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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-Q
________________________________________________________
xQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2023
or
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 1-36756
__________________________________
Lamar Advertising Company
________________________________________________
Commission File Number 1-12407
________________________________________________
Lamar Media Corp.
(Exact name of registrants as specified in their charters)
__________________________________
Delaware47-0961620
Delaware72-1205791
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
  
5321 Corporate Blvd., Baton Rouge, LA
70808
(Address of principal executive offices)(Zip Code)
Registrants’ telephone number, including area code: (225926-1000  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.001 par valueLAMR
The NASDAQ Stock Market, LLC
Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether each registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether Lamar Advertising Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨
Non-accelerated filer¨Smaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if Lamar Advertising Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether Lamar Media Corp. is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☐
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerxSmaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if Lamar Media Corp. has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether Lamar Advertising Company is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x
Indicate by check mark whether Lamar Media Corp. is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x
The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of July 28, 2023: 87,540,250 
The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of July 28, 2023: 14,420,085
The number of shares of Lamar Media Corp. common stock outstanding as of July 28, 2023: 100
This combined Form 10-Q is separately filed by (i) Lamar Advertising Company and (ii) Lamar Media Corp. (which is a wholly owned subsidiary of Lamar Advertising Company). Lamar Media Corp. meets the conditions set forth in general instruction H(1) (a) and (b) of Form 10-Q and is, therefore, filing this form with the reduced disclosure format permitted by such instruction.



NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included in this report is forward-looking in nature within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This report uses terminology such as “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue” and similar expressions to identify forward-looking statements. Examples of forward-looking statements in this report include statements about:
our future financial performance and condition;
our business plans, objectives, prospects, growth and operating strategies;
our future capital expenditures and level of acquisition activity;
our ability to integrate acquired assets and realize operating efficiency from acquisitions;
market opportunities and competitive positions;
our future cash flows and expected cash requirements;
estimated risks;
our ability to maintain compliance with applicable covenants and restrictions included in Lamar Media’s senior credit facility, Accounts Receivable Securitization Program and the indentures relating to its outstanding notes;
stock price;
estimated future dividend distributions; and
our ability to remain qualified as a Real Estate Investment Trust (“REIT”).
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors, including but not limited to the following, any of which may cause the actual results, performance or achievements of Lamar Advertising Company (referred to herein as the “Company” or “Lamar Advertising”) or Lamar Media Corp. (referred to herein as “Lamar Media”) to differ materially from those expressed or implied by the forward-looking statements:
the state of the economy and financial markets generally and their effects on the markets in which we operate and the broader demand for advertising, including inflationary pressures;
the levels of expenditures on advertising in general and outdoor advertising in particular;
risks and uncertainties relating to our significant indebtedness;
the demand for outdoor advertising and its continued popularity as an advertising medium;
our need for, and ability to obtain, additional funding for acquisitions, operations and debt refinancing;
increased competition within the outdoor advertising industry;
the regulation of the outdoor advertising industry by federal, state and local governments;
our ability to renew expiring contracts at favorable rates;
the integration of businesses and assets that we acquire and our ability to recognize cost savings and operating efficiencies as a result of these acquisitions;
our ability to successfully implement our digital deployment strategy;
the market for our Class A common stock;
changes in accounting principles, policies or guidelines;
our ability to effectively mitigate the threat of and damages caused by hurricanes and other kinds of severe weather;
our ability to maintain our status as a REIT; and
changes in tax laws applicable to REITs or in the interpretation of those laws.
The forward-looking statements in this report are based on our current good faith beliefs, however, actual results may differ due to inaccurate assumptions, the factors listed above or other foreseeable or unforeseeable factors. Consequently, we cannot
2


guarantee that any of the forward-looking statements will prove to be accurate. The forward-looking statements in this report speak only as of the date of this report, and Lamar Advertising and Lamar Media expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained in this report, except as required by law.
For a further description of these and other risks and uncertainties, the Company encourages you to read carefully Item 1A to the combined Annual Report on Form 10-K for the year ended December 31, 2022 of the Company and Lamar Media (the “2022 Combined Form 10-K”), filed on February 24, 2023, and as such risk factors may be further updated or supplemented, from time to time, in our future combined Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
3


CONTENTS
Page
Lamar Advertising Company
Lamar Media Corp.

