Lamar Advertising (LAMR) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001090425
Current Fiscal Year End Date	--12-31
Class A CMN Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		87,062,017
Class B CMN Stock
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 Emerging Growth Company	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	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 115,878	$ 99,788
Receivables, net of allowance for doubtful accounts	255,641	269,917
Other current assets	36,127	18,902
Total current assets	407,646	388,607
Property, plant and equipment	3,806,905	3,782,288
Less accumulated depreciation and amortization	(2,465,436)	(2,445,014)
Net property, plant and equipment	1,341,469	1,337,274
Operating lease right of use assets	1,236,538	1,224,672
Financing lease right of use assets	16,177	16,890
Goodwill	1,936,465	1,936,426
Intangible assets, net	1,061,391	1,045,177
Other assets	94,177	98,448
Total assets	6,093,863	6,047,494
Current liabilities:
Trade accounts payable	13,006	16,429
Current maturities of long-term debt, net of deferred financing costs	174,836	174,778
Current operating lease liabilities	166,275	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses	84,869	135,038
Deferred income	131,352	137,103
Total current liabilities	571,669	662,965
Long-term debt	2,955,138	2,838,817
Operating lease liabilities	1,007,403	995,356
Financing lease liabilities	16,944	17,277
Deferred income tax liabilities	6,057	6,416
Asset retirement obligation	273,856	269,367
Other liabilities	38,935	40,207
Total liabilities	4,870,002	4,830,405
Stockholders’ equity:
Additional paid-in capital	2,037,845	2,001,399
Accumulated comprehensive income	1,169	855
Accumulated deficit	(753,957)	(734,415)
Treasury stock at cost	(61,298)	(50,852)
Stockholder's equity	1,223,861	1,217,089
Total liabilities and stockholders’ equity	6,093,863	6,047,494
Series AA PREF Stock
Stockholders’ equity:
Preferred stock, value	0	0
Class A CMN Stock
Stockholders’ equity:
Common stock, value	88	88
Class B CMN Stock
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statements of Income
Net revenues	$ 451,388	$ 370,881
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	157,772	131,215
General and administrative expenses (exclusive of depreciation and amortization)	83,084	72,649
Corporate expenses (exclusive of depreciation and amortization)	22,012	17,760
Depreciation and amortization	68,627	60,749
Gain on disposition of assets	(563)	(415)
Total operating expenses	330,932	281,958
Operating income	120,456	88,923
Other expense (income)
Loss on extinguishment of debt	0	21,604
Interest income	(215)	(174)
Interest expense	26,786	28,154
Equity in earnings of investee	(746)	0
Total other expense (income)	25,825	49,584
Income before income tax expense	94,631	39,339
Income tax expense	2,480	1,010
Net income	92,151	38,329
Cash dividends declared and paid on preferred stock	91	91
Net income applicable to common stock	$ 92,060	$ 38,238
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.91	$ 0.38
Diluted earnings per share (in dollars per share)	0.91	0.38
Cash dividends declared per share of common stock (in dollars per share)	$ 1.10	$ 0.75
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	101,339,558	100,967,861
Weighted average common shares outstanding diluted (in shares)	101,540,213	101,138,042
Statements of Comprehensive Income
Net income	$ 92,151	$ 38,329
Other comprehensive income
Foreign currency translation adjustments	314	204
Comprehensive income	$ 92,465	$ 38,533

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Treasury Stock	Add’l Paid in Capital	Accumulated Comprehensive Income	Accumulated Deficit	Series AA PREF StockPreferred Stock	Class A CMN StockCommon Stock	Class B CMN StockCommon Stock
Beginning balance at Dec. 31, 2020	$ 1,202,768	$ (44,786)	$ 1,963,850	$ 934	$ (717,331)	$ 0	$ 87	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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 adjustments	204			204
Net income	38,329				38,329
Dividends/distributions to common shareholders	(75,818)				(75,818)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2021	1,181,507	(50,503)	1,985,682	1,138	(754,911)	0	87	14
Beginning balance at Dec. 31, 2021	1,217,089	(50,852)	2,001,399	855	(734,415)	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	1,405		1,405
Issuance of common stock through stock awards	30,145		30,145
Exercise of stock options	1,307		1,307
Issuance of common stock through employee purchase plan	3,589		3,589
Purchase of treasury stock	(10,446)	(10,446)
Foreign currency translation adjustments	314			314
Net income	92,151				92,151
Dividends/distributions to common shareholders	(111,602)				(111,602)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2022	$ 1,223,861	$ (61,298)	$ 2,037,845	$ 1,169	$ (753,957)	$ 0	$ 88	$ 14

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 92,151	$ 38,329
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	68,627	60,749
Stock-based compensation	1,780	3,675
Amortization included in interest expense	1,471	1,371
Gain on disposition of assets	(563)	(415)
Loss on extinguishment of debt	0	21,604
Equity in earnings of investee	(746)	0
Deferred tax benefit	(342)	(1,020)
Provision for doubtful accounts	(39)	(371)
Decrease (increase) in:
Receivables	14,394	22,691
Prepaid expenses	(5,537)	(1,408)
Other assets	(8,265)	(5,438)
(Decrease) increase in:
Trade accounts payable	(1,496)	(1,147)
Accrued expenses	(22,500)	(22,182)
Operating lease liabilities	(30,786)	(34,250)
Other liabilities	(6,111)	1,130
Net cash provided by (used in) operating activities	102,038	83,318
Cash flows from investing activities:
Acquisitions	(55,293)	(3,333)
Capital expenditures	(28,759)	(16,332)
Proceeds from disposition of assets and investments	710	1,842
Net cash used in investing activities	(83,342)	(17,823)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(10,446)	(5,717)
Net proceeds from issuance of common stock	4,897	7,396
Principal payments on long-term debt	(92)	(96)
Principal payments on financing leases	(333)	(483)
Payments on revolving credit facility	(50,000)	0
Proceeds received from revolving credit facility	165,000	25,000
Redemption of senior notes	0	(668,688)
Proceeds received from note offering	0	550,000
Proceeds received from accounts receivable securitization program	0	32,500
Debt issuance costs	0	(8,067)
Distributions to non-controlling interest	(46)	(24)
Dividends/distributions	(111,693)	(75,909)
Net cash used in financing activities	(2,713)	(144,088)
Effect of exchange rate changes in cash and cash equivalents	107	70
Net increase (decrease) in cash and cash equivalents	16,090	(78,523)
Cash and cash equivalents at beginning of period	99,788	121,569
Cash and cash equivalents at end of period	115,878	43,046
Supplemental disclosures of cash flow information:
Cash paid for interest	25,378	43,343
Cash paid for foreign, state and federal income taxes	$ 3,716	$ 1,429

