Lamar Advertising (LAMR) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-36756
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0961620
Entity Address, Address Line One	5321 Corporate Blvd.
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70808
City Area Code	225
Local Phone Number	926-1000
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LAMR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001090425
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		86,819,395
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,420,085
LAMAR MEDIA CORP. AND SUBSIDIARIES
Document Information [Line Items]
Entity File Number	1-12407
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1205791
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000899045
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 87,569	$ 121,569
Receivables, net of allowance for doubtful accounts	262,661	240,854
Other current assets	20,202	18,147
Total current assets	370,432	380,570
Property, plant and equipment	3,720,040	3,615,505
Less accumulated depreciation and amortization	(2,428,803)	(2,333,656)
Net property, plant and equipment	1,291,237	1,281,849
Operating lease right of use assets	1,208,425	1,222,013
Financing lease right of use assets	17,604	19,670
Goodwill	1,926,919	1,912,328
Intangible assets, net	909,508	914,446
Other assets	94,562	60,565
Total assets	5,818,687	5,791,441
Current liabilities:
Trade accounts payable	12,655	12,017
Current maturities of long-term debt, net of deferred financing costs	174,725	122,434
Current operating lease liabilities	174,659	195,439
Current financing lease liabilities	1,331	1,331
Accrued expenses	114,194	105,288
Deferred income	128,991	111,363
Total current liabilities	606,555	547,872
Long-term debt	2,662,656	2,764,082
Operating lease liabilities	977,941	993,776
Financing lease liabilities	17,609	18,608
Deferred income tax liabilities	6,016	4,854
Asset retirement obligation	267,024	222,876
Other liabilities	39,090	36,605
Total liabilities	4,576,891	4,588,673
Stockholders’ equity:
Additional paid-in capital	1,997,162	1,963,850
Accumulated comprehensive income	850	934
Accumulated deficit	(705,745)	(717,331)
Cost of shares held in treasury	(50,573)	(44,786)
Stockholder's equity	1,241,796	1,202,768
Total liabilities and stockholders’ equity	5,818,687	5,791,441
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	87,069	121,069
Receivables, net of allowance for doubtful accounts	262,661	240,854
Other current assets	20,202	18,147
Total current assets	369,932	380,070
Property, plant and equipment	3,720,040	3,615,505
Less accumulated depreciation and amortization	(2,428,803)	(2,333,656)
Net property, plant and equipment	1,291,237	1,281,849
Operating lease right of use assets	1,208,425	1,222,013
Financing lease right of use assets	17,604	19,670
Goodwill	1,916,767	1,902,177
Intangible assets, net	909,040	913,978
Other assets	89,219	54,950
Total assets	5,802,224	5,774,707
Current liabilities:
Trade accounts payable	12,655	12,017
Current maturities of long-term debt, net of deferred financing costs	174,725	122,434
Current operating lease liabilities	174,659	195,439
Current financing lease liabilities	1,331	1,331
Accrued expenses	106,686	98,478
Deferred income	128,991	111,363
Total current liabilities	599,047	541,062
Long-term debt	2,662,656	2,764,082
Operating lease liabilities	977,941	993,776
Financing lease liabilities	17,609	18,608
Deferred income tax liabilities	6,016	4,854
Asset retirement obligation	267,024	222,876
Other liabilities	39,090	36,605
Total liabilities	4,569,383	4,581,863
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in capital	3,067,669	3,034,357
Accumulated comprehensive income	850	934
Accumulated deficit	(1,835,677)	(1,842,447)
Stockholder's equity	1,232,842	1,192,844
Total liabilities and stockholders’ equity	5,802,225	5,774,707
Series A A Preferred Stock
Stockholders’ equity:
Preferred stock, value	0	0
Common Class A
Stockholders’ equity:
Common stock, value	88	87
Common Class B
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 12,458	$ 14,946
Current deferred financing costs	641	445
Noncurrent deferred financing costs	$ 37,446	$ 39,672
Shares held in treasury	685,636	619,681
Series A A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, cumulative dividends (in dollars per share)	$ 63.80	$ 63.80
Preferred stock, shares authorized (in shares)	5,720	5,720
Preferred stock, shares issued (in shares)	5,720	5,720
Preferred stock, shares outstanding (in shares)	5,720	5,720
Common Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	362,500,000	362,500,000
Common stock, shares issued (in shares)	87,505,031	87,111,327
Common stock, shares outstanding (in shares)	86,819,395	86,491,646
Common Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	37,500,000	37,500,000
Common stock, shares issued (in shares)	14,420,085	14,420,085
Common stock, shares outstanding (in shares)	14,420,085	14,420,085
LAMAR MEDIA CORP. AND SUBSIDIARIES
Allowance for doubtful accounts	$ 12,458	$ 14,946
Current deferred financing costs	641	445
Noncurrent deferred financing costs	$ 37,446	$ 39,672
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net revenues	$ 476,894	$ 386,110	$ 1,292,827	$ 1,140,331
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	$ 147,310	$ 136,309	$ 418,973	$ 419,862
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses (exclusive of depreciation and amortization)	$ 85,946	$ 66,749	$ 234,429	$ 216,361
Corporate expenses (exclusive of depreciation and amortization)	26,028	17,266	64,431	52,507
Depreciation and amortization	84,300	61,237	205,671	187,548
Gain on disposition of assets	(26)	(1,304)	(1,922)	(4,823)
Total operating expenses	343,558	280,257	921,582	871,455
Operating income	133,336	105,853	371,245	268,876
Other expense (income)
Loss on extinguishment of debt	0	7,051	21,604	25,235
Interest income	(198)	(248)	(554)	(617)
Interest expense	26,125	35,068	80,638	107,058
Equity in earnings of investee	(1,141)	0	(1,141)	0
Non-operating (income) expenses	24,786	41,871	100,547	131,676
Income (loss) before income tax expense (benefit)	108,550	63,982	270,698	137,200
Income tax expense	1,712	1,224	5,922	2,520
Net income	106,838	62,758	264,776	134,680
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 106,747	$ 62,667	$ 264,503	$ 134,407
Earnings per share:
Basic earnings per share (in dollars per share)	$ 1.05	$ 0.62	$ 2.62	$ 1.33
Diluted earnings per share (in dollars per share)	1.05	0.62	2.61	1.33
Cash dividends declared per share of common stock (in dollars per share)	$ 1	$ 0.50	$ 2.50	$ 2
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	101,195,158	100,812,570	101,097,124	100,722,859
Weighted average common shares outstanding diluted (in shares)	101,401,754	100,924,981	101,298,444	100,860,870
Statements of Comprehensive Income
Net income	$ 106,838	$ 62,758	$ 264,776	$ 134,680
Other comprehensive (loss) income
Foreign currency translation adjustments	(588)	330	(84)	(528)
Total comprehensive income (loss)	106,250	63,088	264,692	134,152
LAMAR MEDIA CORP. AND SUBSIDIARIES
Net revenues	$ 476,894	$ 386,110	$ 1,292,827	$ 1,140,331
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	$ 147,310	$ 136,309	$ 418,973	$ 419,862
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses (exclusive of depreciation and amortization)	$ 85,947	$ 66,749	$ 234,115	$ 216,361
Corporate expenses (exclusive of depreciation and amortization)	25,891	17,129	64,048	52,141
Depreciation and amortization	84,300	61,237	205,671	187,548
Gain on disposition of assets	(26)	(1,304)	(1,922)	(4,823)
Total operating expenses	343,422	280,120	920,885	871,089
Operating income	133,472	105,990	371,942	269,242
Other expense (income)
Loss on extinguishment of debt	0	7,051	21,604	25,235
Interest income	(198)	(248)	(554)	(617)
Interest expense	26,125	35,068	80,638	107,058
Equity in earnings of investee	(1,141)	0	(1,141)	0
Non-operating (income) expenses	24,786	41,871	100,547	131,676
Income (loss) before income tax expense (benefit)	108,686	64,119	271,395	137,566
Income tax expense	1,712	1,224	5,922	2,520
Net income	106,974	62,895	265,473	135,046
Statements of Comprehensive Income
Net income	106,974	62,895	265,473	135,046
Other comprehensive (loss) income
Foreign currency translations	(588)	330	(84)	(528)
Total comprehensive income (loss)	$ 106,386	$ 63,225	$ 265,389	$ 134,518

