10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2015

or

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                         

Commission File Number 1-36756

Lamar Advertising Company

Commission File Number 1-12407

Lamar Media Corp.

(Exact name of registrants as specified in their charters)

Delaware	72-1449411
Delaware	72-1205791
(State or other jurisdiction of incorporation or organization)	(I.R.S Employer Identification No.)
5321 Corporate Blvd., Baton Rouge, LA	70808
(Address of principal executive offices)	(Zip Code)

Registrants’ telephone number, including area code: (225) 926-1000

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether each registrant has submitted electronically and posted on their corporate web sites, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether Lamar Advertising Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether Lamar Media Corp. is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether Lamar Advertising Company is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x

Indicate by check mark whether Lamar Media Corp. is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x

The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of November 1, 2015: 81,987,031

The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of November 1, 2015: 14,610,365

The number of shares of Lamar Media Corp. common stock outstanding as of November 1, 2015: 100

This combined Form 10-Q 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 H(1) (a) and (b) of Form 10-Q and is, therefore, filing this form with the reduced disclosure format permitted by such instruction.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information included in this report is forward-looking in nature within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This report uses terminology such as “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue” and similar expressions to identify forward-looking statements. Examples of forward-looking statements in this report include statements about:

• our future financial performance and condition;

• our business plans, objectives, prospects, growth and operating strategies;

• our future capital expenditures and level of acquisition activity;

• market opportunities and competitive positions;

• our future cash flows and expected cash requirements;

• estimated risks;

• our ability to maintain compliance with applicable covenants and restrictions included in Lamar Media’s senior credit facility and the indentures relating to its outstanding notes;

• stock price;

• estimated future dividend distributions; and

• our ability to remain qualified as a Real Estate Investment Trust (“REIT”).

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors, including but not limited to the following, any of which may cause the actual results, performance or achievements of Lamar Advertising Company (referred to herein as the “Company” or “Lamar Advertising”) or Lamar Media Corp. (referred to herein as “Lamar Media”) to differ materially from those expressed or implied by the forward-looking statements:

• the state of the economy and financial markets generally and their effects on the markets in which we operate and the broader demand for advertising;

• the levels of expenditures on advertising in general and outdoor advertising in particular;

• risks and uncertainties relating to our significant indebtedness;

• the demand for outdoor advertising and its continued popularity as an advertising medium;

• our need for, and ability to obtain, additional funding for acquisitions, operations and debt refinancing;

• increased competition within the outdoor advertising industry;

• the regulation of the outdoor advertising industry by federal, state and local governments;

• our ability to renew expiring contracts at favorable rates;

• the integration of businesses that we acquire and our ability to recognize cost savings and operating efficiencies as a result of these acquisitions;

• our ability to successfully implement our digital deployment strategy;

• the market for our Class A common stock;

• changes in accounting principles, policies or guidelines;

• our ability to effectively mitigate the threat of and damages caused by hurricanes and other kinds of severe weather;

• our ability to qualify as a REIT and maintain our status as a REIT; and

• changes in tax laws applicable to REIT’s or in the interpretation of those laws.

The forward-looking statements in this report are based on our current good faith beliefs, however, actual results may differ due to inaccurate assumptions, the factors listed above or other foreseeable or unforeseeable factors. Consequently, we cannot guarantee that any of the forward-looking statements will prove to be accurate. The forward-looking statements in this report speak only as of the date of this report, and Lamar Advertising and Lamar Media expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained in this report, except as required by law.

For a further description of these and other risks and uncertainties, the Company encourages you to read carefully Item 1A to the combined Annual Report on Form 10-K for the year ended December 31, 2014 of the Company and Lamar Media (the “2014 Combined Form 10-K”), filed on February 26, 2015 and as such risk factors may be updated or supplemented, from time to time, in our combined Quarterly Reports on Form 10-Q.

2

CONTENTS

	Page
PART I — FINANCIAL INFORMATION		4
ITEM 1. FINANCIAL STATEMENTS		4
Lamar Advertising Company
Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014		4
Condensed Consolidated Statements of Operations and Comprehensive Income for the three months and nine months ended September 30, 2015 and 2014		5
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014		6
Notes to Condensed Consolidated Financial Statements		7-13
Lamar Media Corp.
Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014		14
Condensed Consolidated Statements of Operations and Comprehensive Income for the three months and nine months ended September 30, 2015 and 2014		15
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014		16
Note to Condensed Consolidated Financial Statements		17
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18-30
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk		31
ITEM 4. Controls and Procedures		32
PART II — OTHER INFORMATION		32
ITEM 1A. Risk Factors		32
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds		32
ITEM 6. Exhibits		32

3

PART I — FINANCIAL INFORMATION

ITEM 1. — FINANCIAL STATEMENTS

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

	September 30, 2015			December 31, 2014
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	29,078		$	26,035
Receivables, net of allowance for doubtful accounts of $9,515 and $7,957 in 2015 and 2014, respectively		187,700			169,610
Prepaid lease expenses		63,610			42,713
Deferred income tax assets		1,366			729
Other current assets		39,089			34,057
Total current assets		320,843			273,144
Property, plant and equipment		3,166,649			3,110,385
Less accumulated depreciation and amortization		(2,077,725	)		(2,026,745	)
Net property, plant and equipment		1,088,924			1,083,640
Goodwill		1,543,261			1,512,768
Intangible assets		397,191			366,985
Deferred financing costs, net of accumulated amortization of $18,262 and $14,764 in 2015 and 2014, respectively		29,227			32,725
Deferred income tax assets		—			12,496
Other assets		36,954			37,060
Total assets	$	3,416,400		$	3,318,818
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	16,637		$	16,368
Current maturities of long-term debt		19,380			15,625
Accrued expenses		96,849			108,790
Deferred income		99,377			84,558
Total current liabilities		232,243			225,341
Long-term debt		1,949,055			1,884,270
Asset retirement obligation		206,680			204,327
Deferred income tax liabilities		498			—
Other liabilities		22,064			23,414
Total liabilities		2,410,540			2,337,352
Stockholders’ equity:
Series AA preferred stock, par value $.001, $63.80 cumulative dividends, authorized 5,720 shares; 5,720 shares issued and outstanding at 2015 and 2014		—			—
Class A common stock, par value $.001, 362,500,000 shares authorized, 82,089,267 and 80,933,071 shares issued at 2015 and 2014, respectively; 81,984,431 and 80,933,071 issued and outstanding at 2015 and 2014, respectively		82			81
Class B common stock, par value $.001, 37,500,000 shares authorized, 14,610,365 shares issued and outstanding at 2015 and 2014		15			15
Additional paid-in capital		1,657,863			1,611,775
Accumulated comprehensive (loss) income		(462	)		2,454
Accumulated deficit		(645,539	)		(632,859	)
Cost of shares held in treasury, 104,836 and 0 shares at 2015 and 2014, respectively		(6,099	)		—
Stockholders’ equity		1,005,860			981,466
Total liabilities and stockholders’ equity	$	3,416,400		$	3,318,818

See accompanying notes to condensed consolidated financial statements.

4

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(In thousands, except share and per share data) 

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Statements of Operations
Net revenues	$	350,701		$	334,998		$	997,427		$	950,364
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)		121,676			112,388			350,859			338,173
General and administrative expenses (exclusive of depreciation and amortization)		59,489			58,181			179,424			171,912
Corporate expenses (exclusive of depreciation and amortization)		16,654			16,505			51,734			48,824
Depreciation and amortization		46,441			62,675			144,396			203,250
Gain on disposition of assets		(5,203	)		(775	)		(7,230	)		(2,001	)
		239,057			248,974			719,183			760,158
Operating income		111,644			86,024			278,244			190,206
Other expense (income)
Loss on extinguishment of debt		—			—			—			26,023
Other-than-temporary impairment of investment		—			—			—			4,069
Interest income		(2	)		(11	)		(28	)		(99	)
Interest expense		24,709			24,418			73,953			80,772
		24,707			24,407			73,925			110,765
Income before income tax expense		86,937			61,617			204,319			79,441
Income tax expense		972			26,567			18,278			33,806
Net income		85,965			35,050			186,041			45,635
Cash dividends declared and paid on preferred stock		91			91			273			273
Net income applicable to common stock	$	85,874		$	34,959		$	185,768		$	45,362
Earnings per share:
Basic and diluted earnings per share	$	0.89		$	0.37		$	1.93		$	0.48
Cash dividends declared per share of common stock	$	0.69		$	0.83		$	2.06		$	1.66
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding		96,541,766			95,330,141			96,220,306			95,138,504
Incremental common shares from dilutive stock options		60,663			423,381			64,176			409,594
Weighted average common shares diluted		96,602,429			95,753,522			96,284,482			95,548,098
Statements of Comprehensive Income
Net income	$	85,965		$	35,050		$	186,041		$	45,635
Other comprehensive loss
Foreign currency translation adjustments		(1,713	)		(800	)		(2,916	)		(515	)
Comprehensive income	$	84,252		$	34,250		$	183,125		$	45,120

See accompanying notes to condensed consolidated financial statements.

5

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands) 

	Nine months ended September 30,
	2015			2014
Cash flows from operating activities:
Net income	$	186,041		$	45,635
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		144,396			203,250
Stock-based compensation		17,508			15,987
Amortization included in interest expense		3,498			3,623
Gain on disposition of assets and investments		(7,230	)		(2,001	)
Other-than-temporary impairment of investment		—			4,069
Loss on extinguishment of debt		—			26,023
Deferred tax expense		9,572			25,042
Provision for doubtful accounts		4,845			4,457
Changes in operating assets and liabilities
(Increase) decrease in:
Receivables		(20,645	)		(23,218	)
Prepaid lease expenses		(19,758	)		(18,366	)
Other assets		(4,494	)		199
(Decrease) increase in:
Trade accounts payable		(1,327	)		2,695
Accrued expenses		(7,457	)		(3,048	)
Other liabilities		8,521			18,857
Net cash provided by operating activities		313,470			303,204
Cash flows from investing activities:
Acquisitions		(123,291	)		(54,138	)
Capital expenditures		(80,764	)		(83,876	)
Proceeds from disposition of assets and investments		8,369			2,623
(Increase) decrease of notes receivable		(28	)		4,455
Net cash used in investing activities		(195,714	)		(130,936	)
Cash flows from financing activities:
Debt issuance costs		—			(17,362	)
Cash used for purchase of treasury stock		(6,099	)		(2,987	)
Net proceeds from issuance of common stock		24,633			16,382
Principal payments on long term debt		(11,265	)		(7,571	)
Payment on revolving credit facility		(155,200	)		(308,000	)
Proceeds received from revolving credit facility		235,000			260,000
Proceeds received from note offering		—			510,000
Payment on senior subordinated notes		—			(415,752	)
Proceeds received from senior credit facility		—			300,000
Payment on senior credit facility		—			(352,106	)
Distributions to non-controlling interest		(1,025	)		(914	)
Dividends/distributions		(198,721	)		(158,476	)
Net cash used in financing activities		(112,677	)		(176,786	)
Effect of exchange rate changes in cash and cash equivalents		(2,036	)		(737	)
Net increase (decrease) in cash and cash equivalents		3,043			(5,255	)
Cash and cash equivalents at beginning of period		26,035			33,212
Cash and cash equivalents at end of period	$	29,078		$	27,957
Supplemental disclosures of cash flow information:
Cash paid for interest	$	77,934		$	78,775
Cash paid for foreign, state and federal income taxes	$	9,412		$	9,860

See accompanying notes to condensed consolidated financial statements.

6

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

1. Significant Accounting Policies

The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2014 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

2. Stock-Based Compensation

Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 15.5 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 program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three to five years and include 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.

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 and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 23,000 shares of its Class A common stock during the nine months ended September 30, 2015. At September 30, 2015 a total of 2,457,689 shares were available for future grants under the Incentive Plan.

Stock Purchase Plan. In 2009 our Board of Directors adopted a new employee stock purchase plan, the 2009 Employee Stock Purchase Plan or 2009 ESPP, which was approved by our shareholders on May 28, 2009. The 2009 ESPP reserved 588,154 shares of Class A common stock for issuance to our employees, which included 88,154 shares of Class A common stock that had been available for issuance under our 2000 Employee Stock Purchase Plan or 2000 ESPP. The 2000 ESPP was terminated following the issuance of all shares that were subject to the offer that commenced under the 2000 ESPP on January 1, 2009 and ended June 30, 2009. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP.

The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 80,932 shares on January 1, 2015 pursuant to the automatic increase provisions of the 2009 ESPP.

The following is a summary of 2009 ESPP share activity for the nine months ended September 30, 2015:

	Shares
Available for future purchases, January 1, 2015		307,448
Additional shares reserved under 2009 ESPP		80,932
Purchases		(83,174	)
Available for future purchases, September 30, 2015		305,206

Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2015 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2016. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the nine months ended September 30, 2015, the Company has recorded $10,133 as non-cash compensation expense related to performance-based awards. In addition, each non-employee director automatically receives upon election or re-election a restricted stock award of our Class A common stock. The awards vest 50% on grant date and 50% on the last day of the directors’ one year term. The Company recorded a $221 non-cash compensation expense related to these awards for the nine months ended September 30, 2015.

7

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

3. Acquisitions

During the nine months ended September 30, 2015, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $127,965, of which $123,291 was in cash and $4,674 was in non-cash consideration consisting principally of exchanges of outdoor advertising assets. As a result of these acquisitions, a gain of $4,326 was recorded during the nine months ended September 30, 2015 related to the transactions that involved the exchange of outdoor advertising assets.

Each of these acquisitions 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 costs have been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition. The allocations are pending final determination of the fair value of certain assets and liabilities. The following is a summary of the preliminary allocation of the acquisition costs in the above transactions.

	September 30, 2015
Property, plant and equipment	$	19,705
Goodwill		30,863
Site locations		68,402
Non-competition agreements		360
Customer lists and contracts		12,220
Current assets		5,478
Current liabilities		(6,530	)
Other liabilities		(2,533	)
	$	127,965

4. Depreciation and Amortization

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

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Direct advertising expenses	$	42,764	$	58,562	$	132,655	$	191,100
General and administrative expenses		738		1,082		2,294		3,183
Corporate expenses		2,939		3,031		9,447		8,967
	$	46,441	$	62,675	$	144,396	$	203,250

Effective January 1, 2015, the Company changed its depreciation method from the double declining balance method to the straight-line method. The Company believes that the straight-line method better reflects the pattern of consumption of the future benefits to be derived from those assets being depreciated. The increase to operating income and net income and decrease to depreciation expense for the Company’s assets existing as of January 1, 2015 is $8,316 and $11,089 for the nine months ended September 30, 2015 and the year to end December 31, 2015, respectively.

8

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

5. Goodwill and Other Intangible Assets

The following is a summary of intangible assets at September 30, 2015 and December 31, 2014:

	Estimated		September 30, 2015				December 31, 2014
	Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer lists and contracts		7—10	$	511,219	$	475,150	$	499,310	$	470,170
Non-competition agreements		3—15		64,411		63,388		64,062		63,192
Site locations		15		1,597,330		1,237,720		1,531,161		1,194,709
Other		5—15		14,008		13,519		14,008		13,485
			$	2,186,968	$	1,789,777	$	2,108,541	$	1,741,556
Unamortizable intangible assets:
Goodwill			$	1,796,797	$	253,536	$	1,766,304	$	253,536

6. Asset Retirement Obligations

The Company’s asset retirement obligations include 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, 2014	$	204,327
Additions to asset retirement obligations		1,335
Accretion expense		3,630
Liabilities settled		(2,612	)
Balance at September 30, 2015	$	206,680

7. Summarized Financial Information of Subsidiaries

Separate financial statements of each of the Company’s direct or indirect wholly owned subsidiaries that have guaranteed Lamar Media’s obligations with respect to its publicly issued notes (collectively, the “Guarantors”) are not included herein because the Company has no independent assets or operations, the guarantees are full and unconditional and joint and several and the only subsidiaries that are not guarantors are in the aggregate minor.

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 its senior credit facility. As of September 30, 2015 and December 31, 2014, 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 $2,423,997 and $2,269,393, respectively.

As of September 30, 2015, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein, unless, after giving effect to such distributions, (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1. As of September 30, 2015, the total debt ratio was less than 6.0 to 1 and Lamar Media’s senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. In addition, as of September 30, 2015 the senior credit facility allows Lamar Media to conduct its affairs in a manner that would allow Lamar Advertising to qualify and remain qualified for taxation as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for Lamar Advertising to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

8. 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. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and nine months ended September 30, 2015 or 2014.

9

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

9. Long-term Debt

Long-term debt consists of the following at September 30, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014
Senior Credit Facility	$	422,300		$	353,750
5 7/8% Senior Subordinated Notes		500,000			500,000
5% Senior Subordinated Notes		535,000			535,000
5 3/8% Senior Notes		510,000			510,000
Other notes with various rates and terms		1,135			1,145
		1,968,435			1,899,895
Less current maturities		(19,380	)		(15,625	)
Long-term debt, excluding current maturities	$	1,949,055		$	1,884,270

5 7/8% Senior Subordinated Notes

On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of 5 7/8% Senior Subordinated Notes, due 2022 (the “5 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 7/8% Notes, at any time and from time to time, at a price equal to 105.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2015, provided that following the redemption, at least 65% of the 5 7/8% Notes that were originally issued remain outstanding. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the 5 7/8% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium.

