Lamar Advertising (LAMR) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-36756
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001090425
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		87,820,609
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,420,085
LAMAR MEDIA CORP. AND SUBSIDIARIES
Document Information [Line Items]
Entity File Number	1-12407
Entity 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
Entity Registrant Name	LAMAR MEDIA CORP/DE
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 36,405	$ 44,605
Receivables, net of allowance for doubtful accounts of $11,952 and $12,477 in 2024 and 2023, respectively	298,509	301,189
Other current assets	41,162	27,392
Total current assets	376,076	373,186
Property, plant and equipment	4,289,440	4,274,831
Less accumulated depreciation and amortization	(2,731,409)	(2,708,361)
Net property, plant and equipment	1,558,031	1,566,470
Operating lease right of use assets	1,302,629	1,315,433
Financing lease right of use assets	10,471	11,184
Goodwill	2,035,220	2,035,271
Intangible assets, net	1,150,081	1,171,434
Other assets	92,559	90,644
Total assets	6,525,067	6,563,622
Current liabilities:
Trade accounts payable	18,435	18,238
Current maturities of long-term debt, net of deferred financing costs of $339 and $380 in 2024 and 2023, respectively	585,763	250,018
Current operating lease liabilities	174,955	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses	79,483	107,195
Deferred income	132,644	126,547
Total current liabilities	992,611	713,897
Long-term debt, net of deferred financing costs of $27,380 and $28,865 in 2024 and 2023, respectively	2,815,573	3,091,109
Operating lease liabilities	1,066,058	1,075,285
Financing lease liabilities	14,282	14,614
Deferred income tax liabilities	12,293	12,047
Asset retirement obligation	396,539	397,991
Other liabilities	44,074	41,891
Total liabilities	5,341,430	5,346,834
Stockholders’ equity:
Preferred stock, value	0	0
Additional paid-in capital	2,129,944	2,103,282
Accumulated comprehensive loss	(820)	(428)
Accumulated deficit	(874,130)	(819,235)
Cost of shares held in treasury, 890,558 and 840,935 shares at 2024 and 2023, respectively	(72,688)	(67,347)
Non-controlling interest	1,228	414
Stockholder's equity	1,183,637	1,216,788
Total liabilities and stockholders’ equity	6,525,067	6,563,622
Common Class A
Stockholders’ equity:
Common stock, value	89	88
Common Class B
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 11,952	$ 12,477
Current deferred financing costs	339	380
Noncurrent deferred financing costs	$ 27,380	$ 28,865
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
Shares held in treasury (in shares)	890,558	840,935
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)	88,711,167	88,486,495
Common stock, shares outstanding (in shares)	87,820,609	87,645,560
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 Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statements of Income
Net revenues	$ 498,150	$ 471,332
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	175,645	168,432
General and administrative expenses (exclusive of depreciation and amortization)	89,161	85,135
Corporate expenses (exclusive of depreciation and amortization)	35,704	28,527
Depreciation and amortization	75,228	73,125
Gain on disposition of assets	(2,188)	(2,688)
Total operating expenses	373,550	352,531
Operating income	124,600	118,801
Other (income) expense
Interest income	(467)	(461)
Interest expense	44,487	41,444
Equity in loss (earnings) of investee	559	(178)
Total other (income) expense	44,579	40,805
Income before income tax expense	80,021	77,996
Income tax expense	1,522	1,798
Net income	78,499	76,198
Net income attributable to non-controlling interest	275	157
Net income attributable to controlling interest	78,224	76,041
Cash dividends declared and paid on preferred stock	91	91
Net income applicable to common stock	$ 78,133	$ 75,950
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.77	$ 0.75
Diluted earnings per share (in dollars per share)	0.76	0.74
Cash dividends declared per share of common stock (in dollars per share)	$ 1.30	$ 1.25
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	102,115,159	101,792,317
Weighted average common shares outstanding diluted (in shares)	102,447,333	101,963,563
Statements of Comprehensive Income
Net income	$ 78,499	$ 76,198
Other comprehensive loss
Foreign currency translation adjustments	(392)	(2)
Comprehensive income	78,107	76,196
Net income attributable to non-controlling interest	275	157
Comprehensive income attributable to controlling interest	$ 77,832	$ 76,039

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Treasury Stock	Add’l Paid in Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit	Non-controlling interest	Series AA PREF Stock Preferred Stock	Class A CMN Stock Common Stock	Class B CMN Stock Common Stock
Beginning balance at Dec. 31, 2022	$ 1,195,374	$ (61,358)	$ 2,061,671	$ (659)	$ (804,382)	$ 0	$ 0	$ 88	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	3,305		3,305
Issuance of common stock through stock awards	15,934		15,934
Exercise of stock options	678		678
Issuance of common stock through employee purchase plan	3,530		3,530
Purchase of treasury stock	(5,946)	(5,946)
Foreign currency translation	(2)			(2)
Net income	76,198				76,041	157
Reallocation of capital	(619)		(1,016)			397
Dividends and other distributions	(127,674)				(127,460)	(214)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2023	1,160,687	(67,304)	2,084,102	(661)	(855,892)	340	0	88	14
Beginning balance at Dec. 31, 2023	1,216,788	(67,347)	2,103,282	(428)	(819,235)	414	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	2,745		2,745
Issuance of common stock through stock awards	17,869		17,868					1
Exercise of stock options	3,415		3,415
Issuance of common stock through employee purchase plan	3,652		3,652
Purchase of treasury stock	(5,341)	(5,341)
Foreign currency translation	(392)			(392)
Net income	78,499				78,224	275
Reallocation of capital	0		(1,018)			1,018
Dividends and other distributions	(133,507)				(133,028)	(479)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2024	$ 1,183,637	$ (72,688)	$ 2,129,944	$ (820)	$ (874,130)	$ 1,228	$ 0	$ 89	$ 14

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common stock through stock awards (in shares)	137,350	161,050
Exercise of stock options (in shares)	47,000	10,595
Issuance of common stock through employee purchase plan (in shares)	40,322	45,232
Purchase of treasury stock (in shares)	49,623	56,808
Cash dividends declared per share of common stock (in dollars per share)	$ 1.30	$ 1.25
Preferred stock dividend shares (in dollars per share)	$ 15.95	$ 15.95

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 78,499	$ 76,198
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	75,228	73,125
Stock-based compensation	14,466	8,040
Amortization included in interest expense	1,631	1,642
Gain on disposition of assets	(2,188)	(2,688)
Equity in loss (earnings) of investee	559	(178)
Deferred tax expense (benefit)	246	(1,152)
Provision for doubtful accounts	312	1,397
Decrease (increase) in:
Receivables	2,229	24,208
Prepaid expenses	(6,746)	(10,833)
Other assets	(6,306)	(7,523)
Increase (decrease) in:
Trade accounts payable	325	(1,911)
Accrued expenses	(20,355)	(24,010)
Operating lease liabilities	(32,035)	(40,801)
Other liabilities	4,697	13,198
Net cash provided by (used in) operating activities	110,562	108,712
Cash flows from investing activities:
Acquisitions	(18,265)	(13,627)
Capital expenditures	(29,482)	(42,285)
Proceeds from disposition of assets and investments	2,731	3,248
Net cash (used in) provided by investing activities	(45,016)	(52,664)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(5,341)	(5,947)
Net proceeds from issuance of common stock	7,067	4,208
Principal payments on long-term debt	(98)	(93)
Principal payments on financing leases	(333)	(333)
Payments on revolving credit facility	(70,000)	(20,000)
Proceeds received from revolving credit facility	143,000	90,000
Proceeds received from accounts receivable securitization program	6,900	9,800
Payments on accounts receivable securitization program	(21,200)	(25,000)
Debt issuance costs	(23)	(25)
Distributions to non-controlling interest	(479)	(214)
Dividends/distributions	(133,119)	(127,551)
Net cash used in financing activities	(73,626)	(75,155)
Effect of exchange rate changes in cash and cash equivalents	(120)	10
Net decrease in cash and cash equivalents	(8,200)	(19,097)
Cash and cash equivalents at beginning of period	44,605	52,619
Cash and cash equivalents at end of period	36,405	33,522
Supplemental disclosures of cash flow information:
Cash paid for interest	42,520	39,430
Cash paid for foreign, state and federal income taxes	$ 2,953	$ 3,182

