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Summarized Financial Information of Subsidiaries
 12 Months Ended
Dec. 31, 2022
LAMAR MEDIA CORP. AND SUBSIDIARIES  
Summarized Financial Information of Subsidiaries Summarized Financial Information of Subsidiaries
Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries are presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.
Condensed Consolidating Balance Sheet as of December 31, 2022
Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
ASSETS
Total current assets$39,829 $36,667 $287,556 $— $364,052 
Net property, plant and equipment— 1,483,395 16,304 — 1,499,699 
Operating lease right of use assets— 1,252,414 19,217 — 1,271,631 
Intangibles and goodwill, net— 3,214,284 16,991 — 3,231,275 
Other assets4,514,221 325,052 250,056 (4,997,514)91,815 
Total assets$4,554,050 $6,311,812 $590,124 $(4,997,514)$6,458,472 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $378 $249,407 $— $249,785 
Current operating lease liabilities— 198,320 7,518 — 205,838 
Other current liabilities23,360 222,871 15,314 — 261,545 
Total current liabilities23,360 421,569 272,239 — 717,168 
Long-term debt3,061,385 1,635 — — 3,063,020 
Operating lease liabilities— 1,025,385 10,270 — 1,035,655 
Other noncurrent liabilities281,804 418,163 301,957 (546,796)455,128 
Total liabilities3,366,549 1,866,752 584,466 (546,796)5,270,971 
Stockholder's equity1,187,501 4,445,060 5,658 (4,450,718)1,187,501 
Total liabilities and stockholder's equity$4,554,050 $6,311,812 $590,124 $(4,997,514)$6,458,472 
Condensed Consolidating Balance Sheet as of December 31, 2021
Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
ASSETS
Total current assets$91,119 $29,379 $267,609 $— $388,107 
Net property, plant and equipment— 1,321,526 15,748 — 1,337,274 
Operating lease right of use assets— 1,198,934 25,738 — 1,224,672 
Intangibles and goodwill, net— 2,953,600 17,383 — 2,970,983 
Other assets4,188,436 311,046 187,044 (4,576,531)109,995 
Total assets$4,279,555 $5,814,485 $513,522 $(4,576,531)$6,031,031 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $363 $174,415 $— $174,778 
Current operating lease liabilities— 190,748 7,538 — 198,286 
Other current liabilities22,009 246,030 14,142 — 282,181 
Total current liabilities22,009 437,141 196,095 — 655,245 
Long-term debt2,836,801 2,016 — — 2,838,817 
Operating lease liabilities— 977,463 17,893 — 995,356 
Other noncurrent liabilities212,399 292,194 292,281 (463,607)333,267 
Total liabilities3,071,209 1,708,814 506,269 (463,607)4,822,685 
Stockholder's equity1,208,346 4,105,671 7,253 (4,112,924)1,208,346 
Total liabilities and stockholder's equity$4,279,555 $5,814,485 $513,522 $(4,576,531)$6,031,031 
Condensed Consolidating Statements of Income and Comprehensive Income
for the Year Ended December 31, 2022

 Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Statement of Income
Net revenues$— $1,992,900 $41,789 $(2,549)$2,032,140 
Operating expenses (income)
Direct advertising expenses(1)
— 639,948 29,889 (2,549)667,288 
General and administrative expenses(1)
— 343,188 7,435 — 350,623 
Corporate expenses(1)
— 99,392 2,606 — 101,998 
Depreciation and amortization— 345,857 3,592 — 349,449 
Gain on disposition of assets— (3,235)(12,486)— (15,721)
— 1,425,150 31,036 (2,549)1,453,637 
Operating income— 567,750 10,753 — 578,503 
Loss on debt extinguishment— — — — — 
Equity in (earnings) loss of subsidiaries(561,545)— — 561,545 — 
Interest expense (income), net122,396 (531)4,352 — 126,217 
Equity in earnings of investee— (4,315)— — (4,315)
Income (loss) before income tax expense439,149 572,596 6,401 (561,545)456,601 
Income tax expense(2)
— 10,970 6,482 — 17,452 
Net income (loss)$439,149 $561,626 $(81)$(561,545)$439,149 
Statement of Comprehensive Income
Net income (loss)$439,149 $561,626 $(81)$(561,545)$439,149 
Total other comprehensive loss, net of tax— — (1,514)— (1,514)
Total comprehensive income (loss)$439,149 $561,626 $(1,595)$(561,545)$437,635 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
Condensed Consolidating Statements of Income and Comprehensive Income
for the Year Ended December 31, 2021

Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Statement of Income
Net revenues$— $1,752,106 $37,055 $(1,760)$1,787,401 
Operating expenses (income)
Direct advertising expenses(1)
— 552,953 25,314 (1,760)576,507 
General and administrative expenses(1)
— 322,278 4,358 — 326,636 
Corporate expenses(1)
— 91,479 1,595 — 93,074 
Depreciation and amortization— 267,141 4,153 — 271,294 
Gain on disposition of assets— (1,965)(150)— (2,115)
— 1,231,886 35,270 (1,760)1,265,396 
Operating income— 520,220 1,785 — 522,005 
Loss on debt extinguishment21,604 — — — 21,604 
Equity in (earnings) loss of subsidiaries(515,288)— — 515,288 — 
Interest expense (income), net104,776 (44)889 — 105,621 
Equity in earnings of investee— (3,384)— — (3,384)
Income (loss) before income tax expense (benefit)388,908 523,648 896 (515,288)398,164 
Income tax expense (benefit)(2)
— 9,556 (300)— 9,256 
Net income (loss)$388,908 $514,092 $1,196 $(515,288)$388,908 
Statement of Comprehensive Income
Net income (loss)$388,908 $514,092 $1,196 $(515,288)$388,908 
Total other comprehensive loss, net of tax— — (79)— (79)
Total comprehensive income (loss)$388,908 $514,092 $1,117 $(515,288)$388,829 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
Condensed Consolidating Statements of Income and Comprehensive Income
for the Year Ended December 31, 2020

Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Statement of Income
Net revenues$— $1,536,534 $33,965 $(1,643)$1,568,856 
Operating expenses (income)
Direct advertising expenses(1)
— 533,803 25,501 (1,643)557,661 
General and administrative expenses(1)
— 281,293 6,581 — 287,874 
Corporate expenses(1)
— 69,478 979 — 70,457 
Depreciation and amortization— 249,299 1,997 — 251,296 
(Gain) loss on disposition of assets— (9,036)10 — (9,026)
— 1,124,837 35,068 (1,643)1,158,262 
Operating income (loss)— 411,697 (1,103)— 410,594 
Loss on debt extinguishment25,235 — — — 25,235 
Equity in (earnings) loss of subsidiaries(404,332)— — 404,332 — 
Interest expense (income), net135,224 (175)1,777 — 136,826 
Income (loss) before income tax expense (benefit)243,873 411,872 (2,880)(404,332)248,533 
Income tax expense (benefit)(2)
— 5,203 (543)— 4,660 
Net income (loss)$243,873 $406,669 $(2,337)$(404,332)$243,873 
Statement of Comprehensive Income
Net income (loss)$243,873 $406,669 $(2,337)$(404,332)$243,873 
Total other comprehensive income, net of tax— — 249 — 249 
Total comprehensive income (loss)$243,873 $406,669 $(2,088)$(404,332)$244,122 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2022
Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities$586,773 $875,208 $(20,112)$(702,003)$739,866 
Cash flows from investing activities:
Capital expenditures— (162,515)(4,563)— (167,078)
Acquisitions— (479,766)— — (479,766)
Proceeds from disposition of assets and investments— 3,358 12,291 — 15,649 
Investment in subsidiaries(479,766)— — 479,766 — 
Decrease (increase) in intercompany notes receivable81,526 — — (81,526)— 
Decrease in notes receivable— 58 12,066 — 12,124 
Net cash (used in) provided by investing activities(398,240)(638,865)19,794 398,240 (619,071)
Cash flows from financing activities:
Proceeds received from revolving credit facility445,000 — — — 445,000 
Payment on revolving credit facility(575,000)— — — (575,000)
Principal payments on long-term debt— (365)— — (365)
Principal payments on financing leases— (1,331)— — (1,331)
Proceeds received from senior credit facility term loans350,000 — — — 350,000 
Payment on accounts receivable securitization program— — (190,000)— (190,000)
Proceeds received from accounts receivable securitization program— — 265,000 — 265,000 
Debt issuance costs(1,347)— (236)— (1,583)
Intercompany loan (payments) proceeds— (14,619)(66,907)81,526 — 
Distributions to non-controlling interest— — (814)— (814)
Dividends (to) from parent(518,753)(702,003)— 702,003 (518,753)
Contributions from (to) parent60,273 479,766 — (479,766)60,273 
Net cash (used in) provided by financing activities(239,827)(238,552)7,043 303,763 (167,573)
Effect of exchange rate changes in cash and cash equivalents— — (391)— (391)
Net (decrease) increase in cash and cash equivalents(51,294)(2,209)6,334 — (47,169)