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	LAMAR MEDIA CORP. AND SUBSIDIARIES	Preferred StockSeries A A Preferred Stock	Common StockCommon Class A	Common StockCommon Class B	Treasury Stock	Add’l Paid in Capital	Add’l Paid in CapitalLAMAR MEDIA CORP. AND SUBSIDIARIES	Accumulated Comprehensive Income (Loss)	Accumulated Comprehensive Income (Loss)LAMAR MEDIA CORP. AND SUBSIDIARIES	Accumulated Deficit	Accumulated DeficitLAMAR MEDIA CORP. AND SUBSIDIARIES
Beginning Balance at Dec. 31, 2019	$ 1,180,306	$ 1,169,531	$ 0	$ 87	$ 14	$ (34,294)	$ 1,922,222	$ 2,992,729	$ 685	$ 685	$ (708,408)	$ (1,823,883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent		29,429						29,429
Foreign currency translations		(1,598)								(1,598)
Non-cash compensation	1,261						1,261
Issuance of common stock through stock awards	24,956						24,956
Exercise of stock options	652						652
Issuance of common stock through employee purchase plan	2,560						2,560
Purchase of treasury stock	(10,068)					(10,068)
Foreign currency translation	(1,598)								(1,598)
Net income	40,493	40,617									40,493	40,617
Dividend to parent		(110,755)										(110,755)
Dividends/distributions to common shareholders	(100,687)										(100,687)
Dividends	(91)										(91)
Ending Balance at Mar. 31, 2020	1,137,784	1,127,224	0	87	14	(44,362)	1,951,651	3,022,158	(913)	(913)	(768,693)	(1,894,021)
Beginning Balance at Dec. 31, 2019	1,180,306	1,169,531	0	87	14	(34,294)	1,922,222	2,992,729	685	685	(708,408)	(1,823,883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translations		(528)
Foreign currency translation	(528)
Net income	134,680	135,046
Ending Balance at Sep. 30, 2020	1,139,053	1,128,917	0	87	14	(44,418)	1,958,713	3,029,221	157	157	(775,500)	(1,900,461)
Beginning Balance at Mar. 31, 2020	1,137,784	1,127,224	0	87	14	(44,362)	1,951,651	3,022,158	(913)	(913)	(768,693)	(1,894,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent		3,962						3,962
Foreign currency translations		740								740
Non-cash compensation	916						916
Issuance of common stock through stock awards	609						609
Exercise of stock options	671						671
Issuance of common stock through employee purchase plan	1,765						1,765
Purchase of treasury stock	(56)					(56)
Foreign currency translation	740								740
Net income	31,429	31,534									31,429	31,534
Dividend to parent		(50,453)										(50,453)
Dividends/distributions to common shareholders	(50,396)										(50,396)
Dividends	(91)										(91)
Ending Balance at Jun. 30, 2020	1,123,371	1,113,007	0	87	14	(44,418)	1,955,612	3,026,120	(173)	(173)	(787,751)	(1,912,940)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent		3,101						3,101
Foreign currency translations		330								330
Non-cash compensation	1,011						1,011
Exercise of stock options	307						307
Issuance of common stock through employee purchase plan	1,783						1,783
Foreign currency translation	330								330
Net income	62,758	62,895									62,758	62,895
Dividend to parent		(50,416)										(50,416)
Dividends/distributions to common shareholders	(50,416)										(50,416)
Dividends	(91)										(91)
Ending Balance at Sep. 30, 2020	1,139,053	1,128,917	0	87	14	(44,418)	1,958,713	3,029,221	157	157	(775,500)	(1,900,461)
Beginning Balance at Dec. 31, 2020	1,202,768	1,192,844	0	87	14	(44,786)	1,963,850	3,034,357	934	934	(717,331)	(1,842,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent		21,831						21,831
Foreign currency translations		204								204
Non-cash compensation	1,060						1,060
Issuance of common stock through stock awards	13,376						13,376
Exercise of stock options	5,224						5,224
Issuance of common stock through employee purchase plan	2,172						2,172
Purchase of treasury stock	(5,717)					(5,717)
Foreign currency translation	204								204
Net income	38,329	38,466									38,329	38,466
Dividend to parent		(81,535)										(81,535)
Dividends/distributions to common shareholders	(75,818)										(75,818)
Dividends	(91)										(91)
Ending Balance at Mar. 31, 2021	1,181,507	1,171,810	0	87	14	(50,503)	1,985,682	3,056,188	1,138	1,138	(754,911)	(1,885,516)
Beginning Balance at Dec. 31, 2020	1,202,768	1,192,844	0	87	14	(44,786)	1,963,850	3,034,357	934	934	(717,331)	(1,842,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translations		(84)
Foreign currency translation	(84)
Net income	264,776	265,473
Ending Balance at Sep. 30, 2021	1,241,796	1,232,842	0	88	14	(50,573)	1,997,162	3,067,669	850	850	(705,745)	(1,835,677)
Beginning Balance at Mar. 31, 2021	1,181,507	1,171,810	0	87	14	(50,503)	1,985,682	3,056,188	1,138	1,138	(754,911)	(1,885,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent		6,154						6,154
Foreign currency translations		300								300
Non-cash compensation	917						917
Issuance of common stock through stock awards	594						594
Exercise of stock options	2,575						2,575
Issuance of common stock through employee purchase plan	2,068						2,068
Foreign currency translation	300								300
Net income	119,609	120,033									119,609	120,033
Dividend to parent		(75,874)										(75,874)
Dividends/distributions to common shareholders	(75,874)										(75,874)
Dividends	(91)										(91)
Ending Balance at Jun. 30, 2021	1,231,605	1,222,423	0	87	14	(50,503)	1,991,836	3,062,342	1,438	1,438	(711,267)	(1,841,357)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent		5,327						5,327
Foreign currency translations		(588)								(588)
Non-cash compensation	1,128						1,128
Issuance of common stock through stock awards	188						188
Exercise of stock options	1,749						1,748
Issuance of common stock through employee purchase plan	2,262						2,262
Purchase of treasury stock	(70)					(70)
Foreign currency translation	(588)								(588)
Net income	106,838	106,974									106,838	106,974
Dividend to parent		(101,294)										(101,294)
Dividends/distributions to common shareholders	(101,225)										(101,225)
Dividends	(91)										(91)
Ending Balance at Sep. 30, 2021	$ 1,241,796	$ 1,232,842	$ 0	$ 88	$ 14	$ (50,573)	$ 1,997,162	$ 3,067,669	$ 850	$ 850	$ (705,745)	$ (1,835,677)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Cash dividends declared per share of common stock (in dollars per share)	$ 1			$ 0.50
Add’l Paid in Capital
Issuance of common stock through stock awards (in shares)	5,300,000	4,685	149,000		11,008,000	279,116
Exercise of stock options (in shares)	26,880	38,265	82,101	6,455	13,642	14,609
Common stock purchase plan (in shares)	25,347	30,302	31,824	31,705	31,114	58,734
Treasury Stock
Purchase of treasury stock (in shares)	665		65,290		1,196	110,520
Accumulated Deficit
Cash dividends declared per share of common stock (in dollars per share)	$ 1	$ 0.75	$ 0.75	$ 0.50	$ 0.50	$ 1
Preferred stock dividend shares (in dollars per share)	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 264,776	$ 134,680
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	205,671	187,548
Stock-based compensation	22,540	11,046
Amortization included in interest expense	4,405	4,467
Gain on disposition of assets and investments	(1,922)	(4,823)
Loss on extinguishment of debt	21,604	25,235
Equity in earnings of investee	(1,141)	0
Deferred tax expense (benefit)	1,178	(1,870)
Provision for doubtful accounts	2,711	9,442
(Increase) decrease in:
Receivables	(24,475)	19,253
Prepaid expenses	(1,953)	1,002
Other assets	(444)	2,110
(Decrease) increase in:
Trade accounts payable	(69)	(186)
Accrued expenses	3,610	(11,597)
Operating lease liabilities	(22,560)	625
Other liabilities	14,303	(15,475)
Net cash provided by operating activities	488,234	361,457
Cash flows from investing activities:
Acquisitions	(107,593)	(28,747)
Capital expenditures	(71,513)	(44,633)
Payment for investments in equity securities	(30,000)	0
Proceeds from disposition of assets and investments	5,761	5,699
Decrease in notes receivable	107	0
Net cash used in investing activities	(203,238)	(67,681)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(5,787)	(10,124)
Net proceeds from issuance of common stock	16,050	7,740
Principal payments on long-term debt	(282)	(273)
Borrowings on long-term debt	0	8,750
Principal payments on financing leases	(998)	0
Payments on revolving credit facility	(25,000)	(805,000)
Proceeds received from revolving credit facility	25,000	725,000
Redemption of senior notes and senior subordinated notes	(668,688)	(1,058,596)
Proceeds received from note offering	550,000	1,549,250
Proceeds received from accounts receivable securitization program	120,000	122,500
Payments on accounts receivable securitization program	(67,500)	(175,000)
Proceeds received from senior credit facility term loans	0	598,500
Payments on senior credit facility term loans	0	(978,097)
Debt issuance costs	(8,662)	(32,667)
Distributions to non-controlling interest	(82)	(1,475)
Dividends/distributions	(253,190)	(201,772)
Net cash used in financing activities	(319,139)	(251,264)
Effect of exchange rate changes in cash and cash equivalents	143	(72)
Net (decrease) increase in cash and cash equivalents	(34,000)	42,440
Cash and cash equivalents at beginning of period	121,569	26,188
Cash and cash equivalents at end of period	87,569	68,628
Supplemental disclosures of cash flow information:
Cash paid for interest	87,729	115,999
Cash paid for foreign, state and federal income taxes	7,231	3,558
Payment for investments in equity securities	(30,000)	0
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	265,473	135,046
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	205,671	187,548
Stock-based compensation	22,540	11,046
Amortization included in interest expense	4,405	4,467
Gain on disposition of assets and investments	(1,922)	(4,823)
Loss on extinguishment of debt	21,604	25,235
Equity in earnings of investee	(1,141)	0
Deferred tax expense (benefit)	1,178	(1,870)
Provision for doubtful accounts	2,711	9,442
(Increase) decrease in:
Receivables	(24,475)	19,253
Prepaid expenses	(1,953)	1,002
Other assets	(444)	2,110
(Decrease) increase in:
Trade accounts payable	(69)	(186)
Accrued expenses	3,610	(11,597)
Operating lease liabilities	(22,560)	625
Other liabilities	(3,930)	(44,865)
Net cash provided by operating activities	470,698	332,433
Cash flows from investing activities:
Acquisitions	(107,593)	(28,747)
Capital expenditures	(71,513)	(44,633)
Payment for investments in equity securities	(30,000)	0
Proceeds from disposition of assets and investments	5,761	5,699
Net cash used in investing activities	(203,238)	(67,681)
Cash flows from financing activities:
Principal payments on long-term debt	(282)	(273)
Borrowings on long-term debt	0	8,750
Principal payments on financing leases	(998)	0
Payments on revolving credit facility	(25,000)	(805,000)
Proceeds received from revolving credit facility	25,000	725,000
Redemption of senior notes and senior subordinated notes	(668,688)	(1,058,596)
Proceeds received from note offering	550,000	1,549,250
Proceeds received from accounts receivable securitization program	120,000	122,500
Payments on accounts receivable securitization program	(67,500)	(175,000)
Proceeds received from senior credit facility term loans	0	598,500
Payments on senior credit facility term loans	0	(978,097)
Debt issuance costs	(8,662)	(32,667)
Distributions to non-controlling interest	(82)	(1,475)
Contributions from (to) parent	33,312	36,492
Dividends To From Parent	(258,703)	(211,624)
Net cash used in financing activities	(301,603)	(222,240)
Effect of exchange rate changes in cash and cash equivalents	143	(72)
Net (decrease) increase in cash and cash equivalents	(34,000)	42,440
Cash and cash equivalents at beginning of period	121,069	25,688
Cash and cash equivalents at end of period	87,069	68,128
Supplemental disclosures of cash flow information:
Cash paid for interest	87,729	115,999
Cash paid for foreign, state and federal income taxes	7,231	3,558
Payment for investments in equity securities	(30,000)	0
LAMAR MEDIA CORP. AND SUBSIDIARIES
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	205,671	187,548
Gain on disposition of assets and investments	(1,922)	(4,823)
Loss on extinguishment of debt	21,604	25,235
Equity in earnings of investee	1,141
(Decrease) increase in:
Net cash provided by operating activities	470,698	332,433
Cash flows from investing activities:
Acquisitions	(107,593)	(28,747)
Capital expenditures	(71,513)	(44,633)
Payment for investments in equity securities	(30,000)
Proceeds from disposition of assets and investments	5,761	5,699
Decrease in notes receivable	107
Net cash used in investing activities	(203,238)	(67,681)
Cash flows from financing activities:
Principal payments on long-term debt	(282)	(273)
Borrowings on long-term debt		8,750
Principal payments on financing leases	(998)
Payments on revolving credit facility	(25,000)	(805,000)
Proceeds received from revolving credit facility	25,000
Redemption of senior notes and senior subordinated notes	(668,688)	(1,058,596)
Proceeds received from note offering	550,000	1,549,250
Proceeds received from accounts receivable securitization program	120,000	122,500
Payments on accounts receivable securitization program	(67,500)	(175,000)
Proceeds received from senior credit facility term loans		598,500
Payments on senior credit facility term loans		(978,097)
Debt issuance costs	(8,662)	(32,667)
Distributions to non-controlling interest	(82)	(1,475)
Contributions from (to) parent	33,312	36,492
Dividends To From Parent	(258,703)	(211,624)
Net cash used in financing activities	(301,603)	(222,240)
Effect of exchange rate changes in cash and cash equivalents	143	(72)
Net (decrease) increase in cash and cash equivalents	(34,000)	42,440
Cash and cash equivalents at beginning of period	121,069	25,688
Cash and cash equivalents at end of period	87,069	68,128
Supplemental disclosures of cash flow information:
Payment for investments in equity securities	(30,000)
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities
Cash flows from investing activities:
Payment for investments in equity securities	0
Supplemental disclosures of cash flow information:
Payment for investments in equity securities	0
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	0	0
Gain on disposition of assets and investments	0	0
Loss on extinguishment of debt	0	0
Equity in earnings of investee	0
(Decrease) increase in:
Net cash provided by operating activities	(467,049)	(419,181)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0
Net cash used in investing activities	54,078	87,131
Cash flows from financing activities:
Principal payments on long-term debt	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Payments on revolving credit facility	0	0
Proceeds received from revolving credit facility	0
Redemption of senior notes and senior subordinated notes	0	0
Proceeds received from note offering	0	0
Proceeds received from accounts receivable securitization program	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Debt issuance costs	0	0
Distributions to non-controlling interest	0	0
Contributions from (to) parent	(107,593)	(29,324)
Dividends To From Parent	467,049	419,181
Net cash used in financing activities	412,971	332,050
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
LAMAR MEDIA CORP. AND SUBSIDIARIES | Lamar Media | Reportable Legal Entities
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	0	0
Gain on disposition of assets and investments	0	0
Loss on extinguishment of debt	21,604	25,235
Equity in earnings of investee	0
(Decrease) increase in:
Net cash provided by operating activities	380,225	310,395
Cash flows from investing activities:
Acquisitions	0	577
Capital expenditures	0	0
Payment for investments in equity securities	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0
Net cash used in investing activities	(54,078)	(86,554)
Cash flows from financing activities:
Principal payments on long-term debt	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Payments on revolving credit facility	(25,000)	(805,000)
Proceeds received from revolving credit facility	25,000
Redemption of senior notes and senior subordinated notes	(668,688)	(1,058,596)
Proceeds received from note offering	550,000	1,549,250
Proceeds received from accounts receivable securitization program	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		598,500
Payments on senior credit facility term loans		(978,097)
Debt issuance costs	(8,224)	(32,667)
Distributions to non-controlling interest	0	0
Contributions from (to) parent	33,312	36,492
Dividends To From Parent	(258,703)	(211,624)
Net cash used in financing activities	(352,303)	(176,742)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(26,156)	47,099
Cash and cash equivalents at beginning of period	110,588	13,185
Cash and cash equivalents at end of period	84,432	60,284
Supplemental disclosures of cash flow information:
Payment for investments in equity securities	0
LAMAR MEDIA CORP. AND SUBSIDIARIES | Guarantor Subsidiaries | Reportable Legal Entities
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	202,660	186,201
Gain on disposition of assets and investments	(1,774)	(4,878)
Loss on extinguishment of debt	0	0
Equity in earnings of investee	1,141
(Decrease) increase in:
Net cash provided by operating activities	584,251	436,270
Cash flows from investing activities:
Acquisitions	(107,593)	(29,324)
Capital expenditures	(67,767)	(42,792)
Payment for investments in equity securities	(30,000)
Proceeds from disposition of assets and investments	5,761	5,699
Decrease in notes receivable	107
Net cash used in investing activities	(199,492)	(66,417)
Cash flows from financing activities:
Principal payments on long-term debt	(282)	(273)
Borrowings on long-term debt		8,750
Principal payments on financing leases	(998)
Payments on revolving credit facility	0	0
Proceeds received from revolving credit facility	0
Redemption of senior notes and senior subordinated notes	0	0
Proceeds received from note offering	0	0
Proceeds received from accounts receivable securitization program	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Debt issuance costs	0	0
Distributions to non-controlling interest	0	0
Contributions from (to) parent	107,593	29,324
Dividends To From Parent	(467,049)	(419,181)
Net cash used in financing activities	(384,855)	(377,269)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(96)	(7,416)
Cash and cash equivalents at beginning of period	1,732	8,278
Cash and cash equivalents at end of period	1,636	862
Supplemental disclosures of cash flow information:
Payment for investments in equity securities	(30,000)
LAMAR MEDIA CORP. AND SUBSIDIARIES | Non-Guarantor Subsidiaries | Reportable Legal Entities
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	3,011	1,347
Gain on disposition of assets and investments	(148)	55
Loss on extinguishment of debt	0	0
Equity in earnings of investee	0
(Decrease) increase in:
Net cash provided by operating activities	(26,729)	4,949
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	(3,746)	(1,841)
Payment for investments in equity securities	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0
Net cash used in investing activities	(3,746)	(1,841)
Cash flows from financing activities:
Principal payments on long-term debt	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Payments on revolving credit facility	0	0
Proceeds received from revolving credit facility	0
Redemption of senior notes and senior subordinated notes	0	0
Proceeds received from note offering	0	0
Proceeds received from accounts receivable securitization program	120,000	122,500
Payments on accounts receivable securitization program	(67,500)	(175,000)
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Debt issuance costs	(438)	0
Distributions to non-controlling interest	(82)	(1,475)
Contributions from (to) parent	0	0
Dividends To From Parent	0	0
Net cash used in financing activities	22,584	(279)
Effect of exchange rate changes in cash and cash equivalents	143	(72)
Net (decrease) increase in cash and cash equivalents	(7,748)	2,757
Cash and cash equivalents at beginning of period	8,749	4,225
Cash and cash equivalents at end of period	1,001	$ 6,982
Supplemental disclosures of cash flow information:
Payment for investments in equity securities	$ 0

