Lease Liabilities	Lease Liabilities The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease. Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the consolidated statements of income and comprehensive income. Interest related to financing lease liabilities is recorded in interest expense on the consolidated statements of income and comprehensive income. The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population.
Deferred Income	Deferred Income Deferred income consists principally of advertising revenue invoiced in advance. Deferred advertising revenue is recognized in income over the term of the contract.
Revenue Recognition	Revenue Recognition The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon satisfaction of its performance obligation. The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction.
Income Taxes	Income Taxes As a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date.
Dividends/Distributions	Dividends/DistributionsAs a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the years ended December 31, 2024, 2023 and 2022, the Company declared and paid distributions of its REIT taxable income of $578,849 or $5.65 per share, $510,251 or $5.00 per share and $508,249 or $5.00 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in its existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs, the impact of general economic conditions on the Company's operations and other factors that the Board of Directors may deem relevant.
Earnings Per Share	Earnings Per Share The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. For the years ended December 31, 2024, 2023 and 2022 there were no dilutive shares excluded from the calculation.
Share Based Compensation	Stock Based CompensationCompensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which is generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2024, 2023, and 2022 was $44,525, $22,649 and $23,136, respectively. The $44,525 expensed during the year ended December 31, 2024 consists of (i) $5,072 related to stock options and the employee stock purchase plan, (ii) $24,711 related to stock grants made under the Company’s performance-based stock incentive program in 2024, (iii) $13,996 related to LTIP Units issued to the Company's executive officers, and (iv) $745 related to restricted stock awards to directors.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents.
Credit Losses	Credit Losses The Company estimates credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends.
Foreign Currency Translation	Foreign Currency Translation Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income and as a component of accumulated comprehensive income (loss) in the Consolidated Statements of Stockholders’ Equity.
Asset Retirement Obligations	Asset Retirement Obligations The Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Adjustments are made to the asset retirement obligation liability to reflect changes in the estimates of the retirement period and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company's asset retirement obligations include the retirement period, cost of asset dismantlement, credit-adjusted risk-free interest rates, inflation and market risk. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its leased properties.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Comprehensive Income	Comprehensive Income Total comprehensive income is presented in the Consolidated Statements of Income and Comprehensive Income and the components of accumulated comprehensive income (loss) are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive income is composed of foreign currency translation effects.
Fair Value Measurements	Fair Value Measurements The Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Investments	InvestmentsOn July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, Inc. ("Vistar"), a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Consolidated Balance Sheets.
Subsequent Events	Subsequent Events The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Significant Accounting Policies [Line Items]
Nature of Business	Nature of Business Lamar Media Corp. (“Lamar Media”) is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media is engaged in the outdoor advertising business operating approximately 159,000 outdoor advertising displays in 45 states and Canada. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. On July 1, 2022, Lamar Media entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements. Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 3, 5, 7, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 22, and 23 and portions of note 1 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include Lamar Media, its subsidiary, Lamar Advertising Limited Partnership, and Lamar Advertising Limited Partnerships' wholly owned subsidiaries, The Lamar Company, L.L.C., Lamar Central Outdoor, LLC, Lamar TRS Holdings, LLC, Lamar Advertising Southwest, LLC, Interstate Logos, L.L.C., Lamar Obie Company, LLC, Lamar Canadian Outdoor Company, Lamar QRS Receivables, LLC, Fairway Media Group, LCC, Ashby Street Outdoor Holdings, LLC, SkyHigh Murals - Colossal Media, LLC and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.

Consolidated Statements of Cash Flows (Subsidiary) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 362,939	$ 496,836	$ 438,647
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	462,967	293,423	349,449
Non-cash compensation	44,525	22,649	23,136
Amortization included in interest expense	6,332	6,538	6,158
Gain on disposition of assets and investments	(6,057)	(5,474)	(15,721)
Loss on extinguishment of debt	270	115	0
Equity in earnings of investee	(5,094)	(3,696)	(4,315)
Deferred income tax expense	(4,036)	2,384	3,212
Provision for doubtful accounts	8,770	12,737	9,013
(Increase) decrease in:
Receivables	(43,000)	(28,744)	(22,511)
Prepaid expenses	(2,656)	1,087	(906)
Other assets	(7,424)	(3,363)	2,711
Increase (decrease) in:
Trade accounts payable	3,262	(307)	1,176
Accrued expenses	18,902	(1,708)	(10,773)
Operating lease liabilities	7,498	2,490	7,198
Other liabilities	26,412	(11,354)	(4,862)
Cash flows provided by operating activities	873,610	783,613	781,612
Cash flows from investing activities:
Capital expenditures	(125,284)	(178,271)	(167,078)
Acquisitions	(45,393)	(138,961)	(479,766)
Decrease in notes receivable	65	62	12,124
Proceeds from disposition of assets	5,706	7,051	15,649
Cash flows used in investing activities	(164,906)	(310,119)	(619,071)
Cash flows from financing activities:
Proceeds received from revolving credit facility	783,000	403,000	445,000
Payments on revolving credit facility	(569,000)	(378,000)	(575,000)
Principal payments on long-term debt	(400)	(381)	(365)
Principal payments on financing leases	(1,331)	(1,331)	(1,331)
Proceeds received from senior credit facility term loans	0	0	350,000
Proceeds received from accounts receivable securitization program	86,400	114,900	265,000
Payments on accounts receivable securitization program	(86,400)	(114,900)	(190,000)
Debt issuance costs	(464)	(2,951)	(1,583)
Payments on senior credit facility term loans	(350,000)	0	0
Distributions to non-controlling interest	(1,655)	(1,056)	(814)
Cash flows used in financing activities	(703,425)	(481,635)	(209,319)
Effect of exchange rate changes in cash and cash equivalents	(423)	127	(391)
Net increase (decrease) in cash and cash equivalents	4,856	(8,014)	(47,169)
Cash and cash equivalents at beginning of year	44,605	52,619	99,788
Cash and cash equivalents at end of year	49,461	44,605	52,619
Supplemental disclosures of cash flow information:
Cash paid for interest	165,827	168,011	120,000
Cash paid for state and federal income taxes	8,505	11,432	16,325
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	363,507	497,333	439,149
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	462,967	293,423	349,449
Non-cash compensation	44,525	22,649	23,136
Amortization included in interest expense	6,332	6,538	6,158
Gain on disposition of assets and investments	(6,057)	(5,474)	(15,721)
Loss on extinguishment of debt	270	115	0
Equity in earnings of investee	(5,094)	(3,696)	(4,315)
Deferred income tax expense	(4,036)	2,384	3,212
Provision for doubtful accounts	8,770	12,737	9,013
(Increase) decrease in:
Receivables	(43,000)	(28,744)	(22,511)
Prepaid expenses	(2,656)	1,087	(906)
Other assets	(7,424)	(3,363)	2,711
Increase (decrease) in:
Trade accounts payable	3,262	(307)	1,176
Accrued expenses	18,902	(1,708)	(10,773)
Operating lease liabilities	7,498	2,490	7,198
Other liabilities	(10,567)	(39,154)	(47,110)
Cash flows provided by operating activities	837,199	756,310	739,866
Cash flows from investing activities:
Capital expenditures	(125,284)	(178,271)	(167,078)
Acquisitions	(45,393)	(138,961)	(479,766)
Decrease in notes receivable	65	62	12,124
Proceeds from disposition of assets	5,706	7,051	15,649
Cash flows used in investing activities	(164,906)	(310,119)	(619,071)
Cash flows from financing activities:
Proceeds received from revolving credit facility	783,000	403,000	445,000
Payments on revolving credit facility	(569,000)	(378,000)	(575,000)
Principal payments on long-term debt	(400)	(381)	(365)
Principal payments on financing leases	(1,331)	(1,331)	(1,331)
Proceeds received from senior credit facility term loans	0	0	350,000
Proceeds received from accounts receivable securitization program	86,400	114,900	265,000
Payments on accounts receivable securitization program	(86,400)	(114,900)	(190,000)
Debt issuance costs	(464)	(2,951)	(1,583)
Payments on senior credit facility term loans	(350,000)	0	0
Distributions to non-controlling interest	(1,655)	(1,056)	(814)
Dividends to parent	(584,192)	(516,240)	(518,753)
Contributions from parent	57,028	42,627	60,273
Cash flows used in financing activities	(667,014)	(454,332)	(167,573)
Effect of exchange rate changes in cash and cash equivalents	(423)	127	(391)
Net increase (decrease) in cash and cash equivalents	4,856	(8,014)	(47,169)
Cash and cash equivalents at beginning of year	44,105	52,119	99,288
Cash and cash equivalents at end of year	48,961	44,105	52,119
Supplemental disclosures of cash flow information:
Cash paid for interest	165,827	168,011	120,000
Cash paid for state and federal income taxes	$ 8,505	$ 11,432	$ 16,325

