0001628280-22-020393 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-36756
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0961620
Entity Address, Address Line One	5321 Corporate Blvd.
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70808
City Area Code	225
Local Phone Number	926-1000
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LAMR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001090425
Current Fiscal Year End Date	--12-31
Class A CMN Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		87,114,517
Class B CMN Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,420,085
LAMAR MEDIA CORP. AND SUBSIDIARIES
Document Information [Line Items]
Entity File Number	1-12407
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1205791
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000899045
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 91,686	$ 99,788
Receivables, net of allowance for doubtful accounts	303,323	269,917
Other current assets	45,077	18,902
Total current assets	440,086	388,607
Property, plant and equipment	3,868,507	3,782,288
Less accumulated depreciation and amortization	(2,491,060)	(2,445,014)
Net property, plant and equipment	1,377,447	1,337,274
Operating lease right of use assets	1,244,392	1,224,672
Financing lease right of use assets	15,464	16,890
Goodwill	2,004,145	1,936,426
Intangible assets, net	1,109,687	1,045,177
Other assets	90,816	98,448
Total assets	6,282,037	6,047,494
Current liabilities:
Trade accounts payable	15,920	16,429
Current maturities of long-term debt, net of deferred financing costs	239,696	174,778
Current operating lease liabilities	179,691	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses	99,220	135,038
Deferred income	155,554	137,103
Total current liabilities	691,412	662,965
Long-term debt	3,001,467	2,838,817
Operating lease liabilities	1,012,429	995,356
Financing lease liabilities	16,611	17,277
Deferred income tax liabilities	7,635	6,416
Asset retirement obligation	277,491	269,367
Other liabilities	34,926	40,207
Total liabilities	5,041,971	4,830,405
Stockholders’ equity:
Additional paid-in capital	2,042,427	2,001,399
Accumulated comprehensive income	486	855
Accumulated deficit	(741,651)	(734,415)
Treasury stock at cost	(61,298)	(50,852)
Stockholder's equity	1,240,066	1,217,089
Total liabilities and stockholders’ equity	6,282,037	6,047,494
Series AA PREF Stock
Stockholders’ equity:
Preferred stock, value	0	0
Class A CMN Stock
Stockholders’ equity:
Common stock, value	88	88
Class B CMN Stock
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statements of Income
Net revenues	$ 517,852	$ 445,052	$ 969,240	$ 815,933
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	166,723	140,448	324,495	271,663
General and administrative expenses (exclusive of depreciation and amortization)	90,658	75,834	173,742	148,483
Corporate expenses (exclusive of depreciation and amortization)	27,591	20,643	49,603	38,403
Depreciation and amortization	67,750	60,622	136,377	121,371
Gain on disposition of assets	(1,374)	(1,481)	(1,937)	(1,896)
Total operating expenses	351,348	296,066	682,280	578,024
Operating income	166,504	148,986	286,960	237,909
Other expense (income)
Loss on extinguishment of debt	0	0	0	21,604
Interest income	(279)	(182)	(494)	(356)
Interest expense	29,493	26,359	56,279	54,513
Equity in earnings of investee	(355)	0	(1,101)	0
Total other expense (income)	28,859	26,177	54,684	75,761
Income before income tax expense	137,645	122,809	232,276	162,148
Income tax expense	3,440	3,200	5,920	4,210
Net income	134,205	119,609	226,356	157,938
Cash dividends declared and paid on preferred stock	91	91	182	182
Net income applicable to common stock	$ 134,114	$ 119,518	$ 226,174	$ 157,756
Earnings per share:
Basic earnings per share (in dollars per share)	$ 1.32	$ 1.18	$ 2.23	$ 1.56
Diluted earnings per share (in dollars per share)	1.32	1.18	2.23	1.56
Cash dividends declared per share of common stock (in dollars per share)	$ 1.20	$ 0.75	$ 2.30	$ 1.50
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	101,486,547	101,125,855	101,413,458	101,047,295
Weighted average common shares outstanding diluted (in shares)	101,660,120	101,328,939	101,602,743	101,239,848
Statements of Comprehensive Income
Net income	$ 134,205	$ 119,609	$ 226,356	$ 157,938
Other comprehensive (loss) income
Foreign currency translation adjustments	(683)	300	(369)	504
Comprehensive income	$ 133,522	$ 119,909	$ 225,987	$ 158,442

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Treasury Stock	Add’l Paid in Capital	Accumulated Comprehensive Income	Accumulated Deficit	Series AA PREF Stock Preferred Stock	Class A CMN Stock Common Stock	Class B CMN Stock Common Stock
Beginning balance at Dec. 31, 2020	$ 1,202,768	$ (44,786)	$ 1,963,850	$ 934	$ (717,331)	$ 0	$ 87	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	1,060		1,060
Issuance of common stock through stock awards	13,376		13,376
Exercise of stock options	5,224		5,224
Issuance of common stock through employee purchase plan	2,172		2,172
Purchase of treasury stock	(5,717)	(5,717)
Foreign currency translation	204			204
Net income	38,329				38,329
Dividends/distributions to common shareholders	(75,818)				(75,818)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2021	1,181,507	(50,503)	1,985,682	1,138	(754,911)	0	87	14
Beginning balance at Dec. 31, 2020	1,202,768	(44,786)	1,963,850	934	(717,331)	0	87	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation	504
Net income	157,938
Ending balance at Jun. 30, 2021	1,231,605	(50,503)	1,991,836	1,438	(711,267)	0	87	14
Beginning balance at Mar. 31, 2021	1,181,507	(50,503)	1,985,682	1,138	(754,911)	0	87	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	917		917
Issuance of common stock through stock awards	594		594
Exercise of stock options	2,575		2,575
Issuance of common stock through employee purchase plan	2,068		2,068
Foreign currency translation	300			300
Net income	119,609				119,609
Dividends/distributions to common shareholders	(75,874)				(75,874)
Dividends, preferred stock	(91)				(91)
Ending balance at Jun. 30, 2021	1,231,605	(50,503)	1,991,836	1,438	(711,267)	0	87	14
Beginning balance at Dec. 31, 2021	1,217,089	(50,852)	2,001,399	855	(734,415)	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	1,405		1,405
Issuance of common stock through stock awards	30,145		30,145
Exercise of stock options	1,307		1,307
Issuance of common stock through employee purchase plan	3,589		3,589
Purchase of treasury stock	(10,446)	(10,446)
Foreign currency translation	314			314
Net income	92,151				92,151
Dividends/distributions to common shareholders	(111,602)				(111,602)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2022	1,223,861	(61,298)	2,037,845	1,169	(753,957)	0	88	14
Beginning balance at Dec. 31, 2021	1,217,089	(50,852)	2,001,399	855	(734,415)	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation	(369)
Net income	226,356
Ending balance at Jun. 30, 2022	1,240,066	(61,298)	2,042,427	486	(741,651)	0	88	14
Beginning balance at Mar. 31, 2022	1,223,861	(61,298)	2,037,845	1,169	(753,957)	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	$ 88	$ 14

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 226,356	$ 157,938
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	136,377	121,371
Stock-based compensation	9,223	9,464
Amortization included in interest expense	2,950	2,962
Gain on disposition of assets	(1,937)	(1,896)
Loss on extinguishment of debt	0	21,604
Equity in earnings of investee	(1,101)	0
Deferred tax expense	1,212	1,743
Provision for doubtful accounts	4,368	1,246
Increase in:
Receivables	(36,153)	(17,626)
Prepaid expenses	(5,513)	(3,222)
Other assets	(2,581)	(569)
(Decrease) increase in:
Trade accounts payable	(995)	(1,212)
Accrued expenses	(15,086)	(9,182)
Operating lease liabilities	(21,780)	(29,039)
Other liabilities	17,290	31,675
Net cash provided by (used in) operating activities	312,630	285,257
Cash flows from investing activities:
Acquisitions	(234,292)	(27,236)
Capital expenditures	(75,802)	(41,416)
Proceeds from disposition of assets and investments	1,716	3,982
Net cash (used in) provided by investing activities	(308,378)	(64,670)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(10,446)	(5,717)
Net proceeds from issuance of common stock	7,901	12,039
Principal payments on long-term debt	(182)	(190)
Principal payments on financing leases	(666)	(666)
Payments on revolving credit facility	(240,000)	(25,000)
Proceeds received from revolving credit facility	400,000	25,000
Redemption of senior notes	0	(668,688)
Proceeds received from note offering	0	550,000
Proceeds received from accounts receivable securitization program	65,000	32,500
Payments on accounts receivable securitization program	0	(32,500)
Debt issuance costs	(200)	(8,498)
Distributions to non-controlling interest	(98)	(49)
Dividends/distributions	(233,592)	(151,874)
Net cash used in financing activities	(12,283)	(273,643)
Effect of exchange rate changes in cash and cash equivalents	(71)	213
Net decrease in cash and cash equivalents	(8,102)	(52,843)
Cash and cash equivalents at beginning of period	99,788	121,569
Cash and cash equivalents at end of period	91,686	68,726
Supplemental disclosures of cash flow information:
Cash paid for interest	53,149	62,966
Cash paid for foreign, state and federal income taxes	$ 6,201	$ 4,886

Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 91,686	$ 99,788
Receivables, net of allowance for doubtful accounts	303,323	269,917
Other current assets	45,077	18,902
Total current assets	440,086	388,607
Property, plant and equipment	3,868,507	3,782,288
Less accumulated depreciation and amortization	(2,491,060)	(2,445,014)
Net property, plant and equipment	1,377,447	1,337,274
Operating lease right of use assets	1,244,392	1,224,672
Financing lease right of use assets	15,464	16,890
Goodwill	2,004,145	1,936,426
Intangible assets, net	1,109,687	1,045,177
Other assets	90,816	98,448
Total assets	6,282,037	6,047,494
Current liabilities:
Trade accounts payable	15,920	16,429
Current maturities of long-term debt, net of deferred financing costs	239,696	174,778
Current operating lease liabilities	179,691	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses	99,220	135,038
Deferred income	155,554	137,103
Total current liabilities	691,412	662,965
Long-term debt	3,001,467	2,838,817
Operating lease liabilities	1,012,429	995,356
Financing lease liabilities	16,611	17,277
Deferred income tax liabilities	7,635	6,416
Asset retirement obligation	277,491	269,367
Other liabilities	34,926	40,207
Total liabilities	5,041,971	4,830,405
Stockholders’ equity:
Additional paid-in capital	2,042,427	2,001,399
Accumulated comprehensive income	486	855
Accumulated deficit	(741,651)	(734,415)
Stockholder's equity	1,240,066	1,217,089
Total liabilities and stockholders’ equity	6,282,037	6,047,494
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	91,186	99,288
Receivables, net of allowance for doubtful accounts	303,323	269,917
Other current assets	45,077	18,902
Total current assets	439,586	388,107
Property, plant and equipment	3,868,507	3,782,288
Less accumulated depreciation and amortization	(2,491,060)	(2,445,014)
Net property, plant and equipment	1,377,447	1,337,274
Operating lease right of use assets	1,244,392	1,224,672
Financing lease right of use assets	15,464	16,890
Goodwill	1,993,993	1,926,274
Intangible assets, net	1,109,219	1,044,709
Other assets	85,193	93,105
Total assets	6,265,294	6,031,031
Current liabilities:
Trade accounts payable	15,920	16,429
Current maturities of long-term debt, net of deferred financing costs	239,696	174,778
Current operating lease liabilities	179,691	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses	90,791	127,318
Deferred income	155,554	137,103
Total current liabilities	682,983	655,245
Long-term debt	3,001,467	2,838,817
Operating lease liabilities	1,012,429	995,356
Financing lease liabilities	16,611	17,277
Deferred income tax liabilities	7,635	6,416
Asset retirement obligation	277,491	269,367
Other liabilities	34,926	40,207
Total liabilities	5,033,542	4,822,685
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in capital	3,112,934	3,071,905
Accumulated comprehensive income	486	855
Accumulated deficit	(1,881,668)	(1,864,414)
Stockholder's equity	1,231,752	1,208,346
Total liabilities and stockholders’ equity	$ 6,265,294	$ 6,031,031