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 36,405	$ 44,605
Receivables, net of allowance for doubtful accounts of $11,952 and $12,477 in 2024 and 2023, respectively	298,509	301,189
Other current assets	41,162	27,392
Total current assets	376,076	373,186
Property, plant and equipment	4,289,440	4,274,831
Less accumulated depreciation and amortization	(2,731,409)	(2,708,361)
Net property, plant and equipment	1,558,031	1,566,470
Operating lease right of use assets	1,302,629	1,315,433
Financing lease right of use assets	10,471	11,184
Goodwill	2,035,220	2,035,271
Intangible assets, net	1,150,081	1,171,434
Other assets	92,559	90,644
Total assets	6,525,067	6,563,622
Current liabilities:
Trade accounts payable	18,435	18,238
Current maturities of long-term debt, net of deferred financing costs of $339 and $380 in 2024 and 2023, respectively	585,763	250,018
Current operating lease liabilities	174,955	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses	79,483	107,195
Deferred income	132,644	126,547
Total current liabilities	992,611	713,897
Long-term debt, net of deferred financing costs of $27,380 and $28,865 in 2024 and 2023, respectively	2,815,573	3,091,109
Operating lease liabilities	1,066,058	1,075,285
Financing lease liabilities	14,282	14,614
Deferred income tax liabilities	12,293	12,047
Asset retirement obligation	396,539	397,991
Other liabilities	44,074	41,891
Total liabilities	5,341,430	5,346,834
Stockholders’ equity:
Additional paid-in capital	2,129,944	2,103,282
Accumulated comprehensive loss	(820)	(428)
Accumulated deficit	(874,130)	(819,235)
Non-controlling interest	1,228	414
Stockholder's equity	1,183,637	1,216,788
Total liabilities and stockholders’ equity	6,525,067	6,563,622
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	35,905	44,105
Receivables, net of allowance for doubtful accounts of $11,952 and $12,477 in 2024 and 2023, respectively	298,509	301,189
Other current assets	41,162	27,392
Total current assets	375,576	372,686
Property, plant and equipment	4,289,440	4,274,831
Less accumulated depreciation and amortization	(2,731,409)	(2,708,361)
Net property, plant and equipment	1,558,031	1,566,470
Operating lease right of use assets	1,302,629	1,315,433
Financing lease right of use assets	10,471	11,184
Goodwill	2,025,068	2,025,119
Intangible assets, net	1,149,613	1,170,967
Other assets	86,937	85,021
Total assets	6,508,325	6,546,880
Current liabilities:
Trade accounts payable	18,435	18,238
Current maturities of long-term debt, net of deferred financing costs of $339 and $380 in 2024 and 2023, respectively	585,763	250,018
Current operating lease liabilities	174,955	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses	69,524	97,464
Deferred income	132,644	126,547
Total current liabilities	982,652	704,166
Long-term debt, net of deferred financing costs of $27,380 and $28,865 in 2024 and 2023, respectively	2,815,573	3,091,109
Operating lease liabilities	1,066,058	1,075,285
Financing lease liabilities	14,282	14,614
Deferred income tax liabilities	12,293	12,047
Asset retirement obligation	396,539	397,991
Other liabilities	44,074	41,891
Total liabilities	5,331,471	5,337,103
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in capital	3,200,451	3,173,789
Accumulated comprehensive loss	(820)	(428)
Accumulated deficit	(2,024,005)	(1,963,998)
Non-controlling interest	1,228	414
Stockholder's equity	1,176,854	1,209,777
Total liabilities and stockholders’ equity	$ 6,508,325	$ 6,546,880

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	$ 11,952	$ 12,477
Current deferred financing costs	339	380
Noncurrent deferred financing costs	27,380	28,865
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	11,952	12,477
Current deferred financing costs	339	380
Noncurrent deferred financing costs	$ 27,380	$ 28,865
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Income and Comprehensive Income (Subsidiary) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statements of Income
Net revenues	$ 498,150	$ 471,332
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	175,645	168,432
General and administrative expenses (exclusive of depreciation and amortization)	89,161	85,135
Corporate expenses (exclusive of depreciation and amortization)	35,704	28,527
Depreciation and amortization	75,228	73,125
Gain on disposition of assets	(2,188)	(2,688)
Total operating expenses	373,550	352,531
Operating income	124,600	118,801
Other (income) expense
Interest income	(467)	(461)
Interest expense	44,487	41,444
Equity in loss (earnings) of investee	559	(178)
Total other (income) expense	44,579	40,805
Income before income tax expense	80,021	77,996
Income tax expense	1,522	1,798
Net income	78,499	76,198
Net income attributable to non-controlling interest	275	157
Net income attributable to controlling interest	78,224	76,041
Statements of Comprehensive Income
Net income	78,499	76,198
Other comprehensive loss
Foreign currency translation adjustments	(392)	(2)
Comprehensive income	78,107	76,196
Net income attributable to non-controlling interest	275	157
Comprehensive income attributable to controlling interest	77,832	76,039
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	498,150	471,332
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	175,645	168,432
General and administrative expenses (exclusive of depreciation and amortization)	89,161	85,135
Corporate expenses (exclusive of depreciation and amortization)	35,566	28,391
Depreciation and amortization	75,228	73,125
Gain on disposition of assets	(2,188)	(2,688)
Total operating expenses	373,412	352,395
Operating income	124,738	118,937
Other (income) expense
Interest income	(467)	(461)
Interest expense	44,487	41,444
Equity in loss (earnings) of investee	559	(178)
Total other (income) expense	44,579	40,805
Income before income tax expense	80,159	78,132
Income tax expense	1,522	1,798
Net income	78,637	76,334
Net income attributable to non-controlling interest	275	157
Net income attributable to controlling interest	78,362	76,177
Statements of Comprehensive Income
Net income	78,637	76,334
Other comprehensive loss
Foreign currency translation adjustments	(392)	(2)
Comprehensive income	78,245	76,332
Net income attributable to non-controlling interest	275	157
Comprehensive income attributable to controlling interest	$ 77,970	$ 76,175

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders’ Equity (Subsidiary) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit	Non-controlling interest	LAMAR MEDIA CORP. AND SUBSIDIARIES	LAMAR MEDIA CORP. AND SUBSIDIARIES Common Stock	LAMAR MEDIA CORP. AND SUBSIDIARIES Additional Paid-In Capital	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Income (Loss)	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit	LAMAR MEDIA CORP. AND SUBSIDIARIES Non-controlling interest
Beginning balance at Dec. 31, 2022	$ 1,195,374	$ 2,061,671	$ (659)	$ (804,382)	$ 0	$ 1,187,501	$ 0	$ 3,132,178	$ (659)	$ (1,944,018)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						23,447		23,447
Reallocation of capital	(619)	(1,016)			397	(619)		(1,016)			397
Foreign currency translations						(2)			(2)
Net income	76,198			76,041	157	76,334				76,177	157
Dividend to parent						(133,620)				(133,406)	(214)
Ending balance at Mar. 31, 2023	1,160,687	2,084,102	(661)	(855,892)	340	1,153,041	0	3,154,609	(661)	(2,001,247)	340
Beginning balance at Dec. 31, 2023	1,216,788	2,103,282	(428)	(819,235)	414	1,209,777	0	3,173,789	(428)	(1,963,998)	414
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						27,680		27,680
Reallocation of capital	0	(1,018)			1,018	0		(1,018)			1,018
Foreign currency translations						(392)			(392)
Net income	78,499			78,224	275	78,637				78,362	275
Dividend to parent						(138,848)				(138,369)	(479)
Ending balance at Mar. 31, 2024	$ 1,183,637	$ 2,129,944	$ (820)	$ (874,130)	$ 1,228	$ 1,176,854	$ 0	$ 3,200,451	$ (820)	$ (2,024,005)	$ 1,228

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Subsidiary) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 78,499	$ 76,198
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	75,228	73,125
Non-cash compensation	14,466	8,040
Amortization included in interest expense	1,631	1,642
Gain on disposition of assets	(2,188)	(2,688)
Equity in loss (earnings) of investee	559	(178)
Deferred tax expense (benefit)	246	(1,152)
Provision for doubtful accounts	312	1,397
Decrease (increase) in:
Receivables	2,229	24,208
Prepaid expenses	(6,746)	(10,833)
Other assets	(6,306)	(7,523)
Increase (decrease) in:
Trade accounts payable	325	(1,911)
Accrued expenses	(20,355)	(24,010)
Operating lease liabilities	(32,035)	(40,801)
Other liabilities	4,697	13,198
Net cash provided by (used in) operating activities	110,562	108,712
Cash flows from investing activities:
Acquisitions	(18,265)	(13,627)
Capital expenditures	(29,482)	(42,285)
Proceeds from disposition of assets and investments	2,731	3,248
Net cash (used in) provided by investing activities	(45,016)	(52,664)
Cash flows from financing activities:
Principal payments on long-term debt	(98)	(93)
Principal payments on financing leases	(333)	(333)
Payments on revolving credit facility	(70,000)	(20,000)
Proceeds received from revolving credit facility	143,000	90,000
Proceeds received from accounts receivable securitization program	6,900	9,800
Payments on accounts receivable securitization program	(21,200)	(25,000)
Debt issuance costs	(23)	(25)
Distributions to non-controlling interest	(479)	(214)
Net cash used in financing activities	(73,626)	(75,155)
Effect of exchange rate changes in cash and cash equivalents	(120)	10
Net decrease in cash and cash equivalents	(8,200)	(19,097)
Cash and cash equivalents at beginning of period	44,605	52,619
Cash and cash equivalents at end of period	36,405	33,522
Supplemental disclosures of cash flow information:
Cash paid for interest	42,520	39,430
Cash paid for foreign, state and federal income taxes	2,953	3,182
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	78,637	76,334
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	75,228	73,125
Non-cash compensation	14,466	8,040
Amortization included in interest expense	1,631	1,642
Gain on disposition of assets	(2,188)	(2,688)
Equity in loss (earnings) of investee	559	(178)
Deferred tax expense (benefit)	246	(1,152)
Provision for doubtful accounts	312	1,397
Decrease (increase) in:
Receivables	2,229	24,208
Prepaid expenses	(6,746)	(10,833)
Other assets	(6,306)	(7,523)
Increase (decrease) in:
Trade accounts payable	325	(1,911)
Accrued expenses	(20,355)	(24,010)
Operating lease liabilities	(32,035)	(40,801)
Other liabilities	(16,145)	(6,269)
Net cash provided by (used in) operating activities	89,858	89,381
Cash flows from investing activities:
Acquisitions	(18,265)	(13,627)
Capital expenditures	(29,482)	(42,285)
Proceeds from disposition of assets and investments	2,731	3,248
Net cash (used in) provided by investing activities	(45,016)	(52,664)
Cash flows from financing activities:
Principal payments on long-term debt	(98)	(93)
Principal payments on financing leases	(333)	(333)
Payments on revolving credit facility	(70,000)	(20,000)
Proceeds received from revolving credit facility	143,000	90,000
Proceeds received from accounts receivable securitization program	6,900	9,800
Payments on accounts receivable securitization program	(21,200)	(25,000)
Debt issuance costs	(23)	(25)
Distributions to non-controlling interest	(479)	(214)
Contributions from parent	27,680	23,447
Dividend to parent	(138,369)	(133,406)
Net cash used in financing activities	(52,922)	(55,824)
Effect of exchange rate changes in cash and cash equivalents	(120)	10
Net decrease in cash and cash equivalents	(8,200)	(19,097)
Cash and cash equivalents at beginning of period	44,105	52,119
Cash and cash equivalents at end of period	35,905	33,022
Supplemental disclosures of cash flow information:
Cash paid for interest	42,520	39,430
Cash paid for foreign, state and federal income taxes	$ 2,953	$ 3,182

