Summarized Financial Information of Subsidiaries (Subsidiary)

12 Months Ended

Dec. 31, 2024

Condensed Income Statements, Captions [Line Items]

Summarized Financial Information of Subsidiaries

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

Summarized Balance Sheet as of December 31, 2024


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

Summarized Balance Sheet as of December 31, 2023


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

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


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

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


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

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


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