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Subsidiary) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statements of Income
Net revenues	$ 517,852	$ 445,052	$ 969,240	$ 815,933
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	166,723	140,448	324,495	271,663
General and administrative expenses (exclusive of depreciation and amortization)	90,658	75,834	173,742	148,483
Corporate expenses (exclusive of depreciation and amortization)	27,591	20,643	49,603	38,403
Depreciation and amortization	67,750	60,622	136,377	121,371
Gain on disposition of assets	(1,374)	(1,481)	(1,937)	(1,896)
Total operating expenses	351,348	296,066	682,280	578,024
Operating income	166,504	148,986	286,960	237,909
Other expense (income)
Loss on extinguishment of debt	0	0	0	21,604
Interest income	(279)	(182)	(494)	(356)
Interest expense	29,493	26,359	56,279	54,513
Equity in earnings of investee	(355)	0	(1,101)	0
Total other expense (income)	28,859	26,177	54,684	75,761
Income before income tax expense	137,645	122,809	232,276	162,148
Income tax expense	3,440	3,200	5,920	4,210
Net income	134,205	119,609	226,356	157,938
Statements of Comprehensive Income
Net income	134,205	119,609	226,356	157,938
Other comprehensive (loss) income
Comprehensive income	133,522	119,909	225,987	158,442
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	517,852	445,052	969,240	815,933
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	166,723	140,448	324,495	271,663
General and administrative expenses (exclusive of depreciation and amortization)	90,658	75,519	173,742	148,168
Corporate expenses (exclusive of depreciation and amortization)	27,481	20,534	49,357	38,157
Depreciation and amortization	67,750	60,622	136,377	121,371
Gain on disposition of assets	(1,374)	(1,481)	(1,937)	(1,896)
Total operating expenses	351,238	295,642	682,034	577,463
Operating income	166,614	149,410	287,206	238,470
Other expense (income)
Loss on extinguishment of debt	0	0	0	21,604
Interest income	(279)	(182)	(494)	(356)
Interest expense	29,493	26,359	56,279	54,513
Equity in earnings of investee	(355)	0	(1,101)	0
Total other expense (income)	28,859	26,177	54,684	75,761
Income before income tax expense	137,755	123,233	232,522	162,709
Income tax expense	3,440	3,200	5,920	4,210
Net income	134,315	120,033	226,602	158,499
Statements of Comprehensive Income
Net income	134,315	120,033	226,602	158,499
Other comprehensive (loss) income
Foreign currency translations	(683)	300	(369)	504
Comprehensive income	$ 133,632	$ 120,333	$ 226,233	$ 159,003

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Subsidiary) - USD ($) $ in Thousands	Total	Add’l Paid in Capital	Accumulated Comprehensive Income	Accumulated Deficit	LAMAR MEDIA CORP. AND SUBSIDIARIES	LAMAR MEDIA CORP. AND SUBSIDIARIES Common Stock	LAMAR MEDIA CORP. AND SUBSIDIARIES Add’l Paid in Capital	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Income	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 1,202,768	$ 1,963,850	$ 934	$ (717,331)	$ 1,192,844	$ 0	$ 3,034,357	$ 934	$ (1,842,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent					21,831		21,831
Foreign currency translations					204			204
Net income	38,329			38,329	38,466				38,466
Dividend to parent					(81,535)				(81,535)
Ending balance at Mar. 31, 2021	1,181,507	1,985,682	1,138	(754,911)	1,171,810	0	3,056,188	1,138	(1,885,516)
Beginning balance at Dec. 31, 2020	1,202,768	1,963,850	934	(717,331)	1,192,844	0	3,034,357	934	(1,842,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translations					504
Net income	157,938				158,499
Ending balance at Jun. 30, 2021	1,231,605	1,991,836	1,438	(711,267)	1,222,423	0	3,062,342	1,438	(1,841,357)
Beginning balance at Mar. 31, 2021	1,181,507	1,985,682	1,138	(754,911)	1,171,810	0	3,056,188	1,138	(1,885,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent					6,154		6,154
Foreign currency translations					300			300
Net income	119,609			119,609	120,033				120,033
Dividend to parent					(75,874)				(75,874)
Ending balance at Jun. 30, 2021	1,231,605	1,991,836	1,438	(711,267)	1,222,423	0	3,062,342	1,438	(1,841,357)
Beginning balance at Dec. 31, 2021	1,217,089	2,001,399	855	(734,415)	1,208,346	0	3,071,905	855	(1,864,414)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent					36,447		36,447
Foreign currency translations					314			314
Net income	92,151			92,151	92,287				92,287
Dividend to parent					(122,047)				(122,047)
Ending balance at Mar. 31, 2022	1,223,861	2,037,845	1,169	(753,957)	1,215,347	0	3,108,352	1,169	(1,894,174)
Beginning balance at Dec. 31, 2021	1,217,089	2,001,399	855	(734,415)	1,208,346	0	3,071,905	855	(1,864,414)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translations					(369)
Net income	226,356				226,602
Ending balance at Jun. 30, 2022	1,240,066	2,042,427	486	(741,651)	1,231,752	0	3,112,934	486	(1,881,668)
Beginning balance at Mar. 31, 2022	1,223,861	2,037,845	1,169	(753,957)	1,215,347	0	3,108,352	1,169	(1,894,174)
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)	$ 1,231,752	$ 0	$ 3,112,934	$ 486	$ (1,881,668)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) (Subsidiary) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 226,356	$ 157,938
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	136,377	121,371
Stock-based compensation	9,223	9,464
Amortization included in interest expense	2,950	2,962
Gain on disposition of assets	(1,937)	(1,896)
Loss on extinguishment of debt	0	21,604
Equity in earnings of investee	(1,101)	0
Deferred tax expense	1,212	1,743
Provision for doubtful accounts	4,368	1,246
Increase in:
Receivables	(36,153)	(17,626)
Prepaid expenses	(5,513)	(3,222)
Other assets	(2,581)	(569)
(Decrease) increase in:
Trade accounts payable	(995)	(1,212)
Accrued expenses	(15,086)	(9,182)
Operating lease liabilities	(21,780)	(29,039)
Other liabilities	17,290	31,675
Net cash provided by (used in) operating activities	312,630	285,257
Cash flows from investing activities:
Acquisitions	(234,292)	(27,236)
Capital expenditures	(75,802)	(41,416)
Proceeds from disposition of assets and investments	1,716	3,982
Net cash (used in) provided by investing activities	(308,378)	(64,670)
Cash flows from financing activities:
Principal payments on long-term debt	(182)	(190)
Principal payments on financing leases	(666)	(666)
Payments on revolving credit facility	(240,000)	(25,000)
Proceeds received from revolving credit facility	400,000	25,000
Redemption of senior notes	0	(668,688)
Proceeds received from note offering	0	550,000
Proceeds received from accounts receivable securitization program	65,000	32,500
Payments on accounts receivable securitization program	0	(32,500)
Debt issuance costs	(200)	(8,498)
Distributions to non-controlling interest	(98)	(49)
Net cash used in financing activities	(12,283)	(273,643)
Effect of exchange rate changes in cash and cash equivalents	(71)	213
Net decrease in cash and cash equivalents	(8,102)	(52,843)
Cash and cash equivalents at beginning of period	99,788	121,569
Cash and cash equivalents at end of period	91,686	68,726
Supplemental disclosures of cash flow information:
Cash paid for interest	53,149	62,966
Cash paid for foreign, state and federal income taxes	6,201	4,886
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	226,602	158,499
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	136,377	121,371
Stock-based compensation	9,223	9,464
Amortization included in interest expense	2,950	2,962
Gain on disposition of assets	(1,937)	(1,896)
Loss on extinguishment of debt	0	21,604
Equity in earnings of investee	(1,101)	0
Deferred tax expense	1,212	1,743
Provision for doubtful accounts	4,368	1,246
Increase in:
Receivables	(36,153)	(17,626)
Prepaid expenses	(5,513)	(3,222)
Other assets	(2,581)	(569)
(Decrease) increase in:
Trade accounts payable	(995)	(1,212)
Accrued expenses	(15,086)	(9,182)
Operating lease liabilities	(21,780)	(29,039)
Other liabilities	(16,266)	14,986
Net cash provided by (used in) operating activities	279,320	269,129
Cash flows from investing activities:
Acquisitions	(234,292)	(27,236)
Capital expenditures	(75,802)	(41,416)
Proceeds from disposition of assets and investments	1,716	3,982
Net cash (used in) provided by investing activities	(308,378)	(64,670)
Cash flows from financing activities:
Principal payments on long-term debt	(182)	(190)
Principal payments on financing leases	(666)	(666)
Payments on revolving credit facility	(240,000)	(25,000)
Proceeds received from revolving credit facility	400,000	25,000
Redemption of senior notes	0	(668,688)
Proceeds received from note offering	0	550,000
Proceeds received from accounts receivable securitization program	65,000	32,500
Payments on accounts receivable securitization program	0	(32,500)
Debt issuance costs	(200)	(8,498)
Distributions to non-controlling interest	(98)	(49)
Contributions from (to) parent	41,029	27,985
Dividends (to) from parent	(243,856)	(157,409)
Net cash used in financing activities	21,027	(257,515)
Effect of exchange rate changes in cash and cash equivalents	(71)	213
Net decrease in cash and cash equivalents	(8,102)	(52,843)
Cash and cash equivalents at beginning of period	99,288	121,069
Cash and cash equivalents at end of period	91,186	68,226
Supplemental disclosures of cash flow information:
Cash paid for interest	53,149	62,966
Cash paid for foreign, state and federal income taxes	$ 6,201	$ 4,886

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 13,519	$ 11,195
Current deferred financing costs	672	585
Noncurrent deferred financing costs	$ 33,603	$ 36,274
Shares held in treasury (in shares)	783,108	688,017
Series AA PREF Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, cumulative dividends (in dollars per share)	$ 63.80	$ 63.80
Preferred stock, shares authorized (in shares)	5,720	5,720
Preferred stock, shares outstanding (in shares)	5,720	5,720
Preferred stock, shares issued (in shares)	5,720	5,720
Class A CMN Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	362,500,000	362,500,000
Common stock, shares issued (in shares)	87,897,625	87,540,838
Common stock, shares outstanding (in shares)	87,114,517	86,852,821
Class B CMN Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	37,500,000	37,500,000
Common stock, shares issued (in shares)	14,420,085	14,420,085
Common stock, shares outstanding (in shares)	14,420,085	14,420,085

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Cash dividends declared per share of common stock (in dollars per share)	$ 1.20		$ 0.75
Add’l Paid in Capital
Issuance of common stock through stock awards (in shares)	7,197	241,750	4,685,000	149,000
Exercise of stock options (in shares)	13,131	26,190	38,265	82,101
Issuance of common stock through employee purchase plan (in shares)	32,172	36,347	30,302	31,824
Treasury Stock
Purchase of treasury stock (in shares)		95,091		65,290
Accumulated Deficit
Cash dividends declared per share of common stock (in dollars per share)	$ 1.20	$ 1.10	$ 0.75	$ 0.75
Preferred stock dividend shares (in dollars per share)	$ 15.95	$ 15.95	$ 15.95	$ 15.95

Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 13,519	$ 11,195
Current deferred financing costs	672	585
Noncurrent deferred financing costs	33,603	36,274
LAMAR MEDIA CORP. AND SUBSIDIARIES
Allowance for doubtful accounts	13,519	11,195
Current deferred financing costs	672	585
Noncurrent deferred financing costs	$ 33,603	$ 36,274
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2021 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

Revenues

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

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 six months ended June 30, 2022 and 2021.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Billboard advertising	$	463,826	$	405,284	$	865,565	$	739,323
Logo advertising	20,760		19,694		40,505		39,100
Transit advertising	33,266		20,074		63,170		37,510
Net revenues	$	517,852	$	445,052	$	969,240	$	815,933

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

During the three months ended June 30, 2022 and 2021, we had operating lease costs of $76,382 and $72,880, respectively, and variable lease costs of $15,671 and $18,749, respectively. During the six months ended June 30, 2022 and 2021, we had operating lease costs of $152,201 and $145,350, respectively, and variable lease costs of $27,875 and $33,993, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2022 and 2021, we recorded a gain of $429 and $48, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2022 and 2021, we recorded a gain of $469 and $54, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $180,151 and $170,619 were made reducing our operating lease liabilities for the six months ended June 30, 2022 and 2021, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $1,814 and $1,511 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2022 and 2021, respectively. We recorded $3,551 and $2,891 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2022 and 2021, respectively.

