[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q) [Registrant Information](index=1&type=section&id=Registrant%20Information) Identifies Lamar Advertising Company and Lamar Media Corp. as registrants for the Q2 2022 Form 10-Q, detailing their filer status and stock information - The report is a **Quarterly Report on Form 10-Q** for the period ended **June 30, 2022**, filed by **Lamar Advertising Company** and its wholly-owned subsidiary, **Lamar Media Corp.**[2](index=2&type=chunk)[5](index=5&type=chunk) Registrant Filer Status and Common Stock Outstanding (as of July 31, 2022) | Registrant | Filer Status | Common Stock Outstanding (as of July 31, 2022) | | :----------------------- | :-------------------- | :--------------------------------------------------- | | Lamar Advertising Company | Large accelerated filer | Class A: 87,114,517, Class B: 14,420,085 | | Lamar Media Corp. | Non-accelerated filer | 100 | [Note Regarding Forward-Looking Statements](index=2&type=section&id=NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) [Forward-Looking Statements Disclosure](index=2&type=section&id=Forward-Looking%20Statements%20Disclosure) Outlines forward-looking statements, common terminology, and associated risks, disclaiming any obligation to update them - Forward-looking statements are identified by terms like **'anticipates,' 'believes,' 'plans,' 'expects,'** and similar expressions, covering areas such as future financial performance, business objectives, capital expenditures, and **REIT qualification**[6](index=6&type=chunk)[8](index=8&type=chunk) - Key risks and uncertainties include the **state of the economy**, **advertising expenditures**, **indebtedness**, **competition**, **regulation**, ability to renew contracts, integration of acquisitions, digital deployment strategy, market for Class A common stock, accounting changes, severe weather, and changes in tax laws applicable to **REITs**[7](index=7&type=chunk)[8](index=8&type=chunk) - The company **disclaims any obligation to update or revise forward-looking statements**, except as required by law, and encourages readers to **review risk factors in the 2021 Combined Form 10-K**[9](index=9&type=chunk)[10](index=10&type=chunk) [PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) [Lamar Advertising Company Condensed Consolidated Financial Statements](index=5&type=section&id=Lamar%20Advertising%20Company%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Lamar Advertising Company, including balance sheets, income statements, and cash flow statements, with total assets of **$6.28 billion** and net revenues of **$969.2 million** for the six months ended June 30, 2022 Lamar Advertising Company: Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2022 | December 31, 2021 | | :----------------------------------- | :-------------- | :---------------- | | Total assets | $6,282,037 | $6,047,494 | | Total liabilities | $5,041,971 | $4,830,405 | | Total stockholders' equity | $1,240,066 | $1,217,089 | | Cash and cash equivalents | $91,686 | $99,788 | | Receivables, net | $303,323 | $269,917 | | Net property, plant and equipment | $1,377,447 | $1,337,274 | | Goodwill | $2,004,145 | $1,936,426 | | Long-term debt, net | $3,001,467 | $2,838,817 | Lamar Advertising Company: Condensed Consolidated Statements of Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues | $517,852 | $445,052 | $969,240 | $815,933 | | Operating income | $166,504 | $148,986 | $286,960 | $237,909 | | Net income | $134,205 | $119,609 | $226,356 | $157,938 | | Net income applicable to common stock | $134,114 | $119,518 | $226,174 | $157,756 | | Basic earnings per share | $1.32 | $1.18 | $2.23 | $1.56 | | Diluted earnings per share | $1.32 | $1.18 | $2.23 | $1.56 | | Cash dividends declared per share | $1.20 | $0.75 | $2.30 | $1.50 | Lamar Advertising Company: Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :----------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $312,630 | $285,257 | | Net cash used in investing activities | $(308,378) | $(64,670) | | Net cash used in financing activities | $(12,283) | $(273,643) | | Net decrease in cash and cash equivalents | $(8,102) | $(52,843) | | Cash and cash equivalents at end of period | $91,686 | $68,726 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, revenue recognition, acquisitions, debt, and subsequent events for Lamar Advertising Company - The **majority of revenues are from billboard, logo, and transit advertising**, recognized ratably over contract life, with production services recognized upon satisfaction[28](index=28&type=chunk)[29](index=29&type=chunk) Disaggregated Revenue by Source (in thousands) | Revenue Source | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Billboard | $463,826 | $405,284 | $865,565 | $739,323 | | Logo | $20,760 | $19,694 | $40,505 | $39,100 | | Transit | $33,266 | $20,074 | $63,170 | $37,510 | | **Net