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 115,878	$ 99,788
Receivables, net of allowance for doubtful accounts	255,641	269,917
Other current assets	36,127	18,902
Total current assets	407,646	388,607
Property, plant and equipment	3,806,905	3,782,288
Less accumulated depreciation and amortization	(2,465,436)	(2,445,014)
Net property, plant and equipment	1,341,469	1,337,274
Operating lease right of use assets	1,236,538	1,224,672
Financing lease right of use assets	16,177	16,890
Goodwill	1,936,465	1,936,426
Intangible assets, net	1,061,391	1,045,177
Other assets	94,177	98,448
Total assets	6,093,863	6,047,494
Current liabilities:
Trade accounts payable	13,006	16,429
Current maturities of long-term debt, net of deferred financing costs	174,836	174,778
Current operating lease liabilities	166,275	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses	84,869	135,038
Deferred income	131,352	137,103
Total current liabilities	571,669	662,965
Long-term debt	2,955,138	2,838,817
Operating lease liabilities	1,007,403	995,356
Financing lease liabilities	16,944	17,277
Deferred income tax liabilities	6,057	6,416
Asset retirement obligation	273,856	269,367
Other liabilities	38,935	40,207
Total liabilities	4,870,002	4,830,405
Stockholders’ equity:
Additional paid-in capital	2,037,845	2,001,399
Accumulated comprehensive income	1,169	855
Accumulated deficit	(753,957)	(734,415)
Stockholder's equity	1,223,861	1,217,089
Total liabilities and stockholders’ equity	6,093,863	6,047,494
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	115,378	99,288
Receivables, net of allowance for doubtful accounts	255,641	269,917
Other current assets	36,127	18,902
Total current assets	407,146	388,107
Property, plant and equipment	3,806,905	3,782,288
Less accumulated depreciation and amortization	(2,465,436)	(2,445,014)
Net property, plant and equipment	1,341,469	1,337,274
Operating lease right of use assets	1,236,538	1,224,672
Financing lease right of use assets	16,177	16,890
Goodwill	1,926,314	1,926,274
Intangible assets, net	1,060,923	1,044,709
Other assets	88,834	93,105
Total assets	6,077,401	6,031,031
Current liabilities:
Trade accounts payable	13,006	16,429
Current maturities of long-term debt, net of deferred financing costs	174,836	174,778
Current operating lease liabilities	166,275	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses	76,921	127,318
Deferred income	131,352	137,103
Total current liabilities	563,721	655,245
Long-term debt	2,955,138	2,838,817
Operating lease liabilities	1,007,403	995,356
Financing lease liabilities	16,944	17,277
Deferred income tax liabilities	6,057	6,416
Asset retirement obligation	273,856	269,367
Other liabilities	38,935	40,207
Total liabilities	4,862,054	4,822,685
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in capital	3,108,352	3,071,905
Accumulated comprehensive income	1,169	855
Accumulated deficit	(1,894,174)	(1,864,414)
Stockholder's equity	1,215,347	1,208,346
Total liabilities and stockholders’ equity	$ 6,077,401	$ 6,031,031

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Subsidiary) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statements of Income
Net revenues	$ 451,388	$ 370,881
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	157,772	131,215
General and administrative expenses (exclusive of depreciation and amortization)	83,084	72,649
Corporate expenses (exclusive of depreciation and amortization)	22,012	17,760
Depreciation and amortization	68,627	60,749
Gain on disposition of assets	(563)	(415)
Total operating expenses	330,932	281,958
Operating income	120,456	88,923
Other expense (income)
Loss on extinguishment of debt	0	21,604
Interest income	(215)	(174)
Interest expense	26,786	28,154
Equity in earnings of investee	(746)	0
Total other expense (income)	25,825	49,584
Income before income tax expense	94,631	39,339
Income tax expense	2,480	1,010
Net income	92,151	38,329
Statements of Comprehensive Income
Net income	92,151	38,329
Other comprehensive income
Comprehensive income	92,465	38,533
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	451,388	370,881
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	157,772	131,215
General and administrative expenses (exclusive of depreciation and amortization)	83,084	72,649
Corporate expenses (exclusive of depreciation and amortization)	21,876	17,623
Depreciation and amortization	68,627	60,749
Gain on disposition of assets	(563)	(415)
Total operating expenses	330,796	281,821
Operating income	120,592	89,060
Other expense (income)
Loss on extinguishment of debt	0	21,604
Interest income	(215)	(174)
Interest expense	26,786	28,154
Equity in earnings of investee	(746)	0
Total other expense (income)	25,825	49,584
Income before income tax expense	94,767	39,476
Income tax expense	2,480	1,010
Net income	92,287	38,466
Statements of Comprehensive Income
Net income	92,287	38,466
Other comprehensive income
Foreign currency translations	314	204
Comprehensive income	$ 92,601	$ 38,670

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Subsidiary) - USD ($) $ in Thousands	Total	Add’l Paid in Capital	Accumulated Comprehensive Income	Accumulated Deficit	LAMAR MEDIA CORP. AND SUBSIDIARIES	LAMAR MEDIA CORP. AND SUBSIDIARIESCommon Stock	LAMAR MEDIA CORP. AND SUBSIDIARIESAdd’l Paid in Capital	LAMAR MEDIA CORP. AND SUBSIDIARIESAccumulated Comprehensive Income	LAMAR MEDIA CORP. AND SUBSIDIARIESAccumulated Deficit
Beginning balance at Dec. 31, 2020	$ 1,202,768	$ 1,963,850	$ 934	$ (717,331)	$ 1,192,844	$ 0	$ 3,034,357	$ 934	$ (1,842,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent					21,831		21,831
Foreign currency translations					204			204
Net income	38,329			38,329	38,466				38,466
Dividend to parent					(81,535)				(81,535)
Ending balance at Mar. 31, 2021	1,181,507	1,985,682	1,138	(754,911)	1,171,810	0	3,056,188	1,138	(1,885,516)
Beginning balance at Dec. 31, 2021	1,217,089	2,001,399	855	(734,415)	1,208,346	0	3,071,905	855	(1,864,414)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent					36,447		36,447
Foreign currency translations					314			314
Net income	92,151			92,151	92,287				92,287
Dividend to parent					(122,047)				(122,047)
Ending balance at Mar. 31, 2022	$ 1,223,861	$ 2,037,845	$ 1,169	$ (753,957)	$ 1,215,347	$ 0	$ 3,108,352	$ 1,169	$ (1,894,174)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Subsidiary) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 92,151	$ 38,329
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	68,627	60,749
Stock-based compensation	1,780	3,675
Amortization included in interest expense	1,471	1,371
Gain on disposition of assets	(563)	(415)
Loss on extinguishment of debt	0	21,604
Equity in earnings of investee	(746)	0
Deferred tax benefit	(342)	(1,020)
Provision for doubtful accounts	(39)	(371)
Decrease (increase) in:
Receivables	14,394	22,691
Prepaid expenses	(5,537)	(1,408)
Other assets	(8,265)	(5,438)
(Decrease) increase in:
Trade accounts payable	(1,496)	(1,147)
Accrued expenses	(22,500)	(22,182)
Operating lease liabilities	(30,786)	(34,250)
Other liabilities	(6,111)	1,130
Net cash provided by (used in) operating activities	102,038	83,318
Cash flows from investing activities:
Acquisitions	(55,293)	(3,333)
Capital expenditures	(28,759)	(16,332)
Proceeds from disposition of assets and investments	710	1,842
Net cash used in investing activities	(83,342)	(17,823)
Cash flows from financing activities:
Principal payments on long-term debt	(92)	(96)
Principal payments on financing leases	(333)	(483)
Payments on revolving credit facility	(50,000)	0
Proceeds received from revolving credit facility	165,000	25,000
Redemption of senior notes	0	(668,688)
Proceeds received from note offering	0	550,000
Proceeds received from accounts receivable securitization program	0	32,500
Debt issuance costs	0	(8,067)
Distributions to non-controlling interest	(46)	(24)
Net cash used in financing activities	(2,713)	(144,088)
Effect of exchange rate changes in cash and cash equivalents	107	70
Net increase (decrease) in cash and cash equivalents	16,090	(78,523)
Cash and cash equivalents at beginning of period	99,788	121,569
Cash and cash equivalents at end of period	115,878	43,046
Supplemental disclosures of cash flow information:
Cash paid for interest	25,378	43,343
Cash paid for foreign, state and federal income taxes	3,716	1,429
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	92,287	38,466
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	68,627	60,749
Stock-based compensation	1,780	3,675
Amortization included in interest expense	1,471	1,371
Gain on disposition of assets	(563)	(415)
Loss on extinguishment of debt	0	21,604
Equity in earnings of investee	(746)	0
Deferred tax benefit	(342)	(1,020)
Provision for doubtful accounts	(39)	(371)
Decrease (increase) in:
Receivables	14,394	22,691
Prepaid expenses	(5,537)	(1,408)
Other assets	(8,265)	(5,438)
(Decrease) increase in:
Trade accounts payable	(1,496)	(1,147)
Accrued expenses	(22,500)	(22,182)
Operating lease liabilities	(30,786)	(34,250)
Other liabilities	(37,889)	(13,533)
Net cash provided by (used in) operating activities	70,396	68,792
Cash flows from investing activities:
Acquisitions	(55,293)	(3,333)
Capital expenditures	(28,759)	(16,332)
Proceeds from disposition of assets and investments	710	1,842
Net cash used in investing activities	(83,342)	(17,823)
Cash flows from financing activities:
Principal payments on long-term debt	(92)	(96)
Principal payments on financing leases	(333)	(483)
Payments on revolving credit facility	(50,000)	0
Proceeds received from revolving credit facility	165,000	25,000
Redemption of senior notes	0	(668,688)
Proceeds received from note offering	0	550,000
Proceeds received from accounts receivable securitization program	0	32,500
Debt issuance costs	0	(8,067)
Distributions to non-controlling interest	(46)	(24)
Contributions from (to) parent	36,447	21,831
Dividends (to) from parent	(122,047)	(81,535)
Net cash used in financing activities	28,929	(129,562)
Effect of exchange rate changes in cash and cash equivalents	107	70
Net increase (decrease) in cash and cash equivalents	16,090	(78,523)
Cash and cash equivalents at beginning of period	99,288	121,069
Cash and cash equivalents at end of period	115,378	42,546
Supplemental disclosures of cash flow information:
Cash paid for interest	25,378	43,343
Cash paid for foreign, state and federal income taxes	$ 3,716	$ 1,429