Our operating leases have a weighted-average remaining lease term of 12.3 years. The weighted-average discount rate of our operating leases is 4.4%. Also, during the periods ended June 30, 2022 and 2021, we obtained $32,492 and $9,871, 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 June 30, 2022:


2022	$	95,653
2023	202,515
2024	174,615
2025	148,283
2026	124,156
Thereafter	822,238
Total undiscounted operating lease payments	1,567,460
Less: Imputed interest	(375,340)
Total operating lease liabilities	$	1,192,120

During the three months ended June 30, 2022 and 2021, $713 of amortization expense for each period and $137 and $148 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 six months ended June 30, 2022 and 2021, $1,427 of amortization expense for each period and $277 and $298 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 $666 were made reducing our financing lease liabilities for each of the six months ended June 30, 2022 and 2021 and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 5.4 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 June 30, 2022 and 2021, non-lease variable transit payments were $24,241 and $6,212, respectively. For the six months ended June 30, 2022 and 2021, non-lease variable transit payments were $41,519 and $10,588, respectively. These

transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Condensed Consolidated Statements of Income and Comprehensive Income.

Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

During the six months ended June 30, 2022, the Company completed over 40 acquisitions of outdoor advertising assets for a total purchase price of $234,292.

Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying condensed consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition.

The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for the acquisition of Burkhart Advertising Inc., which was completed on May 4, 2022 for an aggregate purchase price of $130,000.


	Total
Property, plant and equipment	$	37,342
Goodwill	67,757
Site locations	110,798
Non-competition agreements	1,730
Customer lists and contracts	15,615

Asset acquisition costs	468
Current assets	1,793
Current liabilities	(4,284)
Operating lease right of use assets	27,070
Operating lease liabilities	(23,997)


	$	234,292

Total acquired intangible assets for the six months ended June 30, 2022 were $196,368, of which $67,757 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and $456 of goodwill related to 2022 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $15,615 (7 year weighted average useful life) and site locations of $110,798 (15 year weighted average useful life). The aggregate amortization expense related to the 2022 acquisitions for the six months ended June 30, 2022 was $2,677.

The following unaudited pro forma financial information for the Company gives effect to the 2022 and 2021 acquisitions as if they had occurred on January 1, 2021. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company's results of operations for any future period.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(unaudited)
Net revenues	$	523,030	$	459,492	$	975,807	$	847,569
Net income applicable to common stock	$	135,464	$	120,683	$	224,792	$	159,485
Net income per common share- basic	$	1.33	$	1.19	$	2.22	$	1.58
Net income per common share- diluted	$	1.33	$	1.19	$	2.21	$	1.58

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

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 to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the Nasdaq Global Select Market on the date of grant.

We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 50,000 shares of its Class A common stock during the six months ended June 30, 2022. At June 30, 2022 a total of 2,064,325 shares were available for future grant.

Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 86,853 shares on January 1, 2022 pursuant to the automatic increase provisions of the 2019 ESPP.

The following is a summary of 2019 ESPP share activity for the six months ended June 30, 2022:


			Shares
Available for future purchases, January 1, 2022			342,226
Additional shares reserved under 2019 ESPP			86,853
Purchases			(68,519)
Available for future purchases, June 30, 2022			360,560

Performance-based stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2022 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2023. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the three months ended June 30, 2022 and 2021, the Company recorded $5,959 and $4,406, respectively, as stock-based compensation expense related to performance-based awards. For the six months ended June 30, 2022 and 2021, the Company recorded $5,959 and $6,858, respectively, as stock-based compensation expense related to performance-based awards.

Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. For the three months ended June 30, 2022 and 2021, the Company recorded $369 and $408, respectively, in stock-based compensation expense related to these awards. For the six months ended June 30, 2022 and 2021, the Company recorded $429 and $474, respectively, in stock-based compensation expense related to these awards.

Depreciation and Amortization

6 Months Ended

Jun. 30, 2022

Depreciation, Depletion and Amortization [Abstract]

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Direct advertising expenses	$	62,913	$	56,276	$	127,150	$	112,748
General and administrative expenses	1,271		1,163		2,446		2,270
Corporate expenses	3,566		3,183		6,781		6,353
	$	67,750	$	60,622	$	136,377	$	121,371

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at June 30, 2022 and December 31, 2021:


	Estimated Life (Years)	June 30, 2022				December 31, 2021
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Customer lists and contracts	7—10	$	692,429	$	600,855	$	676,846	$	587,056
Non-competition agreements	3—15	71,005		65,283		69,276		64,941
Site locations	15	2,730,099		1,729,533		2,619,531		1,680,333
Other	2—15	51,730		39,905		51,261		39,407
		$	3,545,263	$	2,435,576	$	3,416,914	$	2,371,737
Unamortizable intangible assets:
Goodwill		$	2,257,681	$	253,536	$	2,189,962	$	253,536

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations:


Balance at December 31, 2021	$	269,367
Additions to asset retirement obligations	4,172
Revision in estimates	3,524
Accretion expense	2,099
Liabilities settled	(1,671)
Balance at June 30, 2022	$	277,491

Distribution Restrictions	6 Months Ended
Distribution Restrictions	Jun. 30, 2022
Distribution Restrictions [Abstract]
Distribution Restrictions	Distribution RestrictionsLamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of June 30, 2022 and December 31, 2021, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $4,042,234 and $3,921,979, respectively.As of June 30, 2022, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of June 30, 2022, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of June 30, 2022, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $2,792,714.

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and six months ended June 30, 2022 or 2021.

Long-term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consists of the following at June 30, 2022 and December 31, 2021:


	June 30, 2022
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	933,844	$	8,177	$	925,667
Accounts Receivable Securitization Program	240,000		672		239,328
3 3/4% Senior Notes	600,000		6,523		593,477
3 5/8% Senior Notes	550,000		7,350		542,650
4% Senior Notes	549,398		6,838		542,560
4 7/8% Senior Notes	400,000		4,715		395,285
Other notes with various rates and terms	2,196		—		2,196
	3,275,438		34,275		3,241,163
Less current maturities	(240,368)		(672)		(239,696)
Long-term debt, excluding current maturities	$	3,035,070	$	33,603	$	3,001,467


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987



Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817

Senior Credit Facility

On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”).

The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated.

The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%.

The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility.

As of June 30, 2022, there were $335,000 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 $11,441 in letters of credit outstanding as of June 30, 2022 resulting in $403,559 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025.

The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:

•dispose of assets;

•incur or repay debt;

•create liens;

•make investments; and

•pay dividends.

The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit

commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.

Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented.

Accounts Receivable Securitization Program

On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program.

Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty.

On June 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term Secured Overnight Financing Rate ("SOFR") based interest rate mechanics for the Accounts Receivable Securitization Program.

As of June 30, 2022 there was $240,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Based on the availability of eligible accounts, Lamar Media had an additional $1,000 available for borrowing under the Accounts Receivable Securitization Program as of June 30, 2022. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the six months ended June 30, 2022.

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.

5 3/4% Senior Notes

On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Original 5 3/4% Notes”). The institutional private placement on January 28, 2016 resulted in net proceeds to Lamar Media of approximately $394,500.

On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount of its 5 3/4% Notes (the “Additional 5 3/4% Notes", and together with the Original 5 3/4% Notes, the "5 3/4% Notes”). Other than with respect to the date of issuance, issue price and CUSIP number, the Additional 5 3/4% Notes have the same terms as the Original 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500.

On February 3, 2021, Lamar Media redeemed in full all $650,000 aggregate principal amount 5 3/4% Notes. The 5 3/4% Notes redemption was completed using the proceeds received from the 3 5/8% Notes offering completed on January 22, 2021 (as described below), together with cash on hand and borrowings under the revolving credit facility and Accounts Receivable Securitization Program. The 5 3/4% Notes were redeemed at a redemption price equal to 102.875% of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date. During the six months ended June 30, 2021, the Company recorded a loss on debt extinguishment of approximately $21,604 related to the note redemption, of which $18,700 was in cash.

4% Senior Notes

On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.

On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900.

Lamar Media may redeem up to 40% of the aggregate principal amount of the 4% Notes, at any time and from time to time, at a price equal to 104% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 3/4% Senior Notes

On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500.

Lamar Media may redeem up to 40% of the aggregate principal amount of 3 3/4% Notes, at any time and from time to time, at a price equal to 103.75% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 3 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2023, Lamar Media may redeem some or all of the 3 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in

part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

4 7/8% Senior Notes

On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.

Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 5/8% Senior Notes

On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the “3 5/8% Notes”). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500.

Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

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 September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of June 30, 2022.

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt June 30, 2022 and December 31, 2021, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The estimated fair value of the Company’s long-term debt (including current maturities) was $2,931,182 which does not exceed the carrying amount of $3,275,438 as of June 30, 2022. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments	6 Months Ended
Investments	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments	InvestmentsOn July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Condensed Consolidated Balance Sheet. For the three and six months ended June 30, 2022, the Company recorded $318 and $1,039, respectively, in equity in earnings of investee on the Condensed Consolidated Statement of Income and Comprehensive Income.

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of June 30 2022, the Company has modified the Accounts Receivable Securitization Program to provide for the replacement of LIBOR-based interest rates with Term SOFR based interest rates. This modification is not expected to have a material impact on the Company's consolidated financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Dividends/Distributions	6 Months Ended
Dividends/Distributions	Jun. 30, 2022
Equity [Abstract]
Dividends/Distributions	Dividends/DistributionsDuring the three months ended June 30, 2022 and 2021, the Company declared and paid cash distributions in an aggregate amount of $121,808 or $1.20 per share and $75,874 or $0.75 per share, respectively. During the six months ended June 30, 2022 and 2021, the Company declared and paid cash distributions in an aggregate amount of $233,410 or $2.30 per share and $151,692 or $1.50 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 six months ended June 30, 2022 and 2021, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share and $182 or $31.90 per share for each period, respectively.

Information about Geographic Areas	6 Months Ended
Information about Geographic Areas	Jun. 30, 2022
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $21,949 and $10,617 for the six months ended June 30, 2022 and 2021, respectively. Net carrying value of long-lived assets located in foreign countries totaled $11,693 and $11,318 as of June 30, 2022 and December 31, 2021, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Sales Agreement. On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents. Under the terms of the Sales Agreement, the Company could have, from time to time, issued and sold shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the sales agents party thereto as either agents or principals. The Sales Agreement expired by its terms on May 1, 2021 and as of that date, 842,412 shares of our Class A common stock were sold under the Sales Agreement. On June 21, 2021, the Company entered into a new equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or directly through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of June 30, 2022, no shares of our Class A common stock have been sold under the 2021 Sales Agreement and accordingly $400,000 remained available to be sold under the 2021 Sales Agreement as of June 30, 2022. Shelf Registration. On June 21, 2021, the Company filed an automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock. During the six months ended June 30, 2022 and the year ended December 31, 2021, the Company did not issue any shares under this shelf registration. Stock Repurchase Program. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of June 30, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On July 1, 2022, the Company completed a tax reorganization as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”). The UPREIT structure allows property owners of appreciated properties to contribute property to the operating partnership of the REIT, on a tax-deferred basis, in exchange for a partnership interest in the form of operating partnership units. This reorganization is not expected to have any material impact on the Company's combined financial statements or business operations. On July 29, 2022, Lamar Media entered into a new $350.0 million Senior Secured Term Loan A loan (the “Term A loans”) agreement. The Term A loans are an incremental tranche under the Fourth Amended and Restated Credit Agreement and will mature February 6, 2025. The Term A loans bear interest at Term SOFR plus 1.25% and a credit spread adjustment of 0.10%. The covenants, events of default and other terms of the senior credit facility apply to the Term A loans. 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.

