0001628280-24-046555 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2024

During the three months ended September 30, 2024 and 2023, we had operating lease costs of $79,798 and $80,550, respectively, and variable lease costs of $16,783 and $16,111, respectively. During the nine months ended September 30, 2024 and 2023, we had operating lease costs of $238,569 and $239,636, respectively, and variable lease costs of $47,092 and $44,639, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2024 and 2023, we recorded a gain of $61 and $68, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2024 and 2023, we recorded a gain of $330 and $260, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $264,093 and $259,440 were made reducing our operating lease liabilities for the nine months ended September 30, 2024 and 2023, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $2,638 and $2,523 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2024 and 2023, respectively. We recorded $7,812 and $7,532 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2024 and 2023, respectively.

Our operating leases have a weighted-average remaining lease term of 12.4 years. The weighted-average discount rate of our operating leases is 5.1%. Also, during the nine months ended September 30, 2024 and 2023, we obtained $9,912 and $17,906, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions.

The following is a summary of the maturities of our operating lease liabilities as of September 30, 2024:


2024	$	41,953
2025	224,500
2026	189,690
2027	166,049
2028	143,779
Thereafter	975,779
Total undiscounted operating lease payments	1,741,750
Less: Imputed interest	(458,777)
Total operating lease liabilities	$	1,282,973

During the three months ended September 30, 2024 and 2023, $713 of amortization expense for each period and $115 and $125, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the nine months ended September 30, 2024 and 2023, $2,140 of amortization expense for each period and $351 and $382, respectively, of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $998 were made reducing our financing lease liabilities for each of the nine months ended September 30, 2024 and 2023, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 3.2 years and a weighted-average discount rate of 3.1%.

Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the three months ended September 30, 2024 and 2023, non-lease variable transit costs were $23,559 and $22,023, respectively. For the nine months ended September 30, 2024 and 2023, non-lease variable transit costs were $70,551 and $62,661, respectively.

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

Leases

The following is a summary of the maturities of our operating lease liabilities as of September 30, 2024:


2024	$	41,953
2025	224,500
2026	189,690
2027	166,049
2028	143,779
Thereafter	975,779
Total undiscounted operating lease payments	1,741,750
Less: Imputed interest	(458,777)
Total operating lease liabilities	$	1,282,973

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

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires companies to disclose significant segment expenses and other segment items that impact each reported measure of segment income or loss. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose disaggregated information related to the effective tax rate reconciliation and income taxes paid. This guidance is effective for public entities as of December 15, 2024. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements.

- 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 (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Dividends declared	$ 143,491			$ 127,582			$ 409,635	$ 382,580
Distributions paid	$ 143,491			$ 127,582			$ 409,635	$ 382,580
Cash dividends declared per share of common stock (in dollars per share)	$ 1.40	$ 1.30	$ 1.30	$ 1.25	$ 1.25	$ 1.25	$ 4.00	$ 3.75
Dividends paid (in dollars per share)	$ 1.40			$ 1.25			$ 4.00	$ 3.75
Dividends paid	$ 91			$ 91			$ 273	$ 273
Series AA PREF Stock
Class of Stock [Line Items]
Dividends paid	$ 91			$ 91			$ 273	$ 273
Distributions paid, preferred stockholders, per share (in dollars per share)	$ 15.95			$ 15.95			$ 47.85	$ 47.85

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common stock through stock awards (in shares)		5,652	137,350		7,126	161,050
Exercise of stock options (in shares)	34,850	18,475	47,000	850	11,540	10,595
Issuance of common stock through employee purchase plan (in shares)	27,799	30,337	40,322	37,407	34,283	45,232
Purchase of treasury stock (in shares)			49,623	431		56,808
Cash dividends declared per share of common stock (in dollars per share)	$ 1.40	$ 1.30	$ 1.30	$ 1.25	$ 1.25	$ 1.25
Preferred stock dividend shares (in dollars per share)	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options and LTIP units. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and nine months ended September 30, 2024 or 2023.

Information about Geographic Areas (Details) - Foreign Countries - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 13,643		$ 13,930
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 26,455	$ 21,684

- 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).

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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of ESPP Share Activity

The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2024:


			Shares
Available for future purchases, January 1, 2024			242,292
Additional shares reserved under 2019 ESPP			87,645
Purchases			(98,458)
Available for future purchases, September 30, 2024			231,479

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at September 30, 2024 and December 31, 2023:


	Estimated Life (Years)	September 30, 2024				December 31, 2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Customer lists and contracts	7—10	$	731,437	$	659,476	$	731,156	$	640,635
Non-competition agreements	3—15	71,785		66,693		71,960		66,455
Site locations	15	2,973,839		1,974,975		2,955,324		1,891,078
Other	2—15	52,662		42,198		52,578		41,416
		$	3,829,723	$	2,743,342	$	3,811,018	$	2,639,584
Unamortizable intangible assets:
Goodwill		$	2,288,761	$	253,536	$	2,288,807	$	253,536

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 79,798	$ 80,550	$ 238,569	$ 239,636
Variable lease, cost	16,783	16,111	47,092	44,639
Gain on disposition of assets	2,474	879	5,486	5,243
Operating lease, cash payments			264,093	259,440
Direct advertising expenses (exclusive of depreciation and amortization)	$ 182,585	175,188	$ 541,495	515,403
Operating lease, weighted average remaining lease term	12 years 4 months 24 days		12 years 4 months 24 days
Operating lease, weighted average discount rate	5.10%		5.10%
Leased assets obtained in exchange for operating lease liability			$ 9,912	17,906
Amortization expense	$ 713	713	2,140	2,140
Interest expense	$ 115	125	351	382
Principal payments on financing leases			$ 998	998
Weighted-average remaining lease term	3 years 2 months 12 days		3 years 2 months 12 days
Weighted-average discount rate	3.10%		3.10%
Non-lease transit costs	$ 23,559	22,023	$ 70,551	62,661
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	2,638	2,523	7,812	7,532
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ 61	$ 68	$ 330	$ 260

Revenues

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Billboard advertising	$	502,587	$	484,268	$	1,444,116	$	1,384,721
Logo advertising	20,698		20,437		62,957		61,975
Transit advertising	40,850		37,904		120,463		108,382
Net revenues	$	564,135	$	542,609	$	1,627,536	$	1,555,078

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,157,971
Debt instrument outstanding amount	$ 3,270,122	$ 3,370,372

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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+ Details

Summarized Financial Information of Subsidiaries

9 Months Ended

Sep. 30, 2024

LAMAR MEDIA CORP. AND SUBSIDIARIES

Condensed Income Statements, Captions [Line Items]

Summarized Financial Information of Subsidiaries

Summarized 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 summarized financial information. The following summarized financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantors are each a consolidated subsidiary of Lamar Media, Lamar Media’s consolidated financial statements have been filed, and the guaranteed securities are debt securities with Lamar Media as the issuer. 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)

Summarized Balance Sheet as of September 30, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated

Current assets	$	19,443	$	37,482	$	354,895	$	—	$	411,820
Noncurrent assets	4,544,652		6,334,441		300,552		(5,088,141)		6,091,504
Current liabilities	73,169		383,052		272,074		—		728,295
Noncurrent liabilities	3,284,935		1,510,404		404,352		(631,298)		4,568,393
Non-controlling interest	—		1,999		(1,354)		—		645

Summarized Balance Sheet as of December 31, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Current assets	$	33,875	$	28,905	$	309,906	$	—	$	372,686
Noncurrent assets	4,596,516		6,359,236		318,095		(5,099,653)		6,174,194
Current liabilities	45,225		387,408		271,533		—		704,166
Noncurrent liabilities	3,375,803		1,476,097		368,208		(587,171)		4,632,937
Non-controlling interest	—		964		(550)		—		414

Summarized Statements of Income and Comprehensive Income

for the Nine Months Ended September 30, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	1,592,981	$	36,253	$	(1,698)	$	1,627,536
Operating expenses (income)	—		1,096,444		36,977		(1,698)		1,131,723
Operating income (loss)	—		496,537		(724)		—		495,813
Net income (loss)	363,496		491,782		(7,381)		(483,552)		364,345
Net income (loss) attributable to controlling interest	363,496		491,201		(7,649)		(483,552)		363,496

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Summarized Statements of Income and Comprehensive Income

for the Nine Months Ended September 30, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	1,525,275	$	31,810	$	(2,007)	$	1,555,078
Operating expenses (income)	—		1,039,312		33,666		(2,007)		1,070,971
Operating income (loss)	—		485,963		(1,856)		—		484,107
Net income (loss)	347,060		480,045		(12,851)		(466,361)		347,893
Net income (loss) attributable to controlling interest	347,060		479,788		(13,427)		(466,361)		347,060

