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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-Q
________________________________________________________
xQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2022
or
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 1-36756
__________________________________
Lamar Advertising Company
________________________________________________
Commission File Number 1-12407
________________________________________________
Lamar Media Corp.
(Exact name of registrants as specified in their charters)
__________________________________
Delaware47-0961620
Delaware72-1205791
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
  
5321 Corporate Blvd., Baton Rouge, LA
70808
(Address of principal executive offices)(Zip Code)
Registrants’ telephone number, including area code: (225926-1000  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.001 par valueLAMR
The NASDAQ Stock Market, LLC
Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether each registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether Lamar Advertising Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨
Non-accelerated filer¨Smaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if Lamar Advertising Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether Lamar Media Corp. is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☐
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerxSmaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if Lamar Media Corp. has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether Lamar Advertising Company is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x
Indicate by check mark whether Lamar Media Corp. is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x
The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of October 31, 2022: 87,263,385 
The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of October 31, 2022: 14,420,085
The number of shares of Lamar Media Corp. common stock outstanding as of October 31, 2022: 100
This combined Form 10-Q is separately filed by (i) Lamar Advertising Company and (ii) Lamar Media Corp. (which is a wholly owned subsidiary of Lamar Advertising Company). Lamar Media Corp. meets the conditions set forth in general instruction H(1) (a) and (b) of Form 10-Q and is, therefore, filing this form with the reduced disclosure format permitted by such instruction.



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


guarantee that any of the forward-looking statements will prove to be accurate. The forward-looking statements in this report speak only as of the date of this report, and Lamar Advertising and Lamar Media expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained in this report, except as required by law.
For a further description of these and other risks and uncertainties, the Company encourages you to read carefully Item 1A to the combined Annual Report on Form 10-K for the year ended December 31, 2021 of the Company and Lamar Media (the “2021 Combined Form 10-K”), filed on February 25, 2022, and as such risk factors may be further updated or supplemented, from time to time, in our future combined Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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CONTENTS
Page
Lamar Advertising Company
Lamar Media Corp.

4

PART I — FINANCIAL INFORMATION
ITEM 1. — FINANCIAL STATEMENTS
LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
September 30,
2022
December 31,
2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$79,355 $99,788 
Receivables, net of allowance for doubtful accounts of $11,388 and $11,195 in 2022 and 2021, respectively
294,840 269,917 
Other current assets30,826 18,902 
Total current assets405,021 388,607 
Property, plant and equipment3,912,020 3,782,288 
Less accumulated depreciation and amortization(2,512,786)(2,445,014)
Net property, plant and equipment1,399,234 1,337,274 
Operating lease right of use assets1,236,201 1,224,672 
Financing lease right of use assets14,751 16,890 
Goodwill2,002,747 1,936,426 
Intangible assets, net1,128,358 1,045,177 
Other assets92,207 98,448 
Total assets$6,278,519 $6,047,494 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable$16,523 $16,429 
Current maturities of long-term debt, net of deferred financing costs of $651 and $585 in 2022 and 2021, respectively
199,722 174,778 
Current operating lease liabilities180,107 198,286 
Current financing lease liabilities1,331 1,331 
Accrued expenses105,374 135,038 
Deferred income140,772 137,103 
Total current liabilities643,829 662,965 
Long-term debt, net of deferred financing costs of $33,494 and $36,274 in 2022 and 2021, respectively
3,016,563 2,838,817 
Operating lease liabilities1,007,988 995,356 
Financing lease liabilities16,278 17,277 
Deferred income tax liabilities8,298 6,416 
Asset retirement obligation278,092 269,367 
Other liabilities33,186 40,207 
Total liabilities5,004,234 4,830,405 
Stockholders’ equity:
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2022 and 2021
  
Class A common stock, par value $0.001, 362,500,000 shares authorized; 88,047,081 and 87,540,838 shares issued at 2022 and 2021, respectively; 87,263,385 and 86,852,821 outstanding at 2022 and 2021, respectively
88 88 
Class B common stock, par value $0.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2022 and 2021
14 14 
Additional paid-in capital2,054,110 2,001,399 
Accumulated comprehensive (loss) income(915)855 
Accumulated deficit(717,654)(734,415)
Cost of shares held in treasury, 783,696 and 688,017 shares at 2022 and 2021, respectively
(61,358)(50,852)
Stockholders’ equity1,274,285 1,217,089 
Total liabilities and stockholders’ equity$6,278,519 $6,047,494 
See accompanying notes to condensed consolidated financial statements.
5