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income tax expense consists of the following:


	Current		Deferred		Total
Year ended December 31, 2024
U.S. federal	$	5,942	$	945	$	6,887
State and local	2,277		366		2,643
Foreign	348		(5,347)		(4,999)
	$	8,567	$	(4,036)	$	4,531
Year ended December 31, 2023
U.S. federal	$	6,223	$	1,280	$	7,503
State and local	2,035		(26)		2,009
Foreign	(860)		1,130		270
	$	7,398	$	2,384	$	9,782
Year ended December 31, 2022
U.S. federal	$	5,663	$	2,073	$	7,736
State and local	3,376		(136)		3,240
Foreign	5,201		1,275		6,476
	$	14,240	$	3,212	$	17,452

U.S. and Foreign Components of Earnings Before Income Taxes

The U.S. and foreign components of earnings before income taxes are as follows:


	2024		2023		2022
U.S.	$	368,924	$	509,040	$	446,395
Foreign	(1,454)		(2,422)		9,704
Total	$	367,470	$	506,618	$	456,099

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 21 percent to income before taxes for the 2024, 2023 and 2022 tax years is as follows:


	2024		2023		2022
Income tax expense at U.S. federal statutory rate	$	77,166	$	106,390	$	95,781
Tax adjustment related to REIT(a)	(76,410)		(101,486)		(86,793)
State and local income taxes, net of federal income tax benefit	2,522		2,732		2,850
Book expenses not deductible for tax purposes	2,401		2,574		3,042
Stock-based compensation	4,814		513		(3,336)
Valuation allowance(b)	548		875		(14,984)

Undistributed earnings of foreign subsidiaries(c)	(55)		(95)		(84)
Jurisdictional tax rate change	(5,417)		—		—
Other differences, net(d)	(1,038)		(1,721)		20,976
Income tax expense	$	4,531	$	9,782	$	17,452

(a)Includes dividend paid deduction of $121,466, $107,137 and $106,129 for the tax years ended December 31, 2024, 2023 and 2022, respectively.

(b)For the years ended December 31, 2024, 2023 and 2022, a non-cash valuation allowance of $548, $875 and ($14,984), respectively, was recorded to income tax expense (benefit) due to our limited ability to utilize Puerto Rico and Canada deferred tax assets in future years.

(c) Management does not assert that the undistributed earnings of our Canadian subsidiaries will be permanently reinvested. For the years ended December 31, 2024, 2023 and 2022, we recognized a deferred tax benefit of $55, $95 and $84, respectively, for future foreign withholding taxes related to undistributed earnings.

(d) Under Section 1031.01(b)(10) of the 2011 Puerto Rico Code, net operating losses and the tax basis of any other assets shall be reduced for forgiveness of debt to the extent by which the taxpayer is insolvent. As a result, a non-cash expense of $15,201 was recorded to income tax expense for the reduction of Puerto Rico deferred tax assets for the year ended December 31, 2022. The Puerto Rico income tax withholding rate applicable on the accrued interest of the debt is 29%. As a result, for the year ended December 31, 2022, a cash expense of $5,068 was recorded to income tax expense.

Components of Deferred Taxes

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:


	2024		2023
Deferred tax assets:
Allowance for doubtful accounts	$	222	$	211

Net operating loss carry forwards	3,637		5,261
Tax credit carry forwards	514		1,202
Charitable contributions carry forward	—		2
Intangibles	785		—

Gross deferred tax assets	5,158		6,676
Less: valuation allowance	(3,402)		(5,333)
Net deferred tax assets	1,756		1,343
Deferred tax liabilities:
Intangibles	—		(4,926)
Accrued liabilities not deducted for tax purposes	(2,214)		(2,133)
Investment in partnerships	(3,940)		(2,611)
Property, plant and equipment	(2,900)		(2,956)
Undistributed earnings of foreign subsidiaries	(708)		(764)
Gross deferred tax liabilities	(9,762)		(13,390)
Net deferred tax liabilities	$	(8,006)	$	(12,047)

Reconciliation Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


Balance as of December 31, 2021	$	5,125
Additions for tax positions related to current year	718
Additions for tax positions related to prior years	1,142
Lapse of statute of limitations	(1,441)
Balance as of December 31, 2022	5,544

Additions for tax positions related to prior years	703

Lapse of statute of limitations	(1,815)

Balance as of December 31, 2023	$	4,432
Additions for tax positions related to current year	71
Additions for tax positions related to prior years	317
Reductions for tax positions related to prior years	(1,396)
Lapse of statute of limitations	(798)

Balance as of December 31, 2024	$	2,626

Stock Compensation Plans - Weighted Average Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Dividend Yield	5.00%	5.00%	5.00%
Expected Volatility	45.00%	45.00%	45.00%
Risk Free Interest Rate	4.00%	4.00%	2.00%
Expected Lives	6 years	6 years	6 years

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Commencing January 1, 2014, the Company began operating as a REIT for U.S. income tax purposes. Since operating as a REIT, the Company filed, and intends to continue to file, as a REIT, and its TRSs filed, and intend to continue to file, as C corporations. The Company also files tax returns in various states and countries. The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state. The following information pertains to the Company’s income taxes on a consolidated basis.

Income tax expense consists of the following:


	Current		Deferred		Total
Year ended December 31, 2024
U.S. federal	$	5,942	$	945	$	6,887
State and local	2,277		366		2,643
Foreign	348		(5,347)		(4,999)
	$	8,567	$	(4,036)	$	4,531
Year ended December 31, 2023
U.S. federal	$	6,223	$	1,280	$	7,503
State and local	2,035		(26)		2,009
Foreign	(860)		1,130		270
	$	7,398	$	2,384	$	9,782
Year ended December 31, 2022
U.S. federal	$	5,663	$	2,073	$	7,736
State and local	3,376		(136)		3,240
Foreign	5,201		1,275		6,476
	$	14,240	$	3,212	$	17,452

As of December 31, 2024, the Company had income taxes receivable of $2,104 which was recorded within other current assets on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, the Company had income taxes payable of $199 and $36, respectively, which was recorded within accrued expenses on the Consolidated Balance Sheets.

The U.S. and foreign components of earnings before income taxes are as follows:


	2024		2023		2022
U.S.	$	368,924	$	509,040	$	446,395
Foreign	(1,454)		(2,422)		9,704
Total	$	367,470	$	506,618	$	456,099


	2024		2023		2022
Income tax expense at U.S. federal statutory rate	$	77,166	$	106,390	$	95,781
Tax adjustment related to REIT(a)	(76,410)		(101,486)		(86,793)
State and local income taxes, net of federal income tax benefit	2,522		2,732		2,850
Book expenses not deductible for tax purposes	2,401		2,574		3,042
Stock-based compensation	4,814		513		(3,336)
Valuation allowance(b)	548		875		(14,984)

Undistributed earnings of foreign subsidiaries(c)	(55)		(95)		(84)
Jurisdictional tax rate change	(5,417)		—		—
Other differences, net(d)	(1,038)		(1,721)		20,976
Income tax expense	$	4,531	$	9,782	$	17,452

(a)Includes dividend paid deduction of $121,466, $107,137 and $106,129 for the tax years ended December 31, 2024, 2023 and 2022, respectively.