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Sales Agreement. On July 24, 2024, the Company entered into an equity distribution agreement, or At-the-Market Offering agreement, (the "2024 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 which expired by its terms on June 21, 2024. Under the terms of the 2024 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 2024 Sales Agreement. As of September 30, 2024, no shares of our Class A common stock have been sold under the 2024 Sales Agreement or were sold under the prior Sales Agreement. Shelf Registration. On July 24, 2024, 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. The shelf registration statement replaced a prior shelf registration statement which expired. During the nine months ended September 30, 2024 and the year ended December 31, 2023, the Company did not issue any shares under its shelf registration statements. Stock Repurchase Program. The Company’s Board of Directors has authorized the repurchase of up to $250,000 of the Company’s Class A common stock. On September 24, 2024, the Board of Directors authorized the extension of the repurchase program through March 31, 2026. There were no repurchases under the program as of September 30, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	$ 12,379	$ 12,477
Current deferred financing costs	212	380
Noncurrent deferred financing costs	24,204	28,865
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	12,379	12,477
Current deferred financing costs	212	380
Noncurrent deferred financing costs	$ 24,204	$ 28,865
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100

Stock-Based Compensation - Schedule of ESPP Share Activity (Details) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
ESPP share activity
Purchases (in shares)	(27,799)	(30,337)	(40,322)	(37,407)	(34,283)	(45,232)
Available for future purchases, ending balance (in shares)	1,481,374						1,481,374
2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved under 2019 ESPP (in shares)							87,645
Employee Stock Purchase Plan
ESPP share activity
Available for future purchases, beginning balance (in shares)			242,292				242,292
Purchases (in shares)							(98,458)
Available for future purchases, ending balance (in shares)	231,479						231,479

Depreciation and Amortization (Tables)

9 Months Ended

Sep. 30, 2024

Depreciation, Depletion and Amortization [Abstract]

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Direct advertising expenses	$	69,231	$	69,598	$	210,478	$	208,272
General and administrative expenses	1,372		1,456		3,971		4,014
Corporate expenses	4,509		3,582		13,082		10,633
	$	75,112	$	74,636	$	227,531	$	222,919

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 41,953
2025	224,500
2026	189,690
2027	166,049
2028	143,779
Thereafter	975,779
Total undiscounted operating lease payments	1,741,750
Less: Imputed interest	(458,777)
Total operating lease liabilities	$ 1,282,973

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 15, 2024, the Company amended its Accounts Receivable Securitization Program to extend the Program’s maturity date from July 21, 2025 to October 15, 2027, with a springing maturity date under certain conditions. All other significant terms and conditions were unchanged. See Note 10, "Long-Term Debt" for additional details on this amendment.

Condensed Consolidated Statements of Cash Flows (Subsidiary) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 363,915	$ 347,511
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	227,531	222,919
Non-cash compensation	37,713	16,362
Amortization included in interest expense	4,830	4,920
Gain on disposition of assets	(5,486)	(5,243)
Loss on extinguishment of debt	270	115
Equity in earnings of investee	(2,087)	(1,326)
Deferred tax (benefit) expense	(3,357)	910
Provision for doubtful accounts	4,892	8,609
(Increase) decrease in:
Receivables	(54,933)	(33,755)
Prepaid expenses	(1,627)	(1,097)
Other assets	(2,799)	(2,237)
Increase (decrease) in:
Trade accounts payable	2,741	(1,430)
Accrued expenses	1,965	(8,049)
Operating lease liabilities	(23,059)	(25,838)
Other liabilities	43,788	7,049
Net cash provided by (used in) operating activities	594,297	529,420
Cash flows from investing activities:
Acquisitions	(31,083)	(120,324)
Capital expenditures	(82,270)	(132,152)
Proceeds from disposition of assets and investments	5,242	6,489
Decrease in notes receivable	65	62
Net cash (used in) provided by investing activities	(108,046)	(245,925)
Cash flows from financing activities:
Principal payments on long-term debt	(298)	(284)
Principal payments on financing leases	(998)	(998)
Payments on revolving credit facility	(398,000)	(243,000)
Proceeds received from revolving credit facility	648,000	333,000
Proceeds received from accounts receivable securitization program	86,200	72,000
Payments on accounts receivable securitization program	(86,400)	(74,900)
Payments on senior credit facility term loans	(350,000)	0
Debt issuance costs	(23)	(2,951)
Distributions to non-controlling interest	(1,636)	(1,162)
Net cash used in financing activities	(501,222)	(296,736)
Effect of exchange rate changes in cash and cash equivalents	(124)	17
Net decrease in cash and cash equivalents	(15,095)	(13,224)
Cash and cash equivalents at beginning of period	44,605	52,619
Cash and cash equivalents at end of period	29,510	39,395
Supplemental disclosures of cash flow information:
Cash paid for interest	127,250	125,117
Cash paid for foreign, state and federal income taxes	7,075	9,093
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income (loss)	364,345	347,893
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	227,531	222,919
Non-cash compensation	37,713	16,362
Amortization included in interest expense	4,830	4,920
Gain on disposition of assets	(5,486)	(5,243)
Loss on extinguishment of debt	270	115
Equity in earnings of investee	(2,087)	(1,326)
Deferred tax (benefit) expense	(3,357)	910
Provision for doubtful accounts	4,892	8,609
(Increase) decrease in:
Receivables	(54,933)	(33,755)
Prepaid expenses	(1,627)	(1,097)
Other assets	(2,799)	(2,237)
Increase (decrease) in:
Trade accounts payable	2,741	(1,430)
Accrued expenses	1,965	(8,049)
Operating lease liabilities	(23,059)	(25,838)
Other liabilities	10,355	(18,026)
Net cash provided by (used in) operating activities	561,294	504,727
Cash flows from investing activities:
Acquisitions	(31,083)	(120,324)
Capital expenditures	(82,270)	(132,152)
Proceeds from disposition of assets and investments	5,242	6,489
Decrease in notes receivable	65	62
Net cash (used in) provided by investing activities	(108,046)	(245,925)
Cash flows from financing activities:
Principal payments on long-term debt	(298)	(284)
Principal payments on financing leases	(998)	(998)
Payments on revolving credit facility	(398,000)	(243,000)
Proceeds received from revolving credit facility	648,000	333,000
Proceeds received from accounts receivable securitization program	86,200	72,000
Payments on accounts receivable securitization program	(86,400)	(74,900)
Payments on senior credit facility term loans	(350,000)	0
Debt issuance costs	(23)	(2,951)
Distributions to non-controlling interest	(1,636)	(1,162)
Contributions from parent	49,912	34,821
Dividend to parent	(414,976)	(388,569)
Net cash used in financing activities	(468,219)	(272,043)
Effect of exchange rate changes in cash and cash equivalents	(124)	17
Net decrease in cash and cash equivalents	(15,095)	(13,224)
Cash and cash equivalents at beginning of period	44,105	52,119
Cash and cash equivalents at end of period	29,010	38,895
Supplemental disclosures of cash flow information:
Cash paid for interest	127,250	125,117
Cash paid for foreign, state and federal income taxes	$ 7,075	$ 9,093

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Subsequent Events	Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
Revenues	Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue from Contracts with Customers. The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.
Fair Value of Financial Instruments	At September 30, 2024 and December 31, 2023, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The 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	In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires companies to disclose significant segment expenses and other segment items that impact each reported measure of segment income or loss. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose disaggregated information related to the effective tax rate reconciliation and income taxes paid. This guidance is effective for public entities as of December 15, 2024. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements.
Dividends/Distributions	The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Significant Accounting Policies [Line Items]
Nature of Business	Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 14, 15, and 16 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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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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/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Asset Retirement Obligations - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Correction in estimate	$ 4,196

Long-term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Long-term debt consists of the following at September 30, 2024 and December 31, 2023:


	September 30, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	919,411	$	6,138	$	913,273
Accounts Receivable Securitization Program	249,800		212		249,588
3 3/4% Senior Notes	600,000		4,087		595,913
3 5/8% Senior Notes	550,000		5,639		544,361
4% Senior Notes	549,576		5,063		544,513
4 7/8% Senior Notes	400,000		3,277		396,723
Other notes with various rates and terms	1,335		—		1,335
	3,270,122		24,416		3,245,706
Less current maturities	(250,213)		(212)		(250,001)
Long-term debt, excluding current maturities	$	3,019,909	$	24,204	$	2,995,705


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225

Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

Senior Credit Facility

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

The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on July 31, 2028, subject to certain conditions (see description of Amendment No. 4 below) (the “revolving credit facility”), (ii) a $600,000 senior secured Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated.