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 10,293	$ 11,195
Current deferred financing costs	528	585
Noncurrent deferred financing costs	$ 34,943	$ 36,274
Shares held in treasury (in shares)	783,108	688,017
Series AA PREF 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 outstanding (in shares)	5,720	5,720
Preferred stock, shares issued (in shares)	5,720	5,720
Class A CMN Stock
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)	87,845,125	87,540,838
Common stock, shares outstanding (in shares)	87,062,017	86,852,821
Class B CMN Stock
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

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash dividends declared per share of common stock (in dollars per share)	$ 1.10	$ 0.75
Add’l Paid in Capital
Issuance of common stock through stock awards (in shares)	241,750	149,000
Exercise of stock options (in shares)	26,190	82,101
Issuance of common stock through employee purchase plan (in shares)	36,347	31,824
Treasury Stock
Purchase of treasury stock (in shares)	95,091	65,290
Accumulated Deficit
Cash dividends declared per share of common stock (in dollars per share)	$ 1.10	$ 0.75
Preferred stock dividend shares (in dollars per share)	$ 15.95	$ 15.95

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 10,293	$ 11,195
Current deferred financing costs	528	585
Noncurrent deferred financing costs	34,943	36,274
LAMAR MEDIA CORP. AND SUBSIDIARIES
Allowance for doubtful accounts	10,293	11,195
Current deferred financing costs	528	585
Noncurrent deferred financing costs	$ 34,943	$ 36,274
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

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
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 2021 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of March 31, 2022, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact to the Company's consolidated financial statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
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 from Contracts with Customers . 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 months ended March 31, 2022 and 2021. Three Months Ended 2022 2021 Billboard advertising $ 401,739 $ 334,039 Logo advertising 19,745 19,406 Transit advertising 29,904 17,436 Net revenues $ 451,388 $ 370,881

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases During the three months ended March 31, 2022 and 2021, we had operating lease costs of $75,820 and $72,471, respectively, and variable lease costs of $12,204 and $10,868, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2022 and 2021, we recorded a gain of $40 and $6, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $106,014 and $102,082 were made reducing our operating lease liabilities for the three months ended March 31, 2022 and 2021, 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 $1,738 and $1,380 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2022 and 2021, respectively. Our operating leases have a weighted-average remaining lease term of 12.3 years. The weighted-average discount rate of our operating leases is 4.5%. Also, during the periods ended March 31, 2022 and 2021, we obtained $8,246 and $3,767, 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 March 31, 2022: 2022 $ 141,871 2023 189,079 2024 169,388 2025 144,150 2026 120,694 Thereafter 805,744 Total undiscounted operating lease payments 1,570,926 Less: Imputed interest (397,248) Total operating lease liabilities $ 1,173,678 During the three months ended March 31, 2022, $713 of amortization expense and $140 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 three months ended March 31, 2021, $713 of amortization expense and $150 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 $333 and $483 were made reducing our financing lease liabilities for the three months ended March 31, 2022 and 2021, respectively, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 5.7 years and a weighted-average discount rate of 3.1%. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases , our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the three months ended March 31, 2022 and 2021, non-lease variable transit payments were $17,278 and $4,376, respectively. These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Condensed Consolidated Statements of Income and Comprehensive Income.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
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 5,000 shares of its Class A common stock during the three months ended March 31, 2022. At March 31, 2022 a total of 2,116,522 shares were available for future grant. Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 86,853 shares on January 1, 2022 pursuant to the automatic increase provisions of the 2019 ESPP. The following is a summary of 2019 ESPP share activity for the three months ended March 31, 2022: Shares Available for future purchases, January 1, 2022 342,226 Additional shares reserved under 2019 ESPP 86,853 Purchases (36,347) Available for future purchases, March 31, 2022 392,732 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 2022 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2023. 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 three months ended March 31, 2022, the Company recorded no expense related to 2022 performance-based awards as agreements related to these awards were not fully executed as of March 31, 2022. 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 $60 in stock-based compensation expense related to these awards for the three months ended March 31, 2022.

Depreciation and Amortization

Depreciation and Amortization	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Direct advertising expenses $ 64,237 $ 56,472 General and administrative expenses 1,176 1,107 Corporate expenses 3,214 3,170 $ 68,627 $ 60,749

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021: Estimated March 31, 2022 December 31, 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 682,326 $ 593,833 $ 676,846 $ 587,056 Non-competition agreements 3—15 69,587 65,108 69,276 64,941 Site locations 15 2,661,410 1,704,839 2,619,531 1,680,333 Other 2—15 51,508 39,660 51,261 39,407 $ 3,464,831 $ 2,403,440 $ 3,416,914 $ 2,371,737 Unamortizable intangible assets: Goodwill $ 2,190,001 $ 253,536 $ 2,189,962 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2022
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, 2021 $ 269,367 Additions to asset retirement obligations 619 Revision in estimates 3,524 Accretion expense 1,085 Liabilities settled (739) Balance at March 31, 2022 $ 273,856

Distribution Restrictions

Distribution Restrictions	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, 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 $3,959,823 and $3,921,979, respectively. As of March 31, 2022, 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 March 31, 2022, 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 March 31, 2022, 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 $2,710,302.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 or 2021.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following at March 31, 2022 and December 31, 2021: March 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 888,781 $ 8,742 $ 880,039 Accounts Receivable Securitization Program 175,000 528 174,472 3 3/4% Senior Notes 600,000 6,781 593,219 3 5/8% Senior Notes 550,000 7,531 542,469 4% Senior Notes 549,378 7,024 542,354 4 7/8% Senior Notes 400,000 4,865 395,135 Other notes with various rates and terms 2,286 — 2,286 3,165,445 35,471 3,129,974 Less current maturities (175,364) (528) (174,836) Long-term debt, excluding current maturities $ 2,990,081 $ 34,943 $ 2,955,138 December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 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. 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 March 31, 2022, there were $290,000 in 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 $13,673 in letters of credit outstanding as of March 31, 2022 resulting in $446,327 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 March 31, 2022 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 March 31, 2022. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the three months ended March 31, 2022. 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 three months ended March 31, 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. Debt Repurchase Program

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt March 31, 2022 and December 31, 2021, 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. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,054,157 which does not exceed the carrying amount of $3,165,445 as of March 31, 2022. 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	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022, the Company recorded $746 in equity in earnings of investee on the Condensed Consolidated Statement of Income and Comprehensive Income.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of March 31, 2022, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact to the Company's consolidated financial statements.