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:


	2024		2023
Deferred tax assets:
Allowance for doubtful accounts	$	222	$	211

Net operating loss carry forwards	3,637		5,261
Tax credit carry forwards	514		1,202
Charitable contributions carry forward	—		2
Intangibles	785		—

Gross deferred tax assets	5,158		6,676
Less: valuation allowance	(3,402)		(5,333)
Net deferred tax assets	1,756		1,343
Deferred tax liabilities:
Intangibles	—		(4,926)
Accrued liabilities not deducted for tax purposes	(2,214)		(2,133)
Investment in partnerships	(3,940)		(2,611)
Property, plant and equipment	(2,900)		(2,956)
Undistributed earnings of foreign subsidiaries	(708)		(764)
Gross deferred tax liabilities	(9,762)		(13,390)
Net deferred tax liabilities	$	(8,006)	$	(12,047)

As of December 31, 2024, we have approximately $8,627 of U.S. net operating loss carry forwards to offset future taxable income all of which is subject to Internal Revenue Code §382 limitation but will be available to be fully utilized by no later than 2027. These carry forwards expire between 2032 through 2037.

As of December 31, 2024, we have approximately $1,427,833 of state net operating loss carry forwards before valuation allowances. These state net operating losses are available to reduce future taxable income and expire at various times and amounts. In addition, we have $47 of various credits available to offset future state income tax.

As of December 31, 2024, we had approximately $11,867 of Canadian net operating loss carry forwards before valuation allowances. These Canadian net operating losses are available to offset future taxable income. These carry forwards expire between 2026 and 2044.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those jurisdictions during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income, and tax-planning strategies in making this assessment. In order to fully realize the deferred tax assets, the Company will need to generate future taxable income before the expiration of the carry

forwards governed by the tax code. Based on the current level of pretax earnings, the Company will not generate the minimum amount of future taxable income to support the realization of the deferred tax assets. As a result, management has determined that a valuation allowance related to Canada net operating loss carry forwards and other deferred tax assets is necessary. The valuation allowance for Canada deferred tax assets as of December 31, 2024 and 2023 was $3,402 and $1,235, respectively. For this same reason, there was also a valuation allowance for Puerto Rico deferred tax assets as of December 31, 2023 of $4,098. Our Puerto Rico subsidiaries were dissolved during the year ended December 31, 2024. The net change in the total valuation allowance for the years ended December 31, 2024 and 2023 was a (decrease) increase of $(1,931) and $898, respectively. The amount of the deferred tax asset considered realizable, however, could be adjusted in the near term if estimates of future taxable income during the carry forward period increase.

As of December 31, 2024, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $14,162. Management does not designate these earnings as permanently reinvested and has recognized a deferred tax liability of approximately $708 related to foreign withholding taxes on these earnings. We have recognized a current year tax benefit of $55 related to 2024 earnings.

Under ASC 740, Income Taxes, we provide for uncertain tax positions, and the related interest, and adjust recognized tax benefits and accrued interest accordingly. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


Balance as of December 31, 2021	$	5,125
Additions for tax positions related to current year	718
Additions for tax positions related to prior years	1,142
Lapse of statute of limitations	(1,441)
Balance as of December 31, 2022	5,544

Additions for tax positions related to prior years	703

Lapse of statute of limitations	(1,815)

Balance as of December 31, 2023	$	4,432
Additions for tax positions related to current year	71
Additions for tax positions related to prior years	317
Reductions for tax positions related to prior years	(1,396)
Lapse of statute of limitations	(798)

Balance as of December 31, 2024	$	2,626

As of December 31, 2024, 2023, and 2022, there are $2,626, $4,432, and $5,544 of unrecognized tax benefits that, if recognized would impact our effective tax rate. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the year ended December 31, 2024, we recognized a benefit to interest and penalties of $71. During the years ended December 31, 2023, and 2022, we recognized $76 and $212 of expense in interest and penalties, respectively. The Company had $1,325 and $1,396 of interest and penalties accrued at December 31, 2024 and 2023, respectively.

Within the next twelve months, we expect to decrease our unrecognized tax benefits by approximately $1,560 as a result of the expiration of statute of limitations.

We are subject to income taxes in the U.S. and nearly all states. In addition, the Company is subject to income taxes in Canada and the Commonwealth of Puerto Rico. We are no longer subject to U.S federal income tax examinations by tax authorities for years prior to 2021, or for any U.S. state income tax audit prior to 2021. With respect to Canada and Puerto Rico, we are no longer subject to income tax audits for years before 2021 and 2020, respectively.

As of January 1, 2024, we and our subsidiaries are subject to the OECD Pillar Two Rules. The Pillar Two Rules can potentially lead to additional taxes when the effective tax rate (as defined by the Pillar Two Rules) in a jurisdiction is below 15%. While it is uncertain whether the U.S. will enact Pillar Two legislation, Canada where the Company operates has enacted

Pillar Two legislation. The Pillar Two Rules, however, do not apply to “Excluded Entities” considered “Real Estate Investment Vehicles” and certain subsidiaries of Excluded Entities. The majority of our entities qualify as excluded entities.

For those entities not considered Excluded Entities, Pillar Two did not have a material impact on the Company’s effective tax rate or the Company’s Consolidated Statements of Operations and Comprehensive Loss.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Segment Reporting - Financial Performance by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Net revenues	$ 2,207,103	$ 2,110,987	$ 2,032,140
Adjusted EBITDA	1,033,158	985,724	938,079
Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	2,207,103	2,110,987	2,032,140
Advertising expenses:	1,071,419	1,029,897	1,003,989
Corporate expenses
Revenue, Major Customer [Line Items]
Adjusted EBITDA	(102,526)	(95,366)	(90,072)
Billboard \| Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	1,956,176	1,877,823	1,813,995
Advertising expenses:	870,629	852,912	829,287
Adjusted EBITDA	1,085,547	1,024,911	984,708
Other \| Operating Segments
Revenue, Major Customer [Line Items]
Net revenues	250,927	233,164	218,145
Advertising expenses:	200,790	176,985	174,702
Adjusted EBITDA	$ 50,137	$ 56,179	$ 43,443

Commitments and Contingencies Disclosure [Abstract]

Acquisitions - Summary of Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,035,082	$ 2,035,271
2024 Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment	10,600
Asset acquisition costs	182
Current assets	4,721
Current liabilities	(409)
Operating lease right of use assets	1,857
Operating lease liabilities	(1,586)
Total purchase price of outdoor advertising assets	45,393
2024 Acquisitions \| Site locations
Business Acquisition [Line Items]
Finite lived intangible assets	28,346
2024 Acquisitions \| Non-competition agreements
Business Acquisition [Line Items]
Finite lived intangible assets	380
2024 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Finite lived intangible assets	$ 1,302
2023 Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment		30,837
Goodwill		(50)
Asset acquisition costs		414
Current assets		8,410
Current liabilities		(3,851)
Operating lease right of use assets		11,016
Operating lease liabilities		(9,388)
Total purchase price of outdoor advertising assets		138,961
2023 Acquisitions \| Site locations
Business Acquisition [Line Items]
Finite lived intangible assets		90,152
2023 Acquisitions \| Non-competition agreements
Business Acquisition [Line Items]
Finite lived intangible assets		360
2023 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Finite lived intangible assets		$ 11,061

Asset Retirement Obligation - Information Related to Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 397,991	$ 390,442
Additions to asset retirement obligations	289	4,548
Revision in estimates	215,899	1,230	$ 110,321
Accretion expense	7,843	7,210
Liabilities settled	(7,309)	(5,439)
Ending balance	$ 614,713	$ 397,991	$ 390,442

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Minimum Payments Related to Agreements

The following is a summary of the minimum payments related to these agreements.


