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Summarized Financial Information of Subsidiaries

6 Months Ended

Jun. 30, 2024

LAMAR MEDIA CORP. AND SUBSIDIARIES

Condensed Income Statements, Captions [Line Items]

Summarized Financial Information of Subsidiaries

Summarized Financial Information of Subsidiaries

Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of June 30, 2024

			Lamar Media Corp.						Guarantor Subsidiaries						Non- Guarantor Subsidiaries						Eliminations						Lamar Media Consolidated
			(unaudited)
ASSETS
Total current assets			$	59,743					$	58,773					$	321,708					$	—					$	440,224
Net property, plant and equipment			—						1,530,980						16,796						—						1,547,776
Operating lease right of use assets			—						1,304,646						30,857						—						1,335,503
Intangibles and goodwill, net			—						3,128,329						16,867						—						3,145,196
Other assets			4,558,971						356,579						249,769						(5,068,339)						96,980
Total assets			$	4,618,714					$	6,379,307					$	635,997					$	(5,068,339)					$	6,565,679
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt			$	349,685					$	407					$	249,725					$	—					$	599,817
Current operating lease liabilities			—						177,063						7,465						—						184,528
Other current liabilities			41,429						209,069						19,460						—						269,958
Total current liabilities			391,114						386,539						276,650						—						1,054,303
Long-term debt			2,748,332						1,028						—						—						2,749,360
Operating lease liabilities			—						1,072,856						22,220						—						1,095,076
Other noncurrent liabilities			288,610						430,324						359,152						(603,043)						475,043
Total liabilities			3,428,056						1,890,747						658,022						(603,043)						5,373,782
Stockholder's equity			1,190,658						4,488,560						(22,025)						(4,465,296)						1,191,897
Total liabilities and stockholder's equity			$	4,618,714					$	6,379,307					$	635,997					$	(5,068,339)					$	6,565,679

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of December 31, 2023

			Lamar Media Corp.						Guarantor Subsidiaries						Non- Guarantor Subsidiaries						Eliminations						Lamar Media Consolidated
ASSETS
Total current assets			$	33,875					$	28,905					$	309,906					$	—					$	372,686
Net property, plant and equipment			—						1,548,946						17,524						—						1,566,470
Operating lease right of use assets			—						1,281,503						33,930						—						1,315,433
Intangibles and goodwill, net			—						3,179,107						16,979						—						3,196,086
Other assets			4,596,516						349,680						249,662						(5,099,653)						96,205
Total assets			$	4,630,391					$	6,388,141					$	628,001					$	(5,099,653)					$	6,546,880
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt			$	—					$	398					$	249,620					$	—					$	250,018
Current operating lease liabilities			—						202,992						7,576						—						210,568
Other current liabilities			45,225						184,018						14,337						—						243,580
Total current liabilities			45,225						387,408						271,533						—						704,166
Long-term debt			3,089,874						1,235						—						—						3,091,109
Operating lease liabilities			—						1,050,330						24,955						—						1,075,285
Other noncurrent liabilities			285,929						424,532						343,253						(587,171)						466,543
Total liabilities			3,421,028						1,863,505						639,741						(587,171)						5,337,103
Stockholder's equity			1,209,363						4,524,636						(11,740)						(4,512,482)						1,209,777
Total liabilities and stockholder's equity			$	4,630,391					$	6,388,141					$	628,001					$	(5,099,653)					$	6,546,880

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Six Months Ended June 30, 2024

