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Summarized Financial Information of Subsidiaries
 9 Months Ended
Sep. 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 September 30, 2023
Lamar
Media Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
ASSETS
Total current assets$29,797 $33,504 $314,365 $— $377,666 
Net property, plant and equipment— 1,528,064 17,235 — 1,545,299 
Operating lease right of use assets— 1,285,803 35,122 — 1,320,925 
Intangibles and goodwill, net— 3,203,025 16,936 — 3,219,961 
Other assets4,626,686 353,991 246,698 (5,135,647)91,728 
Total assets$4,656,483 $6,404,387 $630,356 $(5,135,647)$6,555,579 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $393 $246,660 $— $247,053 
Current operating lease liabilities— 177,223 7,397 — 184,620 
Other current liabilities43,355 192,259 13,429 — 249,043 
Total current liabilities43,355 369,875 267,486 — 680,716 
Long-term debt3,153,315 1,337 — — 3,154,652 
Operating lease liabilities— 1,052,662 25,883 — 1,078,545 
Other noncurrent liabilities280,258 422,853 345,873 (586,941)462,043 
Total liabilities3,476,928 1,846,727 639,242 (586,941)5,375,956 
Stockholder's equity1,179,555 4,557,660 (8,886)(4,548,706)1,179,623 
Total liabilities and stockholder's equity$4,656,483 $6,404,387 $630,356 $(5,135,647)$6,555,579 
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 September 30, 2023

Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Statement of Income(unaudited)
Net revenues$— $532,112 $11,228 $(731)$542,609 
Operating expenses (income)
Direct advertising expenses(1)
— 167,920 7,999 (731)175,188 
General and administrative expenses(1)
— 79,755 1,529 — 81,284 
Corporate expenses(1)
— 23,798 312 — 24,110 
Depreciation and amortization— 73,477 1,159 — 74,636 
Gain on disposition of assets— (879)— — (879)
— 344,071 10,999 (731)354,339 
Operating income— 188,041 229 — 188,270 
Equity in (earnings) loss of subsidiaries(181,237)— — 181,237 — 
Loss on extinguishment of debt115 — — — 115 
Interest expense (income), net40,968 (552)4,033 — 44,449 
Equity in earnings of investee— (699)— — (699)
Income (loss) before income tax expense (benefit)140,154 189,292 (3,804)(181,237)144,405 
Income tax expense (benefit)(2)
— 3,923 (80)— 3,843 
Net income (loss)140,154 185,369 (3,724)(181,237)140,562 
Earnings attributable to non-controlling interest— 122 286 — 408 
Net income (loss) attributable to controlling interest$140,154 $185,247 $(4,010)$(181,237)$140,154 
Statement of Comprehensive Income
Net income (loss)$140,154 $185,369 $(3,724)$(181,237)$140,562 
Total other comprehensive loss, net of tax— — (643)— (643)
Total comprehensive income (loss)140,154 185,369 (4,367)(181,237)139,919 
Earnings attributable to non-controlling interest— 122 286 — 408 
Comprehensive income (loss) attributable to controlling interest$140,154 $185,247 $(4,653)$(181,237)$139,511 

(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 Three Months Ended September 30, 2022
Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Statement of Income(unaudited)
Net revenues$— $515,993 $11,470 $(73)$527,390 
Operating expenses (income)
Direct advertising expenses(1)
— 161,629 7,412 (73)168,968 
General and administrative expenses(1)
— 85,388 1,793 — 87,181 
Corporate expenses(1)
— 23,810 527 — 24,337 
Depreciation and amortization— 65,032 801 — 65,833 
Gain on disposition of assets— (53)— — (53)
— 335,806 10,533 (73)346,266 
Operating income— 180,187 937 — 181,124 
Equity in (earnings) loss of subsidiaries(178,405)— — 178,405 — 
Interest expense (income), net32,080 (32)1,249 — 33,297 
Equity in earnings of investee— (1,554)— — (1,554)
Income (loss) before income tax expense146,325 181,773 (312)(178,405)149,381 
Income tax expense(2)
— 2,940 116 — 3,056 
Net income (loss)$146,325 $178,833 $(428)$(178,405)$146,325 
Statement of Comprehensive Income
Net income (loss)$146,325 $178,833 $(428)$(178,405)$146,325 
Total other comprehensive loss, net of tax— — (1,401)— (1,401)
Total comprehensive income (loss)$146,325 $178,833 $(1,829)$(178,405)$144,924 
(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 Nine Months Ended September 30, 2023
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $1,525,275 $31,810 $(2,007)$1,555,078 
Operating expenses (income)
Direct advertising expenses(1)
— 494,070 23,340 (2,007)515,403 
General and administrative expenses(1)
— 250,839 6,105 — 256,944 
Corporate expenses(1)
— 79,809 1,139 — 80,948 
Depreciation and amortization— 219,839 3,080 — 222,919 
(Gain) loss on disposition of assets— (5,245)2 — (5,243)
— 1,039,312 33,666 (2,007)1,070,971 
Operating income (loss)— 485,963 (1,856)— 484,107 
Equity in (earnings) loss of subsidiaries(466,361)— — 466,361 — 
Loss on extinguishment of debt115 — — — 115 
Interest expense (income), net119,186 (1,447)10,865 — 128,604 
Equity in earnings of investee— (1,326)— — (1,326)
Income (loss) before income tax expense 347,060 488,736 (12,721)(466,361)356,714 
Income tax expense(2)
— 8,691 130 — 8,821 
Net income (loss)347,060 480,045 (12,851)(466,361)347,893 
Earnings attributable to non-controlling interest— 257 576 — 833 
Net income (loss) attributable to controlling interest$347,060 $479,788 $(13,427)$(466,361)$347,060 