The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Term Secured Overnight Financing Rate ("Term SOFR") plus a credit spread adjustment of 0.10% (Term SOFR plus such credit spread adjustment, the "Adjusted Term SOFR Rate”) or the Adjusted Base Rate, at Lamar Media’s option. Term B loans bearing interest at a rate based on Term SOFR bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50%. Term B loans bearing interest at a rate based on the Adjusted Base Rate bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%.

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

On July 29, 2022, Lamar Media entered into Amendment No. 2 ("Amendment No. 2") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto. Amendment No. 2 established the Term A loans as a new class of incremental term loans. The Term A loans were set to 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 bore 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 bore 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. 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. The Term A loans were subsequently repaid in full on July 31, 2024.

On April 26, 2023, Lamar Media entered into Amendment No. 3 ("Amendment No. 3") to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank N.A. as administrative agent and the lenders party thereto. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement remain unchanged by Amendment No. 3.

On July 31, 2023, Lamar Media entered into Amendment No. 4 (the "Amendment No. 4"), to the Fourth Amended and Restated Credit Agreement with certain of Lamar Media's subsidiaries as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto. Amendment No. 4 extends the maturity date of Lamar Media's $750,000 revolving credit facility such that the revolving credit facility matures July 31, 2028; provided, that, if on the date (a "Credit Facility 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 Credit Facility Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together with all accrued and unpaid interest on such revolving loans, will be due and payable.

Amendment No. 4 also establishes a $75,000 swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75,000. In addition, Amendment No. 4 amends the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein.

As of September 30, 2024, there were $320,000 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 $8,799 in letters of credit outstanding as of September 30, 2024 resulting in $421,201 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity.

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

•dispose of assets;

•incur or repay debt;

•create liens;

•make investments; and

•pay dividends.

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

Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.

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

Accounts Receivable Securitization Program

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

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

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

As of September 30, 2024 there was $249,800 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of September 30, 2024. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the nine months ended September 30, 2024.

The Accounts Receivable Securitization Program was set to mature on July 21, 2025, but was subsequently extended to October 15, 2027 by the Seventh Amendment to the Receivables Financing Agreement dated October 15, 2024; provided, that, if on the date (a “Securitization Springing Maturity Test Date”) that is 91 days prior to the then scheduled maturity date of Lamar Media’s Term Loan B loans (which is currently February 6, 2027), (a) any of the outstanding Term B loans has a scheduled maturity date prior to the date that is 91 days prior to the then scheduled maturity date of Lamar Media’s revolving credit facility (which is currently July 31, 2028) and (b) the Company and its restricted subsidiaries do not have sufficient liquidity (defined as (i) unused commitments under the revolving credit facility plus (ii) unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus (iii) borrowing availability under the Accounts Receivable Securitization Program) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the Term Loan B loans, then the Accounts Receivable Securitization Program will mature on such Securitization Springing Maturity Test Date. Lamar Media may amend the facility to further extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.

The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows.

4% Senior Notes

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

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

At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 3/4% Senior Notes

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

On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

4 7/8% Senior Notes

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

On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 5/8% Senior Notes

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

At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

Debt Repurchase Program

The Company’s Board of Directors has 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 24, 2024, the Board of Directors authorized the extension of the repurchase program through March 31, 2026. There were no repurchases under the program as of September 30, 2024.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 12,379	$ 12,477
Current deferred financing costs	212	380
Noncurrent deferred financing costs	$ 24,204	$ 28,865
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, cumulative dividends (in dollars per share)	$ 63.80	$ 63.80
Preferred stock, shares authorized (in shares)	5,720	5,720
Preferred stock, shares outstanding (in shares)	5,720	5,720
Preferred stock, shares issued (in shares)	5,720	5,720
Shares held in treasury (in shares)	890,558	840,935
Class A CMN Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	362,500,000	362,500,000
Common stock, shares issued (in shares)	88,828,280	88,486,495
Common stock, shares outstanding (in shares)	87,937,722	87,645,560
Class B CMN Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	37,500,000	37,500,000
Common stock, shares issued (in shares)	14,420,085	14,420,085
Common stock, shares outstanding (in shares)	14,420,085	14,420,085

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Aug. 19, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,270,122	$ 3,370,372
Debt, less current maturities	(250,213)	(250,398)
Debt, excluding current maturities	3,019,909	3,119,974
Deferred financing costs	24,416	29,245
Deferred financing costs, less current maturities	(212)	(380)
Deferred financing costs, excluding current maturities	24,204	28,865
Debt, net of deferred financing costs	3,245,706	3,341,127
Debt, net of deferred financing costs, less current maturities	(250,001)	(250,018)
Debt, net of deferred financing costs, excluding current maturities	2,995,705	3,091,109
Senior Credit Facility
Debt Instrument [Line Items]
Debt	919,411	1,019,222
Deferred financing costs	6,138	8,266
Debt, net of deferred financing costs	913,273	1,010,956
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	249,800	250,000
Deferred financing costs	212	380
Debt, net of deferred financing costs	249,588	249,620
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	4,087	4,923
Debt, net of deferred financing costs	$ 595,913	$ 595,077
Stated percentage	3.75%	3.75%		3.75%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt	$ 550,000	$ 550,000
Deferred financing costs	5,639	6,226
Debt, net of deferred financing costs	$ 544,361	$ 543,774
Stated percentage	3.625%	3.625%
4% Senior Notes
Debt Instrument [Line Items]
Debt	$ 549,576	$ 549,516
Deferred financing costs	5,063	5,675
Debt, net of deferred financing costs	$ 544,513	$ 543,841
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	3,277	3,775
Debt, net of deferred financing costs	$ 396,723	$ 396,225
Stated percentage	4.875%	4.875%
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	$ 1,335	$ 1,634
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 1,335	$ 1,634

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statements of Income
Net revenues	$ 564,135	$ 542,609	$ 1,627,536	$ 1,555,078
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	182,585	175,188	541,495	515,403
General and administrative expenses (exclusive of depreciation and amortization)	91,006	81,283	268,508	256,943
Corporate expenses (exclusive of depreciation and amortization)	31,350	24,248	100,105	81,331
Depreciation and amortization	75,112	74,636	227,531	222,919
Gain on disposition of assets	(2,474)	(879)	(5,486)	(5,243)
Operating expenses (income)	377,579	354,476	1,132,153	1,071,353
Operating income	186,556	188,133	495,383	483,725
Other (income) expense
Loss on extinguishment of debt	270	115	270	115
Interest income	(662)	(621)	(1,701)	(1,559)
Interest expense	42,937	45,070	131,761	130,163
Equity in earnings of investee	(2,642)	(699)	(2,087)	(1,326)
Total other (income) expense	39,903	43,865	128,243	127,393
Income before income tax (benefit) expense	146,653	144,268	367,140	356,332
Income tax (benefit) expense	(1,169)	3,843	3,225	8,821
Net income	147,822	140,425	363,915	347,511
Net income attributable to non-controlling interest	346	408	849	833
Net income attributable to controlling interest	147,476	140,017	363,066	346,678
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 147,385	$ 139,926	$ 362,793	$ 346,405
Earnings per share:
Basic earnings per share (in dollars per share)	$ 1.44	$ 1.37	$ 3.55	$ 3.40
Diluted earnings per share (in dollars per share)	1.44	1.37	3.54	3.39
Cash dividends declared per share of common stock (in dollars per share)	$ 1.40	$ 1.25	$ 4.00	$ 3.75
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	102,307,059	101,960,356	102,223,918	101,890,573
Weighted average common shares outstanding diluted (in shares)	102,617,515	102,130,614	102,547,490	102,085,016
Statements of Comprehensive Income
Net income	$ 147,822	$ 140,425	$ 363,915	$ 347,511
Other comprehensive income (loss)
Foreign currency translation adjustments	37	(643)	(786)	(242)
Comprehensive income	147,859	139,782	363,129	347,269
Net income attributable to non-controlling interest	346	408	849	833
Comprehensive income attributable to controlling interest	$ 147,513	$ 139,374	$ 362,280	$ 346,436

Asset Retirement Obligations - Schedule of Information Related to Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 397,991
Additions to asset retirement obligations	226
Correction in estimate	4,196
Accretion expense	5,145
Liabilities settled	(5,086)
Ending balance	$ 402,472

Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation Revenue

The following table presents our disaggregated revenue by source for the three and nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Billboard advertising	$	502,587	$	484,268	$	1,444,116	$	1,384,721
Logo advertising	20,698		20,437		62,957		61,975
Transit advertising	40,850		37,904		120,463		108,382
Net revenues	$	564,135	$	542,609	$	1,627,536	$	1,555,078

Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Information Related to Asset Retirement Obligations

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


Balance at December 31, 2023	$	397,991
Additions to asset retirement obligations	226
Correction in estimate(1)	4,196
Accretion expense	5,145
Liabilities settled	(5,086)
Balance at September 30, 2024	$	402,472

Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares)	0	0	0	0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-36756
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0961620
Entity Address, Address Line One	5321 Corporate Blvd.
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70808
City Area Code	225
Local Phone Number	926-1000
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LAMR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001090425
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		87,937,722
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,420,085
LAMAR MEDIA CORP. AND SUBSIDIARIES
Document Information [Line Items]
Entity File Number	1-12407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1205791
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000899045
Entity Registrant Name	LAMAR MEDIA CORP/DE
Current Fiscal Year End Date	--12-31

Distribution Restrictions	9 Months Ended
Distribution Restrictions	Sep. 30, 2024
Distribution Restrictions [Abstract]
Distribution Restrictions	Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of September 30, 2024 and December 31, 2023, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $4,618,528 and $4,438,406, respectively. As of September 30, 2024, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of September 30, 2024, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of September 30, 2024 and December 31, 2023, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $3,369,008 and $3,188,886, respectively.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

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 had 27,000 granted options of its Class A common stock during the nine months ended September 30, 2024. At September 30, 2024 a total of 1,481,374 shares were available for future grant.

Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 87,645 shares on January 1, 2024 pursuant to the automatic increase provisions of the 2019 ESPP.

The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2024:


			Shares
Available for future purchases, January 1, 2024			242,292
Additional shares reserved under 2019 ESPP			87,645
Purchases			(98,458)
Available for future purchases, September 30, 2024			231,479

Stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, are generally dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2024 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2025. The shares subject to these awards can range from a minimum of 0% to a maximum of 120% of the target number of shares depending on the level at which the goals are attained. Under the Incentive Plan, the Company's Compensation Committee may also award additional shares in its discretion based on other factors, which awards, if any, for 2025, will also be issued in the first quarter of 2025. For the three months ended September 30, 2024 and 2023, the Company recorded $6,481 and $1,589, respectively, as stock-based compensation expense. For the nine months ended September 30, 2024 and 2023, the Company recorded $21,299 and $8,034, respectively, as stock-based compensation expense.

LTIP Units. In addition to stock compensation, the Company may issue LTIP Units of Lamar Advertising Limited Partnership (the "OP"), a subsidiary of the Company, to certain officers, employees and directors under the Incentive Plan of the Company. Such LTIP Units are subject to vesting and forfeiture conditions based on performance criteria approved by the Compensation Committee. The Compensation Committee may also make discretionary grants of LTIP Units based on other factors. LTIP Units are a class of units intended to qualify as “profits interests” of the OP. The LTIP Units convert into Common Units of the OP upon the occurrence of certain events. Common Units are redeemable by the holder for shares of the Company's Class A common stock after a holding period of twelve months, or may be paid out in cash at the option of the general partner of the OP. As of September 30, 2024, the OP has a total of 260,800 LTIP Units issued and outstanding to the Company’s executive officers, of which 140,800 LTIP units have vested. For the three months ended September 30, 2024 and 2023, the Company recorded $4,389 and $1,147, respectively, as stock-based compensation expense related to these LTIP Units. For the nine months ended September 30, 2024 and 2023, the Company recorded $11,952 and $4,050, respectively, as stock-based compensation expense related to these LTIP Units.

Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. For the three months ended September 30, 2024 and 2023, the Company recorded $100 and $67, respectively, in stock-based compensation expense related to these awards. For the nine months ended September 30, 2024 and 2023, the Company recorded $671 and $587, respectively, in stock-based compensation expense related to these awards.

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments At September 30, 2024 and December 31, 2023, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,157,971 which does not exceed the carrying amount of $3,270,122 as of September 30, 2024. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 107
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+ Details

Stockholders' Equity (Details) - Class A CMN Stock - USD ($)	9 Months Ended
	Sep. 30, 2024	Jun. 21, 2021	Mar. 16, 2020
Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 250,000,000
Stock repurchased during period	$ 0
Sales Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares)	0
Maximum \| Sales Agreement
Class of Stock [Line Items]
Aggregate offering price of common stock issuable		$ 400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 363,915	$ 347,511
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	227,531	222,919
Stock-based compensation	37,713	16,362
Amortization included in interest expense	4,830	4,920
Gain on disposition of assets	(5,486)	(5,243)
Loss on extinguishment of debt	270	115
Equity in earnings of investee	(2,087)	(1,326)
Deferred tax (benefit) expense	(3,357)	910
Provision for doubtful accounts	4,892	8,609
(Increase) decrease in:
Receivables	(54,933)	(33,755)
Prepaid expenses	(1,627)	(1,097)
Other assets	(2,799)	(2,237)
Increase (decrease) in:
Trade accounts payable	2,741	(1,430)
Accrued expenses	1,965	(8,049)
Operating lease liabilities	(23,059)	(25,838)
Other liabilities	43,788	7,049
Net cash provided by (used in) operating activities	594,297	529,420
Cash flows from investing activities:
Acquisitions	(31,083)	(120,324)
Capital expenditures	(82,270)	(132,152)
Proceeds from disposition of assets and investments	5,242	6,489
Decrease in notes receivable	65	62
Net cash (used in) provided by investing activities	(108,046)	(245,925)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(5,342)	(5,989)
Net proceeds from issuance of common stock	17,183	10,401
Principal payments on long-term debt	(298)	(284)
Principal payments on financing leases	(998)	(998)
Payments on revolving credit facility	(398,000)	(243,000)
Proceeds received from revolving credit facility	648,000	333,000
Proceeds received from accounts receivable securitization program	86,200	72,000
Payments on accounts receivable securitization program	(86,400)	(74,900)
Payments on senior credit facility term loans	(350,000)	0
Debt issuance costs	(23)	(2,951)
Distributions to non-controlling interest	(1,636)	(1,162)
Dividends/distributions	(409,908)	(382,853)
Net cash used in financing activities	(501,222)	(296,736)
Effect of exchange rate changes in cash and cash equivalents	(124)	17
Net decrease in cash and cash equivalents	(15,095)	(13,224)
Cash and cash equivalents at beginning of period	44,605	52,619
Cash and cash equivalents at end of period	29,510	39,395
Supplemental disclosures of cash flow information:
Cash paid for interest	127,250	125,117
Cash paid for foreign, state and federal income taxes	$ 7,075	$ 9,093

Distribution Restrictions (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 4,618,528	$ 4,438,406
Debt ratio	7.0
Debt ratio related to actual position on senior credit facility	7.0	7.0
Available cumulative credit	$ 3,369,008	$ 3,188,886
Secured Debt \| LAMAR MEDIA CORP
Debt Instrument [Line Items]
Secured debt ratio	4.5	4.5
Maximum \| Secured Debt
Debt Instrument [Line Items]
Secured debt ratio	4.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Summarized Financial Information of Subsidiaries - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Condensed Income Statements, Captions [Line Items]
Current assets	$ 412,320	$ 373,186
Total current liabilities	738,730	713,897
Non-controlling interest	645	414
LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	411,820	372,686
Noncurrent assets	6,091,504	6,174,194
Total current liabilities	728,295	704,166
Noncurrent liabilities	4,568,393	4,632,937
Non-controlling interest	645	414
Eliminations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	0	0
Noncurrent assets	(5,088,141)	(5,099,653)
Total current liabilities	0	0
Noncurrent liabilities	(631,298)	(587,171)
Non-controlling interest	0	0
Lamar Media Corp. \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	19,443	33,875
Noncurrent assets	4,544,652	4,596,516
Total current liabilities	73,169	45,225
Noncurrent liabilities	3,284,935	3,375,803
Non-controlling interest	0	0
Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	37,482	28,905
Noncurrent assets	6,334,441	6,359,236
Total current liabilities	383,052	387,408
Noncurrent liabilities	1,510,404	1,476,097
Non-controlling interest	1,999	964
Non- Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Condensed Income Statements, Captions [Line Items]
Current assets	354,895	309,906
Noncurrent assets	300,552	318,095
Total current liabilities	272,074	271,533
Noncurrent liabilities	404,352	368,208
Non-controlling interest	$ (1,354)	$ (550)

Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 75,112	$ 74,636	$ 227,531	$ 222,919
Direct advertising expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	69,231	69,598	210,478	208,272
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,372	1,456	3,971	4,014
Corporate expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 4,509	$ 3,582	$ 13,082	$ 10,633

