Lamar Media 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
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		87,487,301
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 33,522	$ 52,619
Receivables, net of allowance for doubtful accounts of $10,661 and $11,418 in 2023 and 2022, respectively	259,443	285,039
Other current assets	45,475	26,894
Total current assets	338,440	364,552
Property, plant and equipment	4,144,289	4,109,146
Less accumulated depreciation and amortization	(2,634,370)	(2,609,447)
Net property, plant and equipment	1,509,919	1,499,699
Operating lease right of use assets	1,279,602	1,271,631
Financing lease right of use assets	13,324	14,037
Goodwill	2,035,272	2,035,269
Intangible assets, net	1,181,407	1,206,625
Other assets	83,821	83,401
Total assets	6,441,785	6,475,214
Current liabilities:
Trade accounts payable	16,894	19,643
Current maturities of long-term debt, net of deferred financing costs of $559 and $593 in 2023 and 2022, respectively	234,624	249,785
Current operating lease liabilities	177,830	205,838
Current financing lease liabilities	1,331	1,331
Accrued expenses	82,722	117,593
Deferred income	146,579	131,847
Total current liabilities	659,980	726,037
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	3,134,505	3,063,020
Operating lease liabilities	1,030,959	1,035,655
Financing lease liabilities	15,613	15,945
Deferred income tax liabilities	8,498	9,651
Asset retirement obligation	391,206	390,442
Other liabilities	40,337	39,090
Total liabilities	5,281,098	5,279,840
Stockholders’ equity:
Preferred stock, value	0	0
Additional paid-in capital	2,084,102	2,061,671
Accumulated comprehensive loss	(661)	(659)
Accumulated deficit	(855,892)	(804,382)
Cost of shares held in treasury, 840,504 and 783,696 shares at 2023 and 2022, respectively	(67,304)	(61,358)
Non-controlling interest	340	0
Stockholder's equity	1,160,687	1,195,374
Total liabilities and stockholders’ equity	6,441,785	6,475,214
Class A CMN Stock
Stockholders’ equity:
Common stock, value	88	88
Class B CMN Stock
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 10,661	$ 11,418
Current deferred financing costs	559	593
Noncurrent deferred financing costs	$ 30,522	$ 32,022
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)	840,504	783,696
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)	88,327,805	88,110,928
Common stock, shares outstanding (in shares)	87,487,301	87,327,232
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, 2023	Mar. 31, 2022
Statements of Income
Net revenues	$ 471,332	$ 451,388
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	168,432	157,772
General and administrative expenses (exclusive of depreciation and amortization)	85,135	83,084
Corporate expenses (exclusive of depreciation and amortization)	28,527	22,012
Depreciation and amortization	73,125	68,627
Gain on disposition of assets	(2,688)	(563)
Total operating expenses	352,531	330,932
Operating income	118,801	120,456
Other expense (income)
Interest income	(461)	(215)
Interest expense	41,444	26,786
Equity in earnings of investee	(178)	(746)
Total other expense (income)	40,805	25,825
Income before income tax expense	77,996	94,631
Income tax expense	1,798	2,480
Net income	76,198	92,151
Earnings attributable to non-controlling interest	157	0
Net income attributable to controlling interest	76,041	92,151
Cash dividends declared and paid on preferred stock	91	91
Net income applicable to common stock	$ 75,950	$ 92,060
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.75	$ 0.91
Diluted earnings per share (in dollars per share)	0.74	0.91
Cash dividends declared per share of common stock (in dollars per share)	$ 1.25	$ 1.10
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	101,792,317	101,339,558
Weighted average common shares outstanding diluted (in shares)	101,963,563	101,540,213
Statements of Comprehensive Income
Net income	$ 76,041	$ 92,151
Other comprehensive (loss) income
Foreign currency translation adjustments	(2)	314
Comprehensive income	76,196	92,465
Earnings attributable to non-controlling interest	(157)	0
Comprehensive income attributable to controlling interest	$ 76,039	$ 92,465

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Treasury Stock	Add’l Paid in Capital	Accumulated Comprehensive Income	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, 2021	$ 1,217,089	$ (50,852)	$ 2,001,399	$ 855	$ (734,415)	$ 0	$ 0	$ 88	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	1,405		1,405
Issuance of common stock through stock awards	30,145		30,145
Exercise of stock options	1,307		1,307
Issuance of common stock through employee purchase plan	3,589		3,589
Purchase of treasury stock	(10,446)	(10,446)
Foreign currency translation	314			314
Net income	92,151				92,151
Dividends/distributions to common shareholders	(111,602)				(111,602)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2022	1,223,861	(61,298)	2,037,845	1,169	(753,957)	0	0	88	14
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/distributions to common shareholders	(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

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Issuance of common stock through stock awards (in shares)	161,050	241,750
Exercise of stock options (in shares)	10,595	26,190
Issuance of common stock through employee purchase plan (in shares)	45,232	36,347
Purchase of treasury stock (in shares)	56,808	95,091
Cash dividends declared per share of common stock (in dollars per share)	$ 1.25	$ 1.10
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, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 76,198	$ 92,151
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	73,125	68,627
Stock-based compensation	8,040	1,780
Amortization included in interest expense	1,642	1,471
Gain on disposition of assets	(2,688)	(563)
Equity in earnings of investee	(178)	(746)
Deferred tax benefit	(1,152)	(342)
Provision for doubtful accounts	1,397	(39)
Decrease (increase) in:
Receivables	24,208	14,394
Prepaid expenses	(10,833)	(5,537)
Other assets	(7,523)	(8,265)
(Decrease) increase in:
Trade accounts payable	(1,911)	(1,496)
Accrued expenses	(24,010)	(22,500)
Operating lease liabilities	(40,801)	(30,786)
Other liabilities	13,198	(6,111)
Net cash provided by (used in) operating activities	108,712	102,038
Cash flows from investing activities:
Acquisitions	(13,627)	(55,293)
Capital expenditures	(42,285)	(28,759)
Proceeds from disposition of assets and investments	3,248	710
Net cash (used in) provided by investing activities	(52,664)	(83,342)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(5,947)	(10,446)
Net proceeds from issuance of common stock	4,208	4,897
Principal payments on long-term debt	(93)	(92)
Principal payments on financing leases	(333)	(333)
Payments on revolving credit facility	(20,000)	(50,000)
Proceeds received from revolving credit facility	90,000	165,000
Proceeds received from accounts receivable securitization program	9,800	0
Payments on accounts receivable securitization program	(25,000)	0
Debt issuance costs	(25)	0
Distributions to non-controlling interest	(214)	(46)
Dividends/distributions	(127,551)	(111,693)
Net cash used in financing activities	(75,155)	(2,713)
Effect of exchange rate changes in cash and cash equivalents	10	107
Net (decrease) increase in cash and cash equivalents	(19,097)	16,090
Cash and cash equivalents at beginning of period	52,619	99,788
Cash and cash equivalents at end of period	33,522	115,878
Supplemental disclosures of cash flow information:
Cash paid for interest	39,430	25,378
Cash paid for foreign, state and federal income taxes	$ 3,182	$ 3,716

