Lamar Media 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
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		87,578,076
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	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 39,395	$ 52,619
Receivables, net of allowance for doubtful accounts of $12,220 and $11,418 in 2023 and 2022, respectively	310,170	285,039
Other current assets	28,601	26,894
Total current assets	378,166	364,552
Property, plant and equipment	4,236,573	4,109,146
Less accumulated depreciation and amortization	(2,691,274)	(2,609,447)
Net property, plant and equipment	1,545,299	1,499,699
Operating lease right of use assets	1,320,925	1,271,631
Financing lease right of use assets	11,897	14,037
Goodwill	2,035,213	2,035,269
Intangible assets, net	1,195,367	1,206,625
Other assets	85,455	83,401
Total assets	6,572,322	6,475,214
Current liabilities:
Trade accounts payable	17,592	19,643
Current maturities of long-term debt, net of deferred financing costs of $440 and $593 in 2023 and 2022, respectively	247,053	249,785
Current operating lease liabilities	184,620	205,838
Current financing lease liabilities	1,331	1,331
Accrued expenses	96,290	117,593
Deferred income	143,354	131,847
Total current liabilities	690,240	726,037
Long-term debt, net of deferred financing costs of $30,341 and $32,022 in 2023 and 2022, respectively	3,154,652	3,063,020
Operating lease liabilities	1,078,545	1,035,655
Financing lease liabilities	14,947	15,945
Deferred income tax liabilities	10,554	9,651
Asset retirement obligation	397,041	390,442
Other liabilities	39,501	39,090
Total liabilities	5,385,480	5,279,840
Stockholders’ equity:
Preferred stock, value	0	0
Additional paid-in capital	2,095,477	2,061,671
Accumulated comprehensive loss	(901)	(659)
Accumulated deficit	(840,557)	(804,382)
Cost of shares held in treasury, 840,935 and 783,696 shares at 2023 and 2022, respectively	(67,347)	(61,358)
Non-controlling interest	68	0
Stockholder's equity	1,186,842	1,195,374
Total liabilities and stockholders’ equity	6,572,322	6,475,214
Common Class A
Stockholders’ equity:
Common stock, value	88	88
Common Class B
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 12,220	$ 11,418
Current deferred financing costs	440	593
Noncurrent deferred financing costs	$ 30,341	$ 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)	840,935	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)	88,419,011	88,110,928
Common stock, shares outstanding (in shares)	87,578,076	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statements of Income
Net revenues	$ 542,609	$ 527,390	$ 1,555,078	$ 1,496,630
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	175,188	168,968	515,403	493,463
General and administrative expenses (exclusive of depreciation and amortization)	81,283	87,181	256,943	260,923
Corporate expenses (exclusive of depreciation and amortization)	24,248	24,474	81,331	74,077
Depreciation and amortization	74,636	65,833	222,919	202,210
Gain on disposition of assets	(879)	(53)	(5,243)	(1,990)
Total operating expenses	354,476	346,403	1,071,353	1,028,683
Operating income	188,133	180,987	483,725	467,947
Other expense (income)
Loss on extinguishment of debt	115	0	115	0
Interest income	(621)	(248)	(1,559)	(742)
Interest expense	45,070	33,545	130,163	89,824
Equity in earnings of investee	(699)	(1,554)	(1,326)	(2,655)
Total other (income) expense	43,865	31,743	127,393	86,427
Income before income tax expense	144,268	149,244	356,332	381,520
Income tax expense	3,843	3,056	8,821	8,976
Net income	140,425	146,188	347,511	372,544
Earnings attributable to non-controlling interest	408	0	833	0
Net income attributable to controlling interest	140,017	146,188	346,678	372,544
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 139,926	$ 146,097	$ 346,405	$ 372,271
Earnings per share:
Basic earnings per share (in dollars per share)	$ 1.37	$ 1.44	$ 3.40	$ 3.67
Diluted earnings per share (in dollars per share)	1.37	1.44	3.39	3.66
Cash dividends declared per share of common stock (in dollars per share)	$ 1.25	$ 1.20	$ 3.75	$ 3.50
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	101,960,356	101,580,997	101,890,573	101,469,918
Weighted average common shares outstanding diluted (in shares)	102,130,614	101,685,965	102,085,016	101,599,157
Statements of Comprehensive Income
Net income	$ 140,425	$ 146,188	$ 347,511	$ 372,544
Other comprehensive loss
Foreign currency translation adjustments	(643)	(1,401)	(242)	(1,770)
Comprehensive income	139,782	144,787	347,269	370,774
Earnings attributable to non-controlling interest	408	0	833	0
Comprehensive income attributable to controlling interest	$ 139,374	$ 144,787	$ 346,436	$ 370,774

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Treasury Stock	Add’l Paid in Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit	Non-controlling interest	Series AA PREF Stock Preferred Stock	Class A CMN Stock Common Stock	Class B CMN Stock Common Stock
Beginning balance at Dec. 31, 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, 2021	1,217,089	(50,852)	2,001,399	855	(734,415)	0	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation	(1,770)
Net income	372,544
Ending balance at Sep. 30, 2022	1,274,285	(61,358)	2,054,110	(915)	(717,654)	0	0	88	14
Beginning balance at Mar. 31, 2022	1,223,861	(61,298)	2,037,845	1,169	(753,957)	0	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	1,356		1,356
Issuance of common stock through stock awards	221		221
Exercise of stock options	599		599
Issuance of common stock through employee purchase plan	2,406		2,406
Foreign currency translation	(683)			(683)
Net income	134,205				134,205
Dividends/distributions to common shareholders	(121,808)				(121,808)
Dividends, preferred stock	(91)				(91)
Ending balance at Jun. 30, 2022	1,240,066	(61,298)	2,042,427	486	(741,651)	0	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	4,283		4,283
Exercise of stock options	4,945		4,945
Issuance of common stock through employee purchase plan	2,455		2,455
Purchase of treasury stock	(60)	(60)
Foreign currency translation	(1,401)			(1,401)
Net income	146,188				146,188
Dividends/distributions to common shareholders	(122,100)				(122,100)
Dividends, preferred stock	(91)				(91)
Ending balance at Sep. 30, 2022	1,274,285	(61,358)	2,054,110	(915)	(717,654)	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
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]
Foreign currency translation	(242)
Net income	347,511
Ending balance at Sep. 30, 2023	1,186,842	(67,347)	2,095,477	(901)	(840,557)	68	0	88	14
Beginning balance at Mar. 31, 2023	1,160,687	(67,304)	2,084,102	(661)	(855,892)	340	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	2,133		2,133
Issuance of common stock through stock awards	681		681
Exercise of stock options	809		809
Issuance of common stock through employee purchase plan	2,675		2,675
Foreign currency translation	403			403
Net income	130,888				130,620	268
Dividends/distributions to common shareholders	(127,691)				(127,538)	(153)
Dividends, preferred stock	(91)				(91)
Ending balance at Jun. 30, 2023	1,170,494	(67,304)	2,090,400	(258)	(852,901)	455	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	2,368		2,368
Exercise of stock options	55		55
Issuance of common stock through employee purchase plan	2,654		2,654
Purchase of treasury stock	(43)	(43)
Foreign currency translation	(643)			(643)
Net income	140,425				140,017	408
Dividends/distributions to common shareholders	(128,377)				(127,582)	(795)
Dividends, preferred stock	(91)				(91)
Ending balance at Sep. 30, 2023	$ 1,186,842	$ (67,347)	$ 2,095,477	$ (901)	$ (840,557)	$ 68	$ 0	$ 88	$ 14

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Issuance of common stock through stock awards (in shares)		7,126	161,050		7,197	241,750
Exercise of stock options (in shares)	850	11,540	10,595	114,440	13,131	26,190
Issuance of common stock through employee purchase plan (in shares)	37,407	34,283	45,232	35,016	32,172	36,347
Purchase of treasury stock (in shares)	431		56,808	588		95,091
Cash dividends declared per share of common stock (in dollars per share)	$ 1.25	$ 1.25	$ 1.25	$ 1.20	$ 1.20	$ 1.10
Preferred stock dividend shares (in dollars per share)	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 347,511	$ 372,544
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	222,919	202,210
Stock-based compensation	16,362	14,331
Amortization included in interest expense	4,920	4,527
Gain on disposition of assets	(5,243)	(1,990)
Loss on extinguishment of debt	115	0
Equity in earnings of investee	(1,326)	(2,655)
Deferred tax expense	910	1,851
Provision for doubtful accounts	8,609	5,868
(Increase) decrease in:
Receivables	(33,755)	(29,510)
Prepaid expenses	(1,097)	(2,681)
Other assets	(2,237)	3,510
(Decrease) increase in:
Trade accounts payable	(1,430)	(895)
Accrued expenses	(8,049)	(12,773)
Operating lease liabilities	(25,838)	(18,881)
Other liabilities	7,049	1,649
Net cash provided by (used in) operating activities	529,420	537,105
Cash flows from investing activities:
Acquisitions	(120,324)	(287,860)
Capital expenditures	(132,152)	(116,808)
Proceeds from disposition of assets and investments	6,489	2,146
Decrease in notes receivable	62	58
Net cash (used in) provided by investing activities	(245,925)	(402,464)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(5,989)	(10,506)
Net proceeds from issuance of common stock	10,401	15,301
Principal payments on long-term debt	(284)	(273)
Principal payments on financing leases	(998)	(998)
Payments on revolving credit facility	(243,000)	(575,000)
Proceeds received from revolving credit facility	333,000	400,000
Proceeds received from accounts receivable securitization program	72,000	140,000
Payments on accounts receivable securitization program	(74,900)	(115,000)
Proceeds received from senior credit facility term loans	0	350,000
Debt issuance costs	(2,951)	(1,564)
Distributions to non-controlling interest	(1,162)	(1,019)
Dividends/distributions	(382,853)	(355,783)
Net cash used in financing activities	(296,736)	(154,842)
Effect of exchange rate changes in cash and cash equivalents	17	(232)
Net decrease in cash and cash equivalents	(13,224)	(20,433)
Cash and cash equivalents at beginning of period	52,619	99,788
Cash and cash equivalents at end of period	39,395	79,355
Supplemental disclosures of cash flow information:
Cash paid for interest	125,117	84,611
Cash paid for foreign, state and federal income taxes	$ 9,093	$ 8,254