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following is a summary of intangible assets at September 30, 2024 and December 31, 2023:


	Estimated Life (Years)	September 30, 2024				December 31, 2023
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Customer lists and contracts	7—10	$	731,437	$	659,476	$	731,156	$	640,635
Non-competition agreements	3—15	71,785		66,693		71,960		66,455
Site locations	15	2,973,839		1,974,975		2,955,324		1,891,078
Other	2—15	52,662		42,198		52,578		41,416
		$	3,829,723	$	2,743,342	$	3,811,018	$	2,639,584
Unamortizable intangible assets:
Goodwill		$	2,288,761	$	253,536	$	2,288,807	$	253,536

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Maturities of Operating Lease Liabilities

The following is a summary of the maturities of our operating lease liabilities as of September 30, 2024:


2024	$	41,953
2025	224,500
2026	189,690
2027	166,049
2028	143,779
Thereafter	975,779
Total undiscounted operating lease payments	1,741,750
Less: Imputed interest	(458,777)
Total operating lease liabilities	$	1,282,973

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 29,510	$ 44,605
Receivables, net of allowance for doubtful accounts of $12,379 and $12,477 in 2024 and 2023, respectively	351,230	301,189
Other current assets	31,580	27,392
Total current assets	412,320	373,186
Property, plant and equipment	4,334,964	4,274,831
Less accumulated depreciation and amortization	(2,791,041)	(2,708,361)
Net property, plant and equipment	1,543,923	1,566,470
Operating lease right of use assets	1,336,062	1,315,433
Financing lease right of use assets	9,044	11,184
Goodwill	2,035,225	2,035,271
Intangible assets, net	1,086,381	1,171,434
Other assets	97,113	90,644
Total assets	6,520,068	6,563,622
Current liabilities:
Trade accounts payable	22,861	18,238
Current maturities of long-term debt, net of deferred financing costs of $212 and $380 in 2024 and 2023, respectively	250,001	250,018
Current operating lease liabilities	183,252	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses	110,625	107,195
Deferred income	170,660	126,547
Total current liabilities	738,730	713,897
Long-term debt, net of deferred financing costs of $24,204 and $28,865 in 2024 and 2023, respectively	2,995,705	3,091,109
Operating lease liabilities	1,099,721	1,075,285
Financing lease liabilities	13,616	14,614
Deferred income tax liabilities	8,690	12,047
Asset retirement obligation	402,472	397,991
Other liabilities	48,189	41,891
Total liabilities	5,307,123	5,346,834
Stockholders’ equity:
Preferred stock, value	0	0
Additional paid-in capital	2,152,176	2,103,282
Accumulated comprehensive loss	(1,214)	(428)
Accumulated deficit	(866,077)	(819,235)
Cost of shares held in treasury, 890,558 and 840,935 shares at 2024 and 2023, respectively	(72,688)	(67,347)
Non-controlling interest	645	414
Stockholders’ equity	1,212,945	1,216,788
Total liabilities and stockholders’ equity	6,520,068	6,563,622
Common Class A
Stockholders’ equity:
Common stock, value	89	88
Common Class B
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,481,374		1,481,374
Percentage of Awards Vesting on Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Share-based Payment Arrangement, Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			20.00%
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units issued (in shares)	260,800		260,800
Common units outstanding (in shares)	260,800		260,800
Common unit, vested (in shares)	140,800		140,800
Class A CMN Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			27,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan			10 years
Compensation expense related to performance based compensation agreements	$ 100	$ 67	$ 671	$ 587
Restricted Stock \| Non-employee Director \| Percentage of Awards Vesting on Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting			50.00%
Restricted Stock \| Non-employee Director \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Percentage of awards vesting			50.00%
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 4,389	1,147	$ 11,952	4,050
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			120.00%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)			87,645
Performance Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 6,481	$ 1,589	$ 21,299	$ 8,034

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following at September 30, 2024 and December 31, 2023:


	September 30, 2024
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	919,411	$	6,138	$	913,273
Accounts Receivable Securitization Program	249,800		212		249,588
3 3/4% Senior Notes	600,000		4,087		595,913
3 5/8% Senior Notes	550,000		5,639		544,361
4% Senior Notes	549,576		5,063		544,513
4 7/8% Senior Notes	400,000		3,277		396,723
Other notes with various rates and terms	1,335		—		1,335
	3,270,122		24,416		3,245,706
Less current maturities	(250,213)		(212)		(250,001)
Long-term debt, excluding current maturities	$	3,019,909	$	24,204	$	2,995,705


	December 31, 2023
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	1,019,222	$	8,266	$	1,010,956
Accounts Receivable Securitization Program	250,000		380		249,620
3 3/4% Senior Notes	600,000		4,923		595,077
3 5/8% Senior Notes	550,000		6,226		543,774
4% Senior Notes	549,516		5,675		543,841
4 7/8% Senior Notes	400,000		3,775		396,225

Other notes with various rates and terms	1,634		—		1,634
	3,370,372		29,245		3,341,127
Less current maturities	(250,398)		(380)		(250,018)
Long-term debt, excluding current maturities	$	3,119,974	$	28,865	$	3,091,109

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,829,723	$ 3,811,018
Accumulated Amortization	2,743,342	2,639,584
Goodwill, gross carrying amount	2,288,761	2,288,807
Goodwill, accumulated amortization	253,536	253,536
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	731,437	731,156
Accumulated Amortization	$ 659,476	640,635
Customer lists and contracts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 71,785	71,960
Accumulated Amortization	$ 66,693	66,455
Non-competition agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,973,839	2,955,324
Accumulated Amortization	1,974,975	1,891,078
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,662	52,578
Accumulated Amortization	$ 42,198	$ 41,416
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2023 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.

Long-term Debt - Additional Information (Details)						9 Months Ended
Long-term Debt - Additional Information (Details)	Jul. 29, 2022 USD ($)	Jan. 22, 2021 USD ($)	Aug. 19, 2020 USD ($)	May 13, 2020 USD ($)	Feb. 06, 2020 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jun. 24, 2022 USD ($)	Mar. 16, 2020 USD ($)	Dec. 18, 2018 USD ($)
Debt Instrument [Line Items]
Outstanding revolving credit facility						$ 320,000,000
Remaining borrowing capacity under revolving credit facility						421,201,000
Debt instrument outstanding amount						3,270,122,000	$ 3,370,372,000
Letter of Credit
Debt Instrument [Line Items]
Letter of credit outstanding balance						$ 8,799,000
4% Senior Notes
Debt Instrument [Line Items]
Stated percentage			4.00%		4.00%	4.00%	4.00%
Debt instrument outstanding amount						$ 549,576,000	$ 549,516,000
Redemption price percentage of the principal amount to be purchased			101.00%
4% Senior Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount			100.00%
4% Senior Notes \| Private Placement
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
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Aggregate principal amount of debt issued									$ 250,000,000		$ 175,000,000
Debt instrument outstanding amount						$ 249,800,000	$ 250,000,000
Accounts receivable securitization term						91 days
Accounts Receivable Securitization Program \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Available borrowing on accounts receivable securitization						$ 0
Line of credit facility, commitment fee amount						$ 0
3 3/4% Senior Notes
Debt Instrument [Line Items]
Stated percentage					3.75%	3.75%	3.75%
Debt instrument outstanding amount						$ 600,000,000	$ 600,000,000
3 3/4% Senior Notes \| Redemption Period One
Debt Instrument [Line Items]
Redemption price percentage of the principal amount to be purchased					101.00%
3 3/4% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt issued					$ 600,000,000
Net proceeds form the issuance of debt					$ 592,500,000
4 7/8% Senior Notes
Debt Instrument [Line Items]
Stated percentage						4.875%	4.875%
Debt instrument outstanding amount						$ 400,000,000	$ 400,000,000
4 7/8% Senior Notes \| Redemption Period One
Debt Instrument [Line Items]
Redemption price percentage of the principal amount to be purchased				101.00%
4 7/8% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Stated percentage				4.875%
Aggregate principal amount of debt issued				$ 400,000,000
Net proceeds form the issuance of debt				$ 395,000,000
3 5/8% Senior Notes
Debt Instrument [Line Items]
Stated percentage						3.625%	3.625%
Debt instrument outstanding amount						$ 550,000,000	$ 550,000,000
Redemption price percentage of the principal amount to be purchased		101.00%
3 5/8% Senior Notes \| Redemption Period One
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount		100.00%
3 5/8% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Stated percentage		3.625%
Aggregate principal amount of debt issued		$ 550,000,000
Net proceeds form the issuance of debt		$ 542,500,000
Senior or Senior Subordinated Notes and other Indebtedness \| Debt Instrument Repurchase Program
Debt Instrument [Line Items]
Debt repurchase program, authorized amount										$ 250,000,000
Debt instrument repurchased under the program						0
Senior Credit Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility						750,000,000
Term B Loan Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility						600,000,000
Proceeds received from senior credit facility term loans						$ 600,000,000
Term B Loan Facility \| Variable Rate Component One
Debt Instrument [Line Items]
Adjusted base rate						0.10%
Term B Loan Facility \| Variable Rate Component Two
Debt Instrument [Line Items]
Adjusted base rate						1.50%
Term B Loan Facility \| Variable Rate Component Three
Debt Instrument [Line Items]
Adjusted base rate						0.50%
Term A Loan Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 350,000,000
Term A Loan Facility \| Variable Rate Component Two
Debt Instrument [Line Items]
Secured debt ratio	3.25
Adjusted base rate	1.50%
Term A Loan Facility \| Variable Rate Component Two \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate	1.25%
Term A Loan Facility \| Variable Rate Component Three
Debt Instrument [Line Items]
Secured debt ratio	3.25
Adjusted base rate	0.50%
Term A Loan Facility \| Variable Rate Component Three \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate	0.25%
Revolving Credit Facility \| JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility								$ 750,000
Revolving Credit Facility \| Variable Rate Component Two
Debt Instrument [Line Items]
Secured debt ratio						3.25
Adjusted base rate						1.50%
Revolving Credit Facility \| Variable Rate Component Two \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate						1.25%
Revolving Credit Facility \| Variable Rate Component Three
Debt Instrument [Line Items]
Secured debt ratio						3.25
Adjusted base rate						0.50%
Revolving Credit Facility \| Variable Rate Component Three \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted base rate						0.25%
Revolving Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Secured debt ratio						4.50
Swingline Credit Facility \| JP Morgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility								$ 75,000