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Total current assets	$ 370,432	$ 380,570
Net property, plant and equipment	1,291,237	1,281,849
Operating lease right of use assets	1,208,425	1,222,013
Other assets	94,562	60,565
Total assets	5,818,687	5,791,441
Current liabilities:
Current maturities of long-term debt	174,725	122,434
Current operating lease liabilities	174,659	195,439
Total current liabilities	606,555	547,872
Long-term debt	2,662,656	2,764,082
Operating lease liabilities	977,941	993,776
Total liabilities	4,576,891	4,588,673
Stockholders’ equity:
Stockholder's equity	1,241,796	1,202,768
Total liabilities and stockholders’ equity	5,818,687	5,791,441
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Total current assets	369,933	380,070
Net property, plant and equipment	1,291,237	1,281,849
Operating lease right of use assets	1,208,425	1,222,013
Intangible assets, net	2,825,807	2,816,155
Other assets	106,823	74,620
Total assets	5,802,225	5,774,707
Current liabilities:
Current maturities of long-term debt	174,725	122,434
Current operating lease liabilities	174,659	195,439
Other current liabilities	249,663	223,189
Total current liabilities	599,047	541,062
Long-term debt	2,662,656	2,764,082
Operating lease liabilities	977,941	993,776
Other noncurrent liabilities	329,739	282,943
Total liabilities	4,569,383	4,581,863
Stockholders’ equity:
Stockholder's equity	1,232,842	1,192,844
Total liabilities and stockholders’ equity	5,802,225	5,774,707
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media
Current assets:
Total current assets	84,528	110,678
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangible assets, net	0	0
Other assets	4,042,153	3,912,122
Total assets	4,126,681	4,022,800
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	22,086	33,583
Total current liabilities	22,086	33,583
Long-term debt	2,660,548	2,761,705
Operating lease liabilities	0	0
Other noncurrent liabilities	211,205	34,668
Total liabilities	2,893,839	2,829,956
Stockholders’ equity:
Stockholder's equity	1,232,842	1,192,844
Total liabilities and stockholders’ equity	4,126,681	4,022,800
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries
Current assets:
Total current assets	21,427	19,471
Net property, plant and equipment	1,277,082	1,268,765
Operating lease right of use assets	1,179,793	1,200,115
Intangible assets, net	2,808,322	2,798,343
Other assets	310,925	258,433
Total assets	5,597,549	5,545,127
Current liabilities:
Current maturities of long-term debt	366	379
Current operating lease liabilities	167,067	188,712
Other current liabilities	216,543	170,320
Total current liabilities	383,976	359,411
Long-term debt	2,108	2,377
Operating lease liabilities	958,770	979,785
Other noncurrent liabilities	289,459	245,891
Total liabilities	1,634,313	1,587,464
Stockholders’ equity:
Stockholder's equity	3,963,236	3,957,663
Total liabilities and stockholders’ equity	5,597,549	5,545,127
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries
Current assets:
Total current assets	263,978	249,921
Net property, plant and equipment	14,155	13,084
Operating lease right of use assets	28,632	21,898
Intangible assets, net	17,485	17,812
Other assets	186,517	132,448
Total assets	510,767	435,163
Current liabilities:
Current maturities of long-term debt	174,359	122,055
Current operating lease liabilities	7,592	6,727
Other current liabilities	11,034	19,286
Total current liabilities	192,985	148,068
Long-term debt	0	0
Operating lease liabilities	19,171	13,991
Other noncurrent liabilities	291,032	266,968
Total liabilities	503,188	429,027
Stockholders’ equity:
Stockholder's equity	7,579	6,136
Total liabilities and stockholders’ equity	510,767	435,163
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations
Current assets:
Total current assets	0	0
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangible assets, net	0	0
Other assets	(4,432,772)	(4,228,383)
Total assets	(4,432,772)	(4,228,383)
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	0	0
Total current liabilities	0	0
Long-term debt	0	0
Operating lease liabilities	0	0
Other noncurrent liabilities	(461,957)	(264,584)
Total liabilities	(461,957)	(264,584)
Stockholders’ equity:
Stockholder's equity	(3,970,815)	(3,963,799)
Total liabilities and stockholders’ equity	$ (4,432,772)	$ (4,228,383)

Condensed Consolidating Stateme

Condensed Consolidating Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net revenues	$ 476,894	$ 386,110	$ 1,292,827	$ 1,140,331
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses	$ 147,310	$ 136,309	$ 418,973	$ 419,862
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses	$ 85,946	$ 66,749	$ 234,429	$ 216,361
Corporate expenses	26,028	17,266	64,431	52,507
Depreciation and amortization	84,300	61,237	205,671	187,548
Gain on disposition of assets	(26)	(1,304)	(1,922)	(4,823)
Total operating expenses	343,558	280,257	921,582	871,455
Operating income	133,336	105,853	371,245	268,876
Loss on extinguishment of debt	0	7,051	21,604	25,235
Equity in earnings of investee	1,141	0	1,141	0
Income (loss) before income tax expense (benefit)	108,550	63,982	270,698	137,200
Income tax expense	1,712	1,224	5,922	2,520
Net income	106,838	62,758	264,776	134,680
Total comprehensive income (loss)	106,250	63,088	264,692	134,152
LAMAR MEDIA CORP. AND SUBSIDIARIES
Net revenues	$ 476,894	$ 386,110	$ 1,292,827	$ 1,140,331
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses	$ 147,310	$ 136,309	$ 418,973	$ 419,862
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses	$ 85,947	$ 66,749	$ 234,115	$ 216,361
Corporate expenses	25,891	17,129	64,048	52,141
Depreciation and amortization	84,300	61,237	205,671	187,548
Gain on disposition of assets	(26)	(1,304)	(1,922)	(4,823)
Total operating expenses	343,422	280,120	920,885	871,089
Operating income	133,472	105,990	371,942	269,242
Equity in (earnings) loss of subsidiaries	0	0	0	0
Loss on extinguishment of debt	0	7,051	21,604	25,235
Interest expense (income), net	25,927	34,820	80,084	106,441
Equity in earnings of investee	(1,141)		(1,141)
Income (loss) before income tax expense (benefit)	108,686	64,119	271,395	137,566
Income tax expense	1,712	1,224	5,922	2,520
Net income	106,974	62,895	265,473	135,046
Total other comprehensive income (loss), net of tax	(588)	330	(84)	(528)
Total comprehensive income (loss)	106,386	63,225	265,389	134,518
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media
Net revenues	$ 0	$ 0	$ 0	$ 0
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses	$ 0	$ 0	$ 0	$ 0
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses	$ 0	$ 0	$ 0	$ 0
Corporate expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Gain on disposition of assets	0	0	0	0
Total operating expenses	0	0	0	0
Operating income	0	0	0	0
Equity in (earnings) loss of subsidiaries	(132,727)	(104,769)	(366,556)	(265,353)
Loss on extinguishment of debt	0	7,051	21,604	25,235
Interest expense (income), net	25,753	34,823	79,479	105,072
Equity in earnings of investee	0		0
Income (loss) before income tax expense (benefit)	106,974	62,895	265,473	135,046
Income tax expense	0	0	0	0
Net income	106,974	62,895	265,473	135,046
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income (loss)	106,974	62,895	265,473	135,046
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries
Net revenues	$ 466,222	$ 378,652	$ 1,266,818	$ 1,116,947
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses	$ 140,641	$ 130,496	$ 402,260	$ 402,033
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses	$ 85,077	$ 65,340	$ 231,091	$ 211,090
Corporate expenses	25,366	16,918	62,897	51,526
Depreciation and amortization	82,577	60,751	202,660	186,201
Gain on disposition of assets	115	(1,304)	(1,774)	(4,878)
Total operating expenses	333,776	272,201	897,134	845,972
Operating income	132,446	106,451	369,684	270,975
Equity in (earnings) loss of subsidiaries	0	0	0	0
Loss on extinguishment of debt	0	0	0	0
Interest expense (income), net	(4)	(92)	(30)	(151)
Equity in earnings of investee	(1,141)		(1,141)
Income (loss) before income tax expense (benefit)	133,591	106,543	370,855	271,126
Income tax expense	1,943	1,449	5,826	3,373
Net income	131,648	105,094	365,029	267,753
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income (loss)	131,648	105,094	365,029	267,753
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries
Net revenues	$ 11,216	$ 7,825	$ 27,326	$ 24,514
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses	$ 7,213	$ 6,180	$ 18,030	$ 18,959
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses	$ 870	$ 1,409	$ 3,024	$ 5,271
Corporate expenses	525	211	1,151	615
Depreciation and amortization	1,723	486	3,011	1,347
Gain on disposition of assets	(141)	0	(148)	55
Total operating expenses	10,190	8,286	25,068	26,247
Operating income	1,026	(461)	2,258	(1,733)
Equity in (earnings) loss of subsidiaries	0	0	0	0
Loss on extinguishment of debt	0	0	0	0
Interest expense (income), net	178	89	635	1,520
Equity in earnings of investee	0		0
Income (loss) before income tax expense (benefit)	848	(550)	1,623	(3,253)
Income tax expense	(231)	(225)	96	(853)
Net income	1,079	(325)	1,527	(2,400)
Total other comprehensive income (loss), net of tax	(588)	330	(84)	(528)
Total comprehensive income (loss)	491	5	1,443	(2,928)
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations
Net revenues	$ (544)	$ (367)	$ (1,317)	$ (1,130)
Revenue, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
Operating expenses (income)
Direct advertising expenses	$ (544)	$ (367)	$ (1,317)	$ (1,130)
Cost, Product and Service [Extensible List]	Advertising	Advertising	Advertising	Advertising
General and administrative expenses	$ 0	$ 0	$ 0	$ 0
Corporate expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Gain on disposition of assets	0	0	0	0
Total operating expenses	(544)	(367)	(1,317)	(1,130)
Operating income	0	0	0	0
Equity in (earnings) loss of subsidiaries	132,727	104,769	366,556	265,353
Loss on extinguishment of debt	0	0	0	0
Interest expense (income), net	0	0	0	0
Equity in earnings of investee	0		0
Income (loss) before income tax expense (benefit)	(132,727)	(104,769)	(366,556)	(265,353)
Income tax expense	0	0	0	0
Net income	(132,727)	(104,769)	(366,556)	(265,353)
Total other comprehensive income (loss), net of tax	0	0	0	0
Total comprehensive income (loss)	$ (132,727)	$ (104,769)	$ (366,556)	$ (265,353)

