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Summarized Financial Information of Subsidiaries
 6 Months Ended
Jun. 30, 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 June 30, 2023
Lamar
Media Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
ASSETS
Total current assets$36,826 $44,293 $323,664 $— $404,783 
Net property, plant and equipment— 1,513,784 17,865 — 1,531,649 
Operating lease right of use assets— 1,270,671 15,719 — 1,286,390 
Intangibles and goodwill, net— 3,171,312 17,014 — 3,188,326 
Other assets4,586,262 363,024 234,439 (5,090,572)93,153 
Total assets$4,623,088 $6,363,084 $608,701 $(5,090,572)$6,504,301 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $387 $234,401 $— $234,788 
Current operating lease liabilities— 178,100 7,547 — 185,647 
Other current liabilities38,476 214,115 15,978 — 268,569 
Total current liabilities38,476 392,602 257,926 — 689,004 
Long-term debt3,152,560 1,438 — — 3,153,998 
Operating lease liabilities— 1,032,040 7,286 — 1,039,326 
Other noncurrent liabilities269,460 418,326 347,323 (576,183)458,926 
Total liabilities3,460,496 1,844,406 612,535 (576,183)5,341,254 
Stockholder's equity1,162,592 4,518,678 (3,834)(4,514,389)1,163,047 
Total liabilities and stockholder's equity$4,623,088 $6,363,084 $608,701 $(5,090,572)$6,504,301 
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 June 30, 2023

Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Statement of Income(unaudited)
Net revenues$— $530,670 $11,187 $(720)$541,137 
Operating expenses (income)
Direct advertising expenses(1)
— 164,647 7,856 (720)171,783 
General and administrative expenses(1)
— 88,360 2,165 — 90,525 
Corporate expenses(1)
— 28,019 428 — 28,447 
Depreciation and amortization— 74,085 1,073 — 75,158 
(Gain) loss on disposition of assets— (1,678)2 — (1,676)
— 353,433 11,524 (720)364,237 
Operating income (loss)— 177,237 (337)— 176,900 
Equity in (earnings) loss of subsidiaries(170,889)— 170,889 — 
Interest expense (income), net40,160 (439)3,451 — 43,172 
Equity in earnings of investee— (449)— — (449)
Income (loss) before income tax expense130,729 178,125 (3,788)(170,889)134,177 
Income tax expense(2)
— 3,061 119 — 3,180 
Net income (loss)130,729 175,064 (3,907)(170,889)130,997 
Earnings attributable to non-controlling interest— 115 153 — 268 
Net income (loss) attributable to controlling interest$130,729 $174,949 $(4,060)$(170,889)$130,729 
Statement of Comprehensive Income
Net income (loss)$130,729 $175,064 $(3,907)$(170,889)$130,997 
Total other comprehensive income, net of tax— — 403 — 403 
Total comprehensive income (loss)130,729 175,064 (3,504)(170,889)131,400 
Earnings attributable to non-controlling interest— (115)(153)— (268)
Comprehensive income (loss) attributable to controlling interest$130,729 $174,949 $(3,657)$(170,889)$131,132 

(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 June 30, 2022
Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Statement of Income(unaudited)
Net revenues$— $507,588 $10,211 $53 $517,852 
Operating expenses (income)
Direct advertising expenses(1)
— 159,151 7,519 53 166,723 
General and administrative expenses(1)
— 88,860 1,798 — 90,658 
Corporate expenses(1)
— 26,074 1,407 — 27,481 
Depreciation and amortization— 66,803 947 — 67,750 
Gain on disposition of assets— (1,374)— — (1,374)
— 339,514 11,671 53 351,238 
Operating income (loss)— 168,074 (1,460)— 166,614 
Equity in (earnings) loss of subsidiaries(162,870)— — 162,870 — 
Interest expense (income), net28,555 (79)738 — 29,214 
Equity in earnings of investee— (355)— — (355)
Income (loss) before income tax expense (benefit)134,315 168,508 (2,198)(162,870)137,755 
Income tax expense (benefit)(2)
— 3,582 (142)— 3,440 
Net income (loss)$134,315 $164,926 $(2,056)$(162,870)$134,315 
Statement of Comprehensive Income
Net income (loss)$134,315 $164,926 $(2,056)$(162,870)$134,315 
Total other comprehensive loss, net of tax— — (683)— (683)
Total comprehensive income (loss)$134,315 $164,926 $(2,739)$(162,870)$133,632 
(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 Statements of Income and Comprehensive Income
for the Six Months Ended June 30, 2023
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $993,163 $20,582 $(1,276)$1,012,469 
Operating expenses (income)
Direct advertising expenses(1)
— 326,150 15,341 (1,276)340,215 
General and administrative expenses(1)
— 171,084 4,576 — 175,660 
Corporate expenses(1)
— 56,011 827 — 56,838 
Depreciation and amortization— 146,362 1,921 — 148,283 
(Gain) loss on disposition of assets— (4,366)2 — (4,364)
— 695,241 22,667 (1,276)716,632 
Operating income (loss)— 297,922 (2,085)— 295,837 
Equity in (earnings) loss of subsidiaries(285,124)— — 285,124 — 
Interest expense (income), net78,218 (895)6,832 — 84,155 
Equity in earnings of investee— (627)— — (627)
Income (loss) before income tax expense 206,906 299,444 (8,917)(285,124)212,309 
Income tax expense(2)
— 4,768 210 — 4,978 
Net income (loss)206,906 294,676 (9,127)(285,124)207,331 
Earnings attributable to non-controlling interest— 135 290 — 425 