Dividends_Distributions

Dividends/Distributions	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Dividends/Distributions	Dividends/DistributionsDuring the three months ended March 31, 2022 and 2021, the Company declared and paid cash distributions in an aggregate amount of $111,602 or $1.10 per share and $75,818 or $0.75 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 months ended March 31, 2022 and 2021, 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 for each period.

Information about Geographic Ar

Information about Geographic Areas	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $6,197 and $4,964 for the three months ended March 31, 2022 and 2021, respectively. Net carrying value of long-lived assets located in foreign countries totaled $11,822 and $11,318 as of March 31, 2022 and December 31, 2021, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 March 31, 2022. Shelf Registration. On June 21, 2021, the Company filed an 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. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company did not issue any shares under this shelf registration. Stock Repurchase Program. 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 March 31, 2022.

Significant Accounting Polici_2

Significant Accounting Policies (Subsidiary)	3 Months Ended
	Mar. 31, 2022
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 2021 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
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 2021 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, 10, 11, 12, 13, 15 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.

Summarized Financial Informatio

Summarized Financial Information of Subsidiaries	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 103,252 $ 35,374 $ 268,520 $ — $ 407,146 Net property, plant and equipment — 1,325,360 16,109 — 1,341,469 Operating lease right of use assets — 1,211,240 25,298 — 1,236,538 Intangibles and goodwill, net — 2,969,913 17,324 — 2,987,237 Other assets 4,298,050 307,704 187,029 (4,687,772) 105,011 Total assets $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 364 $ 174,472 $ — $ 174,836 Current operating lease liabilities — 158,610 7,665 — 166,275 Other current liabilities 21,946 189,363 11,301 — 222,610 Total current liabilities 21,946 348,337 193,438 — 563,721 Long-term debt 2,953,216 1,922 — — 2,955,138 Operating lease liabilities — 991,095 16,308 — 1,007,403 Other noncurrent liabilities 210,793 296,568 298,184 (469,753) 335,792 Total liabilities 3,185,955 1,637,922 507,930 (469,753) 4,862,054 Stockholder's equity 1,215,347 4,211,669 6,350 (4,218,019) 1,215,347 Total liabilities and stockholder's equity $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 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, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 91,119 $ 29,379 $ 267,609 $ — $ 388,107 Net property, plant and equipment — 1,321,526 15,748 — 1,337,274 Operating lease right of use assets — 1,198,934 25,738 — 1,224,672 Intangibles and goodwill, net — 2,953,600 17,383 — 2,970,983 Other assets 4,188,436 311,046 187,044 (4,576,531) 109,995 Total assets $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 363 $ 174,415 $ — $ 174,778 Current operating lease liabilities — 190,748 7,538 — 198,286 Other current liabilities 22,009 246,030 14,142 — 282,181 Total current liabilities 22,009 437,141 196,095 — 655,245 Long-term debt 2,836,801 2,016 — — 2,838,817 Operating lease liabilities — 977,463 17,893 — 995,356 Other noncurrent liabilities 212,399 292,194 292,281 (463,607) 333,267 Total liabilities 3,071,209 1,708,814 506,269 (463,607) 4,822,685 Stockholder's equity 1,208,346 4,105,671 7,253 (4,112,924) 1,208,346 Total liabilities and stockholder's equity $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 442,528 $ 9,095 $ (235) $ 451,388 Operating expenses (income) Direct advertising expenses (1) — 150,853 7,154 (235) 157,772 General and administrative expenses (1) — 81,298 1,786 — 83,084 Corporate expenses (1) — 21,615 261 — 21,876 Depreciation and amortization — 67,788 839 — 68,627 Gain on disposition of assets — (563) — — (563) — 320,991 10,040 (235) 330,796 Operating income — 121,537 (945) — 120,592 Equity in (earnings) loss of subsidiaries (118,524) — — 118,524 — Interest expense (income), net 26,237 (21) 355 — 26,571 Equity in earnings of investee — (746) — — (746) Income (loss) before income tax expense (benefit) 92,287 122,304 (1,300) (118,524) 94,767 Income tax expense (benefit) (2) — 2,563 (83) — 2,480 Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Statement of Comprehensive Income Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Total other comprehensive income, net of tax — — 314 — 314 Total comprehensive income (loss) $ 92,287 $ 119,741 $ (903) $ (118,524) $ 92,601 (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 March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 363,612 $ 7,699 $ (430) $ 370,881 Operating expenses (income) Direct advertising expenses (1) — 127,415 4,230 (430) 131,215 General and administrative expenses (1) — 71,951 698 — 72,649 Corporate expenses (1) — 17,366 257 — 17,623 Depreciation and amortization — 60,066 683 — 60,749 Gain on disposition of assets — (415) — — (415) — 276,383 5,868 (430) 281,821 Operating income — 87,229 1,831 — 89,060 Equity in (earnings) loss of subsidiaries (87,824) — — 87,824 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 27,754 (18) 244 — 27,980 Income (loss) before income tax expense 38,466 87,247 1,587 (87,824) 39,476 Income tax expense (2) — 632 378 — 1,010 Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Statement of Comprehensive Income Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Total other comprehensive income, net of tax — — 204 — 204 Total comprehensive income (loss) $ 38,466 $ 86,615 $ 1,413 $ (87,824) $ 38,670 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 44,116 $ 97,816 $ (2,500) $ (69,036) $ 70,396 Cash flows from investing activities: Acquisitions — (55,293) — — (55,293) Capital expenditures — (27,851) (908) — (28,759) Proceeds from disposition of assets and investments — 710 — — 710 Investment in subsidiaries (55,293) — — 55,293 — (Increase) decrease in intercompany notes receivable (6,090) — — 6,090 — Net cash (used in) provided by investing activities (61,383) (82,434) (908) 61,383 (83,342) Cash flows from financing activities: Proceeds received from revolving credit facility 165,000 — — — 165,000 Payment on revolving credit facility (50,000) — — — (50,000) Principal payments on long-term debt — (92) — — (92) Principal payments on financing leases — (333) — — (333) Intercompany loan (payments) proceeds — 94 5,996 (6,090) — Distributions to non-controlling interest — — (46) — (46) Dividends (to) from parent (122,047) (69,036) — 69,036 (122,047) Contributions from (to) parent 36,447 55,293 — (55,293) 36,447 Net cash provided by (used in) financing activities 29,400 (14,074) 5,950 7,653 28,929 Effect of exchange rate changes in cash and cash equivalents — — 107 — 107 Net decrease in cash and cash equivalents 12,133 1,308 2,649 — 16,090 Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 103,156 $ 4,802 $ 7,420 $ — $ 115,378 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 61,766 $ 102,064 $ 9,919 $ (104,957) $ 68,792 Cash flows from investing activities: Acquisitions — (3,333) — — (3,333) Capital expenditures — (15,294) (1,038) — (16,332) Proceeds from disposition of assets and investments — 1,842 — — 1,842 Investment in subsidiaries (3,333) — — 3,333 — Decrease (increase) in intercompany notes receivable 30,604 — — (30,604) — Net cash provided by (used in) investing activities 27,271 (16,785) (1,038) (27,271) (17,823) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Principal payments on long-term debt — (96) — — (96) Principal payments on financing leases — (483) — — (483) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Proceeds received from senior credit facility term loans — — 32,500 — 32,500 Debt issuance costs (8,067) — — — (8,067) Intercompany loan proceeds (payments) — 16,770 (47,374) 30,604 — Distributions to non-controlling interest — — (24) — (24) Dividends (to) from parent (81,535) (104,957) — 104,957 (81,535) Contributions from (to) parent 21,831 3,333 — (3,333) 21,831 Net cash (used in) provided by financing activities (161,459) (85,433) (14,898) 132,228 (129,562) Effect of exchange rate changes in cash and cash equivalents — — 70 — 70 Net decrease in cash and cash equivalents (72,422) (154) (5,947) — (78,523) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 38,166 $ 1,578 $ 2,802 $ — $ 42,546