Significant Accounting Policies (Subsidiary)	6 Months Ended
Significant Accounting Policies (Subsidiary)	Jun. 30, 2022
Significant Accounting Policies	Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2021 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2021 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13, 14, 16, 17 and 18 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 Information of Subsidiaries

6 Months Ended

Jun. 30, 2022

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 June 30, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	71,880	$	58,903	$	308,803	$	—	$	439,586
Net property, plant and equipment	—		1,361,206		16,241		—		1,377,447
Operating lease right of use assets	—		1,221,285		23,107		—		1,244,392
Intangibles and goodwill, net	—		3,086,061		17,151		—		3,103,212
Other assets	4,453,353		341,254		251,459		(4,945,409)		100,657
Total assets	$	4,525,233	$	6,068,709	$	616,761	$	(4,945,409)	$	6,265,294
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	368	$	239,328	$	—	$	239,696
Current operating lease liabilities	—		172,062		7,629		—		179,691
Other current liabilities	22,190		224,804		16,602		—		263,596
Total current liabilities	22,190		397,234		263,559		—		682,983
Long-term debt	2,999,639		1,828		—		—		3,001,467
Operating lease liabilities	—		997,889		14,540		—		1,012,429
Other noncurrent liabilities	271,652		300,693		335,051		(570,733)		336,663
Total liabilities	3,293,481		1,697,644		613,150		(570,733)		5,033,542
Stockholder's equity	1,231,752		4,371,065		3,611		(4,374,676)		1,231,752
Total liabilities and stockholder's equity	$	4,525,233	$	6,068,709	$	616,761	$	(4,945,409)	$	6,265,294

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
ASSETS
Total current assets	$	91,119	$	29,379	$	267,609	$	—	$	388,107
Net property, plant and equipment	—		1,321,526		15,748		—		1,337,274
Operating lease right of use assets	—		1,198,934		25,738		—		1,224,672
Intangibles and goodwill, net	—		2,953,600		17,383		—		2,970,983
Other assets	4,188,436		311,046		187,044		(4,576,531)		109,995
Total assets	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	363	$	174,415	$	—	$	174,778
Current operating lease liabilities	—		190,748		7,538		—		198,286
Other current liabilities	22,009		246,030		14,142		—		282,181
Total current liabilities	22,009		437,141		196,095		—		655,245
Long-term debt	2,836,801		2,016		—		—		2,838,817
Operating lease liabilities	—		977,463		17,893		—		995,356
Other noncurrent liabilities	212,399		292,194		292,281		(463,607)		333,267
Total liabilities	3,071,209		1,708,814		506,269		(463,607)		4,822,685
Stockholder's equity	1,208,346		4,105,671		7,253		(4,112,924)		1,208,346
Total liabilities and stockholder's equity	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Six Months Ended June 30, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	950,116	$	19,306	$	(182)	$	969,240
Operating expenses (income)
Direct advertising expenses(1)	—		310,004		14,673		(182)		324,495
General and administrative expenses(1)	—		170,158		3,584		—		173,742
Corporate expenses(1)	—		47,689		1,668		—		49,357
Depreciation and amortization	—		134,591		1,786		—		136,377
Gain on disposition of assets	—		(1,937)		—		—		(1,937)
	—		660,505		21,711		(182)		682,034
Operating income (loss)	—		289,611		(2,405)		—		287,206
Equity in (earnings) loss of subsidiaries	(281,394)		—		—		281,394		—

Interest expense (income), net	54,792		(100)		1,093		—		55,785
Equity in earnings of investee	—		(1,101)		—		—		(1,101)
Income (loss) before income tax expense (benefit)	226,602		290,812		(3,498)		(281,394)		232,522
Income tax expense (benefit)(2)	—		6,145		(225)		—		5,920
Net income (loss)	$	226,602	$	284,667	$	(3,273)	$	(281,394)	$	226,602
Statement of Comprehensive Income
Net income (loss)	$	226,602	$	284,667	$	(3,273)	$	(281,394)	$	226,602
Total other comprehensive loss, net of tax	—		—		(369)		—		(369)
Total comprehensive income (loss)	$	226,602	$	284,667	$	(3,642)	$	(281,394)	$	226,233

(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 Six Months Ended June 30, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	800,596	$	16,110	$	(773)	$	815,933
Operating expenses (income)
Direct advertising expenses(1)	—		261,619		10,817		(773)		271,663
General and administrative expenses(1)	—		146,014		2,154		—		148,168
Corporate expenses(1)	—		37,531		626		—		38,157
Depreciation and amortization	—		120,083		1,288		—		121,371
Gain on disposition of assets	—		(1,889)		(7)		—		(1,896)
	—		563,358		14,878		(773)		577,463
Operating income	—		237,238		1,232		—		238,470
Equity in (earnings) loss of subsidiaries	(233,829)		—		—		233,829		—
Loss on extinguishment of debt	21,604		—		—		—		21,604
Interest expense (income), net	53,726		(26)		457		—		54,157
Income (loss) before income tax expense	158,499		237,264		775		(233,829)		162,709
Income tax expense(2)	—		3,883		327		—		4,210
Net income (loss)	$	158,499	$	233,381	$	448	$	(233,829)	$	158,499
Statement of Comprehensive Income
Net income (loss)	$	158,499	$	233,381	$	448	$	(233,829)	$	158,499
Total other comprehensive income, net of tax	—		—		504		—		504
Total comprehensive income (loss)	$	158,499	$	233,381	$	952	$	(233,829)	$	159,003

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	201,763	$	364,272	$	(33,150)	$	(253,565)	$	279,320
Cash flows from investing activities:
Acquisitions	—		(234,292)		—		—		(234,292)
Capital expenditures	—		(73,562)		(2,240)		—		(75,802)

Proceeds from disposition of assets and investments	—		1,716		—		—		1,716

Investment in subsidiaries	(234,292)		—		—		234,292		—
Decrease (increase) in intercompany notes receivable	56,117		—		—		(56,117)		—
Net cash (used in) provided by investing activities	(178,175)		(306,138)		(2,240)		178,175		(308,378)
Cash flows from financing activities:
Proceeds received from revolving credit facility	400,000		—		—		—		400,000
Payment on revolving credit facility	(240,000)		—		—		—		(240,000)
Principal payments on long-term debt	—		(182)		—		—		(182)
Principal payments on financing leases	—		(666)		—		—		(666)





Proceeds received from accounts receivable securitization program	—		—		65,000		—		65,000
Debt issuance costs	—		—		(200)		—		(200)
Intercompany loan (payments) proceeds	—		(33,387)		(22,730)		56,117		—
Distributions to non-controlling interest	—		—		(98)		—		(98)
Dividends (to) from parent	(243,856)		(253,565)		—		253,565		(243,856)
Contributions from (to) parent	41,029		234,292		—		(234,292)		41,029
Net cash (used in) provided by financing activities	(42,827)		(53,508)		41,972		75,390		21,027
Effect of exchange rate changes in cash and cash equivalents	—		—		(71)		—		(71)
Net (decrease) increase in cash and cash equivalents	(19,239)		4,626		6,511		—		(8,102)
Cash and cash equivalents at beginning of period	91,023		3,494		4,771		—		99,288
Cash and cash equivalents at end of period	$	71,784	$	8,120	$	11,282	$	—	$	91,186

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 Six Months Ended June 30, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	232,261	$	346,732	$	(15,922)	$	(293,942)	$	269,129
Cash flows from investing activities:
Acquisitions	—		(27,236)		—		—		(27,236)
Capital expenditures	—		(38,908)		(2,508)		—		(41,416)
Proceeds from disposition of assets and investments	—		3,982		—		—		3,982

Investment in subsidiaries	(27,236)		—		—		27,236		—
Decrease (increase) in intercompany notes receivable	1,562		—		—		(1,562)		—

Net cash (used in) provided by investing activities	(25,674)		(62,162)		(2,508)		25,674		(64,670)
Cash flows from financing activities:
Proceeds received from revolving credit facility	25,000		—		—		—		25,000
Payment on revolving credit facility	(25,000)		—		—		—		(25,000)
Principal payments on long-term debt	—		(190)		—		—		(190)

Principal payments on financing leases	—		(666)		—		—		(666)
Proceeds received from note offering	550,000		—		—		—		550,000
Payment on accounts receivable securitization program	—		—		(32,500)		—		(32,500)
Proceeds received from accounts receivable securitization program	—		—		32,500		—		32,500
Redemption of senior notes	(668,688)		—		—		—		(668,688)


Debt issuance costs	(8,063)		—		(435)		—		(8,498)
Intercompany loan (payments) proceeds	—		(15,826)		14,264		1,562		—
Distributions to non-controlling interest	—		—		(49)		—		(49)
Dividends (to) from parent	(157,409)		(294,691)		—		294,691		(157,409)
Contributions from (to) parent	27,985		27,985		—		(27,985)		27,985
Net cash (used in) provided by financing activities	(256,175)		(283,388)		13,780		268,268		(257,515)
Effect of exchange rate changes in cash and cash equivalents	—		—		213		—		213
Net (decrease) increase in cash and cash equivalents	(49,588)		1,182		(4,437)		—		(52,843)
Cash and cash equivalents at beginning of period	110,588		1,732		8,749		—		121,069
Cash and cash equivalents at end of period	$	61,000	$	2,914	$	4,312	$	—	$	68,226

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Subsequent Events	Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
Advertising Revenues, Other Revenues, Arrangements with Multiple Performance Obligations, Deferred Revenues, Practical Expedients and Exemptions	Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue from Contracts with Customers. The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.
Fair Value of Financial Instruments	At June 30, 2022 and December 31, 2021, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The estimated fair value of the Company’s long-term debt (including current maturities) was $2,931,182 which does not exceed the carrying amount of $3,275,438 as of June 30, 2022. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of June 30 2022, the Company has modified the Accounts Receivable Securitization Program to provide for the replacement of LIBOR-based interest rates with Term SOFR based interest rates. This modification is not expected to have a material impact on the Company's consolidated financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements.
Dividends And Distributions	The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-Name Accounting Standards Codification
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+ Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2022
LAMAR MEDIA CORP. AND SUBSIDIARIES
Subsidiary or Equity Method Investee [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, 9, 11, 12, 13, 14, 16, 17 and 18 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)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation Revenue

The following table presents our disaggregated revenue by source for the three and six months ended June 30, 2022 and 2021.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Billboard advertising	$	463,826	$	405,284	$	865,565	$	739,323
Logo advertising	20,760		19,694		40,505		39,100
Transit advertising	33,266		20,074		63,170		37,510
Net revenues	$	517,852	$	445,052	$	969,240	$	815,933

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Maturities of Operating Lease Liabilities

The following is a summary of the maturities of our operating lease liabilities as of June 30, 2022:


2022	$	95,653
2023	202,515
2024	174,615
2025	148,283
2026	124,156
Thereafter	822,238
Total undiscounted operating lease payments	1,567,460
Less: Imputed interest	(375,340)
Total operating lease liabilities	$	1,192,120

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Total
Property, plant and equipment	$	37,342
Goodwill	67,757
Site locations	110,798
Non-competition agreements	1,730
Customer lists and contracts	15,615

Asset acquisition costs	468
Current assets	1,793
Current liabilities	(4,284)
Operating lease right of use assets	27,070
Operating lease liabilities	(23,997)


	$	234,292

Business Acquisition, Pro Forma Information


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(unaudited)
Net revenues	$	523,030	$	459,492	$	975,807	$	847,569
Net income applicable to common stock	$	135,464	$	120,683	$	224,792	$	159,485
Net income per common share- basic	$	1.33	$	1.19	$	2.22	$	1.58
Net income per common share- diluted	$	1.33	$	1.19	$	2.21	$	1.58