Condensed Consolidating State_2

Condensed Consolidating Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 488,234	$ 361,457
Cash flows from investing activities:
Acquisitions	(107,593)	(28,747)
Capital expenditures	(71,513)	(44,633)
Payment for investments in equity securities	(30,000)	0
Proceeds from disposition of assets and investments	5,761	5,699
Decrease in notes receivable	(107)	0
Net cash used in investing activities	(203,238)	(67,681)
Cash flows from financing activities:
Payments on revolving credit facility	(25,000)	(805,000)
Principal payments on long-term debt	(282)	(273)
Borrowings on long-term debt	0	8,750
Principal payments on financing leases	(998)	0
Proceeds received from note offering	550,000	1,549,250
Redemption of senior notes and senior subordinated notes	(668,688)	(1,058,596)
Payments on accounts receivable securitization program	(67,500)	(175,000)
Proceeds received from senior credit facility term loans	0	598,500
Payments on senior credit facility term loans	0	(978,097)
Proceeds received from accounts receivable securitization program	120,000	122,500
Debt issuance costs	(8,662)	(32,667)
Distributions to non-controlling interest	(82)	(1,475)
Net cash used in financing activities	(319,139)	(251,264)
Effect of exchange rate changes in cash and cash equivalents	143	(72)
Net (decrease) increase in cash and cash equivalents	(34,000)	42,440
Cash and cash equivalents at beginning of period	121,569	26,188
Cash and cash equivalents at end of period	87,569	68,628
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	470,698	332,433
Cash flows from investing activities:
Acquisitions	(107,593)	(28,747)
Capital expenditures	(71,513)	(44,633)
Payment for investments in equity securities	(30,000)
Proceeds from disposition of assets and investments	5,761	5,699
Decrease in notes receivable	(107)
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(203,238)	(67,681)
Cash flows from financing activities:
Proceeds from Long-term Lines of Credit		725,000
Payments on revolving credit facility	(25,000)	(805,000)
Principal payments on long-term debt	(282)	(273)
Borrowings on long-term debt		8,750
Principal payments on financing leases	(998)
Proceeds received from note offering	550,000	1,549,250
Redemption of senior notes and senior subordinated notes	(668,688)	(1,058,596)
Payments on accounts receivable securitization program	(67,500)	(175,000)
Proceeds received from senior credit facility term loans		598,500
Payments on senior credit facility term loans		(978,097)
Proceeds received from accounts receivable securitization program	120,000	122,500
Debt issuance costs	(8,662)	(32,667)
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	(82)	(1,475)
Dividends To From Parent	(258,703)	(211,624)
Contributions from (to) parent	33,312	36,492
Net cash used in financing activities	(301,603)	(222,240)
Effect of exchange rate changes in cash and cash equivalents	143	(72)
Net (decrease) increase in cash and cash equivalents	(34,000)	42,440
Cash and cash equivalents at beginning of period	121,069	25,688
Cash and cash equivalents at end of period	87,069	68,128
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities
Cash flows from investing activities:
Payment for investments in equity securities	0
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media
Cash flows from operating activities:
Net cash provided by (used in) operating activities	380,225	310,395
Cash flows from investing activities:
Acquisitions	0	577
Capital expenditures	0	0
Payment for investments in equity securities	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0
Investment in subsidiaries	(107,593)	(29,324)
(Increase) decrease in intercompany notes receivable	53,515	(57,807)
Net cash used in investing activities	(54,078)	(86,554)
Cash flows from financing activities:
Proceeds from Long-term Lines of Credit		725,000
Payments on revolving credit facility	(25,000)	(805,000)
Principal payments on long-term debt	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Proceeds received from note offering	550,000	1,549,250
Redemption of senior notes and senior subordinated notes	(668,688)	(1,058,596)
Payments on accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		598,500
Payments on senior credit facility term loans		(978,097)
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	(8,224)	(32,667)
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	0	0
Dividends To From Parent	(258,703)	(211,624)
Contributions from (to) parent	33,312	36,492
Net cash used in financing activities	(352,303)	(176,742)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(26,156)	47,099
Cash and cash equivalents at beginning of period	110,588	13,185
Cash and cash equivalents at end of period	84,432	60,284
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided by (used in) operating activities	584,251	436,270
Cash flows from investing activities:
Acquisitions	(107,593)	(29,324)
Capital expenditures	(67,767)	(42,792)
Payment for investments in equity securities	(30,000)
Proceeds from disposition of assets and investments	5,761	5,699
Decrease in notes receivable	(107)
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(199,492)	(66,417)
Cash flows from financing activities:
Proceeds from Long-term Lines of Credit		0
Payments on revolving credit facility	0	0
Principal payments on long-term debt	(282)	(273)
Borrowings on long-term debt		8,750
Principal payments on financing leases	(998)
Proceeds received from note offering	0	0
Redemption of senior notes and senior subordinated notes	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	0
Intercompany loan (payments) proceeds	(24,119)	4,111
Distributions to non-controlling interest	0	0
Dividends To From Parent	(467,049)	(419,181)
Contributions from (to) parent	107,593	29,324
Net cash used in financing activities	(384,855)	(377,269)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(96)	(7,416)
Cash and cash equivalents at beginning of period	1,732	8,278
Cash and cash equivalents at end of period	1,636	862
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(26,729)	4,949
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	(3,746)	(1,841)
Payment for investments in equity securities	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(3,746)	(1,841)
Cash flows from financing activities:
Proceeds from Long-term Lines of Credit		0
Payments on revolving credit facility	0	0
Principal payments on long-term debt	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Proceeds received from note offering	0	0
Redemption of senior notes and senior subordinated notes	0	0
Payments on accounts receivable securitization program	(67,500)	(175,000)
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Proceeds received from accounts receivable securitization program	120,000	122,500
Debt issuance costs	(438)	0
Intercompany loan (payments) proceeds	(29,396)	53,696
Distributions to non-controlling interest	(82)	(1,475)
Dividends To From Parent	0	0
Contributions from (to) parent	0	0
Net cash used in financing activities	22,584	(279)
Effect of exchange rate changes in cash and cash equivalents	143	(72)
Net (decrease) increase in cash and cash equivalents	(7,748)	2,757
Cash and cash equivalents at beginning of period	8,749	4,225
Cash and cash equivalents at end of period	1,001	6,982
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(467,049)	(419,181)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0
Investment in subsidiaries	107,593	29,324
(Increase) decrease in intercompany notes receivable	(53,515)	57,807
Net cash used in investing activities	54,078	87,131
Cash flows from financing activities:
Proceeds from Long-term Lines of Credit		0
Payments on revolving credit facility	0	0
Principal payments on long-term debt	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Proceeds received from note offering	0	0
Redemption of senior notes and senior subordinated notes	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	0
Intercompany loan (payments) proceeds	53,515	(57,807)
Distributions to non-controlling interest	0	0
Dividends To From Parent	467,049	419,181
Contributions from (to) parent	(107,593)	(29,324)
Net cash used in financing activities	412,971	332,050
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Significant Accounting Policies	Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2020 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2020 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13, 14 and 16 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue . The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer. The following table presents our disaggregated revenue by source for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Billboard advertising $ 430,103 $ 348,361 $ 1,169,426 $ 1,015,761 Logo advertising 19,720 19,790 58,820 62,235 Transit advertising 27,071 17,959 64,581 62,335 Net revenues $ 476,894 $ 386,110 $ 1,292,827 $ 1,140,331

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases During the three months ended September 30, 2021 and 2020, we had operating lease costs of $72,789 and $76,739, respectively, and variable lease costs of $22,514 and $13,494, respectively. During the nine months ended September 30, 2021 and 2020, we had operating lease costs of $218,139 and $235,473, respectively, and variable lease costs of $56,507 and $41,238, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2021 and 2020, we recorded a loss of $349 and a gain of $76, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2021 and 2020, we recorded a loss of $296 and $241, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $243,690 and $234,400 were made reducing our operating lease liabilities for the nine months ended September 30, 2021 and 2020, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $1,579 and $1,172 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2021 and 2020, respectively. We recorded $4,471 and $3,679 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2021 and 2020, respectively. Our operating leases have a weighted-average remaining lease term of 12.0 years. The weighted-average discount rate of our operating leases is 4.6%. Also, during the periods ended September 30, 2021 and 2020, we obtained $25,401 and $25,250, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of September 30, 2021: 2021 $ 40,519 2022 208,326 2023 176,861 2024 157,270 2025 131,273 Thereafter 817,054 Total undiscounted operating lease payments 1,531,303 Less: Imputed interest (378,703) Total operating lease liabilities $ 1,152,600 During the three months ended September 30, 2021, $713 of amortization expense and $145 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the nine months ended September 30, 2021, $2,140 of amortization expense and $443 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $998 were made reducing our financing lease liabilities for the nine months ended September 30, 2021 and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. We had no expenses relating to the financing lease liabilities for the nine months ended September 30, 2020. Our financing leases have a weighted-average remaining lease term of 6.2 years and a weighted-average discount rate of 3.5%.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions During the nine months ended September 30, 2021, the Company completed several acquisitions of outdoor and transit advertising assets for a total purchase price of $107,593. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying condensed consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition. The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on September 8, 2021 for an aggregate purchase price of $65,500. Total Property, plant and equipment $ 15,949 Goodwill 14,584 Site locations 66,321 Non-competition agreements 440 Customer lists and contracts 10,100 Asset acquisition costs 139 Current assets 218 Current liabilities (911) Operating lease right of use assets 12,274 Operating lease liabilities (11,521) $ 107,593 Total acquired intangible assets for the nine months ended September 30, 2021 were $91,584, of which $14,584 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and $14,584 o f goodwill related to 2021 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $10,100 (7 year weighted average useful life) and site locations of $66,321 (15 year weighted average useful life). The aggregate amortization expense related to the 2021 acquisitions for the nine months ended September 30, 2021 was $1,158.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 17.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 45,000 shares of its Class A common stock during the nine months ended September 30, 2021. At September 30, 2021 a total of 2,297,290 shares were available for future grant. Stock Purchase Plan. Lamar Advertising’s 2009 Employee Stock Purchase Plan (the “2009 ESPP”), approved by our shareholders on May 28, 2009, expired by its terms on June 30, 2019. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The 2019 ESPP became effective upon the expiration of the 2009 ESPP. The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 86,490 shares on January 1, 2021 pursuant to the automatic increase provisions of the 2019 ESPP. The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2021: Shares Available for future purchases, January 1, 2021 369,771 Additional shares reserved under 2019 ESPP 86,490 Purchases (87,473) Available for future purchases, September 30, 2021 368,788 Performance-based stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2021 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2022. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the nine months ended September 30, 2021, the Company has recorded $18,379 as stock-based compensation expense related to performance-based awards. Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. The Company recorded $544 in stock-based compensation expense related to these awards for the nine months ended September 30, 2021.