2025	$	50,092
2026	$	36,680
2027	$	24,729
2028	$	20,921
2029	$	15,058
Thereafter	$	39,837

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Advertising Company or its subsidiaries through common ownership and directorate control. RTC Holdings, LLC (“RTC”), a telecommunications company, is 100% owned by entities owned by members of the Reilly family. Entities owned by Sean E. Reilly, President and Chief Executive Officer of the Company; Kevin P. Reilly, Jr., Executive Chairman of the Board of Directors; and members of their respective immediate families hold a majority stake in RTC of approximately 89%. The Reilly Family, LLC, which is owned by Sean E. Reilly, Kevin P. Reilly, Jr., members of our Board of Directors Anna Reilly and Wendell Reilly, and entities owned by each of them and members of their respective immediate families, holds the remaining minority stake in RTC of approximately 11%. On May 31, 2019, RTC acquired EATELCORP, LLC (“EATEL”) and its subsidiaries. EATEL provides phone and internet services to consumers and businesses in Louisiana. EATEL also provides data back-up and recovery services to businesses. During the years ended December 31, 2024 and 2023, the Company was a customer of EATEL for data back-up and recovery services. The aggregate amount paid by the Company to EATEL for such services was $23 and $84 for the years ended December 31, 2024 and 2023, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $230 and $206 for the years ended December 31, 2024 and 2023, respectively. The Company had $162 and $274 receivables from employees or executive officers at December 31, 2024 and 2023, respectively. On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar, a leading global developer of programmatic technology for the digital out-of-home sector. For the years ended December 31, 2024, 2023 and 2022, the Company recognized revenue of $25,333, $12,050 and $13,074, respectively, from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $2,499, $1,134 and $1,167 related to these advertisements and other digital technology agreements with Vistar for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 23, "Subsequent Events" for additional information regarding the Company's interest in Vistar.

Goodwill and Other Intangible Assets (Subsidiary)

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at December 31, 2024 and 2023:


	Estimated Life (Years)	2024				2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	732,098	$	665,095	$	731,156	$	640,635
Non-competition agreements	3 — 15	71,960		66,894		71,960		66,455
Site locations	15	2,982,504		2,002,272		2,955,324		1,891,078
Other	2 — 15	52,761		42,461		52,578		41,416
		$	3,839,323	$	2,776,722	$	3,811,018	$	2,639,584
Unamortizable Intangible Assets:
Goodwill		$	2,288,618	$	253,536	$	2,288,807	$	253,536

The changes in the gross carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


Balance as of December 31, 2022	$	2,288,805

Purchase price adjustments and other	2

Balance as of December 31, 2023	$	2,288,807

Purchase price adjustments and other	(189)

Balance as of December 31, 2024	$	2,288,618


2025	$	135,374
2026	127,362
2027	123,359
2028	116,832
2029	108,303
Thereafter	451,371
Total	$	1,062,601

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at December 31, 2024 and 2023:


	Estimated Life (Years)	2024				2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7—10	$	732,098	$	665,095	$	731,156	$	640,635
Non-competition agreement	3—15	71,960		66,894		71,960		66,455
Site locations	15	2,982,504		2,002,272		2,955,324		1,891,078
Other	2—15	52,215		42,383		52,033		41,338
		$	3,838,777	$	2,776,644	$	3,810,473	$	2,639,506
Unamortizable Intangible Assets:
Goodwill		$	2,277,597	$	252,666	$	2,277,786	$	252,667

The changes in the gross carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:


Balance as of December 31, 2022	$	2,277,784

Purchase price adjustments and other	2

Balance as of December 31, 2023	2,277,786

Purchase price adjustments and other	(189)

Balance as of December 31, 2024	$	2,277,597

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Revenue from Contract with Customer [Abstract]

Non-cash Financing and Investing Activities (Subsidiary)	12 Months Ended
	Dec. 31, 2024
Non-Cash Financing Activities [Line Items]
Non-cash Financing and Investing Activities	Non-cash Financing and Investing Activities For the years ended December 31, 2024 and 2022, the Company had non-cash investing activities that resulted in an increase to the asset retirement obligation balance and the carrying value of the related property, plant and equipment in the amount of $215,899 and $110,321, respectively, related to the revision in estimate of the Company's asset retirement obligation. For the years ended December 31, 2024, 2023 and 2022, there were non-cash investing and financing activities for the recognition of ROU assets and lease liabilities at lease commencement as disclosed in Note 7, "Leases".
LAMAR MEDIA CORP. AND SUBSIDIARIES
Non-Cash Financing Activities [Line Items]
Non-cash Financing and Investing Activities	Non-cash Financing and Investing Activities For the years ended December 31, 2024 and 2022, the Company had non-cash investing activities that resulted in an increase to the asset retirement obligation balance and the carrying value of the related property, plant and equipment in the amount of $215,899 and $110,321, respectively, related to the revision in estimate of the Company's asset retirement obligation. For the years ended December 31, 2024, 2023 and 2022, there were non-cash investing and financing activities for the recognition of ROU assets and lease liabilities at lease commencement as disclosed in Note 7, "Leases".

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Location	Baton Rouge, LA
Auditor Firm ID	185
LAMAR MEDIA CORP. AND SUBSIDIARIES
Auditor [Line Items]
Auditor Name	KPMG LLP
Auditor Location	Baton Rouge, LA
Auditor Firm ID	185

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Disaggregation Revenue

The following table presents our disaggregated revenue by source for the years ended December 31, 2024, 2023 and 2022.


	2024		2023		2022
Billboard Advertising	$	1,956,176	$	1,877,823	$	1,813,995
Logo Advertising	84,028		82,324		80,145
Transit Advertising	166,899		150,840		138,000
Net Revenues	$	2,207,103	$	2,110,987	$	2,032,140

Long-term Debt - Summary of Long-Term Debt Contractual Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt
Debt Instrument [Line Items]
2025	$ 418
2026	442
2027	849,820
2028	884,000
2029	400,000
Thereafter	1,099,621
Deferred financing costs
Debt Instrument [Line Items]
2025	0
2026	0
2027	3,044
2028	6,993
2029	3,107
Thereafter	10,293
Debt, net of deferred financing costs
Debt Instrument [Line Items]
2025	418
2026	442
2027	846,776
2028	877,007
2029	396,893
Thereafter	$ 1,089,328

Stock Compensation Plans - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued expenses, liability		$ 16,404	$ 7,936
Period of cliff vesting for option valuation		5 years
Period of graded vesting for option valuation		4 years
Expected dividend yield		5.00%	5.00%	5.00%
Total unrecognized compensation cost related to nonvested awards		$ 2,682
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized		1 year 8 months 12 days
Shares available for future stock option and restricted share grants to employees and directors under existing plans (in shares)		1,463,374
Aggregate intrinsic value of options outstanding		$ 9,586
Aggregate intrinsic value of options exercisable		7,738
Total intrinsic value of options exercised		4,627
Granted fair value		27,291
Vested fair value		$ 13,216
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting percentage of options		20.00%
Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting percentage of options		20.00%
Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting percentage of options		20.00%
Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting percentage of options		20.00%
Share-based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting percentage of options		20.00%
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common unit, issued (in shares)		260,800
Common unit, vested (in shares)		140,800
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		90.00%
Volatility rate on publicly traded options		10.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options granted under equity incentive plan (in years)		10 years
Compensation expense related to performance based compensation agreements		$ 746	$ 715
Restricted Stock \| Non Employee Director \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting percentage of options		50.00%
Restricted Stock \| Non Employee Director \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		1 year
Share-based compensation arrangement by share-based payment award, vesting percentage of options		50.00%
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to nonvested awards		$ 2,346
Compensation expense related to performance based compensation agreements		$ 13,996	5,347
1996 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance to directors and employees (in shares)		17,500,000
1996 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share		0.00%
1996 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share		120.00%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	87,645
Performance Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements		$ 24,711	$ 11,677	$ 11,545

Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Minimum years of service required to participate in Company sponsored saving and profit sharing plan	1 year
Minimum age required to participate in Company sponsored saving and profit sharing plan	21 years
Employers contribution as percentage of employees contribution	50.00%
Employers contribution as percentage of employees compensation	5.00%
Employees contribution limit	100.00%
Fully vesting period of contribution	3 years
Minimum age for entitlement to benefit of deferred compensation plan	30 years
Minimum years of experience to attain the benefit of deferred compensation plan	10 years
Deferred compensation arrangement with individual employees contribution minimum	$ 3
Deferred compensation arrangement with individual employees contribution maximum	8
Deferred Profit Sharing
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer's contribution	8,130	$ 7,265	$ 6,780
Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer's contribution	2,223	1,880	$ 1,637
Benefit Plans
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Letters of credit with bank	$ 5,537	$ 5,537

Segment Reporting (Subsidiary) (Tables)

12 Months Ended

Dec. 31, 2024

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

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

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

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

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity On July 16, 1999, the Board of Directors designated 5,720 shares of the 1,000,000 shares of previously undesignated preferred stock, par value $.001, as Series AA preferred stock, which shares were subsequently exchanged on a one for one basis in the REIT conversion. The Series AA preferred stock ranks senior to the Class A common stock and Class B common stock with respect to dividends and upon liquidation. Holders of Series AA preferred stock are entitled to receive, on a pari passu basis, dividends at the rate of $15.95 per share per quarter when, as and if declared by the Board of Directors. The Series AA preferred stock is entitled to receive, on a pari passu basis, $638 plus a further amount equal to any dividend accrued and unpaid to the date of distribution before any payments are made or assets distributed to the Class A common stock or Class B stock upon voluntary or involuntary liquidation, dissolution or winding up of the Company. The liquidation value of the outstanding Series AA preferred stock at December 31, 2024 was $3,649. The Series AA preferred stock is entitled to one vote per share. All of the outstanding shares of common stock are fully paid and nonassessable. In the event of the liquidation or dissolution of the Company, following any required distribution to the holders of outstanding shares of preferred stock, the holders of common stock are entitled to share pro rata in any balance of the corporate assets available for distribution to them. The Company may pay dividends if, when and as declared by the Board of Directors from funds legally available therefore, subject to the restrictions set forth in the Company’s existing indentures and the senior credit facility. Subject to the preferential rights of the holders of any class of preferred stock, holders of shares of common stock are entitled to receive such dividends as may be declared by the Company’s Board of Directors out of funds legally available for such purpose. No dividend may be declared or paid in cash or property on any share of either class of common stock unless simultaneously the same dividend is declared or paid on each share of the other class of common stock, provided that, in the event of stock dividends, holders of a specific class of common stock shall be entitled to receive only additional shares of such class. The rights of the Class A and Class B common stock are equal in all respects, except holders of Class B common stock have ten votes per share on all matters in which the holders of common stock are entitled to vote and holders of Class A common stock have one vote per share on such matters. The Class B common stock will convert automatically into Class A common stock upon the sale or transfer to persons other than permitted transferees (as defined in the Company’s certificate of incorporation, as amended). On July 24, 2024, the Company entered into an equity distribution agreement, or At-the-Market Offering agreement, (the "2024 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms which expired by its terms on June 21, 2024. Under the terms of the 2024 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A Common Stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A Common Stock, or sales made to or through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A common stock under the 2024 Sales Agreement and may at any time suspend solicitations and offers under the 2024 Sales Agreement. As of December 31, 2024, no shares of our Class A common stock have been sold under the 2024 Sales Agreement or were sold under the prior Sales Agreement and accordingly $400,000 remained available to be sold under the 2024 Sales Agreement as of December 31, 2024. On July 24, 2024, the Company filed an automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock. The shelf registration statement replaced a prior shelf registration statement which expired. As of December 31, 2024, the Company did not issue any shares under its shelf registration statements. The Company’s Board of Directors has authorized the repurchase of up to $250,000 of the Company’s Class A common stock. On September 24, 2024, the Board of Directors authorized the extension of the repurchase program through March 31, 2026. There were no repurchases under the program as of December 31, 2024.

The entire disclosure for equity.

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Revenue from Contract with Customer [Abstract]

Revenue

12 Months Ended

Dec. 31, 2024

Revenue

Revenue Recognition

Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue from Contracts with Customers. The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2024 and 2023, we capitalized $28,003 and $26,349, respectively, of costs to fulfill contracts, which is included in other current assets on the Consolidated Balance Sheets, net of expensed costs of $27,686 and $26,041, respectively.

Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week.

Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin.

Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months.

Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expense (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.

The following table presents our disaggregated revenue by source for the years ended December 31, 2024, 2023 and 2022.


	2024		2023		2022
Billboard Advertising	$	1,956,176	$	1,877,823	$	1,813,995
Logo Advertising	84,028		82,324		80,145
Transit Advertising	166,899		150,840		138,000
Net Revenues	$	2,207,103	$	2,110,987	$	2,032,140

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Information about Geographic Areas

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
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
Total accrued expenses	$ 133,943	$ 107,195

Goodwill and Other Intangible Assets - Summary of Changes in Gross Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,288,807	$ 2,288,805
Purchase price adjustments and other	(189)	2
Goodwill, ending balance	$ 2,288,618	$ 2,288,807

Consolidated Statements of Income and Comprehensive Income (Subsidiary) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statements of Income
Net revenues	$ 2,207,103	$ 2,110,987	$ 2,032,140
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	727,875	696,799	667,288
General and administrative expenses (exclusive of depreciation and amortization)	361,133	344,780	350,623
Corporate expenses (exclusive of depreciation and amortization)	129,145	106,025	102,500
Depreciation and amortization	462,967	293,423	349,449
Gain on disposition of assets	(6,057)	(5,474)	(15,721)
Total operating expenses	1,675,063	1,435,553	1,454,139
Operating income	532,040	675,434	578,001
Other expense (income):
Loss on extinguishment of debt	270	115	0
Interest income	(2,315)	(2,115)	(1,293)
Interest expense	171,709	174,512	127,510
Equity in earnings of investee	(5,094)	(3,696)	(4,315)
Total other expense (income)	164,570	168,816	121,902
Income before income tax expense	367,470	506,618	456,099
Income tax expense	4,531	9,782	17,452
Net income	362,939	496,836	438,647
Earnings attributable to non-controlling interest	1,072	1,073	0
Net income attributable to controlling interest	361,867	495,763	438,647
Statements of Comprehensive Income
Net income	362,939	496,836	438,647
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(2,526)	231	(1,514)
Comprehensive income	360,413	497,067	437,133
Earnings attributable to non-controlling interest	1,072	1,073	0
Comprehensive income attributable to controlling interest	359,341	495,994	437,133
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	2,207,103	2,110,987	2,032,140
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	727,875	696,799	667,288
General and administrative expenses (exclusive of depreciation and amortization)	361,133	344,780	350,623
Corporate expenses (exclusive of depreciation and amortization)	128,577	105,528	101,998
Depreciation and amortization	462,967	293,423	349,449
Gain on disposition of assets	(6,057)	(5,474)	(15,721)
Total operating expenses	1,674,495	1,435,056	1,453,637
Operating income	532,608	675,931	578,503
Other expense (income):
Loss on extinguishment of debt	270	115	0
Interest income	(2,315)	(2,115)	(1,293)
Interest expense	171,709	174,512	127,510
Equity in earnings of investee	(5,094)	(3,696)	(4,315)
Total other expense (income)	164,570	168,816	121,902
Income before income tax expense	368,038	507,115	456,601
Income tax expense	4,531	9,782	17,452
Net income	363,507	497,333	439,149
Earnings attributable to non-controlling interest	1,072	1,073	0
Net income attributable to controlling interest	362,435	496,260	439,149
Statements of Comprehensive Income
Net income	363,507	497,333	439,149
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(2,526)	231	(1,514)
Comprehensive income	360,981	497,564	437,635
Earnings attributable to non-controlling interest	1,072	1,073	0
Comprehensive income attributable to controlling interest	$ 359,909	$ 496,491	$ 437,635