On or after February 1, 2017, Lamar Media may redeem the 5 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 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 5 7/8% Notes at a price equal to 101% of the principal amount of the 5 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

5% Senior Subordinated Notes

On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5% Notes, at any time and from time to time, at a price equal to 105% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November 1, 2015, provided that following the redemption, at least 65% of the 5% Notes that were originally issued remain outstanding. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% 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 Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

5 3/8% Senior Notes

On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the “5 3/8% Senior Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300.

10

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/8% Senior Notes, at any time and from time to time, at a price equal to 105.375% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2017, provided that following the redemption, at least 65% of the 5 3/8% Senior Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2019, Lamar Media may redeem some or all of the 5 3/8% Senior 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, 2019, Lamar Media may redeem the 5 3/8% Senior Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Senior 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 5 3/8% Senior Notes at a price equal to 101% of the principal amount of the 5 3/8% Senior Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

Senior Credit Facility

On February 3, 2014, Lamar Media entered into a Second Restatement Agreement (the “Second Restatement Agreement”) with the Company, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the Lenders named therein, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility on the terms set forth in the Second Amended and Restated Credit Agreement attached as Exhibit A to the Second Restatement Agreement. On April 18, 2014, Lamar Media entered into Amendment No. 1 to the Second Amended and Restated Credit Agreement (the “Amendment”) with Lamar Advertising, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein under which the parties agreed to amend Lamar Media’s existing senior credit facility on the terms set forth in the Amendment. The Amendment created a new $300,000 Term A Loan facility (the “Term A Loans”) and certain other amendments to the senior credit agreement (the Second Amended and Restated Credit Agreement, as amended, together with the Second Restatement Agreement being herein referred to as the “senior credit facility”).

The senior credit facility consists of a $400,000 revolving credit facility, the $300,000 Term A loan facility and a $500,000 incremental facility. Lamar Media is the borrower under the senior credit facility. Lamar Media may also from time to time designate wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Lamar Media’s lenders have no obligation to make additional loans to it, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion.

The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows:

Principal Payment Date	Principal Amount
December 31, 2015-March 31, 2016	$	3,750
June 30, 2016- March 31, 2017	$	5,625
June 30, 2017-December 31, 2018	$	11,250
Term A Loan Maturity Date	$	168,750

The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility.

11

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

As of September 30, 2015, there was $144,800 outstanding under the revolving credit facility. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $8,915 in letters of credit outstanding as of September 30, 2015 resulting in $246,285 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 2, 2019, and bear interest, at Lamar Media’s option, at the Adjusted LIBO Rate or the Adjusted Base Rate plus applicable margins, such margins are set at an initial rate with the possibility of a step down based on Lamar Media’s ratio of debt to trailing four quarters EBITDA, as defined in the 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.

The senior credit facility contains provisions that would allow Lamar Media to conduct its affairs in a manner that would allow 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 Lamar Media’s senior credit facility the Company must maintain a specified senior debt ratio at all times 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 agreement provisions during the periods presented.

10. Fair Value of Financial Instruments

At September 30, 2015 and December 31, 2014, 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. Investment contracts 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 $1,982,207 which exceeded both the gross and carrying amount of $1,968,435 as of September 30, 2015. 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).

11. New Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles in the United States when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14 deferring the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

12

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In thousands, except share and per share data)

In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs. The pronouncement requires reporting entities to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU retrospectively to all prior periods. The Company does not expect that the adoption of this pronouncement will have a material impact on the consolidated financial statements.

12. Dividends/Distributions

During the three and nine months ended September 30, 2015, the Company declared and paid cash distributions of its REIT taxable income of an aggregate of $66,634 and $198,448 or $0.69 and $2.06 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 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 our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs) and other factors that the Board of Directors may deem relevant. During the three and nine months ended September 30, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate of $91 and $273, or $15.95 and $47.85 per share, respectively.

13. Information about Geographic Areas

Revenues from external customers attributable to foreign countries totaled $8,830 and $8,208 for the three months ended September 30, 2015 and 2014, respectively, and $24,089 and $24,314 for the nine months ended September 30, 2015 and 2014, respectively. Net carrying value of long lived assets located in foreign countries totaled $5,968 and $7,324 for the periods ended September 30, 2015 and December 31, 2014, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

14. Income Taxes

During the three and nine months ended September 30, 2015 the Company recorded a non-cash valuation allowance of $422 and $13,522, respectively, related to the net operating losses on its Puerto Rico operations. The valuation allowance was necessary due to a tax law change in Puerto Rico enacted on May 29, 2015 that limits our ability to use these net operating losses prior to their expiration.

13

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

	September 30, 2015			December 31, 2014
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	28,578		$	25,535
Receivables, net of allowance for doubtful accounts of $9,515 and $7,957 in 2015 and 2014, respectively.		187,700			169,610
Prepaid lease expenses		63,610			42,713
Deferred income tax assets		1,366			729
Other current assets		39,089			34,057
Total current assets		320,343			272,644
Property, plant and equipment		3,166,649			3,110,385
Less accumulated depreciation and amortization		(2,077,725	)		(2,026,745	)
Net property, plant and equipment		1,088,924			1,083,640
Goodwill		1,533,109			1,502,616
Intangible assets		396,723			366,518
Deferred financing costs net of accumulated amortization of $8,974 and $5,476 in 2015 and 2014, respectively		27,273			30,771
Deferred income tax assets		—			12,496
Other assets		31,669			31,775
Total assets	$	3,398,041		$	3,300,460
LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities:
Trade accounts payable	$	16,637		$	16,368
Current maturities of long-term debt		19,380			15,625
Accrued expenses		92,538			105,007
Deferred income		99,377			84,558
Total current liabilities		227,932			221,558
Long-term debt		1,949,055			1,884,270
Asset retirement obligation		206,680			204,327
Deferred income tax liabilities		498			—
Other liabilities		22,064			23,414
Total liabilities		2,406,229			2,333,569
Stockholder’s equity:
Common stock, par value $.01, 3,000 shares authorized, 100 shares issued and outstanding at 2015 and 2014		—			—
Additional paid-in-capital		2,728,304			2,682,216
Accumulated comprehensive income		(462	)		2,454
Accumulated deficit		(1,736,030	)		(1,717,779	)
Stockholder’s equity		991,812			966,891
Total liabilities and stockholder’s equity	$	3,398,041		$	3,300,460

See accompanying note to condensed consolidated financial statements.

14

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(In thousands, except share and per share data)

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Statements of Operations
Net revenues	$	350,701		$	334,998		$	997,427		$	950,364
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)		121,676			112,388			350,859			338,173
General and administrative expenses (exclusive of depreciation and amortization)		59,489			58,181			179,424			171,912
Corporate expenses (exclusive of depreciation and amortization)		16,576			16,433			51,479			48,557
Depreciation and amortization		46,441			62,675			144,396			203,250
Gain on disposition of assets		(5,203	)		(775	)		(7,230	)		(2,001	)
		238,979			248,902			718,928			759,891
Operating income		111,722			86,096			278,499			190,473
Other expense (income)
Loss on extinguishment of debt		—			—			—			26,023
Other-than-temporary impairment of investment		—			—			—			4,069
Interest income		(2	)		(11	)		(28	)		(99	)
Interest expense		24,709			24,418			73,953			80,772
		24,707			24,407			73,925			110,765
Income before income tax expense		87,015			61,689			204,574			79,708
Income tax expense		972			26,586			18,278			33,903
Net income	$	86,043		$	35,103		$	186,296		$	45,805
Statements of Comprehensive Income
Net income	$	86,043		$	35,103		$	186,296		$	45,805
Other comprehensive loss
Foreign currency translation adjustments		(1,713	)		(800	)		(2,916	)		(515	)
Comprehensive income	$	84,330		$	34,303		$	183,380		$	45,290

See accompanying note to condensed consolidated financial statements.

15

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands) 

	Nine months ended September 30,
	2015			2014
Cash flows from operating activities:
Net income	$	186,296		$	45,805
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		144,396			203,250
Stock-based compensation		17,508			15,987
Amortization included in interest expense		3,498			3,623
Gain on disposition of assets and investments		(7,230	)		(2,001	)
Other-than-temporary impairment of investment		—			4,069
Loss on extinguishment of debt		—			26,023
Deferred tax expense		9,572			25,139
Provision for doubtful accounts		4,845			4,457
Changes in operating assets and liabilities:
(Increase) decrease in:
Receivables		(20,645	)		(23,218	)
Prepaid lease expenses		(19,758	)		(18,366	)
Other assets		(4,494	)		199
(Decrease) increase in:
Trade accounts payable		(1,327	)		2,695
Accrued expenses		(7,457	)		(3,048	)
Other liabilities		(13,462	)		4,089
Net cash provided by operating activities		291,742			288,703
Cash flows from investing activities:
Acquisitions		(123,291	)		(54,138	)
Capital expenditures		(80,764	)		(83,876	)
Proceeds from disposition of assets and investments		8,369			2,623
(Increase) decrease of notes receivable		(28	)		4,455
Net cash used in investing activities		(195,714	)		(130,936	)
Cash flows from financing activities:
Principal payments on long-term debt		(11,265	)		(7,571	)
Payment on revolving credit facility		(155,200	)		(308,000	)
Proceeds received from revolving credit facility		235,000			260,000
Payment on senior subordinated notes		—			(415,752	)
Proceeds received from note offering		—			510,000
Proceeds received from senior credit facility		—			300,000
Payment on senior credit facility		—			(352,106	)
Debt issuance costs		—			(17,362	)
Distributions to non-controlling interest		(1,025	)		(914	)
Contributions from parent		46,088			30,609
Dividend to parent		(204,547	)		(161,189	)
Net cash used in financing activities		(90,949	)		(162,285	)
Effect of exchange rate changes in cash and cash equivalents		(2,036	)		(737	)
Net increase (decrease) in cash and cash equivalents		3,043			(5,255	)
Cash and cash equivalents at beginning of period		25,535			32,712
Cash and cash equivalents at end of period	$	28,578		$	27,457
Supplemental disclosures of cash flow information:
Cash paid for interest	$	77,934		$	78,775
Cash paid for foreign, state and federal income taxes	$	9,412		$	9,860

See accompanying note to condensed consolidated financial statements.

16

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Note to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

1. Significant Accounting Policies

The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2014 Combined Form 10-K.

Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 13 and 14 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.

17

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains forward-looking statements. Actual results could differ materially from those anticipated by the forward-looking statements due to risks and uncertainties described in the section of this combined report on Form 10-Q entitled “Note Regarding Forward-Looking Statements” and in Item 1A to the 2014 Combined Form 10-K filed on February 26, 2015, as supplemented by any risk factors contained in our combined Quarterly Reports on Form 10-Q. You should carefully consider each of these risks and uncertainties in evaluating the Company’s and Lamar Media’s financial conditions and results of operations. Investors are cautioned not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and the Company undertakes no obligation to update or revise the statements, except as may be required by law.

LAMAR ADVERTISING COMPANY

The following is a discussion of the consolidated financial condition and results of operations of the Company for the three and nine months ended September 30, 2015 and 2014. This discussion should be read in conjunction with the consolidated financial statements of the Company and the related notes thereto.

Overview

The Company’s net revenues are derived primarily from the rental of advertising space on outdoor advertising displays owned and operated by the Company. Revenue growth is based on many factors that include the Company’s ability to increase occupancy of its existing advertising displays; raise advertising rates; and acquire new advertising displays. Operating results are, therefore, affected by general economic conditions, as well as trends in the advertising industry. Advertising spending is particularly sensitive to changes in general economic conditions which affect the rates that the Company is able to charge for advertising on its displays and its ability to maximize advertising sales or occupancy on its displays.

Historically, the Company has made strategic acquisitions of outdoor advertising assets to increase the number of outdoor advertising displays it operates in existing and new markets. The Company continues to evaluate and pursue strategic acquisition opportunities as they arise. The Company has financed its historical acquisitions and intends to finance any future acquisition activity from available cash, borrowings under its senior credit facility or the issuance of debt or equity securities. See “Liquidity and Capital Resources” below. During the nine months ended September 30, 2015, the Company completed acquisitions for a total cash purchase price of approximately $123.3 million.

The Company’s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment.

The following table presents a breakdown of capitalized expenditures for the three and nine months ended September 30, 2015 and 2014:

	Three months ended September 30, (in thousands)				Nine months ended September 30, (in thousands)
	2015		2014		2015		2014
Total capital expenditures:
Billboard — traditional	$	8,939	$	7,862	$	21,628	$	19,064
Billboard — digital		9,864		13,952		40,002		41,810
Logos		2,112		3,675		7,159		7,545
Transit		84		41		246		309
Land and buildings		1,706		1,800		5,845		7,502
Operating equipment		1,694		2,291		5,884		7,646
Total capital expenditures	$	24,399	$	29,621	$	80,764	$	83,876

Non-GAAP Financial Measures

Our management reviews our performance by focusing on several key performance indicators not prepared in conformity with Generally Accepted Accounting Principles in the United States (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures.

Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Funds From Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, Adjusted Funds From Operations (“AFFO”) and acquisition-adjusted net revenue.

18

We define Adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), gain (loss) on extinguishment of debt and investments, stock-based compensation, depreciation and amortization and gain or loss on disposition of assets and investments.

FFO is defined as net income before gains or losses from the sale or disposal of real estate assets and investments and real estate related depreciation and amortization and including adjustments to eliminate non-controlling interest.

We define AFFO as FFO before (i) straight-line revenue and expense; (ii) stock-based compensation expense; (iii) non-cash tax expense (benefit); (iv) non-real estate related depreciation and amortization; (v) amortization of deferred financing and debt issuance costs, (vi) loss on extinguishment of debt; (vii) non-recurring infrequent or unusual losses (gains); (viii) less maintenance capital expenditures; and (ix) an adjustment for non-controlling interest.

Acquisition-adjusted net revenue adjusts our net revenue for the prior period by adding to it the net revenue generated by the acquired assets before our acquisition of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted revenue, therefore, we include revenue generated by assets that we did not own in the period but acquired in the current period. We refer to the amount of pre-acquisition revenue generated by the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition net revenue”. In addition, we also adjust the prior period to subtract revenue generated by the assets that have been divested since the prior period and, therefore, no revenue derived from those assets is reflected in the current period.

Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue are not intended to replace net income or any other performance measures determined in accordance with GAAP. Neither FFO nor AFFO represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Rather, Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue are presented as we believe each is a useful indicator of our current operating performance. We believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) Adjusted EBITDA is widely used in the industry to measure operating performance as depreciation and amortization may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) acquisition-adjusted net revenue is a supplement to net revenue to enable investors to compare period over period results on a more consistent basis without the effects of acquisitions and divestures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (4) Adjusted EBITDA, FFO and AFFO each provides investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature; and (5) each provides investors with a measure for comparing our results of operations to those of other companies.

Our measurement of Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenue to net income, the most directly comparable GAAP measure, have been included herein.

RESULTS OF OPERATIONS

Nine Months ended September 30, 2015 compared to Nine Months ended September 30, 2014

Net revenues increased approximately $47.1 million or 5.0% to $997.4 million for the nine months ended September 30, 2015 from $950.4 million for the same period in 2014. This increase was attributable primarily to an increase in billboard net revenues of $35.5 million, which represents an increase of 4.2% over the same period in 2014, primarily due to increases in billboard revenue from the addition of 186 digital billboard units and revenue from billboard locations acquired since September 2014. In addition, logo sign revenue increased $2.3 million, which represents an increase of 4.4% over the prior period and there was a $9.3 million increase in transit revenue, which represents an increase of 16.9% over the prior period. The increase in transit revenue primarily resulted from the addition of 14 transit markets, which included 11 airport advertising markets.

For the nine months ended September 30, 2015, there was a $30.7 million increase in net revenues as compared to acquisition-adjusted net revenue for the nine months ended September 30, 2014, which represents an increase of 3.2%. See “Reconciliations” below. The $30.7 million increase in revenue primarily consists of a $24.7 million increase in billboard revenue, a $4.4 million increase in transit revenue and a $1.6 million increase in logo revenue over the acquisition-adjusted net revenue for the comparable period in 2014.

Total operating expenses, exclusive of depreciation and amortization and gain on sale of assets, increased $23.1 million to $582.0 million for the nine months ended September 30, 2015 from $558.9 million in the same period in 2014. The $23.1 million increase over the prior year is comprised of a $20.2 million increase in direct and general and administrative operating expenses related to the operations of our outdoor advertising assets and corporate expense increases of $2.9 million.

Depreciation and amortization expense decreased $58.9 million, or 29.0% for the nine months ended September 30, 2015, as compared to the nine months ended September 30, 2014, primarily due to a portion of our digital and traditional billboard structures being fully depreciated as well as our change to the straight-line method of depreciation effective January 1, 2015.