4

PART I — FINANCIAL INFORMATION
ITEM 1. — FINANCIAL STATEMENTS
LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
June 30,
2023
December 31,
2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$47,779 $52,619 
Receivables, net of allowance for doubtful accounts of $11,421 and $11,418 in 2023 and 2022, respectively
322,193 285,039 
Other current assets35,311 26,894 
Total current assets405,283 364,552 
Property, plant and equipment4,194,469 4,109,146 
Less accumulated depreciation and amortization(2,662,820)(2,609,447)
Net property, plant and equipment1,531,649 1,499,699 
Operating lease right of use assets1,286,390 1,271,631 
Financing lease right of use assets12,611 14,037 
Goodwill2,035,273 2,035,269 
Intangible assets, net1,163,673 1,206,625 
Other assets86,165 83,401 
Total assets$6,521,044 $6,475,214 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable$17,184 $19,643 
Current maturities of long-term debt, net of deferred financing costs of $499 and $593 in 2023 and 2022, respectively
234,788 249,785 
Current operating lease liabilities185,647 205,838 
Current financing lease liabilities1,331 1,331 
Accrued expenses87,497 117,593 
Deferred income171,853 131,847 
Total current liabilities698,300 726,037 
Long-term debt, net of deferred financing costs of $29,013 and $32,022 in 2023 and 2022, respectively
3,153,998 3,063,020 
Operating lease liabilities1,039,326 1,035,655 
Financing lease liabilities15,280 15,945 
Deferred income tax liabilities9,317 9,651 
Asset retirement obligation392,897 390,442 
Other liabilities41,432 39,090 
Total liabilities5,350,550 5,279,840 
Stockholders’ equity:
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2023 and 2022
  
Class A common stock, par value $0.001, 362,500,000 shares authorized; 88,380,754 and 88,110,928 shares issued at 2023 and 2022, respectively; 87,540,250 and 87,327,232 outstanding at 2023 and 2022, respectively
88 88 
Class B common stock, par value $0.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2023 and 2022
14 14 
Additional paid-in capital2,090,400 2,061,671 
Accumulated comprehensive loss(258)(659)
Accumulated deficit(852,901)(804,382)
Cost of shares held in treasury, 840,504 and 783,696 shares at 2023 and 2022, respectively
(67,304)(61,358)
Non-controlling interest455  
Stockholders’ equity1,170,494 1,195,374 
Total liabilities and stockholders’ equity$6,521,044 $6,475,214 
See accompanying notes to condensed consolidated financial statements.
5

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Statements of Income
Net revenues$541,137 $517,852 $1,012,469 $969,240 
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)171,783 166,723 340,215 324,495 
General and administrative expenses (exclusive of depreciation and amortization)90,525 90,658 175,660 173,742 
Corporate expenses (exclusive of depreciation and amortization)28,556 27,591 57,083 49,603 
Depreciation and amortization75,158 67,750 148,283 136,377 
Gain on disposition of assets(1,676)(1,374)(4,364)(1,937)
364,346 351,348 716,877 682,280 
Operating income176,791 166,504 295,592 286,960 
Other (income) expense
Interest income(477)(279)(938)(494)
Interest expense43,649 29,493 85,093 56,279 
Equity in earnings of investee(449)(355)(627)(1,101)
42,723 28,859 83,528 54,684 
Income before income tax expense134,068 137,645 212,064 232,276 
Income tax expense3,180 3,440 4,978 5,920 
Net income130,888 134,205 207,086 226,356 
Earnings attributable to non-controlling interest268  425  
Net income attributable to controlling interest130,620 134,205 206,661 226,356 
Cash dividends declared and paid on preferred stock91 91 182 182 
Net income applicable to common stock$130,529 $134,114 $206,479 $226,174 
Earnings per share:
Basic earnings per share$1.28 $1.32 $2.03 $2.23 
Diluted earnings per share$1.28 $1.32 $2.02 $2.23 
Cash dividends declared per share of common stock$1.25 $1.20 $2.50 $2.30 
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic101,917,200 101,486,547 101,855,104 101,413,458 
Weighted average common shares outstanding diluted102,104,429 101,660,120 102,047,875 101,602,743 
Statements of Comprehensive Income
Net income$130,888 $134,205 $207,086 $226,356 
Other comprehensive income (loss)
Foreign currency translation adjustments403 (683)401 (369)
Comprehensive income131,291 133,522 207,487 225,987 
Earnings attributable to non-controlling interest(268) (425) 
Comprehensive income attributable to controlling interest$131,023 $133,522 $207,062 $225,987 
See accompanying notes to condensed consolidated financial statements.
6