Depreciation and Amortization

Depreciation and Amortization	9 Months Ended
	Sep. 30, 2021
Depreciation, Depletion and Amortization [Abstract]
Depreciation and Amortization	Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Condensed Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Direct advertising expenses $ 80,068 $ 57,556 $ 192,816 $ 176,395 General and administrative expenses 1,068 1,126 3,338 3,558 Corporate expenses 3,164 2,555 9,517 7,595 $ 84,300 $ 61,237 $ 205,671 $ 187,548 The increase in the amount of depreciation and amortization expense excluded from direct advertising expense for the three and nine months ended September 30, 2021 as compared to September 30, 2020 is due to the revision in the cost estimate included in the calculation of asset retirement obligations during the period.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following is a summary of intangible assets at September 30, 2021 and December 31, 2020: Estimated September 30, 2021 December 31, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 655,843 $ 580,671 $ 645,739 $ 563,135 Non-competition agreements 3—15 66,596 64,857 66,156 64,647 Site locations 15 2,479,103 1,657,456 2,412,745 1,593,805 Other 2—15 50,157 39,207 50,018 38,625 $ 3,251,699 $ 2,342,191 $ 3,174,658 $ 2,260,212 Unamortizable intangible assets: Goodwill $ 2,180,455 $ 253,536 $ 2,165,864 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations: Balance at December 31, 2020 $ 222,876 Additions to asset retirement obligations 2,363 Revision in estimates 41,363 Accretion expense 3,053 Liabilities settled (2,631) Balance at September 30, 2021 $ 267,024

Distribution Restrictions

Distribution Restrictions	9 Months Ended
	Sep. 30, 2021
Distribution Restrictions [Abstract]
Distribution Restrictions	Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of September 30, 2021 and December 31, 2020, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,874,821 and $3,625,712, respectively. As of September 30, 2021, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of September 30, 2021, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of September 30, 2021, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $2,625,301.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and nine months ended September 30, 2021 or 2020.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following at September 30, 2021 and December 31, 2020: September 30, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 598,655 $ 9,873 $ 588,782 Accounts Receivable Securitization Program 175,000 641 174,359 3 3/4% Senior Notes 600,000 7,288 592,712 3 5/8% Senior Notes 550,000 7,736 542,264 4% Senior Notes 549,339 7,390 541,949 4 7/8% Senior Notes 400,000 5,159 394,841 Other notes with various rates and terms 2,474 — 2,474 2,875,468 38,087 2,837,381 Less current maturities (175,366) (641) (174,725) Long-term debt, excluding current maturities $ 2,700,102 $ 37,446 $ 2,662,656 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 Senior Credit Facility On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”). The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. As a result of refinancing our credit facility the Company incurred a loss on debt extinguishment of $5,608 for the nine months ended September 30, 2020. The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility. As of September 30, 2021, there were no borrowings outstanding under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $14,345 in letters of credit outstanding as of September 30, 2021 resulting in $735,655 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025. The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: • dispose of assets; • incur or repay debt; • create liens; • make investments; and • pay dividends. The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented. Accounts Receivable Securitization Program On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program. Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty. On June 30, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Third Amendment (the “Third Amendment”) to the Receivables Financing Agreement. The Third Amendment increased the maximum three month average Delinquency Ratio, Dilution Ratio and Days’ Sales Outstanding to 11.00% (from 8.00%), 7.00% (from 4.00%) and 75 days (from 65 days), respectively, for each of the months of June, July and August 2020. The Third Amendment did not modify any other financial covenant. Additionally, the Third Amendment established a new Minimum Funding Threshold, which requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On October 23, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Fourth Amendment (the “Fourth Amendment”) to the Receivables Financing Agreement. The Fourth Amendment increased the maximum three month average Delinquency Ratio generally to 13.00% (and up to 16.00% for up to two additional periods upon written notice from Lamar Media), and increased the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. Additionally, the Fourth Amendment increased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 70.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On May 24, 2021, Lamar Media and the Special Purpose Subsidiaries entered into the Fifth Amendment (the "Fifth Amendment") to the Receivables Financing Agreement. The Fifth Amendment extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2024. Additionally, the Fifth Amendment decreased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, provided that the Minimum Funding Threshold shall be zero on any day that is a Minimum Funding Threshold Holiday which, as amended, provides for an annual holiday from the requirement of up to sixty days per year. The Fifth Amendment also provides for updated LIBOR replacement procedures. As of September 30, 2021 there was $175,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of September 30, 2021. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the nine months ended September 30, 2021. The Accounts Receivable Securitization Program will mature on July 21, 2024. Lamar Media may amend the facility to extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources. The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows. 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Original 5 3/4% Notes”). The institutional private placement on January 28, 2016 resulted in net proceeds to Lamar Media of approximately $394,500. On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount of its 5 3/4% Notes (the “Additional 5 3/4% Notes", and together with the Original 5 3/4% Notes, the "5 3/4% Notes”). Other than with respect to the date of issuance, issue price and CUSIP number, the Additional 5 3/4% Notes have the same terms as the Original 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500. On February 3, 2021, Lamar Media redeemed in full all $650,000 aggregate principal amount 5 3/4% Notes. The 5 3/4% Notes redemption was completed using the proceeds received from the 3 5/8% Notes offering completed on January 22, 2021 (as described below), together with cash on hand and borrowings under the revolving credit facility and Accounts Receivable Securitization Program. The 5 3/4% Notes were redeemed at a redemption price equal to 102.875% of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date. During the nine months ended September 30, 2021, the Company recorded a loss on debt extinguishment of approximately $21,604 related to the note redemption, of which $18,700 was in cash. 4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4% Notes, at any time and from time to time, at a price equal to 104% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 3/4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500. Lamar Media may redeem up to 40% of the aggregate principal amount of 3 3/4% Notes, at any time and from time to time, at a price equal to 103.75% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 3 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2023, Lamar Media may redeem some or all of the 3 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 4 7/8% Senior Notes On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 5/8% Senior Notes On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the “3 5/8% Notes”). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500. Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt September 30, 2021 and December 31, 2020, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long-term debt (including current maturities) was $2,913,841 which exceeds the carrying amount of $2,875,468 as of September 30, 2021. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments	InvestmentsOn July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Condensed Consolidated Balance Sheet. For the three and nine months ended September 30, 2021, the Company recorded $1,141 in equity in earnings of investee on the Condensed Consolidated Statement of Income and Comprehensive Income.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing specific exceptions to the general principles in Topic 740 - Income Taxes. This guidance is effective for years beginning after December 15, 2020. The Company adopted this guidance on January 1, 2021 and the impact of the adoption is not material to the Company's consolidated financial statements.

Dividends_Distributions

Dividends/Distributions	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Dividends/Distributions	Dividends/DistributionsDuring the three months ended September 30, 2021 and 2020, the Company declared and paid cash distributions in an aggregate amount of $101,225 or $1.00 per share and $50,416 or $0.50 per share, respectively. During the nine months ended September 30, 2021 and 2020, the Company declared and paid cash distributions in an aggregate amount of $252,917 or $2.50 per share and $201,499 or $2.00 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three and nine months ended September 30, 2021 and 2020, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share and $273 or $47.85 for each period, respectively.

Information about Geographic Ar

Information about Geographic Areas	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $17,568 and $16,295 for the nine months ended September 30, 2021 and 2020, respectively. Net carrying value of long-lived assets located in foreign countries totaled $9,957 and $8,727 as of September 30, 2021 and December 31, 2020, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Sales Agreement. On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents. Under the terms of the Sales Agreement, the Company could have, from time to time, issued and sold shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the sales agents party thereto as either agents or principals. The Sales Agreement expired by its terms on May 1, 2021 and as of that date, 842,412 shares of our Class A common stock were sold under the Sales Agreement. On June 21, 2021, the Company entered into a new equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or directly through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of September 30, 2021, no shares of our Class A common stock have been sold under the 2021 Sales Agreement and accordingly $400,000 remained available to be sold under the 2021 Sales Agreement as of September 30, 2021. Shelf Registration. On August 6, 2018, the Company filed an automatically effective shelf registration statement that registered the offer and sale of an indeterminate amount of additional shares of our Class A common stock, which expired in August 2021. There were no shares issued under this shelf registration during the nine months ended September 30, 2021 and the year ended December 31, 2020. On June 21, 2021, the Company filed a new automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock on similar terms as the prior registration statement. During the nine months ended September 30, 2021, the Company did not issue any shares under this shelf registration. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of September 30, 2021.