19

Gain on disposition of assets for the nine months ended September 30, 2015 increased $5.2 million over the same period in 2014 primarily due to a $4.3 million non-cash gain resulting from an exchange of outdoor advertising assets in the period.

Due to the above factors, operating income increased 46.3% to $278.2 million for the nine months ended September 30, 2015 compared to $190.2 million for the same period in 2014.

The Company did not have any financing transactions during the nine months ended September 30, 2015. However, during the nine months ended September 30, 2014, the Company recognized a loss on debt extinguishment of $26.0 million related to the redemption of Lamar Media’s 7 7/8% Senior Subordinated Notes due 2018 (the “7 7/8% Notes”) and the amendment of its senior credit facility. Approximately $10.3 million of the loss was a non-cash expense attributable to the write off of unamortized debt issuance fees associated with the then existing senior credit facility and the 7 7/8% Notes.

Interest expense decreased $6.8 million from $80.8 million for the nine months ended September 30, 2014, to $74.0 million for the nine months ended September 30, 2015, primarily resulting from the Company’s April 2014 refinancing of the 7 7/8% Notes.

The increase in operating income, decrease in interest expense and decreases in other-than-temporary impairment of investment and loss on debt extinguishment resulted in a $124.9 million increase in net income before income taxes. The Company recognized $18.3 million in income tax expense for the nine months ended September 30, 2015. The effective tax rate for the nine months ended September 30, 2015 is approximately 8.9%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.

As a result of the above factors, the Company recognized net income for the nine months ended September 30, 2015 of $186.0 million, as compared to net income of $45.6 million for the same period in 2014.

Reconciliations:

Because acquisitions occurring after December 31, 2013 (the “acquired assets”) have contributed to our net revenue results for the periods presented, we provide 2014 acquisition-adjusted net revenue, which adjusts our 2014 net revenue for the nine months ended September 30, 2014 by adding to or subtracting from it the net revenue generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the nine months ended September 30, 2015.

Reconciliations of 2014 reported net revenue to 2014 acquisition-adjusted net revenue for the nine months ended September 30, as well as a comparison of 2014 acquisition-adjusted net revenue to 2015 reported net revenue for the nine months ended September 30, are provided below:

Reconciliation and Comparison of Reported Net Revenue to Acquisition-Adjusted Net Revenue 

	Nine months ended September 30,
	2015		2014
	(in thousands)
Reported net revenue	$	997,427	$	950,364
Acquisition net revenue		—		16,370
Adjusted totals	$	997,427	$	966,734

Key Performance Indicators

Net Income/Adjusted EBITDA

(in thousands)

	Nine Months Ended September 30,						Amount of Increase			Percent Increase
	2015			2014			(Decrease)			(Decrease)
Net income	$	186,041		$	45,635		$	140,406			307.7	%
Income tax expense		18,278			33,806			(15,528	)
Loss on other-than-temporary impairment of investment		—			4,069			(4,069	)
Loss on debt extinguishment		—			26,023			(26,023	)
Interest expense (income), net		73,925			80,673			(6,748	)
Gain on disposition of assets		(7,230	)		(2,001	)		(5,229	)
Depreciation and amortization		144,396			203,250			(58,854	)
Stock-based compensation expense		17,508			15,987			1,521
Adjusted EBITDA	$	432,918		$	407,442		$	25,476			6.3	%

20

Adjusted EBITDA for the nine months ended September 30, 2015 increased 6.3% to $432.9 million. The increase in Adjusted EBITDA was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) of $34.4 million, and was partially offset by an increase in general administrative and corporate expenses of $8.9 million, excluding the impact of stock-based compensation expense.

Net Income/FFO/AFFO

(in thousands)

	Nine Months Ended September 30,						Amount of Increase (Decrease)			Percent Increase (Decrease)
	2015			2014
Net income	$	186,041		$	45,635		$	140,406			307.7	%
Depreciation and amortization related to real estate		132,931			190,761			(57,830	)
Gain from sale or disposal of real estate		(6,924	)		(919	)		(6,005	)
Adjustments for non-controlling interest		446			431			15
FFO	$	312,494		$	235,908		$	76,586			32.5	%
Straight line expense (income)		181			(369	)		550
Stock-based compensation expense		17,508			15,987			1,521
Non-cash tax expense (benefit)		9,572			25,042			(15,470	)
Non-real estate related depreciation and amortization		11,465			12,489			(1,024	)
Amortization of deferred financing and debt issuance costs		3,498			3,623			(125	)
Loss on other-than-temporary impairment of investment		—			4,069			(4,069	)
Loss on extinguishment of debt		—			26,023			(26,023	)
Capital expenditures – maintenance		(34,746	)		(51,162	)		16,416
Adjustments for non-controlling interest		(446	)		(431	)		(15	)
AFFO	$	319,526		$	271,179		$	48,347			17.8	%

FFO for the nine months ended September 30, 2015 was $312.5 million as compared to FFO of $235.9 million for the same period in 2014. AFFO for nine months ended September 30, 2015 increased 17.8% to $319.5 million as compared to $271.2 million for the same period in 2014. AFFO growth was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) and decrease in interest expense, partially offset by increases in general and administrative expenses and corporate expenses.

RESULTS OF OPERATIONS

Three Months ended September 30, 2015 compared to Three Months ended September 30, 2014

Net revenues increased $15.7 million or 4.7% to $350.7 million for the three months ended September 30, 2015 from $335.0 million for the same period in 2014. This increase was attributable primarily to an increase in billboard net revenues of $9.1 million, which represents an increase of 3.1% over the same period in 2014, primarily due to increases in billboard revenue from the addition of 186 digital billboard units and revenue from billboard locations acquired since September 2014. In addition, logo sign revenue increased $0.2 million, which represents an increase of 1.3% over the prior period and there was a $6.4 million increase in transit revenue, which represents an increase of 32.0% over the prior period. The increase in transit revenue is primarily due to the addition of five new markets as a result of acquisition of Alliance Airport Advertising on July 1, 2015.

For the three months ended September 30, 2015, there was a $6.1 million increase in net revenues as compared to acquisition-adjusted net revenue for the three months ended September 30, 2014, which represents an increase of 1.8%. See “Reconciliations” below. The $6.1 million increase in revenue primarily consists of a $4.4 million increase in billboard revenue, a $1.5 million increase in transit revenue and a $0.2 million increase in logo revenue over the acquisition-adjusted net revenue for the comparable period in 2014.

Total operating expenses, exclusive of depreciation and amortization and gain on sale of assets, increased $10.7 million to $197.8 million for the three months ended September 30, 2015 from $187.1 million in the same period in 2014. The $10.7 million increase over the prior year is comprised of a $10.6 million increase in direct and general and administrative operating expenses related to the operations of our outdoor advertising assets and corporate expense increases of $0.1 million.

Depreciation and amortization expense decreased $16.2 million, or 25.9% for the three months ended September 30, 2015, as compared to the three months ended September 30, 2014, primarily due to a portion of our digital and traditional billboard structures being fully depreciated as well as our change to the straight-line method of depreciation effective January 1, 2015.

21

Gain on disposition of assets for the three months ended September 30, 2015 increased $4.4 million over the same period in 2014 primarily due to a $4.3 million non-cash gain resulting from an exchange of outdoor advertising assets in the period.

Due to the above factors, operating income increased to $111.6 million for the three months ended September 30, 2015 compared to $86.0 million for the same period in 2014.

The increase in operating income offset by a slight increase in interest expense resulted in a $25.3 million increase in net income before income taxes. The Company recognized income tax expense of $1.0 million for the three months ended September 30, 2015. The effective tax rate for the three months ended September 30, 2015 differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.

As a result of the above factors, the Company recognized net income for the three months ended September 30, 2015 of $86.0 million, as compared to net income of $35.0 million for the same period in 2014.

Reconciliations:

Because acquisitions occurring after December 31, 2013 (the “acquired assets”) have contributed to our net revenue results for the periods presented, we provide 2014 acquisition-adjusted net revenue, which adjusts our 2014 net revenue for the three months ended September 30, 2014 by adding to or subtracting from it the net revenue generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the three months ended September 30, 2015.

Reconciliations of 2014 reported net revenue to 2014 acquisition-adjusted net revenue for the three months ended September 30, as well as a comparison of 2014 acquisition-adjusted net revenue to 2015 reported net revenue for the three months ended September 30, are provided below:

Reconciliation and Comparison of Reported Net Revenue to Acquisition-Adjusted Net Revenue 

	Three months ended September 30,
	2015		2014
	(in thousands)
Reported net revenue	$	350,701	$	334,998
Acquisition net revenue		—		9,574
Adjusted totals	$	350,701	$	344,572

Key Performance Indicators

Net Income/Adjusted EBITDA

(in thousands)

	Three Months Ended September 30,						Amount of Increase			Percent Increase
	2015			2014			(Decrease)			(Decrease)
Net income	$	85,965		$	35,050		$	50,915			145.3	%
Income tax expense		972			26,567			(25,595	)
Interest expense (income), net		24,707			24,407			300
Gain on disposition of assets		(5,203	)		(775	)		(4,428	)
Depreciation and amortization		46,441			62,675			(16,234	)
Stock-based compensation expense		6,121			5,474			647
Adjusted EBITDA	$	159,003		$	153,398		$	5,605			3.7	%

Adjusted EBITDA for the three months ended September 30, 2015 increased 3.7% to $159.0 million. The increase in Adjusted EBITDA was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) of $6.4 million, and was partially offset by an increase in general administrative and corporate expenses of $0.8 million, excluding the impact of stock-based compensation expense.

22

Net Income/FFO/AFFO

(in thousands)

	Three Months Ended September 30,						Amount of Increase (Decrease)			Percent Increase (Decrease)
	2015			2014
Net income	$	85,965		$	35,050		$	50,915			145.3	%
Depreciation and amortization related to real estate		42,554			58,690			(16,136	)
Gain from sale or disposal of real estate		(5,125	)		(324	)		(4,801	)
Adjustments for non-controlling interest		96			132			(36	)
FFO	$	123,490		$	93,548		$	29,942			32.0	%
Straight line expense (income)		(22	)		(141	)		119
Stock-based compensation expense		6,121			5,474			647
Non-cash tax expense (benefit)		(1,306	)		22,017			(23,323	)
Non-real estate related depreciation and amortization		3,887			3,985			(98	)
Amortization of deferred financing and debt issuance costs		1,174			1,172			2
Capital expenditures – maintenance		(10,610	)		(16,465	)		5,855
Adjustments for non-controlling interest		(96	)		(132	)		36
AFFO	$	122,638		$	109,458		$	13,180			12.0	%

FFO for the three months ended September 30, 2015 was $123.5 million as compared to FFO of $93.5 million for the same period in 2014. AFFO for the three months ended September 30, 2015 increased 12.0% to $122.6 million as compared to $109.5 million for the same period in 2014. AFFO growth was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense), partially offset by increases in general and administrative expenses, corporate expenses and interest expense.

LIQUIDITY AND CAPITAL RESOURCES

Overview

The Company has historically satisfied its working capital requirements with cash from operations and borrowings under the senior credit facility. The Company’s wholly owned subsidiary, Lamar Media Corp., is the borrower under the senior credit facility and maintains all corporate operating cash balances. Any cash requirements of the Company, therefore, must be funded by distributions from Lamar Media.

Sources of Cash

Total Liquidity. As of September 30, 2015 we had approximately $275.4 million of total liquidity, which is comprised of approximately $29.1 million in cash and cash equivalents and approximately $246.3 million of availability under the revolving portion of Lamar Media’s senior credit facility. We are currently in compliance with the maintenance covenant included in the senior credit facility and we would remain in compliance after giving effect to borrowing the full amount available to us under the revolving portion of the senior credit facility.

Cash Generated by Operations. For the nine months ended September 30, 2015 and 2014 our cash provided by operating activities was $313.5 million and $303.2 million, respectively. While our net income was approximately $186.0 million for the nine months ended September 30, 2015, we generated cash from operating activities of $313.5 million primarily due to adjustments needed to reconcile net income to cash provided by operating activities of $172.6 million, which primarily consisted of depreciation and amortization of $144.4 million and stock-based compensation of $17.5 million. In addition, there was an increase in working capital of $45.2 million. We expect to generate cash flows from operations during 2015 in excess of our cash needs for operations, capital expenditures and dividends, as described herein.

Note Offerings. On January 10, 2014, Lamar Media completed an institutional private placement of $510 million aggregate principal amount of its 5 3/8% Senior Notes due 2024. The institutional private placement resulted in net proceeds to Lamar Media, after payment of fees and expenses, of approximately $502.3 million. Lamar Media used the proceeds of this offering to repay $502.1 million of indebtedness, including all outstanding term loans, outstanding under its senior credit facility.

Credit Facilities. Lamar Media’s senior credit facility was amended and restated pursuant to a second restatement agreement with the Company, certain of Lamar Media’s subsidiaries as guarantors, the lenders named therein and JPMorgan Chase Bank, N.A., as administrative agent on February 3, 2014 and subsequently amended on April 18, 2014 (as so amended, the “senior credit facility”). The senior credit facility currently consists of a $400 million revolving credit facility, a $300 million Term A loan facility (the “Term A Loans”) and a $500 million incremental facility. Lamar Media is the borrower under the senior credit facility and may also from time to time designate wholly-owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion.

23

As of September 30, 2015, Lamar Media had approximately $246.3 million of availability under the revolving credit facility included in the senior credit facility and approximately $8.9 million in letters of credit outstanding. As of September 30, 2015, Lamar Media had $277.5 million outstanding in Term A Loans and $144.8 million outstanding under the revolving credit facility.

Factors Affecting Sources of Liquidity

Internally Generated Funds. The key factors affecting internally generated cash flow are general economic conditions, specific economic conditions in the markets where the Company conducts its business and overall spending on advertising by advertisers.

Credit Facilities and Other Debt Securities. Lamar must comply with certain covenants and restrictions related to the senior credit facility and its outstanding debt securities.

Restrictions Under Debt Securities. Lamar must comply with certain covenants and restrictions related to its outstanding debt securities. Currently Lamar Media has outstanding $500 million 5 7/8% Senior Subordinated Notes issued in February 2012 (the “5 7/8% Senior Subordinated Notes”), $535 million 5% Senior Subordinated Notes issued in October 2012 (the “5% Senior Subordinated Notes”) and $510 million 5 3/8% Senior Notes issued in January 2014 (the “5 3/8% Senior Notes”).

The indentures relating to Lamar Media’s outstanding notes restrict its ability to incur additional indebtedness but permit the incurrence of indebtedness (including indebtedness under the senior credit facility), (i) if no default or event of default would result from such incurrence and (ii) if after giving effect to any such incurrence, the leverage ratio (defined as the sum of (x) total consolidated debt plus (y) the aggregate liquidation preference of any preferred stock of Lamar Media’s restricted subsidiaries to trailing four fiscal quarter EBITDA (as defined in the indentures)) would be less than 7.0 to 1. Currently, Lamar Media is not in default under the indentures of any of its outstanding notes and, therefore, would be permitted to incur additional indebtedness subject to the foregoing provision.

In addition to debt incurred under the provisions described in the preceding paragraph, the indentures relating to Lamar Media’s outstanding notes permit Lamar Media to incur indebtedness pursuant to the following baskets:

• up to $1.5 billion of indebtedness under the senior credit facility;

• indebtedness outstanding on the date of the indentures or debt incurred to refinance outstanding debt;

• inter-company debt between Lamar Media and its restricted subsidiaries or between restricted subsidiaries;

• certain purchase money indebtedness and capitalized lease obligations to acquire or lease property in the ordinary course of business that cannot exceed the greater of $50 million or 5% of Lamar Media’s net tangible assets; and

• additional debt not to exceed $75 million.

Restrictions under Senior Credit Facility. Lamar Media is required to comply with certain covenants and restrictions under the senior credit facility. If the Company fails to comply with these tests, the lenders under the senior credit facility will be entitled to exercise certain remedies, including the termination of the lending commitments and the acceleration of the debt payments under the senior credit facility. At September 30, 2015, and currently, we were in compliance with all such tests under the senior credit facility.

Lamar Media must maintain a senior debt ratio, defined as total consolidated debt (other than subordinated indebtedness) of Lamar Advertising and its restricted subsidiaries, minus the lesser of (x) $100 million and (y) the aggregate amount of unrestricted cash and cash equivalents of Lamar Advertising and its restricted subsidiaries to EBITDA, as defined below, for the period of four consecutive fiscal quarters then ended, of less than or equal to 3.5 to 1.0.

Lamar Media is also restricted from incurring additional indebtedness under certain circumstances unless, after giving to the incurrence of such indebtedness, it is in compliance with the senior debt ratio covenant and its total debt ratio, defined as (a) total consolidated debt of Lamar Advertising Company and its restricted subsidiaries as of any date minus the lesser of (i) $100 million and (ii) the aggregate amount of unrestricted cash and cash equivalents of Lamar Advertising Company and its restricted subsidiaries to (b) EBITDA, as defined below, for the most recent four fiscal quarters then ended is less than 6.0 to 1.0.