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)
Series AA
PREF
Stock
Class A
CMN
Stock
Class B
CMN
Stock
Treasury
Stock
Add’l
Paid in
Capital
Accumulated Comprehensive
Loss
Accumulated
Deficit
Non-controlling interestTotal
Balance, December 31, 2022$ $88 $14 $(61,358)$2,061,671 $(659)$(804,382) $1,195,374 
Non-cash compensation— — — — 3,305 — — — 3,305 
Issuance of 161,050 shares of common stock through stock awards
— — — — 15,934 — — — 15,934 
Exercise of 10,595 shares of stock options
— — — — 678 — — — 678 
Issuance of 45,232 shares of common stock through employee purchase plan
— — — — 3,530 — — — 3,530 
Purchase of 56,808 shares of treasury stock
— — — (5,946)— — — — (5,946)
Foreign currency translation— — — — — (2)— — (2)
Net income— — — — — — 76,041 157 76,198 
Reallocation of capital— — — — (1,016)— — 397 (619)
Dividends ($1.25 per common share) and other distributions
— — — — — — (127,460)(214)(127,674)
Dividends ($15.95 per preferred share)
— — — — — — (91)— (91)
Balance, March 31, 2023$ $88 $14 $(67,304)$2,084,102 $(661)$(855,892)$340 $1,160,687 
Non-cash compensation— — — — 2,133 — — — 2,133 
Issuance of 7,126 shares of common stock through stock awards
— — — — 681 — — — 681 
Exercise of 11,540 shares of stock options
— — — — 809 — — — 809 
Issuance of 34,283 shares of common stock through employee purchase plan
— — — — 2,675 — — — 2,675 
Foreign currency translation— — — — — 403 — — 403 
Net income— — — — — — 130,620 268 130,888 
Dividends/distributions to common shareholders ($1.25 per common share)
— — — — — — (127,538)(153)(127,691)
Dividends ($15.95 per preferred share)
— — — — — — (91)— (91)
Balance, June 30, 2023$ $88 $14 $(67,304)$2,090,400 $(258)$(852,901)$455 $1,170,494 
See accompanying notes to condensed consolidated financial statements.






7

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)
Series AA
PREF
Stock
Class A
CMN
Stock
Class B
CMN
Stock
Treasury
Stock
Add’l
Paid in
Capital
Accumulated
Comprehensive
Income
Accumulated
Deficit
Non-controlling interestTotal
Balance, December 31, 2021$ $88 $14 $(50,852)$2,001,399 $855 $(734,415) $1,217,089 
Non-cash compensation— — — — 1,405 — — — 1,405 
Issuance of 241,750 shares of common stock through stock awards
— — — — 30,145 — — — 30,145 
Exercise of 26,190 shares of stock options
— — — — 1,307 — — — 1,307 
Issuance of 36,347 shares of common stock through employee purchase plan
— — — — 3,589 — — — 3,589 
Purchase of 95,091 shares of treasury stock
— — (10,446)— — — — (10,446)
Foreign currency translation— — — — — 314 — — 314 
Net income— — — — — — 92,151 — 92,151 
Dividends/distributions to common shareholders ($1.10 per common share)
— — — — — — (111,602)— (111,602)
Dividends ($15.95 per preferred share)
— — — — — — (91)— (91)
Balance, March 31, 2022$ $88 $14 $(61,298)$2,037,845 $1,169 $(753,957)$ $1,223,861 
Non-cash compensation— — — — 1,356 — — — 1,356 
Issuance of 7,197 shares of common stock through stock awards
— — — — 221 — — — 221 
Exercise of 13,131 shares of stock options
— — — — 599 — — — 599 
Issuance of 32,172 shares 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 ($1.20 per common share)
— — — — — — (121,808)— (121,808)
Dividends ($15.95 per preferred share)
— — — — — — (91)— (91)
Balance, June 30, 2022$ $88 $14 $(61,298)$2,042,427 $486 $(741,651)$ $1,240,066 
See accompanying notes to condensed consolidated financial statements.
8