Summarized Financial Information of Subsidiaries - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statements of Income
Net revenues	$ 564,135			$ 542,609			$ 1,627,536	$ 1,555,078
Operating income (loss)	186,556			188,133			495,383	483,725
Net income (loss)	147,822	$ 137,594	$ 78,499	140,425	$ 130,888	$ 76,198	363,915	347,511
Net income (loss) attributable to controlling interest	147,476			140,017			363,066	346,678
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	564,135			542,609			1,627,536	1,555,078
Operating expenses (income)	377,468			354,339			1,131,723	1,070,971
Operating income (loss)	186,667			188,270			495,813	484,107
Net income (loss)	147,933			140,562			364,345	347,893
Net income (loss) attributable to controlling interest	147,587			140,154			363,496	347,060
Eliminations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	(740)			(731)			(1,698)	(2,007)
Operating expenses (income)	(740)			(731)			(1,698)	(2,007)
Operating income (loss)	0			0			0	0
Net income (loss)	(186,654)			(181,237)			(483,552)	(466,361)
Net income (loss) attributable to controlling interest	(186,654)			(181,237)			(483,552)	(466,361)
Lamar Media Corp. \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	0			0			0	0
Operating expenses (income)	0			0			0	0
Operating income (loss)	0			0			0	0
Net income (loss)	147,587			140,154			363,496	347,060
Net income (loss) attributable to controlling interest	147,587			140,154			363,496	347,060
Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	552,011			532,112			1,592,981	1,525,275
Operating expenses (income)	365,892			344,071			1,096,444	1,039,312
Operating income (loss)	186,119			188,041			496,537	485,963
Net income (loss)	185,249			185,369			491,782	480,045
Net income (loss) attributable to controlling interest	185,000			185,247			491,201	479,788
Non- Guarantor Subsidiaries \| Reportable Legal Entities \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	12,864			11,228			36,253	31,810
Operating expenses (income)	12,316			10,999			36,977	33,666
Operating income (loss)	548			229			(724)	(1,856)
Net income (loss)	1,751			(3,724)			(7,381)	(12,851)
Net income (loss) attributable to controlling interest	$ 1,654			$ (4,010)			$ (7,649)	$ (13,427)

Information about Geographic Areas	9 Months Ended
Information about Geographic Areas	Sep. 30, 2024
Segment Reporting [Abstract]
Information about Geographic Areas	Information About Geographic Areas Revenues from external customers attributable to foreign countries totaled $26,455 and $21,684 for the nine months ended September 30, 2024 and 2023, respectively. Net carrying value of long-lived assets located in foreign countries totaled $13,643 and $13,930 as of September 30, 2024 and December 31, 2023, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

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

9 Months Ended

Sep. 30, 2024

Condensed Income Statements, Captions [Line Items]

Condensed Consolidating Balance Sheet

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Summarized Balance Sheet as of September 30, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated

Current assets	$	19,443	$	37,482	$	354,895	$	—	$	411,820
Noncurrent assets	4,544,652		6,334,441		300,552		(5,088,141)		6,091,504
Current liabilities	73,169		383,052		272,074		—		728,295
Noncurrent liabilities	3,284,935		1,510,404		404,352		(631,298)		4,568,393
Non-controlling interest	—		1,999		(1,354)		—		645

Summarized Balance Sheet as of December 31, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Current assets	$	33,875	$	28,905	$	309,906	$	—	$	372,686
Noncurrent assets	4,596,516		6,359,236		318,095		(5,099,653)		6,174,194
Current liabilities	45,225		387,408		271,533		—		704,166
Noncurrent liabilities	3,375,803		1,476,097		368,208		(587,171)		4,632,937
Non-controlling interest	—		964		(550)		—		414

Condensed Consolidating Statements of Income and Comprehensive Income

Summarized Statements of Income and Comprehensive Income

for the Nine Months Ended September 30, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	1,592,981	$	36,253	$	(1,698)	$	1,627,536
Operating expenses (income)	—		1,096,444		36,977		(1,698)		1,131,723
Operating income (loss)	—		496,537		(724)		—		495,813
Net income (loss)	363,496		491,782		(7,381)		(483,552)		364,345
Net income (loss) attributable to controlling interest	363,496		491,201		(7,649)		(483,552)		363,496

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Summarized Statements of Income and Comprehensive Income

for the Nine Months Ended September 30, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	1,525,275	$	31,810	$	(2,007)	$	1,555,078
Operating expenses (income)	—		1,039,312		33,666		(2,007)		1,070,971
Operating income (loss)	—		485,963		(1,856)		—		484,107
Net income (loss)	347,060		480,045		(12,851)		(466,361)		347,893
Net income (loss) attributable to controlling interest	347,060		479,788		(13,427)		(466,361)		347,060

Summarized Statements of Income and Comprehensive Income

for the Three Months Ended September 30, 2024


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	552,011	$	12,864	$	(740)	$	564,135
Operating expenses (income)	—		365,892		12,316		(740)		377,468
Operating income (loss)	—		186,119		548		—		186,667
Net income (loss)	147,587		185,249		1,751		(186,654)		147,933
Net income (loss) attributable to controlling interest	147,587		185,000		1,654		(186,654)		147,587

Summarized Statements of Income and Comprehensive Income

for the Three Months Ended September 30, 2023


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Net revenues	$	—	$	532,112	$	11,228	$	(731)	$	542,609
Operating expenses (income)	—		344,071		10,999		(731)		354,339
Operating income (loss)	—		188,041		229		—		188,270
Net income (loss)	140,154		185,369		(3,724)		(181,237)		140,562
Net income (loss) attributable to controlling interest	140,154		185,247		(4,010)		(181,237)		140,154

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 564,135	$ 542,609	$ 1,627,536	$ 1,555,078
Billboard advertising
Disaggregation of Revenue [Line Items]
Net revenues	502,587	484,268	1,444,116	1,384,721
Logo advertising
Disaggregation of Revenue [Line Items]
Net revenues	20,698	20,437	62,957	61,975
Transit advertising
Disaggregation of Revenue [Line Items]
Net revenues	$ 40,850	$ 37,904	$ 120,463	$ 108,382

