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Summarized Financial Information of Subsidiaries
 3 Months Ended
Mar. 31, 2023
LAMAR MEDIA CORP. AND SUBSIDIARIES  
Condensed Income Statements, Captions [Line Items]  
Summarized Financial Information of Subsidiaries Summarized Financial Information of SubsidiariesSeparate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Balance Sheet as of March 31, 2023
Lamar
Media Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
ASSETS
Total current assets$24,444 $50,340 $263,156 $— $337,940 
Net property, plant and equipment— 1,493,130 16,789 — 1,509,919 
Operating lease right of use assets— 1,262,254 17,348 — 1,279,602 
Intangibles and goodwill, net— 3,189,081 16,979 — 3,206,060 
Other assets4,565,312 305,407 234,279 (5,013,475)91,523 
Total assets$4,589,756 $6,300,212 $548,551 $(5,013,475)$6,425,044 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $383 $234,241 $— $234,624 
Current operating lease liabilities— 170,371 7,459 — 177,830 
Other current liabilities35,923 190,398 12,110 — 238,431 
Total current liabilities35,923 361,152 253,810 — 650,885 
Long-term debt3,132,967 1,538 — — 3,134,505 
Operating lease liabilities— 1,022,280 8,679 — 1,030,959 
Other noncurrent liabilities268,165 417,137 286,349 (515,997)455,654 
Total liabilities3,437,055 1,802,107 548,838 (515,997)5,272,003 
Stockholder's equity1,152,701 4,498,105 (287)(4,497,478)1,153,041 
Total liabilities and stockholder's equity$4,589,756 $6,300,212 $548,551 $(5,013,475)$6,425,044 
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Balance Sheet as of December 31, 2022
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
ASSETS
Total current assets$39,829 $36,667 $287,556 $— $364,052 
Net property, plant and equipment— 1,483,395 16,304 — 1,499,699 
Operating lease right of use assets— 1,252,414 19,217 — 1,271,631 
Intangibles and goodwill, net— 3,214,284 16,991 — 3,231,275 
Other assets4,514,221 325,052 250,056 (4,997,514)91,815 
Total assets$4,554,050 $6,311,812 $590,124 $(4,997,514)$6,458,472 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $378 $249,407 $— $249,785 
Current operating lease liabilities— 198,320 7,518 — 205,838 
Other current liabilities23,360 222,871 15,314 — 261,545 
Total current liabilities23,360 421,569 272,239 — 717,168 
Long-term debt3,061,385 1,635 — — 3,063,020 
Operating lease liabilities— 1,025,385 10,270 — 1,035,655 
Other noncurrent liabilities281,804 418,163 301,957 (546,796)455,128 
Total liabilities3,366,549 1,866,752 584,466 (546,796)5,270,971 
Stockholder's equity1,187,501 4,445,060 5,658 (4,450,718)1,187,501 
Total liabilities and stockholder's equity$4,554,050 $6,311,812 $590,124 $(4,997,514)$6,458,472 
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended March 31, 2023
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $462,493 $9,395 $(556)$471,332 
Operating expenses (income)
Direct advertising expenses(1)
— 161,503 7,485 (556)168,432 
General and administrative expenses(1)
— 82,724 2,411 — 85,135 
Corporate expenses(1)
— 27,992 399 — 28,391 
Depreciation and amortization— 72,277 848 — 73,125 
Gain on disposition of assets— (2,688)— — (2,688)
— 341,808 11,143 (556)352,395 
Operating income (loss)— 120,685 (1,748)— 118,937 
Equity in (earnings) loss of subsidiaries(114,235)— 114,235 — 
Interest expense (income), net38,058 (456)3,381 — 40,983 
Equity in earnings of investee— (178)— — (178)
Income (loss) before income tax expense (benefit)76,177 121,319 (5,129)(114,235)78,132 
Income tax expense(2)
— 1,707 91 — 1,798 
Net income (loss)76,177 119,612 (5,220)(114,235)76,334 
Earnings attributable to non-controlling interest— 20 137 — 157 
Net income attributable to controlling interest$76,177 $119,592 $(5,357)$(114,235)$76,177 
Statement of Comprehensive Income
Net income (loss)$76,177 $119,612 $(5,220)$(114,235)$76,334 
Total other comprehensive loss, net of tax— — (2)— (2)
Total comprehensive income (loss)76,177 119,612 (5,222)(114,235)76,332 
Earnings attributable to non-controlling interest— (20)(137)— (157)
Comprehensive income attributable to controlling interest$76,177 $119,592 $(5,359)$(114,235)$76,175 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended March 31, 2022