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
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 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 2023 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023. Three Months Ended 2024 2023 Billboard advertising $ 439,385 $ 417,175 Logo advertising 20,742 20,310 Transit advertising 38,023 33,847 Net revenues $ 498,150 $ 471,332

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases During the three months ended March 31, 2024 and 2023, we had operating lease costs of $79,252 and $79,446, respectively, and variable lease costs of $13,442 and $12,374, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2024 and 2023, we recorded a loss of $8 and $145, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $137,917 and $117,332 were made reducing our operating lease liabilities for the three months ended March 31, 2024 and 2023, 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 $2,527 and $2,411 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2024 and 2023, respectively. Our operating leases have a weighted-average remaining lease term of 12.7 years. The weighted-average discount rate of our operating leases is 5.1%. Also, during the periods ended March 31, 2024 and 2023, we obtained $2,424 and $4,942, 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, 2024: 2024 $ 156,243 2025 200,354 2026 172,599 2027 149,277 2028 126,426 Thereafter 922,664 Total undiscounted operating lease payments 1,727,563 Less: Imputed interest (486,550) Total operating lease liabilities $ 1,241,013 During the three months ended March 31, 2024 and 2023, $713 of amortization expense for each period and $120 and $130 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 were made reducing our financing lease liabilities for each of the three months ended March 31, 2024 and 2023, 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 3.7 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, 2024 and 2023, non-lease variable transit payments were $23,563 and $20,318, 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.
Leases	Leases During the three months ended March 31, 2024 and 2023, we had operating lease costs of $79,252 and $79,446, respectively, and variable lease costs of $13,442 and $12,374, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2024 and 2023, we recorded a loss of $8 and $145, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $137,917 and $117,332 were made reducing our operating lease liabilities for the three months ended March 31, 2024 and 2023, 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 $2,527 and $2,411 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2024 and 2023, respectively. Our operating leases have a weighted-average remaining lease term of 12.7 years. The weighted-average discount rate of our operating leases is 5.1%. Also, during the periods ended March 31, 2024 and 2023, we obtained $2,424 and $4,942, 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, 2024: 2024 $ 156,243 2025 200,354 2026 172,599 2027 149,277 2028 126,426 Thereafter 922,664 Total undiscounted operating lease payments 1,727,563 Less: Imputed interest (486,550) Total operating lease liabilities $ 1,241,013 During the three months ended March 31, 2024 and 2023, $713 of amortization expense for each period and $120 and $130 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 were made reducing our financing lease liabilities for each of the three months ended March 31, 2024 and 2023, 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 3.7 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, 2024 and 2023, non-lease variable transit payments were $23,563 and $20,318, 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, 2024
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 had no granted options of its Class A common stock during the three months ended March 31, 2024. At March 31, 2024 a total of 1,514,026 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 87,645 shares on January 1, 2024 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, 2024: Shares Available for future purchases, January 1, 2024 242,292 Additional shares reserved under 2019 ESPP 87,645 Purchases (40,322) Available for future purchases, March 31, 2024 289,615 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, are generally 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 2024 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2025. The shares subject to these awards can range from a minimum of 0% to a maximum of 120% of the target number of shares depending on the level at which the goals are attained. Under the Incentive Plan, the Company's Compensation Committee may also award additional shares in its discretion based on other factors, which awards, if any, for 2025, will also be issued in the first quarter of 2025. For the three months ended March 31, 2024 and 2023, the Company recorded $9,925 and $4,590 , respectively, as stock-based compensation expense. LTIP Units . In addition to stock compensation, the Company may issue LTIP Units of Lamar Advertising Limited Partnership (the "OP"), a subsidiary of the Company, to certain officers, employees and directors under the Incentive Plan of the Company. Such LTIP Units are subject to vesting and forfeiture conditions based on performance criteria approved by the Compensation Committee. The Compensation Committee may also make discretionary grants of LTIP Units based on other factors. LTIP Units are a class of units intended to qualify as “profits interests” of the OP. The LTIP Units convert into Common Units of the OP upon the occurrence of certain events. Common Units are redeemable by the holder for shares of the Company's Class A common stock after a holding period of twelve months, or may be paid out in cash at the option of the general partner of the OP. As of March 31, 2024, the OP has a total of 260,800 LTIP Units issued and outstanding to the Company’s executive officers, of which 140,800 LTIP units have vested. For the three months ended March 31, 2024 and 2023, the Company recorded $3,062 and $1,891, respectively, as stock-based compensation expense related to these LTIP Units. 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. For the three months ended March 31, 2024 and 2023, the Company recorded $137 and $101, respectively, in stock-based compensation expense related to these awards.

Depreciation and Amortization

Depreciation and Amortization	3 Months Ended
	Mar. 31, 2024
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 as follows: Three Months Ended 2024 2023 Direct advertising expenses $ 69,676 $ 68,316 General and administrative expenses 1,315 1,280 Corporate expenses 4,237 3,529 $ 75,228 $ 73,125

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: Estimated March 31, 2024 December 31, 2023 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 731,112 $ 647,080 $ 731,156 $ 640,635 Non-competition agreements 3—15 72,020 66,662 71,960 66,455 Site locations 15 2,968,419 1,918,650 2,955,324 1,891,078 Other 2—15 52,598 41,676 52,578 41,416 $ 3,824,149 $ 2,674,068 $ 3,811,018 $ 2,639,584 Unamortizable intangible assets: Goodwill $ 2,288,756 $ 253,536 $ 2,288,807 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2024
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, 2023 $ 397,991 Additions to asset retirement obligations 189 Accretion expense 1,721 Liabilities settled (3,362) Balance at March 31, 2024 $ 396,539

Distribution Restrictions

Distribution Restrictions	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, 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 $4,459,349 and $4,438,406, respectively. As of March 31, 2024, 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, 2024, 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, 2024 and December 31, 2023, 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 $3,209,829 and $3,188,886, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The 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 and LTIP units. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three months ended March 31, 2024 or 2023.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following at March 31, 2024 and December 31, 2023: March 31, 2024 Debt Deferred Debt, net of Senior Credit Facility $ 1,092,285 $ 7,617 $ 1,084,668 Accounts Receivable Securitization Program 235,700 339 235,361 3 3/4% Senior Notes 600,000 4,647 595,353 3 5/8% Senior Notes 550,000 6,032 543,968 4% Senior Notes 549,536 5,473 544,063 4 7/8% Senior Notes 400,000 3,611 396,389 Other notes with various rates and terms 1,534 — 1,534 3,429,055 27,719 3,401,336 Less current maturities (586,102) (339) (585,763) Long-term debt, excluding current maturities $ 2,842,953 $ 27,380 $ 2,815,573 December 31, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,019,222 $ 8,266 $ 1,010,956 Accounts Receivable Securitization Program 250,000 380 249,620 3 3/4% Senior Notes 600,000 4,923 595,077 3 5/8% Senior Notes 550,000 6,226 543,774 4% Senior Notes 549,516 5,675 543,841 4 7/8% Senior Notes 400,000 3,775 396,225 Other notes with various rates and terms 1,634 — 1,634 3,370,372 29,245 3,341,127 Less current maturities (250,398) (380) (250,018) Long-term debt, excluding current maturities $ 3,119,974 $ 28,865 $ 3,091,109 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 July 31, 2028, subject to certain conditions (see description of Amendment No. 4 below) (the “revolving credit facility”), (ii) a $600,000 senior secured Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, (iii) a $350,000 senior secured Term A loan facility (the "Term A loans") which will mature on February 6, 2025, and (iv) 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 Term Secured Overnight Financing Rate ("Term SOFR") plus a credit spread adjustment of 0.10% (Term SOFR plus such credit spread adjustment, the "Adjusted Term SOFR Rate”) or the Adjusted Base Rate, at Lamar Media’s option. Term B loans bearing interest at a rate based on Term SOFR bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50%. Term B loans bearing interest at a rate based on the Adjusted Base Rate 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 Term SOFR ("Term SOFR revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Term SOFR revolving loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR 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. On July 29, 2022, Lamar Media entered into Amendment No. 2 ("Amendment No. 2") to 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. Amendment No. 2 established the Term A loans as a new class of incremental term loans. The Term A loans will mature on February 6, 2025 with no required amortization payments prior to maturity and bear interest at rates based on Term SOFR ("Term SOFR Term A loans") or the Adjusted Base Rate ("Base Rate Term A loans"), at Lamar Media's option. Term SOFR Term A loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate Term A 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 covenants, events of default and other terms of the senior credit facility apply to the Term A loans. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022. The entire amount of the Term A loans will be payable at maturity. Proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. On April 26, 2023, Lamar Media entered into Amendment No. 3 ("Amendment No. 3") to 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. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement remain unchanged by Amendment No. 3. On July 31, 2023, Lamar Media entered into Amendment No. 4 (the "Amendment No. 4"), to 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. Amendment No. 4 extends the maturity date of Lamar Media's $750,000 revolving credit facility such that the revolving credit facility matures July 31, 2028; provided, that, if on the date (a "Springing Maturity Test Date") that is 91 days prior to either the then scheduled maturity date of Lamar Media's Term B loans (which is currently February 6, 2027) or the February 15, 2028 maturity date of Lamar Media's 3 3/4% Notes, the Company and its restricted subsidiaries do not have sufficient liquidity (defined as unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus unused commitments under the revolving credit facility) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the Term B loans or the 3 3/4% Notes (as applicable), the revolving credit facility will mature on such Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together with all accrued and unpaid interest on such revolving loans, will be due and payable. Amendment No. 4 also establishes a $75,000 swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75,000. In addition, Amendment No. 4 amends the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein. As of March 31, 2024, there were $143,000 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 $8,603 in letters of credit outstanding as of March 31, 2024 resulting in $598,397 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. 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 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program. As of March 31, 2024 there was $235,700 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, 2024. 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, 2024. The Accounts Receivable Securitization Program will mature on July 21, 2025. 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. 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. 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. 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. 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. 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 On March 16, 2020, the Company’s Board of Directors authorized Lamar Media to repurchase up to $250,000 in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. On February 23, 2023, the Board of Directors authorized the extension of the repurchase program through September 30, 2024. There were no repurchases under the program as of March 31, 2024.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments At March 31, 2024 and December 31, 2023, 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 $3,248,868 which does not exceed the carrying amount of $3,429,055 as of March 31, 2024. 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	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires companies to disclose disaggregated information related to the effective tax rate reconciliation and income taxes paid. This guidance is effective for public entities as of December 15, 2024. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements.