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 29,510	$ 44,605
Receivables, net of allowance for doubtful accounts of $12,379 and $12,477 in 2024 and 2023, respectively	351,230	301,189
Other current assets	31,580	27,392
Total current assets	412,320	373,186
Property, plant and equipment	4,334,964	4,274,831
Less accumulated depreciation and amortization	(2,791,041)	(2,708,361)
Net property, plant and equipment	1,543,923	1,566,470
Operating lease right of use assets	1,336,062	1,315,433
Financing lease right of use assets	9,044	11,184
Goodwill	2,035,225	2,035,271
Intangible assets, net	1,086,381	1,171,434
Other assets	97,113	90,644
Total assets	6,520,068	6,563,622
Current liabilities:
Trade accounts payable	22,861	18,238
Current maturities of long-term debt, net of deferred financing costs of $212 and $380 in 2024 and 2023, respectively	250,001	250,018
Current operating lease liabilities	183,252	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses	110,625	107,195
Deferred income	170,660	126,547
Total current liabilities	738,730	713,897
Long-term debt, net of deferred financing costs of $24,204 and $28,865 in 2024 and 2023, respectively	2,995,705	3,091,109
Operating lease liabilities	1,099,721	1,075,285
Financing lease liabilities	13,616	14,614
Deferred income tax liabilities	8,690	12,047
Asset retirement obligation	402,472	397,991
Other liabilities	48,189	41,891
Total liabilities	5,307,123	5,346,834
Stockholders’ equity:
Additional paid-in-capital	2,152,176	2,103,282
Accumulated comprehensive loss	(1,214)	(428)
Accumulated deficit	(866,077)	(819,235)
Non-controlling interest	645	414
Stockholders’ equity	1,212,945	1,216,788
Total liabilities and stockholders’ equity	6,520,068	6,563,622
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	29,010	44,105
Receivables, net of allowance for doubtful accounts of $12,379 and $12,477 in 2024 and 2023, respectively	351,230	301,189
Other current assets	31,580	27,392
Total current assets	411,820	372,686
Property, plant and equipment	4,334,964	4,274,831
Less accumulated depreciation and amortization	(2,791,041)	(2,708,361)
Net property, plant and equipment	1,543,923	1,566,470
Operating lease right of use assets	1,336,062	1,315,433
Financing lease right of use assets	9,044	11,184
Goodwill	2,025,073	2,025,119
Intangible assets, net	1,085,913	1,170,967
Other assets	91,489	85,021
Total assets	6,503,324	6,546,880
Current liabilities:
Trade accounts payable	22,861	18,238
Current maturities of long-term debt, net of deferred financing costs of $212 and $380 in 2024 and 2023, respectively	250,001	250,018
Current operating lease liabilities	183,252	210,568
Current financing lease liabilities	1,331	1,331
Accrued expenses	100,190	97,464
Deferred income	170,660	126,547
Total current liabilities	728,295	704,166
Long-term debt, net of deferred financing costs of $24,204 and $28,865 in 2024 and 2023, respectively	2,995,705	3,091,109
Operating lease liabilities	1,099,721	1,075,285
Financing lease liabilities	13,616	14,614
Deferred income tax liabilities	8,690	12,047
Asset retirement obligation	402,472	397,991
Other liabilities	48,189	41,891
Total liabilities	5,296,688	5,337,103
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in-capital	3,222,683	3,173,789
Accumulated comprehensive loss	(1,214)	(428)
Accumulated deficit	(2,015,478)	(1,963,998)
Non-controlling interest	645	414
Stockholders’ equity	1,206,636	1,209,777
Total liabilities and stockholders’ equity	$ 6,503,324	$ 6,546,880

Dividends/Distributions	9 Months Ended
Dividends/Distributions	Sep. 30, 2024
Equity [Abstract]
Dividends/Distributions	Dividends/Distributions During the three months ended September 30, 2024 and 2023, the Company declared and paid cash distributions in an aggregate amount of $143,491 or $1.40 per share and $127,582 or $1.25 per share, respectively. During the nine months ended September 30, 2024 and 2023, the Company declared and paid cash distributions in an aggregate amount of $409,635 or $4.00 per share and $382,580 or $3.75 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three and nine months ended September 30, 2024 and 2023, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share and $273 or $47.85 per share, respectively, for each period.

Asset Retirement Obligations

9 Months Ended

Sep. 30, 2024

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, 2023	$	397,991
Additions to asset retirement obligations	226
Correction in estimate(1)	4,196
Accretion expense	5,145
Liabilities settled	(5,086)
Balance at September 30, 2024	$	402,472

(1) During the nine months ended September 30, 2024, the Company had an immaterial correction of $4,196 to asset retirement obligations due to system data conversion. This correction resulted in a $4,196 increase in asset retirement obligations and depreciation and amortization expense during the period.

Significant Accounting Policies (Subsidiary)	9 Months Ended
Significant Accounting Policies (Subsidiary)	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2023 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Significant Accounting Policies [Line Items]
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2023 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 14, 15, and 16 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.

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Treasury Stock	Add’l Paid in Capital	Accumulated Comprehensive Loss	Accumulated Deficit	Non-controlling interest	Series AA PREF Stock Preferred Stock	Class A CMN Stock Common Stock	Class B CMN Stock Common Stock
Beginning balance at Dec. 31, 2022	$ 1,195,374	$ (61,358)	$ 2,061,671	$ (659)	$ (804,382)	$ 0	$ 0	$ 88	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	3,305		3,305
Issuance of common stock through stock awards	15,934		15,934
Exercise of stock options	678		678
Issuance of common stock through employee purchase plan	3,530		3,530
Purchase of treasury stock	(5,946)	(5,946)
Foreign currency translation	(2)			(2)
Net income (loss)	76,198				76,041	157
Reallocation of capital	(619)		(1,016)			397
Dividends and other distributions	(127,674)				(127,460)	(214)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2023	1,160,687	(67,304)	2,084,102	(661)	(855,892)	340	0	88	14
Beginning balance at Dec. 31, 2022	1,195,374	(61,358)	2,061,671	(659)	(804,382)	0	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation	(242)
Net income (loss)	347,511
Ending balance at Sep. 30, 2023	1,186,842	(67,347)	2,095,477	(901)	(840,557)	68	0	88	14
Beginning balance at Mar. 31, 2023	1,160,687	(67,304)	2,084,102	(661)	(855,892)	340	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	2,133		2,133
Issuance of common stock through stock awards	681		681
Exercise of stock options	809		809
Issuance of common stock through employee purchase plan	2,675		2,675
Foreign currency translation	403			403
Net income (loss)	130,888				130,620	268
Dividends and other distributions	(127,691)				(127,538)	(153)
Dividends, preferred stock	(91)				(91)
Ending balance at Jun. 30, 2023	1,170,494	(67,304)	2,090,400	(258)	(852,901)	455	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	2,368		2,368
Exercise of stock options	55		55
Issuance of common stock through employee purchase plan	2,654		2,654
Purchase of treasury stock	(43)	(43)
Foreign currency translation	(643)			(643)
Net income (loss)	140,425				140,017	408
Dividends and other distributions	(128,377)				(127,582)	(795)
Dividends, preferred stock	(91)				(91)
Ending balance at Sep. 30, 2023	1,186,842	(67,347)	2,095,477	(901)	(840,557)	68	0	88	14
Beginning balance at Dec. 31, 2023	1,216,788	(67,347)	2,103,282	(428)	(819,235)	414	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	2,745		2,745
Issuance of common stock through stock awards	17,869		17,868					1
Exercise of stock options	3,415		3,415
Issuance of common stock through employee purchase plan	3,652		3,652
Purchase of treasury stock	(5,341)	(5,341)
Foreign currency translation	(392)			(392)
Net income (loss)	78,499				78,224	275
Reallocation of capital	0		(1,018)			1,018
Dividends and other distributions	(133,507)				(133,028)	(479)
Dividends, preferred stock	(91)				(91)
Ending balance at Mar. 31, 2024	1,183,637	(72,688)	2,129,944	(820)	(874,130)	1,228	0	89	14
Beginning balance at Dec. 31, 2023	1,216,788	(67,347)	2,103,282	(428)	(819,235)	414	0	88	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation	(786)
Net income (loss)	363,915
Ending balance at Sep. 30, 2024	1,212,945	(72,688)	2,152,176	(1,214)	(866,077)	645	0	89	14
Beginning balance at Mar. 31, 2024	1,183,637	(72,688)	2,129,944	(820)	(874,130)	1,228	0	89	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	5,821		5,821
Issuance of common stock through stock awards	774		774
Exercise of stock options	1,690		1,690
Issuance of common stock through employee purchase plan	2,748		2,748
Foreign currency translation	(431)			(431)
Net income (loss)	137,594				137,366	228
Dividends and other distributions	(133,333)				(133,116)	(217)
Dividends, preferred stock	(91)				(91)
Ending balance at Jun. 30, 2024	1,198,409	(72,688)	2,140,977	(1,251)	(869,971)	1,239	0	89	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash compensation	5,520		5,520
Exercise of stock options	2,891		2,891
Issuance of common stock through employee purchase plan	2,788		2,788
Foreign currency translation	37			37
Net income (loss)	147,822				147,476	346
Dividends and other distributions	(144,431)				(143,491)	(940)
Dividends, preferred stock	(91)				(91)
Ending balance at Sep. 30, 2024	$ 1,212,945	$ (72,688)	$ 2,152,176	$ (1,214)	$ (866,077)	$ 645	$ 0	$ 89	$ 14