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Major Customer [Line Items]
Adjusted EBITDA	$ 1,033,158	$ 985,724	$ 938,079
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
Loss on extinguishment of debt	(270)	(115)	0
Income before income tax expense	367,470	506,618	456,099
Reportable Segment
Revenue, Major Customer [Line Items]
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 extinguishment of debt	(270)	(115)	0
Transaction expenses	0	0	(3,769)
Income before income tax expense	$ 367,470	$ 506,618	$ 456,099

Long-term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consists of the following at December 31, 2024 and 2023:


	December 31, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	883,474	$	5,623	$	877,851
Accounts Receivable Securitization Program	250,000		611		249,389
3 3/4% Senior Notes	600,000		3,802		596,198
3 5/8% Senior Notes	550,000		5,440		544,560
4% Senior Notes	549,595		4,854		544,741
4 7/8% Senior Notes	400,000		3,107		396,893
Other notes with various rates and terms	1,232		—		1,232
	3,234,301		23,437		3,210,864
Less current maturities	(250,417)		(611)		(249,806)
Long-term debt, excluding current maturities	$	2,983,884	$	22,826	$	2,961,058


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225
Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2025	$	418	$	—	$	418
2026	$	442	$	—	$	442
2027	$	849,820	$	3,044	$	846,776
2028	$	884,000	$	6,993	$	877,007
2029	$	400,000	$	3,107	$	396,893
Thereafter	$	1,099,621	$	10,293	$	1,089,328

Senior Credit Facility

The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:

•dispose of assets;

•incur or repay debt;

•create liens;

•make investments; and

•pay dividends.

Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented.

Accounts Receivable Securitization Program

4% Senior Notes

3 3/4% Senior Notes

4 7/8% Senior Notes

3 5/8% Senior Notes

Exchange Offers

Debt Repurchase Program

Information about Geographic Areas

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

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

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

Summary of Accrued Expenses

Income Taxes - Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Allowance for doubtful accounts	$ 222	$ 211
Net operating loss carry forwards	3,637	5,261
Tax credit carry forwards	514	1,202
Charitable contributions carry forward	0	2
Intangibles	785	0
Gross deferred tax assets	5,158	6,676
Less: valuation allowance	(3,402)	(5,333)
Net deferred tax assets	1,756	1,343
Deferred tax liabilities:
Intangibles	0	(4,926)
Accrued liabilities not deducted for tax purposes	(2,214)	(2,133)
Investment in partnerships	(3,940)	(2,611)
Property, plant and equipment	(2,900)	(2,956)
Undistributed earnings of foreign subsidiaries	(708)	(764)
Gross deferred tax liabilities	(9,762)	(13,390)
Net deferred tax liabilities	$ (8,006)	$ (12,047)

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

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

Long-term Debt (Subsidiary) - Summary of Long-Term Debt Contractual Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt
Debt Instrument [Line Items]
2025	$ 418
2026	442
2027	849,820
2028	884,000
Thereafter	1,099,621
Debt \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2025	417
2026	442
2027	849,820
2028	884,000
2029	400,000
Thereafter	1,099,622
Deferred financing costs
Debt Instrument [Line Items]
2025	0
2026	0
2027	3,044
2028	6,993
Thereafter	10,293
Deferred financing costs \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2025	0
2026	0
2027	3,044
2028	6,993
2029	3,107
Thereafter	10,293
Debt, net of deferred financing costs
Debt Instrument [Line Items]
2025	418
2026	442
2027	846,776
2028	877,007
Thereafter	1,089,328
Debt, net of deferred financing costs \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2025	417
2026	442
2027	846,776
2028	877,007
2029	396,893
Thereafter	$ 1,089,329

Non-cash Financing and Investing Activities (Subsidiary) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-Cash Financing Activities [Line Items]
Revision in estimates	$ 215,899	$ 1,230	$ 110,321
LAMAR MEDIA CORP. AND SUBSIDIARIES
Non-Cash Financing Activities [Line Items]
Revision in estimates	$ 215,899		$ 110,321

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summarized Financial Information of Subsidiaries (Subsidiary) - Summarized Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Net revenues	$ 2,207,103	$ 2,110,987	$ 2,032,140
Operating income (loss)	532,040	675,434	578,001
Net income (loss)	362,939	496,836	438,647
Net income (loss) attributable to controlling interest	361,867	495,763	438,647
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Net revenues	2,207,103	2,110,987	2,032,140
Operating expenses (income)	1,674,495	1,435,056	1,453,637
Operating income (loss)	532,608	675,931	578,503
Net income (loss)	363,507	497,333	439,149
Net income (loss) attributable to controlling interest	362,435	496,260	439,149
Eliminations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Net revenues	(2,492)	(2,681)	(2,549)
Operating expenses (income)	(2,492)	(2,681)	(2,549)
Operating income (loss)	0	0	0
Net income (loss)	(518,646)	(655,864)	(561,545)
Net income (loss) attributable to controlling interest	(518,646)	(655,864)	(561,545)
Lamar Media Corp. \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Net revenues	0	0	0
Operating expenses (income)	0	0	0
Operating income (loss)	0	0	0
Net income (loss)	362,435	496,260	439,149
Net income (loss) attributable to controlling interest	362,435	496,260	439,149
Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Net revenues	2,159,755	2,069,600	1,992,900
Operating expenses (income)	1,626,780	1,392,389	1,425,150
Operating income (loss)	532,975	677,211	567,750
Net income (loss)	530,522	673,330	561,626
Net income (loss) attributable to controlling interest	529,937	672,943	561,626
Non-Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Net revenues	49,840	44,068	41,789
Operating expenses (income)	50,207	45,348	31,036
Operating income (loss)	(367)	(1,280)	10,753
Net income (loss)	(10,804)	(16,393)	(81)
Net income (loss) attributable to controlling interest	$ (11,291)	$ (17,079)	$ (81)

Commitment and Contingencies (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 50,092,000
2026	36,680,000
2027	24,729,000
2028	20,921,000
2029	15,058,000
Thereafter	$ 39,837,000

Valuation and Qualifying Accounts (Subsidiary) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 12,477	$ 11,418	$ 11,195
Charged to Costs and Expenses	8,770	12,737	9,013
Deductions	8,843	11,678	8,790
Balance at End of Year	12,404	12,477	11,418
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts \| LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	12,477	11,418	11,195
Charged to Costs and Expenses	8,770	12,737	9,013
Deductions	8,843	11,678	8,790
Balance at End of Year	12,404	12,477	11,418
Deducted in balance sheet from deferred tax assets: valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	5,333	4,435	19,433
Charged to Costs and Expenses	0	898	0
Deductions	1,931	0	14,998
Balance at End of Year	3,402	5,333	4,435
Deducted in balance sheet from deferred tax assets: valuation allowance \| LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	5,333	4,435	19,433
Charged to Costs and Expenses	0	898	0
Deductions	1,931	0	14,998
Balance at End of Year	$ 3,402	$ 5,333	$ 4,435

Stock Compensation Plans - Stock Option Transactions Under Various Stock-Based Employee Compensation Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock option activity, shares
Outstanding, beginning of year (in shares)	391,015
Granted (in shares)	45,000
Exercised (in shares)	(112,575)	(60,385)	(194,035)
Forfeited (in shares)	0
Expired (in shares)	0
Outstanding, end of year (in shares)	323,440	391,015
Exercisable at end of year (in shares)	211,640
Weighted-average exercise price per stock option
Outstanding, beginning of year, weighted average exercise price (in usd per share)	$ 85.81
Granted, weighted average exercise price (in usd per share)	122.37
Exercised, weighted average exercise price (in usd per share)	80.74
Forfeited, weighted average exercise price (in usd per share)	0
Expired, weighted average exercise price (in usd per share)	0
Outstanding, end of year, weighted average exercise price (in usd per share)	92.67	$ 85.81
Exercisable, at end of year, weighted average exercise price (in usd per share)	$ 85.35
Outstanding, end of year, weighted average remaining contractual term	6 years 3 months 25 days
Exercisable, at end of year, weighted average remaining contractual term	5 years 3 months 21 days

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segment	3

Distribution Restrictions	12 Months Ended
Distribution Restrictions	Dec. 31, 2024
Distribution Restrictions [Abstract]
Distribution Restrictions	Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of the senior credit facility. As of December 31, 2024 and 2023, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $4,677,837 and $4,438,406, respectively. As of December 31, 2024, the senior credit facility allows Lamar Media to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of December 31, 2024, transfers to Lamar Advertising are permitted under the senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of December 31, 2024 and 2023, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $3,428,317 and $3,188,886, respectively.