Dividends_Distributions

Dividends/Distributions	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Dividends/Distributions	Dividends/Distributions During the three months ended March 31, 2024 and 2023, the Company declared and paid cash distributions in an aggregate amount of $133,028 or $1.30 per share and $127,460 or $1.25 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 general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three months ended March 31, 2024 and 2023, 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, 2024
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $7,704 and $6,076 for the three months ended March 31, 2024 and 2023, respectively. Net carrying value of long-lived assets located in foreign countries totaled $13,065 and $13,930 as of March 31, 2024 and December 31, 2023, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Sales Agreement. On June 21, 2021, the Company entered into an 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, 2024, 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, 2024. 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, 2024 and the year ended December 31, 2023, 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 February 23, 2023, the Board of Directors authorized the extension of the repurchase program through September 30, 2024. There were no repurchases under the program as of March 31, 2024.

Significant Accounting Polici_2

Significant Accounting Policies (Subsidiary)	3 Months Ended
	Mar. 31, 2024
Significant Accounting Policies [Line Items]
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of 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 2023 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 [Line Items]
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2023 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, 14 and 15 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, 2024
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Summarized Financial Information of Subsidiaries	Summarized Financial Information of Subsidiaries Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of March 31, 2024 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 27,664 $ 45,183 $ 302,729 $ — $ 375,576 Net property, plant and equipment — 1,542,340 15,691 — 1,558,031 Operating lease right of use assets — 1,270,193 32,436 — 1,302,629 Intangibles and goodwill, net — 3,157,772 16,909 — 3,174,681 Other assets 4,619,892 344,234 235,405 (5,102,123) 97,408 Total assets $ 4,647,556 $ 6,359,722 $ 603,170 $ (5,102,123) $ 6,508,325 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ 350,000 $ 402 $ 235,361 $ — $ 585,763 Current operating lease liabilities — 167,509 7,446 — 174,955 Other current liabilities 33,531 176,596 11,807 — 221,934 Total current liabilities 383,531 344,507 254,614 — 982,652 Long-term debt 2,814,441 1,132 — — 2,815,573 Operating lease liabilities — 1,042,549 23,509 — 1,066,058 Other noncurrent liabilities 273,958 422,941 342,381 (572,092) 467,188 Total liabilities 3,471,930 1,811,129 620,504 (572,092) 5,331,471 Stockholder's equity 1,175,626 4,548,593 (17,334) (4,530,031) 1,176,854 Total liabilities and stockholder's equity $ 4,647,556 $ 6,359,722 $ 603,170 $ (5,102,123) $ 6,508,325 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 33,875 $ 28,905 $ 309,906 $ — $ 372,686 Net property, plant and equipment — 1,548,946 17,524 — 1,566,470 Operating lease right of use assets — 1,281,503 33,930 — 1,315,433 Intangibles and goodwill, net — 3,179,107 16,979 — 3,196,086 Other assets 4,596,516 349,680 249,662 (5,099,653) 96,205 Total assets $ 4,630,391 $ 6,388,141 $ 628,001 $ (5,099,653) $ 6,546,880 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 398 $ 249,620 $ — $ 250,018 Current operating lease liabilities — 202,992 7,576 — 210,568 Other current liabilities 45,225 184,018 14,337 — 243,580 Total current liabilities 45,225 387,408 271,533 — 704,166 Long-term debt 3,089,874 1,235 — — 3,091,109 Operating lease liabilities — 1,050,330 24,955 — 1,075,285 Other noncurrent liabilities 285,929 424,532 343,253 (587,171) 466,543 Total liabilities 3,421,028 1,863,505 639,741 (587,171) 5,337,103 Stockholder's equity 1,209,363 4,524,636 (11,740) (4,512,482) 1,209,777 Total liabilities and stockholder's equity $ 4,630,391 $ 6,388,141 $ 628,001 $ (5,099,653) $ 6,546,880 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2024 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 487,788 $ 11,023 $ (661) $ 498,150 Operating expenses (income) Direct advertising expenses (1) — 168,246 8,060 (661) 175,645 General and administrative expenses (1) — 86,709 2,452 — 89,161 Corporate expenses (1) — 35,067 499 — 35,566 Depreciation and amortization — 74,309 919 — 75,228 Gain on disposition of assets — (2,188) — — (2,188) — 362,143 11,930 (661) 373,412 Operating income (loss) — 125,645 (907) — 124,738 Equity in (earnings) loss of subsidiaries (118,866) — — 118,866 — Interest expense (income), net 40,504 (369) 3,885 — 44,020 Equity in loss of investee — 559 — — 559 Income (loss) before income tax expense 78,362 125,455 (4,792) (118,866) 80,159 Income tax expense (2) — 1,407 115 — 1,522 Net income (loss) 78,362 124,048 (4,907) (118,866) 78,637 Net income attributable to non-controlling interest — 88 187 — 275 Net income (loss) attributable to controlling interest $ 78,362 $ 123,960 $ (5,094) $ (118,866) $ 78,362 Statement of Comprehensive Income Net income (loss) $ 78,362 $ 124,048 $ (4,907) $ (118,866) $ 78,637 Total other comprehensive loss, net of tax — — (392) — (392) Total comprehensive income (loss) 78,362 124,048 (5,299) (118,866) 78,245 Net income attributable to non-controlling interest — 88 187 — 275 Comprehensive income (loss) attributable to controlling interest $ 78,362 $ 123,960 $ (5,486) $ (118,866) $ 77,970 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 462,493 $ 9,395 $ (556) $ 471,332 Operating expenses (income) Direct advertising expenses (1) — 161,503 7,485 (556) 168,432 General and administrative expenses (1) — 82,724 2,411 — 85,135 Corporate expenses (1) — 27,992 399 — 28,391 Depreciation and amortization — 72,277 848 — 73,125 Gain on disposition of assets — (2,688) — — (2,688) — 341,808 11,143 (556) 352,395 Operating income (loss) — 120,685 (1,748) — 118,937 Equity in (earnings) loss of subsidiaries (114,235) — — 114,235 — Loss on extinguishment of debt — — 3,381 — 3,381 Interest expense (income), net 38,058 (456) — — 37,602 Equity in earnings of investee — (178) — — (178) Income (loss) before income tax expense 76,177 121,319 (5,129) (114,235) 78,132 Income tax expense (2) — 1,707 91 — 1,798 Net income (loss) 76,177 119,612 (5,220) (114,235) 76,334 Net income attributable to non-controlling interest — 20 137 — 157 Net income (loss) attributable to controlling interest $ 76,177 $ 119,592 $ (5,357) $ (114,235) $ 76,177 Statement of Comprehensive Income Net income (loss) $ 76,177 $ 119,612 $ (5,220) $ (114,235) $ 76,334 Total other comprehensive loss, net of tax — — (2) — (2) Total comprehensive income (loss) 76,177 119,612 (5,222) (114,235) 76,332 Net income attributable to non-controlling interest — 20 137 — 157 Comprehensive income (loss) attributable to controlling interest $ 76,177 $ 119,592 $ (5,359) $ (114,235) $ 76,175 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2024 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 67,438 $ 142,272 $ (662) $ (119,190) $ 89,858 Cash flows from investing activities: Acquisitions — (18,265) — — (18,265) Capital expenditures — (30,114) 632 — (29,482) Proceeds from disposition of assets and investments — 2,731 — — 2,731 Investment in subsidiaries (18,265) — — 18,265 — (Increase) decrease in intercompany notes receivable (17,695) — — 17,695 — Net cash (used in) provided by investing activities (35,960) (45,648) 632 35,960 (45,016) Cash flows from financing activities: Proceeds received from revolving credit facility 143,000 — — — 143,000 Payment on revolving credit facility (70,000) — — — (70,000) Principal payments on long-term debt — (98) — — (98) Principal payments on financing leases — (333) — — (333) Payment on accounts receivable securitization program — — (21,200) — (21,200) Proceeds received from accounts receivable securitization program — — 6,900 — 6,900 Debt issuance costs — — (23) — (23) Intercompany loan (payments) proceeds — 4,358 13,337 (17,695) — Distributions to non-controlling interest — (184) (295) — (479) Dividends (to) from parent (138,369) (119,190) — 119,190 (138,369) Contributions from (to) parent 27,680 18,265 — (18,265) 27,680 Net cash (used in) provided by financing activities (37,689) (97,182) (1,281) 83,230 (52,922) Effect of exchange rate changes in cash and cash equivalents — — (120) — (120) Net decrease in cash and cash equivalents (6,211) (558) (1,431) — (8,200) Cash and cash equivalents at beginning of period 33,772 720 9,613 — 44,105 Cash and cash equivalents at end of period $ 27,561 $ 162 $ 8,182 $ — $ 35,905 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 56,096 $ 100,431 $ 13,954 $ (81,100) $ 89,381 Cash flows from investing activities: Acquisitions — (13,627) — — (13,627) Capital expenditures — (40,952) (1,333) — (42,285) Proceeds from disposition of assets and investments — 3,248 — — 3,248 Investment in subsidiaries (13,627) — — 13,627 — (Increase) decrease in intercompany notes receivable (17,895) — — 17,895 — Net cash (used in) provided by investing activities (31,522) (51,331) (1,333) 31,522 (52,664) Cash flows from financing activities: Proceeds received from revolving credit facility 90,000 — — — 90,000 Payment on revolving credit facility (20,000) — — — (20,000) Principal payments on long-term debt — (93) — — (93) Principal payments on financing leases — (333) — — (333) Payment on accounts receivable securitization program — — (25,000) — (25,000) Proceeds received from accounts receivable securitization program — — 9,800 — 9,800 Debt issuance costs — — (25) — (25) Intercompany loan proceeds (payments) — 18,499 (604) (17,895) — Distributions to non-controlling interest — (110) (104) — (214) Dividends (to) from parent (133,406) (81,100) — 81,100 (133,406) Contributions from (to) parent 23,447 13,627 — (13,627) 23,447 Net cash (used in) provided by financing activities (39,959) (49,510) (15,933) 49,578 (55,824) Effect of exchange rate changes in cash and cash equivalents — — 10 — 10 Net decrease in cash and cash equivalents (15,385) (410) (3,302) — (19,097) Cash and cash equivalents at beginning of period 39,729 1,285 11,105 — 52,119 Cash and cash equivalents at end of period $ 24,344 $ 875 $ 7,803 $ — $ 33,022