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Statements of Income
Net revenues$527,390 $476,894 $1,496,630 $1,292,827 
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)168,968 147,310 493,463 418,973 
General and administrative expenses (exclusive of depreciation and amortization)87,181 85,946 260,923 234,429 
Corporate expenses (exclusive of depreciation and amortization)24,474 26,028 74,077 64,431 
Depreciation and amortization65,833 84,300 202,210 205,671 
Gain on disposition of assets(53)(26)(1,990)(1,922)
346,403 343,558 1,028,683 921,582 
Operating income180,987 133,336 467,947 371,245 
Other expense (income)
Loss on extinguishment of debt   21,604 
Interest income(248)(198)(742)(554)
Interest expense33,545 26,125 89,824 80,638 
Equity in earnings of investee(1,554)(1,141)(2,655)(1,141)
31,743 24,786 86,427 100,547 
Income before income tax expense149,244 108,550 381,520 270,698 
Income tax expense3,056 1,712 8,976 5,922 
Net income146,188 106,838 372,544 264,776 
Cash dividends declared and paid on preferred stock91 91 273 273 
Net income applicable to common stock$146,097 $106,747 $372,271 $264,503 
Earnings per share:
Basic earnings per share$1.44 $1.05 $3.67 $2.62 
Diluted earnings per share$1.44 $1.05 $3.66 $2.61 
Cash dividends declared per share of common stock$1.20 $1.00 $3.50 $2.50 
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic101,580,997 101,195,158 101,469,918 101,097,124 
Weighted average common shares outstanding diluted101,685,965 101,401,754 101,599,157 101,298,444 
Statements of Comprehensive Income
Net income$146,188 $106,838 $372,544 $264,776 
Other comprehensive loss
Foreign currency translation adjustments(1,401)(588)(1,770)(84)
Comprehensive income$144,787 $106,250 $370,774 $264,692 
See accompanying notes to condensed consolidated financial statements.
6

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)
Series AA
PREF
Stock
Class A
CMN
Stock
Class B
CMN
Stock
Treasury
Stock
Add’l
Paid in
Capital
Accumulated Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Balance, December 31, 2021$ $88 $14 $(50,852)$2,001,399 $855 $(734,415)$1,217,089 
Non-cash compensation— — — — 1,405 — — 1,405 
Issuance of 241,750 shares of common stock through stock awards
— — — — 30,145 — — 30,145 
Exercise of 26,190 shares of stock options
— — — — 1,307 — — 1,307 
Issuance of 36,347 shares of common stock through employee purchase plan
— — — — 3,589 — — 3,589 
Purchase of 95,091 shares of treasury stock
— — — (10,446)— — — (10,446)
Foreign currency translation— — — — — 314 — 314 
Net income— — — — — — 92,151 92,151 
Dividends/distributions to common shareholders ($1.10 per common share)
— — — — — — (111,602)(111,602)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, March 31, 2022$ $88 $14 $(61,298)$2,037,845 $1,169 $(753,957)$1,223,861 
Non-cash compensation— — — — 1,356 — — 1,356 
Issuance of 7,197 shares of common stock through stock awards
— — — — 221 — — 221 
Exercise of 13,131 shares of stock options
— — — — 599 — — 599 
Issuance of 32,172 shares of common stock through employee purchase plan
— — — — 2,406 — — 2,406 
Foreign currency translation— — — — — (683)— (683)
Net income— — — — — — 134,205 134,205 
Dividends/distributions to common shareholders ($1.20 per common share)
— — — — — — (121,808)(121,808)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, June 30, 2022$ $88 $14 $(61,298)$2,042,427 $486 $(741,651)$1,240,066 
Non-cash compensation— — — — 4,283 — — 4,283 
Exercise of 114,440 shares of stock options
— — — — 4,945 — — 4,945 
Issuance of shares 35,016 of common stock through employee purchase plan
— — — — 2,455 — — 2,455 
Purchase of 588 shares of treasury stock
— — — (60)— — — (60)
Foreign currency translation— — — — — (1,401)— (1,401)
Net income— — — — — — 146,188 146,188 
Dividends/distributions to common shareholders ($1.20 per common share)
— — — — — — (122,100)(122,100)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, September 30, 2022$ $88 $14 $(61,358)$2,054,110 $(915)$(717,654)$1,274,285 
See accompanying notes to condensed consolidated financial statements.
7