Under the senior credit facility “EBITDA” means, for any period, operating income for the Company and its restricted subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) for such period (calculated before (i) taxes, (ii) interest expense, (iii) depreciation, (iv) amortization, (v) any other non-cash income or charges accrued for such period, (vi) charges and expenses in connection with the credit facility transactions, (vii) costs and expenses of Lamar Advertising associated with the REIT conversion, provided that the aggregate amount of costs and expenses that may be added back pursuant to this clause shall not exceed $10 million in the aggregate and (viii) the amount of cost savings, operating expense reductions and other operating improvements or synergies projected by the Lamar Media in good faith to be realized as a result of any acquisition, investment, merger, amalgamation or disposition within 12 months of any such acquisition, investment, merger, amalgamation or disposition, net of the amount of actual benefits realized during such period from such action: provided, (a) the aggregate amount for all such cost savings, operating expense reductions and other operating improvements or synergies shall not exceed an amount equal to 15% of EBITDA for the applicable four quarter period and (b) any such adjustment to EBITDA may only take into account cost savings, operating expense reductions and other operating improvements synergies that are (I) directly attributable to such acquisition, investment, merger, amalgamation or disposition,

24

(II) expected to have a continuing impact on the Lamar Media and its restricted subsidiaries and (III) factually supportable, in each case all as certified by the Chief Financial Officer of the Lamar Media on behalf of the Lamar Media, and (ix) any loss or gain relating to amounts paid or earned in cash prior to the stated settlement date of any swap agreement that has been reflected in operating income for such period) and (except to the extent received or paid in cash by the Company and its restricted subsidiaries income or loss attributable to equity in affiliates for such period), excluding any extraordinary and unusual gains or losses during such period and excluding the proceeds of any casualty events whereby insurance or other proceeds are received and certain dispositions. For purposes of calculating EBITDA, the effect on such calculation of any adjustments required under Statement of Financial Accounting Standards No. 141R is excluded. If during any period for which EBITDA is being determined, the Company shall have consummated any acquisition or disposition, EBITDA shall be determined on a pro forma basis as if such acquisition or disposition had been made or consummated on the first day of such period.

The Company believes that its current level of cash on hand, availability under the senior credit facility and future cash flows from operations are sufficient to meet its operating needs through fiscal 2015. All debt obligations are reflected on the Company’s balance sheet.

Uses of Cash

Capital Expenditures. Capital expenditures excluding acquisitions were approximately $80.8 million for the nine months ended September 30, 2015. We anticipate our 2015 total capital expenditures will be approximately $100 million.

Acquisitions. During the nine months ended September 30, 2015, the Company financed its acquisition activity of $123.3 million with cash on hand.

Term A Loans. The Term A Loans mature on February 2, 2019 and began amortizing on June 30, 2014. The remaining quarterly installments scheduled to be paid on each June 30, September 30, December 31 and March 31 are as follows:

Principal Payment Date	Principal Amount
December 31, 2015-March 31, 2016	$	3,750,000
June 30, 2016-March 31, 2017	$	5,625,000
June 30, 2017-December 31, 2018	$	11,250,000
Term A Loan Maturity Date	$	168,750,000

The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility.

Dividends. On February 26, 2015, Lamar Advertising Company’s Board of Directors declared a quarterly cash dividend of $0.68 per share payable on March 31, 2015 to its stockholders of record of its Class A common stock and Class B common stock on March 17, 2015. In addition, on May 28, 2015 and September 1, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.69 per share payable on June 30, 2015 and September 30, 2015 to stockholders of record of its Class A common stock and Class B common stock on June 16, 2015 and September 16, 2015, respectively. The Company expects aggregate quarterly distributions to stockholders in 2015, including the dividends paid on March 31, 2015, June 30, 2015 and September 30, 2015 will total $2.75 per common share.

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). 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 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 our existing and future debt instruments, the Company’s ability to utilize net operating losses 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 and other factors that the Board of Directors may deem relevant.

25

Stock Repurchase Program. On December 11, 2014, the Company announced that its Board of Directors has authorized the repurchase of up to $250 million of the Company’s Class A common stock. There were no repurchases under the repurchase program for the nine months ended September 30, 2015.

Note Redemption. On April 21, 2014, Lamar Media redeemed in full all $400 million of its 7 7/8% Senior Subordinated Notes due 2018 at a redemption price equal to 103.938% of aggregate principal amount of outstanding notes, plus accrued and unpaid interest to, but not including the redemption date for a total redemption price of $416.3 million. Lamar Media used cash on hand and borrowings under its senior credit facility to fund the redemption.

Off Balance Sheet Arrangements

The Company has no off-balance sheet arrangements with the exception of operating leases.

Commitments and Contingencies

In our Annual Report on Form 10-K for the year ended December 31, 2014, Part II, Item 7, Management’s Discussion and Analysis of Financial Conditions and Results of Operations, under the heading “Debt Service and Contractual Obligations,” we described our commitments and contingencies. There were no material changes in our commitments and contingencies during the nine months ended September 30, 2015.

Accounting Standards Update

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14 deferring the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs. The pronouncement requires reporting entitles to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU retrospectively to all prior periods. The Company does not expect that the adoption of this pronouncement will have a material impact on the consolidated financial statements.

LAMAR MEDIA CORP.

The following is a discussion of the consolidated financial condition and results of operations of Lamar Media for the three and nine months ended September 30, 2015 and 2014. This discussion should be read in conjunction with the consolidated financial statements of Lamar Media and the related notes thereto.

RESULTS OF OPERATIONS

Nine Months ended September 30, 2015 compared to Nine Months ended September 30, 2014

Net revenues increased approximately $47.1 million or 5.0% to $997.4 million for the nine months ended September 30, 2015 from $950.4 million for the same period in 2014. This increase was attributable primarily to an increase in billboard net revenues of $35.5 million, which represents an increase of 4.2% over the same period in 2014, primarily due to increases in billboard revenue from the addition of 186 digital billboard units and revenue from billboard locations acquired since September 2014. In addition, logo sign revenue increased $2.3 million, which represents an increase of 4.4% over the prior period and there was a $9.3 million increase in transit revenue, which represents an increase of 16.9% over the prior period. The increase in transit revenue primarily resulted from an increase in 14 transit markets, which included the addition of 11 airport advertising markets.

For the nine months ended September 30, 2015, there was a $30.7 million increase in net revenues as compared to acquisition-adjusted net revenue for the nine months ended September 30, 2014, which represents an increase of 3.2%. See “Reconciliations” below. The $30.7 million increase in revenue primarily consists of a $24.7 million increase in billboard revenue, a $4.4 million increase in transit revenue and a $1.6 million increase in logo revenue over the acquisition-adjusted net revenue for the comparable period in 2014.

Total operating expenses, exclusive of depreciation and amortization and gain on sale of assets, increased approximately $23.1 million to $581.8 million for the nine months ended September 30, 2015 from $558.6 million in the same period in 2014. The $23.1 million increase over the prior year is comprised of a $20.2 million increase in direct and general and administrative operating expenses related to the operations of our outdoor advertising assets and corporate expense increases of $2.9 million.

26

Depreciation and amortization expense decreased $58.9 million, or 29.0% for the nine months ended September 30, 2015, as compared to the nine months ended September 30, 2014, primarily due to a portion of our digital and traditional billboard structures being fully depreciated as well as our change to the straight-line method of depreciation effective January 1, 2015.

Gain on sale for the nine months ended September 30, 2015 increased $5.2 million over the same period in 2014 primarily due to a $4.3 million non-cash gain resulting from an exchange of outdoor advertising assets in the period.

Due to the above factors, operating income increased 46.2% to $278.5 million for the nine months ended September 30, 2015 compared to $190.5 million for the same period in 2014.

Lamar Media did not have any financing transactions during the nine months ended September 30, 2015. However, during the nine months ended September 30, 2014, Lamar Media recognized a loss on debt extinguishment of $26.0 million related to the redemption of Lamar Media’s 7 7/8% Senior Subordinated Notes due 2018 (the “7 7/8% Notes”) and the amendment of its senior credit facility. Approximately $10.3 million of which was a non-cash expense attributable to the write off of unamortized debt issuance fees associated with the then existing senior credit facility and the 7 7/8% Notes.

Interest expense decreased $6.8 million from $80.8 million for the nine months ended September 30, 2014, to $74.0 million for the nine months ended September 30, 2015, primarily resulting from Lamar Media’s refinancing of the 7 7/8% Notes in April 2014.

The increase in operating income, decrease in interest expense and decreases in other-than-temporary impairment of investment and loss on debt extinguishment resulted in a $124.9 million increase in net income before income taxes. Lamar Media recognized $18.3 million in income tax expense for the nine months ended September 30, 2015. The effective tax rate for the nine months ended September 30, 2015 is approximately 8.9%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.

As a result of the above factors, Lamar Media recognized net income for the nine months ended September 30, 2015 of $186.3 million, as compared to net income of $45.8 million for the same period in 2014.

Reconciliations:

Because acquisitions occurring after December 31, 2013 (the “acquired assets”) have contributed to our net revenue results for the periods presented, we provide 2014 acquisition-adjusted net revenue, which adjusts our 2014 net revenue for the nine months ended September 30, 2014 by adding to or subtracting from it the net revenue generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the nine months ended September 30, 2015.

Reconciliations of 2014 reported net revenue to 2014 acquisition-adjusted net revenue for the nine months ended September 30, as well as a comparison of 2014 acquisition-adjusted net revenue to 2015 reported net revenue for the nine months ended September 30, are provided below:

Reconciliation and Comparison of Reported Net Revenue to Acquisition-Adjusted Net Revenue 

	Nine months ended September 30,
	2015		2014
	(in thousands)
Reported net revenue	$	997,427	$	950,364
Acquisition net revenue		—		16,370
Adjusted totals	$	997,427	$	966,734

27

Key Performance Indicators

Net Income/Adjusted EBITDA

(in thousands)

	Nine Months Ended September 30,						Amount of Increase (Decrease)			Percent Increase (Decrease)
	2015			2014
Net income	$	186,296		$	45,805		$	140,491			306.7	%
Income tax expense		18,278			33,903			(15,625	)
Loss on other-than-temporary impairment of investment		—			4,069			(4,069	)
Loss on debt extinguishment		—			26,023			(26,023	)
Interest expense (income), net		73,925			80,673			(6,748	)
Gain on disposition of assets		(7,230	)		(2,001	)		(5,229	)
Depreciation and amortization		144,396			203,250			(58,854	)
Stock-based compensation expense		17,508			15,987			1,521
Adjusted EBITDA	$	433,173		$	407,709		$	25,464			6.2	%

Adjusted EBITDA for the nine months ended September 30, 2015 increased 6.2% to $433.2 million. The increase in Adjusted EBITDA was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) of $34.4 million, and was partially offset by an increase in general administrative and corporate expenses of $8.9 million, excluding the impact of stock-based compensation expense.

Net Income/FFO/AFFO

(in thousands)

	Nine Months Ended September 30,						Amount of Increase (Decrease)			Percent Increase (Decrease)
	2015			2014
Net income	$	186,296		$	45,805		$	140,491			306.7	%
Depreciation and amortization related to real estate		132,931			190,761			(57,830	)
Gain from sale or disposal of real estate		(6,924	)		(919	)		(6,005	)
Adjustments for non-controlling interest		446			431			15
FFO	$	312,749		$	236,078		$	76,671			32.5	%
Straight line expense (income)		181			(369	)		550
Stock-based compensation expense		17,508			15,987			1,521
Non-cash tax expense (benefit)		9,572			25,042			(15,470	)
Non-real estate related depreciation and amortization		11,465			12,489			(1,024	)
Amortization of deferred financing and debt issuance costs		3,498			3,623			(125	)
Loss on other-than-temporary impairment of investment		—			4,069			(4,069	)
Loss on extinguishment of debt		—			26,023			(26,023	)
Capital expenditures – maintenance		(34,746	)		(51,162	)		16,416
Adjustments for non-controlling interest		(446	)		(431	)		(15	)
AFFO	$	319,781		$	271,349		$	48,432			17.8	%

FFO for the nine months ended September 30, 2015 was $312.7 million as compared to FFO of $236.1 million for the same period in 2014. AFFO for nine months ended September 30, 2015 increased 17.8% to $319.8 million as compared to $271.3 million for the same period in 2014. AFFO growth was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) and decrease in interest expense, partially offset by increases in general and administrative expenses and corporate expenses.

28

RESULTS OF OPERATIONS

Three Months ended September 30, 2015 compared to Three Months ended September 30, 2014

Net revenues increased $15.7 million or 4.7% to $350.7 million for the three months ended September 30, 2015 from $335.0 million for the same period in 2014. This increase was attributable primarily to an increase in billboard net revenues of $9.1 million, which represents an increase of 3.1% over the same period in 2014, primarily due to increases in billboard revenue from the addition of 186 digital billboard units and revenue from billboard locations acquired since September 2014. In addition, logo sign revenue increased $0.2 million, which represents an increase of 1.3% over the prior period and there was a $6.4 million increase in transit revenue, which represents an increase of 32.0% over the prior period. The increase in transit revenue is primarily due to the acquisition of Alliance Airport Advertising on July 1, 2015.

For the three months ended September 30, 2015, there was a $6.1 million increase in net revenues as compared to acquisition-adjusted net revenue for the three months ended September 30, 2014, which represents an increase of 1.8%. See “Reconciliations” below. The $6.1 million increase in revenue primarily consists of a $4.4 million increase in billboard revenue, a $1.5 million increase in transit revenue and a $0.2 million increase in logo revenue over the acquisition-adjusted net revenue for the comparable period in 2014.

Total operating expenses, exclusive of depreciation and amortization and gain on sale of assets, increased $10.7 million to $197.7 million for the three months ended September 30, 2015 from $187.0 million in the same period in 2014. The $10.7 million increase over the prior year is comprised of a $10.6 million increase in direct and general and administrative operating expenses related to the operations of our outdoor advertising assets and corporate expense increases of $0.1 million.

Depreciation and amortization expense decreased $16.2 million, or 25.9% for the three months ended September 30, 2015, as compared to the three months ended September 30, 2014, primarily due to a portion of our digital and traditional billboard structures being fully depreciated as well as our change to the straight-line method of depreciation effective January 1, 2015.

Gain on sale for the three months ended September 30, 2015 increased $4.4 million over the same period in 2014 primarily due to a $4.3 million non-cash gain resulting from an exchange of outdoor advertising assets in the period.

Due to the above factors, operating income increased to $111.7 million for the three months ended September 30, 2015 compared to $86.1 million for the same period in 2014.

The increase in operating income offset by a slight increase in interest expense resulted in a $25.3 million increase in net income before income taxes. Lamar Media recognized income tax expense of $1.0 million for the three months ended September 30, 2015. The effective tax rate for the three months ended September 30, 2015 differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.

As a result of the above factors, Lamar Media recognized net income for the three months ended September 30, 2015 of $86.0 million, as compared to net income of $35.1 million for the same period in 2014.

Reconciliations:

Because acquisitions occurring after December 31, 2013 (the “acquired assets”) have contributed to our net revenue results for the periods presented, we provide 2014 acquisition-adjusted net revenue, which adjusts our 2014 net revenue for the three months ended September 30, 2014 by adding to or subtracting from it the net revenue generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the three months ended September 30, 2015.

Reconciliations of 2014 reported net revenue to 2014 acquisition-adjusted net revenue for the three months ended September 30, as well as a comparison of 2014 acquisition-adjusted net revenue to 2015 reported net revenue for the three months ended September 30, are provided below:

Reconciliation and Comparison of Reported Net Revenue to Acquisition-Adjusted Net Revenue 

	Three months ended September 30,
	2015		2014
	(in thousands)
Reported net revenue	$	350,701	$	334,998
Acquisition net revenue		—		9,574
Adjusted totals	$	350,701	$	344,572

29

Key Performance Indicators

Net Income/Adjusted EBITDA

(in thousands)

	Three Months Ended September 30,						Amount of Increase			Percent Increase
	2015			2014			(Decrease)			(Decrease)
Net income	$	86,043		$	35,103		$	50,940			145.1	%
Income tax expense		972			26,586			(25,614	)
Interest expense (income), net		24,707			24,407			300
Gain on disposition of assets		(5,203	)		(775	)		(4,428	)
Depreciation and amortization		46,441			62,675			(16,234	)
Stock-based compensation expense		6,121			5,474			647
Adjusted EBITDA	$	159,081		$	153,470		$	5,611			3.7	%

Adjusted EBITDA for the three months ended September 30, 2015 increased 3.7% to $159.1 million. The increase in Adjusted EBITDA was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense) of $6.4 million, and was partially offset by an increase in general administrative and corporate expenses of $0.8 million, excluding the impact of stock-based compensation expense.