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of ESPP Share Activity

The following is a summary of 2019 ESPP share activity for the six months ended June 30, 2022:


			Shares
Available for future purchases, January 1, 2022			342,226
Additional shares reserved under 2019 ESPP			86,853
Purchases			(68,519)
Available for future purchases, June 30, 2022			360,560

Depreciation and Amortization (Tables)

6 Months Ended

Jun. 30, 2022

Depreciation, Depletion and Amortization [Abstract]

Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income

The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Direct advertising expenses	$	62,913	$	56,276	$	127,150	$	112,748
General and administrative expenses	1,271		1,163		2,446		2,270
Corporate expenses	3,566		3,183		6,781		6,353
	$	67,750	$	60,622	$	136,377	$	121,371

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets at June 30, 2022 and December 31, 2021:


	Estimated Life (Years)	June 30, 2022				December 31, 2021
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Customer lists and contracts	7—10	$	692,429	$	600,855	$	676,846	$	587,056
Non-competition agreements	3—15	71,005		65,283		69,276		64,941
Site locations	15	2,730,099		1,729,533		2,619,531		1,680,333
Other	2—15	51,730		39,905		51,261		39,407
		$	3,545,263	$	2,435,576	$	3,416,914	$	2,371,737
Unamortizable intangible assets:
Goodwill		$	2,257,681	$	253,536	$	2,189,962	$	253,536

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

The following table reflects information related to our asset retirement obligations:


Balance at December 31, 2021	$	269,367
Additions to asset retirement obligations	4,172
Revision in estimates	3,524
Accretion expense	2,099
Liabilities settled	(1,671)
Balance at June 30, 2022	$	277,491

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following at June 30, 2022 and December 31, 2021:


	June 30, 2022
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	933,844	$	8,177	$	925,667
Accounts Receivable Securitization Program	240,000		672		239,328
3 3/4% Senior Notes	600,000		6,523		593,477
3 5/8% Senior Notes	550,000		7,350		542,650
4% Senior Notes	549,398		6,838		542,560
4 7/8% Senior Notes	400,000		4,715		395,285
Other notes with various rates and terms	2,196		—		2,196
	3,275,438		34,275		3,241,163
Less current maturities	(240,368)		(672)		(239,696)
Long-term debt, excluding current maturities	$	3,035,070	$	33,603	$	3,001,467


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987



Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES

6 Months Ended

Jun. 30, 2022

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 June 30, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	71,880	$	58,903	$	308,803	$	—	$	439,586
Net property, plant and equipment	—		1,361,206		16,241		—		1,377,447
Operating lease right of use assets	—		1,221,285		23,107		—		1,244,392
Intangibles and goodwill, net	—		3,086,061		17,151		—		3,103,212
Other assets	4,453,353		341,254		251,459		(4,945,409)		100,657
Total assets	$	4,525,233	$	6,068,709	$	616,761	$	(4,945,409)	$	6,265,294
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	368	$	239,328	$	—	$	239,696
Current operating lease liabilities	—		172,062		7,629		—		179,691
Other current liabilities	22,190		224,804		16,602		—		263,596
Total current liabilities	22,190		397,234		263,559		—		682,983
Long-term debt	2,999,639		1,828		—		—		3,001,467
Operating lease liabilities	—		997,889		14,540		—		1,012,429
Other noncurrent liabilities	271,652		300,693		335,051		(570,733)		336,663
Total liabilities	3,293,481		1,697,644		613,150		(570,733)		5,033,542
Stockholder's equity	1,231,752		4,371,065		3,611		(4,374,676)		1,231,752
Total liabilities and stockholder's equity	$	4,525,233	$	6,068,709	$	616,761	$	(4,945,409)	$	6,265,294

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
ASSETS
Total current assets	$	91,119	$	29,379	$	267,609	$	—	$	388,107
Net property, plant and equipment	—		1,321,526		15,748		—		1,337,274
Operating lease right of use assets	—		1,198,934		25,738		—		1,224,672
Intangibles and goodwill, net	—		2,953,600		17,383		—		2,970,983
Other assets	4,188,436		311,046		187,044		(4,576,531)		109,995
Total assets	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	363	$	174,415	$	—	$	174,778
Current operating lease liabilities	—		190,748		7,538		—		198,286
Other current liabilities	22,009		246,030		14,142		—		282,181
Total current liabilities	22,009		437,141		196,095		—		655,245
Long-term debt	2,836,801		2,016		—		—		2,838,817
Operating lease liabilities	—		977,463		17,893		—		995,356
Other noncurrent liabilities	212,399		292,194		292,281		(463,607)		333,267
Total liabilities	3,071,209		1,708,814		506,269		(463,607)		4,822,685
Stockholder's equity	1,208,346		4,105,671		7,253		(4,112,924)		1,208,346
Total liabilities and stockholder's equity	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031

Condensed Consolidating Statements of Income and Comprehensive Income

LAMAR MEDIA CORP.

AND SUBSIDIARIES

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Three Months Ended June 30, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	507,588	$	10,211	$	53	$	517,852
Operating expenses (income)
Direct advertising expenses(1)	—		159,151		7,519		53		166,723
General and administrative expenses(1)	—		88,860		1,798		—		90,658
Corporate expenses(1)	—		26,074		1,407		—		27,481
Depreciation and amortization	—		66,803		947		—		67,750
Gain on disposition of assets	—		(1,374)		—		—		(1,374)
	—		339,514		11,671		53		351,238
Operating income (loss)	—		168,074		(1,460)		—		166,614
Equity in (earnings) loss of subsidiaries	(162,870)		—		—		162,870		—

Interest expense (income), net	28,555		(79)		738		—		29,214
Equity in earnings of investee	—		(355)		—		—		(355)
Income (loss) before income tax expense (benefit)	134,315		168,508		(2,198)		(162,870)		137,755
Income tax expense (benefit)(2)	—		3,582		(142)		—		3,440
Net income (loss)	$	134,315	$	164,926	$	(2,056)	$	(162,870)	$	134,315
Statement of Comprehensive Income
Net income (loss)	$	134,315	$	164,926	$	(2,056)	$	(162,870)	$	134,315
Total other comprehensive loss, net of tax	—		—		(683)		—		(683)
Total comprehensive income (loss)	$	134,315	$	164,926	$	(2,739)	$	(162,870)	$	133,632

(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 June 30, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	436,984	$	8,411	$	(343)	$	445,052
Operating expenses (income)
Direct advertising expenses(1)	—		134,204		6,587		(343)		140,448
General and administrative expenses(1)	—		74,063		1,456		—		75,519
Corporate expenses(1)	—		20,165		369		—		20,534
Depreciation and amortization	—		60,017		605		—		60,622
Gain on disposition of assets	—		(1,474)		(7)		—		(1,481)
	—		286,975		9,010		(343)		295,642
Operating income (loss)	—		150,009		(599)		—		149,410
Equity in (earnings) loss of subsidiaries	(146,005)		—		—		146,005		—

Interest expense (income), net	25,972		(8)		213		—		26,177
Income (loss) before income tax expense (benefit)	120,033		150,017		(812)		(146,005)		123,233
Income tax expense (benefit)(2)	—		3,251		(51)		—		3,200
Net income (loss)	$	120,033	$	146,766	$	(761)	$	(146,005)	$	120,033
Statement of Comprehensive Income
Net income (loss)	$	120,033	$	146,766	$	(761)	$	(146,005)	$	120,033
Total other comprehensive income, net of tax	—		—		300		—		300
Total comprehensive income (loss)	$	120,033	$	146,766	$	(461)	$	(146,005)	$	120,333

(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 Six Months Ended June 30, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	950,116	$	19,306	$	(182)	$	969,240
Operating expenses (income)
Direct advertising expenses(1)	—		310,004		14,673		(182)		324,495
General and administrative expenses(1)	—		170,158		3,584		—		173,742
Corporate expenses(1)	—		47,689		1,668		—		49,357
Depreciation and amortization	—		134,591		1,786		—		136,377
Gain on disposition of assets	—		(1,937)		—		—		(1,937)
	—		660,505		21,711		(182)		682,034
Operating income (loss)	—		289,611		(2,405)		—		287,206
Equity in (earnings) loss of subsidiaries	(281,394)		—		—		281,394		—

Interest expense (income), net	54,792		(100)		1,093		—		55,785
Equity in earnings of investee	—		(1,101)		—		—		(1,101)
Income (loss) before income tax expense (benefit)	226,602		290,812		(3,498)		(281,394)		232,522
Income tax expense (benefit)(2)	—		6,145		(225)		—		5,920
Net income (loss)	$	226,602	$	284,667	$	(3,273)	$	(281,394)	$	226,602
Statement of Comprehensive Income
Net income (loss)	$	226,602	$	284,667	$	(3,273)	$	(281,394)	$	226,602
Total other comprehensive loss, net of tax	—		—		(369)		—		(369)
Total comprehensive income (loss)	$	226,602	$	284,667	$	(3,642)	$	(281,394)	$	226,233

(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 Six Months Ended June 30, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	800,596	$	16,110	$	(773)	$	815,933
Operating expenses (income)
Direct advertising expenses(1)	—		261,619		10,817		(773)		271,663
General and administrative expenses(1)	—		146,014		2,154		—		148,168
Corporate expenses(1)	—		37,531		626		—		38,157
Depreciation and amortization	—		120,083		1,288		—		121,371
Gain on disposition of assets	—		(1,889)		(7)		—		(1,896)
	—		563,358		14,878		(773)		577,463
Operating income	—		237,238		1,232		—		238,470
Equity in (earnings) loss of subsidiaries	(233,829)		—		—		233,829		—
Loss on extinguishment of debt	21,604		—		—		—		21,604
Interest expense (income), net	53,726		(26)		457		—		54,157
Income (loss) before income tax expense	158,499		237,264		775		(233,829)		162,709
Income tax expense(2)	—		3,883		327		—		4,210
Net income (loss)	$	158,499	$	233,381	$	448	$	(233,829)	$	158,499
Statement of Comprehensive Income
Net income (loss)	$	158,499	$	233,381	$	448	$	(233,829)	$	158,499
Total other comprehensive income, net of tax	—		—		504		—		504
Total comprehensive income (loss)	$	158,499	$	233,381	$	952	$	(233,829)	$	159,003

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Cash Flows

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2022


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	201,763	$	364,272	$	(33,150)	$	(253,565)	$	279,320
Cash flows from investing activities:
Acquisitions	—		(234,292)		—		—		(234,292)
Capital expenditures	—		(73,562)		(2,240)		—		(75,802)

Proceeds from disposition of assets and investments	—		1,716		—		—		1,716

Investment in subsidiaries	(234,292)		—		—		234,292		—
Decrease (increase) in intercompany notes receivable	56,117		—		—		(56,117)		—
Net cash (used in) provided by investing activities	(178,175)		(306,138)		(2,240)		178,175		(308,378)
Cash flows from financing activities:
Proceeds received from revolving credit facility	400,000		—		—		—		400,000
Payment on revolving credit facility	(240,000)		—		—		—		(240,000)
Principal payments on long-term debt	—		(182)		—		—		(182)
Principal payments on financing leases	—		(666)		—		—		(666)





Proceeds received from accounts receivable securitization program	—		—		65,000		—		65,000
Debt issuance costs	—		—		(200)		—		(200)
Intercompany loan (payments) proceeds	—		(33,387)		(22,730)		56,117		—
Distributions to non-controlling interest	—		—		(98)		—		(98)
Dividends (to) from parent	(243,856)		(253,565)		—		253,565		(243,856)
Contributions from (to) parent	41,029		234,292		—		(234,292)		41,029
Net cash (used in) provided by financing activities	(42,827)		(53,508)		41,972		75,390		21,027
Effect of exchange rate changes in cash and cash equivalents	—		—		(71)		—		(71)
Net (decrease) increase in cash and cash equivalents	(19,239)		4,626		6,511		—		(8,102)
Cash and cash equivalents at beginning of period	91,023		3,494		4,771		—		99,288
Cash and cash equivalents at end of period	$	71,784	$	8,120	$	11,282	$	—	$	91,186