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $442,528 $9,095 $(235)$451,388 
Operating expenses (income)
Direct advertising expenses(1)
— 150,853 7,154 (235)157,772 
General and administrative expenses(1)
— 81,298 1,786 — 83,084 
Corporate expenses(1)
— 21,615 261 — 21,876 
Depreciation and amortization— 67,788 839 — 68,627 
Gain on disposition of assets— (563)— — (563)
— 320,991 10,040 (235)330,796 
Operating income— 121,537 (945)— 120,592 
Equity in (earnings) loss of subsidiaries(118,524)— — 118,524 — 
Interest expense (income), net26,237 (21)355 — 26,571 
Equity in earnings of investee— (746)— — (746)
Income (loss) before income tax expense92,287 122,304 (1,300)(118,524)94,767 
Income tax expense (benefit)(2)
— 2,563 (83)— 2,480 
Net income (loss)$92,287 $119,741 $(1,217)$(118,524)$92,287 
Statement of Comprehensive Income
Net income (loss)$92,287 $119,741 $(1,217)$(118,524)$92,287 
Total other comprehensive income, net of tax— — 314 — 314 
Total comprehensive income (loss)$92,287 $119,741 $(903)$(118,524)$92,601 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2023
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities$56,096 $100,431 $13,954 $(81,100)$89,381 
Cash flows from investing activities:
Acquisitions— (13,627)— — (13,627)
Capital expenditures— (40,952)(1,333)— (42,285)
Proceeds from disposition of assets and investments— 3,248 — — 3,248 
Investment in subsidiaries(13,627)— — 13,627 — 
(Increase) decrease in intercompany notes receivable(17,895)— — 17,895 — 
Net cash (used in) provided by investing activities(31,522)(51,331)(1,333)31,522 (52,664)
Cash flows from financing activities:
Proceeds received from revolving credit facility90,000 — — — 90,000 
Payment on revolving credit facility(20,000)— — — (20,000)
Principal payments on long-term debt— (93)— — (93)
Principal payments on financing leases— (333)— — (333)
Payment on accounts receivable securitization program— — (25,000)— (25,000)
Proceeds received from accounts receivable securitization program— — 9,800 — 9,800 
Debt issuance costs— — (25)— (25)
Intercompany loan (payments) proceeds— 18,499 (604)(17,895)— 
Distributions to non-controlling interest— (110)(104)— (214)
Dividends (to) from parent(133,406)(81,100)— 81,100 (133,406)
Contributions from (to) parent23,447 13,627 — (13,627)23,447 
Net cash (used in) provided by financing activities(39,959)(49,510)(15,933)49,578 (55,824)
Effect of exchange rate changes in cash and cash equivalents— — 10 — 10 
Net decrease in cash and cash equivalents(15,385)(410)(3,302)— (19,097)
Cash and cash equivalents at beginning of period39,729 1,285 11,105 — 52,119 
Cash and cash equivalents at end of period$24,344 $875 $7,803 $— $33,022 
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2022
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities$44,116 $97,816 $(2,500)$(69,036)$70,396 
Cash flows from investing activities:
Acquisitions— (55,293)— — (55,293)
Capital expenditures— (27,851)(908)— (28,759)
Proceeds from disposition of assets and investments— 710 — — 710 
Investment in subsidiaries(55,293)— — 55,293 — 
Decrease (increase) in intercompany notes receivable(6,090)— — 6,090 — 
Net cash (used in) provided by investing activities(61,383)(82,434)(908)61,383 (83,342)
Cash flows from financing activities:
Proceeds received from revolving credit facility165,000 — — — 165,000 
Payment on revolving credit facility(50,000)— — — (50,000)
Principal payments on long-term debt— (92)— — (92)
Principal payments on financing leases— (333)— — (333)
Intercompany loan (payments) proceeds— 94 5,996 (6,090)— 
Distributions to non-controlling interest— — (46)— (46)
Dividends (to) from parent(122,047)(69,036)— 69,036 (122,047)
Contributions from (to) parent36,447 55,293 — (55,293)36,447 
Net cash (used in) provided by financing activities29,400 (14,074)5,950 7,653 28,929 
Effect of exchange rate changes in cash and cash equivalents— — 107 — 107 
Net decrease in cash and cash equivalents12,133 1,308 2,649 — 16,090 
Cash and cash equivalents at beginning of period91,023 3,494 4,771 — 99,288 
Cash and cash equivalents at end of period$103,156 $4,802 $7,420 $— $115,378