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 39,395	$ 52,619
Receivables, net of allowance for doubtful accounts of $12,220 and $11,418 in 2023 and 2022, respectively	310,170	285,039
Other current assets	28,601	26,894
Total current assets	378,166	364,552
Property, plant and equipment	4,236,573	4,109,146
Less accumulated depreciation and amortization	(2,691,274)	(2,609,447)
Net property, plant and equipment	1,545,299	1,499,699
Operating lease right of use assets	1,320,925	1,271,631
Financing lease right of use assets	11,897	14,037
Goodwill	2,035,213	2,035,269
Intangible assets, net	1,195,367	1,206,625
Other assets	85,455	83,401
Total assets	6,572,322	6,475,214
Current liabilities:
Trade accounts payable	17,592	19,643
Current maturities of long-term debt, net of deferred financing costs of $440 and $593 in 2023 and 2022, respectively	247,053	249,785
Current operating lease liabilities	184,620	205,838
Current financing lease liabilities	1,331	1,331
Accrued expenses	96,290	117,593
Deferred income	143,354	131,847
Total current liabilities	690,240	726,037
Long-term debt, net of deferred financing costs of $30,341 and $32,022 in 2023 and 2022, respectively	3,154,652	3,063,020
Operating lease liabilities	1,078,545	1,035,655
Financing lease liabilities	14,947	15,945
Deferred income tax liabilities	10,554	9,651
Asset retirement obligation	397,041	390,442
Other liabilities	39,501	39,090
Total liabilities	5,385,480	5,279,840
Stockholders’ equity:
Additional paid-in capital	2,095,477	2,061,671
Accumulated comprehensive loss	(901)	(659)
Accumulated deficit	(840,557)	(804,382)
Non-controlling interest	68	0
Stockholder's equity	1,186,842	1,195,374
Total liabilities and stockholders’ equity	6,572,322	6,475,214
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	38,895	52,119
Receivables, net of allowance for doubtful accounts of $12,220 and $11,418 in 2023 and 2022, respectively	310,170	285,039
Other current assets	28,601	26,894
Total current assets	377,666	364,052
Property, plant and equipment	4,236,573	4,109,146
Less accumulated depreciation and amortization	(2,691,274)	(2,609,447)
Net property, plant and equipment	1,545,299	1,499,699
Operating lease right of use assets	1,320,925	1,271,631
Financing lease right of use assets	11,897	14,037
Goodwill	2,025,062	2,025,117
Intangible assets, net	1,194,899	1,206,158
Other assets	79,831	77,778
Total assets	6,555,579	6,458,472
Current liabilities:
Trade accounts payable	17,592	19,643
Current maturities of long-term debt, net of deferred financing costs of $440 and $593 in 2023 and 2022, respectively	247,053	249,785
Current operating lease liabilities	184,620	205,838
Current financing lease liabilities	1,331	1,331
Accrued expenses	86,766	108,724
Deferred income	143,354	131,847
Total current liabilities	680,716	717,168
Long-term debt, net of deferred financing costs of $30,341 and $32,022 in 2023 and 2022, respectively	3,154,652	3,063,020
Operating lease liabilities	1,078,545	1,035,655
Financing lease liabilities	14,947	15,945
Deferred income tax liabilities	10,554	9,651
Asset retirement obligation	397,041	390,442
Other liabilities	39,501	39,090
Total liabilities	5,375,956	5,270,971
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in capital	3,165,983	3,132,178
Accumulated comprehensive loss	(901)	(659)
Accumulated deficit	(1,985,527)	(1,944,018)
Non-controlling interest	68	0
Stockholder's equity	1,179,623	1,187,501
Total liabilities and stockholders’ equity	$ 6,555,579	$ 6,458,472

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	$ 12,220	$ 11,418
Current deferred financing costs	440	593
Noncurrent deferred financing costs	30,341	32,022
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	12,220	11,418
Current deferred financing costs	440	593
Noncurrent deferred financing costs	$ 30,341	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statements of Income
Net revenues	$ 542,609	$ 527,390	$ 1,555,078	$ 1,496,630
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	175,188	168,968	515,403	493,463
General and administrative expenses (exclusive of depreciation and amortization)	81,283	87,181	256,943	260,923
Corporate expenses (exclusive of depreciation and amortization)	24,248	24,474	81,331	74,077
Depreciation and amortization	74,636	65,833	222,919	202,210
Gain on disposition of assets	(879)	(53)	(5,243)	(1,990)
Total operating expenses	354,476	346,403	1,071,353	1,028,683
Operating income	188,133	180,987	483,725	467,947
Other expense (income)
Loss on extinguishment of debt	115	0	115	0
Interest income	(621)	(248)	(1,559)	(742)
Interest expense	45,070	33,545	130,163	89,824
Equity in earnings of investee	(699)	(1,554)	(1,326)	(2,655)
Total other (income) expense	43,865	31,743	127,393	86,427
Income before income tax expense	144,268	149,244	356,332	381,520
Income tax expense	3,843	3,056	8,821	8,976
Net income	140,425	146,188	347,511	372,544
Earnings attributable to non-controlling interest	408	0	833	0
Net income attributable to controlling interest	140,017	146,188	346,678	372,544
Statements of Comprehensive Income
Net income	140,425	146,188	347,511	372,544
Other comprehensive loss
Foreign currency translation adjustments	(643)	(1,401)	(242)	(1,770)
Comprehensive income	139,782	144,787	347,269	370,774
Earnings attributable to non-controlling interest	408	0	833	0
Comprehensive income attributable to controlling interest	139,374	144,787	346,436	370,774
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	542,609	527,390	1,555,078	1,496,630
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	175,188	168,968	515,403	493,463
General and administrative expenses (exclusive of depreciation and amortization)	81,284	87,181	256,944	260,923
Corporate expenses (exclusive of depreciation and amortization)	24,110	24,337	80,948	73,694
Depreciation and amortization	74,636	65,833	222,919	202,210
Gain on disposition of assets	(879)	(53)	(5,243)	(1,990)
Total operating expenses	354,339	346,266	1,070,971	1,028,300
Operating income	188,270	181,124	484,107	468,330
Other expense (income)
Loss on extinguishment of debt	115	0	115	0
Interest income	(621)	(248)	(1,559)	(742)
Interest expense	45,070	33,545	130,163	89,824
Equity in earnings of investee	(699)	(1,554)	(1,326)	(2,655)
Total other (income) expense	43,865	31,743	127,393	86,427
Income before income tax expense	144,405	149,381	356,714	381,903
Income tax expense	3,843	3,056	8,821	8,976
Net income	140,562	146,325	347,893	372,927
Earnings attributable to non-controlling interest	408	0	833	0
Net income attributable to controlling interest	140,154	146,325	347,060	372,927
Statements of Comprehensive Income
Net income	140,562	146,325	347,893	372,927
Other comprehensive loss
Foreign currency translation adjustments	(643)	(1,401)	(242)	(1,770)
Comprehensive income	139,919	144,924	347,651	371,157
Earnings attributable to non-controlling interest	408	0	833	0
Comprehensive income attributable to controlling interest	$ 139,511	$ 144,924	$ 346,818	$ 371,157

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders’ Equity (Subsidiary) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit	Non-controlling interest	LAMAR MEDIA CORP. AND SUBSIDIARIES	LAMAR MEDIA CORP. AND SUBSIDIARIES Common Stock	LAMAR MEDIA CORP. AND SUBSIDIARIES Additional Paid-In Capital	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Income (Loss)	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit	LAMAR MEDIA CORP. AND SUBSIDIARIES Non-controlling interest
Beginning balance at Dec. 31, 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, 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]
Net income	372,544					372,927
Ending balance at Sep. 30, 2022	1,274,285	2,054,110	(915)	(717,654)	0	1,266,200	0	3,124,617	(915)	(1,857,502)	0
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						4,582		4,582
Foreign currency translations						(683)			(683)
Net income	134,205			134,205		134,315				134,315
Dividend to parent						(121,809)				(121,809)
Ending balance at Jun. 30, 2022	1,240,066	2,042,427	486	(741,651)	0	1,231,752	0	3,112,934	486	(1,881,668)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						11,683		11,683
Foreign currency translations						(1,401)			(1,401)
Net income	146,188			146,188		146,325				146,325
Dividend to parent						(122,159)				(122,159)
Ending balance at Sep. 30, 2022	1,274,285	2,054,110	(915)	(717,654)	0	1,266,200	0	3,124,617	(915)	(1,857,502)	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
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]
Net income	347,511					347,893
Ending balance at Sep. 30, 2023	1,186,842	2,095,477	(901)	(840,557)	68	1,179,623	0	3,165,983	(901)	(1,985,527)	68
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						6,298		6,298
Foreign currency translations						403			403
Net income	130,888			130,620	268	130,997				130,729	268
Dividend to parent						(127,692)				(127,539)	(153)
Ending balance at Jun. 30, 2023	1,170,494	2,090,400	(258)	(852,901)	455	1,163,047	0	3,160,907	(258)	(1,998,057)	455
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						5,076		5,076
Foreign currency translations						(643)			(643)
Net income	140,425			140,017	408	140,562				140,154	408
Dividend to parent						(128,419)				(127,624)	(795)
Ending balance at Sep. 30, 2023	$ 1,186,842	$ 2,095,477	$ (901)	$ (840,557)	$ 68	$ 1,179,623	$ 0	$ 3,165,983	$ (901)	$ (1,985,527)	$ 68