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 Six Months Ended June 30, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	232,261	$	346,732	$	(15,922)	$	(293,942)	$	269,129
Cash flows from investing activities:
Acquisitions	—		(27,236)		—		—		(27,236)
Capital expenditures	—		(38,908)		(2,508)		—		(41,416)
Proceeds from disposition of assets and investments	—		3,982		—		—		3,982

Investment in subsidiaries	(27,236)		—		—		27,236		—
Decrease (increase) in intercompany notes receivable	1,562		—		—		(1,562)		—

Net cash (used in) provided by investing activities	(25,674)		(62,162)		(2,508)		25,674		(64,670)
Cash flows from financing activities:
Proceeds received from revolving credit facility	25,000		—		—		—		25,000
Payment on revolving credit facility	(25,000)		—		—		—		(25,000)
Principal payments on long-term debt	—		(190)		—		—		(190)

Principal payments on financing leases	—		(666)		—		—		(666)
Proceeds received from note offering	550,000		—		—		—		550,000
Payment on accounts receivable securitization program	—		—		(32,500)		—		(32,500)
Proceeds received from accounts receivable securitization program	—		—		32,500		—		32,500
Redemption of senior notes	(668,688)		—		—		—		(668,688)


Debt issuance costs	(8,063)		—		(435)		—		(8,498)
Intercompany loan (payments) proceeds	—		(15,826)		14,264		1,562		—
Distributions to non-controlling interest	—		—		(49)		—		(49)
Dividends (to) from parent	(157,409)		(294,691)		—		294,691		(157,409)
Contributions from (to) parent	27,985		27,985		—		(27,985)		27,985
Net cash (used in) provided by financing activities	(256,175)		(283,388)		13,780		268,268		(257,515)
Effect of exchange rate changes in cash and cash equivalents	—		—		213		—		213
Net (decrease) increase in cash and cash equivalents	(49,588)		1,182		(4,437)		—		(52,843)
Cash and cash equivalents at beginning of period	110,588		1,732		8,749		—		121,069
Cash and cash equivalents at end of period	$	61,000	$	2,914	$	4,312	$	—	$	68,226

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 517,852	$ 445,052	$ 969,240	$ 815,933
Billboard advertising
Disaggregation of Revenue [Line Items]
Net revenues	463,826	405,284	865,565	739,323
Logo advertising
Disaggregation of Revenue [Line Items]
Net revenues	20,760	19,694	40,505	39,100
Transit advertising
Disaggregation of Revenue [Line Items]
Net revenues	$ 33,266	$ 20,074	$ 63,170	$ 37,510

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 76,382	$ 72,880	$ 152,201	$ 145,350
Variable lease, cost	15,671	18,749	27,875	33,993
Gain on disposition of assets	(1,374)	(1,481)	(1,937)	(1,896)
Operating lease, cash payments			180,151	170,619
Direct advertising expenses (exclusive of depreciation and amortization)	$ 166,723	140,448	$ 324,495	271,663
Operating lease, weighted average remaining lease term	12 years 3 months 18 days		12 years 3 months 18 days
Operating lease, weighted average discount rate	4.40%		4.40%
Leased assets obtained in exchange for operating lease liability			$ 32,492	9,871
Amortization expense	$ 713	713	1,427
Interest expense	$ 137	148	277	298
Principal payments on financing leases			$ 666	666
Weighted-average remaining lease term	5 years 4 months 24 days		5 years 4 months 24 days
Weighted-average discount rate	3.10%		3.10%
Non-lease transit payments	$ 24,241	6,212	$ 41,519	10,588
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	1,814	1,511	3,551	2,891
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ (429)	$ (48)	$ (469)	$ (54)

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 95,653
2023	202,515
2024	174,615
2025	148,283
2026	124,156
Thereafter	822,238
Total undiscounted operating lease payments	1,567,460
Less: Imputed interest	(375,340)
Total operating lease liabilities	$ 1,192,120

Acquisitions - Additional Information (Details) $ in Thousands		6 Months Ended
	May 04, 2022 USD ($)	Jun. 30, 2022 USD ($) advertisingAsset	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Number of assets acquired \| advertisingAsset		40
Goodwill		$ 2,004,145	$ 1,936,426
2022 Acquisitions
Asset Acquisition [Line Items]
Business combination, consideration transferred	$ 130,000	234,292
Total acquired intangible assets		196,368
Goodwill	67,757	67,757
Business acquisition, goodwill, expected tax deductible amount		$ 456
Acquired finite-lived intangible assets, weighted average useful life		14 years
Amortization of acquired intangible asset		$ 2,677
2022 Acquisitions \| Customer lists and contracts
Asset Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		7 years
Finite-lived intangible assets acquired	15,615	$ 15,615
2022 Acquisitions \| Site locations
Asset Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		15 years
Finite-lived intangible assets acquired	$ 110,798	$ 110,798

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	May 04, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Goodwill	$ 2,004,145		$ 1,936,426
2022 Acquisitions
Asset Acquisition [Line Items]
Property, plant and equipment		$ 37,342
Goodwill	67,757	67,757
Asset acquisition costs		468
Current assets		1,793
Current liabilities		(4,284)
Operating lease right of use assets		27,070
Operating lease liabilities		(23,997)
Business combination, recognized identifiable assets acquired, goodwill, and liabilities assumed, net, total		234,292
2022 Acquisitions \| Site locations
Asset Acquisition [Line Items]
Finite-lived intangible assets	110,798	110,798
2022 Acquisitions \| Non-competition agreements
Asset Acquisition [Line Items]
Finite-lived intangible assets		1,730
2022 Acquisitions \| Customer lists and contracts
Asset Acquisition [Line Items]
Finite-lived intangible assets	$ 15,615	$ 15,615

Acquisitions - Summary of Unaudited Pro Forma Financial Information (Details) - 2022 Acquisitions - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Net revenues	$ 523,030	$ 459,492	$ 975,807	$ 847,569
Net income applicable to common stock	$ 135,464	$ 120,683	$ 224,792	$ 159,485
Net income per common share- basic (in usd per share)	$ 1.33	$ 1.19	$ 2.22	$ 1.58
Net income per common share- diluted (in usd per share)	$ 1.33	$ 1.19	$ 2.21	$ 1.58

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	2,064,325		2,064,325
Class A CMN Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			50,000
1996 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance to directors and employees (in shares)	17,500,000		17,500,000
1996 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share			0.00%
1996 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share			100.00%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan			10 years
Options \| Percentage of awards vesting on grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Options \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Options \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Options \| Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Options \| Share-based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years
Performance Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 5,959	$ 4,406	$ 5,959	$ 6,858
Restricted Stock \| Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 369	$ 408	$ 429	$ 474
Restricted Stock \| Percentage of awards vesting on grant date \| Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			50.00%
Restricted Stock \| Share-based Payment Arrangement, Tranche Two \| Non-employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Percentage of awards vesting			50.00%

Stock-Based Compensation - Summary of ESPP Share Activity (Detail)	6 Months Ended
	Jun. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Available for future purchases, ending balance (in shares)	2,064,325
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Available for future purchases, beginning balance (in shares)	342,226
Purchases (in shares)	(68,519)
Available for future purchases, ending balance (in shares)	360,560
Employee Stock Purchase Plan \| 2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Additional shares reserved (in shares)	86,853

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 67,750	$ 60,622	$ 136,377	$ 121,371
Direct advertising expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	62,913	56,276	127,150	112,748
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,271	1,163	2,446	2,270
Corporate expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,566	$ 3,183	$ 6,781	$ 6,353

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,545,263	$ 3,416,914
Accumulated Amortization	2,435,576	2,371,737
Goodwill, Gross Carrying Amount	2,257,681	2,189,962
Goodwill, Accumulated Amortization	253,536	253,536
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	692,429	676,846
Accumulated Amortization	$ 600,855	587,056
Customer lists and contracts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 71,005	69,276
Accumulated Amortization	$ 65,283	64,941
Non-competition agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,730,099	2,619,531
Accumulated Amortization	$ 1,729,533	1,680,333
Site locations \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 51,730	51,261
Accumulated Amortization	$ 39,905	$ 39,407
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 269,367
Additions to asset retirement obligations	4,172
Revision in estimates	3,524
Accretion expense	2,099
Liabilities settled	(1,671)
Ending balance	$ 277,491

Distribution Restrictions (Detail) $ in Thousands	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 4,042,234	$ 3,921,979
Debt ratio	7.0
Debt ratio related to actual position on senior credit facility	7.0
Available cumulative credit	$ 2,792,714
Secured Debt \| Maximum
Debt Instrument [Line Items]
Secured debt ratio	4.5
Secured Debt \| Maximum \| LAMAR MEDIA CORP
Debt Instrument [Line Items]
Secured debt ratio	4.5

Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
Earnings Per Share (Detail) - shares	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares)	0	0	0	0

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Aug. 19, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,275,438	$ 3,050,454
Debt, less current maturities	(240,368)	(175,363)
Debt, excluding current maturities	3,035,070	2,875,091
Deferred financing costs	34,275	36,859
Deferred financing costs, less current maturities	(672)	(585)
Deferred financing costs, excluding current maturities	33,603	36,274
Debt, net of deferred financing costs	3,241,163	3,013,595
Debt, net of deferred financing costs, less current maturities	(239,696)	(174,778)
Debt, net of deferred financing costs, excluding current maturities	3,001,467	2,838,817
Senior Credit Facility
Debt Instrument [Line Items]
Debt	933,844	773,717
Deferred financing costs	8,177	9,306
Debt, net of deferred financing costs	925,667	764,411
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	240,000	175,000
Deferred financing costs	672	585
Debt, net of deferred financing costs	239,328	174,415
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	6,523	7,036
Debt, net of deferred financing costs	$ 593,477	$ 592,964
Stated percentage	3.75%	3.75%		3.75%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 550,000	$ 550,000
Deferred financing costs	7,350	7,711
Debt, net of deferred financing costs	$ 542,650	$ 542,289
Stated percentage	3.625%	3.625%
4% Senior Notes
Debt Instrument [Line Items]
Debt	$ 549,398	$ 549,359
Deferred financing costs	6,838	7,208
Debt, net of deferred financing costs	$ 542,560	$ 542,151
Stated percentage	4.00%	4.00%	4.00%	4.00%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000
Deferred financing costs	4,715	5,013
Debt, net of deferred financing costs	$ 395,285	$ 394,987
Stated percentage	4.875%	4.875%
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	$ 2,196	$ 2,378
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 2,196	$ 2,378