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)
Series AA
PREF
Stock
Class A
CMN
Stock
Class B
CMN
Stock
Treasury
Stock
Add’l
Paid in
Capital
Accumulated
Comprehensive
Income
Accumulated
Deficit
Total
Balance, December 31, 2020$ $87 $14 $(44,786)$1,963,850 $934 $(717,331)$1,202,768 
Non-cash compensation— — — — 1,060 — — 1,060 
Issuance of 149,000 shares of common stock through stock awards
— — — — 13,376 — — 13,376 
Exercise of 82,101 shares of stock options
— — — — 5,224 — — 5,224 
Issuance of 31,824 shares of common stock through employee purchase plan
— — — — 2,172 — — 2,172 
Purchase of 65,290 shares of treasury stock
— — (5,717)— — — (5,717)
Foreign currency translation— — — — — 204 — 204 
Net income— — — — — — 38,329 38,329 
Dividends/distributions to common shareholders ($0.75 per common share)
— — — — — — (75,818)(75,818)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, March 31, 2021$ $87 $14 $(50,503)$1,985,682 $1,138 $(754,911)$1,181,507 
Non-cash compensation— — — — 917 — — 917 
Issuance of 4,685 shares of common stock through stock awards
— — — — 594 — — 594 
Exercise of 38,265 shares of stock options
— — — — 2,575 — — 2,575 
Issuance of 30,302 shares of common stock through employee purchase plan
— — — — 2,068 — — 2,068 
Foreign currency translation— — — — — 300 — 300 
Net income— — — — — — 119,609 119,609 
Dividends/distributions to common shareholders ($0.75 per common share)
— — — — — — (75,874)(75,874)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, June 30, 2021$ $87 $14 $(50,503)$1,991,836 $1,438 $(711,267)$1,231,605 
Non-cash compensation— — — — 1,128 — — 1,128 
Issuance of 5,300 shares of common stock through stock awards
— — — — 188 — — 188 
Exercise of 26,880 shares of stock options
— 1 — — 1,748 — — 1,749 
Issuance of shares 25,347 of common stock through employee purchase plan
— — — — 2,262 — — 2,262 
Purchase of 665 shares of treasury stock
— — — (70)— — — (70)
Foreign currency translation— — — — — (588)— (588)
Net income— — — — — — 106,838 106,838 
Dividends/distributions to common shareholders ($1.00 per common share)
— — — — — — (101,225)(101,225)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, September 30, 2021$ 88 14 (50,573)1,997,162 850 (705,745)$1,241,796 
See accompanying notes to condensed consolidated financial statements.
8

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
20222021
Cash flows from operating activities:
Net income$372,544 $264,776 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization202,210 205,671 
Stock-based compensation14,331 22,540 
Amortization included in interest expense4,527 4,405 
Gain on disposition of assets and investments(1,990)(1,922)
Loss on extinguishment of debt 21,604 
Equity in earnings of investee(2,655)(1,141)
Deferred tax expense1,851 1,178 
Provision for doubtful accounts5,868 2,711 
Changes in operating assets and liabilities
(Increase) decrease in:
Receivables(29,510)(24,475)
Prepaid expenses(2,681)(1,953)
Other assets3,510 (444)
(Decrease) increase in:
Trade accounts payable(895)(69)
Accrued expenses(12,773)3,610 
Operating lease liabilities(18,881)(22,560)
Other liabilities1,649 14,303 
Net cash provided by operating activities537,105 488,234 
Cash flows from investing activities:
Acquisitions(287,860)(107,593)
Capital expenditures(116,808)(71,513)
Payment for investments in equity securities (30,000)
Proceeds from disposition of assets and investments2,146 5,761 
Decrease in notes receivable58 107 
Net cash used in investing activities(402,464)(203,238)
Cash flows from financing activities:
Cash used for purchase of treasury stock(10,506)(5,787)
Net proceeds from issuance of common stock15,301 16,050 
Principal payments on long-term debt(273)(282)
Principal payments on financing leases(998)(998)
Payments on revolving credit facility(575,000)(25,000)
Proceeds received from revolving credit facility400,000 25,000 
Redemption of senior notes and senior subordinated notes (668,688)
Proceeds received from note offering 550,000 
Proceeds received from accounts receivable securitization program140,000 120,000 
Payments on accounts receivable securitization program(115,000)(67,500)
Proceeds received from senior credit facility term loans350,000  
Debt issuance costs(1,564)(8,662)
Distributions to non-controlling interest(1,019)(82)
Dividends/distributions(355,783)(253,190)
Net cash used in financing activities(154,842)(319,139)
Effect of exchange rate changes in cash and cash equivalents(232)143 
Net decrease in cash and cash equivalents(20,433)(34,000)
Cash and cash equivalents at beginning of period99,788 121,569 
Cash and cash equivalents at end of period$79,355 $87,569 
Supplemental disclosures of cash flow information:
Cash paid for interest$84,611 $87,729 
Cash paid for foreign, state and federal income taxes$8,254 $7,231 
See accompanying notes to condensed consolidated financial statements.
9

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

1.