Significant Accounting (Policie

Significant Accounting (Policies)	3 Months Ended
	Mar. 31, 2022
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 from Contracts with Customers . 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 March 31, 2022 and December 31, 2021, 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. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,054,157 which does not exceed the carrying amount of $3,165,445 as of March 31, 2022. 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	New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of March 31, 2022, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact 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.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
LAMAR MEDIA CORP. AND SUBSIDIARIES
Nature of Business	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, 10, 11, 12, 13, 15 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 (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation Revenue	The following table presents our disaggregated revenue by source for the three months ended March 31, 2022 and 2021. Three Months Ended 2022 2021 Billboard advertising $ 401,739 $ 334,039 Logo advertising 19,745 19,406 Transit advertising 29,904 17,436 Net revenues $ 451,388 $ 370,881

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities	The following is a summary of the maturities of our operating lease liabilities as of March 31, 2022: 2022 $ 141,871 2023 189,079 2024 169,388 2025 144,150 2026 120,694 Thereafter 805,744 Total undiscounted operating lease payments 1,570,926 Less: Imputed interest (397,248) Total operating lease liabilities $ 1,173,678

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of ESPP Share Activity	The following is a summary of 2019 ESPP share activity for the three months ended March 31, 2022: Shares Available for future purchases, January 1, 2022 342,226 Additional shares reserved under 2019 ESPP 86,853 Purchases (36,347) Available for future purchases, March 31, 2022 392,732

Depreciation and Amortization (

Depreciation and Amortization (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Direct advertising expenses $ 64,237 $ 56,472 General and administrative expenses 1,176 1,107 Corporate expenses 3,214 3,170 $ 68,627 $ 60,749

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at March 31, 2022 and December 31, 2021: Estimated March 31, 2022 December 31, 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 682,326 $ 593,833 $ 676,846 $ 587,056 Non-competition agreements 3—15 69,587 65,108 69,276 64,941 Site locations 15 2,661,410 1,704,839 2,619,531 1,680,333 Other 2—15 51,508 39,660 51,261 39,407 $ 3,464,831 $ 2,403,440 $ 3,416,914 $ 2,371,737 Unamortizable intangible assets: Goodwill $ 2,190,001 $ 253,536 $ 2,189,962 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 $ 269,367 Additions to asset retirement obligations 619 Revision in estimates 3,524 Accretion expense 1,085 Liabilities settled (739) Balance at March 31, 2022 $ 273,856

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at March 31, 2022 and December 31, 2021: March 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 888,781 $ 8,742 $ 880,039 Accounts Receivable Securitization Program 175,000 528 174,472 3 3/4% Senior Notes 600,000 6,781 593,219 3 5/8% Senior Notes 550,000 7,531 542,469 4% Senior Notes 549,378 7,024 542,354 4 7/8% Senior Notes 400,000 4,865 395,135 Other notes with various rates and terms 2,286 — 2,286 3,165,445 35,471 3,129,974 Less current maturities (175,364) (528) (174,836) Long-term debt, excluding current maturities $ 2,990,081 $ 34,943 $ 2,955,138 December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817

Summarized Financial Informat_2

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 103,252 $ 35,374 $ 268,520 $ — $ 407,146 Net property, plant and equipment — 1,325,360 16,109 — 1,341,469 Operating lease right of use assets — 1,211,240 25,298 — 1,236,538 Intangibles and goodwill, net — 2,969,913 17,324 — 2,987,237 Other assets 4,298,050 307,704 187,029 (4,687,772) 105,011 Total assets $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 364 $ 174,472 $ — $ 174,836 Current operating lease liabilities — 158,610 7,665 — 166,275 Other current liabilities 21,946 189,363 11,301 — 222,610 Total current liabilities 21,946 348,337 193,438 — 563,721 Long-term debt 2,953,216 1,922 — — 2,955,138 Operating lease liabilities — 991,095 16,308 — 1,007,403 Other noncurrent liabilities 210,793 296,568 298,184 (469,753) 335,792 Total liabilities 3,185,955 1,637,922 507,930 (469,753) 4,862,054 Stockholder's equity 1,215,347 4,211,669 6,350 (4,218,019) 1,215,347 Total liabilities and stockholder's equity $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 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, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 91,119 $ 29,379 $ 267,609 $ — $ 388,107 Net property, plant and equipment — 1,321,526 15,748 — 1,337,274 Operating lease right of use assets — 1,198,934 25,738 — 1,224,672 Intangibles and goodwill, net — 2,953,600 17,383 — 2,970,983 Other assets 4,188,436 311,046 187,044 (4,576,531) 109,995 Total assets $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 363 $ 174,415 $ — $ 174,778 Current operating lease liabilities — 190,748 7,538 — 198,286 Other current liabilities 22,009 246,030 14,142 — 282,181 Total current liabilities 22,009 437,141 196,095 — 655,245 Long-term debt 2,836,801 2,016 — — 2,838,817 Operating lease liabilities — 977,463 17,893 — 995,356 Other noncurrent liabilities 212,399 292,194 292,281 (463,607) 333,267 Total liabilities 3,071,209 1,708,814 506,269 (463,607) 4,822,685 Stockholder's equity 1,208,346 4,105,671 7,253 (4,112,924) 1,208,346 Total liabilities and stockholder's equity $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031
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 March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 442,528 $ 9,095 $ (235) $ 451,388 Operating expenses (income) Direct advertising expenses (1) — 150,853 7,154 (235) 157,772 General and administrative expenses (1) — 81,298 1,786 — 83,084 Corporate expenses (1) — 21,615 261 — 21,876 Depreciation and amortization — 67,788 839 — 68,627 Gain on disposition of assets — (563) — — (563) — 320,991 10,040 (235) 330,796 Operating income — 121,537 (945) — 120,592 Equity in (earnings) loss of subsidiaries (118,524) — — 118,524 — Interest expense (income), net 26,237 (21) 355 — 26,571 Equity in earnings of investee — (746) — — (746) Income (loss) before income tax expense (benefit) 92,287 122,304 (1,300) (118,524) 94,767 Income tax expense (benefit) (2) — 2,563 (83) — 2,480 Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Statement of Comprehensive Income Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Total other comprehensive income, net of tax — — 314 — 314 Total comprehensive income (loss) $ 92,287 $ 119,741 $ (903) $ (118,524) $ 92,601 (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 March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 363,612 $ 7,699 $ (430) $ 370,881 Operating expenses (income) Direct advertising expenses (1) — 127,415 4,230 (430) 131,215 General and administrative expenses (1) — 71,951 698 — 72,649 Corporate expenses (1) — 17,366 257 — 17,623 Depreciation and amortization — 60,066 683 — 60,749 Gain on disposition of assets — (415) — — (415) — 276,383 5,868 (430) 281,821 Operating income — 87,229 1,831 — 89,060 Equity in (earnings) loss of subsidiaries (87,824) — — 87,824 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 27,754 (18) 244 — 27,980 Income (loss) before income tax expense 38,466 87,247 1,587 (87,824) 39,476 Income tax expense (2) — 632 378 — 1,010 Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Statement of Comprehensive Income Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Total other comprehensive income, net of tax — — 204 — 204 Total comprehensive income (loss) $ 38,466 $ 86,615 $ 1,413 $ (87,824) $ 38,670 (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.
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 Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 44,116 $ 97,816 $ (2,500) $ (69,036) $ 70,396 Cash flows from investing activities: Acquisitions — (55,293) — — (55,293) Capital expenditures — (27,851) (908) — (28,759) Proceeds from disposition of assets and investments — 710 — — 710 Investment in subsidiaries (55,293) — — 55,293 — (Increase) decrease in intercompany notes receivable (6,090) — — 6,090 — Net cash (used in) provided by investing activities (61,383) (82,434) (908) 61,383 (83,342) Cash flows from financing activities: Proceeds received from revolving credit facility 165,000 — — — 165,000 Payment on revolving credit facility (50,000) — — — (50,000) Principal payments on long-term debt — (92) — — (92) Principal payments on financing leases — (333) — — (333) Intercompany loan (payments) proceeds — 94 5,996 (6,090) — Distributions to non-controlling interest — — (46) — (46) Dividends (to) from parent (122,047) (69,036) — 69,036 (122,047) Contributions from (to) parent 36,447 55,293 — (55,293) 36,447 Net cash provided by (used in) financing activities 29,400 (14,074) 5,950 7,653 28,929 Effect of exchange rate changes in cash and cash equivalents — — 107 — 107 Net decrease in cash and cash equivalents 12,133 1,308 2,649 — 16,090 Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 103,156 $ 4,802 $ 7,420 $ — $ 115,378 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 61,766 $ 102,064 $ 9,919 $ (104,957) $ 68,792 Cash flows from investing activities: Acquisitions — (3,333) — — (3,333) Capital expenditures — (15,294) (1,038) — (16,332) Proceeds from disposition of assets and investments — 1,842 — — 1,842 Investment in subsidiaries (3,333) — — 3,333 — Decrease (increase) in intercompany notes receivable 30,604 — — (30,604) — Net cash provided by (used in) investing activities 27,271 (16,785) (1,038) (27,271) (17,823) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Principal payments on long-term debt — (96) — — (96) Principal payments on financing leases — (483) — — (483) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Proceeds received from senior credit facility term loans — — 32,500 — 32,500 Debt issuance costs (8,067) — — — (8,067) Intercompany loan proceeds (payments) — 16,770 (47,374) 30,604 — Distributions to non-controlling interest — — (24) — (24) Dividends (to) from parent (81,535) (104,957) — 104,957 (81,535) Contributions from (to) parent 21,831 3,333 — (3,333) 21,831 Net cash (used in) provided by financing activities (161,459) (85,433) (14,898) 132,228 (129,562) Effect of exchange rate changes in cash and cash equivalents — — 70 — 70 Net decrease in cash and cash equivalents (72,422) (154) (5,947) — (78,523) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 38,166 $ 1,578 $ 2,802 $ — $ 42,546