Long-term Debt - Additional Information (Detail) - USD ($)								3 Months Ended		6 Months Ended
	Feb. 03, 2021	Jan. 22, 2021	Aug. 19, 2020	May 13, 2020	Feb. 06, 2020	Feb. 01, 2019	Jan. 28, 2016	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 24, 2022	Dec. 31, 2021	Mar. 16, 2020	Dec. 18, 2018
Debt Instrument [Line Items]
Outstanding revolving credit facility								$ 335,000,000		$ 335,000,000
Aggregate principal amount of debt issued								3,275,438,000		3,275,438,000
Debt instrument outstanding amount								3,275,438,000		3,275,438,000			$ 3,050,454,000
Loss on extinguishment of debt								$ 0	$ 0	$ 0	$ 21,604,000
4% Senior Notes
Debt Instrument [Line Items]
Stated percentage			4.00%		4.00%			4.00%		4.00%			4.00%
Debt instrument outstanding amount								$ 549,398,000		$ 549,398,000			$ 549,359,000
Redemption period					120 days
Redemption price percentage of the principal amount to be purchased					101.00%
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Aggregate principal amount of debt issued												$ 250,000,000			$ 175,000,000
Debt instrument outstanding amount								$ 240,000,000		$ 240,000,000			$ 175,000,000
5 3/4% Senior Notes
Debt Instrument [Line Items]
Stated percentage							5.75%
Aggregate principal amount of debt issued							$ 400,000,000
Net proceeds form the issuance of debt							$ 394,500,000
Principal amount redeemed	$ 650,000,000
Percentage of principal amount redeemed	102.875%
Loss on extinguishment of debt											21,604,000
Loss on debt extinguishment on cash											18,700,000
3 3/4% Senior Notes
Debt Instrument [Line Items]
Stated percentage					3.75%			3.75%		3.75%			3.75%
Debt instrument outstanding amount								$ 600,000,000		$ 600,000,000			$ 600,000,000
Redemption percentage of aggregate principal amount of senior notes					40.00%
Redeemed percentage of aggregate principal amount					103.75%
Redemption percentage of issued notes which remain outstanding					60.00%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Stated percentage								4.875%		4.875%			4.875%
Debt instrument outstanding amount								$ 400,000,000		$ 400,000,000			$ 400,000,000
Redemption percentage of aggregate principal amount of senior notes				40.00%
Redeemed percentage of aggregate principal amount				104.875%
Redemption percentage of issued notes which remain outstanding				60.00%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Stated percentage								3.625%		3.625%			3.625%
Debt instrument outstanding amount								$ 550,000,000		$ 550,000,000			$ 550,000,000
Redemption percentage of aggregate principal amount of senior notes		40.00%
Redeemed percentage of aggregate principal amount		103.625%
Redemption percentage of issued notes which remain outstanding		60.00%
Redemption period		120 days
Redemption price percentage of the principal amount to be purchased		101.00%
Redemption Period One \| 4% Senior Notes
Debt Instrument [Line Items]
Redemption percentage of aggregate principal amount of senior notes					40.00%
Redeemed percentage of aggregate principal amount					104.00%
Redemption percentage of issued notes which remain outstanding					60.00%
Redemption Period One \| 3 3/4% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount					100.00%
Redemption price percentage of the principal amount to be purchased					101.00%
Redemption Period One \| 4 7/8% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount				100.00%
Redemption price percentage of the principal amount to be purchased				101.00%
Redemption Period One \| 3 5/8% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount		100.00%
Redemption Period Two \| 4% Senior Notes
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount					100.00%
Private Placement \| 4% Senior Notes
Debt Instrument [Line Items]
Stated percentage			4.00%		4.00%
Aggregate principal amount of debt issued			$ 150,000,000		$ 400,000,000
Net proceeds form the issuance of debt			$ 146,900,000		395,000,000
Private Placement \| 5 3/4% Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued						$ 250,000,000
Net proceeds form the issuance of debt						$ 251,500,000
Private Placement \| 3 3/4% Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued					600,000,000
Net proceeds form the issuance of debt					$ 592,500,000
Redemption period					120 days
Private Placement \| 4 7/8% Senior Notes
Debt Instrument [Line Items]
Stated percentage				4.875%
Aggregate principal amount of debt issued				$ 400,000,000
Net proceeds form the issuance of debt				$ 395,000,000
Redemption period				120 days
Private Placement \| 3 5/8% Senior Notes
Debt Instrument [Line Items]
Proceeds received from term B loans		$ 542,500,000
Stated percentage		3.625%
Aggregate principal amount of debt issued		$ 550,000,000
Letter of Credit
Debt Instrument [Line Items]
Letter of credit outstanding balance								11,441,000		11,441,000
Debt Instrument Repurchase Program \| Senior or Senior Subordinated Notes and other Indebtedness
Debt Instrument [Line Items]
Debt repurchase program, authorized amount														$ 250,000,000
Debt instrument repurchased under the program								0		0
LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Loss on extinguishment of debt								0	$ 0	0	$ 21,604,000
LAMAR MEDIA CORP. AND SUBSIDIARIES \| Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Available borrowing on accounts receivable securitization								1,000,000		1,000,000
Senior Credit Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility					$ 750,000,000
Term B Loan Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility					600,000,000
Proceeds received from term B loans					$ 600,000,000
Term B Loan Facility \| LIBO Rate
Debt Instrument [Line Items]
Adjusted base rate					1.50%
Term B Loan Facility \| Base Rate
Debt Instrument [Line Items]
Adjusted base rate					0.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity under revolving credit facility								$ 403,559,000		$ 403,559,000
Revolving Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Secured debt ratio					4.50
Revolving Credit Facility \| LIBO Rate
Debt Instrument [Line Items]
Secured debt ratio					3.25
Adjusted base rate					1.50%
Ratio of indebtedness to net capital minimum					1
Revolving Credit Facility \| LIBO Rate \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate					1.25%
Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Secured debt ratio					3.25
Adjusted base rate					0.50%
Ratio of indebtedness to net capital minimum					1
Revolving Credit Facility \| Base Rate \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate					0.25%

Fair Value of Financial Instruments (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 2,931,182
Gross amount of company's long term debt	$ 3,275,438

Investments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Investments (Detail) - USD ($) $ in Thousands	Jul. 12, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings of investee		$ 355	$ 0	$ 1,101	$ 0
Vistar Media
Schedule of Equity Method Investments [Line Items]
Payment for investments in equity securities	$ 30,000
Minority interest	20.00%
Equity in earnings of investee		$ 318		$ 1,039

Dividends/Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Distributions paid	$ 121,808	$ 75,874	$ 233,410	$ 151,692
Dividends declared	$ 121,808	$ 75,874	$ 233,410	$ 151,692
Cash dividends declared per share of common stock (in dollars per share)	$ 1.20	$ 0.75	$ 2.30	$ 1.50
Dividends paid (in dollars per share)	$ 1.20	$ 0.75	$ 2.30	$ 1.50
Dividends paid	$ 91	$ 182	$ 91	$ 182
Distributions paid, preferred stockholders, per share (in dollars per share)	$ 15.95	$ 31.90	$ 15.95	$ 31.90

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 11,693		$ 11,318
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 21,949	$ 10,617

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Stockholders' Equity (Detail) - Class A CMN Stock - USD ($)	6 Months Ended	36 Months Ended
	Jun. 30, 2022	May 01, 2021	Jun. 21, 2021	Mar. 16, 2020	May 01, 2018
Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 250,000,000
Stock repurchased during period	$ 0
Sales Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares)		842,412
2021 Sales Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares)	0
Common stock, shares available to be sold	$ 400,000,000
Maximum \| Sales Agreement
Class of Stock [Line Items]
Aggregate offering price of common stock issuable					$ 400,000,000
Maximum \| 2021 Sales Agreement
Class of Stock [Line Items]
Aggregate offering price of common stock issuable			$ 400,000

Subsequent Event (Details) - USD ($) $ in Thousands	Jul. 29, 2022	Jun. 30, 2022
Subsequent Event [Line Items]
Outstanding revolving credit facility		$ 335,000
Subsequent Event \| Term A Loan Facility
Subsequent Event [Line Items]
Maximum borrowing limit of incremental loan facility	$ 350,000
Variable rate spread adjustment	0.0010
Subsequent Event \| Term A Loan Facility \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Adjusted base rate	1.25%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Condensed Consolidating Balance Sheets (Unaudited) (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Total current assets	$ 440,086		$ 388,607
Net property, plant and equipment	1,377,447		1,337,274
Operating lease right of use assets	1,244,392		1,224,672
Other assets	90,816		98,448
Total assets	6,282,037		6,047,494
Current liabilities:
Current maturities of long-term debt	239,696		174,778
Current operating lease liabilities	179,691		198,286
Total current liabilities	691,412		662,965
Long-term debt	3,001,467		2,838,817
Operating lease liabilities	1,012,429		995,356
Total liabilities	5,041,971		4,830,405
Stockholder's equity	1,240,066	$ 1,223,861	1,217,089	$ 1,231,605	$ 1,181,507	$ 1,202,768
Total liabilities and stockholders’ equity	6,282,037		6,047,494
LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	439,586		388,107
Net property, plant and equipment	1,377,447		1,337,274
Operating lease right of use assets	1,244,392		1,224,672
Intangible assets, net	3,103,212		2,970,983
Other assets	100,657		109,995
Total assets	6,265,294		6,031,031
Current liabilities:
Current maturities of long-term debt	239,696		174,778
Current operating lease liabilities	179,691		198,286
Other current liabilities	263,596		282,181
Total current liabilities	682,983		655,245
Long-term debt	3,001,467		2,838,817
Operating lease liabilities	1,012,429		995,356
Other noncurrent liabilities	336,663		333,267
Total liabilities	5,033,542		4,822,685
Stockholder's equity	1,231,752		1,208,346
Total liabilities and stockholders’ equity	6,265,294		6,031,031
Eliminations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	0		0
Net property, plant and equipment	0		0
Operating lease right of use assets	0		0
Intangible assets, net	0		0
Other assets	(4,945,409)		(4,576,531)
Total assets	(4,945,409)		(4,576,531)
Current liabilities:
Current maturities of long-term debt	0		0
Current operating lease liabilities	0		0
Other current liabilities	0		0
Total current liabilities	0		0
Long-term debt	0		0
Operating lease liabilities	0		0
Other noncurrent liabilities	(570,733)		(463,607)
Total liabilities	(570,733)		(463,607)
Stockholder's equity	(4,374,676)		(4,112,924)
Total liabilities and stockholders’ equity	(4,945,409)		(4,576,531)
Lamar Media Corp. \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	71,880		91,119
Net property, plant and equipment	0		0
Operating lease right of use assets	0		0
Intangible assets, net	0		0
Other assets	4,453,353		4,188,436
Total assets	4,525,233		4,279,555
Current liabilities:
Current maturities of long-term debt	0		0
Current operating lease liabilities	0		0
Other current liabilities	22,190		22,009
Total current liabilities	22,190		22,009
Long-term debt	2,999,639		2,836,801
Operating lease liabilities	0		0
Other noncurrent liabilities	271,652		212,399
Total liabilities	3,293,481		3,071,209
Stockholder's equity	1,231,752		1,208,346
Total liabilities and stockholders’ equity	4,525,233		4,279,555
Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	58,903		29,379
Net property, plant and equipment	1,361,206		1,321,526
Operating lease right of use assets	1,221,285		1,198,934
Intangible assets, net	3,086,061		2,953,600
Other assets	341,254		311,046
Total assets	6,068,709		5,814,485
Current liabilities:
Current maturities of long-term debt	368		363
Current operating lease liabilities	172,062		190,748
Other current liabilities	224,804		246,030
Total current liabilities	397,234		437,141
Long-term debt	1,828		2,016
Operating lease liabilities	997,889		977,463
Other noncurrent liabilities	300,693		292,194
Total liabilities	1,697,644		1,708,814
Stockholder's equity	4,371,065		4,105,671
Total liabilities and stockholders’ equity	6,068,709		5,814,485
Non- Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	308,803		267,609
Net property, plant and equipment	16,241		15,748
Operating lease right of use assets	23,107		25,738
Intangible assets, net	17,151		17,383
Other assets	251,459		187,044
Total assets	616,761		513,522
Current liabilities:
Current maturities of long-term debt	239,328		174,415
Current operating lease liabilities	7,629		7,538
Other current liabilities	16,602		14,142
Total current liabilities	263,559		196,095
Long-term debt	0		0
Operating lease liabilities	14,540		17,893
Other noncurrent liabilities	335,051		292,281
Total liabilities	613,150		506,269
Stockholder's equity	3,611		7,253
Total liabilities and stockholders’ equity	$ 616,761		$ 513,522

Condensed Consolidating Statements of Income and Comprehensive Income (Unaudited) (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Statements of Income

Net revenues

$ 517,852

$ 445,052

$ 969,240

$ 815,933

Operating expenses (income)

Direct advertising expenses

166,723

140,448

324,495

271,663

General and administrative expenses

90,658

75,834

173,742

148,483

Corporate expenses

27,591

20,643

49,603

38,403

Depreciation and amortization

67,750

60,622

136,377

121,371

Gain on disposition of assets

(1,374)

(1,481)

(1,937)

(1,896)

Total operating expenses

351,348

296,066

682,280

578,024

Operating income

166,504

148,986

286,960

237,909

Loss on extinguishment of debt

21,604

Equity in earnings of investee

(355)

(1,101)