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 33,522	$ 52,619
Receivables, net of allowance for doubtful accounts of $10,661 and $11,418 in 2023 and 2022, respectively	259,443	285,039
Other current assets	45,475	26,894
Total current assets	338,440	364,552
Property, plant and equipment	4,144,289	4,109,146
Less accumulated depreciation and amortization	(2,634,370)	(2,609,447)
Net property, plant and equipment	1,509,919	1,499,699
Operating lease right of use assets	1,279,602	1,271,631
Financing lease right of use assets	13,324	14,037
Goodwill	2,035,272	2,035,269
Intangible assets, net	1,181,407	1,206,625
Other assets	83,821	83,401
Total assets	6,441,785	6,475,214
Current liabilities:
Trade accounts payable	16,894	19,643
Current maturities of long-term debt, net of deferred financing costs of $559 and $593 in 2023 and 2022, respectively	234,624	249,785
Current operating lease liabilities	177,830	205,838
Current financing lease liabilities	1,331	1,331
Accrued expenses	82,722	117,593
Deferred income	146,579	131,847
Total current liabilities	659,980	726,037
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	3,134,505	3,063,020
Operating lease liabilities	1,030,959	1,035,655
Financing lease liabilities	15,613	15,945
Deferred income tax liabilities	8,498	9,651
Asset retirement obligation	391,206	390,442
Other liabilities	40,337	39,090
Total liabilities	5,281,098	5,279,840
Stockholders’ equity:
Additional paid-in capital	2,084,102	2,061,671
Accumulated comprehensive loss	(661)	(659)
Accumulated deficit	(855,892)	(804,382)
Non-controlling interest	340	0
Stockholder's equity	1,160,687	1,195,374
Total liabilities and stockholders’ equity	6,441,785	6,475,214
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	33,022	52,119
Receivables, net of allowance for doubtful accounts of $10,661 and $11,418 in 2023 and 2022, respectively	259,443	285,039
Other current assets	45,475	26,894
Total current assets	337,940	364,052
Property, plant and equipment	4,144,289	4,109,146
Less accumulated depreciation and amortization	(2,634,370)	(2,609,447)
Net property, plant and equipment	1,509,919	1,499,699
Operating lease right of use assets	1,279,602	1,271,631
Financing lease right of use assets	13,324	14,037
Goodwill	2,025,121	2,025,117
Intangible assets, net	1,180,939	1,206,158
Other assets	78,199	77,778
Total assets	6,425,044	6,458,472
Current liabilities:
Trade accounts payable	16,894	19,643
Current maturities of long-term debt, net of deferred financing costs of $559 and $593 in 2023 and 2022, respectively	234,624	249,785
Current operating lease liabilities	177,830	205,838
Current financing lease liabilities	1,331	1,331
Accrued expenses	73,627	108,724
Deferred income	146,579	131,847
Total current liabilities	650,885	717,168
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	3,134,505	3,063,020
Operating lease liabilities	1,030,959	1,035,655
Financing lease liabilities	15,613	15,945
Deferred income tax liabilities	8,498	9,651
Asset retirement obligation	391,206	390,442
Other liabilities	40,337	39,090
Total liabilities	5,272,003	5,270,971
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in capital	3,154,609	3,132,178
Accumulated comprehensive loss	(661)	(659)
Accumulated deficit	(2,001,247)	(1,944,018)
Non-controlling interest	340	0
Stockholder's equity	1,153,041	1,187,501
Total liabilities and stockholders’ equity	$ 6,425,044	$ 6,458,472

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 10,661	$ 11,418
Current deferred financing costs	559	593
Noncurrent deferred financing costs	30,522	32,022
LAMAR MEDIA CORP. AND SUBSIDIARIES
Allowance for doubtful accounts	10,661	11,418
Current deferred financing costs	559	593
Noncurrent deferred financing costs	$ 30,522	$ 32,022
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, 2023	Mar. 31, 2022
Statements of Income
Net revenues	$ 471,332	$ 451,388
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	168,432	157,772
General and administrative expenses (exclusive of depreciation and amortization)	85,135	83,084
Corporate expenses (exclusive of depreciation and amortization)	28,527	22,012
Depreciation and amortization	73,125	68,627
Gain on disposition of assets	(2,688)	(563)
Total operating expenses	352,531	330,932
Operating income	118,801	120,456
Other expense (income)
Interest income	(461)	(215)
Interest expense	41,444	26,786
Equity in earnings of investee	(178)	(746)
Total other expense (income)	40,805	25,825
Income before income tax expense	77,996	94,631
Income tax expense	1,798	2,480
Net income	76,198	92,151
Earnings attributable to non-controlling interest	157	0
Net income attributable to controlling interest	76,041	92,151
Statements of Comprehensive Income
Net income	76,041	92,151
Other comprehensive (loss) income
Foreign currency translation adjustments	(2)	314
Comprehensive income	76,196	92,465
Earnings attributable to non-controlling interest	(157)	0
Comprehensive income attributable to controlling interest	76,039	92,465
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	471,332	451,388
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	168,432	157,772
General and administrative expenses (exclusive of depreciation and amortization)	85,135	83,084
Corporate expenses (exclusive of depreciation and amortization)	28,391	21,876
Depreciation and amortization	73,125	68,627
Gain on disposition of assets	(2,688)	(563)
Total operating expenses	352,395	330,796
Operating income	118,937	120,592
Other expense (income)
Interest income	(461)	(215)
Interest expense	41,444	26,786
Equity in earnings of investee	(178)	(746)
Total other expense (income)	40,805	25,825
Income before income tax expense	78,132	94,767
Income tax expense	1,798	2,480
Net income	76,334	92,287
Earnings attributable to non-controlling interest	157	0
Net income attributable to controlling interest	76,177	92,287
Statements of Comprehensive Income
Net income	76,177	92,287
Other comprehensive (loss) income
Foreign currency translation adjustments	(2)	314
Comprehensive income	76,332	92,601
Earnings attributable to non-controlling interest	(157)	0
Comprehensive income attributable to controlling interest	$ 76,175	$ 92,601

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders’ Equity (Subsidiary) - USD ($) $ in Thousands	Total	Add’l Paid in Capital	Accumulated Comprehensive Income	Accumulated Deficit	Non-controlling interest	LAMAR MEDIA CORP. AND SUBSIDIARIES	LAMAR MEDIA CORP. AND SUBSIDIARIES Common Stock	LAMAR MEDIA CORP. AND SUBSIDIARIES Add’l Paid in Capital	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Income	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit	LAMAR MEDIA CORP. AND SUBSIDIARIES Non-controlling interest
Beginning balance at Dec. 31, 2021	$ 1,217,089	$ 2,001,399	$ 855	$ (734,415)	$ 0	$ 1,208,346	$ 0	$ 3,071,905	$ 855	$ (1,864,414)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						36,447		36,447
Foreign currency translations						314			314
Net income	92,151			92,151		92,287				92,287
Dividend to parent						(122,047)				(122,047)
Ending balance at Mar. 31, 2022	1,223,861	2,037,845	1,169	(753,957)	0	1,215,347	0	3,108,352	1,169	(1,894,174)	0
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