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Subsidiary) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 347,511	$ 372,544
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	222,919	202,210
Non-cash compensation	16,362	14,331
Amortization included in interest expense	4,920	4,527
Gain on disposition of assets	(5,243)	(1,990)
Loss on extinguishment of debt	115	0
Equity in earnings of investee	(1,326)	(2,655)
Deferred tax expense	910	1,851
Provision for doubtful accounts	8,609	5,868
(Increase) decrease in:
Receivables	(33,755)	(29,510)
Prepaid expenses	(1,097)	(2,681)
Other assets	(2,237)	3,510
Decrease in:
Trade accounts payable	(1,430)	(895)
Accrued expenses	(8,049)	(12,773)
Operating lease liabilities	(25,838)	(18,881)
Other liabilities	7,049	1,649
Net cash provided by (used in) operating activities	529,420	537,105
Cash flows from investing activities:
Acquisitions	(120,324)	(287,860)
Capital expenditures	(132,152)	(116,808)
Proceeds from disposition of assets and investments	6,489	2,146
Decrease in notes receivable	62	58
Net cash (used in) provided by investing activities	(245,925)	(402,464)
Cash flows from financing activities:
Principal payments on long-term debt	(284)	(273)
Principal payments on financing leases	(998)	(998)
Payments on revolving credit facility	(243,000)	(575,000)
Proceeds received from revolving credit facility	333,000	400,000
Proceeds received from accounts receivable securitization program	72,000	140,000
Payments on accounts receivable securitization program	(74,900)	(115,000)
Proceeds received from senior credit facility term loans	0	350,000
Debt issuance costs	(2,951)	(1,564)
Distributions to non-controlling interest	(1,162)	(1,019)
Net cash used in financing activities	(296,736)	(154,842)
Effect of exchange rate changes in cash and cash equivalents	17	(232)
Net decrease in cash and cash equivalents	(13,224)	(20,433)
Cash and cash equivalents at beginning of period	52,619	99,788
Cash and cash equivalents at end of period	39,395	79,355
Supplemental disclosures of cash flow information:
Cash paid for interest	125,117	84,611
Cash paid for foreign, state and federal income taxes	9,093	8,254
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	347,893	372,927
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	222,919	202,210
Non-cash compensation	16,362	14,331
Amortization included in interest expense	4,920	4,527
Gain on disposition of assets	(5,243)	(1,990)
Loss on extinguishment of debt	115	0
Equity in earnings of investee	(1,326)	(2,655)
Deferred tax expense	910	1,851
Provision for doubtful accounts	8,609	5,868
(Increase) decrease in:
Receivables	(33,755)	(29,510)
Prepaid expenses	(1,097)	(2,681)
Other assets	(2,237)	3,510
Decrease in:
Trade accounts payable	(1,430)	(895)
Accrued expenses	(8,049)	(12,773)
Operating lease liabilities	(25,838)	(18,881)
Other liabilities	(18,026)	(36,419)
Net cash provided by (used in) operating activities	504,727	499,420
Cash flows from investing activities:
Acquisitions	(120,324)	(287,860)
Capital expenditures	(132,152)	(116,808)
Proceeds from disposition of assets and investments	6,489	2,146
Net cash (used in) provided by investing activities	(245,925)	(402,464)
Cash flows from financing activities:
Principal payments on long-term debt	(284)	(273)
Principal payments on financing leases	(998)	(998)
Payments on revolving credit facility	(243,000)	(575,000)
Proceeds received from revolving credit facility	333,000	400,000
Proceeds received from accounts receivable securitization program	72,000	140,000
Payments on accounts receivable securitization program	(74,900)	(115,000)
Proceeds received from senior credit facility term loans	0	350,000
Debt issuance costs	(2,951)	(1,564)
Distributions to non-controlling interest	(1,162)	(1,019)
Contributions from parent	34,821	52,712
Dividend to parent	(388,569)	(366,015)
Net cash used in financing activities	(272,043)	(117,157)
Effect of exchange rate changes in cash and cash equivalents	17	(232)
Net decrease in cash and cash equivalents	(13,224)	(20,433)
Cash and cash equivalents at beginning of period	52,119	99,288
Cash and cash equivalents at end of period	38,895	78,855
Supplemental disclosures of cash flow information:
Cash paid for interest	125,117	84,611
Cash paid for foreign, state and federal income taxes	$ 9,093	$ 8,254

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Billboard advertising $ 484,268 $ 471,450 $ 1,384,721 $ 1,337,015 Logo advertising 20,437 19,632 61,975 60,137 Transit advertising 37,904 36,308 108,382 99,478 Net revenues $ 542,609 $ 527,390 $ 1,555,078 $ 1,496,630

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases During the three months ended September 30, 2023 and 2022, we had operating lease costs of $80,550 and $77,472, respectively, and variable lease costs of $16,111 and $15,365, respectively. During the nine months ended September 30, 2023 and 2022, we had operating lease costs of $239,636 and $229,674, respectively, and variable lease costs of $44,639 and $43,240, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2023 and 2022, we recorded a gain of $68 and $106, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2023 and 2022, we recorded a gain of $260 and $576, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $282,725 and $255,436 were made reducing our operating lease liabilities for the nine months ended September 30, 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 $2,523 and $1,943 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2023 and 2022, respectively. We recorded $7,532 and $5,494 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2023 and 2022, respectively. Our operating leases have a weighted-average remaining lease term of 12.6 years. The weighted-average discount rate of our operating leases is 5.0%. Also, during the periods ended September 30, 2023 and 2022, we obtained $17,906 and $37,518, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of September 30, 2023: 2023 $ 45,881 2024 238,648 2025 189,678 2026 163,143 2027 139,640 Thereafter 983,094 Total undiscounted operating lease payments 1,760,084 Less: Imputed interest (496,919) Total operating lease liabilities $ 1,263,165 During the three months ended September 30, 2023 and 2022, $713 of amortization expense for each period and $125 and $135 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the nine months ended September 30, 2023 and 2022, $2,140 of amortization expense for each period and $382 and $412 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $998 were made reducing our financing lease liabilities for each of the nine months ended September 30, 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 4.2 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 September 30, 2023 and 2022, non-lease variable transit payments were $22,023 and $22,019, respectively.
Leases	Leases During the three months ended September 30, 2023 and 2022, we had operating lease costs of $80,550 and $77,472, respectively, and variable lease costs of $16,111 and $15,365, respectively. During the nine months ended September 30, 2023 and 2022, we had operating lease costs of $239,636 and $229,674, respectively, and variable lease costs of $44,639 and $43,240, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2023 and 2022, we recorded a gain of $68 and $106, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2023 and 2022, we recorded a gain of $260 and $576, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $282,725 and $255,436 were made reducing our operating lease liabilities for the nine months ended September 30, 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 $2,523 and $1,943 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2023 and 2022, respectively. We recorded $7,532 and $5,494 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2023 and 2022, respectively. Our operating leases have a weighted-average remaining lease term of 12.6 years. The weighted-average discount rate of our operating leases is 5.0%. Also, during the periods ended September 30, 2023 and 2022, we obtained $17,906 and $37,518, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of September 30, 2023: 2023 $ 45,881 2024 238,648 2025 189,678 2026 163,143 2027 139,640 Thereafter 983,094 Total undiscounted operating lease payments 1,760,084 Less: Imputed interest (496,919) Total operating lease liabilities $ 1,263,165 During the three months ended September 30, 2023 and 2022, $713 of amortization expense for each period and $125 and $135 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the nine months ended September 30, 2023 and 2022, $2,140 of amortization expense for each period and $382 and $412 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $998 were made reducing our financing lease liabilities for each of the nine months ended September 30, 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 4.2 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 September 30, 2023 and 2022, non-lease variable transit payments were $22,023 and $22,019, respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 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 22,500 shares of its Class A common stock during the nine months ended September 30, 2023. At September 30, 2023 a total of 1,726,676 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 nine months ended September 30, 2023: Shares Available for future purchases, January 1, 2023 301,971 Additional shares reserved under 2019 ESPP 87,327 Purchases (116,922) Available for future purchases, September 30, 2023 272,376 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 September 30, 2023 and 2022, the Company recorded $1,589 and $3,830, respectively, as stock-based compensation expense related to performance-based awards. For the nine months ended September 30, 2023 and 2022, the Company recorded $8,034 and $9,789 , 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 September 30, 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 and nine months ended September 30, 2023, the Company recorded $1,147 and $4,050, respectively, as stock-based compensation expense related to these LTIP Units. Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. For the three months ended September 30, 2023 and 2022, the Company recorded $67 and $73, respectively, in stock-based compensation expense related to these awards. For the nine months ended September 30, 2023 and 2022, the Company recorded $587 and $502, respectively, in stock-based compensation expense related to these awards.

Depreciation and Amortization

Depreciation and Amortization	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 Direct advertising expenses $ 69,598 $ 60,842 $ 208,272 $ 187,992 General and administrative expenses 1,456 1,538 4,014 3,984 Corporate expenses 3,582 3,453 10,633 10,234 $ 74,636 $ 65,833 $ 222,919 $ 202,210

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 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 September 30, 2023 and December 31, 2022: Estimated September 30, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 729,648 $ 634,086 $ 720,051 $ 614,840 Non-competition agreements 3—15 71,839 66,249 71,599 65,647 Site locations 15 2,945,955 1,862,990 2,864,854 1,781,164 Other 2—15 52,407 41,157 52,164 40,392 $ 3,799,849 $ 2,604,482 $ 3,708,668 $ 2,502,043 Unamortizable intangible assets: Goodwill $ 2,288,749 $ 253,536 $ 2,288,805 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 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 4,127 Revision in estimates 1,230 Accretion expense 5,358 Liabilities settled (4,116) Balance at September 30, 2023 $ 397,041

Distribution Restrictions

Distribution Restrictions	9 Months Ended
	Sep. 30, 2023
Distribution Restrictions [Abstract]
Distribution Restrictions	Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of September 30, 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 $4,352,231 and $4,187,593, respectively. As of September 30, 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 September 30, 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 September 30, 2023, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $3,102,710.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 or 2022.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following at September 30, 2023 and December 31, 2022: September 30, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,084,159 $ 8,916 $ 1,075,243 Accounts Receivable Securitization Program 247,100 440 246,660 3 3/4% Senior Notes 600,000 5,196 594,804 3 5/8% Senior Notes 550,000 6,418 543,582 4% Senior Notes 549,497 5,874 543,623 4 7/8% Senior Notes 400,000 3,937 396,063 Other notes with various rates and terms 1,730 — 1,730 3,432,486 30,781 3,401,705 Less current maturities (247,493) (440) (247,053) Long-term debt, excluding current maturities $ 3,184,993 $ 30,341 $ 3,154,652 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 July 31, 2028, subject to certain conditions (see description of Amendment No. 4 below) (the “revolving credit facility”), (ii) a $600,000 senior secured Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, (iii) a $350,000 senior secured Term A loan facility (the "Term A loans") which will mature on February 6, 2025, and (iv) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Term Secured Overnight Financing Rate ("Term SOFR") plus a credit spread adjustment of 0.10% (Term SOFR plus such credit spread adjustment, the "Adjusted Term SOFR Rate”) or the Adjusted Base Rate, at Lamar Media’s option. Term B loans bearing interest at a rate based on Term SOFR bear interest at a rate per annum equal to Term SOFR plus 1.50%. Term B loans bearing interest at a rate based on the Adjusted Base Rate bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The revolving credit facility bears interest at rates based on Term SOFR ("Term SOFR revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Term SOFR revolving loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility. On July 29, 2022, Lamar Media entered into Amendment No. 2 (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 the Term A loans as a new class of incremental term loans. The Term A loans will mature on February 6, 2025 with no required amortization payments prior to maturity and bear interest at rates based on Term SOFR ("Term SOFR Term A loans") or the Adjusted Base Rate ("Base Rate Term A loans"), at Lamar Media's option. Term SOFR Term A loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate Term A loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The covenants, events of default and other terms of the senior credit facility apply to the Term A loans. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022. The entire amount of the Term A loans will be payable at maturity. Proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. On April 26, 2023, Lamar Media entered into Amendment No. 3 (the "Amendment No. 3") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank N.A. as administrative agent and the lenders party thereto. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement remain unchanged by Amendment No. 3. On July 31, 2023, Lamar Media entered into Amendment No. 4 (the "Amendment No. 4"), to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. Amendment No. 4 extends the maturity date of Lamar Media's $750,000 revolving credit facility such that the revolving credit facility matures July 31, 2028; provided, that, if on the date (a "Springing Maturity Test Date") that is 91 days prior to either the then scheduled maturity date of Lamar Media's Term B loans (which is currently February 6, 2027) or the February 15, 2028 maturity date of Lamar Media's 3 3/4% Notes, the Company and its restricted subsidiaries do not have sufficient liquidity (defined as unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus unused commitments under the revolving credit facility) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the Term B loans or the 3 3/4% Notes (as applicable), the revolving credit facility will mature on such Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together will all accrued and unpaid interest on such revolving loans, will be due and payable. Amendment No. 4 also establishes a $75,000 swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75,000. In addition, Amendment No. 4 amends the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein. As of September 30, 2023, there were $135,000 in borrowings outstanding under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $8,682 in letters of credit outstanding as of September 30, 2023 resulting in $606,318 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity. The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: • dispose of assets; • incur or repay debt; • create liens; • make investments; and • pay dividends. The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented. Accounts Receivable Securitization Program On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program. Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty. On June 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program. As of September 30, 2023 there was $247,100 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of September 30, 2023. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the nine months ended September 30, 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. 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 September 30, 2023.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt September 30, 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 $3,130,384 which does not exceed the carrying amount of $3,432,486 as of September 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Dividends/Distributions	Dividends/DistributionsDuring the three months ended September 30, 2023 and 2022, the Company declared and paid cash distributions in an aggregate amount of $127,582 or $1.25 per share and $122,100 or $1.20 per share, respectively. During the nine months ended September 30, 2023 and 2022, the Company declared and paid cash distributions in an aggregate amount of $382,580 or $3.75 per share and $355,510 or $3.50 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 and nine months ended September 30, 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 and $273 or $47.85 per share for each period, respectively.