Condensed Consolidated Statements of Income and Comprehensive Income (Subsidiary) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statements of Income
Net revenues	$ 564,135	$ 542,609	$ 1,627,536	$ 1,555,078
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	182,585	175,188	541,495	515,403
General and administrative expenses (exclusive of depreciation and amortization)	91,006	81,283	268,508	256,943
Corporate expenses (exclusive of depreciation and amortization)	31,350	24,248	100,105	81,331
Depreciation and amortization	75,112	74,636	227,531	222,919
Gain on disposition of assets	(2,474)	(879)	(5,486)	(5,243)
Operating expenses (income)	377,579	354,476	1,132,153	1,071,353
Operating income	186,556	188,133	495,383	483,725
Other (income) expense
Loss on extinguishment of debt	270	115	270	115
Interest income	(662)	(621)	(1,701)	(1,559)
Interest expense	42,937	45,070	131,761	130,163
Equity in earnings of investee	(2,642)	(699)	(2,087)	(1,326)
Total other (income) expense	39,903	43,865	128,243	127,393
Income before income tax (benefit) expense	146,653	144,268	367,140	356,332
Income tax (benefit) expense	(1,169)	3,843	3,225	8,821
Net income	147,822	140,425	363,915	347,511
Net income attributable to non-controlling interest	346	408	849	833
Net income attributable to controlling interest	147,476	140,017	363,066	346,678
Statements of Comprehensive Income
Net income (loss)	147,822	140,425	363,915	347,511
Other comprehensive income (loss)
Foreign currency translation adjustments	37	(643)	(786)	(242)
Comprehensive income	147,859	139,782	363,129	347,269
Net income attributable to non-controlling interest	346	408	849	833
Comprehensive income attributable to controlling interest	147,513	139,374	362,280	346,436
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net revenues	564,135	542,609	1,627,536	1,555,078
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	182,585	175,188	541,495	515,403
General and administrative expenses (exclusive of depreciation and amortization)	91,006	81,284	268,508	256,944
Corporate expenses (exclusive of depreciation and amortization)	31,239	24,110	99,675	80,948
Depreciation and amortization	75,112	74,636	227,531	222,919
Gain on disposition of assets	(2,474)	(879)	(5,486)	(5,243)
Operating expenses (income)	377,468	354,339	1,131,723	1,070,971
Operating income	186,667	188,270	495,813	484,107
Other (income) expense
Loss on extinguishment of debt	270	115	270	115
Interest income	(662)	(621)	(1,701)	(1,559)
Interest expense	42,937	45,070	131,761	130,163
Equity in earnings of investee	(2,642)	(699)	(2,087)	(1,326)
Total other (income) expense	39,903	43,865	128,243	127,393
Income before income tax (benefit) expense	146,764	144,405	367,570	356,714
Income tax (benefit) expense	(1,169)	3,843	3,225	8,821
Net income	147,933	140,562	364,345	347,893
Net income attributable to non-controlling interest	346	408	849	833
Net income attributable to controlling interest	147,587	140,154	363,496	347,060
Statements of Comprehensive Income
Net income (loss)	147,933	140,562	364,345	347,893
Other comprehensive income (loss)
Foreign currency translation adjustments	37	(643)	(786)	(242)
Comprehensive income	147,970	139,919	363,559	347,651
Net income attributable to non-controlling interest	346	408	849	833
Comprehensive income attributable to controlling interest	$ 147,624	$ 139,511	$ 362,710	$ 346,818

Depreciation and Amortization

9 Months Ended

Sep. 30, 2024

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Direct advertising expenses	$	69,231	$	69,598	$	210,478	$	208,272
General and administrative expenses	1,372		1,456		3,971		4,014
Corporate expenses	4,509		3,582		13,082		10,633
	$	75,112	$	74,636	$	227,531	$	222,919

Condensed Consolidated Statements of Stockholders’ Equity (Subsidiary) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Comprehensive Loss	Accumulated Deficit	Non-controlling interest	LAMAR MEDIA CORP. AND SUBSIDIARIES	LAMAR MEDIA CORP. AND SUBSIDIARIES Common Stock	LAMAR MEDIA CORP. AND SUBSIDIARIES Additional Paid-In Capital	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Loss	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit	LAMAR MEDIA CORP. AND SUBSIDIARIES Non-controlling interest
Beginning balance at Dec. 31, 2022	$ 1,195,374	$ 2,061,671	$ (659)	$ (804,382)	$ 0	$ 1,187,501	$ 0	$ 3,132,178	$ (659)	$ (1,944,018)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						23,447		23,447
Reallocation of capital	(619)	(1,016)			397	(619)		(1,016)			397
Foreign currency translations						(2)			(2)
Net income (loss)	76,198			76,041	157	76,334				76,177	157
Dividend to parent						(133,620)				(133,406)	(214)
Ending balance at Mar. 31, 2023	1,160,687	2,084,102	(661)	(855,892)	340	1,153,041	0	3,154,609	(661)	(2,001,247)	340
Beginning balance at Dec. 31, 2022	1,195,374	2,061,671	(659)	(804,382)	0	1,187,501	0	3,132,178	(659)	(1,944,018)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	347,511					347,893
Ending balance at Sep. 30, 2023	1,186,842	2,095,477	(901)	(840,557)	68	1,179,623	0	3,165,983	(901)	(1,985,527)	68
Beginning balance at Mar. 31, 2023	1,160,687	2,084,102	(661)	(855,892)	340	1,153,041	0	3,154,609	(661)	(2,001,247)	340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						6,298		6,298
Foreign currency translations						403			403
Net income (loss)	130,888			130,620	268	130,997				130,729	268
Dividend to parent						(127,692)				(127,539)	(153)
Ending balance at Jun. 30, 2023	1,170,494	2,090,400	(258)	(852,901)	455	1,163,047	0	3,160,907	(258)	(1,998,057)	455
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						5,076		5,076
Foreign currency translations						(643)			(643)
Net income (loss)	140,425			140,017	408	140,562				140,154	408
Dividend to parent						(128,419)				(127,624)	(795)
Ending balance at Sep. 30, 2023	1,186,842	2,095,477	(901)	(840,557)	68	1,179,623	0	3,165,983	(901)	(1,985,527)	68
Beginning balance at Dec. 31, 2023	1,216,788	2,103,282	(428)	(819,235)	414	1,209,777	0	3,173,789	(428)	(1,963,998)	414
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						27,680		27,680
Reallocation of capital	0	(1,018)			1,018	0		(1,018)			1,018
Foreign currency translations						(392)			(392)
Net income (loss)	78,499			78,224	275	78,637				78,362	275
Dividend to parent						(138,848)				(138,369)	(479)
Ending balance at Mar. 31, 2024	1,183,637	2,129,944	(820)	(874,130)	1,228	1,176,854	0	3,200,451	(820)	(2,024,005)	1,228
Beginning balance at Dec. 31, 2023	1,216,788	2,103,282	(428)	(819,235)	414	1,209,777	0	3,173,789	(428)	(1,963,998)	414
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	363,915					364,345
Ending balance at Sep. 30, 2024	1,212,945	2,152,176	(1,214)	(866,077)	645	1,206,636	0	3,222,683	(1,214)	(2,015,478)	645
Beginning balance at Mar. 31, 2024	1,183,637	2,129,944	(820)	(874,130)	1,228	1,176,854	0	3,200,451	(820)	(2,024,005)	1,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						11,033		11,033
Foreign currency translations						(431)			(431)
Net income (loss)	137,594			137,366	228	137,775				137,547	228
Dividend to parent						(133,334)				(133,117)	(217)
Ending balance at Jun. 30, 2024	1,198,409	2,140,977	(1,251)	(869,971)	1,239	1,191,897	0	3,211,484	(1,251)	(2,019,575)	1,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contribution from parent						11,199		11,199
Foreign currency translations						37			37
Net income (loss)	147,822			147,476	346	147,933				147,587	346
Dividend to parent						(144,430)				(143,490)	(940)
Ending balance at Sep. 30, 2024	$ 1,212,945	$ 2,152,176	$ (1,214)	$ (866,077)	$ 645	$ 1,206,636	$ 0	$ 3,222,683	$ (1,214)	$ (2,015,478)	$ 645

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details