Summarized Financial Informatio

Summarized Financial Information of Subsidiaries	9 Months Ended
	Sep. 30, 2021
LAMAR MEDIA CORP. AND SUBSIDIARIES
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, 2021 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 84,528 $ 21,427 $ 263,978 $ — $ 369,933 Net property, plant and equipment — 1,277,082 14,155 — 1,291,237 Operating lease right of use assets — 1,179,793 28,632 — 1,208,425 Intangibles and goodwill, net — 2,808,322 17,485 — 2,825,807 Other assets 4,042,153 310,925 186,517 (4,432,772) 106,823 Total assets $ 4,126,681 $ 5,597,549 $ 510,767 $ (4,432,772) $ 5,802,225 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 366 $ 174,359 $ — $ 174,725 Current operating lease liabilities — 167,067 7,592 — 174,659 Other current liabilities 22,086 216,543 11,034 — 249,663 Total current liabilities 22,086 383,976 192,985 — 599,047 Long-term debt 2,660,548 2,108 — — 2,662,656 Operating lease liabilities — 958,770 19,171 — 977,941 Other noncurrent liabilities 211,205 289,459 291,032 (461,957) 329,739 Total liabilities 2,893,839 1,634,313 503,188 (461,957) 4,569,383 Stockholder's equity 1,232,842 3,963,236 7,579 (3,970,815) 1,232,842 Total liabilities and stockholder's equity $ 4,126,681 $ 5,597,549 $ 510,767 $ (4,432,772) $ 5,802,225 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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 110,678 $ 19,471 $ 249,921 $ — $ 380,070 Net property, plant and equipment — 1,268,765 13,084 — 1,281,849 Operating lease right of use assets — 1,200,115 21,898 — 1,222,013 Intangibles and goodwill, net — 2,798,343 17,812 — 2,816,155 Other assets 3,912,122 258,433 132,448 (4,228,383) 74,620 Total assets $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 379 $ 122,055 $ — $ 122,434 Current operating lease liabilities — 188,712 6,727 — 195,439 Other current liabilities 33,583 170,320 19,286 — 223,189 Total current liabilities 33,583 359,411 148,068 — 541,062 Long-term debt 2,761,705 2,377 — — 2,764,082 Operating lease liabilities — 979,785 13,991 — 993,776 Other noncurrent liabilities 34,668 245,891 266,968 (264,584) 282,943 Total liabilities 2,829,956 1,587,464 429,027 (264,584) 4,581,863 Stockholder's equity 1,192,844 3,957,663 6,136 (3,963,799) 1,192,844 Total liabilities and stockholder's equity $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 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, 2021 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 466,222 $ 11,216 $ (544) $ 476,894 Operating expenses (income) Direct advertising expenses (1) — 140,641 7,213 (544) 147,310 General and administrative expenses (1) — 85,077 870 — 85,947 Corporate expenses (1) — 25,366 525 — 25,891 Depreciation and amortization — 82,577 1,723 — 84,300 Loss (gain) on disposition of assets — 115 (141) — (26) — 333,776 10,190 (544) 343,422 Operating income (loss) — 132,446 1,026 — 133,472 Equity in (earnings) loss of subsidiaries (132,727) — — 132,727 — Loss on extinguishment of debt — — — — — Interest expense (income), net 25,753 (4) 178 — 25,927 Equity in earnings of investee — (1,141) — — (1,141) Income (loss) before income tax expense (benefit) 106,974 133,591 848 (132,727) 108,686 Income tax expense (benefit) (2) — 1,943 (231) — 1,712 Net income (loss) $ 106,974 $ 131,648 $ 1,079 $ (132,727) $ 106,974 Statement of Comprehensive Income Net income (loss) $ 106,974 $ 131,648 $ 1,079 $ (132,727) $ 106,974 Total other comprehensive loss, net of tax — — (588) — (588) Total comprehensive income (loss) $ 106,974 $ 131,648 $ 491 $ (132,727) $ 106,386 (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, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consoliated Statement of Income (unaudited) Net revenues $ — $ 378,652 $ 7,825 $ (367) $ 386,110 Operating expenses (income) Direct advertising expenses (1) — 130,496 6,180 (367) 136,309 General and administrative expenses (1) — 65,340 1,409 — 66,749 Corporate expenses (1) — 16,918 211 — 17,129 Depreciation and amortization — 60,751 486 — 61,237 Gain on disposition of assets — (1,304) — — (1,304) — 272,201 8,286 (367) 280,120 Operating income (loss) — 106,451 (461) — 105,990 Equity in (earnings) loss of subsidiaries (104,769) — — 104,769 — Loss on extinguishment of debt 7,051 — — — 7,051 Interest expense (income), net 34,823 (92) 89 — 34,820 Income (loss) before income tax expense (benefit) 62,895 106,543 (550) (104,769) 64,119 Income tax expense (benefit) (2) — 1,449 (225) — 1,224 Net income (loss) $ 62,895 $ 105,094 $ (325) $ (104,769) $ 62,895 Statement of Comprehensive Income Net income (loss) $ 62,895 $ 105,094 $ (325) $ (104,769) $ 62,895 Total other comprehensive income, net of tax — — 330 — 330 Total comprehensive income (loss) $ 62,895 $ 105,094 $ 5 $ (104,769) $ 63,225 (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 Nine Months Ended September 30, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,266,818 $ 27,326 $ (1,317) $ 1,292,827 Operating expenses (income) Direct advertising expenses (1) — 402,260 18,030 (1,317) 418,973 General and administrative expenses (1) — 231,091 3,024 — 234,115 Corporate expenses (1) — 62,897 1,151 — 64,048 Depreciation and amortization — 202,660 3,011 — 205,671 Gain on disposition of assets — (1,774) (148) — (1,922) — 897,134 25,068 (1,317) 920,885 Operating income — 369,684 2,258 — 371,942 Equity in (earnings) loss of subsidiaries (366,556) — — 366,556 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 79,479 (30) 635 — 80,084 Equity in earnings of investee — (1,141) — — (1,141) Income (loss) before income tax expense 265,473 370,855 1,623 (366,556) 271,395 Income tax expense (2) — 5,826 96 — 5,922 Net income (loss) $ 265,473 $ 365,029 $ 1,527 $ (366,556) $ 265,473 Statement of Comprehensive Income Net income (loss) $ 265,473 $ 365,029 $ 1,527 $ (366,556) $ 265,473 Total other comprehensive loss, net of tax — — (84) — (84) Total comprehensive income (loss) $ 265,473 $ 365,029 $ 1,443 $ (366,556) $ 265,389 (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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,116,947 $ 24,514 $ (1,130) $ 1,140,331 Operating expenses (income) Direct advertising expenses (1) — 402,033 18,959 (1,130) 419,862 General and administrative expenses (1) — 211,090 5,271 — 216,361 Corporate expenses (1) — 51,526 615 — 52,141 Depreciation and amortization — 186,201 1,347 — 187,548 (Gain) loss on disposition of assets — (4,878) 55 — (4,823) — 845,972 26,247 (1,130) 871,089 Operating income (loss) — 270,975 (1,733) — 269,242 Equity in (earnings) loss of subsidiaries (265,353) — — 265,353 — Loss on extinguishment of debt 25,235 — — — 25,235 Interest expense (income), net 105,072 (151) 1,520 — 106,441 Income (loss) before income tax expense (benefit) 135,046 271,126 (3,253) (265,353) 137,566 Income tax expense (benefit) (2) — 3,373 (853) — 2,520 Net income (loss) $ 135,046 $ 267,753 $ (2,400) $ (265,353) $ 135,046 Statement of Comprehensive Income Net income (loss) $ 135,046 $ 267,753 $ (2,400) $ (265,353) $ 135,046 Total other comprehensive loss, net of tax — — (528) — (528) Total comprehensive income (loss) $ 135,046 $ 267,753 $ (2,928) $ (265,353) $ 134,518 (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, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 380,225 $ 584,251 $ (26,729) $ (467,049) $ 470,698 Cash flows from investing activities: Acquisitions — (107,593) — — (107,593) Capital expenditures — (67,767) (3,746) — (71,513) Payment for investments in equity securities — (30,000) — — (30,000) Proceeds from disposition of assets and investments — 5,761 — — 5,761 Decrease in notes receivable — 107 — — 107 Investment in subsidiaries (107,593) — — 107,593 — Decrease (increase) in intercompany notes receivable 53,515 — — (53,515) — Net cash (used in) provided by investing activities (54,078) (199,492) (3,746) 54,078 (203,238) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Payment on revolving credit facility (25,000) — — — (25,000) Principal payments on long-term debt — (282) — — (282) Principal payments on financing leases — (998) — — (998) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Payment on accounts receivable securitization program — — (67,500) — (67,500) Proceeds received from accounts receivable securitization program — — 120,000 — 120,000 Debt issuance costs (8,224) — (438) — (8,662) Intercompany loan (payments) proceeds — (24,119) (29,396) 53,515 — Distributions to non-controlling interest — — (82) — (82) Dividends (to) from parent (258,703) (467,049) — 467,049 (258,703) Contributions from (to) parent 33,312 107,593 — (107,593) 33,312 Net cash (used in) provided by financing activities (352,303) (384,855) 22,584 412,971 (301,603) Effect of exchange rate changes in cash and cash equivalents — — 143 — 143 Net decrease in cash and cash equivalents (26,156) (96) (7,748) — (34,000) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 84,432 $ 1,636 $ 1,001 $ — $ 87,069 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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 310,395 $ 436,270 $ 4,949 $ (419,181) $ 332,433 Cash flows from investing activities: Acquisitions 577 (29,324) — — (28,747) Capital expenditures — (42,792) (1,841) — (44,633) Proceeds from disposition of assets and investments — 5,699 — — 5,699 Investment in subsidiaries (29,324) — — 29,324 — (Increase) decrease in intercompany notes receivable (57,807) — — 57,807 — Net cash (used in) provided by investing activities (86,554) (66,417) (1,841) 87,131 (67,681) Cash flows from financing activities: Proceeds received from revolving credit facility 725,000 — — — 725,000 Payment on revolving credit facility (805,000) — — — (805,000) Principal payments on long-term debt — (273) — — (273) Borrowings on long-term debt — 8,750 — — 8,750 Proceeds received from note offering 1,549,250 — — — 1,549,250 Payment on accounts receivable securitization program — — (175,000) — (175,000) Proceeds received from accounts receivable securitization program — — 122,500 — 122,500 Redemption of senior notes and senior subordinated notes (1,058,596) — — — (1,058,596) Proceeds received from senior credit facility term loans 598,500 — — — 598,500 Payments on senior credit facility term loans (978,097) — — — (978,097) Debt issuance costs (32,667) — — — (32,667) Intercompany loan proceeds (payments) — 4,111 53,696 (57,807) — Distributions to non-controlling interest — — (1,475) — (1,475) Dividends (to) from parent (211,624) (419,181) — 419,181 (211,624) Contributions from (to) parent 36,492 29,324 — (29,324) 36,492 Net cash (used in) provided by financing activities (176,742) (377,269) (279) 332,050 (222,240) Effect of exchange rate changes in cash and cash equivalents — — (72) — (72) Net increase (decrease) in cash and cash equivalents 47,099 (7,416) 2,757 — 42,440 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 60,284 $ 862 $ 6,982 $ — $ 68,128

Significant Accounting (Policie

Significant Accounting (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Subsequent Events	Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
Advertising Revenues, Other Revenues, Arrangements with Multiple Performance Obligations, Deferred Revenues, Practical Expedients and Exemptions	Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue . The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.
Fair Value of Financial Instruments	At September 30, 2021 and December 31, 2020, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long-term debt (including current maturities) was $2,913,841 which exceeds the carrying amount of $2,875,468 as of September 30, 2021. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).
New Accounting Pronouncements	In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing specific exceptions to the general principles in Topic 740 - Income Taxes. This guidance is effective for years beginning after December 15, 2020. The Company adopted this guidance on January 1, 2021 and the impact of the adoption is not material to the Company's consolidated financial statements.
Dividends And Distributions	The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation Revenue	The following table presents our disaggregated revenue by source for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Billboard advertising $ 430,103 $ 348,361 $ 1,169,426 $ 1,015,761 Logo advertising 19,720 19,790 58,820 62,235 Transit advertising 27,071 17,959 64,581 62,335 Net revenues $ 476,894 $ 386,110 $ 1,292,827 $ 1,140,331

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities	The following is a summary of the maturities of our operating lease liabilities as of September 30, 2021: 2021 $ 40,519 2022 208,326 2023 176,861 2024 157,270 2025 131,273 Thereafter 817,054 Total undiscounted operating lease payments 1,531,303 Less: Imputed interest (378,703) Total operating lease liabilities $ 1,152,600

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on September 8, 2021 for an aggregate purchase price of $65,500. Total Property, plant and equipment $ 15,949 Goodwill 14,584 Site locations 66,321 Non-competition agreements 440 Customer lists and contracts 10,100 Asset acquisition costs 139 Current assets 218 Current liabilities (911) Operating lease right of use assets 12,274 Operating lease liabilities (11,521) $ 107,593

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of ESPP Share Activity	The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2021: Shares Available for future purchases, January 1, 2021 369,771 Additional shares reserved under 2019 ESPP 86,490 Purchases (87,473) Available for future purchases, September 30, 2021 368,788

Depreciation and Amortization (

Depreciation and Amortization (Tables)	9 Months Ended
	Sep. 30, 2021
Depreciation, Depletion and Amortization [Abstract]
Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income	The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Direct advertising expenses $ 80,068 $ 57,556 $ 192,816 $ 176,395 General and administrative expenses 1,068 1,126 3,338 3,558 Corporate expenses 3,164 2,555 9,517 7,595 $ 84,300 $ 61,237 $ 205,671 $ 187,548

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at September 30, 2021 and December 31, 2020: Estimated September 30, 2021 December 31, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 655,843 $ 580,671 $ 645,739 $ 563,135 Non-competition agreements 3—15 66,596 64,857 66,156 64,647 Site locations 15 2,479,103 1,657,456 2,412,745 1,593,805 Other 2—15 50,157 39,207 50,018 38,625 $ 3,251,699 $ 2,342,191 $ 3,174,658 $ 2,260,212 Unamortizable intangible assets: Goodwill $ 2,180,455 $ 253,536 $ 2,165,864 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Information Related to Asset Retirement Obligations	The following table reflects information related to our asset retirement obligations: Balance at December 31, 2020 $ 222,876 Additions to asset retirement obligations 2,363 Revision in estimates 41,363 Accretion expense 3,053 Liabilities settled (2,631) Balance at September 30, 2021 $ 267,024

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at September 30, 2021 and December 31, 2020: September 30, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 598,655 $ 9,873 $ 588,782 Accounts Receivable Securitization Program 175,000 641 174,359 3 3/4% Senior Notes 600,000 7,288 592,712 3 5/8% Senior Notes 550,000 7,736 542,264 4% Senior Notes 549,339 7,390 541,949 4 7/8% Senior Notes 400,000 5,159 394,841 Other notes with various rates and terms 2,474 — 2,474 2,875,468 38,087 2,837,381 Less current maturities (175,366) (641) (174,725) Long-term debt, excluding current maturities $ 2,700,102 $ 37,446 $ 2,662,656 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082