			Lamar Media Corp.						Guarantor Subsidiaries						Non- Guarantor Subsidiaries						Eliminations						Lamar Media Consolidated
Statement of Income			(unaudited)
Net revenues			$	—					$	1,040,970					$	23,389					$	(958)					$	1,063,401
Operating expenses (income)
Direct advertising expenses(1)			—						343,688						16,180						(958)						358,910
General and administrative expenses(1)			—						172,362						5,140						—						177,502
Corporate expenses(1)			—						67,464						972						—						68,436
Depreciation and amortization			—						150,050						2,369						—						152,419
Gain on disposition of assets			—						(3,012)						—						—						(3,012)
			—						730,552						24,661						(958)						754,255
Operating income (loss)			—						310,418						(1,272)						—						309,146
Equity in (earnings) loss of subsidiaries			(296,898)						—						—						296,898						—
Interest expense (income), net			80,989						(863)						7,659						—						87,785
Equity in loss of investee			—						555						—						—						555
Income (loss) before income tax expense			215,909						310,726						(8,931)						(296,898)						220,806
Income tax expense(2)			—						4,193						201						—						4,394
Net income (loss)			215,909						306,533						(9,132)						(296,898)						216,412
Net income attributable to non-controlling interest			—						332						171						—						503
Net income (loss) attributable to controlling interest			$	215,909					$	306,201					$	(9,303)					$	(296,898)					$	215,909
Statement of Comprehensive Income
Net income (loss)			$	215,909					$	306,533					$	(9,132)					$	(296,898)					$	216,412
Total other comprehensive loss, net of tax			—						—						(823)						—						(823)
Total comprehensive income (loss)			215,909						306,533						(9,955)						(296,898)						215,589
Net income attributable to non-controlling interest			—						332						171						—						503
Comprehensive income (loss) attributable to controlling interest			$	215,909					$	306,201					$	(10,126)					$	(296,898)					$	215,086

(1)Caption is exclusive of depreciation and amortization.

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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Six Months Ended June 30, 2023

			Lamar Media Corp.						Guarantor Subsidiaries						Non- Guarantor Subsidiaries						Eliminations						Lamar Media Consolidated
Statement of Income			(unaudited)
Net revenues			$	—					$	993,163					$	20,582					$	(1,276)					$	1,012,469
Operating expenses (income)
Direct advertising expenses(1)			—						326,150						15,341						(1,276)						340,215
General and administrative expenses(1)			—						171,084						4,576						—						175,660
Corporate expenses(1)			—						56,011						827						—						56,838
Depreciation and amortization			—						146,362						1,921						—						148,283
(Gain) loss on disposition of assets			—						(4,366)						2						—						(4,364)
			—						695,241						22,667						(1,276)						716,632
Operating income (loss)			—						297,922						(2,085)						—						295,837
Equity in (earnings) loss of subsidiaries			(285,124)						—						—						285,124						—
Interest expense (income), net			78,218						(895)						6,832						—						84,155
Equity in earnings of investee			—						(627)						—						—						(627)
Income (loss) before income tax expense			206,906						299,444						(8,917)						(285,124)						212,309
Income tax expense(2)			—						4,768						210						—						4,978
Net income (loss)			206,906						294,676						(9,127)						(285,124)						207,331
Net income attributable to non-controlling interest			—						135						290						—						425
Net income (loss) attributable to controlling interest			$	206,906					$	294,541					$	(9,417)					$	(285,124)					$	206,906
Statement of Comprehensive Income
Net income (loss)			$	206,906					$	294,676					$	(9,127)					$	(285,124)					$	207,331
Total other comprehensive income, net of tax			—						—						401						—						401
Total comprehensive income (loss)			206,906						294,676						(8,726)						(285,124)						207,732
Net income attributable to non-controlling interest			—						135						290						—						425
Comprehensive income (loss) attributable to controlling interest			$	206,906					$	294,541					$	(9,016)					$	(285,124)					$	207,307

(1)Caption is exclusive of depreciation and amortization.