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Subsidiary) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 76,198	$ 92,151
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	73,125	68,627
Stock-based compensation	8,040	1,780
Amortization included in interest expense	1,642	1,471
Gain on disposition of assets	(2,688)	(563)
Equity in earnings of investee	(178)	(746)
Deferred tax benefit	(1,152)	(342)
Provision for doubtful accounts	1,397	(39)
Decrease (increase) in:
Receivables	24,208	14,394
Prepaid expenses	(10,833)	(5,537)
Other assets	(7,523)	(8,265)
(Decrease) increase in:
Trade accounts payable	(1,911)	(1,496)
Accrued expenses	(24,010)	(22,500)
Operating lease liabilities	(40,801)	(30,786)
Other liabilities	13,198	(6,111)
Net cash provided by (used in) operating activities	108,712	102,038
Cash flows from investing activities:
Acquisitions	(13,627)	(55,293)
Capital expenditures	(42,285)	(28,759)
Proceeds from disposition of assets and investments	3,248	710
Net cash (used in) provided by investing activities	(52,664)	(83,342)
Cash flows from financing activities:
Principal payments on long-term debt	(93)	(92)
Principal payments on financing leases	(333)	(333)
Payments on revolving credit facility	(20,000)	(50,000)
Proceeds received from revolving credit facility	90,000	165,000
Proceeds received from accounts receivable securitization program	9,800	0
Payments on accounts receivable securitization program	(25,000)	0
Debt issuance costs	(25)	0
Distributions to non-controlling interest	(214)	(46)
Net cash used in financing activities	(75,155)	(2,713)
Effect of exchange rate changes in cash and cash equivalents	10	107
Net (decrease) increase in cash and cash equivalents	(19,097)	16,090
Cash and cash equivalents at beginning of period	52,619	99,788
Cash and cash equivalents at end of period	33,522	115,878
Supplemental disclosures of cash flow information:
Cash paid for interest	39,430	25,378
Cash paid for foreign, state and federal income taxes	3,182	3,716
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	76,334	92,287
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	73,125	68,627
Stock-based compensation	8,040	1,780
Amortization included in interest expense	1,642	1,471
Gain on disposition of assets	(2,688)	(563)
Equity in earnings of investee	(178)	(746)
Deferred tax benefit	(1,152)	(342)
Provision for doubtful accounts	1,397	(39)
Decrease (increase) in:
Receivables	24,208	14,394
Prepaid expenses	(10,833)	(5,537)
Other assets	(7,523)	(8,265)
(Decrease) increase in:
Trade accounts payable	(1,911)	(1,496)
Accrued expenses	(24,010)	(22,500)
Operating lease liabilities	(40,801)	(30,786)
Other liabilities	(6,269)	(37,889)
Net cash provided by (used in) operating activities	89,381	70,396
Cash flows from investing activities:
Acquisitions	(13,627)	(55,293)
Capital expenditures	(42,285)	(28,759)
Proceeds from disposition of assets and investments	3,248	710
Net cash (used in) provided by investing activities	(52,664)	(83,342)
Cash flows from financing activities:
Principal payments on long-term debt	(93)	(92)
Principal payments on financing leases	(333)	(333)
Payments on revolving credit facility	(20,000)	(50,000)
Proceeds received from revolving credit facility	90,000	165,000
Proceeds received from accounts receivable securitization program	9,800	0
Payments on accounts receivable securitization program	(25,000)	0
Debt issuance costs	(25)	0
Distributions to non-controlling interest	(214)	(46)
Contributions from (to) parent	23,447	36,447
Dividends (to) from parent	(133,406)	(122,047)
Net cash used in financing activities	(55,824)	28,929
Effect of exchange rate changes in cash and cash equivalents	10	107
Net (decrease) increase in cash and cash equivalents	(19,097)	16,090
Cash and cash equivalents at beginning of period	52,119	99,288
Cash and cash equivalents at end of period	33,022	115,378
Supplemental disclosures of cash flow information:
Cash paid for interest	39,430	25,378
Cash paid for foreign, state and federal income taxes	$ 3,182	$ 3,716

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2022 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, 2023
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, 2023 and 2022. Three Months Ended 2023 2022 Billboard advertising $ 417,175 $ 401,739 Logo advertising 20,310 19,745 Transit advertising 33,847 29,904 Net revenues $ 471,332 $ 451,388

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases During the three months ended March 31, 2023 and 2022, we had operating lease costs of $79,446 and $75,820, respectively, and variable lease costs of $12,374 and $12,204, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2023 and 2022, we recorded a loss (gain) of $145 and $(40), respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $117,332 and $106,014 were made reducing our operating lease liabilities for the three months ended March 31, 2023 and 2022, 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 $2,411 and $1,738 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2023 and 2022, respectively. Our operating leases have a weighted-average remaining lease term of 12.5 years. The weighted-average discount rate of our operating leases is 4.8%. Also, during the periods ended March 31, 2023 and 2022, we obtained $4,942 and $8,246, 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, 2023: 2023 $ 157,635 2024 198,772 2025 169,453 2026 144,328 2027 121,617 Thereafter 869,057 Total undiscounted operating lease payments 1,660,862 Less: Imputed interest (452,073) Total operating lease liabilities $ 1,208,789 During the three months ended March 31, 2023 and 2022, $713 of amortization expense for each period and $130 and $140 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $333 were made reducing our financing lease liabilities for each of the three months ended March 31, 2023 and 2022 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 4.7 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, 2023 and 2022, non-lease variable transit payments were $20,318 and $17,278, 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, 2023 and 2022, we had operating lease costs of $79,446 and $75,820, respectively, and variable lease costs of $12,374 and $12,204, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2023 and 2022, we recorded a loss (gain) of $145 and $(40), respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $117,332 and $106,014 were made reducing our operating lease liabilities for the three months ended March 31, 2023 and 2022, 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 $2,411 and $1,738 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2023 and 2022, respectively. Our operating leases have a weighted-average remaining lease term of 12.5 years. The weighted-average discount rate of our operating leases is 4.8%. Also, during the periods ended March 31, 2023 and 2022, we obtained $4,942 and $8,246, 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, 2023: 2023 $ 157,635 2024 198,772 2025 169,453 2026 144,328 2027 121,617 Thereafter 869,057 Total undiscounted operating lease payments 1,660,862 Less: Imputed interest (452,073) Total operating lease liabilities $ 1,208,789 During the three months ended March 31, 2023 and 2022, $713 of amortization expense for each period and $130 and $140 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $333 were made reducing our financing lease liabilities for each of the three months ended March 31, 2023 and 2022 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 4.7 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, 2023 and 2022, non-lease variable transit payments were $20,318 and $17,278, 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, 2023
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 increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the Nasdaq Global Select Market on the date of grant. We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 9,000 shares of its Class A common stock during the three months ended March 31, 2023. At March 31, 2023 a total of 1,739,671 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 87,327 shares on January 1, 2023 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, 2023: Shares Available for future purchases, January 1, 2023 301,971 Additional shares reserved under 2019 ESPP 87,327 Purchases (45,232) Available for future purchases, March 31, 2023 344,066 Performance-based stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2023 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2024. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the three months ended March 31, 2023 and 2022, the Company recorded $4,590 and $247 , respectively, as stock-based compensation expense related to performance-based awards. LTIP Units . In addition to performance-based 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, which mirrors the performance criteria applicable to the Company's performance-based stock compensation, as described above. 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 the March 31, 2023, the OP issued a total of 176,000 LTIP Units to the Company’s executive officers, of which 88,000 LTIP units have vested. For the three months ended March 31, 2023, the Company recorded $1,891 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, 2023 and 2022, the Company recorded $101 and $60, respectively, in stock-based compensation expense related to these awards.

Depreciation and Amortization

Depreciation and Amortization	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Direct advertising expenses $ 68,316 $ 64,237 General and administrative expenses 1,280 1,176 Corporate expenses 3,529 3,214 $ 73,125 $ 68,627

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022: Estimated March 31, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 720,053 $ 621,381 $ 720,051 $ 614,840 Non-competition agreements 3—15 71,649 65,849 71,599 65,647 Site locations 15 2,873,946 1,808,603 2,864,854 1,781,164 Other 2—15 52,237 40,645 52,164 40,392 $ 3,717,885 $ 2,536,478 $ 3,708,668 $ 2,502,043 Unamortizable intangible assets: Goodwill $ 2,288,808 $ 253,536 $ 2,288,805 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 390,442 Additions to asset retirement obligations 431 Accretion expense 1,767 Liabilities settled (1,434) Balance at March 31, 2023 $ 391,206