Revenues - Disaggregation Reven

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 451,388	$ 370,881
Billboard advertising
Disaggregation of Revenue [Line Items]
Net revenues	401,739	334,039
Logo advertising
Disaggregation of Revenue [Line Items]
Net revenues	19,745	19,406
Transit advertising
Disaggregation of Revenue [Line Items]
Net revenues	$ 29,904	$ 17,436

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 75,820	$ 72,471
Variable lease, cost	12,204	10,868
Gain (loss) on disposition of assets	563	415
Operating lease, cash payments	106,014	102,082
Direct advertising expenses (exclusive of depreciation and amortization)	$ 157,772	131,215
Operating lease, weighted average remaining lease term	12 years 3 months 18 days
Operating lease, weighted average discount rate	4.50%
Leased assets obtained in exchange for operating lease liability	$ 8,246	3,767
Amortization expense	713	713
Interest expense	140	150
Principal payments on financing leases	$ 333	483
Weighted-average remaining lease term	5 years 8 months 12 days
Weighted-average discount rate	3.10%
Non-lease transit payments	$ 17,278	4,376
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	1,738	1,380
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain (loss) on disposition of assets	$ 40	$ 6

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022	$ 141,871
2023	189,079
2024	169,388
2025	144,150
2026	120,694
Thereafter	805,744
Total undiscounted operating lease payments	1,570,926
Less: Imputed interest	(397,248)
Total operating lease liabilities	$ 1,173,678

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	2,116,522
Class A CMN Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	5,000
1996 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance to directors and employees (in shares)	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%
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 | $	$ 0
Restricted Stock | Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements | $	$ 60
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)	3 Months Ended
	Mar. 31, 2022shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Available for future purchases, ending balance (in shares)	2,116,522
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Available for future purchases, beginning balance (in shares)	342,226
Purchases (in shares)	(36,347)
Available for future purchases, ending balance (in shares)	392,732
Employee Stock Purchase Plan | 2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Additional shares reserved (in shares)	86,853

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
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 68,627	$ 60,749
Direct advertising expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	64,237	56,472
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,176	1,107
Corporate expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,214	$ 3,170

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,464,831	$ 3,416,914
Accumulated Amortization	2,403,440	2,371,737
Goodwill, Gross Carrying Amount	2,190,001	2,189,962
Goodwill, Accumulated Amortization	253,536	253,536
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	682,326	676,846
Accumulated Amortization	$ 593,833	587,056
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	$ 69,587	69,276
Accumulated Amortization	$ 65,108	64,941
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	$ 2,661,410	2,619,531
Accumulated Amortization	$ 1,704,839	1,680,333
Site locations | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 51,508	51,261
Accumulated Amortization	$ 39,660	$ 39,407
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other | 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	3 Months Ended
	Mar. 31, 2022USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 269,367
Additions to asset retirement obligations	619
Revision in estimates	3,524
Accretion expense	1,085
Liabilities settled	(739)
Ending balance	$ 273,856

Distribution Restrictions (Deta

Distribution Restrictions (Detail) $ in Thousands	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 3,959,823	$ 3,921,979
Debt ratio	7
Debt ratio related to actual position on senior credit facility	7
Available cumulative credit	$ 2,710,302
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
	Mar. 31, 2022	Mar. 31, 2021
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

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Aug. 19, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,165,445	$ 3,050,454
Debt, less current maturities	(175,364)	(175,363)
Debt, excluding current maturities	2,990,081	2,875,091
Deferred financing costs	35,471	36,859
Deferred financing costs, less current maturities	(528)	(585)
Deferred financing costs, excluding current maturities	34,943	36,274
Debt, net of deferred financing costs	3,129,974	3,013,595
Debt, net of deferred financing costs, less current maturities	(174,836)	(174,778)
Debt, net of deferred financing costs, excluding current maturities	2,955,138	2,838,817
Senior Credit Facility
Debt Instrument [Line Items]
Debt	888,781	773,717
Deferred financing costs	8,742	9,306
Debt, net of deferred financing costs	880,039	764,411
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	175,000	175,000
Deferred financing costs	528	585
Debt, net of deferred financing costs	174,472	174,415
3 3/4% Senior  Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	6,781	7,036
Debt, net of deferred financing costs	$ 593,219	$ 592,964
Stated percentage	3.75%	3.75%		3.75%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 550,000	$ 550,000
Deferred financing costs	7,531	7,711
Debt, net of deferred financing costs	$ 542,469	$ 542,289
Stated percentage	3.625%	3.625%
4% Senior Notes
Debt Instrument [Line Items]
Debt	$ 549,378	$ 549,359
Deferred financing costs	7,024	7,208
Debt, net of deferred financing costs	$ 542,354	$ 542,151
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	4,865	5,013
Debt, net of deferred financing costs	$ 395,135	$ 394,987
Stated percentage	4.875%	4.875%
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	$ 2,286	$ 2,378
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 2,286	$ 2,378

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

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Mar. 16, 2020

Dec. 18, 2018

Debt Instrument [Line Items]

Outstanding revolving credit facility

$ 290,000,000

Aggregate principal amount of debt issued

3,165,445,000

Debt instrument outstanding amount

3,165,445,000

$ 3,050,454,000

Loss on extinguishment of debt

$ 0

$ 21,604,000

4% Senior Notes

Debt Instrument [Line Items]

Stated percentage

4.00%

4.00%

4.00%

4.00%

Debt instrument outstanding amount

$ 549,378,000

$ 549,359,000

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

5 3/4% Senior Notes

Debt Instrument [Line Items]

Stated percentage

5.75%

Aggregate principal amount of debt issued

$ 400,000,000

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 extinguishment of debt

21,604,000

Loss on debt extinguishment on cash

$ 18,700,000

3 3/4% Senior  Notes

Debt Instrument [Line Items]

Stated percentage

3.75%

3.75%

3.75%

Debt instrument outstanding amount

$ 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]

Stated percentage

4.875%

4.875%

Debt instrument outstanding amount

$ 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]

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]

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]

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]

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]

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

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

13,673,000

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

LAMAR MEDIA CORP. AND SUBSIDIARIES

Debt Instrument [Line Items]