Net Income/FFO/AFFO

(in thousands)

	Three Months Ended September 30,						Amount of Increase			Percent Increase
	2015			2014			(Decrease)			(Decrease)
Net income	$	86,043		$	35,103		$	50,940			145.1	%
Depreciation and amortization related to real estate		42,554			58,690			(16,136	)
Gain from sale or disposal of real estate		(5,125	)		(324	)		(4,801	)
Adjustments for non-controlling interest		96			132			(36	)
FFO	$	123,568		$	93,601		$	29,967			32.0	%
Straight line expense (income)		(22	)		(141	)		119
Stock-based compensation expense		6,121			5,474			647
Non-cash tax expense (benefit)		(1,306	)		22,017			(23,323	)
Non-real estate related depreciation and amortization		3,887			3,985			(98	)
Amortization of deferred financing and debt issuance costs		1,174			1,172			2
Capital expenditures – maintenance		(10,610	)		(16,465	)		5,855
Adjustments for non-controlling interest		(96	)		(132	)		36
AFFO	$	122,716		$	109,511		$	13,205			12.1	%

FFO for the three months ended September 30, 2015 was $123.6 million as compared to FFO of $93.6 million for the same period in 2014. AFFO for the three months ended September 30, 2015 increased 12.1% to $122.7 million as compared to $109.5 million for the same period in 2014. AFFO growth was primarily attributable to the increase in our gross margin (net revenue less direct advertising expense), partially offset by increases in general and administrative expenses, corporate expenses and interest expense.

30

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Lamar Advertising Company and Lamar Media Corp.

The Company is exposed to interest rate risk in connection with variable rate debt instruments issued by its wholly owned subsidiary Lamar Media. The information below summarizes the Company’s interest rate risk associated with its principal variable rate debt instruments outstanding at September 30, 2015, and should be read in conjunction with Note 8 of the Notes to the Company’s Consolidated Financial Statements in the 2014 Combined Form 10-K.

Loans under Lamar Media’s senior credit facility bear interest at variable rates equal to the Adjusted LIBO Rate or Adjusted Base Rate plus the applicable margin. Because the Adjusted LIBO Rate or Adjusted Base Rate may increase or decrease at any time, the Company is exposed to market risk as a result of the impact that changes in these base rates may have on the interest rate applicable to borrowings under the senior credit facility. Increases in the interest rates applicable to borrowings under the senior credit facility would result in increased interest expense and a reduction in the Company’s net income.

At September 30, 2015, there was approximately $422.3 million of aggregate indebtedness outstanding under the senior credit facility, or approximately 21.5% of the Company’s outstanding long-term debt on that date, bearing interest at variable rates. The aggregate interest expense for the nine months ended September 30, 2015 with respect to borrowings under the senior credit facility was $7.7 million, and the weighted average interest rate applicable to borrowings under this credit facility during the nine months ended September 30, 2015 was 2.2%. Assuming that the weighted average interest rate was 200-basis points higher (that is 4.2% rather than 2.2%), then the Company’s nine months ended September 30, 2015 interest expense would have increased by $5.8 million for the nine months ended September 30, 2015.

The Company attempted to mitigate the interest rate risk resulting from its variable interest rate long-term debt instruments by issuing fixed rate, long-term debt instruments and maintaining a balance over time between the amount of the Company’s variable rate and fixed rate indebtedness. In addition, the Company has the capability under the senior credit facility to fix the interest rates applicable to its borrowings at an amount equal to LIBOR plus the applicable margin for periods of up to twelve months (in certain cases with the consent of the lenders), which would allow the Company to mitigate the impact of short-term fluctuations in market interest rates. In the event of an increase in interest rates, the Company may take further actions to mitigate its exposure. The Company cannot guarantee, however, that the actions that it may take to mitigate this risk will be feasible or if these actions are taken, that they will be effective.

31

ITEM 4. CONTROLS AND PROCEDURES

a) Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures.

The Company’s and Lamar Media’s management, with the participation of the principal executive officer and principal financial officer of the Company and Lamar Media, have evaluated the effectiveness of the design and operation of the Company’s and Lamar Media’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report. Based on this evaluation, the principal executive officer and principal financial officer of the Company and Lamar Media concluded that these disclosure controls and procedures are effective and designed to ensure that the information required to be disclosed in the Company’s and Lamar Media’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods.

b) Changes in Internal Control Over Financial Reporting.

There was no change in the internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) of the Company and Lamar Media identified in connection with the evaluation of the Company’s and Lamar Media’s internal control performed during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s and Lamar Media’s internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1A. RISK FACTORS

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in our combined Annual Report on Form 10-K for the year ended December 31, 2014, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our Class A common stock. There have been no material changes to our risk factors since our combined Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM. 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth the Company’s repurchases of its securities during the three-month period ending on September 30, 2015:

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(1)
July 1-31, 2015		—	$	—		—	$	—
August 1-31, 2015		—		—		—		—
September 1-30, 2015		—		—		—		—
Three months ended September 30, 2015		—		—		—	$	250,000,000

⁽¹⁾  The Company authorized the repurchase of up to $250 million of the Company’s Class A common stock from time to time in open market or in privately negotiated transactions in December 2014. The repurchase program will expire on June 30, 2016 unless extended by the Company’s Board of Directors.

ITEM 6. EXHIBITS

The Exhibits filed as part of this report are listed on the Exhibit Index immediately following the signature page hereto, which Exhibit Index is incorporated herein by reference.

32

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LAMAR ADVERTISING COMPANY
DATED: November 5, 2015	BY:	/s/ Keith A. Istre
		Chief Financial and Accounting Officer and Treasurer
	LAMAR MEDIA CORP.
DATED: November 5, 2015	BY:	/s/ Keith A. Istre
		Chief Financial and Accounting Officer and Treasurer

33

INDEX TO EXHIBITS

Exhibit Number	Description
3.1	Amended and Restated Certificate of Incorporation of the Company, as filed with the Secretary of the State of Delaware effective as of November 18, 2014. Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. I-36756) filed on November 19, 2014 and incorporated herein by reference.
3.2	Certificate of Merger, effective as of November 18, 2014. Previously filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 1-36756) filed on November 19, 2014 and incorporated herein by reference.
3.3	Amended and Restated Certificate of Incorporation of Lamar Media. Previously filed as Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2007 (File No. 0-30242) filed on May 10, 2007 and incorporated herein by reference.
3.4	Amended and Restated Bylaws of the Company, adopted as of November 18, 2014. Previously filed as Exhibit 3.3 to the Company’s Current Report on Form 8-K (File No. 1-36756) filed on November 19, 2014 and incorporated herein by reference.
3.5	Amended and Restated Bylaws of Lamar Media. Previously filed as Exhibit 3.1 to Lamar Media’s Quarterly Report on Form 10-Q for the period ended September 30, 1999 (File No. 1-12407) filed on November 12, 1999 and incorporated herein by reference.
4.1	Supplemental Indenture to the Indenture dated as of January 10, 2014, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of July 28, 2015, relating to Lamar Media’s 5 3/8% Senior Subordinated Notes due 2024. Filed herewith.
4.2	Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of July 28, 2015, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. Filed herewith.
4.3	Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of July 28, 2015, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. Filed herewith.
12(a)	Statement regarding computation of earnings to fixed charges for the Company. Filed herewith.
12(b)	Statement regarding computation of earnings to fixed charges for Lamar Media. Filed herewith.
31.1	Certification of the Chief Executive Officer of the Company and Lamar Media pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2	Certification of the Chief Financial Officer of the Company and Lamar Media pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.1	Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
101	The following materials from the combined Quarterly Report of the Company and Lamar Media on Form 10-Q for the quarter ended September 30, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 of the Company and Lamar Media, (ii) Condensed Consolidated Statements of Operations for the three months and nine months ended September 30, 2015 and 2014 of the Company and Lamar Media, (iii) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014 of the Company and Lamar Media, and (iv) Notes to Condensed Consolidated Financial Statements of the Company and Lamar Media.

34

EX-4.1

Exhibit 4.1

SUPPLEMENTAL INDENTURE

TO INDENTURE DATED JANUARY 10, 2014

THIS SUPPLEMENTAL INDENTURE dated as of July 28, 2015, among LAMAR MEDIA CORP., a Delaware corporation (the “Company”), the undersigned Guarantors party hereto, LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation (the “New Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee (the “Trustee”).

WHEREAS, each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an Indenture, dated as of January 10, 2014 (the “Indenture”), providing for the issuance of 5 3/8% Senior Notes due 2024 (the “Notes”);

WHEREAS, New Guarantor desires to provide a guarantee (the “Guarantee”) of the obligations of the Company under the Notes and the Indenture, in accordance with Article 10 of the Indenture;

WHEREAS, pursuant to Section 8.01 of the Indenture, the Company, the Trustee, the Guarantors and the New Guarantor are authorized to execute and deliver this Supplemental Indenture; and

WHEREAS, the Company has complied with all conditions precedent provided for in the Indenture relating to this Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

1. Definitions. All terms used herein without definition have the meanings ascribed to them in the Indenture.

2. Guarantee. New Guarantor hereby agrees to provide a full and unconditional guarantee on the terms and subject to the conditions set forth in the Indenture, including but not limited to Article 10 thereof, in the form and substance of Exhibit B to the Indenture.

3. Effectiveness of Supplemental Indenture. This Supplemental Indenture shall become effective upon the execution and delivery of this Supplemental Indenture by the Company, the Guarantors, the New Guarantor and the Trustee.

4. Indenture Remains in Full Force and Effect. This Supplemental Indenture shall form a part of the Indenture for all purposes and, except as supplemented or amended hereby, all other provisions in the Indenture and the Notes, to the extent not inconsistent with the terms and provisions of this Supplemental Indenture, shall remain in full force and effect.

5. Headings. The headings of the Articles and Sections of this Supplemental Indenture are inserted for convenience of reference and shall not be deemed a part thereof.

6. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

7. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of laws.

8. Trustee Disclaimer. The Trustee is not responsible for the validity or sufficiency of this Supplemental Indenture nor for the recitals hereof.

IN WITNESS WHEREOF, the undersigned have caused this Supplemental Indenture to be duly executed as of the day and year first above written.

New Guarantor:
LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation
By:	/s/ Keith A. Istre
	Keith A. Istre, Executive Vice President and
	Chief Financial Officer

Company:
LAMAR MEDIA CORP.
By:	/s/ Keith A. Istre
	Name: Keith A. Istre
	Title:   Executive Vice President and
	Chief Financial Officer

2

Guarantors:
LAMAR TRANSIT, LLC
By:	Its Managing Member,
	Lamar TRS Holdings, LLC, a Delaware
	limited liability company
By:	Its Managing Member,
	Lamar Media Corp., a Delaware
	corporation
By:	/s/ Keith A. Istre
	Keith A. Istre, Executive Vice President and
	Chief Financial Officer
COLORADO LOGOS, INC.
FLORIDA LOGOS, INC.
KANSAS LOGOS, INC.
LAMAR ADVERTISING OF MICHIGAN, INC.
LAMAR ADVERTISING OF YOUNGSTOWN, INC.
LAMAR ADVERTISING SOUTHWEST, INC.
LAMAR ELECTRICAL, INC.
LAMAR OCI SOUTH CORPORATION
LAMAR OHIO OUTDOOR HOLDING CORP.
LAMAR PENSACOLA TRANSIT, INC.
MICHIGAN LOGOS, INC.
MINNESOTA LOGOS, INC.
NEBRASKA LOGOS, INC.
NEVADA LOGOS, INC.
NEW MEXICO LOGOS, INC.
OHIO LOGOS, INC.
SOUTH CAROLINA LOGOS, INC.
TENNESSEE LOGOS, INC.
TLC PROPERTIES, INC.
UTAH LOGOS, INC.
By:	/s/ Keith A. Istre
	Name: Keith A. Istre
	Title:   Executive Vice President and
	Chief Financial Officer

3

ARIZONA LOGOS, L.L.C.
DELAWARE LOGOS, L.L.C.
GEORGIA LOGOS, L.L.C.
KENTUCKY LOGOS, LLC
LOUISIANA INTERSTATE LOGOS, L.L.C.
MAINE LOGOS, L.L.C.
MISSISSIPPI LOGOS, L.L.C.
MISSOURI LOGOS, LLC
MONTANA LOGOS, LLC
NEW JERSEY LOGOS, L.L.C.
OKLAHOMA LOGOS, L.L.C.
PENNSYLVANIA LOGOS, LLC
VIRGINIA LOGOS, LLC
WASHINGTON LOGOS, L.L.C.
WISCONSIN LOGOS, LLC
By:	Interstate Logos, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
INTERSTATE LOGOS, L.L.C.
THE LAMAR COMPANY, L.L.C.
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

4

LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C.
LAMAR ADVERTISING OF LOUISIANA, L.L.C.
LAMAR ADVERTISING OF PENN, LLC
LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C
LAMAR FLORIDA, L.L.C.
LAMAR OCI NORTH, L.L.C.
LAMAR TENNESSEE, L.L.C.
By:	The Lamar Company, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR TEXAS LIMITED PARTNERSHIP
By:	The Lamar Company, L.L.C., its General Partner
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
TLC FARMS, L.L.C.
TLC Properties, L.L.C.
By:	TLC Properties, Inc., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

5

OUTDOOR PROMOTIONS WEST, LLC
By:	Lamar Transit, LLC, its Managing Member
By:	Lamar TRS Holdings, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR ADVANTAGE GP COMPANY, LLC
LAMAR ADVANTAGE LP COMPANY, LLC
TRIUMPH OUTDOOR HOLDINGS, LLC
By:	Lamar Central Outdoor, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR CENTRAL OUTDOOR, LLC
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

6

LAMAR AIR, L.L.C.
By:	The Lamar Company, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
OUTDOOR MARKETING SYSTEMS, L.L.C.
By:	LAMAR TRANSIT, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.
By:	Lamar Advantage GP Company, LLC, its General Partner
By:	Lamar Central Outdoor, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

7

LAMAR ADVANTAGE HOLDING COMPANY
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR INVESTMENTS, LLC
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR SERVICE COMPANY, LLC
By:	LAMAR TRS HOLDINGS, LLC its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

8

LAMAR TRS HOLDINGS, LLC
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
TLC PROPERTIES II, LLC
By:	LAMAR INVESTMENTS, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
TRIUMPH OUTDOOR RHODE ISLAND, LLC
By:	LAMAR TRANSIT, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

9

LAMAR OBIE COMPANY, LLC
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
Trustee:
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
By:	/s/ Lawrence M. Kusch
	Name: Lawrence M. Kusch
	Title: Vice President

10

EX-4.2

Exhibit 4.2

SUPPLEMENTAL INDENTURE

TO INDENTURE DATED OCTOBER 30, 2012

THIS SUPPLEMENTAL INDENTURE dated as of July 28, 2015, among LAMAR MEDIA CORP., a Delaware corporation (the “Company”), the undersigned Guarantors party hereto, LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation (the “New Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee (the “Trustee”).

WHEREAS, each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an Indenture, dated as of October 30, 2012 (the “Indenture”), providing for the issuance of 5% Senior Subordinated Notes due 2023 (the “Notes”);

WHEREAS, New Guarantor desires to provide a guarantee (the “Guarantee”) of the obligations of the Company under the Notes and the Indenture, in accordance with Article 10 of the Indenture;

WHEREAS, pursuant to Section 8.01 of the Indenture, the Company, the Trustee, the Guarantors and the New Guarantor are authorized to execute and deliver this Supplemental Indenture; and

WHEREAS, the Company has complied with all conditions precedent provided for in the Indenture relating to this Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

1. Definitions. All terms used herein without definition have the meanings ascribed to them in the Indenture.

2. Guarantee. New Guarantor hereby agrees to provide a full and unconditional guarantee on the terms and subject to the conditions set forth in the Indenture, including but not limited to Article 10 thereof, in the form and substance of Exhibit B to the Indenture.

3. Effectiveness of Supplemental Indenture. This Supplemental Indenture shall become effective upon the execution and delivery of this Supplemental Indenture by the Company, the Guarantors, the New Guarantor and the Trustee.

4. Indenture Remains in Full Force and Effect. This Supplemental Indenture shall form a part of the Indenture for all purposes and, except as supplemented or amended hereby, all other provisions in the Indenture and the Notes, to the extent not inconsistent with the terms and provisions of this Supplemental Indenture, shall remain in full force and effect.

5. Headings. The headings of the Articles and Sections of this Supplemental Indenture are inserted for convenience of reference and shall not be deemed a part thereof.

6. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

7. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of laws.

8. Trustee Disclaimer. The Trustee is not responsible for the validity or sufficiency of this Supplemental Indenture nor for the recitals hereof.

IN WITNESS WHEREOF, the undersigned have caused this Supplemental Indenture to be duly executed as of the day and year first above written.