Distribution Restrictions

Distribution Restrictions	3 Months Ended
	Mar. 31, 2023
Distribution Restrictions [Abstract]
Distribution Restrictions	Distribution RestrictionsLamar 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, 2023 and December 31, 2022, 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 $4,199,834 and $4,187,593, respectively.As of March 31, 2023, 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, 2023, 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, 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 $2,950,314.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three months ended March 31, 2023 or 2022.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following at March 31, 2023 and December 31, 2022: March 31, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,064,033 $ 7,470 $ 1,056,563 Accounts Receivable Securitization Program 234,800 559 234,241 3 3/4% Senior Notes 600,000 5,735 594,265 3 5/8% Senior Notes 550,000 6,796 543,204 4% Senior Notes 549,457 6,267 543,190 4 7/8% Senior Notes 400,000 4,254 395,746 Other notes with various rates and terms 1,920 — 1,920 3,400,210 31,081 3,369,129 Less current maturities (235,183) (559) (234,624) Long-term debt, excluding current maturities $ 3,165,027 $ 30,522 $ 3,134,505 December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 Senior Credit Facility On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”). The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility. On July 29, 2022, Lamar Media entered into Amendment No. 2 (the "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 a new $350,000 Senior Secured Term Loan A loan (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 the Term Secured Overnight Financing Rate ("Term SOFR") plus 1.25% and a credit spread adjustment of 0.10%. 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. As of March 31, 2023, there were $115,000 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 $9,052 in letters of credit outstanding as of March 31, 2023 resulting in $625,948 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025. The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: • dispose of assets; • incur or repay debt; • create liens; • make investments; and • pay dividends. The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented. Accounts Receivable Securitization Program On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program. Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty. On June 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, 2023 there was $234,800 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Based on the availability of eligible accounts, Lamar Media had an additional $3,600 available for borrowing under the Accounts Receivable Securitization Program as of March 31, 2023. 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, 2023. 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. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 5/8% Senior Notes On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the “3 5/8% Notes”). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500. Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. Debt Repurchase Program 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, 2023.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt March 31, 2023 and December 31, 2022, 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 $3,142,603 which does not exceed the carrying amount of $3,400,210 as of March 31, 2023. 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, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

Dividends_Distributions

Dividends/Distributions	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Dividends/Distributions	Dividends/DistributionsDuring the three months ended March 31, 2023 and 2022, the Company declared and paid cash distributions in an aggregate amount of $127,460 or $1.25 per share and $111,602 or $1.10 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, 2023 and 2022, 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, 2023
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $6,076 and $6,197 for the three months ended March 31, 2023 and 2022, respectively. Net carrying value of long-lived assets located in foreign countries totaled $12,575 and $11,763 as of March 31, 2023 and December 31, 2022, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Sales Agreement. On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents. Under the terms of the Sales Agreement, the Company could have, from time to time, issued and sold shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the sales agents party thereto as either agents or principals. The Sales Agreement expired by its terms on May 1, 2021 and as of that date, 842,412 shares of our Class A common stock were sold under the Sales Agreement. On June 21, 2021, the Company entered into a new equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or directly through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of March 31, 2023, 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, 2023. 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, 2023 and the year ended December 31, 2022, 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, 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Subsidiary)	3 Months Ended
	Mar. 31, 2023
Significant Accounting Policies [Line Items]
Significant Accounting Policies	Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2022 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 2022 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, 2023
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Summarized Financial Information of Subsidiaries	Summarized Financial Information of SubsidiariesSeparate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of March 31, 2023 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 24,444 $ 50,340 $ 263,156 $ — $ 337,940 Net property, plant and equipment — 1,493,130 16,789 — 1,509,919 Operating lease right of use assets — 1,262,254 17,348 — 1,279,602 Intangibles and goodwill, net — 3,189,081 16,979 — 3,206,060 Other assets 4,565,312 305,407 234,279 (5,013,475) 91,523 Total assets $ 4,589,756 $ 6,300,212 $ 548,551 $ (5,013,475) $ 6,425,044 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 383 $ 234,241 $ — $ 234,624 Current operating lease liabilities — 170,371 7,459 — 177,830 Other current liabilities 35,923 190,398 12,110 — 238,431 Total current liabilities 35,923 361,152 253,810 — 650,885 Long-term debt 3,132,967 1,538 — — 3,134,505 Operating lease liabilities — 1,022,280 8,679 — 1,030,959 Other noncurrent liabilities 268,165 417,137 286,349 (515,997) 455,654 Total liabilities 3,437,055 1,802,107 548,838 (515,997) 5,272,003 Stockholder's equity 1,152,701 4,498,105 (287) (4,497,478) 1,153,041 Total liabilities and stockholder's equity $ 4,589,756 $ 6,300,212 $ 548,551 $ (5,013,475) $ 6,425,044 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 39,829 $ 36,667 $ 287,556 $ — $ 364,052 Net property, plant and equipment — 1,483,395 16,304 — 1,499,699 Operating lease right of use assets — 1,252,414 19,217 — 1,271,631 Intangibles and goodwill, net — 3,214,284 16,991 — 3,231,275 Other assets 4,514,221 325,052 250,056 (4,997,514) 91,815 Total assets $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 378 $ 249,407 $ — $ 249,785 Current operating lease liabilities — 198,320 7,518 — 205,838 Other current liabilities 23,360 222,871 15,314 — 261,545 Total current liabilities 23,360 421,569 272,239 — 717,168 Long-term debt 3,061,385 1,635 — — 3,063,020 Operating lease liabilities — 1,025,385 10,270 — 1,035,655 Other noncurrent liabilities 281,804 418,163 301,957 (546,796) 455,128 Total liabilities 3,366,549 1,866,752 584,466 (546,796) 5,270,971 Stockholder's equity 1,187,501 4,445,060 5,658 (4,450,718) 1,187,501 Total liabilities and stockholder's equity $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended 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 — Interest expense (income), net 38,058 (456) 3,381 — 40,983 Equity in earnings of investee — (178) — — (178) Income (loss) before income tax expense (benefit) 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 Earnings attributable to non-controlling interest — 20 137 — 157 Net income 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 Earnings attributable to non-controlling interest — (20) (137) — (157) Comprehensive income 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 Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 442,528 $ 9,095 $ (235) $ 451,388 Operating expenses (income) Direct advertising expenses (1) — 150,853 7,154 (235) 157,772 General and administrative expenses (1) — 81,298 1,786 — 83,084 Corporate expenses (1) — 21,615 261 — 21,876 Depreciation and amortization — 67,788 839 — 68,627 Gain on disposition of assets — (563) — — (563) — 320,991 10,040 (235) 330,796 Operating income — 121,537 (945) — 120,592 Equity in (earnings) loss of subsidiaries (118,524) — — 118,524 — Interest expense (income), net 26,237 (21) 355 — 26,571 Equity in earnings of investee — (746) — — (746) Income (loss) before income tax expense 92,287 122,304 (1,300) (118,524) 94,767 Income tax expense (benefit) (2) — 2,563 (83) — 2,480 Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Statement of Comprehensive Income Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Total other comprehensive income, net of tax — — 314 — 314 Total comprehensive income (loss) $ 92,287 $ 119,741 $ (903) $ (118,524) $ 92,601 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating 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 (payments) proceeds — 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 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 44,116 $ 97,816 $ (2,500) $ (69,036) $ 70,396 Cash flows from investing activities: Acquisitions — (55,293) — — (55,293) Capital expenditures — (27,851) (908) — (28,759) Proceeds from disposition of assets and investments — 710 — — 710 Investment in subsidiaries (55,293) — — 55,293 — Decrease (increase) in intercompany notes receivable (6,090) — — 6,090 — Net cash (used in) provided by investing activities (61,383) (82,434) (908) 61,383 (83,342) Cash flows from financing activities: Proceeds received from revolving credit facility 165,000 — — — 165,000 Payment on revolving credit facility (50,000) — — — (50,000) Principal payments on long-term debt — (92) — — (92) Principal payments on financing leases — (333) — — (333) Intercompany loan (payments) proceeds — 94 5,996 (6,090) — Distributions to non-controlling interest — — (46) — (46) Dividends (to) from parent (122,047) (69,036) — 69,036 (122,047) Contributions from (to) parent 36,447 55,293 — (55,293) 36,447 Net cash (used in) provided by financing activities 29,400 (14,074) 5,950 7,653 28,929 Effect of exchange rate changes in cash and cash equivalents — — 107 — 107 Net decrease in cash and cash equivalents 12,133 1,308 2,649 — 16,090 Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 103,156 $ 4,802 $ 7,420 $ — $ 115,378

