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Summarized Financial Information of Subsidiaries
 3 Months Ended
Mar. 31, 2024
LAMAR MEDIA CORP. AND SUBSIDIARIES  
Condensed Income Statements, Captions [Line Items]  
Summarized Financial Information of Subsidiaries Summarized Financial Information of Subsidiaries
Separate 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, 2024
Lamar
Media Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
ASSETS
Total current assets$27,664 $45,183 $302,729 $— $375,576 
Net property, plant and equipment— 1,542,340 15,691 — 1,558,031 
Operating lease right of use assets— 1,270,193 32,436 — 1,302,629 
Intangibles and goodwill, net— 3,157,772 16,909 — 3,174,681 
Other assets4,619,892 344,234 235,405 (5,102,123)97,408 
Total assets$4,647,556 $6,359,722 $603,170 $(5,102,123)$6,508,325 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$350,000 $402 $235,361 $— $585,763 
Current operating lease liabilities— 167,509 7,446 — 174,955 
Other current liabilities33,531 176,596 11,807 — 221,934 
Total current liabilities383,531 344,507 254,614 — 982,652 
Long-term debt2,814,441 1,132 — — 2,815,573 
Operating lease liabilities— 1,042,549 23,509 — 1,066,058 
Other noncurrent liabilities273,958 422,941 342,381 (572,092)467,188 
Total liabilities3,471,930 1,811,129 620,504 (572,092)5,331,471 
Stockholder's equity1,175,626 4,548,593 (17,334)(4,530,031)1,176,854 
Total liabilities and stockholder's equity$4,647,556 $6,359,722 $603,170 $(5,102,123)$6,508,325 
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, 2023
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
ASSETS
Total current assets$33,875 $28,905 $309,906 $— $372,686 
Net property, plant and equipment— 1,548,946 17,524 — 1,566,470 
Operating lease right of use assets— 1,281,503 33,930 — 1,315,433 
Intangibles and goodwill, net— 3,179,107 16,979 — 3,196,086 
Other assets4,596,516 349,680 249,662 (5,099,653)96,205 
Total assets$4,630,391 $6,388,141 $628,001 $(5,099,653)$6,546,880 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $398 $249,620 $— $250,018 
Current operating lease liabilities— 202,992 7,576 — 210,568 
Other current liabilities45,225 184,018 14,337 — 243,580 
Total current liabilities45,225 387,408 271,533 — 704,166 
Long-term debt3,089,874 1,235 — — 3,091,109 
Operating lease liabilities— 1,050,330 24,955 — 1,075,285 
Other noncurrent liabilities285,929 424,532 343,253 (587,171)466,543 
Total liabilities3,421,028 1,863,505 639,741 (587,171)5,337,103 
Stockholder's equity1,209,363 4,524,636 (11,740)(4,512,482)1,209,777 
Total liabilities and stockholder's equity$4,630,391 $6,388,141 $628,001 $(5,099,653)$6,546,880 
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, 2024
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $487,788 $11,023 $(661)$498,150 
Operating expenses (income)
Direct advertising expenses(1)
— 168,246 8,060 (661)175,645 
General and administrative expenses(1)
— 86,709 2,452 — 89,161 
Corporate expenses(1)
— 35,067 499 — 35,566 
Depreciation and amortization— 74,309 919 — 75,228 
Gain on disposition of assets— (2,188)— — (2,188)
— 362,143 11,930 (661)373,412 
Operating income (loss)— 125,645 (907)— 124,738 
Equity in (earnings) loss of subsidiaries(118,866)— — 118,866 — 
Interest expense (income), net40,504 (369)3,885 — 44,020 
Equity in loss of investee— 559 — — 559 
Income (loss) before income tax expense 78,362 125,455 (4,792)(118,866)80,159 
Income tax expense(2)
— 1,407 115 — 1,522 
Net income (loss)78,362 124,048 (4,907)(118,866)78,637 
Net income attributable to non-controlling interest— 88 187 — 275 
Net income (loss) attributable to controlling interest$78,362 $123,960 $(5,094)$(118,866)$78,362 
Statement of Comprehensive Income
Net income (loss)$78,362 $124,048 $(4,907)$(118,866)$78,637 
Total other comprehensive loss, net of tax— — (392)— (392)
Total comprehensive income (loss)78,362 124,048 (5,299)(118,866)78,245 
Net income attributable to non-controlling interest— 88 187 — 275 
Comprehensive income (loss) attributable to controlling interest$78,362 $123,960 $(5,486)$(118,866)$77,970 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended March 31, 2023
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $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 — 
Loss on extinguishment of debt— — 3,381 — 3,381 
Interest expense (income), net38,058 (456)— — 37,602 
Equity in earnings of investee— (178)— — (178)
Income (loss) before income tax expense76,177 121,319 (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 
Net income attributable to non-controlling interest— 20 137 — 157 
Net income (loss) 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 
Net income attributable to non-controlling interest— 20 137 — 157 
Comprehensive income (loss) 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 Statement of Cash Flows for the Three Months Ended March 31, 2024
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$67,438 $142,272 $(662)$(119,190)$89,858 
Cash flows from investing activities:
Acquisitions— (18,265)— — (18,265)
Capital expenditures— (30,114)632 — (29,482)
Proceeds from disposition of assets and investments— 2,731 — — 2,731 
Investment in subsidiaries(18,265)— — 18,265 — 
(Increase) decrease in intercompany notes receivable(17,695)— — 17,695 — 
Net cash (used in) provided by investing activities(35,960)(45,648)632 35,960 (45,016)
Cash flows from financing activities:
Proceeds received from revolving credit facility143,000 — — — 143,000 
Payment on revolving credit facility(70,000)— — — (70,000)
Principal payments on long-term debt— (98)— — (98)
Principal payments on financing leases— (333)— — (333)
Payment on accounts receivable securitization program— — (21,200)— (21,200)
Proceeds received from accounts receivable securitization program— — 6,900 — 6,900 
Debt issuance costs— — (23)— (23)
Intercompany loan (payments) proceeds— 4,358 13,337 (17,695)— 
Distributions to non-controlling interest— (184)(295)— (479)
Dividends (to) from parent(138,369)(119,190)— 119,190 (138,369)
Contributions from (to) parent27,680 18,265 — (18,265)27,680 
Net cash (used in) provided by financing activities(37,689)(97,182)(1,281)83,230 (52,922)
Effect of exchange rate changes in cash and cash equivalents— — (120)— (120)
Net decrease in cash and cash equivalents(6,211)(558)(1,431)— (8,200)
Cash and cash equivalents at beginning of period33,772 720 9,613 — 44,105 
Cash and cash equivalents at end of period$27,561 $162 $8,182 $— $35,905 
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 proceeds (payments)— 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