New Guarantor:
LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation
By:	/s/ Keith A. Istre
	Keith A. Istre, Executive Vice President and
	Chief Financial Officer
Company:
LAMAR MEDIA CORP.
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

2

Guarantors:

LAMAR TRANSIT, LLC
By:	Its Managing Member,
	Lamar TRS Holdings, LLC, a Delaware
	limited liability company
By:	Its Managing Member,
	Lamar Media Corp., a Delaware
	corporation
By:	/s/ Keith A. Istre
	Keith A. Istre, Executive Vice President and
	Chief Financial Officer
COLORADO LOGOS, INC.
FLORIDA LOGOS, INC.
KANSAS LOGOS, INC.
LAMAR ADVERTISING OF MICHIGAN, INC.
LAMAR ADVERTISING OF YOUNGSTOWN, INC.
LAMAR ADVERTISING SOUTHWEST, INC.
LAMAR ELECTRICAL, INC.
LAMAR OCI SOUTH CORPORATION
LAMAR OHIO OUTDOOR HOLDING CORP.
LAMAR PENSACOLA TRANSIT, INC.
MICHIGAN LOGOS, INC.
MINNESOTA LOGOS, INC.
NEBRASKA LOGOS, INC.
NEVADA LOGOS, INC.
NEW MEXICO LOGOS, INC.
OHIO LOGOS, INC.
SOUTH CAROLINA LOGOS, INC.
TENNESSEE LOGOS, INC.
TLC PROPERTIES, INC.
UTAH LOGOS, INC.
By:	/s/ Keith A. Istre
	Name: Keith A. Istre
	Title:   Executive Vice President and
	Chief Financial Officer

3

ARIZONA LOGOS, L.L.C.
DELAWARE LOGOS, L.L.C.
GEORGIA LOGOS, L.L.C.
KENTUCKY LOGOS, LLC
LOUISIANA INTERSTATE LOGOS, L.L.C.
MAINE LOGOS, L.L.C.
MISSISSIPPI LOGOS, L.L.C.
MISSOURI LOGOS, LLC
MONTANA LOGOS, LLC
NEW JERSEY LOGOS, L.L.C.
OKLAHOMA LOGOS, L.L.C.
PENNSYLVANIA LOGOS, LLC
VIRGINIA LOGOS, LLC
WASHINGTON LOGOS, L.L.C.
WISCONSIN LOGOS, LLC
By:	Interstate Logos, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
INTERSTATE LOGOS, L.L.C.
THE LAMAR COMPANY, L.L.C.
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

4

LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C.
LAMAR ADVERTISING OF LOUISIANA, L.L.C.
LAMAR ADVERTISING OF PENN, LLC
LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C.
LAMAR FLORIDA, L.L.C.
LAMAR OCI NORTH, L.L.C.
LAMAR TENNESSEE, L.L.C.
By:	The Lamar Company, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR TEXAS LIMITED PARTNERSHIP
By:	The Lamar Company, L.L.C., its General Partner
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
TLC FARMS, L.L.C.
TLC Properties, L.L.C.
By:	TLC Properties, Inc., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

5

OUTDOOR PROMOTIONS WEST, LLC
By:	Lamar Transit, LLC, its Managing Member
By:	Lamar TRS Holdings, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR ADVANTAGE GP COMPANY, LLC
LAMAR ADVANTAGE LP COMPANY, LLC
TRIUMPH OUTDOOR HOLDINGS, LLC
By:	Lamar Central Outdoor, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

6

LAMAR CENTRAL OUTDOOR, LLC
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR AIR, L.L.C.
By:	The Lamar Company, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
OUTDOOR MARKETING SYSTEMS, L.L.C.
By:	LAMAR TRANSIT, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

7

LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.
By:	Lamar Advantage GP Company, LLC, its General Partner
By:	Lamar Central Outdoor, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR ADVANTAGE HOLDING COMPANY
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR INVESTMENTS, LLC
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

8

LAMAR SERVICE COMPANY, LLC
By:	LAMAR TRS HOLDINGS, LLC its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR TRS HOLDINGS, LLC
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
TLC PROPERTIES II, LLC
By:	LAMAR INVESTMENTS, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer

9

TRIUMPH OUTDOOR RHODE ISLAND, LLC
By:	LAMAR TRANSIT, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
LAMAR OBIE COMPANY, LLC
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:    Keith A. Istre
	Title:      Executive Vice President and Chief Financial Officer
Trustee:
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
By:	/s/ Lawrence M. Kusch
	Name: Lawrence M. Kusch
	Title: Vice President

10

EX-4.3

Exhibit 4.3

SUPPLEMENTAL INDENTURE

TO INDENTURE DATED FEBRUARY 9, 2012

THIS SUPPLEMENTAL INDENTURE dated as of July 28, 2015, among LAMAR MEDIA CORP., a Delaware corporation (the “Company”), the undersigned Guarantors party hereto, LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation (the “New Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee (the “Trustee”).

WHEREAS, each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an Indenture, dated as of February 9, 2012 (the “Indenture”), providing for the issuance of 5 7/8% Senior Subordinated Notes due 2022 (the “Notes”);

WHEREAS, New Guarantor desires to provide a guarantee (the “Guarantee”) of the obligations of the Company under the Notes and the Indenture, in accordance with Article 10 of the Indenture;

WHEREAS, pursuant to Section 8.01 of the Indenture, the Company, the Trustee, the Guarantors and the New Guarantor are authorized to execute and deliver this Supplemental Indenture; and

WHEREAS, the Company has complied with all conditions precedent provided for in the Indenture relating to this Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

1. Definitions. All terms used herein without definition have the meanings ascribed to them in the Indenture.

2. Guarantee. New Guarantor hereby agrees to provide a full and unconditional guarantee on the terms and subject to the conditions set forth in the Indenture, including but not limited to Article 10 thereof, in the form and substance of Exhibit B to the Indenture.

3. Effectiveness of Supplemental Indenture. This Supplemental Indenture shall become effective upon the execution and delivery of this Supplemental Indenture by the Company, the Guarantors, the New Guarantor and the Trustee.

4. Indenture Remains in Full Force and Effect. This Supplemental Indenture shall form a part of the Indenture for all purposes and, except as supplemented or amended hereby, all other provisions in the Indenture and the Notes, to the extent not inconsistent with the terms and provisions of this Supplemental Indenture, shall remain in full force and effect.

5. Headings. The headings of the Articles and Sections of this Supplemental Indenture are inserted for convenience of reference and shall not be deemed a part thereof.

6. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

7. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of laws.

8. Trustee Disclaimer. The Trustee is not responsible for the validity or sufficiency of this Supplemental Indenture nor for the recitals hereof.

IN WITNESS WHEREOF, the undersigned have caused this Supplemental Indenture to be duly executed as of the day and year first above written.

New Guarantor:
LAMAR ALLIANCE AIRPORT ADVERTISING COMPANY, a Nevada corporation
By:	/s/ Keith A. Istre
	Keith A. Istre, Executive Vice President and Chief Financial Officer

Company:
LAMAR MEDIA CORP.
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

2

Guarantors:

LAMAR TRANSIT, LLC
By:	Its Managing Member, Lamar TRS Holdings, LLC, a Delaware limited liability company
By:	Its Managing Member, Lamar Media Corp., a Delaware corporation
By:	/s/ Keith A. Istre
	Keith A. Istre, Executive Vice President and Chief Financial Officer

COLORADO LOGOS, INC. FLORIDA LOGOS, INC. KANSAS LOGOS, INC. LAMAR ADVERTISING OF MICHIGAN, INC. LAMAR ADVERTISING OF YOUNGSTOWN, INC. LAMAR ADVERTISING SOUTHWEST, INC. LAMAR ELECTRICAL, INC. LAMAR OCI SOUTH CORPORATION LAMAR OHIO OUTDOOR HOLDING CORP. LAMAR PENSACOLA TRANSIT, INC. MICHIGAN LOGOS, INC. MINNESOTA LOGOS, INC. NEBRASKA LOGOS, INC. NEVADA LOGOS, INC. NEW MEXICO LOGOS, INC. OHIO LOGOS, INC. SOUTH CAROLINA LOGOS, INC. TENNESSEE LOGOS, INC. TLC PROPERTIES, INC. UTAH LOGOS, INC.
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

3

ARIZONA LOGOS, L.L.C. DELAWARE LOGOS, L.L.C. GEORGIA LOGOS, L.L.C. KENTUCKY LOGOS, LLC LOUISIANA INTERSTATE LOGOS, L.L.C. MAINE LOGOS, L.L.C. MISSISSIPPI LOGOS, L.L.C. MISSOURI LOGOS, LLC MONTANA LOGOS, LLC NEW JERSEY LOGOS, L.L.C. OKLAHOMA LOGOS, L.L.C. PENNSYLVANIA LOGOS, LLC VIRGINIA LOGOS, LLC WASHINGTON LOGOS, L.L.C. WISCONSIN LOGOS, LLC
By:	Interstate Logos, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

INTERSTATE LOGOS, L.L.C. THE LAMAR COMPANY, L.L.C.
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

4

LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C. LAMAR ADVERTISING OF LOUISIANA, L.L.C. LAMAR ADVERTISING OF PENN, LLC LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C. LAMAR FLORIDA, L.L.C. LAMAR OCI NORTH, L.L.C. LAMAR TENNESSEE, L.L.C.
By:	The Lamar Company, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

LAMAR TEXAS LIMITED PARTNERSHIP
By:	The Lamar Company, L.L.C., its General Partner
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

TLC FARMS, L.L.C. TLC Properties, L.L.C.
By:	TLC Properties, Inc., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

5

OUTDOOR PROMOTIONS WEST, LLC
By:	Lamar Transit, LLC, its Managing Member
By:	Lamar TRS Holdings, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

LAMAR ADVANTAGE GP COMPANY, LLC LAMAR ADVANTAGE LP COMPANY, LLC TRIUMPH OUTDOOR HOLDINGS, LLC
By:	Lamar Central Outdoor, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

LAMAR CENTRAL OUTDOOR, LLC
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

6

LAMAR AIR, L.L.C.
By:	The Lamar Company, L.L.C., its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

OUTDOOR MARKETING SYSTEMS, L.L.C.
By:	LAMAR TRANSIT, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

7

LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.
By:	Lamar Advantage GP Company, LLC, its General Partner
By:	Lamar Central Outdoor, LLC, its Managing Member
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

LAMAR ADVANTAGE HOLDING COMPANY
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

LAMAR INVESTMENTS, LLC
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

8

LAMAR SERVICE COMPANY, LLC
By:	LAMAR TRS HOLDINGS, LLC its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

LAMAR TRS HOLDINGS, LLC
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

TLC PROPERTIES II, LLC
By:	LAMAR INVESTMENTS, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

9

TRIUMPH OUTDOOR RHODE ISLAND, LLC
By:	LAMAR TRANSIT, LLC, its Managing Member
By:	LAMAR TRS HOLDINGS, LLC, its Managing Member
By:	LAMAR MEDIA CORP., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

LAMAR OBIE COMPANY, LLC
By:	Lamar Media Corp., its Managing Member
By:	/s/ Keith A. Istre
	Name:	Keith A. Istre
	Title:	Executive Vice President and Chief Financial Officer

Trustee:
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
By:	/s/ Lawrence M. Kusch
	Name:	Lawrence M. Kusch
	Title:	Vice President

10

EX-12.A

Exhibit 12(a)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES⁽¹⁾

The following table sets forth Lamar Advertising’s ratio of earnings to fixed charges for the periods indicated.

	Years Ended December 31,												Nine Months Ended September 30,
(dollars in thousands)	2010(2)			2011		2012		2013		2014			2015		2014
Net (loss) income	$	(38,970	)	$	6,858	$	7,890	$	40,139	$	253,518		$	186,041	$	45,635
Income tax (benefit) expense		(22,746	)		5,542		8,242		22,841		(110,092	)		18,278		33,806
Fixed charges		254,098			239,842		227,520		221,584		182,472			134,382		138,316
Earnings		192,382			252,242		243,652		284,564		325,898			338,701		217,757
Interest expense, net		185,681			170,524		156,762		146,112		105,152			73,925		80,673
Rents under leases representative of an interest factor (1/3)		68,052			68,953		70,393		75,107		76,955			60,184		57,370
Preferred dividends		365			365		365		365		365			273		273
Fixed charges		254,098			239,842		227,520		221,584		182,472			134,382		138,316
Ratio of earnings to fixed charges		0.8x			1.1x		1.1x		1.3x		1.8x			2.5x		1.6x

⁽¹⁾  The ratio of earnings to fixed charges is defined as earnings divided by fixed charges. For purposes of this ratio, earnings is defined as net (loss) income before income taxes and cumulative effect of a change in accounting principle and fixed charges. Fixed charges is defined as the sum of interest expense, preferred stock dividends and the component of rental expense that we believe to be representative of the interest factor for those amounts.

⁽²⁾  For the year ended December 31, 2010, earnings were insufficient to cover fixed charges by $61,716.

EX-12.B

Exhibit 12(b)

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES⁽¹⁾

The following table sets forth Lamar Media’s ratio of earnings to fixed charges for the periods indicated.

	Years Ended December 31,												Nine Months Ended September 30,
(dollars in thousands)	2010(2)			2011		2012		2013		2014			2015		2014
Net (loss) income	$	(39,066	)	$	6,920	$	8,115	$	40,338	$	287,035		$	186,296	$	45,805
Income tax (benefit) expense		(22,490	)		5,838		8,353		22,977		(143,264	)		18,278		33,903
Fixed charges		253,569			239,477		227,155		221,219		182,107			134,109		138,043
Earnings		192,013			252,235		243,623		284,534		325,878			338,683		217,751
Interest expense, net		185,517			170,524		156,762		146,112		105,152			73,925		80,673
Rent under leases representative of an interest factor (1/3)		68,052			68,953		70,393		75,107		76,955			60,184		57,370
Preferred dividends		0			0		0		0		0			0		0
Fixed charges		253,569			239,477		227,155		221,219		182,107			134,109		138,043
Ratio of earnings to fixed charges		0.8x			1.1x		1.1x		1.3x		1.8x			2.5x		1.6x

⁽¹⁾ The ratio of earnings to fixed charges is defined as earnings divided by fixed charges. For purposes of this ratio, earnings is defined as net (loss) income before income taxes and cumulative effect of a change in accounting principle and fixed charges. Fixed charges is defined as the sum of interest expense, preferred stock dividends and the component of rental expense that we believe to be representative of the interest factor for those amounts.

⁽²⁾  For the year ended December 31, 2010, earnings were insufficient to cover fixed charges by $61,556.

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Sean E. Reilly, certify that:

1. I have reviewed this combined quarterly report on Form 10-Q of Lamar Advertising Company and Lamar Media Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;

4. The registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter (the registrants’ fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5. The registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants’ auditors and the audit committee of the registrants’ board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ abilities to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: November 5, 2015

/s/ Sean E. Reilly

Sean E. Reilly

Chief Executive Officer, Lamar Advertising Company

Chief Executive Officer, Lamar Media Corp.

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Keith A. Istre, certify that:

1. I have reviewed this combined quarterly report on Form 10-Q of Lamar Advertising Company and Lamar Media Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;

4. The registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter (the registrants’ fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5. The registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants’ auditors and the audit committee of the registrants’ board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ abilities to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: November 5, 2015

/s/ Keith A. Istre

Keith A. Istre

Chief Financial Officer, Lamar Advertising Company

Chief Financial Officer, Lamar Media Corp.

EX-32.1

Exhibit 32.1

LAMAR ADVERTISING COMPANY

LAMAR MEDIA CORP.

Certification of Periodic Financial Report

Pursuant to 18 U.S.C. Section 1350

as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned officers of Lamar Advertising Company (“Lamar Advertising”) and Lamar Media Corp. (“Lamar Media”) certifies, to his knowledge and solely for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the combined Quarterly Report on Form 10-Q of Lamar Advertising and Lamar Media for the quarterly period ended September 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the combined Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Lamar Advertising and Lamar Media.

Dated: November 5, 2015	By:	/s/ Sean E. Reilly
		Sean E. Reilly
		Chief Executive Officer, Lamar Advertising Company
		Chief Executive Officer, Lamar Media Corp.
Dated: November 5, 2015	By:	/s/ Keith A. Istre
		Keith A. Istre
		Chief Financial Officer, Lamar Advertising Company
		Chief Financial Officer, Lamar Media Corp.