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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2024

			Lamar Media Corp.						Guarantor Subsidiaries						Non- Guarantor Subsidiaries						Eliminations						Lamar Media Consolidated
			(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities			$	288,498					$	430,922					$	(8,452)					$	(371,453)					$	339,515
Cash flows from investing activities:
Acquisitions			—						(28,192)						—						—						(28,192)
Capital expenditures			—						(50,312)						(1,818)						—						(52,130)
Proceeds from disposition of assets and investments			—						3,661						—						—						3,661
Investment in subsidiaries			(28,192)						—						—						28,192						—
(Increase) decrease in intercompany notes receivable			(6,665)						—						—						6,665						—
Net cash (used in) provided by investing activities			(34,857)						(74,843)						(1,818)						34,857						(76,661)
Cash flows from financing activities:
Proceeds received from revolving credit facility			218,000						—						—						—						218,000
Payment on revolving credit facility			(213,000)						—						—						—						(213,000)
Principal payments on long-term debt			—						(197)						—						—						(197)
Principal payments on financing leases			—						(666)						—						—						(666)
Payment on accounts receivable securitization program			—						—						(86,200)						—						(86,200)
Proceeds received from accounts receivable securitization program			—						—						86,200						—						86,200
Debt issuance costs			—						—						(23)						—						(23)
Intercompany loan (payments) proceeds			—						(8,701)						15,366						(6,665)						—
Distributions to non-controlling interest			—						(366)						(330)						—						(696)
Dividends (to) from parent			(271,486)						(371,453)						—						371,453						(271,486)
Contributions from (to) parent			38,713						28,192						—						(28,192)						38,713
Net cash (used in) provided by financing activities			(227,773)						(353,191)						15,013						336,596						(229,355)
Effect of exchange rate changes in cash and cash equivalents			—						—						(172)						—						(172)
Net increase in cash and cash equivalents			25,868						2,888						4,571						—						33,327
Cash and cash equivalents at beginning of period			33,772						720						9,613						—						44,105
Cash and cash equivalents at end of period			$	59,640					$	3,608					$	14,184					$	—					$	77,432

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2023

			Lamar Media Corp.						Guarantor Subsidiaries						Non- Guarantor Subsidiaries						Eliminations						Lamar Media Consolidated
			(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities			$	202,750					$	389,003					$	(43,138)					$	(263,976)					$	284,639
Cash flows from investing activities:
Acquisitions			—						(42,122)						—						—						(42,122)
Capital expenditures			—						(89,858)						(3,149)						—						(93,007)
Proceeds from disposition of assets and investments			—						5,120						—						—						5,120
Investment in subsidiaries			(42,122)						—						—						42,122						—
(Increase) decrease in intercompany notes receivable			(20,431)						—						—						20,431						—
Net cash (used in) provided by investing activities			(62,553)						(126,860)						(3,149)						62,553						(130,009)
Cash flows from financing activities:
Proceeds received from revolving credit facility			198,000						—						—						—						198,000
Payment on revolving credit facility			(110,000)						—						—						—						(110,000)
Principal payments on long-term debt			—						(188)						—						—						(188)
Principal payments on financing leases			—						(666)						—						—						(666)
Payment on accounts receivable securitization program			—						—						(47,000)						—						(47,000)
Proceeds received from accounts receivable securitization program			—						—						31,900						—						31,900
Debt issuance costs			—						—						(25)						—						(25)
Intercompany loan (payment) proceeds			—						(38,623)						59,054						(20,431)						—
Distributions to non-controlling interest			—						(220)						(147)						—						(367)
Dividends (to) from parent			(260,945)						(263,976)						—						263,976						(260,945)
Contributions from (to) parent			29,745						42,122						—						(42,122)						29,745
Net cash (used in) provided by financing activities			(143,200)						(261,551)						43,782						201,423						(159,546)
Effect of exchange rate changes in cash and cash equivalents			—						—						76						—						76
Net (decrease) increase in cash and cash equivalents			(3,003)						592						(2,429)						—						(4,840)
Cash and cash equivalents at beginning of period			39,729						1,285						11,105						—						52,119
Cash and cash equivalents at end of period			$	36,726					$	1,877					$	8,676					$	—					$	47,279

X

- Definition

The entire disclosure for condensed financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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

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- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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