Significant Accounting Polici_3

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 InstrumentsAt March 31, 2023 and December 31, 2022, 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.
New Accounting Pronouncements	New Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.
Dividends and Distributions	The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of 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, 2023
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, 2023 and 2022. Three Months Ended 2023 2022 Billboard advertising $ 417,175 $ 401,739 Logo advertising 20,310 19,745 Transit advertising 33,847 29,904 Net revenues $ 471,332 $ 451,388

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: 2023 $ 157,635 2024 198,772 2025 169,453 2026 144,328 2027 121,617 Thereafter 869,057 Total undiscounted operating lease payments 1,660,862 Less: Imputed interest (452,073) Total operating lease liabilities $ 1,208,789

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: Shares Available for future purchases, January 1, 2023 301,971 Additional shares reserved under 2019 ESPP 87,327 Purchases (45,232) Available for future purchases, March 31, 2023 344,066

Depreciation and Amortization (

Depreciation and Amortization (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Direct advertising expenses $ 68,316 $ 64,237 General and administrative expenses 1,280 1,176 Corporate expenses 3,529 3,214 $ 73,125 $ 68,627

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following is a summary of intangible assets at March 31, 2023 and December 31, 2022: Estimated March 31, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 720,053 $ 621,381 $ 720,051 $ 614,840 Non-competition agreements 3—15 71,649 65,849 71,599 65,647 Site locations 15 2,873,946 1,808,603 2,864,854 1,781,164 Other 2—15 52,237 40,645 52,164 40,392 $ 3,717,885 $ 2,536,478 $ 3,708,668 $ 2,502,043 Unamortizable intangible assets: Goodwill $ 2,288,808 $ 253,536 $ 2,288,805 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 390,442 Additions to asset retirement obligations 431 Accretion expense 1,767 Liabilities settled (1,434) Balance at March 31, 2023 $ 391,206

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following at March 31, 2023 and December 31, 2022: March 31, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,064,033 $ 7,470 $ 1,056,563 Accounts Receivable Securitization Program 234,800 559 234,241 3 3/4% Senior Notes 600,000 5,735 594,265 3 5/8% Senior Notes 550,000 6,796 543,204 4% Senior Notes 549,457 6,267 543,190 4 7/8% Senior Notes 400,000 4,254 395,746 Other notes with various rates and terms 1,920 — 1,920 3,400,210 31,081 3,369,129 Less current maturities (235,183) (559) (234,624) Long-term debt, excluding current maturities $ 3,165,027 $ 30,522 $ 3,134,505 December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020

Summarized Financial Informat_2

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES	3 Months Ended
	Mar. 31, 2023
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, 2023 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 24,444 $ 50,340 $ 263,156 $ — $ 337,940 Net property, plant and equipment — 1,493,130 16,789 — 1,509,919 Operating lease right of use assets — 1,262,254 17,348 — 1,279,602 Intangibles and goodwill, net — 3,189,081 16,979 — 3,206,060 Other assets 4,565,312 305,407 234,279 (5,013,475) 91,523 Total assets $ 4,589,756 $ 6,300,212 $ 548,551 $ (5,013,475) $ 6,425,044 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 383 $ 234,241 $ — $ 234,624 Current operating lease liabilities — 170,371 7,459 — 177,830 Other current liabilities 35,923 190,398 12,110 — 238,431 Total current liabilities 35,923 361,152 253,810 — 650,885 Long-term debt 3,132,967 1,538 — — 3,134,505 Operating lease liabilities — 1,022,280 8,679 — 1,030,959 Other noncurrent liabilities 268,165 417,137 286,349 (515,997) 455,654 Total liabilities 3,437,055 1,802,107 548,838 (515,997) 5,272,003 Stockholder's equity 1,152,701 4,498,105 (287) (4,497,478) 1,153,041 Total liabilities and stockholder's equity $ 4,589,756 $ 6,300,212 $ 548,551 $ (5,013,475) $ 6,425,044 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 39,829 $ 36,667 $ 287,556 $ — $ 364,052 Net property, plant and equipment — 1,483,395 16,304 — 1,499,699 Operating lease right of use assets — 1,252,414 19,217 — 1,271,631 Intangibles and goodwill, net — 3,214,284 16,991 — 3,231,275 Other assets 4,514,221 325,052 250,056 (4,997,514) 91,815 Total assets $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 378 $ 249,407 $ — $ 249,785 Current operating lease liabilities — 198,320 7,518 — 205,838 Other current liabilities 23,360 222,871 15,314 — 261,545 Total current liabilities 23,360 421,569 272,239 — 717,168 Long-term debt 3,061,385 1,635 — — 3,063,020 Operating lease liabilities — 1,025,385 10,270 — 1,035,655 Other noncurrent liabilities 281,804 418,163 301,957 (546,796) 455,128 Total liabilities 3,366,549 1,866,752 584,466 (546,796) 5,270,971 Stockholder's equity 1,187,501 4,445,060 5,658 (4,450,718) 1,187,501 Total liabilities and stockholder's equity $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472
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, 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 — Interest expense (income), net 38,058 (456) 3,381 — 40,983 Equity in earnings of investee — (178) — — (178) Income (loss) before income tax expense (benefit) 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 Earnings attributable to non-controlling interest — 20 137 — 157 Net income 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 Earnings attributable to non-controlling interest — (20) (137) — (157) Comprehensive income 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 Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 442,528 $ 9,095 $ (235) $ 451,388 Operating expenses (income) Direct advertising expenses (1) — 150,853 7,154 (235) 157,772 General and administrative expenses (1) — 81,298 1,786 — 83,084 Corporate expenses (1) — 21,615 261 — 21,876 Depreciation and amortization — 67,788 839 — 68,627 Gain on disposition of assets — (563) — — (563) — 320,991 10,040 (235) 330,796 Operating income — 121,537 (945) — 120,592 Equity in (earnings) loss of subsidiaries (118,524) — — 118,524 — Interest expense (income), net 26,237 (21) 355 — 26,571 Equity in earnings of investee — (746) — — (746) Income (loss) before income tax expense 92,287 122,304 (1,300) (118,524) 94,767 Income tax expense (benefit) (2) — 2,563 (83) — 2,480 Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Statement of Comprehensive Income Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Total other comprehensive income, net of tax — — 314 — 314 Total comprehensive income (loss) $ 92,287 $ 119,741 $ (903) $ (118,524) $ 92,601 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
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, 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 (payments) proceeds — 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 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 44,116 $ 97,816 $ (2,500) $ (69,036) $ 70,396 Cash flows from investing activities: Acquisitions — (55,293) — — (55,293) Capital expenditures — (27,851) (908) — (28,759) Proceeds from disposition of assets and investments — 710 — — 710 Investment in subsidiaries (55,293) — — 55,293 — Decrease (increase) in intercompany notes receivable (6,090) — — 6,090 — Net cash (used in) provided by investing activities (61,383) (82,434) (908) 61,383 (83,342) Cash flows from financing activities: Proceeds received from revolving credit facility 165,000 — — — 165,000 Payment on revolving credit facility (50,000) — — — (50,000) Principal payments on long-term debt — (92) — — (92) Principal payments on financing leases — (333) — — (333) Intercompany loan (payments) proceeds — 94 5,996 (6,090) — Distributions to non-controlling interest — — (46) — (46) Dividends (to) from parent (122,047) (69,036) — 69,036 (122,047) Contributions from (to) parent 36,447 55,293 — (55,293) 36,447 Net cash (used in) provided by financing activities 29,400 (14,074) 5,950 7,653 28,929 Effect of exchange rate changes in cash and cash equivalents — — 107 — 107 Net decrease in cash and cash equivalents 12,133 1,308 2,649 — 16,090 Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 103,156 $ 4,802 $ 7,420 $ — $ 115,378