Significant Accounting Polici_3

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Significant Accounting Policies [Line Items]
Subsequent Events	Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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 December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires companies to disclose disaggregated information related to the effective tax rate reconciliation and income taxes paid. This guidance is effective for public entities as of December 15, 2024. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements.
Dividends/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 general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Significant Accounting Policies [Line Items]
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, 14 and 15 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, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation Revenue	The following table presents our disaggregated revenue by source for the three months ended March 31, 2024 and 2023. Three Months Ended 2024 2023 Billboard advertising $ 439,385 $ 417,175 Logo advertising 20,742 20,310 Transit advertising 38,023 33,847 Net revenues $ 498,150 $ 471,332

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Maturities of Operating Lease Liabilities	The following is a summary of the maturities of our operating lease liabilities as of March 31, 2024: 2024 $ 156,243 2025 200,354 2026 172,599 2027 149,277 2028 126,426 Thereafter 922,664 Total undiscounted operating lease payments 1,727,563 Less: Imputed interest (486,550) Total operating lease liabilities $ 1,241,013

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of ESPP Share Activity	The following is a summary of 2019 ESPP share activity for the three months ended March 31, 2024: Shares Available for future purchases, January 1, 2024 242,292 Additional shares reserved under 2019 ESPP 87,645 Purchases (40,322) Available for future purchases, March 31, 2024 289,615

Depreciation and Amortization (

Depreciation and Amortization (Tables)	3 Months Ended
	Mar. 31, 2024
Depreciation, Depletion and Amortization [Abstract]
Schedule of 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 as follows: Three Months Ended 2024 2023 Direct advertising expenses $ 69,676 $ 68,316 General and administrative expenses 1,315 1,280 Corporate expenses 4,237 3,529 $ 75,228 $ 73,125

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following is a summary of intangible assets at March 31, 2024 and December 31, 2023: Estimated March 31, 2024 December 31, 2023 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 731,112 $ 647,080 $ 731,156 $ 640,635 Non-competition agreements 3—15 72,020 66,662 71,960 66,455 Site locations 15 2,968,419 1,918,650 2,955,324 1,891,078 Other 2—15 52,598 41,676 52,578 41,416 $ 3,824,149 $ 2,674,068 $ 3,811,018 $ 2,639,584 Unamortizable intangible assets: Goodwill $ 2,288,756 $ 253,536 $ 2,288,807 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Information Related to Asset Retirement Obligations	The following table reflects information related to our asset retirement obligations: Balance at December 31, 2023 $ 397,991 Additions to asset retirement obligations 189 Accretion expense 1,721 Liabilities settled (3,362) Balance at March 31, 2024 $ 396,539

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following at March 31, 2024 and December 31, 2023: March 31, 2024 Debt Deferred Debt, net of Senior Credit Facility $ 1,092,285 $ 7,617 $ 1,084,668 Accounts Receivable Securitization Program 235,700 339 235,361 3 3/4% Senior Notes 600,000 4,647 595,353 3 5/8% Senior Notes 550,000 6,032 543,968 4% Senior Notes 549,536 5,473 544,063 4 7/8% Senior Notes 400,000 3,611 396,389 Other notes with various rates and terms 1,534 — 1,534 3,429,055 27,719 3,401,336 Less current maturities (586,102) (339) (585,763) Long-term debt, excluding current maturities $ 2,842,953 $ 27,380 $ 2,815,573 December 31, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,019,222 $ 8,266 $ 1,010,956 Accounts Receivable Securitization Program 250,000 380 249,620 3 3/4% Senior Notes 600,000 4,923 595,077 3 5/8% Senior Notes 550,000 6,226 543,774 4% Senior Notes 549,516 5,675 543,841 4 7/8% Senior Notes 400,000 3,775 396,225 Other notes with various rates and terms 1,634 — 1,634 3,370,372 29,245 3,341,127 Less current maturities (250,398) (380) (250,018) Long-term debt, excluding current maturities $ 3,119,974 $ 28,865 $ 3,091,109

Summarized Financial Informat_2

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES	3 Months Ended
	Mar. 31, 2024
Condensed Income Statements, Captions [Line Items]
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, 2024 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 27,664 $ 45,183 $ 302,729 $ — $ 375,576 Net property, plant and equipment — 1,542,340 15,691 — 1,558,031 Operating lease right of use assets — 1,270,193 32,436 — 1,302,629 Intangibles and goodwill, net — 3,157,772 16,909 — 3,174,681 Other assets 4,619,892 344,234 235,405 (5,102,123) 97,408 Total assets $ 4,647,556 $ 6,359,722 $ 603,170 $ (5,102,123) $ 6,508,325 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ 350,000 $ 402 $ 235,361 $ — $ 585,763 Current operating lease liabilities — 167,509 7,446 — 174,955 Other current liabilities 33,531 176,596 11,807 — 221,934 Total current liabilities 383,531 344,507 254,614 — 982,652 Long-term debt 2,814,441 1,132 — — 2,815,573 Operating lease liabilities — 1,042,549 23,509 — 1,066,058 Other noncurrent liabilities 273,958 422,941 342,381 (572,092) 467,188 Total liabilities 3,471,930 1,811,129 620,504 (572,092) 5,331,471 Stockholder's equity 1,175,626 4,548,593 (17,334) (4,530,031) 1,176,854 Total liabilities and stockholder's equity $ 4,647,556 $ 6,359,722 $ 603,170 $ (5,102,123) $ 6,508,325 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 33,875 $ 28,905 $ 309,906 $ — $ 372,686 Net property, plant and equipment — 1,548,946 17,524 — 1,566,470 Operating lease right of use assets — 1,281,503 33,930 — 1,315,433 Intangibles and goodwill, net — 3,179,107 16,979 — 3,196,086 Other assets 4,596,516 349,680 249,662 (5,099,653) 96,205 Total assets $ 4,630,391 $ 6,388,141 $ 628,001 $ (5,099,653) $ 6,546,880 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 398 $ 249,620 $ — $ 250,018 Current operating lease liabilities — 202,992 7,576 — 210,568 Other current liabilities 45,225 184,018 14,337 — 243,580 Total current liabilities 45,225 387,408 271,533 — 704,166 Long-term debt 3,089,874 1,235 — — 3,091,109 Operating lease liabilities — 1,050,330 24,955 — 1,075,285 Other noncurrent liabilities 285,929 424,532 343,253 (587,171) 466,543 Total liabilities 3,421,028 1,863,505 639,741 (587,171) 5,337,103 Stockholder's equity 1,209,363 4,524,636 (11,740) (4,512,482) 1,209,777 Total liabilities and stockholder's equity $ 4,630,391 $ 6,388,141 $ 628,001 $ (5,099,653) $ 6,546,880
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, 2024 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 487,788 $ 11,023 $ (661) $ 498,150 Operating expenses (income) Direct advertising expenses (1) — 168,246 8,060 (661) 175,645 General and administrative expenses (1) — 86,709 2,452 — 89,161 Corporate expenses (1) — 35,067 499 — 35,566 Depreciation and amortization — 74,309 919 — 75,228 Gain on disposition of assets — (2,188) — — (2,188) — 362,143 11,930 (661) 373,412 Operating income (loss) — 125,645 (907) — 124,738 Equity in (earnings) loss of subsidiaries (118,866) — — 118,866 — Interest expense (income), net 40,504 (369) 3,885 — 44,020 Equity in loss of investee — 559 — — 559 Income (loss) before income tax expense 78,362 125,455 (4,792) (118,866) 80,159 Income tax expense (2) — 1,407 115 — 1,522 Net income (loss) 78,362 124,048 (4,907) (118,866) 78,637 Net income attributable to non-controlling interest — 88 187 — 275 Net income (loss) attributable to controlling interest $ 78,362 $ 123,960 $ (5,094) $ (118,866) $ 78,362 Statement of Comprehensive Income Net income (loss) $ 78,362 $ 124,048 $ (4,907) $ (118,866) $ 78,637 Total other comprehensive loss, net of tax — — (392) — (392) Total comprehensive income (loss) 78,362 124,048 (5,299) (118,866) 78,245 Net income attributable to non-controlling interest — 88 187 — 275 Comprehensive income (loss) attributable to controlling interest $ 78,362 $ 123,960 $ (5,486) $ (118,866) $ 77,970 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 462,493 $ 9,395 $ (556) $ 471,332 Operating expenses (income) Direct advertising expenses (1) — 161,503 7,485 (556) 168,432 General and administrative expenses (1) — 82,724 2,411 — 85,135 Corporate expenses (1) — 27,992 399 — 28,391 Depreciation and amortization — 72,277 848 — 73,125 Gain on disposition of assets — (2,688) — — (2,688) — 341,808 11,143 (556) 352,395 Operating income (loss) — 120,685 (1,748) — 118,937 Equity in (earnings) loss of subsidiaries (114,235) — — 114,235 — Loss on extinguishment of debt — — 3,381 — 3,381 Interest expense (income), net 38,058 (456) — — 37,602 Equity in earnings of investee — (178) — — (178) Income (loss) before income tax expense 76,177 121,319 (5,129) (114,235) 78,132 Income tax expense (2) — 1,707 91 — 1,798 Net income (loss) 76,177 119,612 (5,220) (114,235) 76,334 Net income attributable to non-controlling interest — 20 137 — 157 Net income (loss) attributable to controlling interest $ 76,177 $ 119,592 $ (5,357) $ (114,235) $ 76,177 Statement of Comprehensive Income Net income (loss) $ 76,177 $ 119,612 $ (5,220) $ (114,235) $ 76,334 Total other comprehensive loss, net of tax — — (2) — (2) Total comprehensive income (loss) 76,177 119,612 (5,222) (114,235) 76,332 Net income attributable to non-controlling interest — 20 137 — 157 Comprehensive income (loss) attributable to controlling interest $ 76,177 $ 119,592 $ (5,359) $ (114,235) $ 76,175 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
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, 2024 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 67,438 $ 142,272 $ (662) $ (119,190) $ 89,858 Cash flows from investing activities: Acquisitions — (18,265) — — (18,265) Capital expenditures — (30,114) 632 — (29,482) Proceeds from disposition of assets and investments — 2,731 — — 2,731 Investment in subsidiaries (18,265) — — 18,265 — (Increase) decrease in intercompany notes receivable (17,695) — — 17,695 — Net cash (used in) provided by investing activities (35,960) (45,648) 632 35,960 (45,016) Cash flows from financing activities: Proceeds received from revolving credit facility 143,000 — — — 143,000 Payment on revolving credit facility (70,000) — — — (70,000) Principal payments on long-term debt — (98) — — (98) Principal payments on financing leases — (333) — — (333) Payment on accounts receivable securitization program — — (21,200) — (21,200) Proceeds received from accounts receivable securitization program — — 6,900 — 6,900 Debt issuance costs — — (23) — (23) Intercompany loan (payments) proceeds — 4,358 13,337 (17,695) — Distributions to non-controlling interest — (184) (295) — (479) Dividends (to) from parent (138,369) (119,190) — 119,190 (138,369) Contributions from (to) parent 27,680 18,265 — (18,265) 27,680 Net cash (used in) provided by financing activities (37,689) (97,182) (1,281) 83,230 (52,922) Effect of exchange rate changes in cash and cash equivalents — — (120) — (120) Net decrease in cash and cash equivalents (6,211) (558) (1,431) — (8,200) Cash and cash equivalents at beginning of period 33,772 720 9,613 — 44,105 Cash and cash equivalents at end of period $ 27,561 $ 162 $ 8,182 $ — $ 35,905 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 56,096 $ 100,431 $ 13,954 $ (81,100) $ 89,381 Cash flows from investing activities: Acquisitions — (13,627) — — (13,627) Capital expenditures — (40,952) (1,333) — (42,285) Proceeds from disposition of assets and investments — 3,248 — — 3,248 Investment in subsidiaries (13,627) — — 13,627 — (Increase) decrease in intercompany notes receivable (17,895) — — 17,895 — Net cash (used in) provided by investing activities (31,522) (51,331) (1,333) 31,522 (52,664) Cash flows from financing activities: Proceeds received from revolving credit facility 90,000 — — — 90,000 Payment on revolving credit facility (20,000) — — — (20,000) Principal payments on long-term debt — (93) — — (93) Principal payments on financing leases — (333) — — (333) Payment on accounts receivable securitization program — — (25,000) — (25,000) Proceeds received from accounts receivable securitization program — — 9,800 — 9,800 Debt issuance costs — — (25) — (25) Intercompany loan proceeds (payments) — 18,499 (604) (17,895) — Distributions to non-controlling interest — (110) (104) — (214) Dividends (to) from parent (133,406) (81,100) — 81,100 (133,406) Contributions from (to) parent 23,447 13,627 — (13,627) 23,447 Net cash (used in) provided by financing activities (39,959) (49,510) (15,933) 49,578 (55,824) Effect of exchange rate changes in cash and cash equivalents — — 10 — 10 Net decrease in cash and cash equivalents (15,385) (410) (3,302) — (19,097) Cash and cash equivalents at beginning of period 39,729 1,285 11,105 — 52,119 Cash and cash equivalents at end of period $ 24,344 $ 875 $ 7,803 $ — $ 33,022