Information about Geographic Ar

Information about Geographic Areas	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $21,684 and $21,721 for the nine months ended September 30, 2023 and 2022, respectively. Net carrying value of long-lived assets located in foreign countries totaled $13,235 and $11,763 as of September 30, 2023 and December 31, 2022, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Sales Agreement. On June 21, 2021, the Company entered into an equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or directly through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of September 30, 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 September 30, 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 nine months ended September 30, 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 September 30, 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Subsidiary)	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2023
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Summarized Financial Information of Subsidiaries	Summarized Financial Information of SubsidiariesSeparate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of September 30, 2023 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 29,797 $ 33,504 $ 314,365 $ — $ 377,666 Net property, plant and equipment — 1,528,064 17,235 — 1,545,299 Operating lease right of use assets — 1,285,803 35,122 — 1,320,925 Intangibles and goodwill, net — 3,203,025 16,936 — 3,219,961 Other assets 4,626,686 353,991 246,698 (5,135,647) 91,728 Total assets $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 393 $ 246,660 $ — $ 247,053 Current operating lease liabilities — 177,223 7,397 — 184,620 Other current liabilities 43,355 192,259 13,429 — 249,043 Total current liabilities 43,355 369,875 267,486 — 680,716 Long-term debt 3,153,315 1,337 — — 3,154,652 Operating lease liabilities — 1,052,662 25,883 — 1,078,545 Other noncurrent liabilities 280,258 422,853 345,873 (586,941) 462,043 Total liabilities 3,476,928 1,846,727 639,242 (586,941) 5,375,956 Stockholder's equity 1,179,555 4,557,660 (8,886) (4,548,706) 1,179,623 Total liabilities and stockholder's equity $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2022 Lamar Media 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 September 30, 2023 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 532,112 $ 11,228 $ (731) $ 542,609 Operating expenses (income) Direct advertising expenses (1) — 167,920 7,999 (731) 175,188 General and administrative expenses (1) — 79,755 1,529 — 81,284 Corporate expenses (1) — 23,798 312 — 24,110 Depreciation and amortization — 73,477 1,159 — 74,636 Gain on disposition of assets — (879) — — (879) — 344,071 10,999 (731) 354,339 Operating income — 188,041 229 — 188,270 Equity in (earnings) loss of subsidiaries (181,237) — — 181,237 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 40,968 (552) 4,033 — 44,449 Equity in earnings of investee — (699) — — (699) Income (loss) before income tax expense (benefit) 140,154 189,292 (3,804) (181,237) 144,405 Income tax expense (benefit) (2) — 3,923 (80) — 3,843 Net income (loss) 140,154 185,369 (3,724) (181,237) 140,562 Earnings attributable to non-controlling interest — 122 286 — 408 Net income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,010) $ (181,237) $ 140,154 Statement of Comprehensive Income Net income (loss) $ 140,154 $ 185,369 $ (3,724) $ (181,237) $ 140,562 Total other comprehensive loss, net of tax — — (643) — (643) Total comprehensive income (loss) 140,154 185,369 (4,367) (181,237) 139,919 Earnings attributable to non-controlling interest — 122 286 — 408 Comprehensive income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,653) $ (181,237) $ 139,511 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 515,993 $ 11,470 $ (73) $ 527,390 Operating expenses (income) Direct advertising expenses (1) — 161,629 7,412 (73) 168,968 General and administrative expenses (1) — 85,388 1,793 — 87,181 Corporate expenses (1) — 23,810 527 — 24,337 Depreciation and amortization — 65,032 801 — 65,833 Gain on disposition of assets — (53) — — (53) — 335,806 10,533 (73) 346,266 Operating income — 180,187 937 — 181,124 Equity in (earnings) loss of subsidiaries (178,405) — — 178,405 — Interest expense (income), net 32,080 (32) 1,249 — 33,297 Equity in earnings of investee — (1,554) — — (1,554) Income (loss) before income tax expense 146,325 181,773 (312) (178,405) 149,381 Income tax expense (2) — 2,940 116 — 3,056 Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Statement of Comprehensive Income Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Total other comprehensive loss, net of tax — — (1,401) — (1,401) Total comprehensive income (loss) $ 146,325 $ 178,833 $ (1,829) $ (178,405) $ 144,924 (1) Caption is exclusive of depreciation and amortization (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,525,275 $ 31,810 $ (2,007) $ 1,555,078 Operating expenses (income) Direct advertising expenses (1) — 494,070 23,340 (2,007) 515,403 General and administrative expenses (1) — 250,839 6,105 — 256,944 Corporate expenses (1) — 79,809 1,139 — 80,948 Depreciation and amortization — 219,839 3,080 — 222,919 (Gain) loss on disposition of assets — (5,245) 2 — (5,243) — 1,039,312 33,666 (2,007) 1,070,971 Operating income (loss) — 485,963 (1,856) — 484,107 Equity in (earnings) loss of subsidiaries (466,361) — — 466,361 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 119,186 (1,447) 10,865 — 128,604 Equity in earnings of investee — (1,326) — — (1,326) Income (loss) before income tax expense 347,060 488,736 (12,721) (466,361) 356,714 Income tax expense (2) — 8,691 130 — 8,821 Net income (loss) 347,060 480,045 (12,851) (466,361) 347,893 Earnings attributable to non-controlling interest — 257 576 — 833 Net income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,427) $ (466,361) $ 347,060 Statement of Comprehensive Income Net income (loss) $ 347,060 $ 480,045 $ (12,851) $ (466,361) $ 347,893 Total other comprehensive loss, net of tax — — (242) — (242) Total comprehensive income (loss) 347,060 480,045 (13,093) (466,361) 347,651 Earnings attributable to non-controlling interest — 257 576 — 833 Comprehensive income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,669) $ (466,361) $ 346,818 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,466,109 $ 30,776 $ (255) $ 1,496,630 Operating expenses (income) Direct advertising expenses (1) — 471,633 22,085 (255) 493,463 General and administrative expenses (1) — 255,546 5,377 — 260,923 Corporate expenses (1) — 71,499 2,195 — 73,694 Depreciation and amortization — 199,623 2,587 — 202,210 Gain on disposition of assets — (1,990) — — (1,990) — 996,311 32,244 (255) 1,028,300 Operating income (loss) — 469,798 (1,468) — 468,330 Equity in (earnings) loss of subsidiaries (459,799) — — 459,799 — Interest expense (income), net 86,872 (132) 2,342 — 89,082 Equity in earnings of investee — (2,655) — — (2,655) Income (loss) before income tax expense (benefit) 372,927 472,585 (3,810) (459,799) 381,903 Income tax expense (benefit) (2) — 9,085 (109) — 8,976 Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Statement of Comprehensive Income Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Total other comprehensive loss, net of tax — — (1,770) — (1,770) Total comprehensive income (loss) $ 372,927 $ 463,500 $ (5,471) $ (459,799) $ 371,157 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 392,347 $ 640,356 $ (39,521) $ (488,455) $ 504,727 Cash flows from investing activities: Acquisitions — (120,324) — — (120,324) Capital expenditures — (128,157) (3,995) — (132,152) Proceeds from disposition of assets and investments — 6,489 — — 6,489 Decrease in notes receivable — 62 — — 62 Investment in subsidiaries (120,324) — — 120,324 — (Increase) decrease in intercompany notes receivable (15,384) — — 15,384 — Net cash (used in) provided by investing activities (135,708) (241,930) (3,995) 135,708 (245,925) Cash flows from financing activities: Proceeds received from revolving credit facility 333,000 — — — 333,000 Payment on revolving credit facility (243,000) — — — (243,000) Principal payments on long-term debt — (284) — — (284) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (74,900) — (74,900) Proceeds received from accounts receivable securitization program — — 72,000 — 72,000 Debt issuance costs (2,926) — (25) — (2,951) Intercompany loan (payments) proceeds — (29,489) 44,873 (15,384) — Distributions to non-controlling interest — (330) (832) — (1,162) Dividends (to) from parent (388,569) (488,455) — 488,455 (388,569) Contributions from (to) parent 34,821 120,324 — (120,324) 34,821 Net cash (used in) provided by financing activities (266,674) (399,232) 41,116 352,747 (272,043) Effect of exchange rate changes in cash and cash equivalents — — 17 — 17 Net decrease in cash and cash equivalents (10,035) (806) (2,383) — (13,224) Cash and cash equivalents at beginning of period 39,729 1,285 11,105 — 52,119 Cash and cash equivalents at end of period $ 29,694 $ 479 $ 8,722 $ — $ 38,895 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 391,078 $ 611,985 $ (30,726) $ (472,917) $ 499,420 Cash flows from investing activities: Acquisitions — (287,860) — — (287,860) Capital expenditures — (113,736) (3,072) — (116,808) Proceeds from disposition of assets and investments — 2,146 — — 2,146 Investment in subsidiaries (287,860) — — 287,860 — Decrease (increase) in intercompany notes receivable 14,158 — — (14,158) — Decrease in notes receivable — 58 — — 58 Net cash (used in) provided by investing activities (273,702) (399,392) (3,072) 273,702 (402,464) Cash flows from financing activities: Proceeds received from revolving credit facility 400,000 — — — 400,000 Payment on revolving credit facility (575,000) — — — (575,000) Principal payments on long-term debt — (273) — — (273) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (115,000) — (115,000) Proceeds received from accounts receivable securitization program — — 140,000 — 140,000 Proceeds received from senior credit facility term loans 350,000 — — — 350,000 Debt issuance costs (1,328) — (236) — (1,564) Intercompany loan (payments) proceeds — (28,204) 14,046 14,158 — Distributions to non-controlling interest — — (1,019) — (1,019) Dividends (to) from parent (366,015) (472,917) — 472,917 (366,015) Contributions from (to) parent 52,712 287,860 — (287,860) 52,712 Net cash (used in) provided by financing activities (139,631) (214,532) 37,791 199,215 (117,157) Effect of exchange rate changes in cash and cash equivalents — — (232) — (232) Net (decrease) increase in cash and cash equivalents (22,255) (1,939) 3,761 — (20,433) Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 68,768 $ 1,555 $ 8,532 $ — $ 78,855