Revenues - Disaggregation Reven

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 471,332	$ 451,388
Billboard advertising
Disaggregation of Revenue [Line Items]
Net revenues	417,175	401,739
Logo advertising
Disaggregation of Revenue [Line Items]
Net revenues	20,310	19,745
Transit advertising
Disaggregation of Revenue [Line Items]
Net revenues	$ 33,847	$ 29,904

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 79,446	$ 75,820
Variable lease, cost	12,374	12,204
Gain on disposition of assets	(2,688)	(563)
Operating lease, cash payments	117,332	106,014
Direct advertising expenses (exclusive of depreciation and amortization)	$ 168,432	157,772
Operating lease, weighted average remaining lease term	12 years 6 months
Operating lease, weighted average discount rate	4.80%
Leased assets obtained in exchange for operating lease liability	$ 4,942	8,246
Amortization expense	713	713
Interest expense	130	140
Principal payments on financing leases	$ 333	333
Weighted-average remaining lease term	4 years 8 months 12 days
Weighted-average discount rate	3.10%
Non-lease transit payments	$ 20,318	17,278
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	2,411	1,738
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ 145	$ (40)

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 157,635
2024	198,772
2025	169,453
2026	144,328
2027	121,617
Thereafter	869,057
Total undiscounted operating lease payments	1,660,862
Less: Imputed interest	(452,073)
Total operating lease liabilities	$ 1,208,789

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		1,739,671
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units issued (shares)		176,000
Common unit, vested (shares)		88,000
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%
Class A CMN Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		9,000
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		100%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	87,327	87,327
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements		$ 1,891
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		$ 101	$ 60
Restricted Stock | Percentage of awards vesting on grant date | Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting		50%
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%
Performance Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements		$ 4,590	$ 247

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - shares		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
ESPP share activity
Purchases (in shares)		(45,232)	(36,347)
Available for future purchases, ending balance (in shares)		1,739,671
2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved (in shares)	87,327	87,327
Employee Stock Purchase Plan
ESPP share activity
Available for future purchases, beginning balance (in shares)	301,971	301,971
Purchases (in shares)		(45,232)
Available for future purchases, ending balance (in shares)		344,066

Depreciation and Amortization -

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 73,125	$ 68,627
Direct advertising expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	68,316	64,237
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,280	1,176
Corporate expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,529	$ 3,214

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,717,885	$ 3,708,668
Accumulated Amortization	2,536,478	2,502,043
Goodwill, gross carrying amount	2,288,808	2,288,805
Goodwill, accumulated amortization	253,536	253,536
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	720,053	720,051
Accumulated Amortization	$ 621,381	614,840
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	$ 71,649	71,599
Accumulated Amortization	$ 65,849	65,647
Non-competition agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,873,946	2,864,854
Accumulated Amortization	1,808,603	1,781,164
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,237	52,164
Accumulated Amortization	$ 40,645	$ 40,392
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Asset Retirement Obligations -

Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 390,442
Additions to asset retirement obligations	431
Accretion expense	1,767
Liabilities settled	(1,434)
Ending balance	$ 391,206

Distribution Restrictions (Deta

Distribution Restrictions (Detail) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 4,199,834	$ 4,187,593
Debt ratio	7
Debt ratio related to actual position on senior credit facility	7
Available cumulative credit	$ 2,950,314
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 (Detail)

Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares)	0	0

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Aug. 19, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,400,210	$ 3,345,420
Debt, less current maturities	(235,183)	(250,378)
Debt, excluding current maturities	3,165,027	3,095,042
Deferred financing costs	31,081	32,615
Deferred financing costs, less current maturities	(559)	(593)
Deferred financing costs, excluding current maturities	30,522	32,022
Debt, net of deferred financing costs	3,369,129	3,312,805
Debt, net of deferred financing costs, less current maturities	(234,624)	(249,785)
Debt, net of deferred financing costs, excluding current maturities	3,134,505	3,063,020
Senior Credit Facility
Debt Instrument [Line Items]
Debt	1,064,033	993,970
Deferred financing costs	7,470	8,171
Debt, net of deferred financing costs	1,056,563	985,799
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	234,800	250,000
Deferred financing costs	559	593
Debt, net of deferred financing costs	234,241	249,407
3 3/4% Senior  Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	5,735	6,000
Debt, net of deferred financing costs	$ 594,265	$ 594,000
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	6,796	6,982
Debt, net of deferred financing costs	$ 543,204	$ 543,018
Stated percentage	3.625%	3.625%
4% Senior Notes
Debt Instrument [Line Items]
Debt	$ 549,457	$ 549,437
Deferred financing costs	6,267	6,459
Debt, net of deferred financing costs	$ 543,190	$ 542,978
Stated percentage	4%	4%	4%	4%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000
Deferred financing costs	4,254	4,410
Debt, net of deferred financing costs	$ 395,746	$ 395,590
Stated percentage	4.875%	4.875%
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	$ 1,920	$ 2,013
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 1,920	$ 2,013

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail)	Jul. 29, 2022 USD ($)	Jan. 22, 2021 USD ($)	Aug. 19, 2020 USD ($)	May 13, 2020 USD ($)	Feb. 06, 2020 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 24, 2022 USD ($)	Mar. 16, 2020 USD ($)	Dec. 18, 2018 USD ($)
Debt Instrument [Line Items]
Outstanding revolving credit facility						$ 115,000,000
Remaining borrowing capacity under revolving credit facility						625,948,000
Gross amount of company's long term debt						3,400,210,000	$ 3,345,420,000
Letter of Credit
Debt Instrument [Line Items]
Letter of credit outstanding balance						$ 9,052,000
4% Senior Notes
Debt Instrument [Line Items]
Stated percentage			4%		4%	4%	4%
Gross amount of company's long term debt						$ 549,457,000	$ 549,437,000
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						234,800,000	$ 250,000,000
Accounts Receivable Securitization Program | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Available borrowing on accounts receivable securitization						$ 3,600,000
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
Redeemed percentage of aggregate principal amount				104.875%
Redemption percentage of aggregate principal amount of senior notes				40%
Redemption percentage of issued notes which remain outstanding				60%
4 7/8% Senior Notes | Redemption Period One
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount				100%
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
Redemption period				120 days
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
Redeemed percentage of aggregate principal amount		103.625%
Redemption percentage of aggregate principal amount of senior notes		40%
Redemption price percentage of the principal amount to be purchased		101%
Redemption percentage of issued notes which remain outstanding		60%
Redemption period		120 days
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]
Proceeds received from term B loans		$ 542,500,000
Stated percentage		3.625%
Aggregate principal amount of debt issued		$ 550,000,000
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 | LIBO Rate
Debt Instrument [Line Items]
Adjusted base rate					1.50%
Term B Loan Facility | Base Rate
Debt Instrument [Line Items]
Adjusted base rate					0.50%
Revolving Credit Facility | LIBO Rate
Debt Instrument [Line Items]
Secured debt ratio					3.25
Adjusted base rate					1.50%
Revolving Credit Facility | LIBO Rate | Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate					1.25%
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Secured debt ratio					3.25
Adjusted base rate					0.50%
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
Term A Loan Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 350,000,000
Variable rate spread adjustment	0.0010
Term A Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Adjusted base rate	1.25%

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,142,603
Debt instrument outstanding amount	$ 3,400,210	$ 3,345,420