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Six Months Ended
June 30,
20232022
Cash flows from operating activities:
Net income$207,086 $226,356 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization148,283 136,377 
Stock-based compensation12,446 9,223 
Amortization included in interest expense3,294 2,950 
Gain on disposition of assets(4,364)(1,937)
Equity in earnings of investee(627)(1,101)
Deferred tax (benefit) expense(345)1,212 
Provision for doubtful accounts5,558 4,368 
Changes in operating assets and liabilities
Increase in:
Receivables(42,589)(36,153)
Prepaid expenses(5,453)(5,513)
Other assets(4,249)(2,581)
(Decrease) increase in:
Trade accounts payable(1,882)(995)
Accrued expenses(16,531)(15,086)
Operating lease liabilities(30,656)(21,780)
Other liabilities36,902 17,290 
Net cash provided by operating activities306,873 312,630 
Cash flows from investing activities:
Acquisitions(42,122)(234,292)
Capital expenditures(93,007)(75,802)
Proceeds from disposition of assets and investments5,120 1,716 
Net cash used in investing activities(130,009)(308,378)
Cash flows from financing activities:
Cash used for purchase of treasury stock(5,946)(10,446)
Net proceeds from issuance of common stock7,692 7,901 
Principal payments on long-term debt(188)(182)
Principal payments on financing leases(666)(666)
Payments on revolving credit facility(110,000)(240,000)
Proceeds received from revolving credit facility198,000 400,000 
Proceeds received from accounts receivable securitization program31,900 65,000 
Payments on accounts receivable securitization program(47,000) 
Debt issuance costs(25)(200)
Distributions to non-controlling interest(367)(98)
Dividends/distributions(255,180)(233,592)
Net cash used in financing activities(181,780)(12,283)
Effect of exchange rate changes in cash and cash equivalents76 (71)
Net decrease in cash and cash equivalents(4,840)(8,102)
Cash and cash equivalents at beginning of period52,619 99,788 
Cash and cash equivalents at end of period$47,779 $91,686 
Supplemental disclosures of cash flow information:
Cash paid for interest$81,882 $53,149 
Cash paid for foreign, state and federal income taxes$6,896 $6,201 
See accompanying notes to condensed consolidated financial statements.
9

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)

1. Significant Accounting Policies
The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2022 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
2. 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, 2023 and 2022.
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Billboard advertising$483,278 $463,826 $900,453 $865,565 
Logo advertising21,228 20,760 41,538 40,505 
Transit advertising36,631 33,266 70,478 63,170 
Net revenues$541,137 $517,852 $1,012,469 $969,240 

10

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
3. Leases
During the three months ended June 30, 2023 and 2022, we had operating lease costs of $79,640 and $76,382, respectively, and variable lease costs of $16,153 and $15,671, respectively. During the six months ended June 30, 2023 and 2022, we had operating lease costs of $159,086 and $152,201, respectively, and variable lease costs of $28,528 and $27,875, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2023 and 2022, we recorded a gain of $337 and $429, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2023 and 2022, we recorded a gain of $192 and $469, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $202,129 and $180,151 were made reducing our operating lease liabilities for the six months ended June 30, 2023 and 2022, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows.
We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $2,598 and $1,814 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2023 and 2022, respectively. We recorded $5,008 and $3,551 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2023 and 2022, respectively.
Our operating leases have a weighted-average remaining lease term of 12.7 years. The weighted-average discount rate of our operating leases is 4.9%. Also, during the periods ended June 30, 2023 and 2022, we obtained $9,910 and $32,492, 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, 2023:
2023$107,491 
2024224,989 
2025176,073 
2026150,071 
2027127,195 
Thereafter921,598 
Total undiscounted operating lease payments1,707,417 
Less: Imputed interest(482,444)
Total operating lease liabilities$1,224,973 
During the three months ended June 30, 2023 and 2022, $713 of amortization expense for each period and $127 and $137 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, 2023 and 2022, $1,427 of amortization expense for each period and $257 and $277 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, 2023 and 2022 and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 4.4 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, 2023 and 2022, non-lease variable transit payments were $20,320 and $24,241, respectively. For the six months ended June 30, 2023 and 2022, non-lease variable transit payments were $40,638 and $41,519, respectively.
11