Loss on extinguishment of debt

0

$ 21,604,000

LAMAR MEDIA CORP. AND SUBSIDIARIES | Accounts Receivable Securitization Program

Debt Instrument [Line Items]

Available borrowing on accounts receivable securitization

0

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]

Remaining borrowing capacity under revolving credit facility

$ 446,327,000

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	Mar. 31, 2022USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,054,157
Gross amount of company's long term debt	$ 3,165,445

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jul. 12, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings of investee	$ 746	$ 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
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Distributions paid	$ 111,602	$ 75,818
Dividends declared	$ 111,602	$ 75,818
Cash dividends declared per share of common stock (in dollars per share)	$ 1.10	$ 0.75
Dividends paid (in dollars per share)	$ 1.10	$ 0.75
Dividends paid	$ 91
Distributions paid, preferred stockholders, per share (in dollars per share)	$ 15.95

Information about Geographic _2

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 11,822		$ 11,318
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 6,197	$ 4,964

Stockholders' Equity (Detail)

Stockholders' Equity (Detail) - Class A CMN Stock - USD ($)	3 Months Ended	36 Months Ended
	Mar. 31, 2022	May 01, 2021	Jun. 21, 2021	Mar. 16, 2020	May 01, 2018
Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 250,000,000
Stock repurchased during period	$ 0
Sales Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares)		842,412
2021 Sales Agreement
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
Class of Stock [Line Items]
Aggregate offering price of common stock issuable					$ 400,000,000
Maximum | 2021 Sales Agreement
Class of Stock [Line Items]
Aggregate offering price of common stock issuable			$ 400,000

Condensed Consolidating Balance

Condensed Consolidating Balance Sheets (Unaudited) (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Total current assets	$ 407,646	$ 388,607
Net property, plant and equipment	1,341,469	1,337,274
Operating lease right of use assets	1,236,538	1,224,672
Other assets	94,177	98,448
Total assets	6,093,863	6,047,494
Current liabilities:
Current maturities of long-term debt	174,836	174,778
Current operating lease liabilities	166,275	198,286
Total current liabilities	571,669	662,965
Long-term debt	2,955,138	2,838,817
Operating lease liabilities	1,007,403	995,356
Total liabilities	4,870,002	4,830,405
Stockholder's equity	1,223,861	1,217,089	$ 1,181,507	$ 1,202,768
Total liabilities and stockholders’ equity	6,093,863	6,047,494
LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	407,146	388,107
Net property, plant and equipment	1,341,469	1,337,274
Operating lease right of use assets	1,236,538	1,224,672
Intangible assets, net	2,987,237	2,970,983
Other assets	105,011	109,995
Total assets	6,077,401	6,031,031
Current liabilities:
Current maturities of long-term debt	174,836	174,778
Current operating lease liabilities	166,275	198,286
Other current liabilities	222,610	282,181
Total current liabilities	563,721	655,245
Long-term debt	2,955,138	2,838,817
Operating lease liabilities	1,007,403	995,356
Other noncurrent liabilities	335,792	333,267
Total liabilities	4,862,054	4,822,685
Stockholder's equity	1,215,347	1,208,346
Total liabilities and stockholders’ equity	6,077,401	6,031,031
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
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	(4,687,772)	(4,576,531)
Total assets	(4,687,772)	(4,576,531)
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	(469,753)	(463,607)
Total liabilities	(469,753)	(463,607)
Stockholder's equity	(4,218,019)	(4,112,924)
Total liabilities and stockholders’ equity	(4,687,772)	(4,576,531)
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	103,252	91,119
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangible assets, net	0	0
Other assets	4,298,050	4,188,436
Total assets	4,401,302	4,279,555
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	21,946	22,009
Total current liabilities	21,946	22,009
Long-term debt	2,953,216	2,836,801
Operating lease liabilities	0	0
Other noncurrent liabilities	210,793	212,399
Total liabilities	3,185,955	3,071,209
Stockholder's equity	1,215,347	1,208,346
Total liabilities and stockholders’ equity	4,401,302	4,279,555
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	35,374	29,379
Net property, plant and equipment	1,325,360	1,321,526
Operating lease right of use assets	1,211,240	1,198,934
Intangible assets, net	2,969,913	2,953,600
Other assets	307,704	311,046
Total assets	5,849,591	5,814,485
Current liabilities:
Current maturities of long-term debt	364	363
Current operating lease liabilities	158,610	190,748
Other current liabilities	189,363	246,030
Total current liabilities	348,337	437,141
Long-term debt	1,922	2,016
Operating lease liabilities	991,095	977,463
Other noncurrent liabilities	296,568	292,194
Total liabilities	1,637,922	1,708,814
Stockholder's equity	4,211,669	4,105,671
Total liabilities and stockholders’ equity	5,849,591	5,814,485
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	268,520	267,609
Net property, plant and equipment	16,109	15,748
Operating lease right of use assets	25,298	25,738
Intangible assets, net	17,324	17,383
Other assets	187,029	187,044
Total assets	514,280	513,522
Current liabilities:
Current maturities of long-term debt	174,472	174,415
Current operating lease liabilities	7,665	7,538
Other current liabilities	11,301	14,142
Total current liabilities	193,438	196,095
Long-term debt	0	0
Operating lease liabilities	16,308	17,893
Other noncurrent liabilities	298,184	292,281
Total liabilities	507,930	506,269
Stockholder's equity	6,350	7,253
Total liabilities and stockholders’ equity	$ 514,280	$ 513,522