Dividends_Distributions (Detail

Dividends/Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Distributions paid	$ 127,460	$ 111,602
Dividends declared	$ 127,460	$ 111,602
Cash dividends declared per share of common stock (in dollars per share)	$ 1.25	$ 1.10
Dividends paid (in dollars per share)	$ 1.25	$ 1.10
Dividends paid	$ 91	$ 91
Distributions paid, preferred stockholders, per share (in dollars per share)		$ 15.95

Information about Geographic _2

Information about Geographic Areas (Details) - Foreign Countries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 12,575		$ 11,763
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 6,076	$ 6,197

Stockholders' Equity (Detail)

Stockholders' Equity (Detail) - Class A CMN Stock - USD ($)	3 Months Ended	36 Months Ended
	Mar. 31, 2023	May 01, 2021	Jun. 21, 2021	Mar. 16, 2020	May 01, 2018
Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 250,000,000
Stock repurchased during period	$ 0
Sales Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares)	0	842,412
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		$ 400,000,000

Summarized Financial Informat_3

Summarized Financial Information of Subsidiaries - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Total current assets	$ 338,440	$ 364,552
Net property, plant and equipment	1,509,919	1,499,699
Operating lease right of use assets	1,279,602	1,271,631
Other assets	83,821	83,401
Total assets	6,441,785	6,475,214
Current liabilities:
Current maturities of long-term debt	234,624	249,785
Current operating lease liabilities	177,830	205,838
Total current liabilities	659,980	726,037
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	3,134,505	3,063,020
Operating lease liabilities	1,030,959	1,035,655
Other noncurrent liabilities	40,337	39,090
Total liabilities	5,281,098	5,279,840
Total liabilities and stockholders’ equity	6,441,785	6,475,214
LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	337,940	364,052
Net property, plant and equipment	1,509,919	1,499,699
Operating lease right of use assets	1,279,602	1,271,631
Intangible assets, net	3,206,060	3,231,275
Other assets	91,523	91,815
Total assets	6,425,044	6,458,472
Current liabilities:
Current maturities of long-term debt	234,624	249,785
Current operating lease liabilities	177,830	205,838
Other current liabilities	238,431	261,545
Total current liabilities	650,885	717,168
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	3,134,505	3,063,020
Operating lease liabilities	1,030,959	1,035,655
Other noncurrent liabilities	455,654	455,128
Total liabilities	5,272,003	5,270,971
Stockholder's equity	1,153,041	1,187,501
Total liabilities and stockholders’ equity	6,425,044	6,458,472
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	0	0
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangible assets, net	0	0
Other assets	(5,013,475)	(4,997,514)
Total assets	(5,013,475)	(4,997,514)
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	0	0
Total current liabilities	0	0
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	0	0
Operating lease liabilities	0	0
Other noncurrent liabilities	(515,997)	(546,796)
Total liabilities	(515,997)	(546,796)
Stockholder's equity	(4,497,478)	(4,450,718)
Total liabilities and stockholders’ equity	(5,013,475)	(4,997,514)
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	24,444	39,829
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangible assets, net	0	0
Other assets	4,565,312	4,514,221
Total assets	4,589,756	4,554,050
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	35,923	23,360
Total current liabilities	35,923	23,360
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	3,132,967	3,061,385
Operating lease liabilities	0	0
Other noncurrent liabilities	268,165	281,804
Total liabilities	3,437,055	3,366,549
Stockholder's equity	1,152,701	1,187,501
Total liabilities and stockholders’ equity	4,589,756	4,554,050
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	50,340	36,667
Net property, plant and equipment	1,493,130	1,483,395
Operating lease right of use assets	1,262,254	1,252,414
Intangible assets, net	3,189,081	3,214,284
Other assets	305,407	325,052
Total assets	6,300,212	6,311,812
Current liabilities:
Current maturities of long-term debt	383	378
Current operating lease liabilities	170,371	198,320
Other current liabilities	190,398	222,871
Total current liabilities	361,152	421,569
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	1,538	1,635
Operating lease liabilities	1,022,280	1,025,385
Other noncurrent liabilities	417,137	418,163
Total liabilities	1,802,107	1,866,752
Stockholder's equity	4,498,105	4,445,060
Total liabilities and stockholders’ equity	6,300,212	6,311,812
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	263,156	287,556
Net property, plant and equipment	16,789	16,304
Operating lease right of use assets	17,348	19,217
Intangible assets, net	16,979	16,991
Other assets	234,279	250,056
Total assets	548,551	590,124
Current liabilities:
Current maturities of long-term debt	234,241	249,407
Current operating lease liabilities	7,459	7,518
Other current liabilities	12,110	15,314
Total current liabilities	253,810	272,239
Long-term debt, net of deferred financing costs of $30,522 and $32,022 in 2023 and 2022, respectively	0	0
Operating lease liabilities	8,679	10,270
Other noncurrent liabilities	286,349	301,957
Total liabilities	548,838	584,466
Stockholder's equity	(287)	5,658
Total liabilities and stockholders’ equity	$ 548,551	$ 590,124