XML

Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
December 31, 2015- March 31, 2016 [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 3,750
June 30, 2016- March 31, 2017 [Member]
Debt Instrument [Line Items]
Principal payment amount	5,625
June 30, 2017-December 31, 2018 [Member]
Debt Instrument [Line Items]
Principal payment amount	11,250
Term A Loan Maturity Date [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 168,750

XML

Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 204,327
Additions to asset retirement obligations	1,335
Accretion expense	3,630
Liabilities settled	(2,612)
Ending Balance	$ 206,680

XML

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following at September 30, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014
Senior Credit Facility	$	422,300		$	353,750
5 7/8% Senior Subordinated Notes		500,000			500,000
5% Senior Subordinated Notes		535,000			535,000
5 3/8% Senior Notes		510,000			510,000
Other notes with various rates and terms		1,135			1,145
		1,968,435			1,899,895
Less current maturities		(19,380	)		(15,625	)
Long-term debt, excluding current maturities	$	1,949,055		$	1,884,270

Schedule of Maturities of Long Term Debt

The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows:

Principal Payment Date	Principal Amount
December 31, 2015-March 31, 2016	$	3,750
June 30, 2016-March 31, 2017	$	5,625
June 30, 2017-December 31, 2018	$	11,250
Term A Loan Maturity Date	$	168,750

XML

Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Dividends [Line Items]
Distribution paid, preferred stockholders	$ 91	$ 91	$ 273	$ 273
Distribution paid, preferred stockholders, per share	$ 15.95		$ 47.85
Taxable Income Distribution [Member]
Dividends [Line Items]
Cash distributions paid	$ 66,634		$ 198,448
Cash distributions paid, per share	$ 0.69		$ 2.06

XML

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 2015	Jan. 10, 2014	Oct. 30, 2012	Feb. 09, 2012
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.875%			5.875%
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.00%		5.00%
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.375%	5.375%

XML

Depreciation and Amortization

9 Months Ended

Sep. 30, 2015

Text Block [Abstract]

Depreciation and Amortization

4. Depreciation and Amortization

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

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Direct advertising expenses	$	42,764	$	58,562	$	132,655	$	191,100
General and administrative expenses		738		1,082		2,294		3,183
Corporate expenses		2,939		3,031		9,447		8,967
	$	46,441	$	62,675	$	144,396	$	203,250

Effective January 1, 2015, the Company changed its depreciation method from the double declining balance method to the straight-line method. The Company believes that the straight-line method better reflects the pattern of consumption of the future benefits to be derived from those assets being depreciated. The increase to operating income and net income and decrease to depreciation expense for the Company’s assets existing as of January 1, 2015 is $8,316 and $11,089 for the nine months ended September 30, 2015 and the year to end December 31, 2015, respectively.

XML

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 5,968		$ 5,968		$ 7,324
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 8,830	$ 8,208	$ 24,089	$ 24,314

XML

Acquisitions - Summary of Allocation of Acquisition Costs (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)
Business Acquisition [Line Items]
Property, plant and equipment	$ 19,705
Goodwill	30,863
Current assets	5,478
Current liabilities	(6,530)
Other liabilities	(2,533)
Total	127,965
Site Locations [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	68,402
Non-competition Agreements [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	360
Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	$ 12,220

XML

Acquisitions - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)
Business Combinations [Abstract]
Total purchase price of outdoor advertising assets	$ 127,965
Total purchase price of outdoor advertising assets paid in cash	123,291
Non cash consideration of outdoor advertising assets	4,674
Gain on exchange of outdoor advertising assets	$ 4,326

XML

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Puerto Rico [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Valuation Allowance	$ 422	$ 13,522

XML

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 46,441	$ 62,675	$ 144,396	$ 203,250
Direct Advertising Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	42,764	58,562	132,655	191,100
General and Administrative Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	738	1,082	2,294	3,183
Corporate Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 2,939	$ 3,031	$ 9,447	$ 8,967

XML

Depreciation and Amortization - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015
Depreciation and Amortization Expense [Line Items]
Increase in net income and operating income due to depreciation adjustment	$ 8,316
Scenario, Forecast [Member]
Depreciation and Amortization Expense [Line Items]
Increase in net income and operating income due to depreciation adjustment		$ 11,089

XML

Acquisitions

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

During the nine months ended September 30, 2015, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $127,965, of which $123,291 was in cash and $4,674 was in non-cash consideration consisting principally of exchanges of outdoor advertising assets. As a result of these acquisitions, a gain of $4,326 was recorded during the nine months ended September 30, 2015 related to the transactions that involved the exchange of outdoor advertising assets.

Each of these acquisitions 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 costs have been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition. The allocations are pending final determination of the fair value of certain assets and liabilities. The following is a summary of the preliminary allocation of the acquisition costs in the above transactions.

	September 30, 2015
Property, plant and equipment	$	19,705
Goodwill		30,863
Site locations		68,402
Non-competition agreements		360
Customer lists and contracts		12,220
Current assets		5,478
Current liabilities		(6,530	)
Other liabilities		(2,533	)
	$	127,965

XML

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,186,968	$ 2,108,541
Accumulated Amortization	1,789,777	1,741,556
Goodwill gross carrying amount	1,796,797	1,766,304
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	511,219	499,310
Accumulated Amortization	$ 475,150	470,170
Customer Lists and Contracts [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer Lists and Contracts [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 64,411	64,062
Accumulated Amortization	$ 63,388	63,192
Non-competition Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site Locations [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,597,330	1,531,161
Accumulated Amortization	$ 1,237,720	1,194,709
Site Locations [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 14,008	14,008
Accumulated Amortization	$ 13,519	$ 13,485
Other [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	5 years
Other [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

XML

Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015
December 31, 2015- March 31, 2016 [Member]
Debt Instrument [Line Items]
Principal payment date	Dec. NaN, 2015
June 30, 2016- March 31, 2017 [Member]
Debt Instrument [Line Items]
Principal payment date	Jun. NaN, 2016
June 30, 2017-December 31, 2018 [Member]
Debt Instrument [Line Items]
Principal payment date	Jun. NaN, 2017

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 29,078	$ 26,035
Receivables, net of allowance for doubtful accounts	187,700	169,610
Prepaid lease expenses	63,610	42,713
Deferred income tax assets	1,366	729
Other current assets	39,089	34,057
Total current assets	320,843	273,144
Property, plant and equipment	3,166,649	3,110,385
Less accumulated depreciation and amortization	(2,077,725)	(2,026,745)
Net property, plant and equipment	1,088,924	1,083,640
Goodwill	1,543,261	1,512,768
Intangible assets	397,191	366,985
Deferred financing costs, net of accumulated amortization	29,227	32,725
Deferred income tax assets		12,496
Other assets	36,954	37,060
Total assets	3,416,400	3,318,818
Current liabilities:
Trade accounts payable	16,637	16,368
Current maturities of long-term debt	19,380	15,625
Accrued expenses	96,849	108,790
Deferred income	99,377	84,558
Total current liabilities	232,243	225,341
Long-term debt	1,949,055	1,884,270
Asset retirement obligation	206,680	204,327
Deferred income tax liabilities	498
Other liabilities	22,064	23,414
Total liabilities	2,410,540	2,337,352
Stockholder's equity:
Additional paid-in capital	1,657,863	1,611,775
Accumulated comprehensive (loss) income	(462)	2,454
Accumulated deficit	(645,539)	(632,859)
Stockholder's equity	1,005,860	981,466
Cost of shares held in treasury, 104,836 and 0 shares at 2015 and 2014, respectively	(6,099)
Total liabilities and stockholder's equity	3,416,400	3,318,818
LAMAR MEDIA CORP [Member]
Current assets:
Cash and cash equivalents	28,578	25,535
Receivables, net of allowance for doubtful accounts	187,700	169,610
Prepaid lease expenses	63,610	42,713
Deferred income tax assets	1,366	729
Other current assets	39,089	34,057
Total current assets	320,343	272,644
Property, plant and equipment	3,166,649	3,110,385
Less accumulated depreciation and amortization	(2,077,725)	(2,026,745)
Net property, plant and equipment	1,088,924	1,083,640
Goodwill	1,533,109	1,502,616
Intangible assets	396,723	366,518
Deferred financing costs, net of accumulated amortization	27,273	30,771
Deferred income tax assets		12,496
Other assets	31,669	31,775
Total assets	3,398,041	3,300,460
Current liabilities:
Trade accounts payable	16,637	16,368
Current maturities of long-term debt	19,380	15,625
Accrued expenses	92,538	105,007
Deferred income	99,377	84,558
Total current liabilities	227,932	221,558
Long-term debt	1,949,055	1,884,270
Asset retirement obligation	206,680	204,327
Deferred income tax liabilities	498
Other liabilities	22,064	23,414
Total liabilities	2,406,229	2,333,569
Stockholder's equity:
Additional paid-in capital	2,728,304	2,682,216
Accumulated comprehensive (loss) income	(462)	2,454
Accumulated deficit	(1,736,030)	(1,717,779)
Stockholder's equity	991,812	966,891
Total liabilities and stockholder's equity	$ 3,398,041	$ 3,300,460
Series AA Preferred Stock [Member]
Stockholder's equity:
Preferred stock, value
Common Class A [Member]
Stockholder's equity:
Common stock, value	$ 82	$ 81
Common Class B [Member]
Stockholder's equity:
Common stock, value	$ 15	$ 15

XML

Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

Significant Accounting Policies

1. Significant Accounting Policies

The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2014 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

LAMAR MEDIA CORP [Member]

Significant Accounting Policies

1. Significant Accounting Policies

The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2014 Combined Form 10-K.

Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 13 and 14 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.

XML

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options	0	0	0	0

XML

Depreciation and Amortization (Tables)

9 Months Ended

Sep. 30, 2015

Text Block [Abstract]

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

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

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Direct advertising expenses	$	42,764	$	58,562	$	132,655	$	191,100
General and administrative expenses		738		1,082		2,294		3,183
Corporate expenses		2,939		3,031		9,447		8,967
	$	46,441	$	62,675	$	144,396	$	203,250

XML

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long Term Debt	$ 1,968,435	$ 1,899,895
Less current maturities	(19,380)	(15,625)
Long-term debt, excluding current maturities	1,949,055	1,884,270
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Long Term Debt	422,300	353,750
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Long Term Debt	500,000	500,000
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Long Term Debt	535,000	535,000
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Long Term Debt	510,000	510,000
Other Notes with Various Rates and Terms [Member]
Debt Instrument [Line Items]
Long Term Debt	$ 1,135	$ 1,145

XML

Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2015

Asset Retirement Obligation Disclosure [Abstract]

Information Related to Asset Retirement Obligations

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

Balance at December 31, 2014	$	204,327
Additions to asset retirement obligations		1,335
Accretion expense		3,630
Liabilities settled		(2,612	)
Balance at September 30, 2015	$	206,680

XML

Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

2. Stock-Based Compensation

Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 15.5 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 program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three to five years and include 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.

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 and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 23,000 shares of its Class A common stock during the nine months ended September 30, 2015. At September 30, 2015 a total of 2,457,689 shares were available for future grants under the Incentive Plan.

Stock Purchase Plan. In 2009 our Board of Directors adopted a new employee stock purchase plan, the 2009 Employee Stock Purchase Plan or 2009 ESPP, which was approved by our shareholders on May 28, 2009. The 2009 ESPP reserved 588,154 shares of Class A common stock for issuance to our employees, which included 88,154 shares of Class A common stock that had been available for issuance under our 2000 Employee Stock Purchase Plan or 2000 ESPP. The 2000 ESPP was terminated following the issuance of all shares that were subject to the offer that commenced under the 2000 ESPP on January 1, 2009 and ended June 30, 2009. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP.

The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 80,932 shares on January 1, 2015 pursuant to the automatic increase provisions of the 2009 ESPP.

The following is a summary of 2009 ESPP share activity for the nine months ended September 30, 2015:

	Shares
Available for future purchases, January 1, 2015		307,448
Additional shares reserved under 2009 ESPP		80,932
Purchases		(83,174	)
Available for future purchases, September 30, 2015		305,206

Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2015 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2016. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the nine months ended September 30, 2015, the Company has recorded $10,133 as non-cash compensation expense related to performance-based awards. In addition, each non-employee director automatically receives upon election or re-election a restricted stock award of our Class A common stock. The awards vest 50% on grant date and 50% on the last day of the directors’ one year term. The Company recorded a $221 non-cash compensation expense related to these awards for the nine months ended September 30, 2015.

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 9,515	$ 7,957
Accumulated amortization	$ 18,262	$ 14,764
Shares held in treasury	104,836	0
Series AA Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, cumulative dividends	$ 63.80	$ 63.80
Preferred stock, shares authorized	5,720	5,720
Preferred stock, shares issued	5,720	5,720
Preferred stock, shares outstanding	5,720	5,720
Common Class A [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	362,500,000	362,500,000
Common stock, shares issued	82,089,267	80,933,071
Common stock, shares outstanding	81,984,431	80,933,071
Common Class B [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	37,500,000	37,500,000
Common stock, shares issued	14,610,365	14,610,365
Common stock, shares outstanding	14,610,365	14,610,365
LAMAR MEDIA CORP [Member]
Allowance for doubtful accounts	$ 9,515	$ 7,957
Accumulated amortization	$ 8,974	$ 5,476
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100

XML

Dividends/Distributions

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Dividends/Distributions

12. Dividends/Distributions

During the three and nine months ended September 30, 2015, the Company declared and paid cash distributions of its REIT taxable income of an aggregate of $66,634 and $198,448 or $0.69 and $2.06 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 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 our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs) and other factors that the Board of Directors may deem relevant. During the three and nine months ended September 30, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate of $91 and $273, or $15.95 and $47.85 per share, respectively.

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 01, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	LAMR
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Central Index Key	0001090425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		81,987,031
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,610,365
LAMAR MEDIA CORP [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Central Index Key	0000899045
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
LAMAR MEDIA CORP [Member] | Class Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		100

XML

Information about Geographic Areas

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Information about Geographic Areas

13. Information about Geographic Areas

Revenues from external customers attributable to foreign countries totaled $8,830 and $8,208 for the three months ended September 30, 2015 and 2014, respectively, and $24,089 and $24,314 for the nine months ended September 30, 2015 and 2014, respectively. Net carrying value of long lived assets located in foreign countries totaled $5,968 and $7,324 for the periods ended September 30, 2015 and December 31, 2014, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net revenues	$ 350,701	$ 334,998	$ 997,427	$ 950,364
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	121,676	112,388	350,859	338,173
General and administrative expenses (exclusive of depreciation and amortization)	59,489	58,181	179,424	171,912
Corporate expenses (exclusive of depreciation and amortization)	16,654	16,505	51,734	48,824
Depreciation and amortization	46,441	62,675	144,396	203,250
Gain on disposition of assets	(5,203)	(775)	(7,230)	(2,001)
Total Operating Expenses	239,057	248,974	719,183	760,158
Operating income	111,644	86,024	278,244	190,206
Other expense (income)
Loss on extinguishment of debt				26,023
Other-than-temporary impairment of investment				4,069
Interest income	(2)	(11)	(28)	(99)
Interest expense	24,709	24,418	73,953	80,772
Non-operating (Income) Expenses	24,707	24,407	73,925	110,765
Income before income tax expense	86,937	61,617	204,319	79,441
Income tax expense	972	26,567	18,278	33,806
Net income	85,965	35,050	186,041	45,635
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 85,874	$ 34,959	$ 185,768	$ 45,362
Earnings per share:
Basic and diluted earnings per share	$ 0.89	$ 0.37	$ 1.93	$ 0.48
Cash dividends declared per share of common stock	$ 0.69	$ 0.83	$ 2.06	$ 1.66
Weighted average common shares outstanding	96,541,766	95,330,141	96,220,306	95,138,504
Incremental common shares from dilutive stock options	60,663	423,381	64,176	409,594
Weighted average common shares diluted	96,602,429	95,753,522	96,284,482	95,548,098
Statements of Comprehensive Income
Net income	$ 85,965	$ 35,050	$ 186,041	$ 45,635
Other comprehensive loss
Foreign currency translation adjustments	(1,713)	(800)	(2,916)	(515)
Comprehensive income	84,252	34,250	183,125	45,120
LAMAR MEDIA CORP [Member]
Net revenues	350,701	334,998	997,427	950,364
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	121,676	112,388	350,859	338,173
General and administrative expenses (exclusive of depreciation and amortization)	59,489	58,181	179,424	171,912
Corporate expenses (exclusive of depreciation and amortization)	16,576	16,433	51,479	48,557
Depreciation and amortization	46,441	62,675	144,396	203,250
Gain on disposition of assets	(5,203)	(775)	(7,230)	(2,001)
Total Operating Expenses	238,979	248,902	718,928	759,891
Operating income	111,722	86,096	278,499	190,473
Other expense (income)
Loss on extinguishment of debt				26,023
Other-than-temporary impairment of investment				4,069
Interest income	(2)	(11)	(28)	(99)
Interest expense	24,709	24,418	73,953	80,772
Non-operating (Income) Expenses	24,707	24,407	73,925	110,765
Income before income tax expense	87,015	61,689	204,574	79,708
Income tax expense	972	26,586	18,278	33,903
Net income	86,043	35,103	186,296	45,805
Statements of Comprehensive Income
Net income	86,043	35,103	186,296	45,805
Other comprehensive loss
Foreign currency translation adjustments	(1,713)	(800)	(2,916)	(515)
Comprehensive income	$ 84,330	$ 34,303	$ 183,380	$ 45,290

XML

Summarized Financial Information of Subsidiaries

9 Months Ended

Sep. 30, 2015

Text Block [Abstract]

Summarized Financial Information of Subsidiaries

7. Summarized Financial Information of Subsidiaries

Separate financial statements of each of the Company’s direct or indirect wholly owned subsidiaries that have guaranteed Lamar Media’s obligations with respect to its publicly issued notes (collectively, the “Guarantors”) are not included herein because the Company has no independent assets or operations, the guarantees are full and unconditional and joint and several and the only subsidiaries that are not guarantors are in the aggregate minor.