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 498,150	$ 471,332
Billboard advertising
Disaggregation of Revenue [Line Items]
Net revenues	439,385	417,175
Logo advertising
Disaggregation of Revenue [Line Items]
Net revenues	20,742	20,310
Transit advertising
Disaggregation of Revenue [Line Items]
Net revenues	$ 38,023	$ 33,847

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 79,252	$ 79,446
Variable lease, cost	13,442	12,374
Gain on disposition of assets	(2,188)	(2,688)
Operating lease, cash payments	137,917	117,332
Direct advertising expenses (exclusive of depreciation and amortization)	$ 175,645	168,432
Operating lease, weighted average remaining lease term	12 years 8 months 12 days
Operating lease, weighted average discount rate	5.10%
Leased assets obtained in exchange for operating lease liability	$ 2,424	4,942
Amortization expense	713	713
Interest expense	120	130
Principal payments on financing leases	$ 333	333
Weighted-average remaining lease term	3 years 8 months 12 days
Weighted-average discount rate	3.10%
Non-lease transit payments	$ 23,563	20,318
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	2,527	2,411
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ 8	$ 145

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024	$ 156,243
2025	200,354
2026	172,599
2027	149,277
2028	126,426
Thereafter	922,664
Total undiscounted operating lease payments	1,727,563
Less: Imputed interest	(486,550)
Total operating lease liabilities	$ 1,241,013

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,514,026
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units issued (in shares)	260,800
Common units outstanding (in shares)	260,800
Common unit, vested (in shares)	140,800
Percentage of Awards Vesting on Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	20%
Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	20%
Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	20%
Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	20%
Share-based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	20%
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
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%
1996 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share	120%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	87,645
Performance Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 9,925	$ 4,590
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan	10 years
Compensation expense related to performance based compensation agreements	$ 137	101
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%
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%
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 3,062	$ 1,891

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of ESPP Share Activity (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ESPP share activity
Purchases (in shares)	(40,322)	(45,232)
Available for future purchases, ending balance (in shares)	1,514,026
2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved under 2019 ESPP (in shares)	87,645
Employee Stock Purchase Plan
ESPP share activity
Available for future purchases, beginning balance (in shares)	242,292
Purchases (in shares)	(40,322)
Available for future purchases, ending balance (in shares)	289,615

Depreciation and Amortization -

Depreciation and Amortization - Schedule of Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 75,228	$ 73,125
Direct advertising expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	69,676	68,316
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,315	1,280
Corporate expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 4,237	$ 3,529

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,824,149	$ 3,811,018
Accumulated Amortization	2,674,068	2,639,584
Goodwill, gross carrying amount	2,288,756	2,288,807
Goodwill, accumulated amortization	253,536	253,536
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	731,112	731,156
Accumulated Amortization	$ 647,080	640,635
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	$ 72,020	71,960
Accumulated Amortization	$ 66,662	66,455
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]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,968,419	2,955,324
Accumulated Amortization	1,918,650	1,891,078
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,598	52,578
Accumulated Amortization	$ 41,676	$ 41,416
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 - Schedule of Information Related to Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 397,991
Additions to asset retirement obligations	189
Accretion expense	1,721
Liabilities settled	(3,362)
Ending balance	$ 396,539

Distribution Restrictions (Deta

Distribution Restrictions (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 4,459,349	$ 4,438,406
Debt ratio	7
Debt ratio related to actual position on senior credit facility	7	7
Available cumulative credit	$ 3,209,829	$ 3,188,886
Secured Debt | Maximum
Debt Instrument [Line Items]
Secured debt ratio	4.5
Secured Debt | LAMAR MEDIA CORP
Debt Instrument [Line Items]
Secured debt ratio	4.5

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
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 - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Aug. 19, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,429,055	$ 3,370,372
Debt, less current maturities	(586,102)	(250,398)
Debt, excluding current maturities	2,842,953	3,119,974
Deferred financing costs	27,719	29,245
Deferred financing costs, less current maturities	(339)	(380)
Deferred financing costs, excluding current maturities	27,380	28,865
Debt, net of deferred financing costs	3,401,336	3,341,127
Debt, net of deferred financing costs, less current maturities	(585,763)	(250,018)
Debt, net of deferred financing costs, excluding current maturities	2,815,573	3,091,109
Senior Credit Facility
Debt Instrument [Line Items]
Debt	1,092,285	1,019,222
Deferred financing costs	7,617	8,266
Debt, net of deferred financing costs	1,084,668	1,010,956
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	235,700	250,000
Deferred financing costs	339	380
Debt, net of deferred financing costs	235,361	249,620
3 3/4% Senior  Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	4,647	4,923
Debt, net of deferred financing costs	$ 595,353	$ 595,077
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	6,032	6,226
Debt, net of deferred financing costs	$ 543,968	$ 543,774
Stated percentage	3.625%	3.625%
4% Senior Notes
Debt Instrument [Line Items]
Debt	$ 549,536	$ 549,516
Deferred financing costs	5,473	5,675
Debt, net of deferred financing costs	$ 544,063	$ 543,841
Stated percentage	4%	4%	4%	4%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000
Deferred financing costs	3,611	3,775
Debt, net of deferred financing costs	$ 396,389	$ 396,225
Stated percentage	4.875%	4.875%
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	$ 1,534	$ 1,634
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 1,534	$ 1,634