Summarized Financial Informat_4

Summarized Financial Information of Subsidiaries - Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Statements of Income
Net revenues	$ 471,332		$ 451,388
Operating expenses (income)
Direct advertising expenses	168,432		157,772
General and administrative expenses	85,135		83,084
Corporate expenses	28,527		22,012
Depreciation and amortization	73,125		68,627
Gain on disposition of assets	(2,688)		(563)
Total operating expenses	352,531		330,932
Operating income	118,801		120,456
Equity in earnings of investee	(178)		(746)
Income before income tax expense	77,996		94,631
Income tax expense (benefit)	1,798		2,480
Net income	76,198		92,151
Earnings attributable to non-controlling interest	157		0
Net income attributable to controlling interest	76,041		92,151
Statements of Comprehensive Income
Net income	76,041		92,151
Comprehensive income attributable to controlling interest	76,196		92,465
Comprehensive income attributable to controlling interest	76,039		92,465
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	471,332		451,388
Operating expenses (income)
Direct advertising expenses	168,432	[1]	157,772	[2]
General and administrative expenses	85,135	[1]	83,084	[2]
Corporate expenses	28,391	[1]	21,876	[2]
Depreciation and amortization	73,125		68,627
Gain on disposition of assets	(2,688)		(563)
Total operating expenses	352,395		330,796
Operating income	118,937		120,592
Equity in (earnings) loss of subsidiaries	0		0
Interest expense (income), net	40,983		26,571
Equity in earnings of investee	(178)		(746)
Income before income tax expense	78,132		94,767
Income tax expense (benefit)	1,798	[3]	2,480	[4]
Net income	76,334
Earnings attributable to non-controlling interest	157
Net income attributable to controlling interest	76,177		92,287
Statements of Comprehensive Income
Net income	76,177		92,287
Total other comprehensive loss, net of tax	(2)		314
Comprehensive income attributable to controlling interest	76,332		92,601
Earnings attributable to non-controlling interest	(157)
Comprehensive income attributable to controlling interest	76,175
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	(556)		(235)
Operating expenses (income)
Direct advertising expenses	(556)	[1]	(235)	[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	(556)		(235)
Operating income	0		0
Equity in (earnings) loss of subsidiaries	114,235		118,524
Interest expense (income), net	0		0
Equity in earnings of investee	0		0
Income before income tax expense	(114,235)		(118,524)
Income tax expense (benefit)	0	[3]	0	[4]
Net income	(114,235)
Earnings attributable to non-controlling interest	0
Net income attributable to controlling interest	(114,235)		(118,524)
Statements of Comprehensive Income
Net income	(114,235)		(118,524)
Total other comprehensive loss, net of tax	0		0
Comprehensive income attributable to controlling interest	(114,235)		(118,524)
Earnings attributable to non-controlling interest	0
Comprehensive income attributable to controlling interest	(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	(114,235)		(118,524)
Interest expense (income), net	38,058		26,237
Equity in earnings of investee	0		0
Income before income tax expense	76,177		92,287
Income tax expense (benefit)	0	[3]	0	[4]
Net income	76,177
Earnings attributable to non-controlling interest	0
Net income attributable to controlling interest	76,177		92,287
Statements of Comprehensive Income
Net income	76,177		92,287
Total other comprehensive loss, net of tax	0		0
Comprehensive income attributable to controlling interest	76,177		92,287
Earnings attributable to non-controlling interest	0
Comprehensive income attributable to controlling interest	76,177
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	462,493		442,528
Operating expenses (income)
Direct advertising expenses	161,503	[1]	150,853	[2]
General and administrative expenses	82,724	[1]	81,298	[2]
Corporate expenses	27,992	[1]	21,615	[2]
Depreciation and amortization	72,277		67,788
Gain on disposition of assets	(2,688)		(563)
Total operating expenses	341,808		320,991
Operating income	120,685		121,537
Equity in (earnings) loss of subsidiaries	0		0
Interest expense (income), net	(456)		(21)
Equity in earnings of investee	(178)		(746)
Income before income tax expense	121,319		122,304
Income tax expense (benefit)	1,707	[3]	2,563	[4]
Net income	119,612
Earnings attributable to non-controlling interest	20
Net income attributable to controlling interest	119,592		119,741
Statements of Comprehensive Income
Net income	119,592		119,741
Total other comprehensive loss, net of tax	0		0
Comprehensive income attributable to controlling interest	119,612		119,741
Earnings attributable to non-controlling interest	(20)
Comprehensive income attributable to controlling interest	119,592
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	9,395		9,095
Operating expenses (income)
Direct advertising expenses	7,485	[1]	7,154	[2]
General and administrative expenses	2,411	[1]	1,786	[2]
Corporate expenses	399	[1]	261	[2]
Depreciation and amortization	848		839
Gain on disposition of assets	0		0
Total operating expenses	11,143		10,040
Operating income	(1,748)		(945)
Equity in (earnings) loss of subsidiaries			0
Interest expense (income), net	3,381		355
Equity in earnings of investee	0		0
Income before income tax expense	(5,129)		(1,300)
Income tax expense (benefit)	91	[3]	(83)	[4]
Net income	(5,220)
Earnings attributable to non-controlling interest	137
Net income attributable to controlling interest	(5,357)		(1,217)
Statements of Comprehensive Income
Net income	(5,357)		(1,217)
Total other comprehensive loss, net of tax	(2)		314
Comprehensive income attributable to controlling interest	(5,222)		$ (903)
Earnings attributable to non-controlling interest	(137)
Comprehensive income attributable to controlling interest	$ (5,359)
[1]Caption is exclusive of depreciation and amortization.[2]Caption is exclusive of depreciation and amortization.[3]The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.[4]The income tax expense (benefit) 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) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 108,712	$ 102,038
Cash flows from investing activities:
Acquisitions	(13,627)	(55,293)
Capital expenditures	(42,285)	(28,759)
Proceeds from disposition of assets and investments	3,248	710
Net cash (used in) provided by investing activities	(52,664)	(83,342)
Cash flows from financing activities:
Proceeds received from revolving credit facility	90,000	165,000
Payments on revolving credit facility	(20,000)	(50,000)
Principal payments on long-term debt	(93)	(92)
Principal payments on financing leases	(333)	(333)
Payments on accounts receivable securitization program	(25,000)	0
Proceeds received from accounts receivable securitization program	9,800	0
Debt issuance costs	(25)	0
Distributions to non-controlling interest	(214)	(46)
Net cash used in financing activities	(75,155)	(2,713)
Effect of exchange rate changes in cash and cash equivalents	10	107
Net (decrease) increase in cash and cash equivalents	(19,097)	16,090
Cash and cash equivalents at beginning of period	52,619	99,788
Cash and cash equivalents at end of period	33,522	115,878
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	89,381	70,396
Cash flows from investing activities:
Acquisitions	(13,627)	(55,293)
Capital expenditures	(42,285)	(28,759)
Proceeds from disposition of assets and investments	3,248	710
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(52,664)	(83,342)
Cash flows from financing activities:
Proceeds received from revolving credit facility	90,000	165,000
Payments on revolving credit facility	(20,000)	(50,000)
Principal payments on long-term debt	(93)	(92)
Principal payments on financing leases	(333)	(333)
Payments on accounts receivable securitization program	(25,000)
Proceeds received from accounts receivable securitization program	9,800
Debt issuance costs	(25)
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	(214)	(46)
Dividends (to) from parent	(133,406)	(122,047)
Contributions from (to) parent	23,447	36,447
Net cash used in financing activities	(55,824)	28,929
Effect of exchange rate changes in cash and cash equivalents	10	107
Net (decrease) increase in cash and cash equivalents	(19,097)	16,090
Cash and cash equivalents at beginning of period	52,119	99,288
Cash and cash equivalents at end of period	33,022	115,378
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(81,100)	(69,036)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	13,627	55,293
(Increase) decrease in intercompany notes receivable	17,895	6,090
Net cash (used in) provided by investing activities	31,522	61,383
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
Proceeds received from accounts receivable securitization program	0
Debt issuance costs	0
Intercompany loan (payments) proceeds	(17,895)	(6,090)
Distributions to non-controlling interest	0	0
Dividends (to) from parent	81,100	69,036
Contributions from (to) parent	(13,627)	(55,293)
Net cash used in financing activities	49,578	7,653
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	56,096	44,116
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	(13,627)	(55,293)
(Increase) decrease in intercompany notes receivable	(17,895)	(6,090)
Net cash (used in) provided by investing activities	(31,522)	(61,383)
Cash flows from financing activities:
Proceeds received from revolving credit facility	90,000	165,000
Payments on revolving credit facility	(20,000)	(50,000)
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Payments on accounts receivable securitization program	0
Proceeds received from accounts receivable securitization program	0
Debt issuance costs	0
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(133,406)	(122,047)
Contributions from (to) parent	23,447	36,447
Net cash used in financing activities	(39,959)	29,400
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(15,385)	12,133
Cash and cash equivalents at beginning of period	39,729	91,023
Cash and cash equivalents at end of period	24,344	103,156
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	100,431	97,816
Cash flows from investing activities:
Acquisitions	(13,627)	(55,293)
Capital expenditures	(40,952)	(27,851)
Proceeds from disposition of assets and investments	3,248	710
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(51,331)	(82,434)
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	(93)	(92)
Principal payments on financing leases	(333)	(333)
Payments on accounts receivable securitization program	0
Proceeds received from accounts receivable securitization program	0
Debt issuance costs	0
Intercompany loan (payments) proceeds	18,499	94
Distributions to non-controlling interest	(110)	0
Dividends (to) from parent	(81,100)	(69,036)
Contributions from (to) parent	13,627	55,293
Net cash used in financing activities	(49,510)	(14,074)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(410)	1,308
Cash and cash equivalents at beginning of period	1,285	3,494
Cash and cash equivalents at end of period	875	4,802
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	13,954	(2,500)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	(1,333)	(908)
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	(1,333)	(908)
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	(25,000)
Proceeds received from accounts receivable securitization program	9,800
Debt issuance costs	(25)
Intercompany loan (payments) proceeds	(604)	5,996
Distributions to non-controlling interest	(104)	(46)
Dividends (to) from parent	0	0
Contributions from (to) parent	0	0
Net cash used in financing activities	(15,933)	5,950
Effect of exchange rate changes in cash and cash equivalents	10	107
Net (decrease) increase in cash and cash equivalents	(3,302)	2,649
Cash and cash equivalents at beginning of period	11,105	4,771
Cash and cash equivalents at end of period	$ 7,803	$ 7,420