Significant Accounting Polici_3

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 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/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)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation Revenue	The following table presents our disaggregated revenue by source for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Billboard advertising $ 484,268 $ 471,450 $ 1,384,721 $ 1,337,015 Logo advertising 20,437 19,632 61,975 60,137 Transit advertising 37,904 36,308 108,382 99,478 Net revenues $ 542,609 $ 527,390 $ 1,555,078 $ 1,496,630

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023: 2023 $ 45,881 2024 238,648 2025 189,678 2026 163,143 2027 139,640 Thereafter 983,094 Total undiscounted operating lease payments 1,760,084 Less: Imputed interest (496,919) Total operating lease liabilities $ 1,263,165

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of ESPP Share Activity	The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2023: Shares Available for future purchases, January 1, 2023 301,971 Additional shares reserved under 2019 ESPP 87,327 Purchases (116,922) Available for future purchases, September 30, 2023 272,376

Depreciation and Amortization (

Depreciation and Amortization (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 Direct advertising expenses $ 69,598 $ 60,842 $ 208,272 $ 187,992 General and administrative expenses 1,456 1,538 4,014 3,984 Corporate expenses 3,582 3,453 10,633 10,234 $ 74,636 $ 65,833 $ 222,919 $ 202,210

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following is a summary of intangible assets at September 30, 2023 and December 31, 2022: Estimated September 30, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 729,648 $ 634,086 $ 720,051 $ 614,840 Non-competition agreements 3—15 71,839 66,249 71,599 65,647 Site locations 15 2,945,955 1,862,990 2,864,854 1,781,164 Other 2—15 52,407 41,157 52,164 40,392 $ 3,799,849 $ 2,604,482 $ 3,708,668 $ 2,502,043 Unamortizable intangible assets: Goodwill $ 2,288,749 $ 253,536 $ 2,288,805 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 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 4,127 Revision in estimates 1,230 Accretion expense 5,358 Liabilities settled (4,116) Balance at September 30, 2023 $ 397,041

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following at September 30, 2023 and December 31, 2022: September 30, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,084,159 $ 8,916 $ 1,075,243 Accounts Receivable Securitization Program 247,100 440 246,660 3 3/4% Senior Notes 600,000 5,196 594,804 3 5/8% Senior Notes 550,000 6,418 543,582 4% Senior Notes 549,497 5,874 543,623 4 7/8% Senior Notes 400,000 3,937 396,063 Other notes with various rates and terms 1,730 — 1,730 3,432,486 30,781 3,401,705 Less current maturities (247,493) (440) (247,053) Long-term debt, excluding current maturities $ 3,184,993 $ 30,341 $ 3,154,652 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	9 Months Ended
	Sep. 30, 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 September 30, 2023 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 29,797 $ 33,504 $ 314,365 $ — $ 377,666 Net property, plant and equipment — 1,528,064 17,235 — 1,545,299 Operating lease right of use assets — 1,285,803 35,122 — 1,320,925 Intangibles and goodwill, net — 3,203,025 16,936 — 3,219,961 Other assets 4,626,686 353,991 246,698 (5,135,647) 91,728 Total assets $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 393 $ 246,660 $ — $ 247,053 Current operating lease liabilities — 177,223 7,397 — 184,620 Other current liabilities 43,355 192,259 13,429 — 249,043 Total current liabilities 43,355 369,875 267,486 — 680,716 Long-term debt 3,153,315 1,337 — — 3,154,652 Operating lease liabilities — 1,052,662 25,883 — 1,078,545 Other noncurrent liabilities 280,258 422,853 345,873 (586,941) 462,043 Total liabilities 3,476,928 1,846,727 639,242 (586,941) 5,375,956 Stockholder's equity 1,179,555 4,557,660 (8,886) (4,548,706) 1,179,623 Total liabilities and stockholder's equity $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2022 Lamar Media 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 September 30, 2023 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 532,112 $ 11,228 $ (731) $ 542,609 Operating expenses (income) Direct advertising expenses (1) — 167,920 7,999 (731) 175,188 General and administrative expenses (1) — 79,755 1,529 — 81,284 Corporate expenses (1) — 23,798 312 — 24,110 Depreciation and amortization — 73,477 1,159 — 74,636 Gain on disposition of assets — (879) — — (879) — 344,071 10,999 (731) 354,339 Operating income — 188,041 229 — 188,270 Equity in (earnings) loss of subsidiaries (181,237) — — 181,237 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 40,968 (552) 4,033 — 44,449 Equity in earnings of investee — (699) — — (699) Income (loss) before income tax expense (benefit) 140,154 189,292 (3,804) (181,237) 144,405 Income tax expense (benefit) (2) — 3,923 (80) — 3,843 Net income (loss) 140,154 185,369 (3,724) (181,237) 140,562 Earnings attributable to non-controlling interest — 122 286 — 408 Net income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,010) $ (181,237) $ 140,154 Statement of Comprehensive Income Net income (loss) $ 140,154 $ 185,369 $ (3,724) $ (181,237) $ 140,562 Total other comprehensive loss, net of tax — — (643) — (643) Total comprehensive income (loss) 140,154 185,369 (4,367) (181,237) 139,919 Earnings attributable to non-controlling interest — 122 286 — 408 Comprehensive income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,653) $ (181,237) $ 139,511 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 515,993 $ 11,470 $ (73) $ 527,390 Operating expenses (income) Direct advertising expenses (1) — 161,629 7,412 (73) 168,968 General and administrative expenses (1) — 85,388 1,793 — 87,181 Corporate expenses (1) — 23,810 527 — 24,337 Depreciation and amortization — 65,032 801 — 65,833 Gain on disposition of assets — (53) — — (53) — 335,806 10,533 (73) 346,266 Operating income — 180,187 937 — 181,124 Equity in (earnings) loss of subsidiaries (178,405) — — 178,405 — Interest expense (income), net 32,080 (32) 1,249 — 33,297 Equity in earnings of investee — (1,554) — — (1,554) Income (loss) before income tax expense 146,325 181,773 (312) (178,405) 149,381 Income tax expense (2) — 2,940 116 — 3,056 Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Statement of Comprehensive Income Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Total other comprehensive loss, net of tax — — (1,401) — (1,401) Total comprehensive income (loss) $ 146,325 $ 178,833 $ (1,829) $ (178,405) $ 144,924 (1) Caption is exclusive of depreciation and amortization (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,525,275 $ 31,810 $ (2,007) $ 1,555,078 Operating expenses (income) Direct advertising expenses (1) — 494,070 23,340 (2,007) 515,403 General and administrative expenses (1) — 250,839 6,105 — 256,944 Corporate expenses (1) — 79,809 1,139 — 80,948 Depreciation and amortization — 219,839 3,080 — 222,919 (Gain) loss on disposition of assets — (5,245) 2 — (5,243) — 1,039,312 33,666 (2,007) 1,070,971 Operating income (loss) — 485,963 (1,856) — 484,107 Equity in (earnings) loss of subsidiaries (466,361) — — 466,361 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 119,186 (1,447) 10,865 — 128,604 Equity in earnings of investee — (1,326) — — (1,326) Income (loss) before income tax expense 347,060 488,736 (12,721) (466,361) 356,714 Income tax expense (2) — 8,691 130 — 8,821 Net income (loss) 347,060 480,045 (12,851) (466,361) 347,893 Earnings attributable to non-controlling interest — 257 576 — 833 Net income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,427) $ (466,361) $ 347,060 Statement of Comprehensive Income Net income (loss) $ 347,060 $ 480,045 $ (12,851) $ (466,361) $ 347,893 Total other comprehensive loss, net of tax — — (242) — (242) Total comprehensive income (loss) 347,060 480,045 (13,093) (466,361) 347,651 Earnings attributable to non-controlling interest — 257 576 — 833 Comprehensive income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,669) $ (466,361) $ 346,818 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,466,109 $ 30,776 $ (255) $ 1,496,630 Operating expenses (income) Direct advertising expenses (1) — 471,633 22,085 (255) 493,463 General and administrative expenses (1) — 255,546 5,377 — 260,923 Corporate expenses (1) — 71,499 2,195 — 73,694 Depreciation and amortization — 199,623 2,587 — 202,210 Gain on disposition of assets — (1,990) — — (1,990) — 996,311 32,244 (255) 1,028,300 Operating income (loss) — 469,798 (1,468) — 468,330 Equity in (earnings) loss of subsidiaries (459,799) — — 459,799 — Interest expense (income), net 86,872 (132) 2,342 — 89,082 Equity in earnings of investee — (2,655) — — (2,655) Income (loss) before income tax expense (benefit) 372,927 472,585 (3,810) (459,799) 381,903 Income tax expense (benefit) (2) — 9,085 (109) — 8,976 Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Statement of Comprehensive Income Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Total other comprehensive loss, net of tax — — (1,770) — (1,770) Total comprehensive income (loss) $ 372,927 $ 463,500 $ (5,471) $ (459,799) $ 371,157 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
Condensed Consolidating Statements of Cash Flows	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 392,347 $ 640,356 $ (39,521) $ (488,455) $ 504,727 Cash flows from investing activities: Acquisitions — (120,324) — — (120,324) Capital expenditures — (128,157) (3,995) — (132,152) Proceeds from disposition of assets and investments — 6,489 — — 6,489 Decrease in notes receivable — 62 — — 62 Investment in subsidiaries (120,324) — — 120,324 — (Increase) decrease in intercompany notes receivable (15,384) — — 15,384 — Net cash (used in) provided by investing activities (135,708) (241,930) (3,995) 135,708 (245,925) Cash flows from financing activities: Proceeds received from revolving credit facility 333,000 — — — 333,000 Payment on revolving credit facility (243,000) — — — (243,000) Principal payments on long-term debt — (284) — — (284) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (74,900) — (74,900) Proceeds received from accounts receivable securitization program — — 72,000 — 72,000 Debt issuance costs (2,926) — (25) — (2,951) Intercompany loan (payments) proceeds — (29,489) 44,873 (15,384) — Distributions to non-controlling interest — (330) (832) — (1,162) Dividends (to) from parent (388,569) (488,455) — 488,455 (388,569) Contributions from (to) parent 34,821 120,324 — (120,324) 34,821 Net cash (used in) provided by financing activities (266,674) (399,232) 41,116 352,747 (272,043) Effect of exchange rate changes in cash and cash equivalents — — 17 — 17 Net decrease in cash and cash equivalents (10,035) (806) (2,383) — (13,224) Cash and cash equivalents at beginning of period 39,729 1,285 11,105 — 52,119 Cash and cash equivalents at end of period $ 29,694 $ 479 $ 8,722 $ — $ 38,895 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 391,078 $ 611,985 $ (30,726) $ (472,917) $ 499,420 Cash flows from investing activities: Acquisitions — (287,860) — — (287,860) Capital expenditures — (113,736) (3,072) — (116,808) Proceeds from disposition of assets and investments — 2,146 — — 2,146 Investment in subsidiaries (287,860) — — 287,860 — Decrease (increase) in intercompany notes receivable 14,158 — — (14,158) — Decrease in notes receivable — 58 — — 58 Net cash (used in) provided by investing activities (273,702) (399,392) (3,072) 273,702 (402,464) Cash flows from financing activities: Proceeds received from revolving credit facility 400,000 — — — 400,000 Payment on revolving credit facility (575,000) — — — (575,000) Principal payments on long-term debt — (273) — — (273) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (115,000) — (115,000) Proceeds received from accounts receivable securitization program — — 140,000 — 140,000 Proceeds received from senior credit facility term loans 350,000 — — — 350,000 Debt issuance costs (1,328) — (236) — (1,564) Intercompany loan (payments) proceeds — (28,204) 14,046 14,158 — Distributions to non-controlling interest — — (1,019) — (1,019) Dividends (to) from parent (366,015) (472,917) — 472,917 (366,015) Contributions from (to) parent 52,712 287,860 — (287,860) 52,712 Net cash (used in) provided by financing activities (139,631) (214,532) 37,791 199,215 (117,157) Effect of exchange rate changes in cash and cash equivalents — — (232) — (232) Net (decrease) increase in cash and cash equivalents (22,255) (1,939) 3,761 — (20,433) Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 68,768 $ 1,555 $ 8,532 $ — $ 78,855