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Condensed Consolidated Statements of Income and Comprehensive Income.
4. 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 13,500 shares of its Class A common stock during the six months ended June 30, 2023. At June 30, 2023 a total of 1,728,045 shares were available for future grant.
Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 87,327 shares on January 1, 2023 pursuant to the automatic increase provisions of the 2019 ESPP.
The following is a summary of 2019 ESPP share activity for the six months ended June 30, 2023:
Shares
Available for future purchases, January 1, 2023301,971 
Additional shares reserved under 2019 ESPP87,327 
Purchases(79,515)
Available for future purchases, June 30, 2023309,783 
Performance-based stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2023 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2024. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the three months ended June 30, 2023 and 2022, the Company recorded $1,855 and $5,959, respectively, as stock-based compensation expense related to performance-based awards. For the six months ended June 30, 2023 and 2022, the Company recorded $6,445 and $5,959, respectively, as stock-based compensation expense related to performance-based awards.
LTIP Units. In addition to performance-based stock compensation, the Company may issue LTIP Units of Lamar Advertising Limited Partnership (the "OP"), a subsidiary of the Company, to certain officers, employees and directors under the Incentive Plan of the Company. Such LTIP Units are subject to vesting and forfeiture conditions based on performance criteria approved by the Compensation Committee, which mirrors the performance criteria applicable to the Company's performance-based stock compensation, as described above. LTIP Units are a class of units intended to qualify as “profits interests” of the OP. The LTIP Units convert into Common Units of the OP upon the occurrence of certain events. Common Units are redeemable by the holder for shares of the Company's Class A common stock after a holding period of twelve months, or may be paid out in cash at the option of the general partner of the OP. As of the June 30, 2023, the OP issued a total of 176,000 LTIP Units to the Company’s executive officers, of which 88,000 LTIP units have vested. For the three and six months ended June 30, 2023, the Company recorded $1,012 and $2,903, respectively, as stock-based compensation expense related to these LTIP Units.
12

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
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, 2023 and 2022, the Company recorded $419 and $369, respectively, in stock-based compensation expense related to these awards. For the six months ended June 30, 2023 and 2022, the Company recorded $520 and $429, respectively, in stock-based compensation expense related to these awards.
5. 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,
2023202220232022
Direct advertising expenses$70,358 $62,913 $138,674 $127,150 
General and administrative expenses1,278 1,271 2,558 2,446 
Corporate expenses3,522 3,566 7,051 6,781 
$75,158 $67,750 $148,283 $136,377 
6. Goodwill and Other Intangible Assets
The following is a summary of intangible assets at June 30, 2023 and December 31, 2022:
Estimated
Life
(Years)
June 30, 2023December 31, 2022
Gross Carrying
Amount
Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Amortizable intangible assets:
Customer lists and contracts
710
$721,635 $627,803 $720,051 $614,840 
Non-competition agreements
315
71,731 66,050 71,599 65,647 
Site locations152,888,864 1,836,144 2,864,854 1,781,164 
Other
215
52,341 40,901 52,164 40,392 
$3,734,571 $2,570,898 $3,708,668 $2,502,043 
Unamortizable intangible assets:
Goodwill$2,288,809 $253,536 $2,288,805 $253,536 
7. Asset Retirement Obligations
The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations:
Balance at December 31, 2022$390,442 
Additions to asset retirement obligations667 
Revision in estimates1,230 
Accretion expense3,565 
Liabilities settled(3,007)
Balance at June 30, 2023$392,897 
13

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
8. Distribution Restrictions
Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of June 30, 2023 and December 31, 2022, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $4,272,023 and $4,187,593, respectively.
As of June 30, 2023, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of June 30, 2023, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of June 30, 2023, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $3,022,503.
9. Earnings Per Share
The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and six months ended June 30, 2023 or 2022.
10. Long-term Debt
Long-term debt consists of the following at June 30, 2023 and December 31, 2022:
June 30, 2023
DebtDeferred
financing costs
Debt, net of
deferred
financing costs
Senior Credit Facility$1,082,096 $6,770 $1,075,326 
Accounts Receivable Securitization Program234,900 499 234,401 
3 3/4% Senior  Notes600,000 5,467 594,533 
3 5/8% Senior Notes550,000 6,608 543,392 
4% Senior Notes
549,477 6,072 543,405 
4 7/8% Senior Notes400,000 4,096 395,904 
Other notes with various rates and terms1,825  1,825 
3,418,298 29,512 3,388,786 
Less current maturities(235,287)(499)(234,788)
Long-term debt, excluding current maturities$3,183,011 $29,013 $3,153,998 