Revenue - Disaggregation Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues (note 2)	$ 2,207,103	$ 2,110,987	$ 2,032,140
Billboard Advertising
Disaggregation of Revenue [Line Items]
Net revenues (note 2)	1,956,176	1,877,823	1,813,995
Logo Advertising
Disaggregation of Revenue [Line Items]
Net revenues (note 2)	84,028	82,324	80,145
Transit Advertising
Disaggregation of Revenue [Line Items]
Net revenues (note 2)	$ 166,899	$ 150,840	$ 138,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - U.S. and Foreign Components of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ 368,924	$ 509,040	$ 446,395
Foreign	(1,454)	(2,422)	9,704
Income before income tax expense	$ 367,470	$ 506,618	$ 456,099

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Significant Accounting Policies [Line Items]

Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 49,461	$ 44,605
Receivables, net of allowance for doubtful accounts of $12,404 and $12,477 as of 2024 and 2023, respectively	334,798	301,189
Other current assets	41,009	27,392
Total current assets	425,268	373,186
Property, plant and equipment	4,574,894	4,274,831
Less accumulated depreciation and amortization	(2,974,085)	(2,708,361)
Net property, plant and equipment	1,600,809	1,566,470
Operating lease right of use assets	1,355,231	1,315,433
Financing lease right of use assets	8,331	11,184
Goodwill	2,035,082	2,035,271
Intangible assets, net (note 3)	1,062,601	1,171,434
Other assets	99,227	90,644
Total assets	6,586,549	6,563,622
Current liabilities:
Trade accounts payable	21,586	18,238
Current maturities of long-term debt, net of deferred financing costs of $611 and $380 in 2024 and 2023, respectively (note 5)	249,806	250,018
Current operating lease liabilities	218,108	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses (note 4)	133,943	107,195
Deferred income	153,700	126,547
Total current liabilities	778,474	713,897
Long-term debt, net of deferred financing costs of $22,826 and $28,865 in 2024 and 2023, respectively (note 9)	2,961,058	3,091,109
Operating lease liabilities	1,114,407	1,075,285
Financing lease liabilities	13,283	14,614
Deferred income tax liabilities	8,006	12,047
Asset retirement obligation	614,713	397,991
Other liabilities	48,588	41,891
Total liabilities	5,538,529	5,346,834
Stockholder’s equity:
Additional paid-in-capital	2,159,292	2,103,282
Accumulated comprehensive loss	(2,954)	(428)
Accumulated deficit	(1,036,582)	(819,235)
Non-controlling interest	849	414
Stockholders’ equity	1,048,020	1,216,788
Total liabilities and stockholders’ equity	6,586,549	6,563,622
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	48,961	44,105
Receivables, net of allowance for doubtful accounts of $12,404 and $12,477 as of 2024 and 2023, respectively	334,798	301,189
Other current assets	41,009	27,392
Total current assets	424,768	372,686
Property, plant and equipment	4,574,894	4,274,831
Less accumulated depreciation and amortization	(2,974,085)	(2,708,361)
Net property, plant and equipment	1,600,809	1,566,470
Operating lease right of use assets	1,355,231	1,315,433
Financing lease right of use assets	8,331	11,184
Goodwill	2,024,931	2,025,119
Intangible assets, net (note 3)	1,062,133	1,170,967
Other assets	93,604	85,021
Total assets	6,569,807	6,546,880
Current liabilities:
Trade accounts payable	21,586	18,238
Current maturities of long-term debt, net of deferred financing costs of $611 and $380 in 2024 and 2023, respectively (note 5)	249,806	250,018
Current operating lease liabilities	218,108	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses (note 4)	123,282	97,464
Deferred income	153,700	126,547
Total current liabilities	767,813	704,166
Long-term debt, net of deferred financing costs of $22,826 and $28,865 in 2024 and 2023, respectively (note 9)	2,961,058	3,091,109
Operating lease liabilities	1,114,407	1,075,285
Financing lease liabilities	13,283	14,614
Deferred income tax liabilities	8,006	12,047
Asset retirement obligation	614,713	397,991
Other liabilities	48,588	41,891
Total liabilities	5,527,868	5,337,103
Stockholder’s equity:
Common stock, $0.01 par value, authorized 3,000 shares; 100 shares issued and outstanding at 2024 and 2023	0	0
Additional paid-in-capital	3,229,799	3,173,789
Accumulated comprehensive loss	(2,954)	(428)
Accumulated deficit	(2,185,755)	(1,963,998)
Non-controlling interest	849	414
Stockholders’ equity	1,041,939	1,209,777
Total liabilities and stockholders’ equity	$ 6,569,807	$ 6,546,880

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Base operating lease, cost	$ 319,058,000	$ 311,640,000	$ 306,825,000
Variable operating lease, cost	64,682,000	60,147,000	59,651,000
Operating lease, cost	383,740,000	371,787,000	366,476,000
Gain on disposition of assets	6,057,000	5,474,000	15,721,000
Operating lease, cash payments	320,053,000	310,863,000	298,831,000
Direct advertising expenses (exclusive of depreciation and amortization)	$ 727,875,000	696,799,000	667,288,000
Operating lease, weighted average remaining lease term	12 years 2 months 12 days
Operating lease, weighted average discount rate	5.20%
Leased assets obtained in exchange for operating lease liability	$ 24,627,000	24,999,000
Operating lease, liability, reduction due to lease termination	5,068,000	10,635,000
Right-of-use asset obtained in exchange for finance lease liability	$ 0	0
Finance lease, weighted average remaining lease term	2 years 10 months 24 days
Finance lease, weighted average discount rate, percent	3.10%
Finance lease amortization	$ 2,853,000
Interest expenses	463,000	504,000	544,000
Principal payments on financing leases	1,331,000	1,331,000	1,331,000
Non-lease transit payments	97,099,000	87,688,000	78,877,000
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	10,439,000	10,189,000	7,478,000
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ 403,000	$ 295,000	$ 824,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables, allowance for doubtful accounts	$ 12,404	$ 12,477
Deferred financing costs, less current maturities	611	380
Deferred financing costs, excluding current maturities	$ 22,826	$ 28,865
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, cumulative dividends (in usd per share)	$ 63.80	$ 63.80
Preferred stock, shares authorized (in shares)	5,720	5,720
Preferred stock, shares issued (in shares)	5,720	5,720
Preferred stock, shares outstanding (in shares)	5,720	5,720
Shares held in treasury (in shares)	890,558	840,935
Common Class A
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	362,500,000	362,500,000
Common stock, shares issued (in shares)	88,867,481	88,486,495
Common stock, shares, outstanding (in shares)	87,976,923	87,645,560
Common Class B
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	37,500,000	37,500,000
Common stock, shares issued (in shares)	14,420,085	14,420,085
Common stock, shares, outstanding (in shares)	14,420,085	14,420,085

Description of the Business and Significant Accounting Policies (Subsidiary)

12 Months Ended

Dec. 31, 2024

Description of the Business and Significant Accounting Policies

(a)Nature of Business

(b)Principles of Consolidation

An operating segment is a component of an enterprise:

•that engages in business activities from which it may earn revenues and incur expenses;

•whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and

•for which discrete financial information is available.