Summarized Financial Informat_2

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES	9 Months Ended
	Sep. 30, 2021
Condensed Consolidating Balance Sheet	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, 2021 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 84,528 $ 21,427 $ 263,978 $ — $ 369,933 Net property, plant and equipment — 1,277,082 14,155 — 1,291,237 Operating lease right of use assets — 1,179,793 28,632 — 1,208,425 Intangibles and goodwill, net — 2,808,322 17,485 — 2,825,807 Other assets 4,042,153 310,925 186,517 (4,432,772) 106,823 Total assets $ 4,126,681 $ 5,597,549 $ 510,767 $ (4,432,772) $ 5,802,225 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 366 $ 174,359 $ — $ 174,725 Current operating lease liabilities — 167,067 7,592 — 174,659 Other current liabilities 22,086 216,543 11,034 — 249,663 Total current liabilities 22,086 383,976 192,985 — 599,047 Long-term debt 2,660,548 2,108 — — 2,662,656 Operating lease liabilities — 958,770 19,171 — 977,941 Other noncurrent liabilities 211,205 289,459 291,032 (461,957) 329,739 Total liabilities 2,893,839 1,634,313 503,188 (461,957) 4,569,383 Stockholder's equity 1,232,842 3,963,236 7,579 (3,970,815) 1,232,842 Total liabilities and stockholder's equity $ 4,126,681 $ 5,597,549 $ 510,767 $ (4,432,772) $ 5,802,225 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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 110,678 $ 19,471 $ 249,921 $ — $ 380,070 Net property, plant and equipment — 1,268,765 13,084 — 1,281,849 Operating lease right of use assets — 1,200,115 21,898 — 1,222,013 Intangibles and goodwill, net — 2,798,343 17,812 — 2,816,155 Other assets 3,912,122 258,433 132,448 (4,228,383) 74,620 Total assets $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 379 $ 122,055 $ — $ 122,434 Current operating lease liabilities — 188,712 6,727 — 195,439 Other current liabilities 33,583 170,320 19,286 — 223,189 Total current liabilities 33,583 359,411 148,068 — 541,062 Long-term debt 2,761,705 2,377 — — 2,764,082 Operating lease liabilities — 979,785 13,991 — 993,776 Other noncurrent liabilities 34,668 245,891 266,968 (264,584) 282,943 Total liabilities 2,829,956 1,587,464 429,027 (264,584) 4,581,863 Stockholder's equity 1,192,844 3,957,663 6,136 (3,963,799) 1,192,844 Total liabilities and stockholder's equity $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707
Condensed Consolidating Statements of Income and Comprehensive Income	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, 2021 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 466,222 $ 11,216 $ (544) $ 476,894 Operating expenses (income) Direct advertising expenses (1) — 140,641 7,213 (544) 147,310 General and administrative expenses (1) — 85,077 870 — 85,947 Corporate expenses (1) — 25,366 525 — 25,891 Depreciation and amortization — 82,577 1,723 — 84,300 Loss (gain) on disposition of assets — 115 (141) — (26) — 333,776 10,190 (544) 343,422 Operating income (loss) — 132,446 1,026 — 133,472 Equity in (earnings) loss of subsidiaries (132,727) — — 132,727 — Loss on extinguishment of debt — — — — — Interest expense (income), net 25,753 (4) 178 — 25,927 Equity in earnings of investee — (1,141) — — (1,141) Income (loss) before income tax expense (benefit) 106,974 133,591 848 (132,727) 108,686 Income tax expense (benefit) (2) — 1,943 (231) — 1,712 Net income (loss) $ 106,974 $ 131,648 $ 1,079 $ (132,727) $ 106,974 Statement of Comprehensive Income Net income (loss) $ 106,974 $ 131,648 $ 1,079 $ (132,727) $ 106,974 Total other comprehensive loss, net of tax — — (588) — (588) Total comprehensive income (loss) $ 106,974 $ 131,648 $ 491 $ (132,727) $ 106,386 (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, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consoliated Statement of Income (unaudited) Net revenues $ — $ 378,652 $ 7,825 $ (367) $ 386,110 Operating expenses (income) Direct advertising expenses (1) — 130,496 6,180 (367) 136,309 General and administrative expenses (1) — 65,340 1,409 — 66,749 Corporate expenses (1) — 16,918 211 — 17,129 Depreciation and amortization — 60,751 486 — 61,237 Gain on disposition of assets — (1,304) — — (1,304) — 272,201 8,286 (367) 280,120 Operating income (loss) — 106,451 (461) — 105,990 Equity in (earnings) loss of subsidiaries (104,769) — — 104,769 — Loss on extinguishment of debt 7,051 — — — 7,051 Interest expense (income), net 34,823 (92) 89 — 34,820 Income (loss) before income tax expense (benefit) 62,895 106,543 (550) (104,769) 64,119 Income tax expense (benefit) (2) — 1,449 (225) — 1,224 Net income (loss) $ 62,895 $ 105,094 $ (325) $ (104,769) $ 62,895 Statement of Comprehensive Income Net income (loss) $ 62,895 $ 105,094 $ (325) $ (104,769) $ 62,895 Total other comprehensive income, net of tax — — 330 — 330 Total comprehensive income (loss) $ 62,895 $ 105,094 $ 5 $ (104,769) $ 63,225 (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 Nine Months Ended September 30, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,266,818 $ 27,326 $ (1,317) $ 1,292,827 Operating expenses (income) Direct advertising expenses (1) — 402,260 18,030 (1,317) 418,973 General and administrative expenses (1) — 231,091 3,024 — 234,115 Corporate expenses (1) — 62,897 1,151 — 64,048 Depreciation and amortization — 202,660 3,011 — 205,671 Gain on disposition of assets — (1,774) (148) — (1,922) — 897,134 25,068 (1,317) 920,885 Operating income — 369,684 2,258 — 371,942 Equity in (earnings) loss of subsidiaries (366,556) — — 366,556 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 79,479 (30) 635 — 80,084 Equity in earnings of investee — (1,141) — — (1,141) Income (loss) before income tax expense 265,473 370,855 1,623 (366,556) 271,395 Income tax expense (2) — 5,826 96 — 5,922 Net income (loss) $ 265,473 $ 365,029 $ 1,527 $ (366,556) $ 265,473 Statement of Comprehensive Income Net income (loss) $ 265,473 $ 365,029 $ 1,527 $ (366,556) $ 265,473 Total other comprehensive loss, net of tax — — (84) — (84) Total comprehensive income (loss) $ 265,473 $ 365,029 $ 1,443 $ (366,556) $ 265,389 (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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,116,947 $ 24,514 $ (1,130) $ 1,140,331 Operating expenses (income) Direct advertising expenses (1) — 402,033 18,959 (1,130) 419,862 General and administrative expenses (1) — 211,090 5,271 — 216,361 Corporate expenses (1) — 51,526 615 — 52,141 Depreciation and amortization — 186,201 1,347 — 187,548 (Gain) loss on disposition of assets — (4,878) 55 — (4,823) — 845,972 26,247 (1,130) 871,089 Operating income (loss) — 270,975 (1,733) — 269,242 Equity in (earnings) loss of subsidiaries (265,353) — — 265,353 — Loss on extinguishment of debt 25,235 — — — 25,235 Interest expense (income), net 105,072 (151) 1,520 — 106,441 Income (loss) before income tax expense (benefit) 135,046 271,126 (3,253) (265,353) 137,566 Income tax expense (benefit) (2) — 3,373 (853) — 2,520 Net income (loss) $ 135,046 $ 267,753 $ (2,400) $ (265,353) $ 135,046 Statement of Comprehensive Income Net income (loss) $ 135,046 $ 267,753 $ (2,400) $ (265,353) $ 135,046 Total other comprehensive loss, net of tax — — (528) — (528) Total comprehensive income (loss) $ 135,046 $ 267,753 $ (2,928) $ (265,353) $ 134,518 (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.
Condensed Consolidating Statements of Cash Flows	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, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 380,225 $ 584,251 $ (26,729) $ (467,049) $ 470,698 Cash flows from investing activities: Acquisitions — (107,593) — — (107,593) Capital expenditures — (67,767) (3,746) — (71,513) Payment for investments in equity securities — (30,000) — — (30,000) Proceeds from disposition of assets and investments — 5,761 — — 5,761 Decrease in notes receivable — 107 — — 107 Investment in subsidiaries (107,593) — — 107,593 — Decrease (increase) in intercompany notes receivable 53,515 — — (53,515) — Net cash (used in) provided by investing activities (54,078) (199,492) (3,746) 54,078 (203,238) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Payment on revolving credit facility (25,000) — — — (25,000) Principal payments on long-term debt — (282) — — (282) Principal payments on financing leases — (998) — — (998) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Payment on accounts receivable securitization program — — (67,500) — (67,500) Proceeds received from accounts receivable securitization program — — 120,000 — 120,000 Debt issuance costs (8,224) — (438) — (8,662) Intercompany loan (payments) proceeds — (24,119) (29,396) 53,515 — Distributions to non-controlling interest — — (82) — (82) Dividends (to) from parent (258,703) (467,049) — 467,049 (258,703) Contributions from (to) parent 33,312 107,593 — (107,593) 33,312 Net cash (used in) provided by financing activities (352,303) (384,855) 22,584 412,971 (301,603) Effect of exchange rate changes in cash and cash equivalents — — 143 — 143 Net decrease in cash and cash equivalents (26,156) (96) (7,748) — (34,000) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 84,432 $ 1,636 $ 1,001 $ — $ 87,069 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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 310,395 $ 436,270 $ 4,949 $ (419,181) $ 332,433 Cash flows from investing activities: Acquisitions 577 (29,324) — — (28,747) Capital expenditures — (42,792) (1,841) — (44,633) Proceeds from disposition of assets and investments — 5,699 — — 5,699 Investment in subsidiaries (29,324) — — 29,324 — (Increase) decrease in intercompany notes receivable (57,807) — — 57,807 — Net cash (used in) provided by investing activities (86,554) (66,417) (1,841) 87,131 (67,681) Cash flows from financing activities: Proceeds received from revolving credit facility 725,000 — — — 725,000 Payment on revolving credit facility (805,000) — — — (805,000) Principal payments on long-term debt — (273) — — (273) Borrowings on long-term debt — 8,750 — — 8,750 Proceeds received from note offering 1,549,250 — — — 1,549,250 Payment on accounts receivable securitization program — — (175,000) — (175,000) Proceeds received from accounts receivable securitization program — — 122,500 — 122,500 Redemption of senior notes and senior subordinated notes (1,058,596) — — — (1,058,596) Proceeds received from senior credit facility term loans 598,500 — — — 598,500 Payments on senior credit facility term loans (978,097) — — — (978,097) Debt issuance costs (32,667) — — — (32,667) Intercompany loan proceeds (payments) — 4,111 53,696 (57,807) — Distributions to non-controlling interest — — (1,475) — (1,475) Dividends (to) from parent (211,624) (419,181) — 419,181 (211,624) Contributions from (to) parent 36,492 29,324 — (29,324) 36,492 Net cash (used in) provided by financing activities (176,742) (377,269) (279) 332,050 (222,240) Effect of exchange rate changes in cash and cash equivalents — — (72) — (72) Net increase (decrease) in cash and cash equivalents 47,099 (7,416) 2,757 — 42,440 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 60,284 $ 862 $ 6,982 $ — $ 68,128

Revenues - Disaggregation Reven

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 476,894	$ 386,110	$ 1,292,827	$ 1,140,331
Billboard advertising
Disaggregation of Revenue [Line Items]
Net revenues	430,103	348,361	1,169,426	1,015,761
Logo advertising
Disaggregation of Revenue [Line Items]
Net revenues	19,720	19,790	58,820	62,235
Transit advertising
Disaggregation of Revenue [Line Items]
Net revenues	$ 27,071	$ 17,959	$ 64,581	$ 62,335

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 72,789	$ 76,739	$ 218,139	$ 235,473
Variable lease, cost	22,514	13,494	56,507	41,238
Gain (loss) on disposition of assets	26	1,304	1,922	4,823
Operating lease, cash payments			243,690	234,400
Direct advertising expenses (exclusive of depreciation and amortization)	$ 147,310	136,309	$ 418,973	419,862
Operating lease, weighted average remaining lease term	12 years		12 years
Operating lease, weighted average discount rate	4.60%		4.60%
Leased assets obtained in exchange for operating lease liability			$ 25,401	25,250
Amortization expense	$ 713		2,140
Interest expense	$ 145		443
Principal payments on financing leases			$ 998	0
Weighted-average remaining lease term	6 years 2 months 12 days		6 years 2 months 12 days
Weighted-average discount rate	3.50%		3.50%
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	$ 1,579	1,172	$ 4,471	3,679
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain (loss) on disposition of assets	$ (349)	$ 76	$ (296)	$ (241)

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021	$ 40,519
2022	208,326
2023	176,861
2024	157,270
2025	131,273
Thereafter	817,054
Total undiscounted operating lease payments	1,531,303
Less: Imputed interest	(378,703)
Total operating lease liabilities	$ 1,152,600

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Sep. 08, 2021	Sep. 30, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Goodwill		$ 1,926,919	$ 1,912,328
2021 Acquisitions
Asset Acquisition [Line Items]
Business Combination, consideration transferred	$ 65,500	107,593
Total acquired intangible assets		91,584
Goodwill		14,584
Business acquisition, goodwill, expected tax deductible amount		$ 14,584
Acquired finite-lived intangible assets, weighted average useful life		14 years
Amortization of acquired intangible asset		$ 1,158
2021 Acquisitions | Customer lists and contracts
Asset Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		7 years
Finite-lived intangible assets acquired		$ 10,100
2021 Acquisitions | Site locations
Asset Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		15 years
Finite-lived intangible assets acquired		$ 66,321

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Goodwill	$ 1,926,919	$ 1,912,328
2021 Acquisitions
Asset Acquisition [Line Items]
Property, plant and equipment	15,949
Goodwill	14,584
Asset acquisition costs	139
Current assets	218
Current liabilities	(911)
Operating lease right of use assets	12,274
Operating lease liabilities	(11,521)
Business combination, recognized identifiable assets acquired, goodwill, and liabilities assumed, net, total	107,593
2021 Acquisitions | Site locations
Asset Acquisition [Line Items]
Finite-lived intangible assets	66,321
2021 Acquisitions | Non-competition agreements
Asset Acquisition [Line Items]
Finite-lived intangible assets	440
2021 Acquisitions | Customer lists and contracts
Asset Acquisition [Line Items]
Finite-lived intangible assets	$ 10,100

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 01, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		2,297,290
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		45,000
1996 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance to directors and employees		17,500,000
1996 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share		0.00%
1996 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share		100.00%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	86,490
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan		10 years
Options | Percentage of awards vesting on grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting		20.00%
Options | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting		20.00%
Options | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting		20.00%
Options | Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting		20.00%
Options | Share-based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting		20.00%
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
Performance Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements		$ 18,379
Restricted Stock | Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements		$ 544
Restricted Stock | Percentage of awards vesting on grant date | Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting		50.00%
Restricted Stock | Share-based Payment Arrangement, Tranche Two | Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Percentage of awards vesting		50.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - shares	Jan. 01, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future purchases, September 30, 2021 (in shares)		2,297,290
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	86,490
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future purchases, January 1, 2021 (in shares)	369,771	369,771
Purchases (in shares)		(87,473)
Available for future purchases, September 30, 2021 (in shares)		368,788
Employee Stock Purchase Plan | 2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)		86,490