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details)						3 Months Ended
	Jul. 29, 2022 USD ($)	Jan. 22, 2021 USD ($)	Aug. 19, 2020 USD ($)	May 13, 2020 USD ($)	Feb. 06, 2020 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jun. 24, 2022 USD ($)	Mar. 16, 2020 USD ($)	Dec. 18, 2018 USD ($)
Debt Instrument [Line Items]
Outstanding revolving credit facility						$ 143,000,000
Remaining borrowing capacity under revolving credit facility						598,397,000
Gross amount of company's long term debt						3,429,055,000	$ 3,370,372,000
Letter of Credit
Debt Instrument [Line Items]
Letter of credit outstanding balance						$ 8,603,000
4% Senior Notes
Debt Instrument [Line Items]
Stated percentage			4%		4%	4%	4%
Gross amount of company's long term debt						$ 549,536,000	$ 549,516,000
Redemption price percentage of the principal amount to be purchased					101%
4% Senior Notes | Redemption Period Two
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount					100%
4% Senior Notes | Private Placement
Debt Instrument [Line Items]
Stated percentage			4%		4%
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
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Aggregate principal amount of debt issued									$ 250,000,000		$ 175,000,000
Gross amount of company's long term debt						235,700,000	$ 250,000,000
Accounts Receivable Securitization Program | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Available borrowing on accounts receivable securitization						0
Line of credit facility, commitment fee amount						$ 0
3 3/4% Senior Notes
Debt Instrument [Line Items]
Stated percentage					3.75%	3.75%	3.75%
Gross amount of company's long term debt						$ 600,000,000	$ 600,000,000
3 3/4% Senior Notes | Redemption Period One
Debt Instrument [Line Items]
Redemption price percentage of the principal amount to be purchased					101%
3 3/4% Senior Notes | Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt issued					$ 600,000,000
Net proceeds form the issuance of debt					592,500,000
4 7/8% Senior Notes
Debt Instrument [Line Items]
Stated percentage						4.875%	4.875%
Gross amount of company's long term debt						$ 400,000,000	$ 400,000,000
4 7/8% Senior Notes | Redemption Period One
Debt Instrument [Line Items]
Redemption price percentage of the principal amount to be purchased				101%
4 7/8% Senior Notes | Private Placement
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
3 5/8% Senior Notes
Debt Instrument [Line Items]
Stated percentage						3.625%	3.625%
Gross amount of company's long term debt						$ 550,000,000	$ 550,000,000
Redemption price percentage of the principal amount to be purchased		101%
3 5/8% Senior Notes | Redemption Period One
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount		100%
3 5/8% Senior Notes | Private Placement
Debt Instrument [Line Items]
Stated percentage		3.625%
Aggregate principal amount of debt issued		$ 550,000,000
Net proceeds form the issuance of debt		$ 542,500,000
Senior or Senior Subordinated Notes and other Indebtedness | Debt Instrument Repurchase Program
Debt Instrument [Line Items]
Debt repurchase program, authorized amount										$ 250,000,000
Debt instrument repurchased under the program						$ 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 | Adjust Term SOFR Rate
Debt Instrument [Line Items]
Adjusted base rate					0.10%
Term B Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Adjusted base rate					1.50%
Term B Loan Facility | Base Rate
Debt Instrument [Line Items]
Adjusted base rate					0.50%
Term A Loan Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 350,000,000				$ 350,000
Term A Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Secured debt ratio	3.25
Adjusted base rate	1.50%
Term A Loan Facility | Secured Overnight Financing Rate (SOFR) | Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate	1.25%
Term A Loan Facility | Base Rate
Debt Instrument [Line Items]
Secured debt ratio	3.25
Adjusted base rate	0.50%
Term A Loan Facility | Base Rate | Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate	0.25%
Revolving Credit Facility | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility								$ 750,000
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Secured debt ratio					3.25
Adjusted base rate					1.50%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | 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%
Revolving Credit Facility | Base Rate | Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate					0.25%
Revolving Credit Facility | Secured Debt
Debt Instrument [Line Items]
Secured debt ratio					4.50
Swingline Credit Facility | JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility								$ 75,000

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,248,868
Debt instrument outstanding amount	$ 3,429,055	$ 3,370,372

Dividends_Distributions (Detail

Dividends/Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Dividends declared	$ 133,028	$ 127,460
Distributions paid	$ 133,028	$ 127,460
Cash dividends declared per share of common stock (in dollars per share)	$ 1.30	$ 1.25
Dividends paid (in dollars per share)	$ 1.30	$ 1.25
Dividends paid	$ 91	$ 91
Series AA PREF Stock
Class of Stock [Line Items]
Dividends paid	$ 91	$ 91
Distributions paid, preferred stockholders, per share (in dollars per share)	$ 15.95	$ 15.95

Information about Geographic _2

Information about Geographic Areas (Details) - Foreign Countries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 13,065		$ 13,930
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 7,704	$ 6,076

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Common Class A - USD ($)	3 Months Ended
	Mar. 31, 2024	Jun. 21, 2021	Mar. 16, 2020
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)	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

Summarized Financial Informat_3

Summarized Financial Information of Subsidiaries - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Total current assets	$ 376,076	$ 373,186
Net property, plant and equipment	1,558,031	1,566,470
Operating lease right of use assets	1,302,629	1,315,433
Other assets	92,559	90,644
Total assets	6,525,067	6,563,622
Liabilities, Current [Abstract]
Current maturities of long-term debt	585,763	250,018
Current operating lease liabilities	174,955	210,568
Total current liabilities	992,611	713,897
Long-term debt	2,815,573	3,091,109
Operating lease liabilities	1,066,058	1,075,285
Other noncurrent liabilities	44,074	41,891
Total liabilities	5,341,430	5,346,834
Total liabilities and stockholders’ equity	6,525,067	6,563,622
LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	375,576	372,686
Net property, plant and equipment	1,558,031	1,566,470
Operating lease right of use assets	1,302,629	1,315,433
Intangibles and goodwill, net	3,174,681	3,196,086
Other assets	97,408	96,205
Total assets	6,508,325	6,546,880
Liabilities, Current [Abstract]
Current maturities of long-term debt	585,763	250,018
Current operating lease liabilities	174,955	210,568
Other current liabilities	221,934	243,580
Total current liabilities	982,652	704,166
Long-term debt	2,815,573	3,091,109
Operating lease liabilities	1,066,058	1,075,285
Other noncurrent liabilities	467,188	466,543
Total liabilities	5,331,471	5,337,103
Stockholder's equity	1,176,854	1,209,777
Total liabilities and stockholders’ equity	6,508,325	6,546,880
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
Intangibles and goodwill, net	0	0
Other assets	(5,102,123)	(5,099,653)
Total assets	(5,102,123)	(5,099,653)
Liabilities, Current [Abstract]
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	(572,092)	(587,171)
Total liabilities	(572,092)	(587,171)
Stockholder's equity	(4,530,031)	(4,512,482)
Total liabilities and stockholders’ equity	(5,102,123)	(5,099,653)
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	27,664	33,875
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangibles and goodwill, net	0	0
Other assets	4,619,892	4,596,516
Total assets	4,647,556	4,630,391
Liabilities, Current [Abstract]
Current maturities of long-term debt	350,000	0
Current operating lease liabilities	0	0
Other current liabilities	33,531	45,225
Total current liabilities	383,531	45,225
Long-term debt	2,814,441	3,089,874
Operating lease liabilities	0	0
Other noncurrent liabilities	273,958	285,929
Total liabilities	3,471,930	3,421,028
Stockholder's equity	1,175,626	1,209,363
Total liabilities and stockholders’ equity	4,647,556	4,630,391
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	45,183	28,905
Net property, plant and equipment	1,542,340	1,548,946
Operating lease right of use assets	1,270,193	1,281,503
Intangibles and goodwill, net	3,157,772	3,179,107
Other assets	344,234	349,680
Total assets	6,359,722	6,388,141
Liabilities, Current [Abstract]
Current maturities of long-term debt	402	398
Current operating lease liabilities	167,509	202,992
Other current liabilities	176,596	184,018
Total current liabilities	344,507	387,408
Long-term debt	1,132	1,235
Operating lease liabilities	1,042,549	1,050,330
Other noncurrent liabilities	422,941	424,532
Total liabilities	1,811,129	1,863,505
Stockholder's equity	4,548,593	4,524,636
Total liabilities and stockholders’ equity	6,359,722	6,388,141
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	302,729	309,906
Net property, plant and equipment	15,691	17,524
Operating lease right of use assets	32,436	33,930
Intangibles and goodwill, net	16,909	16,979
Other assets	235,405	249,662
Total assets	603,170	628,001
Liabilities, Current [Abstract]
Current maturities of long-term debt	235,361	249,620
Current operating lease liabilities	7,446	7,576
Other current liabilities	11,807	14,337
Total current liabilities	254,614	271,533
Long-term debt	0	0
Operating lease liabilities	23,509	24,955
Other noncurrent liabilities	342,381	343,253
Total liabilities	620,504	639,741
Stockholder's equity	(17,334)	(11,740)
Total liabilities and stockholders’ equity	$ 603,170	$ 628,001