(c)Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

(d)Goodwill and Intangible Assets

(e)Impairment of Long-Lived Assets

(f)Acquisitions

(g)Lease Liabilities

The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease.

(h)Deferred Income

Deferred income consists principally of advertising revenue invoiced in advance. Deferred advertising revenue is recognized in income over the term of the contract.

(i)Revenue Recognition


	2024		2023		2022
Net revenues	$	9,787	$	9,599	$	8,775
Direct advertising expenses	$	4,698	$	4,832	$	4,044
General and administrative expenses	$	4,525	$	4,044	$	3,904

(j)Income Taxes

(k)Dividends/Distributions

(l)Earnings Per Share

(m)Stock Based Compensation

(n)Cash and Cash Equivalents

The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents.

(o)Credit Losses

(p)Foreign Currency Translation

(q)Asset Retirement Obligations

(r)Use of Estimates

(s)Comprehensive Income

(t)Fair Value Measurements

(u) Investments

(v) Subsequent Events

The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued.

Significant Accounting Policies [Line Items]

Description of the Business and Significant Accounting Policies

(a)Nature of Business

Lamar Media Corp. (“Lamar Media”) is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media is engaged in the outdoor advertising business operating approximately 159,000 outdoor advertising displays in 45 states and Canada. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves.

In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves.

On July 1, 2022, Lamar Media entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements.

Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 3, 5, 7, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 22, and 23 and portions of note 1 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company.

(b)Principles of Consolidation

The accompanying consolidated financial statements include Lamar Media, its subsidiary, Lamar Advertising Limited Partnership, and Lamar Advertising Limited Partnerships' wholly owned subsidiaries, The Lamar Company, L.L.C., Lamar Central Outdoor, LLC, Lamar TRS Holdings, LLC, Lamar Advertising Southwest, LLC, Interstate Logos, L.L.C., Lamar Obie Company, LLC, Lamar Canadian Outdoor Company, Lamar QRS Receivables, LLC, Fairway Media Group, LCC, Ashby Street Outdoor Holdings, LLC, SkyHigh Murals - Colossal Media, LLC and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

SCHEDULE II

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years Ended December 31, 2024, 2023 and 2022

(In thousands)


	Balance at Beginning of Year		Charged to Costs and Expenses	Deductions	Balance at End of Year
Year ended December 31, 2024
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	12,477	8,770	8,843	$	12,404
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	5,333	—	1,931	$	3,402
Year ended December 31, 2023
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,418	12,737	11,678	$	12,477
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	4,435	898	—	$	5,333
Year ended December 31, 2022
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,195	9,013	8,790	$	11,418
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	19,433	—	14,998	$	4,435

Segment Reporting (Subsidiary) - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 1,033,158	$ 985,724	$ 938,079
Non-cash compensation expense	(44,525)	(22,649)	(23,136)
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
Loss on extinguishment of debt	(270)	(115)	0
Income before income tax expense	367,470	506,618	456,099
LAMAR MEDIA CORP. AND SUBSIDIARIES
Segment Reporting Information [Line Items]
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 extinguishment of debt	(270)	(115)	0
Transaction expenses	0	0	(3,769)
Income before income tax expense	$ 368,038	$ 507,115	$ 456,601

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 12, 2021
Related Party Transaction [Line Items]
Net revenues	$ 2,207,103	$ 2,110,987	$ 2,032,140
Vistar Media
Related Party Transaction [Line Items]
Revenues	25,333	12,050	13,074
Related Party
Related Party Transaction [Line Items]
Other receivables	162	274
Related Party \| Vistar Media
Related Party Transaction [Line Items]
Equity method investment				$ 30,000
Minority interest, percentage				20.00%
Advertising expenses:	$ 2,499	1,134	$ 1,167
Related Party \| RTC Holdings, LLC \| Sean E. Reilly and Kevin P. Reilly, Jr.
Related Party Transaction [Line Items]
Ownership interest in limited liability company	100.00%
Related Party \| RTC Holdings, LLC \| Chief Executive Officer, Chairman of Board of Directors, President and Families
Related Party Transaction [Line Items]
Ownership interest in limited liability company	89.00%
Related Party \| RTC Holdings, LLC \| Reilly Family, LLC
Related Party Transaction [Line Items]
Ownership interest in limited liability company	11.00%
Related Party \| RTC Holdings, LLC \| EATEL Corp, LLC
Related Party Transaction [Line Items]
Aggregate amount paid on backup-recovery services	$ 23	84
Net revenues	$ 230	$ 206

Valuation and Qualifying Accounts (Subsidiary)

12 Months Ended

Dec. 31, 2024

Valuation and Qualifying Accounts

SCHEDULE II

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years Ended December 31, 2024, 2023 and 2022

(In thousands)


	Balance at Beginning of Year		Charged to Costs and Expenses	Deductions	Balance at End of Year
Year ended December 31, 2024
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	12,477	8,770	8,843	$	12,404
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	5,333	—	1,931	$	3,402
Year ended December 31, 2023
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,418	12,737	11,678	$	12,477
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	4,435	898	—	$	5,333
Year ended December 31, 2022
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,195	9,013	8,790	$	11,418
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	19,433	—	14,998	$	4,435

Valuation and Qualifying Accounts

SCHEDULE II

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years Ended December 31, 2024, 2023 and 2022

(In thousands)


	Balance at Beginning of Year		Charged to Costs and Expenses	Deductions	Balance at End of Year
Year ended December 31, 2024
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	12,477	8,770	8,843	$	12,404
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	5,333	—	1,931	$	3,402
Year ended December 31, 2023
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,418	12,737	11,678	$	12,477
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	4,435	898	—	$	5,333
Year ended December 31, 2022
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,195	9,013	8,790	$	11,418
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	19,433	—	14,998	$	4,435

Long-term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 22, 2021	Aug. 19, 2020	May 13, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,234,301	$ 3,370,372
Debt, Less current maturities	(250,417)	(250,398)
Debt, excluding current maturities	2,983,884	3,119,974
Deferred financing costs	23,437	29,245
Deferred financing costs, Less current maturities	(611)	(380)
Deferred financing costs, excluding current maturities	22,826	28,865
Debt, net of deferred financing costs	3,210,864	3,341,127
Debt, net of deferred financing costs, Less current maturities	(249,806)	(250,018)
Long-term debt, excluding current maturities	2,961,058	3,091,109
Senior Credit Facility
Debt Instrument [Line Items]
Debt	883,474	1,019,222
Deferred financing costs	5,623	8,266
Debt, net of deferred financing costs	877,851	1,010,956
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	250,000	250,000
Deferred financing costs	611	380
Debt, net of deferred financing costs	$ 249,389	$ 249,620
3 3/4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.75%	3.75%				3.75%
Debt	$ 600,000	$ 600,000
Deferred financing costs	3,802	4,923
Debt, net of deferred financing costs	$ 596,198	595,077
3 5/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.625%		3.625%
Debt	$ 550,000	550,000
Deferred financing costs	5,440	6,226
Debt, net of deferred financing costs	$ 544,560	$ 543,774
4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4.00%	4.00%		4.00%		4.00%
Debt	$ 549,595	$ 549,516
Deferred financing costs	4,854	5,675
Debt, net of deferred financing costs	$ 544,741	$ 543,841
4 7/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%	4.875%			4.875%
Debt	$ 400,000	$ 400,000
Deferred financing costs	3,107	3,775
Debt, net of deferred financing costs	396,893	396,225
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	1,232	1,634
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 1,232	$ 1,634

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires companies to disclose significant segment expenses and other segment items that impact each reported measure of segment income or loss. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has adopted this guidance effective for the year ended December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose disaggregated information related to the effective tax rate reconciliation and income taxes paid. This guidance is effective for public entities for fiscal years beginning after December 15, 2024. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in expense captions presented on the face of the Consolidated Statement of Income and Comprehensive Income. This guidance is effective for public entities for fiscal years beginning after December 15, 2026. The Company is currently reviewing this guidance and its impact on the Company's consolidated financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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