14

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
December 31, 2022
DebtDeferred
financing costs
Debt, net of
deferred
financing costs
Senior Credit Facility$993,970 $8,171 $985,799 
Accounts Receivable Securitization Program250,000 593 249,407 
3 3/4% Senior Notes600,000 6,000 594,000 
3 5/8% Senior Notes550,000 6,982 543,018 
4% Senior Notes
549,437 6,459 542,978 
4 7/8% Senior Notes400,000 4,410 395,590 
Other notes with various rates and terms2,013  2,013 
 3,345,420 32,615 3,312,805 
Less current maturities(250,378)(593)(249,785)
Long-term debt, excluding current maturities$3,095,042 $32,022 $3,063,020 
Senior Credit Facility
On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”).
The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $600,000 senior secured Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, (iii) a $350,000 senior secured Term A loan facility (the "Term A loans") which will mature on February 6, 2025, and (iv) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated.
The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Term Secured Overnight Financing Rate ("Term SOFR") plus a credit spread adjustment of 0.10% (Term SOFR plus such credit spread adjustment, the "Adjusted Term SOFR Rate”) or the Adjusted Base Rate, at Lamar Media’s option. Term B loans bearing interest at a rate based on Term SOFR bear interest at a rate per annum equal to Term SOFR plus 1.50%. Term B loans bearing interest at a rate based on the Adjusted Base Rate bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%.
The revolving credit facility bears interest at rates based on Term SOFR ("Term SOFR revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Term SOFR revolving loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility.
15

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
On July 29, 2022, Lamar Media entered into Amendment No. 2 (the "Amendment No. 2") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto. Amendment No. 2 established the Term A loans as a new class of incremental term loans. The Term A loans will mature on February 6, 2025 with no required amortization payments prior to maturity and bear interest at rates based on Term SOFR ("Term SOFR Term A loans") or the Adjusted Base Rate ("Base Rate Term A loans"), at Lamar Media's option. Term SOFR Term A loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate Term A loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The covenants, events of default and other terms of the senior credit facility apply to the Term A loans. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022. The entire amount of the Term A loans will be payable at maturity. Proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program.
On April 26, 2023, Lamar Media entered into Amendment No. 3 (the "Amendment No. 3") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank N.A. as administrative agent and the lenders party thereto. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement remain unchanged by Amendment No. 3.
As of June 30, 2023, there were $133,000 in borrowings outstanding under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $8,683 in letters of credit outstanding as of June 30, 2023 resulting in $608,317 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
16

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
(the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program.
Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty.
On June 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program.
As of June 30, 2023 there was $234,900 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Based on the availability of eligible accounts, Lamar Media had an additional $5,000 available for borrowing under the Accounts Receivable Securitization Program as of June 30, 2023. 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, 2023.
The Accounts Receivable Securitization Program will mature on July 21, 2025. Lamar Media may amend the facility to extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.
The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows.
4% Senior Notes
On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.
On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900.
At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to
17

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
3 3/4% Senior Notes
On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500.
On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
4 7/8% Senior Notes
On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.
Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
3 5/8% Senior Notes
On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the “3 5/8% Notes”). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500.
Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.
Debt Repurchase Program
On March 16, 2020, the Company’s Board of Directors authorized Lamar Media to repurchase up to $250,000 in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. On February 23, 2023, the Board of Directors authorized the extension of the repurchase program through September 30, 2024. There were no repurchases under the program as of June 30, 2023.
18

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
11. Fair Value of Financial Instruments
At June 30, 2023 and December 31, 2022, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,159,472 which does not exceed the carrying amount of $3,418,298 as of June 30, 2023. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).
12. New Accounting Pronouncements
In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.
13. Dividends/Distributions
During the three months ended June 30, 2023 and 2022, the Company declared and paid cash distributions in an aggregate amount of $127,538 or $1.25 per share and $121,808 or $1.20 per share, respectively. During the six months ended June 30, 2023 and 2022, the Company declared and paid cash distributions in an aggregate amount of $254,998 or $2.50 per share and $233,410 or $2.30 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, 2023 and 2022, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share and $182 or $31.90 per share for each period, respectively.
14. Information about Geographic Areas
Revenues from external customers attributable to foreign countries totaled $13,762 and $13,269 for the six months ended June 30, 2023 and 2022, respectively. Net carrying value of long-lived assets located in foreign countries totaled $13,786 and $11,763 as of June 30, 2023 and December 31, 2022, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.
15. Stockholders’ Equity
Sales Agreement. On June 21, 2021, the Company entered into an equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals.
19