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 542,609	$ 527,390	$ 1,555,078	$ 1,496,630
Billboard advertising
Disaggregation of Revenue [Line Items]
Net revenues	484,268	471,450	1,384,721	1,337,015
Logo advertising
Disaggregation of Revenue [Line Items]
Net revenues	20,437	19,632	61,975	60,137
Transit advertising
Disaggregation of Revenue [Line Items]
Net revenues	$ 37,904	$ 36,308	$ 108,382	$ 99,478

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 80,550	$ 77,472	$ 239,636	$ 229,674
Variable lease, cost	16,111	15,365	44,639	43,240
Gain on disposition of assets	879	53	5,243	1,990
Operating lease, cash payments			282,725	255,436
Direct advertising expenses (exclusive of depreciation and amortization)	$ 175,188	168,968	$ 515,403	493,463
Operating lease, weighted average remaining lease term	12 years 7 months 6 days		12 years 7 months 6 days
Operating lease, weighted average discount rate	5%		5%
Leased assets obtained in exchange for operating lease liability			$ 17,906	37,518
Amortization expense	$ 713	713	2,140	2,140
Interest expense	$ 125	135	382	412
Principal payments on financing leases			$ 998	998
Weighted-average remaining lease term	4 years 2 months 12 days		4 years 2 months 12 days
Weighted-average discount rate	3.10%		3.10%
Non-lease transit payments	$ 22,023	22,019	$ 62,661	63,538
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	2,523	1,943	7,532	5,494
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ 68	$ 106	$ 260	$ 576

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 45,881
2024	238,648
2025	189,678
2026	163,143
2027	139,640
Thereafter	983,094
Total undiscounted operating lease payments	1,760,084
Less: Imputed interest	(496,919)
Total operating lease liabilities	$ 1,263,165

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		1,726,676		1,726,676
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units issued (in shares)		176,000		176,000
Common unit, vested (in shares)		88,000		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%
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)				22,500
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		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		$ 1,147		$ 4,050
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		67	$ 73	$ 587	$ 502
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		$ 1,589	$ 3,830	$ 8,034	$ 9,789

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of ESPP Share Activity (Details) - shares		3 Months Ended						9 Months Ended
	Jan. 01, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023
ESPP share activity
Purchases (in shares)		(37,407)	(34,283)	(45,232)	(35,016)	(32,172)	(36,347)
Available for future purchases, ending balance (in shares)		1,726,676						1,726,676
2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved under 2019 ESPP (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				301,971
Purchases (in shares)								(116,922)
Available for future purchases, ending balance (in shares)		272,376						272,376

Depreciation and Amortization -

Depreciation and Amortization - Schedule of Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 74,636	$ 65,833	$ 222,919	$ 202,210
Direct advertising expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	69,598	60,842	208,272	187,992
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,456	1,538	4,014	3,984
Corporate expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,582	$ 3,453	$ 10,633	$ 10,234

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,799,849	$ 3,708,668
Accumulated Amortization	2,604,482	2,502,043
Goodwill, gross carrying amount	2,288,749	2,288,805
Goodwill, accumulated amortization	253,536	253,536
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	729,648	720,051
Accumulated Amortization	$ 634,086	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	$ 71,839	71,599
Accumulated Amortization	$ 66,249	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	$ 2,945,955	2,864,854
Accumulated Amortization	1,862,990	1,781,164
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,407	52,164
Accumulated Amortization	$ 41,157	$ 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 - Schedule of Information Related to Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 390,442
Additions to asset retirement obligations	4,127
Revision in estimates	1,230
Accretion expense	5,358
Liabilities settled	(4,116)
Ending balance	$ 397,041

Distribution Restrictions (Deta

Distribution Restrictions (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 4,352,231	$ 4,187,593
Debt ratio	7
Debt ratio related to actual position on senior credit facility	7
Available cumulative credit	$ 3,102,710
Secured Debt | Maximum
Debt Instrument [Line Items]
Secured debt ratio	4.5
Secured Debt | LAMAR MEDIA CORP
Debt Instrument [Line Items]
Secured debt ratio	4.5

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares)	0	0	0	0

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Aug. 19, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,432,486	$ 3,345,420
Debt, less current maturities	(247,493)	(250,378)
Debt, excluding current maturities	3,184,993	3,095,042
Deferred financing costs	30,781	32,615
Deferred financing costs, less current maturities	(440)	(593)
Deferred financing costs, excluding current maturities	30,341	32,022
Debt, net of deferred financing costs	3,401,705	3,312,805
Debt, net of deferred financing costs, less current maturities	(247,053)	(249,785)
Debt, net of deferred financing costs, excluding current maturities	3,154,652	3,063,020
Senior Credit Facility
Debt Instrument [Line Items]
Debt	1,084,159	993,970
Deferred financing costs	8,916	8,171
Debt, net of deferred financing costs	1,075,243	985,799
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	247,100	250,000
Deferred financing costs	440	593
Debt, net of deferred financing costs	246,660	249,407
3 3/4% Senior  Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	5,196	6,000
Debt, net of deferred financing costs	$ 594,804	$ 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	6,418	6,982
Debt, net of deferred financing costs	$ 543,582	$ 543,018
Stated percentage	3.625%	3.625%
4% Senior Notes
Debt Instrument [Line Items]
Debt	$ 549,497	$ 549,437
Deferred financing costs	5,874	6,459
Debt, net of deferred financing costs	$ 543,623	$ 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	3,937	4,410
Debt, net of deferred financing costs	$ 396,063	$ 395,590
Stated percentage	4.875%	4.875%
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	$ 1,730	$ 2,013
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 1,730	$ 2,013

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details)

9 Months Ended

Jul. 29, 2022 USD ($)

Jan. 22, 2021 USD ($)

Aug. 19, 2020 USD ($)

May 13, 2020 USD ($)

Feb. 06, 2020 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Jul. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jun. 24, 2022 USD ($)

Mar. 16, 2020 USD ($)

Dec. 18, 2018 USD ($)

Debt Instrument [Line Items]

Proceeds received from term B loans

$ 0

$ 350,000,000

Outstanding revolving credit facility

135,000,000

Remaining borrowing capacity under revolving credit facility

606,318,000

Gross amount of company's long term debt

3,432,486,000

$ 3,345,420,000

LAMAR MEDIA CORP. AND SUBSIDIARIES

Debt Instrument [Line Items]

Proceeds received from term B loans

0

$ 350,000,000

Letter of Credit

Debt Instrument [Line Items]

Letter of credit outstanding balance

$ 8,682,000

4% Senior Notes

Debt Instrument [Line Items]

Stated percentage

4%

4%

4%

4%

Gross amount of company's long term debt

$ 549,497,000

$ 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

247,100,000

$ 250,000,000

Accounts Receivable Securitization Program | LAMAR MEDIA CORP. AND SUBSIDIARIES

Debt Instrument [Line Items]

Available borrowing on accounts receivable securitization

0

Line of credit facility, commitment fee amount

$ 0

3 3/4% Senior Notes

Debt Instrument [Line Items]

Stated percentage

3.75%

3.75%

3.75%

Gross amount of company's long term debt

$ 600,000,000

$ 600,000,000

3 3/4% Senior Notes | Redemption Period One

Debt Instrument [Line Items]

Redemption price percentage of the principal amount to be purchased

101%

3 3/4% Senior Notes | Private Placement

Debt Instrument [Line Items]

Aggregate principal amount of debt issued

$ 600,000,000

Net proceeds form the issuance of debt

592,500,000

4 7/8% Senior Notes

Debt Instrument [Line Items]

Stated percentage

4.875%

4.875%

Gross amount of company's long term debt

$ 400,000,000

$ 400,000,000

4 7/8% Senior Notes | Redemption Period One

Debt Instrument [Line Items]

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

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 price percentage of the principal amount to be purchased

101%

Redemption percentage of aggregate principal amount of senior notes

40%

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 | Adjust Term SOFR Rate

Debt Instrument [Line Items]

Adjusted base rate

0.10%

Term B Loan Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Adjusted base rate

1.50%

Term B Loan Facility | Base Rate

Debt Instrument [Line Items]

Adjusted base rate

0.50%

Term A Loan Facility

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 350,000,000

$ 350,000

Term A Loan Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Secured debt ratio

3.25

Adjusted base rate

1.50%

Term A Loan Facility | Secured Overnight Financing Rate (SOFR) | Debt Ratio Less Than Three Point Two Five

Debt Instrument [Line Items]

Adjusted base rate

1.25%

Term A Loan Facility | Base Rate

Debt Instrument [Line Items]

Secured debt ratio

3.25

Adjusted base rate

0.50%

Term A Loan Facility | Base Rate | Debt Ratio Less Than Three Point Two Five

Debt Instrument [Line Items]

Adjusted base rate

0.25%

Revolving Credit Facility | JP Morgan Chase Bank, N.A.