Income before income tax expense

137,645

122,809

232,276

162,148

Income tax expense

3,440

3,200

5,920

4,210

Net income

134,205

$ 92,151

119,609

$ 38,329

226,356

157,938

Statements of Comprehensive Income

Net income

134,205

$ 92,151

119,609

$ 38,329

226,356

157,938

Comprehensive income

133,522

119,909

225,987

158,442

LAMAR MEDIA CORP. AND SUBSIDIARIES

Statements of Income

Net revenues

517,852

445,052

969,240

815,933

Operating expenses (income)

Direct advertising expenses

166,723

^[1]

140,448

^[2]

324,495

^[3]

271,663

^[4]

General and administrative expenses

90,658

^[1]

75,519

^[2]

173,742

^[3]

148,168

^[4]

Corporate expenses

27,481

^[1]

20,534

^[2]

49,357

^[3]

38,157

^[4]

Depreciation and amortization

67,750

60,622

136,377

121,371

Gain on disposition of assets

(1,374)

(1,481)

(1,937)

(1,896)

Total operating expenses

351,238

295,642

682,034

577,463

Operating income

166,614

149,410

287,206

238,470

Equity in (earnings) loss of subsidiaries

Loss on extinguishment of debt

21,604

Interest expense (income), net

29,214

26,177

55,785

54,157

Equity in earnings of investee

(355)

(1,101)

Income before income tax expense

137,755

123,233

232,522

162,709

Income tax expense

3,440

^[5]

3,200

^[6]

5,920

^[7]

4,210

^[8]

Net income

134,315

120,033

226,602

158,499

Statements of Comprehensive Income

Net income

134,315

120,033

226,602

158,499

Total other comprehensive loss, net of tax

(683)

300

(369)

504

Comprehensive income

133,632

120,333

226,233

159,003

Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES

Statements of Income

Net revenues

(343)

(182)

(773)

Operating expenses (income)

Direct advertising expenses

^[1]

(343)

^[2]

(182)

^[3]

(773)

^[4]

General and administrative expenses

^[1]

^[2]

^[3]

^[4]

Corporate expenses

^[1]

^[2]

^[3]

^[4]

Depreciation and amortization

Gain on disposition of assets

Total operating expenses

(343)

(182)

(773)

Operating income

Equity in (earnings) loss of subsidiaries

162,870

146,005

281,394

233,829

Loss on extinguishment of debt

Interest expense (income), net

Equity in earnings of investee

Income before income tax expense

(162,870)

(146,005)

(281,394)

(233,829)

Income tax expense

^[5]

^[6]

^[7]

^[8]

Net income

(162,870)

(146,005)

(281,394)

(233,829)

Statements of Comprehensive Income

Net income

(162,870)

(146,005)

(281,394)

(233,829)

Total other comprehensive loss, net of tax

Comprehensive income

(162,870)

(146,005)

(281,394)

(233,829)

Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES

Statements of Income

Net revenues

Operating expenses (income)

Direct advertising expenses

^[1]

^[2]

^[3]

^[4]

General and administrative expenses

^[1]

^[2]

^[3]

^[4]

Corporate expenses

^[1]

^[2]

^[3]

^[4]

Depreciation and amortization

Gain on disposition of assets

Total operating expenses

Operating income

Equity in (earnings) loss of subsidiaries

(162,870)

(146,005)

(281,394)

(233,829)

Loss on extinguishment of debt

21,604

Interest expense (income), net

28,555

25,972

54,792

53,726

Equity in earnings of investee

Income before income tax expense

134,315

120,033

226,602

158,499

Income tax expense

^[5]

^[6]

^[7]

^[8]

Net income

134,315

120,033

226,602

158,499

Statements of Comprehensive Income

Net income

134,315

120,033

226,602

158,499

Total other comprehensive loss, net of tax

Comprehensive income

134,315

120,033

226,602

158,499

Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES

Statements of Income

Net revenues

507,588

436,984

950,116

800,596

Operating expenses (income)

Direct advertising expenses

159,151

^[1]

134,204

^[2]

310,004

^[3]

261,619

^[4]

General and administrative expenses

88,860

^[1]

74,063

^[2]

170,158

^[3]

146,014

^[4]

Corporate expenses

26,074

^[1]

20,165

^[2]

47,689

^[3]

37,531

^[4]

Depreciation and amortization

66,803

60,017

134,591

120,083

Gain on disposition of assets

(1,374)

(1,474)

(1,937)

(1,889)

Total operating expenses

339,514

286,975

660,505

563,358

Operating income

168,074

150,009

289,611

237,238

Equity in (earnings) loss of subsidiaries

Loss on extinguishment of debt

Interest expense (income), net

(79)

(8)

(100)

(26)

Equity in earnings of investee

(355)

(1,101)

Income before income tax expense

168,508

150,017

290,812

237,264

Income tax expense

3,582

^[5]

3,251

^[6]

6,145

^[7]

3,883

^[8]

Net income

164,926

146,766

284,667

233,381

Statements of Comprehensive Income

Net income

164,926

146,766

284,667

233,381

Total other comprehensive loss, net of tax

Comprehensive income

164,926

146,766

284,667

233,381

Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES

Statements of Income

Net revenues

10,211

8,411

19,306

16,110

Operating expenses (income)

Direct advertising expenses

7,519

^[1]

6,587

^[2]

14,673

^[3]

10,817

^[4]

General and administrative expenses

1,798

^[1]

1,456

^[2]

3,584

^[3]

2,154

^[4]

Corporate expenses

1,407

^[1]

369

^[2]

1,668

^[3]

626

^[4]

Depreciation and amortization

947

605

1,786

1,288

Gain on disposition of assets

(7)

Total operating expenses

11,671

9,010

21,711

14,878

Operating income

(1,460)

(599)

(2,405)

1,232

Equity in (earnings) loss of subsidiaries

Loss on extinguishment of debt

Interest expense (income), net

738

213

1,093

457

Equity in earnings of investee

Income before income tax expense

(2,198)

(812)

(3,498)

775

Income tax expense

(142)

^[5]

(51)

^[6]

(225)

^[7]

327

^[8]

Net income

(2,056)

(761)

(3,273)

448

Statements of Comprehensive Income

Net income

(2,056)

(761)

(3,273)

448

Total other comprehensive loss, net of tax

(683)

300

(369)

504

Comprehensive income

$ (2,739)

$ (461)

$ (3,642)

$ 952

[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]	Caption is exclusive of depreciation and amortization.
[5]	The income tax expense (benefit) 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.
[7]	The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
[8]	The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 312,630	$ 285,257
Cash flows from investing activities:
Acquisitions	(234,292)	(27,236)
Capital expenditures	(75,802)	(41,416)
Proceeds from disposition of assets and investments	1,716	3,982
Net cash (used in) provided by investing activities	(308,378)	(64,670)
Cash flows from financing activities:
Proceeds received from revolving credit facility	400,000	25,000
Payments on revolving credit facility	(240,000)	(25,000)
Principal payments on long-term debt	(182)	(190)
Principal payments on financing leases	(666)	(666)
Proceeds received from note offering	0	550,000
Redemption of senior notes	0	(668,688)
Payments on accounts receivable securitization program	0	(32,500)
Proceeds received from accounts receivable securitization program	65,000	32,500
Debt issuance costs	(200)	(8,498)
Distributions to non-controlling interest	(98)	(49)
Net cash used in financing activities	(12,283)	(273,643)
Effect of exchange rate changes in cash and cash equivalents	(71)	213
Net decrease in cash and cash equivalents	(8,102)	(52,843)
Cash and cash equivalents at beginning of period	99,788	121,569
Cash and cash equivalents at end of period	91,686	68,726
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	279,320	269,129
Cash flows from investing activities:
Acquisitions	(234,292)	(27,236)
Capital expenditures	(75,802)	(41,416)
Proceeds from disposition of assets and investments	1,716	3,982
Investment in subsidiaries	0	0
Decrease (increase) in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(308,378)	(64,670)
Cash flows from financing activities:
Proceeds received from revolving credit facility	400,000	25,000
Payments on revolving credit facility	(240,000)	(25,000)
Principal payments on long-term debt	(182)	(190)
Principal payments on financing leases	(666)	(666)
Proceeds received from note offering		550,000
Redemption of senior notes		(668,688)
Payments on accounts receivable securitization program		(32,500)
Proceeds received from accounts receivable securitization program	65,000	32,500
Debt issuance costs	(200)	(8,498)
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	(98)	(49)
Dividends (to) from parent	(243,856)	(157,409)
Contributions from (to) parent	41,029	27,985
Net cash used in financing activities	21,027	(257,515)
Effect of exchange rate changes in cash and cash equivalents	(71)	213
Net decrease in cash and cash equivalents	(8,102)	(52,843)
Cash and cash equivalents at beginning of period	99,288	121,069
Cash and cash equivalents at end of period	91,186	68,226
Eliminations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(253,565)	(293,942)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	234,292	27,236
Decrease (increase) in intercompany notes receivable	(56,117)	(1,562)
Net cash (used in) provided by investing activities	178,175	25,674
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
Proceeds received from note offering		0
Redemption of senior notes		0
Payments on accounts receivable securitization program		0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	0
Intercompany loan (payments) proceeds	56,117	1,562
Distributions to non-controlling interest	0	0
Dividends (to) from parent	253,565	294,691
Contributions from (to) parent	(234,292)	(27,985)
Net cash used in financing activities	75,390	268,268
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	201,763	232,261
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	(234,292)	(27,236)
Decrease (increase) in intercompany notes receivable	56,117	1,562
Net cash (used in) provided by investing activities	(178,175)	(25,674)
Cash flows from financing activities:
Proceeds received from revolving credit facility	400,000	25,000
Payments on revolving credit facility	(240,000)	(25,000)
Principal payments on long-term debt	0	0
Principal payments on financing leases	0	0
Proceeds received from note offering		550,000
Redemption of senior notes		(668,688)
Payments on accounts receivable securitization program		0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	(8,063)
Intercompany loan (payments) proceeds	0	0
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(243,856)	(157,409)
Contributions from (to) parent	41,029	27,985
Net cash used in financing activities	(42,827)	(256,175)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	(19,239)	(49,588)
Cash and cash equivalents at beginning of period	91,023	110,588
Cash and cash equivalents at end of period	71,784	61,000
Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	364,272	346,732
Cash flows from investing activities:
Acquisitions	(234,292)	(27,236)
Capital expenditures	(73,562)	(38,908)
Proceeds from disposition of assets and investments	1,716	3,982
Investment in subsidiaries	0	0
Decrease (increase) in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(306,138)	(62,162)
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	(182)	(190)
Principal payments on financing leases	(666)	(666)
Proceeds received from note offering		0
Redemption of senior notes		0
Payments on accounts receivable securitization program		0
Proceeds received from accounts receivable securitization program	0	0
Debt issuance costs	0	0
Intercompany loan (payments) proceeds	(33,387)	(15,826)
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(253,565)	(294,691)
Contributions from (to) parent	234,292	27,985
Net cash used in financing activities	(53,508)	(283,388)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net decrease in cash and cash equivalents	4,626	1,182
Cash and cash equivalents at beginning of period	3,494	1,732
Cash and cash equivalents at end of period	8,120	2,914
Non- Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(33,150)	(15,922)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	(2,240)	(2,508)
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	0	0
Decrease (increase) in intercompany notes receivable	0	0
Net cash (used in) provided by investing activities	(2,240)	(2,508)
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
Proceeds received from note offering		0
Redemption of senior notes		0
Payments on accounts receivable securitization program		(32,500)
Proceeds received from accounts receivable securitization program	65,000	32,500
Debt issuance costs	(200)	(435)
Intercompany loan (payments) proceeds	(22,730)	14,264
Distributions to non-controlling interest	(98)	(49)
Dividends (to) from parent	0	0
Contributions from (to) parent	0	0
Net cash used in financing activities	41,972	13,780
Effect of exchange rate changes in cash and cash equivalents	(71)	213
Net decrease in cash and cash equivalents	6,511	(4,437)
Cash and cash equivalents at beginning of period	4,771	8,749
Cash and cash equivalents at end of period	$ 11,282	$ 4,312