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)
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, 2023, no shares of our Class A common stock have been sold under the 2021 Sales Agreement and accordingly $400,000 remained available to be sold under the 2021 Sales Agreement as of June 30, 2023.
Shelf Registration. On June 21, 2021, the Company filed an automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock. During the six months ended June 30, 2023 and the year ended December 31, 2022, the Company did not issue any shares under this shelf registration.
Stock Repurchase Program. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. On February 23, 2023, the Board of Directors authorized the extension of the repurchase program through September 30, 2024. There were no repurchases under the program as of June 30, 2023.
16. Subsequent Event
On July 31, 2023, Lamar Media entered into Amendment No. 4 (the “Amendment No. 4”), to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the lenders party thereto. Amendment No. 4 extends the maturity date of Lamar Media’s $750,000 revolving credit facility such that the revolving credit facility matures July 31, 2028; provided, that, if on the date (a "Springing Maturity Test Date") that is 91 days prior to either the then scheduled maturity date of Lamar Media’s Term B loans (which is currently February 6, 2027) or the February 15, 2028 maturity date of Lamar Media’s 3 3/4% Notes, the Company and its restricted subsidiaries do not have sufficient liquidity (defined as unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus unused commitments under the revolving credit facility) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the Term B loans or the 3 3/4% Notes (as applicable), the revolving credit facility will mature on such Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together with all accrued and unpaid interest on such revolving loans, will be due and payable.
Amendment No. 4 also establishes a $75,000 swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75,000. In addition, Amendment No. 4 amends the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from to time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein.
The interest rates, unused fees, guarantees, covenants, events of default and other material terms of the Fourth Amended and Restated Credit Agreement applicable to the revolving credit facility remain unchanged by Amendment No. 4.
20

LAMAR MEDIA CORP.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30,
2023
December 31,
2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$47,279 $52,119 
Receivables, net of allowance for doubtful accounts of $11,421 and $11,418 in 2023 and 2022, respectively
322,193 285,039 
Other current assets35,311 26,894 
Total current assets404,783 364,052 
Property, plant and equipment4,194,469 4,109,146 
Less accumulated depreciation and amortization(2,662,820)(2,609,447)
Net property, plant and equipment1,531,649 1,499,699 
Operating lease right of use assets1,286,390 1,271,631 
Financing lease right of use assets12,611 14,037 
Goodwill2,025,121 2,025,117 
Intangible assets, net1,163,205 1,206,158 
Other assets80,542 77,778 
Total assets$6,504,301 $6,458,472 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Trade accounts payable$17,184 $19,643 
Current maturities of long-term debt, net of deferred financing costs of $499 and $593 in 2023 and 2022, respectively
234,788 249,785 
Current operating lease liabilities185,647 205,838 
Current financing lease liabilities1,331 1,331 
Accrued expenses78,201 108,724 
Deferred income171,853 131,847 
Total current liabilities689,004 717,168 
Long-term debt, net of deferred financing costs of $29,013 and $32,022 in 2023 and 2022, respectively
3,153,998 3,063,020 
Operating lease liabilities1,039,326 1,035,655 
Financing lease liabilities15,280 15,945 
Deferred income tax liabilities9,317 9,651 
Asset retirement obligation392,897 390,442 
Other liabilities41,432 39,090 
Total liabilities5,341,254 5,270,971 
Stockholder's equity:
Common stock, par value $0.01, 3,000 shares authorized, 100 shares issued and outstanding at 2023 and 2022
  
Additional paid-in-capital3,160,907 3,132,178 
Accumulated comprehensive loss(258)(659)
Accumulated deficit(1,998,057)(1,944,018)
Non-controlling interest455  
Stockholder's equity1,163,047 1,187,501 
Total liabilities and stockholder's equity$6,504,301 $6,458,472 
See accompanying notes to condensed consolidated financial statements.
21

LAMAR MEDIA CORP.
AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Statements of Income
Net revenues$541,137 $517,852 $1,012,469 $969,240 
Operating expenses (income)