Summarized Financial Informat_4

Summarized Financial Information of Subsidiaries - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Statements of Income
Net revenues	$ 498,150		$ 471,332
Operating expenses (income)
Direct advertising expenses	175,645		168,432
General and administrative expenses	89,161		85,135
Depreciation and amortization	75,228		73,125
Gain on disposition of assets	(2,188)		(2,688)
Total operating expenses	373,550		352,531
Operating income	124,600		118,801
Equity in loss (earnings) of investee	559		(178)
Income before income tax expense	80,021		77,996
Income tax expense (benefit)	1,522		1,798
Net income (loss)	78,499		76,198
Net income attributable to non-controlling interest	275		157
Net income attributable to controlling interest	78,224		76,041
Statements of Comprehensive Income
Net income (loss)	78,499		76,198
Total comprehensive income (loss)	78,107		76,196
Comprehensive income attributable to controlling interest	77,832		76,039
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	498,150		471,332
Operating expenses (income)
Direct advertising expenses	175,645	[1]	168,432	[2]
General and administrative expenses	89,161	[1]	85,135	[2]
Corporate expenses	35,566	[1]	28,391	[2]
Depreciation and amortization	75,228		73,125
Gain on disposition of assets	(2,188)		(2,688)
Total operating expenses	373,412		352,395
Operating income	124,738		118,937
Equity in (earnings) loss of subsidiaries	0		0
Loss on extinguishment of debt			3,381
Interest expense (income), net	44,020		37,602
Equity in loss (earnings) of investee	559		(178)
Income before income tax expense	80,159		78,132
Income tax expense (benefit)	1,522	[3]	1,798	[4]
Net income (loss)	78,637		76,334
Net income attributable to non-controlling interest	275		157
Net income attributable to controlling interest	78,362		76,177
Statements of Comprehensive Income
Net income (loss)	78,637		76,334
Total other comprehensive loss, net of tax	(392)		(2)
Total comprehensive income (loss)	78,245		76,332
Net income attributable to non-controlling interest	275		157
Comprehensive income attributable to controlling interest	77,970		76,175
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	(661)		(556)
Operating expenses (income)
Direct advertising expenses	(661)	[1]	(556)	[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	(661)		(556)
Operating income	0		0
Equity in (earnings) loss of subsidiaries	118,866		114,235
Loss on extinguishment of debt			0
Interest expense (income), net	0		0
Equity in loss (earnings) of investee	0		0
Income before income tax expense	(118,866)		(114,235)
Income tax expense (benefit)	0	[3]	0	[4]
Net income (loss)	(118,866)		(114,235)
Net income attributable to non-controlling interest	0		0
Net income attributable to controlling interest	(118,866)		(114,235)
Statements of Comprehensive Income
Net income (loss)	(118,866)		(114,235)
Total other comprehensive loss, net of tax	0		0
Total comprehensive income (loss)	(118,866)		(114,235)
Net income attributable to non-controlling interest	0		0
Comprehensive income attributable to controlling interest	(118,866)		(114,235)
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	(118,866)		(114,235)
Loss on extinguishment of debt			0
Interest expense (income), net	40,504		38,058
Equity in loss (earnings) of investee	0		0
Income before income tax expense	78,362		76,177
Income tax expense (benefit)	0	[3]	0	[4]
Net income (loss)	78,362		76,177
Net income attributable to non-controlling interest	0		0
Net income attributable to controlling interest	78,362		76,177
Statements of Comprehensive Income
Net income (loss)	78,362		76,177
Total other comprehensive loss, net of tax	0		0
Total comprehensive income (loss)	78,362		76,177
Net income attributable to non-controlling interest	0		0
Comprehensive income attributable to controlling interest	78,362		76,177
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	487,788		462,493
Operating expenses (income)
Direct advertising expenses	168,246	[1]	161,503	[2]
General and administrative expenses	86,709	[1]	82,724	[2]
Corporate expenses	35,067	[1]	27,992	[2]
Depreciation and amortization	74,309		72,277
Gain on disposition of assets	(2,188)		(2,688)
Total operating expenses	362,143		341,808
Operating income	125,645		120,685
Equity in (earnings) loss of subsidiaries	0		0
Loss on extinguishment of debt			0
Interest expense (income), net	(369)		(456)
Equity in loss (earnings) of investee	559		(178)
Income before income tax expense	125,455		121,319
Income tax expense (benefit)	1,407	[3]	1,707	[4]
Net income (loss)	124,048		119,612
Net income attributable to non-controlling interest	88		20
Net income attributable to controlling interest	123,960		119,592
Statements of Comprehensive Income
Net income (loss)	124,048		119,612
Total other comprehensive loss, net of tax	0		0
Total comprehensive income (loss)	124,048		119,612
Net income attributable to non-controlling interest	88		20
Comprehensive income attributable to controlling interest	123,960		119,592
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	11,023		9,395
Operating expenses (income)
Direct advertising expenses	8,060	[1]	7,485	[2]
General and administrative expenses	2,452	[1]	2,411	[2]
Corporate expenses	499	[1]	399	[2]
Depreciation and amortization	919		848
Gain on disposition of assets	0		0
Total operating expenses	11,930		11,143
Operating income	(907)		(1,748)
Equity in (earnings) loss of subsidiaries	0		0
Loss on extinguishment of debt			3,381
Interest expense (income), net	3,885		0
Equity in loss (earnings) of investee	0		0
Income before income tax expense	(4,792)		(5,129)
Income tax expense (benefit)	115	[3]	91	[4]
Net income (loss)	(4,907)		(5,220)
Net income attributable to non-controlling interest	187		137
Net income attributable to controlling interest	(5,094)		(5,357)
Statements of Comprehensive Income
Net income (loss)	(4,907)		(5,220)
Total other comprehensive loss, net of tax	(392)		(2)
Total comprehensive income (loss)	(5,299)		(5,222)
Net income attributable to non-controlling interest	187		137
Comprehensive income attributable to controlling interest	$ (5,486)		$ (5,359)
[1] Caption is exclusive of depreciation and amortization. Caption is exclusive of depreciation and amortization. The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Summarized Financial Informat_5

Summarized Financial Information of Subsidiaries - Condensed Consolidating Statement of Cash Flows (Unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 110,562	$ 108,712
Cash flows from investing activities:
Acquisitions	(18,265)	(13,627)
Capital expenditures	(29,482)	(42,285)
Proceeds from disposition of assets and investments	2,731	3,248
Net cash (used in) provided by investing activities	(45,016)	(52,664)
Cash flows from financing activities:
Payments on revolving credit facility	(70,000)	(20,000)
Principal payments on long-term debt	(98)	(93)
Principal payments on financing leases	(333)	(333)
Payments on accounts receivable securitization program	(21,200)	(25,000)
Proceeds received from accounts receivable securitization program	6,900	9,800
Debt issuance costs	(23)	(25)
Distributions to non-controlling interest	(479)	(214)
Net cash used in financing activities	(73,626)	(75,155)
Effect of exchange rate changes in cash and cash equivalents	(120)	10
Net decrease in cash and cash equivalents	(8,200)	(19,097)
Cash and cash equivalents at beginning of period	44,605	52,619
Cash and cash equivalents at end of period	36,405	33,522
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	89,858	89,381
Cash flows from investing activities:
Acquisitions	(18,265)	(13,627)
Capital expenditures	(29,482)	(42,285)
Proceeds from disposition of assets and investments	2,731	3,248
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(45,016)	(52,664)
Cash flows from financing activities:
Proceeds received from revolving credit facility	143,000	90,000
Payments on revolving credit facility	(70,000)	(20,000)
Principal payments on long-term debt	(98)	(93)
Principal payments on financing leases	(333)	(333)
Payments on accounts receivable securitization program	(21,200)	(25,000)
Proceeds received from accounts receivable securitization program	6,900	9,800
Debt issuance costs	(23)	(25)
Intercompany loan proceeds (payments)	0	0
Distributions to non-controlling interest	(479)	(214)
Dividends (to) from parent	(138,369)	(133,406)
Contributions from (to) parent	27,680	23,447
Net cash used in financing activities	(52,922)	(55,824)
Effect of exchange rate changes in cash and cash equivalents	(120)	10
Net decrease in cash and cash equivalents	(8,200)	(19,097)
Cash and cash equivalents at beginning of period	44,105	52,119
Cash and cash equivalents at end of period	35,905	33,022
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(119,190)	(81,100)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	18,265	13,627
(Increase) decrease in intercompany notes receivable	17,695	17,895
Net cash (used in) provided by investing activities	35,960	31,522
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility	0	0
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	0
Intercompany loan proceeds (payments)	(17,695)	(17,895)
Distributions to non-controlling interest	0	0
Dividends (to) from parent	119,190	81,100
Contributions from (to) parent	(18,265)	(13,627)
Net cash used in financing activities	83,230	49,578
Effect of exchange rate changes in cash and cash equivalents	0	0
Net 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	67,438	56,096
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	(18,265)	(13,627)
(Increase) decrease in intercompany notes receivable	(17,695)	(17,895)
Net cash (used in) provided by investing activities	(35,960)	(31,522)
Cash flows from financing activities:
Proceeds received from revolving credit facility	143,000	90,000
Payments on revolving credit facility	(70,000)	(20,000)
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	0
Intercompany loan proceeds (payments)	0	0
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(138,369)	(133,406)
Contributions from (to) parent	27,680	23,447
Net cash used in financing activities	(37,689)	(39,959)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	(6,211)	(15,385)
Cash and cash equivalents at beginning of period	33,772	39,729
Cash and cash equivalents at end of period	27,561	24,344
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	142,272	100,431
Cash flows from investing activities:
Acquisitions	(18,265)	(13,627)
Capital expenditures	(30,114)	(40,952)
Proceeds from disposition of assets and investments	2,731	3,248
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(45,648)	(51,331)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility	0	0
Principal payments on long-term debt	(98)	(93)
Principal payments on financing leases	(333)	(333)
Payments on accounts receivable securitization program	0	0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	0
Intercompany loan proceeds (payments)	4,358	18,499
Distributions to non-controlling interest	(184)	(110)
Dividends (to) from parent	(119,190)	(81,100)
Contributions from (to) parent	18,265	13,627
Net cash used in financing activities	(97,182)	(49,510)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	(558)	(410)
Cash and cash equivalents at beginning of period	720	1,285
Cash and cash equivalents at end of period	162	875
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(662)	13,954
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	632	(1,333)
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) provided by investing activities	632	(1,333)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility	0	0
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Payments on accounts receivable securitization program	(21,200)	(25,000)
Proceeds received from accounts receivable securitization program	6,900	9,800
Debt issuance costs	(23)	(25)
Intercompany loan proceeds (payments)	13,337	(604)
Distributions to non-controlling interest	(295)	(104)
Dividends (to) from parent	0	0
Contributions from (to) parent	0	0
Net cash used in financing activities	(1,281)	(15,933)
Effect of exchange rate changes in cash and cash equivalents	(120)	10
Net decrease in cash and cash equivalents	(1,431)	(3,302)
Cash and cash equivalents at beginning of period	9,613	11,105
Cash and cash equivalents at end of period	$ 8,182	$ 7,803