Cash and cash equivalents at beginning of period91,023 3,494 4,771 — 99,288 
Cash and cash equivalents at end of period$39,729 $1,285 $11,105 $— $52,119 
Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2021
Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities$596,116 $849,072 $(21,301)$(708,341)$715,546 
Cash flows from investing activities:
Capital expenditures— (119,728)(6,362)— (126,090)
Acquisitions— (312,257)— — (312,257)
Payment for investments in equity securities— (30,000)(30,000)
Proceeds from disposition of assets and investments— 6,480 — — 6,480 
Investment in subsidiaries(342,257)— — 342,257 — 
Decrease (increase) in intercompany notes receivable51,976 — — (51,976)— 
Decrease in notes receivable— 107 — — 107 
Net cash (used in) provided by investing activities(290,281)(455,398)(6,362)290,281 (461,760)
Cash flows from financing activities:
Proceeds received from revolving credit facility200,000 — — — 200,000 
Payment on revolving credit facility(25,000)— — — (25,000)
Principal payments on long-term debt— (378)— — (378)
Principal payments on financing leases— (1,331)— — (1,331)
Proceeds received from note offering550,000 — — — 550,000 
Redemption of senior notes and senior subordinated notes(668,688)— — — (668,688)
Proceeds received from accounts receivable securitization program— — 180,000 — 180,000 
Payment on accounts receivable securitization program— — (127,500)— (127,500)
Debt issuance costs(8,385)— (438)— (8,823)
Intercompany loan (payments) proceeds— (24,119)(27,857)51,976 — 
Distributions to non-controlling interest— — (601)— (601)
Dividends (to) from parent(410,875)(708,341)— 708,341 (410,875)
Contributions from (to) parent37,548 342,257 — (342,257)37,548 
Net cash (used in) provided by financing activities(325,400)(391,912)23,604 418,060 (275,648)
Effect of exchange rate changes in cash and cash equivalents— — 81 — 81 
Net (decrease) increase in cash and cash equivalents(19,565)1,762 (3,978)— (21,781)
Cash and cash equivalents at beginning of period110,588 1,732 8,749 — 121,069 
Cash and cash equivalents at end of period$91,023 $3,494 $4,771 $— $99,288 
Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2020
Lamar Media Corp.Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsLamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities$495,872 $668,673 $(5,639)$(619,877)$539,029 
Cash flows from investing activities:
Acquisitions577 (46,161)— — (45,584)
Capital expenditures— (56,772)(5,500)— (62,272)
Proceeds from disposition of assets and investments— 10,968 — — 10,968 
Investment in subsidiaries(46,161)— — 46,161 — 
(Increase) decrease in intercompany notes receivable(60,183)— — 60,183 — 
Net cash (used in) provided by investing activities(105,767)(91,965)(5,500)106,344 (96,888)
Cash flows from financing activities:
Proceeds received from revolving credit facility725,000 — — — 725,000 
Payment on revolving credit facility(875,000)— — — (875,000)
Principal payments on long-term debt— (9,112)— — (9,112)
Borrowings on long-term debt8,750 8,750 
Proceeds received from senior credit facility term loans598,500 — — — 598,500 
Payments on senior credit facility term loans(978,097)— — — (978,097)
Proceeds received from accounts receivable securitization program— — 122,500 — 122,500 
Payment on accounts receivable securitization program— — (175,000)— (175,000)
Debt issuance costs(32,950)— — — (32,950)
Proceeds received from note offering1,549,250 — — — 1,549,250 
Redemption of senior notes and senior subordinated notes(1,058,596)— — — (1,058,596)
Intercompany loan (payments) proceeds— (9,176)69,359 (60,183)— 
Distributions to non-controlling interest— — (1,509)— (1,509)
Contributions from (to) parent41,628 46,161 — (46,161)41,628 
Dividends (to) from parent(262,437)(619,877)— 619,877 (262,437)
Net cash (used in) provided by financing activities(292,702)(583,254)15,350 513,533 (347,073)
Effect of exchange rate changes in cash and cash equivalents— — 313 — 313 
Net increase (decrease) in cash and cash equivalents97,403 (6,546)4,524 — 95,381 
Cash and cash equivalents at beginning of  period13,185 8,278 4,225 — 25,688 
Cash and cash equivalents at end of period$110,588 $1,732 $8,749 $— $121,069