Depreciation and Amortization -

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 84,300	$ 61,237	$ 205,671	$ 187,548
Direct advertising expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	80,068	57,556	192,816	176,395
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,068	1,126	3,338	3,558
Corporate expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,164	$ 2,555	$ 9,517	$ 7,595

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,251,699	$ 3,174,658
Accumulated Amortization	2,342,191	2,260,212
Goodwill gross carrying amount	2,180,455	2,165,864
Goodwill accumulated amortization	253,536	253,536
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	655,843	645,739
Accumulated Amortization	$ 580,671	563,135
Customer lists and contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 66,596	66,156
Accumulated Amortization	$ 64,857	64,647
Non-competition agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,479,103	2,412,745
Accumulated Amortization	$ 1,657,456	1,593,805
Site locations | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 50,157	50,018
Accumulated Amortization	$ 39,207	$ 38,625
Other Intangible Assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other Intangible Assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Asset Retirement Obligations -

Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning Balance	$ 222,876
Additions to asset retirement obligations	2,363
Revision in estimates	41,363
Accretion expense	3,053
Liabilities settled	(2,631)
Ending Balance	$ 267,024

Distribution Restrictions (Deta

Distribution Restrictions (Detail) $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 3,874,821	$ 3,625,712
Debt ratio	7
Debt ratio related to actual position on senior credit facility	7
Available cumulative credit	$ 2,625,301
Secured Debt | Maximum
Debt Instrument [Line Items]
Secured debt ratio	4.5
Secured Debt | Maximum | LAMAR MEDIA CORP
Debt Instrument [Line Items]
Secured debt ratio	4.5

Earnings Per Share (Detail)

Earnings Per Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares)	0	0	0	0

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Aug. 19, 2020	Feb. 06, 2020	Jan. 28, 2016
Debt Instrument [Line Items]
Debt	$ 2,875,468	$ 2,926,633
Debt, Less current maturities	(175,366)	(122,879)
Debt, excluding current maturities	2,700,102	2,803,754
Deferred financing costs	38,087	40,117
Deferred financing costs, Less current maturities	(641)	(445)
Deferred financing costs, excluding current maturities	37,446	39,672
Debt, net of deferred financing costs	2,837,381	2,886,516
Debt, net of deferred financing costs, Less current maturities	(174,725)	(122,434)
Debt, net of deferred financing costs, excluding current maturities	2,662,656	2,764,082
Senior Credit Facility
Debt Instrument [Line Items]
Debt	598,655	598,466
Deferred financing costs	9,873	11,569
Debt, net of deferred financing costs	588,782	586,897
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	175,000	122,500
Deferred financing costs	641	445
Debt, net of deferred financing costs	174,359	122,055
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	7,288	8,031
Debt, net of deferred financing costs	$ 592,712	$ 591,969
Debt Instrument, Interest Rate, Stated Percentage	3.75%	3.75%		3.75%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 550,000
Deferred financing costs	7,736
Debt, net of deferred financing costs	$ 542,264
Debt Instrument, Interest Rate, Stated Percentage	3.625%
4% Senior Notes
Debt Instrument [Line Items]
Debt	$ 549,339	$ 549,280
Deferred financing costs	7,390	7,911
Debt, net of deferred financing costs	$ 541,949	$ 541,369
Debt Instrument, Interest Rate, Stated Percentage	4.00%	4.00%	4.00%	4.00%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000
Deferred financing costs	5,159	5,586
Debt, net of deferred financing costs	$ 394,841	$ 394,414
Debt Instrument, Interest Rate, Stated Percentage	4.875%	4.875%
5 3/4% Senior Notes
Debt Instrument [Line Items]
Debt		$ 653,631
Deferred financing costs		6,575
Debt, net of deferred financing costs		$ 647,056
Debt Instrument, Interest Rate, Stated Percentage		5.75%			5.75%
Other Notes with Various Rates and Terms
Debt Instrument [Line Items]
Debt	$ 2,474	$ 2,756
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 2,474	$ 2,756

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($)	May 24, 2021	Feb. 03, 2021	Jan. 22, 2021	Oct. 23, 2020	Aug. 19, 2020	Jun. 30, 2020	May 13, 2020	Feb. 06, 2020	Feb. 01, 2019	Jan. 28, 2016	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 16, 2020	Dec. 18, 2018
Debt Instrument [Line Items]
Proceeds received from term B loans													$ 0	$ 598,500,000
Loss on extinguishment of debt											$ 0	$ 7,051,000	21,604,000	25,235,000
Aggregate principal amount of debt issued											2,875,468,000		2,875,468,000
Debt instrument outstanding amount											$ 2,875,468,000		$ 2,875,468,000		$ 2,926,633,000
4% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					4.00%			4.00%			4.00%		4.00%		4.00%
Debt instrument outstanding amount											$ 549,339,000		$ 549,339,000		$ 549,280,000
Redemption period								120 days
Redemption price percentage of the principal amount to be purchased								101.00%
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Aggregate principal amount of debt issued																	$ 175,000,000
Increase in delinquency ratio						11.00%
Delinquency ratio						8.00%
Increase in dilution ratio						7.00%
Dilution ratio						4.00%
Increase in days sales outstanding						75 days
Number of days sales outstanding						65 days
Percentage of commitment to maintain minimum borrowings	50.00%			70.00%		50.00%
Delinquency ratio				13.00%
Dilution ratio				5.00%
Debt instrument outstanding amount											$ 175,000,000		175,000,000		$ 122,500,000
5 3/4% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage										5.75%					5.75%
Loss on extinguishment of debt													21,604,000
Aggregate principal amount of debt issued										$ 400,000,000
Debt instrument outstanding amount															$ 653,631,000
Net proceeds form the issuance of debt										$ 394,500,000
Principal amount redeemed		$ 650,000,000
Percentage of principal amount redeemed		102.875%
Loss on debt extinguishment on cash													$ 18,700,000
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								3.75%			3.75%		3.75%		3.75%
Debt instrument outstanding amount											$ 600,000,000		$ 600,000,000		$ 600,000,000
Redemption percentage of aggregate principal amount of senior notes								40.00%
Redeemed percentage of aggregate principal amount								103.75%
Redemption percentage of issued notes which remain outstanding								60.00%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage											4.875%		4.875%		4.875%
Debt instrument outstanding amount											$ 400,000,000		$ 400,000,000		$ 400,000,000
Redemption percentage of aggregate principal amount of senior notes							40.00%
Redeemed percentage of aggregate principal amount							104.875%
Redemption percentage of issued notes which remain outstanding							60.00%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage											3.625%		3.625%
Debt instrument outstanding amount											$ 550,000,000		$ 550,000,000
Redemption percentage of aggregate principal amount of senior notes			40.00%
Redeemed percentage of aggregate principal amount			103.625%
Redemption percentage of issued notes which remain outstanding			60.00%
Redemption period			120 days
Redemption price percentage of the principal amount to be purchased			101.00%
Redemption Period One | 4% Senior Notes
Debt Instrument [Line Items]
Redemption percentage of aggregate principal amount of senior notes								40.00%
Redeemed percentage of aggregate principal amount								104.00%
Redemption percentage of issued notes which remain outstanding								60.00%
Redemption Period One | 3 3/4% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount								100.00%
Redemption price percentage of the principal amount to be purchased								101.00%
Redemption Period One | 4 7/8% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount							100.00%
Redemption price percentage of the principal amount to be purchased							101.00%
Redemption Period One | 3 5/8% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount			100.00%
Redemption Period Two | 4% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount								100.00%
Private Placement | 4% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					4.00%			4.00%
Aggregate principal amount of debt issued					$ 150,000,000			$ 400,000,000
Net proceeds form the issuance of debt					$ 146,900,000			$ 395,000,000
Private Placement | 5 3/4% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									5.75%
Aggregate principal amount of debt issued									$ 250,000,000
Net proceeds form the issuance of debt									$ 251,500,000
Private Placement | 3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage								3.75%
Aggregate principal amount of debt issued								$ 600,000,000
Net proceeds form the issuance of debt								$ 592,500,000
Redemption period								120 days
Private Placement | 4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							4.875%
Aggregate principal amount of debt issued							$ 400,000,000
Net proceeds form the issuance of debt							$ 395,000,000
Redemption period							120 days
Private Placement | 3 5/8% Senior Notes
Debt Instrument [Line Items]
Proceeds received from term B loans			$ 542,500,000
Debt Instrument, Interest Rate, Stated Percentage			3.625%
Aggregate principal amount of debt issued			$ 550,000,000
Letter of Credit
Debt Instrument [Line Items]
Letter of credit outstanding balance											14,345,000		14,345,000
For Up To Two Additional Periods | Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Delinquency ratio				16.00%
Debt Instrument Repurchase Program | Senior or Senior Subordinated Notes and other Indebtedness
Debt Instrument [Line Items]
Debt repurchase program, authorized amount																$ 250,000,000
Debt instrument repurchased under the program											0		0
LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Proceeds received from term B loans													0	598,500,000
Loss on extinguishment of debt											0	$ 7,051,000	21,604,000	25,235,000
LAMAR MEDIA CORP. AND SUBSIDIARIES | Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Available borrowing on accounts receivable securitization											0		0
Senior Credit Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt														$ 5,608,000
Senior Credit Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility								$ 750,000,000
Term B Loan Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility								600,000,000
Proceeds received from term B loans								$ 600,000,000
Term B Loan Facility | LIBO Rate
Debt Instrument [Line Items]
Adjusted base rate								1.50%
Term B Loan Facility | Base Rate
Debt Instrument [Line Items]
Adjusted base rate								0.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding revolving credit facility											0		0
Remaining borrowing capacity under revolving credit facility											$ 735,655,000		$ 735,655,000
Revolving Credit Facility | Secured Debt
Debt Instrument [Line Items]
Secured debt ratio								4.50
Revolving Credit Facility | LIBO Rate
Debt Instrument [Line Items]
Secured debt ratio								3.25
Adjusted base rate								1.50%
Ratio of indebtedness to net capital minimum								1
Revolving Credit Facility | LIBO Rate | Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate								1.25%
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Secured debt ratio								3.25
Adjusted base rate								0.50%
Ratio of indebtedness to net capital minimum								1
Revolving Credit Facility | Base Rate | Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate								0.25%

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,913,841
Gross amount of company's long term debt	$ 2,875,468

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jul. 12, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings of investee	$ 1,141	$ 0	$ 1,141	$ 0
Vistar Media
Schedule of Equity Method Investments [Line Items]
Equity method investment					$ 30,000
Minority interest					20.00%

Dividends_Distributions (Detail

Dividends/Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Distributions paid	$ 101,225	$ 50,416	$ 252,917	$ 201,499
Dividends declared	$ 101,225	$ 50,416	$ 252,917	$ 201,499
Cash dividends declared per share of common stock (in dollars per share)	$ 1	$ 0.50	$ 2.50	$ 2
Dividends paid (in dollars per share)	$ 1	$ 0.50	$ 2.50	$ 2
Dividends paid	$ 91	$ 91	$ 273	$ 273
Distributions paid, preferred stockholders, per share	$ 15.95	$ 15.95	$ 47.85	$ 47.85

Information about Geographic _2

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 9,957		$ 8,727
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 17,568	$ 16,295

Stockholders' Equity (Detail)

Stockholders' Equity (Detail) - USD ($)	9 Months Ended	12 Months Ended	36 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	May 01, 2021	Jun. 21, 2021	Mar. 16, 2020	May 01, 2018
Shelf Registration
Class of Stock [Line Items]
Common stock shares issued for cash (in shares)	0	0
Common Class A | Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 250,000,000
Stock repurchased during period	$ 0
Sales Agreement | Common Class A
Class of Stock [Line Items]
Common stock, shares sold (in shares)			842,412
2021 Sales Agreement | Common Class A
Class of Stock [Line Items]
Common stock, shares sold (in shares)	0
Common stock, shares available to be sold	$ 400,000,000
Maximum | Sales Agreement | Common Class A
Class of Stock [Line Items]
Aggregate offering price of common stock issuable						$ 400,000,000
Maximum | 2021 Sales Agreement | Common Class A
Class of Stock [Line Items]
Aggregate offering price of common stock issuable				$ 400,000