Statement of Comprehensive Income
Net income (loss)$347,060 $480,045 $(12,851)$(466,361)$347,893 
Total other comprehensive loss, net of tax— — (242)— (242)
Total comprehensive income (loss)347,060 480,045 (13,093)(466,361)347,651 
Earnings attributable to non-controlling interest— 257 576 — 833 
Comprehensive income (loss) attributable to controlling interest$347,060 $479,788 $(13,669)$(466,361)$346,818 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Nine Months Ended September 30, 2022
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $1,466,109 $30,776 $(255)$1,496,630 
Operating expenses (income)
Direct advertising expenses(1)
— 471,633 22,085 (255)493,463 
General and administrative expenses(1)
— 255,546 5,377 — 260,923 
Corporate expenses(1)
— 71,499 2,195 — 73,694 
Depreciation and amortization— 199,623 2,587 — 202,210 
Gain on disposition of assets— (1,990)— — (1,990)
— 996,311 32,244 (255)1,028,300 
Operating income (loss)— 469,798 (1,468)— 468,330 
Equity in (earnings) loss of subsidiaries(459,799)— — 459,799 — 
Interest expense (income), net86,872 (132)2,342 — 89,082 
Equity in earnings of investee— (2,655)— — (2,655)
Income (loss) before income tax expense (benefit)372,927 472,585 (3,810)(459,799)381,903 
Income tax expense (benefit)(2)
— 9,085 (109)— 8,976 
Net income (loss)$372,927 $463,500 $(3,701)$(459,799)$372,927 
Statement of Comprehensive Income
Net income (loss)$372,927 $463,500 $(3,701)$(459,799)$372,927 
Total other comprehensive loss, net of tax— — (1,770)— (1,770)
Total comprehensive income (loss)$372,927 $463,500 $(5,471)$(459,799)$371,157 
(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 Nine Months Ended September 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$392,347 $640,356 $(39,521)$(488,455)$504,727 
Cash flows from investing activities:
Acquisitions— (120,324)— — (120,324)
Capital expenditures— (128,157)(3,995)— (132,152)
Proceeds from disposition of assets and investments— 6,489 — — 6,489 
 Decrease in notes receivable— 62 — — 62 
Investment in subsidiaries(120,324)— — 120,324 — 
(Increase) decrease in intercompany notes receivable(15,384)— — 15,384 — 
Net cash (used in) provided by investing activities(135,708)(241,930)(3,995)135,708 (245,925)
Cash flows from financing activities:
Proceeds received from revolving credit facility333,000 — — — 333,000 
Payment on revolving credit facility(243,000)— — — (243,000)
Principal payments on long-term debt— (284)— — (284)
Principal payments on financing leases— (998)— — (998)
Payment on accounts receivable securitization program— — (74,900)— (74,900)
Proceeds received from accounts receivable securitization program— — 72,000 — 72,000 
Debt issuance costs(2,926)— (25)— (2,951)
Intercompany loan (payments) proceeds— (29,489)44,873 (15,384)— 
Distributions to non-controlling interest— (330)(832)— (1,162)
Dividends (to) from parent(388,569)(488,455)— 488,455 (388,569)
Contributions from (to) parent34,821 120,324 — (120,324)34,821 
Net cash (used in) provided by financing activities(266,674)(399,232)41,116 352,747 (272,043)
Effect of exchange rate changes in cash and cash equivalents— — 17 — 17 
Net decrease in cash and cash equivalents(10,035)(806)(2,383)— (13,224)
Cash and cash equivalents at beginning of period39,729 1,285 11,105 — 52,119 
Cash and cash equivalents at end of period$29,694 $479 $8,722 $— $38,895 
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 Nine Months Ended September 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$391,078 $611,985 $(30,726)$(472,917)$499,420 
Cash flows from investing activities:
Acquisitions— (287,860)— — (287,860)
Capital expenditures— (113,736)(3,072)— (116,808)
Proceeds from disposition of assets and investments— 2,146 — — 2,146 
Investment in subsidiaries(287,860)— — 287,860 — 
Decrease (increase) in intercompany notes receivable14,158 — — (14,158)— 
Decrease in notes receivable— 58 — — 58 
Net cash (used in) provided by investing activities(273,702)(399,392)(3,072)273,702 (402,464)
Cash flows from financing activities:
Proceeds received from revolving credit facility400,000 — — — 400,000 
Payment on revolving credit facility(575,000)— — — (575,000)
Principal payments on long-term debt— (273)— — (273)
Principal payments on financing leases— (998)— — (998)
Payment on accounts receivable securitization program— — (115,000)— (115,000)
Proceeds received from accounts receivable securitization program— — 140,000 — 140,000 
Proceeds received from senior credit facility term loans350,000 — — — 350,000 
Debt issuance costs(1,328)— (236)— (1,564)
Intercompany loan (payments) proceeds— (28,204)14,046 14,158 — 
Distributions to non-controlling interest— — (1,019)— (1,019)
Dividends (to) from parent(366,015)(472,917)— 472,917 (366,015)
Contributions from (to) parent52,712 287,860 — (287,860)52,712 
Net cash (used in) provided by financing activities(139,631)(214,532)37,791 199,215 (117,157)
Effect of exchange rate changes in cash and cash equivalents— — (232)— (232)
Net (decrease) increase in cash and cash equivalents(22,255)(1,939)3,761 — (20,433)
Cash and cash equivalents at beginning of period91,023 3,494 4,771 — 99,288 
Cash and cash equivalents at end of period$68,768 $1,555 $8,532 $— $78,855