Condensed Consolidating Stateme

Condensed Consolidating Statements of Income and Comprehensive Income (Unaudited) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022		Mar. 31, 2021
Statements of Income
Net revenues	$ 451,388		$ 370,881
Operating expenses (income)
Direct advertising expenses	157,772		131,215
General and administrative expenses	83,084		72,649
Corporate expenses	22,012		17,760
Depreciation and amortization	68,627		60,749
Gain on disposition of assets	(563)		(415)
Total operating expenses	330,932		281,958
Operating income	120,456		88,923
Loss on extinguishment of debt	0		21,604
Equity in earnings of investee	746		0
Income before income tax expense	94,631		39,339
Income tax expense	2,480		1,010
Net income	92,151		38,329
Statements of Comprehensive Income
Net income	92,151		38,329
Comprehensive income	92,465		38,533
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	451,388		370,881
Operating expenses (income)
Direct advertising expenses	157,772	[1]	131,215	[2]
General and administrative expenses	83,084	[1]	72,649	[2]
Corporate expenses	21,876	[1]	17,623	[2]
Depreciation and amortization	68,627		60,749
Gain on disposition of assets	(563)		(415)
Total operating expenses	330,796		281,821
Operating income	120,592		89,060
Equity in (earnings) loss of subsidiaries	0		0
Loss on extinguishment of debt			21,604
Interest expense (income), net	26,571		27,980
Equity in earnings of investee	(746)
Income before income tax expense	94,767		39,476
Income tax expense	2,480	[3]	1,010	[4]
Net income	92,287		38,466
Statements of Comprehensive Income
Net income	92,287		38,466
Total other comprehensive income, net of tax	314		204
Comprehensive income	92,601		38,670
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	(235)		(430)
Operating expenses (income)
Direct advertising expenses	(235)	[1]	(430)	[2]
General and administrative expenses	0	[1]	0	[2]
Corporate expenses	0	[1]	0	[2]
Depreciation and amortization	0		0
Gain on disposition of assets	0		0
Total operating expenses	(235)		(430)
Operating income	0		0
Equity in (earnings) loss of subsidiaries	118,524		87,824
Loss on extinguishment of debt			0
Interest expense (income), net	0		0
Equity in earnings of investee	0
Income before income tax expense	(118,524)		(87,824)
Income tax expense	0	[3]	0	[4]
Net income	(118,524)		(87,824)
Statements of Comprehensive Income
Net income	(118,524)		(87,824)
Total other comprehensive income, net of tax	0		0
Comprehensive income	(118,524)		(87,824)
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	0		0
Operating expenses (income)
Direct advertising expenses	0	[1]	0	[2]
General and administrative expenses	0	[1]	0	[2]
Corporate expenses	0	[1]	0	[2]
Depreciation and amortization	0		0
Gain on disposition of assets	0		0
Total operating expenses	0		0
Operating income	0		0
Equity in (earnings) loss of subsidiaries	(118,524)		(87,824)
Loss on extinguishment of debt			21,604
Interest expense (income), net	26,237		27,754
Equity in earnings of investee	0
Income before income tax expense	92,287		38,466
Income tax expense	0	[3]	0	[4]
Net income	92,287		38,466
Statements of Comprehensive Income
Net income	92,287		38,466
Total other comprehensive income, net of tax	0		0
Comprehensive income	92,287		38,466
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	442,528		363,612
Operating expenses (income)
Direct advertising expenses	150,853	[1]	127,415	[2]
General and administrative expenses	81,298	[1]	71,951	[2]
Corporate expenses	21,615	[1]	17,366	[2]
Depreciation and amortization	67,788		60,066
Gain on disposition of assets	(563)		(415)
Total operating expenses	320,991		276,383
Operating income	121,537		87,229
Equity in (earnings) loss of subsidiaries	0		0
Loss on extinguishment of debt			0
Interest expense (income), net	(21)		(18)
Equity in earnings of investee	(746)
Income before income tax expense	122,304		87,247
Income tax expense	2,563	[3]	632	[4]
Net income	119,741		86,615
Statements of Comprehensive Income
Net income	119,741		86,615
Total other comprehensive income, net of tax	0		0
Comprehensive income	119,741		86,615
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	9,095		7,699
Operating expenses (income)
Direct advertising expenses	7,154	[1]	4,230	[2]
General and administrative expenses	1,786	[1]	698	[2]
Corporate expenses	261	[1]	257	[2]
Depreciation and amortization	839		683
Gain on disposition of assets	0		0
Total operating expenses	10,040		5,868
Operating income	(945)		1,831
Equity in (earnings) loss of subsidiaries	0		0
Loss on extinguishment of debt			0
Interest expense (income), net	355		244
Equity in earnings of investee	0
Income before income tax expense	(1,300)		1,587
Income tax expense	(83)	[3]	378	[4]
Net income	(1,217)		1,209
Statements of Comprehensive Income
Net income	(1,217)		1,209
Total other comprehensive income, net of tax	314		204
Comprehensive income	$ (903)		$ 1,413
[1]	Caption is exclusive of depreciation and amortization.
[2]	Caption is exclusive of depreciation and amortization.
[3]	The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
[4]	The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating State_2

Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 102,038	$ 83,318
Cash flows from investing activities:
Acquisitions	(55,293)	(3,333)
Capital expenditures	(28,759)	(16,332)
Proceeds from disposition of assets and investments	710	1,842
Net cash used in investing activities	(83,342)	(17,823)
Cash flows from financing activities:
Proceeds received from revolving credit facility	165,000	25,000
Payments on revolving credit facility	(50,000)	0
Principal payments on long-term debt	(92)	(96)
Principal payments on financing leases	(333)	(483)
Proceeds received from note offering	0	550,000
Redemption of senior notes	0	(668,688)
Debt issuance costs	0	(8,067)
Distributions to non-controlling interest	(46)	(24)
Net cash used in financing activities	(2,713)	(144,088)
Effect of exchange rate changes in cash and cash equivalents	107	70
Net increase (decrease) in cash and cash equivalents	16,090	(78,523)
Cash and cash equivalents at beginning of period	99,788	121,569
Cash and cash equivalents at end of period	115,878	43,046
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	70,396	68,792
Cash flows from investing activities:
Acquisitions	(55,293)	(3,333)
Capital expenditures	(28,759)	(16,332)
Proceeds from disposition of assets and investments	710	1,842
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(83,342)	(17,823)
Cash flows from financing activities:
Proceeds received from revolving credit facility	165,000	25,000
Payments on revolving credit facility	(50,000)
Principal payments on long-term debt	(92)	(96)
Principal payments on financing leases	(333)	(483)
Proceeds received from note offering		550,000
Redemption of senior notes		(668,688)
Proceeds received from senior credit facility term loans		32,500
Debt issuance costs		(8,067)
Intercompany loan proceeds (payments)	0	0
Distributions to non-controlling interest	(46)	(24)
Dividends (to) from parent	(122,047)	(81,535)
Contributions from (to) parent	36,447	21,831
Net cash used in financing activities	28,929	(129,562)
Effect of exchange rate changes in cash and cash equivalents	107	70
Net increase (decrease) in cash and cash equivalents	16,090	(78,523)
Cash and cash equivalents at beginning of period	99,288	121,069
Cash and cash equivalents at end of period	115,378	42,546
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(69,036)	(104,957)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	55,293	3,333
(Increase) decrease in intercompany notes receivable	6,090	(30,604)
Net cash used in investing activities	61,383	(27,271)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility	0
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Proceeds received from note offering		0
Redemption of senior notes		0
Proceeds received from senior credit facility term loans		0
Debt issuance costs		0
Intercompany loan proceeds (payments)	(6,090)	30,604
Distributions to non-controlling interest	0	0
Dividends (to) from parent	69,036	104,957
Contributions from (to) parent	(55,293)	(3,333)
Net cash used in financing activities	7,653	132,228
Effect of exchange rate changes in cash and cash equivalents	0	0
Net increase (decrease) 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. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	44,116	61,766
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	(55,293)	(3,333)
(Increase) decrease in intercompany notes receivable	(6,090)	30,604
Net cash used in investing activities	(61,383)	27,271
Cash flows from financing activities:
Proceeds received from revolving credit facility	165,000	25,000
Payments on revolving credit facility	(50,000)
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Proceeds received from note offering		550,000
Redemption of senior notes		(668,688)
Proceeds received from senior credit facility term loans		0
Debt issuance costs		(8,067)
Intercompany loan proceeds (payments)	0	0
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(122,047)	(81,535)
Contributions from (to) parent	36,447	21,831
Net cash used in financing activities	29,400	(161,459)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net increase (decrease) in cash and cash equivalents	12,133	(72,422)
Cash and cash equivalents at beginning of period	91,023	110,588
Cash and cash equivalents at end of period	103,156	38,166
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	97,816	102,064
Cash flows from investing activities:
Acquisitions	(55,293)	(3,333)
Capital expenditures	(27,851)	(15,294)
Proceeds from disposition of assets and investments	710	1,842
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(82,434)	(16,785)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility	0
Principal payments on long-term debt	(92)	(96)
Principal payments on financing leases	(333)	(483)
Proceeds received from note offering		0
Redemption of senior notes		0
Proceeds received from senior credit facility term loans		0
Debt issuance costs		0
Intercompany loan proceeds (payments)	94	16,770
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(69,036)	(104,957)
Contributions from (to) parent	55,293	3,333
Net cash used in financing activities	(14,074)	(85,433)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net increase (decrease) in cash and cash equivalents	1,308	(154)
Cash and cash equivalents at beginning of period	3,494	1,732
Cash and cash equivalents at end of period	4,802	1,578
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(2,500)	9,919
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	(908)	(1,038)
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(908)	(1,038)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility	0
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Proceeds received from note offering		0
Redemption of senior notes		0
Proceeds received from senior credit facility term loans		32,500
Debt issuance costs		0
Intercompany loan proceeds (payments)	5,996	(47,374)
Distributions to non-controlling interest	(46)	(24)
Dividends (to) from parent	0	0
Contributions from (to) parent	0	0
Net cash used in financing activities	5,950	(14,898)
Effect of exchange rate changes in cash and cash equivalents	107	70
Net increase (decrease) in cash and cash equivalents	2,649	(5,947)
Cash and cash equivalents at beginning of period	4,771	8,749
Cash and cash equivalents at end of period	$ 7,420	$ 2,802