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 its senior credit facility. As of September 30, 2015 and December 31, 2014, 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 $2,423,997 and $2,269,393, respectively.

As of September 30, 2015, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein, unless, after giving effect to such distributions, (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1. As of September 30, 2015, the total debt ratio was less than 6.0 to 1 and Lamar Media’s senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. In addition, as of September 30, 2015 the senior credit facility allows Lamar Media to conduct its affairs in a manner that would allow Lamar Advertising to qualify and remain qualified for taxation as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for Lamar Advertising to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

XML

Asset Retirement Obligations

9 Months Ended

Sep. 30, 2015

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

6. Asset Retirement Obligations

The Company’s asset retirement obligations include 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, 2014	$	204,327
Additions to asset retirement obligations		1,335
Accretion expense		3,630
Liabilities settled		(2,612	)
Balance at September 30, 2015	$	206,680

XML

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets at September 30, 2015 and December 31, 2014:

	Estimated		September 30, 2015				December 31, 2014
	Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer lists and contracts		7—10	$	511,219	$	475,150	$	499,310	$	470,170
Non-competition agreements		3—15		64,411		63,388		64,062		63,192
Site locations		15		1,597,330		1,237,720		1,531,161		1,194,709
Other		5—15		14,008		13,519		14,008		13,485
			$	2,186,968	$	1,789,777	$	2,108,541	$	1,741,556
Unamortizable intangible assets:
Goodwill			$	1,796,797	$	253,536	$	1,766,304	$	253,536

XML

Income Taxes

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

During the three and nine months ended September 30, 2015 the Company recorded a non-cash valuation allowance of $422 and $13,522, respectively, related to the net operating losses on its Puerto Rico operations. The valuation allowance was necessary due to a tax law change in Puerto Rico enacted on May 29, 2015 that limits our ability to use these net operating losses prior to their expiration.

XML

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

10. Fair Value of Financial Instruments

At September 30, 2015 and December 31, 2014, 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. Investment contracts 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 $1,982,207 which exceeded both the gross and carrying amount of $1,968,435 as of September 30, 2015. 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).

XML

Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

8. 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. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and nine months ended September 30, 2015 or 2014.

XML

Long-term Debt

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Long-term Debt

9. Long-term Debt

Long-term debt consists of the following at September 30, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014
Senior Credit Facility	$	422,300		$	353,750
5 7/8% Senior Subordinated Notes		500,000			500,000
5% Senior Subordinated Notes		535,000			535,000
5 3/8% Senior Notes		510,000			510,000
Other notes with various rates and terms		1,135			1,145
		1,968,435			1,899,895
Less current maturities		(19,380	)		(15,625	)
Long-term debt, excluding current maturities	$	1,949,055		$	1,884,270

5 7/8% Senior Subordinated Notes

On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of 5 7/8% Senior Subordinated Notes, due 2022 (the “5 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 7/8% Notes, at any time and from time to time, at a price equal to 105.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2015, provided that following the redemption, at least 65% of the 5 7/8% Notes that were originally issued remain outstanding. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the 5 7/8% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium.

On or after February 1, 2017, Lamar Media may redeem the 5 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 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 5 7/8% Notes at a price equal to 101% of the principal amount of the 5 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

5% Senior Subordinated Notes

On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5% Notes, at any time and from time to time, at a price equal to 105% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November 1, 2015, provided that following the redemption, at least 65% of the 5% Notes that were originally issued remain outstanding. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% 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 Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

5 3/8% Senior Notes

On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the “5 3/8% Senior Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300.

Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/8% Senior Notes, at any time and from time to time, at a price equal to 105.375% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2017, provided that following the redemption, at least 65% of the 5 3/8% Senior Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2019, Lamar Media may redeem some or all of the 5 3/8% Senior 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, 2019, Lamar Media may redeem the 5 3/8% Senior Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Senior 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 5 3/8% Senior Notes at a price equal to 101% of the principal amount of the 5 3/8% Senior Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

Senior Credit Facility

On February 3, 2014, Lamar Media entered into a Second Restatement Agreement (the “Second Restatement Agreement”) with the Company, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the Lenders named therein, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility on the terms set forth in the Second Amended and Restated Credit Agreement attached as Exhibit A to the Second Restatement Agreement. On April 18, 2014, Lamar Media entered into Amendment No. 1 to the Second Amended and Restated Credit Agreement (the “Amendment”) with Lamar Advertising, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein under which the parties agreed to amend Lamar Media’s existing senior credit facility on the terms set forth in the Amendment. The Amendment created a new $300,000 Term A Loan facility (the “Term A Loans”) and certain other amendments to the senior credit agreement (the Second Amended and Restated Credit Agreement, as amended, together with the Second Restatement Agreement being herein referred to as the “senior credit facility”).

The senior credit facility consists of a $400,000 revolving credit facility, the $300,000 Term A loan facility and a $500,000 incremental facility. Lamar Media is the borrower under the senior credit facility. Lamar Media may also from time to time designate wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Lamar Media’s lenders have no obligation to make additional loans to it, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion.

The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows:

Principal Payment Date	Principal Amount
December 31, 2015-March 31, 2016	$	3,750
June 30, 2016- March 31, 2017	$	5,625
June 30, 2017-December 31, 2018	$	11,250
Term A Loan Maturity Date	$	168,750

The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.0%; (or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility.

As of September 30, 2015, there was $144,800 outstanding under the revolving credit facility. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $8,915 in letters of credit outstanding as of September 30, 2015 resulting in $246,285 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 2, 2019, and bear interest, at Lamar Media’s option, at the Adjusted LIBO Rate or the Adjusted Base Rate plus applicable margins, such margins are set at an initial rate with the possibility of a step down based on Lamar Media’s ratio of debt to trailing four quarters EBITDA, as defined in the 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.

The senior credit facility contains provisions that would allow Lamar Media to conduct its affairs in a manner that would allow 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 Lamar Media’s senior credit facility the Company must maintain a specified senior debt ratio at all times 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 agreement provisions during the periods presented.

XML

New Accounting Pronouncements

9 Months Ended

Sep. 30, 2015

Text Block [Abstract]

New Accounting Pronouncements

11. New Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles in the United States when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14 deferring the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs. The pronouncement requires reporting entities to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU retrospectively to all prior periods. The Company does not expect that the adoption of this pronouncement will have a material impact on the consolidated financial statements.

XML

Summarized Financial Information of Subsidiaries - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 2,423,997	$ 2,269,393
Description of provisions on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	(i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1.
Debt ratio	6
Description of actual position on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	The total debt ratio was less than 6.0 to 1 and Lamar Media's senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility.
Debt ratio related to actual position on senior credit facility	6
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Senior debt ratio	3.5
Senior Subordinated Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Senior debt ratio	3.5

XML

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Summary of Allocation of Acquisition Costs

The following is a summary of the preliminary allocation of the acquisition costs in the above transactions.

	September 30, 2015
Property, plant and equipment	$	19,705
Goodwill		30,863
Site locations		68,402
Non-competition agreements		360
Customer lists and contracts		12,220
Current assets		5,478
Current liabilities		(6,530	)
Other liabilities		(2,533	)
	$	127,965

XML

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting terms	Vesting terms ranging from three to five years and include 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.
Non cash compensation expense	$ 17,508	$ 15,987
1996 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant under Incentive Plan	2,457,689
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan	10 years
Term of director	1 year
Restricted Stock [Member] | Percentage of awards vesting on grant date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting on grant date	50.00%
Restricted Stock [Member] | Percentage of Awards Vesting On Last Day of Directors Term [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting on grant date	50.00%
2009 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant under Incentive Plan	305,206		307,448
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The Company granted options for an aggregate shares of its Class A common stock	23,000
Common Class A [Member] | 1996 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New employee stock purchase plan, which reserved additional shares of common stock	15,500,000
Common Class A [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non cash compensation expense	$ 221
Common Class A [Member] | 2009 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New employee stock purchase plan, which reserved additional shares of common stock	588,154
Employee stock purchase plan, which available for issuance of common stock	88,154
Additional shares reserved under 2009 ESPP	80,932
Performance Based Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non cash compensation expense	$ 10,133
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Range of awards of target number of share	0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Range of awards of target number of share	100.00%

XML

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	Sep. 30, 2015 USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 1,982,207
Gross amount of company's long term debt	1,968,435
Carrying amount of company's long term debt	$ 1,968,435

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 186,041	$ 45,635
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	144,396	203,250
Stock-based compensation	17,508	15,987
Amortization included in interest expense	3,498	3,623
Gain on disposition of assets and investments	(7,230)	(2,001)
Other-than-temporary impairment of investment		4,069
Loss on extinguishment of debt		26,023
Deferred tax expense	9,572	25,042
Provision for doubtful accounts	4,845	4,457
(Increase) decrease in:
Receivables	(20,645)	(23,218)
Prepaid lease expenses	(19,758)	(18,366)
Other assets	(4,494)	199
(Decrease) increase in:
Trade accounts payable	(1,327)	2,695
Accrued expenses	(7,457)	(3,048)
Other liabilities	8,521	18,857
Net cash provided by operating activities	313,470	303,204
Cash flows from investing activities:
Acquisitions	(123,291)	(54,138)
Capital expenditures	(80,764)	(83,876)
Proceeds from disposition of assets and investments	8,369	2,623
(Increase) decrease of notes receivable	(28)	4,455
Net cash used in investing activities	(195,714)	(130,936)
Cash flows from financing activities:
Debt issuance costs		(17,362)
Cash used for purchase of treasury stock	(6,099)	(2,987)
Net proceeds from issuance of common stock	24,633	16,382
Principal payments on long term debt	(11,265)	(7,571)
Payment on revolving credit facility	(155,200)	(308,000)
Proceeds received from revolving credit facility	235,000	260,000
Proceeds received from note offering		510,000
Payment on senior subordinated notes		(415,752)
Proceeds received from senior credit facility		300,000
Payment on senior credit facility		(352,106)
Distributions to non-controlling interest	(1,025)	(914)
Dividends/distributions	(198,721)	(158,476)
Net cash used in financing activities	(112,677)	(176,786)
Effect of exchange rate changes in cash and cash equivalents	(2,036)	(737)
Net increase (decrease) in cash and cash equivalents	3,043	(5,255)
Cash and cash equivalents at beginning of period	26,035	33,212
Cash and cash equivalents at end of period	29,078	27,957
Supplemental disclosures of cash flow information:
Cash paid for interest	77,934	78,775
Cash paid for foreign, state and federal income taxes	9,412	9,860
LAMAR MEDIA CORP [Member]
Cash flows from operating activities:
Net income	186,296	45,805
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	144,396	203,250
Stock-based compensation	17,508	15,987
Amortization included in interest expense	3,498	3,623
Gain on disposition of assets and investments	(7,230)	(2,001)
Other-than-temporary impairment of investment		4,069
Loss on extinguishment of debt		26,023
Deferred tax expense	9,572	25,139
Provision for doubtful accounts	4,845	4,457
(Increase) decrease in:
Receivables	(20,645)	(23,218)
Prepaid lease expenses	(19,758)	(18,366)
Other assets	(4,494)	199
(Decrease) increase in:
Trade accounts payable	(1,327)	2,695
Accrued expenses	(7,457)	(3,048)
Other liabilities	(13,462)	4,089
Net cash provided by operating activities	291,742	288,703
Cash flows from investing activities:
Acquisitions	(123,291)	(54,138)
Capital expenditures	(80,764)	(83,876)
Proceeds from disposition of assets and investments	8,369	2,623
(Increase) decrease of notes receivable	(28)	4,455
Net cash used in investing activities	(195,714)	(130,936)
Cash flows from financing activities:
Debt issuance costs		(17,362)
Principal payments on long term debt	(11,265)	(7,571)
Payment on revolving credit facility	(155,200)	(308,000)
Proceeds received from revolving credit facility	235,000	260,000
Proceeds received from note offering		510,000
Payment on senior subordinated notes		(415,752)
Proceeds received from senior credit facility		300,000
Payment on senior credit facility		(352,106)
Distributions to non-controlling interest	(1,025)	(914)
Contributions from parent	46,088	30,609
Dividend to parent	(204,547)	(161,189)
Net cash used in financing activities	(90,949)	(162,285)
Effect of exchange rate changes in cash and cash equivalents	(2,036)	(737)
Net increase (decrease) in cash and cash equivalents	3,043	(5,255)
Cash and cash equivalents at beginning of period	25,535	32,712
Cash and cash equivalents at end of period	28,578	27,457
Supplemental disclosures of cash flow information:
Cash paid for interest	77,934	78,775
Cash paid for foreign, state and federal income taxes	$ 9,412	$ 9,860

XML

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

5. Goodwill and Other Intangible Assets

The following is a summary of intangible assets at September 30, 2015 and December 31, 2014:

	Estimated		September 30, 2015				December 31, 2014
	Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer lists and contracts		7—10	$	511,219	$	475,150	$	499,310	$	470,170
Non-competition agreements		3—15		64,411		63,388		64,062		63,192
Site locations		15		1,597,330		1,237,720		1,531,161		1,194,709
Other		5—15		14,008		13,519		14,008		13,485
			$	2,186,968	$	1,789,777	$	2,108,541	$	1,741,556
Unamortizable intangible assets:
Goodwill			$	1,796,797	$	253,536	$	1,766,304	$	253,536

XML

Stock-Based Compensation - Summary of Espp Share Activity (Detail) - 2009 Employee Stock Purchase Plan [Member]	9 Months Ended
	Sep. 30, 2015 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future purchases, January 1, 2015	307,448
Additional shares reserved under 2009 ESPP	80,932
Purchases	(83,174)
Available for future purchases, September 30, 2015	305,206

XML

Long-term Debt - Additional Information (Detail)					9 Months Ended
	Apr. 18, 2014 USD ($)	Jan. 10, 2014 USD ($)	Oct. 30, 2012 USD ($)	Feb. 09, 2012 USD ($)	Sep. 30, 2015 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount of debt issued					$ 1,968,435,000
Amended and restated date	Apr. 18, 2014
Remaining borrowing capacity under revolving credit facility					246,285,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Outstanding revolving credit facility					144,800,000
Letter of credit outstanding					$ 8,915,000
Term A Loan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 300,000,000
Term A Loan Facility [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	2.00%
Ratio of indebtedness to net capital minimum	1
Ratio of indebtedness to net capital one	3.00
Term A Loan Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.00%
Ratio of indebtedness to net capital minimum	1
Ratio of indebtedness to net capital one	3.00
Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.75%
Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	0.75%
Revolving Credit Facility [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	2.25%
Ratio of indebtedness to net capital minimum	1
Ratio of indebtedness to net capital one	3.00
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.25%
Ratio of indebtedness to net capital minimum	1
Ratio of indebtedness to net capital one	3.00
Revolving Credit Facility [Member] | LAMAR MEDIA CORP [Member]
Debt Instrument [Line Items]
Revolving credit facility maturity date					Feb. 02, 2019
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.75%
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	0.75%
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	2.00%
Ratio of indebtedness to net capital minimum	1
Ratio of indebtedness to net capital one	4.25
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.00%
Ratio of indebtedness to net capital minimum	1
Ratio of indebtedness to net capital one	4.25
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes				5.875%	5.875%
Aggregate principal amount of debt issued				$ 500,000,000
Net proceeds from the issuance of debt				$ 489,000,000
Redemption percentage of aggregate principal amount of senior notes				35.00%
Additional redeemed percentage of aggregate principal amount				105.875%
Redemption percentage of issued notes which remain outstanding				65.00%
Redemption percentage equal to principal amount include aggregate premium				100.00%
Redemption price percentage of the principal amount to be purchased				101.00%
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes			5.00%		5.00%
Aggregate principal amount of debt issued			$ 535,000,000
Net proceeds from the issuance of debt			$ 527,100,000
Redemption percentage of aggregate principal amount of senior notes			35.00%
Additional redeemed percentage of aggregate principal amount			105.00%
Redemption percentage of issued notes which remain outstanding			65.00%
Redemption percentage equal to principal amount include aggregate premium			100.00%
Redemption price percentage of the principal amount to be purchased			101.00%
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes		5.375%			5.375%
Aggregate principal amount of debt issued		$ 510,000,000
Net proceeds from the issuance of debt		$ 502,300,000
Redemption percentage of aggregate principal amount of senior notes		35.00%
Additional redeemed percentage of aggregate principal amount		105.375%
Redemption percentage of issued notes which remain outstanding		65.00%
Redemption percentage equal to principal amount include aggregate premium		100.00%
Redemption price percentage of the principal amount to be purchased		101.00%
Debt instrument redemption period		120 days
Incremental Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 500,000,000
Senior Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 400,000,000

XML

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of ESPP Share Activity

The following is a summary of 2009 ESPP share activity for the nine months ended September 30, 2015:

	Shares
Available for future purchases, January 1, 2015		307,448
Additional shares reserved under 2009 ESPP		80,932
Purchases		(83,174	)
Available for future purchases, September 30, 2015		305,206