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 750,000

Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Secured debt ratio

3.25

Adjusted base rate

1.50%

Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Debt Ratio Less Than Three Point Two Five

Debt Instrument [Line Items]

Adjusted base rate

1.25%

Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Secured debt ratio

3.25

Adjusted base rate

0.50%

Revolving Credit Facility | Base Rate | Debt Ratio Less Than Three Point Two Five

Debt Instrument [Line Items]

Adjusted base rate

0.25%

Revolving Credit Facility | Secured Debt

Debt Instrument [Line Items]

Secured debt ratio

4.50

Swingline Credit Facility | JP Morgan Chase Bank, N.A.

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 75,000

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,130,384
Debt instrument outstanding amount	$ 3,432,486	$ 3,345,420

Dividends_Distributions (Detail

Dividends/Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Dividends declared	$ 127,582			$ 122,100			$ 382,580	$ 355,510
Distributions paid	$ 127,582			$ 122,100			$ 382,580	$ 355,510
Cash dividends declared per share of common stock (in dollars per share)	$ 1.25	$ 1.25	$ 1.25	$ 1.20	$ 1.20	$ 1.10	$ 3.75	$ 3.50
Dividends paid (in dollars per share)	$ 1.25			$ 1.20			$ 3.75	$ 3.50
Dividends paid	$ 91			$ 91			$ 273	$ 273
Series AA PREF Stock
Class of Stock [Line Items]
Dividends paid	$ 91			$ 91			$ 273	$ 273
Distributions paid, preferred stockholders, per share (in dollars per share)	$ 15.95			$ 15.95			$ 47.85	$ 47.85

Information about Geographic _2

Information about Geographic Areas (Details) - Foreign Countries - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 13,235		$ 11,763
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 21,684	$ 21,721

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Common Class A - USD ($)	9 Months Ended
	Sep. 30, 2023	Jun. 21, 2021	Mar. 16, 2020
Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 250,000,000
Stock repurchased during period	$ 0
Sales Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares)	0
Common stock, shares available to be sold	$ 400,000,000
Maximum | Sales Agreement
Class of Stock [Line Items]
Aggregate offering price of common stock issuable		$ 400,000

Summarized Financial Informat_3

Summarized Financial Information of Subsidiaries - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Total current assets	$ 378,166	$ 364,552
Net property, plant and equipment	1,545,299	1,499,699
Operating lease right of use assets	1,320,925	1,271,631
Other assets	85,455	83,401
Total assets	6,572,322	6,475,214
Liabilities, Current [Abstract]
Current maturities of long-term debt	247,053	249,785
Current operating lease liabilities	184,620	205,838
Total current liabilities	690,240	726,037
Long-term debt	3,154,652	3,063,020
Operating lease liabilities	1,078,545	1,035,655
Other noncurrent liabilities	39,501	39,090
Total liabilities	5,385,480	5,279,840
Total liabilities and stockholders’ equity	6,572,322	6,475,214
LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	377,666	364,052
Net property, plant and equipment	1,545,299	1,499,699
Operating lease right of use assets	1,320,925	1,271,631
Intangibles and goodwill, net	3,219,961	3,231,275
Other assets	91,728	91,815
Total assets	6,555,579	6,458,472
Liabilities, Current [Abstract]
Current maturities of long-term debt	247,053	249,785
Current operating lease liabilities	184,620	205,838
Other current liabilities	249,043	261,545
Total current liabilities	680,716	717,168
Long-term debt	3,154,652	3,063,020
Operating lease liabilities	1,078,545	1,035,655
Other noncurrent liabilities	462,043	455,128
Total liabilities	5,375,956	5,270,971
Stockholder's equity	1,179,623	1,187,501
Total liabilities and stockholders’ equity	6,555,579	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
Intangibles and goodwill, net	0	0
Other assets	(5,135,647)	(4,997,514)
Total assets	(5,135,647)	(4,997,514)
Liabilities, Current [Abstract]
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	0	0
Total current liabilities	0	0
Long-term debt	0	0
Operating lease liabilities	0	0
Other noncurrent liabilities	(586,941)	(546,796)
Total liabilities	(586,941)	(546,796)
Stockholder's equity	(4,548,706)	(4,450,718)
Total liabilities and stockholders’ equity	(5,135,647)	(4,997,514)
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	29,797	39,829
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangibles and goodwill, net	0	0
Other assets	4,626,686	4,514,221
Total assets	4,656,483	4,554,050
Liabilities, Current [Abstract]
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	43,355	23,360
Total current liabilities	43,355	23,360
Long-term debt	3,153,315	3,061,385
Operating lease liabilities	0	0
Other noncurrent liabilities	280,258	281,804
Total liabilities	3,476,928	3,366,549
Stockholder's equity	1,179,555	1,187,501
Total liabilities and stockholders’ equity	4,656,483	4,554,050
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	33,504	36,667
Net property, plant and equipment	1,528,064	1,483,395
Operating lease right of use assets	1,285,803	1,252,414
Intangibles and goodwill, net	3,203,025	3,214,284
Other assets	353,991	325,052
Total assets	6,404,387	6,311,812
Liabilities, Current [Abstract]
Current maturities of long-term debt	393	378
Current operating lease liabilities	177,223	198,320
Other current liabilities	192,259	222,871
Total current liabilities	369,875	421,569
Long-term debt	1,337	1,635
Operating lease liabilities	1,052,662	1,025,385
Other noncurrent liabilities	422,853	418,163
Total liabilities	1,846,727	1,866,752
Stockholder's equity	4,557,660	4,445,060
Total liabilities and stockholders’ equity	6,404,387	6,311,812
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	314,365	287,556
Net property, plant and equipment	17,235	16,304
Operating lease right of use assets	35,122	19,217
Intangibles and goodwill, net	16,936	16,991
Other assets	246,698	250,056
Total assets	630,356	590,124
Liabilities, Current [Abstract]
Current maturities of long-term debt	246,660	249,407
Current operating lease liabilities	7,397	7,518
Other current liabilities	13,429	15,314
Total current liabilities	267,486	272,239
Long-term debt	0	0
Operating lease liabilities	25,883	10,270
Other noncurrent liabilities	345,873	301,957
Total liabilities	639,242	584,466
Stockholder's equity	(8,886)	5,658
Total liabilities and stockholders’ equity	$ 630,356	$ 590,124