Net income (loss) attributable to controlling interest$206,906 $294,541 $(9,417)$(285,124)$206,906 
Statement of Comprehensive Income
Net income (loss)$206,906 $294,676 $(9,127)$(285,124)$207,331 
Total other comprehensive income, net of tax— — 401 — 401 
Total comprehensive income (loss)206,906 294,676 (8,726)(285,124)207,732 
Earnings attributable to non-controlling interest— (135)(290)— (425)
Comprehensive income (loss) attributable to controlling interest$206,906 $294,541 $(9,016)$(285,124)$207,307 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Six Months Ended June 30, 2022
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $950,116 $19,306 $(182)$969,240 
Operating expenses (income)
Direct advertising expenses(1)
— 310,004 14,673 (182)324,495 
General and administrative expenses(1)
— 170,158 3,584 — 173,742 
Corporate expenses(1)
— 47,689 1,668 — 49,357 
Depreciation and amortization— 134,591 1,786 — 136,377 
Gain on disposition of assets— (1,937)— — (1,937)
— 660,505 21,711 (182)682,034 
Operating income (loss)— 289,611 (2,405)— 287,206 
Equity in (earnings) loss of subsidiaries(281,394)— — 281,394 — 
Interest expense (income), net54,792 (100)1,093 — 55,785 
Equity in earnings of investee— (1,101)— — (1,101)
Income (loss) before income tax expense (benefit)226,602 290,812 (3,498)(281,394)232,522 
Income tax expense (benefit)(2)
— 6,145 (225)— 5,920 
Net income (loss)$226,602 $284,667 $(3,273)$(281,394)$226,602 
Statement of Comprehensive Income
Net income (loss)$226,602 $284,667 $(3,273)$(281,394)$226,602 
Total other comprehensive loss, net of tax— — (369)— (369)
Total comprehensive income (loss)$226,602 $284,667 $(3,642)$(281,394)$226,233 
(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 Six Months Ended June 30, 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$202,750 $389,003 $(43,138)$(263,976)$284,639 
Cash flows from investing activities:
Acquisitions— (42,122)— — (42,122)
Capital expenditures— (89,858)(3,149)— (93,007)
Proceeds from disposition of assets and investments— 5,120 — — 5,120 
Investment in subsidiaries(42,122)— — 42,122 — 
(Increase) decrease in intercompany notes receivable(20,431)— — 20,431 — 
Net cash (used in) provided by investing activities(62,553)(126,860)(3,149)62,553 (130,009)
Cash flows from financing activities:
Proceeds received from revolving credit facility198,000 — — — 198,000 
Payment on revolving credit facility(110,000)— — — (110,000)
Principal payments on long-term debt— (188)— — (188)
Principal payments on financing leases— (666)— — (666)
Payment on accounts receivable securitization program— — (47,000)— (47,000)
Proceeds received from accounts receivable securitization program— — 31,900 — 31,900 
Debt issuance costs— — (25)— (25)
Intercompany loan (payments) proceeds— (38,623)59,054 (20,431)— 
Distributions to non-controlling interest— (220)(147)— (367)
Dividends (to) from parent(260,945)(263,976)— 263,976 (260,945)
Contributions from (to) parent29,745 42,122 — (42,122)29,745 
Net cash (used in) provided by financing activities(143,200)(261,551)43,782 201,423 (159,546)
Effect of exchange rate changes in cash and cash equivalents— — 76 — 76 
Net (decrease) increase in cash and cash equivalents(3,003)592 (2,429)— (4,840)
Cash and cash equivalents at beginning of period39,729 1,285 11,105 — 52,119 
Cash and cash equivalents at end of period$36,726 $1,877 $8,676 $— $47,279 
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 Six Months Ended June 30, 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$201,763 $364,272 $(33,150)$(253,565)$279,320 
Cash flows from investing activities:
Acquisitions— (234,292)— — (234,292)
Capital expenditures— (73,562)(2,240)— (75,802)
Proceeds from disposition of assets and investments— 1,716 — — 1,716 
Investment in subsidiaries(234,292)— — 234,292 — 
Decrease (increase) in intercompany notes receivable56,117 — — (56,117)— 
Net cash (used in) provided by investing activities(178,175)(306,138)(2,240)178,175 (308,378)
Cash flows from financing activities:
Proceeds received from revolving credit facility400,000 — — — 400,000 
Payment on revolving credit facility(240,000)— — — (240,000)
Principal payments on long-term debt— (182)— — (182)
Principal payments on financing leases— (666)— — (666)
Proceeds received from accounts receivable securitization program— — 65,000 — 65,000 
Debt issuance costs— — (200)— (200)
Intercompany loan (payments) proceeds— (33,387)(22,730)56,117 — 
Distributions to non-controlling interest— — (98)— (98)
Dividends (to) from parent(243,856)(253,565)— 253,565 (243,856)
Contributions from (to) parent41,029 234,292 — (234,292)41,029 
Net cash (used in) provided by financing activities(42,827)(53,508)41,972 75,390 21,027 
Effect of exchange rate changes in cash and cash equivalents— — (71)— (71)
Net (decrease) increase in cash and cash equivalents(19,239)4,626 6,511 — (8,102)
Cash and cash equivalents at beginning of period91,023 3,494 4,771 — 99,288 
Cash and cash equivalents at end of period$71,784 $8,120 $11,282 $— $91,186