Summarized Financial Informat_4

Summarized Financial Information of Subsidiaries - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2023		Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023		Sep. 30, 2022
Statements of Income
Net revenues	$ 542,609				$ 527,390			$ 1,555,078		$ 1,496,630
Operating expenses (income)
Direct advertising expenses	175,188				168,968			515,403		493,463
General and administrative expenses	81,283				87,181			256,943		260,923
Corporate expenses	24,248				24,474			81,331		74,077
Depreciation and amortization	74,636				65,833			222,919		202,210
Gain on disposition of assets	(879)				(53)			(5,243)		(1,990)
Total operating expenses	354,476				346,403			1,071,353		1,028,683
Operating income	188,133				180,987			483,725		467,947
Loss on extinguishment of debt	115				0			115		0
Equity in earnings of investee	(699)				(1,554)			(1,326)		(2,655)
Income before income tax expense	144,268				149,244			356,332		381,520
Income tax expense (benefit)	3,843				3,056			8,821		8,976
Net income (loss)	140,425		$ 130,888	$ 76,198	146,188	$ 134,205	$ 92,151	347,511		372,544
Earnings attributable to non-controlling interest	408				0			833		0
Net income attributable to controlling interest	140,017				146,188			346,678		372,544
Statements of Comprehensive Income
Net income (loss)	140,425		$ 130,888	$ 76,198	146,188	$ 134,205	$ 92,151	347,511		372,544
Total comprehensive income (loss)	139,782				144,787			347,269		370,774
Comprehensive income attributable to controlling interest	139,374				144,787			346,436		370,774
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	542,609				527,390			1,555,078		1,496,630
Operating expenses (income)
Direct advertising expenses	175,188	[1]			168,968			515,403	[2]	493,463	[3]
General and administrative expenses	81,284	[1]			87,181			256,944	[2]	260,923	[3]
Corporate expenses	24,110	[1]			24,337			80,948	[2]	73,694	[3]
Depreciation and amortization	74,636				65,833			222,919		202,210
Gain on disposition of assets	(879)				(53)			(5,243)		(1,990)
Total operating expenses	354,339				346,266			1,070,971		1,028,300
Operating income	188,270				181,124			484,107		468,330
Equity in (earnings) loss of subsidiaries	0				0			0		0
Loss on extinguishment of debt	115							115
Interest expense (income), net	44,449				33,297			128,604		89,082
Equity in earnings of investee	(699)				(1,554)			(1,326)		(2,655)
Income before income tax expense	144,405				149,381			356,714		381,903
Income tax expense (benefit)	3,843	[4]			3,056			8,821	[5]	8,976	[6]
Net income (loss)	140,562							347,893
Earnings attributable to non-controlling interest	408							833
Net income attributable to controlling interest	140,154				146,325			347,060		372,927
Statements of Comprehensive Income
Net income (loss)	140,562							347,893
Total other comprehensive loss, net of tax	(643)				(1,401)			(242)		(1,770)
Total comprehensive income (loss)	139,919				144,924			347,651		371,157
Earnings attributable to non-controlling interest	408							833
Comprehensive income attributable to controlling interest	139,511							346,818
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	(731)				(73)			(2,007)		(255)
Operating expenses (income)
Direct advertising expenses	(731)	[1]			(73)			(2,007)	[2]	(255)	[3]
General and administrative expenses	0	[1]			0			0	[2]	0	[3]
Corporate expenses	0	[1]			0			0	[2]	0	[3]
Depreciation and amortization	0				0			0		0
Gain on disposition of assets	0				0			0		0
Total operating expenses	(731)				(73)			(2,007)		(255)
Operating income	0				0			0		0
Equity in (earnings) loss of subsidiaries	181,237				178,405			466,361		459,799
Loss on extinguishment of debt	0							0
Interest expense (income), net	0				0			0		0
Equity in earnings of investee	0				0			0		0
Income before income tax expense	(181,237)				(178,405)			(466,361)		(459,799)
Income tax expense (benefit)	0	[4]			0			0	[5]	0	[6]
Net income (loss)	(181,237)							(466,361)
Earnings attributable to non-controlling interest	0							0
Net income attributable to controlling interest	(181,237)				(178,405)			(466,361)		(459,799)
Statements of Comprehensive Income
Net income (loss)	(181,237)							(466,361)
Total other comprehensive loss, net of tax	0				0			0		0
Total comprehensive income (loss)	(181,237)				(178,405)			(466,361)		(459,799)
Earnings attributable to non-controlling interest	0							0
Comprehensive income attributable to controlling interest	(181,237)							(466,361)
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	0				0			0		0
Operating expenses (income)
Direct advertising expenses	0	[1]			0			0	[2]	0	[3]
General and administrative expenses	0	[1]			0			0	[2]	0	[3]
Corporate expenses	0	[1]			0			0	[2]	0	[3]
Depreciation and amortization	0				0			0		0
Gain on disposition of assets	0				0			0		0
Total operating expenses	0				0			0		0
Operating income	0				0			0		0
Equity in (earnings) loss of subsidiaries	(181,237)				(178,405)			(466,361)		(459,799)
Loss on extinguishment of debt	115							115
Interest expense (income), net	40,968				32,080			119,186		86,872
Equity in earnings of investee	0				0			0		0
Income before income tax expense	140,154				146,325			347,060		372,927
Income tax expense (benefit)	0	[4]			0			0	[5]	0	[6]
Net income (loss)	140,154							347,060
Earnings attributable to non-controlling interest	0							0
Net income attributable to controlling interest	140,154				146,325			347,060		372,927
Statements of Comprehensive Income
Net income (loss)	140,154							347,060
Total other comprehensive loss, net of tax	0				0			0		0
Total comprehensive income (loss)	140,154				146,325			347,060		372,927
Earnings attributable to non-controlling interest	0							0
Comprehensive income attributable to controlling interest	140,154							347,060
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	532,112				515,993			1,525,275		1,466,109
Operating expenses (income)
Direct advertising expenses	167,920	[1]			161,629			494,070	[2]	471,633	[3]
General and administrative expenses	79,755	[1]			85,388			250,839	[2]	255,546	[3]
Corporate expenses	23,798	[1]			23,810			79,809	[2]	71,499	[3]
Depreciation and amortization	73,477				65,032			219,839		199,623
Gain on disposition of assets	(879)				(53)			(5,245)		(1,990)
Total operating expenses	344,071				335,806			1,039,312		996,311
Operating income	188,041				180,187			485,963		469,798
Equity in (earnings) loss of subsidiaries	0				0			0		0
Loss on extinguishment of debt	0							0
Interest expense (income), net	(552)				(32)			(1,447)		(132)
Equity in earnings of investee	(699)				(1,554)			(1,326)		(2,655)
Income before income tax expense	189,292				181,773			488,736		472,585
Income tax expense (benefit)	3,923	[4]			2,940			8,691	[5]	9,085	[6]
Net income (loss)	185,369							480,045
Earnings attributable to non-controlling interest	122							257
Net income attributable to controlling interest	185,247				178,833			479,788		463,500
Statements of Comprehensive Income
Net income (loss)	185,369							480,045
Total other comprehensive loss, net of tax	0				0			0		0
Total comprehensive income (loss)	185,369				178,833			480,045		463,500
Earnings attributable to non-controlling interest	122							257
Comprehensive income attributable to controlling interest	185,247							479,788
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	11,228				11,470			31,810		30,776
Operating expenses (income)
Direct advertising expenses	7,999	[1]			7,412			23,340	[2]	22,085	[3]
General and administrative expenses	1,529	[1]			1,793			6,105	[2]	5,377	[3]
Corporate expenses	312	[1]			527			1,139	[2]	2,195	[3]
Depreciation and amortization	1,159				801			3,080		2,587
Gain on disposition of assets	0				0			2		0
Total operating expenses	10,999				10,533			33,666		32,244
Operating income	229				937			(1,856)		(1,468)
Equity in (earnings) loss of subsidiaries	0				0			0		0
Loss on extinguishment of debt	0							0
Interest expense (income), net	4,033				1,249			10,865		2,342
Equity in earnings of investee	0				0			0		0
Income before income tax expense	(3,804)				(312)			(12,721)		(3,810)
Income tax expense (benefit)	(80)	[4]			116			130	[5]	(109)	[6]
Net income (loss)	(3,724)							(12,851)
Earnings attributable to non-controlling interest	286							576
Net income attributable to controlling interest	(4,010)				(428)			(13,427)		(3,701)
Statements of Comprehensive Income
Net income (loss)	(3,724)							(12,851)
Total other comprehensive loss, net of tax	(643)				(1,401)			(242)		(1,770)
Total comprehensive income (loss)	(4,367)				$ (1,829)			(13,093)		$ (5,471)
Earnings attributable to non-controlling interest	286							576
Comprehensive income attributable to controlling interest	$ (4,653)							$ (13,669)
[1]Caption is exclusive of depreciation and amortization.[2]Caption is exclusive of depreciation and amortization.[3]Caption is exclusive of depreciation and amortization.[4]The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.[5]The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.[6]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) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 529,420	$ 537,105
Cash flows from investing activities:
Acquisitions	(120,324)	(287,860)
Capital expenditures	(132,152)	(116,808)
Proceeds from disposition of assets and investments	6,489	2,146
Decrease in notes receivable	62	58
Net cash (used in) provided by investing activities	(245,925)	(402,464)
Cash flows from financing activities:
Proceeds received from revolving credit facility	333,000	400,000
Payments on revolving credit facility	(243,000)	(575,000)
Principal payments on long-term debt	(284)	(273)
Principal payments on financing leases	(998)	(998)
Payments on accounts receivable securitization program	(74,900)	(115,000)
Proceeds received from accounts receivable securitization program	72,000	140,000
Proceeds received from senior credit facility term loans	0	350,000
Debt issuance costs	(2,951)	(1,564)
Distributions to non-controlling interest	(1,162)	(1,019)
Net cash used in financing activities	(296,736)	(154,842)
Effect of exchange rate changes in cash and cash equivalents	17	(232)
Net decrease in cash and cash equivalents	(13,224)	(20,433)
Cash and cash equivalents at beginning of period	52,619	99,788
Cash and cash equivalents at end of period	39,395	79,355
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	504,727	499,420
Cash flows from investing activities:
Acquisitions	(120,324)	(287,860)
Capital expenditures	(132,152)	(116,808)
Proceeds from disposition of assets and investments	6,489	2,146
Decrease in notes receivable	62	58
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(245,925)	(402,464)
Cash flows from financing activities:
Proceeds received from revolving credit facility	333,000	400,000
Payments on revolving credit facility	(243,000)	(575,000)
Principal payments on long-term debt	(284)	(273)
Principal payments on financing leases	(998)	(998)
Payments on accounts receivable securitization program	(74,900)	(115,000)
Proceeds received from accounts receivable securitization program	72,000	140,000
Proceeds received from senior credit facility term loans		350,000
Debt issuance costs	(2,951)	(1,564)
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	(1,162)	(1,019)
Dividends (to) from parent	(388,569)	(366,015)
Contributions from (to) parent	34,821	52,712
Net cash used in financing activities	(272,043)	(117,157)
Effect of exchange rate changes in cash and cash equivalents	17	(232)
Net decrease in cash and cash equivalents	(13,224)	(20,433)
Cash and cash equivalents at beginning of period	52,119	99,288
Cash and cash equivalents at end of period	38,895	78,855
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(488,455)	(472,917)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0	0
Investment in subsidiaries	120,324	287,860
(Increase) decrease in intercompany notes receivable	15,384	(14,158)
Net cash (used in) provided by investing activities	135,708	273,702
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility	0	0
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		0
Debt issuance costs	0	0
Intercompany loan (payments) proceeds	(15,384)	14,158
Distributions to non-controlling interest	0	0
Dividends (to) from parent	488,455	472,917
Contributions from (to) parent	(120,324)	(287,860)
Net cash used in financing activities	352,747	199,215
Effect of exchange rate changes in cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	392,347	391,078
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0	0
Investment in subsidiaries	(120,324)	(287,860)
(Increase) decrease in intercompany notes receivable	(15,384)	14,158
Net cash (used in) provided by investing activities	(135,708)	(273,702)
Cash flows from financing activities:
Proceeds received from revolving credit facility	333,000	400,000
Payments on revolving credit facility	(243,000)	(575,000)
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Payments on accounts receivable securitization program	0	0
Proceeds received from accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		350,000
Debt issuance costs	(2,926)	(1,328)
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(388,569)	(366,015)
Contributions from (to) parent	34,821	52,712
Net cash used in financing activities	(266,674)	(139,631)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	(10,035)	(22,255)
Cash and cash equivalents at beginning of period	39,729	91,023
Cash and cash equivalents at end of period	29,694	68,768
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	640,356	611,985
Cash flows from investing activities:
Acquisitions	(120,324)	(287,860)
Capital expenditures	(128,157)	(113,736)
Proceeds from disposition of assets and investments	6,489	2,146
Decrease in notes receivable	62	58
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(241,930)	(399,392)
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	(284)	(273)
Principal payments on financing leases	(998)	(998)
Payments on accounts receivable securitization program	0	0
Proceeds received from accounts receivable securitization program	0	0
Proceeds received from senior credit facility term loans		0
Debt issuance costs	0	0
Intercompany loan (payments) proceeds	(29,489)	(28,204)
Distributions to non-controlling interest	(330)	0
Dividends (to) from parent	(488,455)	(472,917)
Contributions from (to) parent	120,324	287,860
Net cash used in financing activities	(399,232)	(214,532)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	(806)	(1,939)
Cash and cash equivalents at beginning of period	1,285	3,494
Cash and cash equivalents at end of period	479	1,555
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(39,521)	(30,726)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	(3,995)	(3,072)
Proceeds from disposition of assets and investments	0	0
Decrease in notes receivable	0	0
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(3,995)	(3,072)
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	(74,900)	(115,000)
Proceeds received from accounts receivable securitization program	72,000	140,000
Proceeds received from senior credit facility term loans		0
Debt issuance costs	(25)	(236)
Intercompany loan (payments) proceeds	44,873	14,046
Distributions to non-controlling interest	(832)	(1,019)
Dividends (to) from parent	0	0
Contributions from (to) parent	0	0
Net cash used in financing activities	41,116	37,791
Effect of exchange rate changes in cash and cash equivalents	17	(232)
Net decrease in cash and cash equivalents	(2,383)	3,761
Cash and cash equivalents at beginning of period	11,105	4,771
Cash and cash equivalents at end of period	$ 8,722	$ 8,532