Revenues** | **$517,852** | **$445,052** | **$969,240** | **$815,933** | - During the six months ended June 30, 2022, the Company completed **over 40 acquisitions** of outdoor advertising assets for a total purchase price of **$234.3 million**, including **Burkhart Advertising Inc. for $130 million**[42](index=42&type=chunk)[44](index=44&type=chunk) Long-term Debt Composition (in thousands) | Debt Instrument | June 30, 2022 (Net of Deferred Financing Costs) | December 31, 2021 (Net of Deferred Financing Costs) | | :----------------------------------- | :---------------------------------------------- | :-------------------------------------------------- | | Senior Credit Facility | $925,667 | $764,411 | | Accounts Receivable Securitization Program | $239,328 | $174,415 | | 3 3/4% Senior Notes | $593,477 | $592,964 | | 3 5/8% Senior Notes | $542,650 | $542,289 | | 4% Senior Notes | $542,560 | $542,151 | | 4 7/8% Senior Notes | $395,285 | $394,987 | | Other notes | $2,196 | $2,378 | | **Total Long-term Debt (excluding current maturities)** | **$3,001,467** | **$2,838,817** | - On July 1, 2022, the Company completed a **tax reorganization to an Umbrella Partnership Real Estate Investment Trust (UPREIT) structure**, which is **not expected to materially impact financial statements or business operations**[114](index=114&type=chunk) - On July 29, 2022, Lamar Media entered into a **new $350 million Senior Secured Term Loan A**, with proceeds used to **repay outstanding balances on the revolving credit facility and Accounts Receivable Securitization Program**[115](index=115&type=chunk) [Lamar Media Corp. Condensed Consolidated Financial Statements](index=25&type=section&id=Lamar%20Media%20Corp.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Lamar Media Corp., a wholly-owned subsidiary, with total assets of **$6.27 billion** and net revenues of **$969.2 million** for the six months ended June 30, 2022 Lamar Media Corp.: Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2022 | December 31, 2021 | | :----------------------------------- | :-------------- | :---------------- | | Total assets | $6,265,294 | $6,031,031 | | Total liabilities | $5,033,542 | $4,822,685 | | Total stockholder's equity | $1,231,752 | $1,208,346 | | Cash and cash equivalents | $91,186 | $99,288 | | Receivables, net | $303,323 | $269,917 | | Net property, plant and equipment | $1,377,447 | $1,337,274 | | Goodwill | $1,993,993 | $1,926,274 | | Long-term debt, net | $3,001,467 | $2,838,817 | Lamar Media Corp.: Condensed Consolidated Statements of Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues | $517,852 | $445,052 | $969,240 | $815,933 | | Operating income | $166,614 | $149,410 | $287,206 | $238,470 | | Net income | $134,315 | $120,033 | $226,602 | $158,499 | Lamar Media Corp.: Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :----------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $279,320 | $269,129 | | Net cash used in investing activities | $(308,378) | $(64,670) | | Net cash provided by (used in) financing activities | $21,027 | $(257,515) | | Net decrease in cash and cash equivalents | $(8,102) | $(52,843) | | Cash and cash equivalents at end of period | $91,186 | $68,226 | - **Lamar Media Corp.** is a **wholly-owned subsidiary** of **Lamar Advertising Company**, and its financial statements are substantially equivalent to those of the parent company, with **earnings per share data not provided** as it is a subsidiary[128](index=128&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial condition and results for Lamar Advertising Company and Lamar Media Corp., covering revenue growth, acquisitions, capital expenditures, and non-GAAP measures - **Revenue growth is driven by increasing occupancy, raising advertising rates, and acquiring new advertising displays**, with **advertising spending sensitive to general economic conditions**[153](index=153&type=chunk) - **Company completed over 40 acquisitions totaling approximately $234.3 million** during the first half of 2022, financed by available cash and borrowings[155](index=155&type=chunk) - The Company **uses non-GAAP measures like Adjusted EBITDA, FFO, and AFFO to evaluate performance**, believing they offer **meaningful supplemental insights into operating performance**[158](index=158&type=chunk)[164](index=164&type=chunk) [Lamar Advertising Company - Management's Discussion and Analysis](index=39&type=section&id=LAMAR%20ADVERTISING%20COMPANY%20-%20MD%26A) Details Lamar Advertising Company's operational and financial performance, highlighting revenue, income, and liquidity, including acquisitions and non-GAAP metrics Lamar Advertising Company: Key Financial Performance Indicators (Six Months Ended June 30, in thousands) | Metric | 2022 | 2021 | Increase (Decrease) | Percent Increase (Decrease) | | :----------------------------------- | :----- | :----- | :------------------ | :-------------------------- | | Net revenues | $969,240 | $815,933 | $153,307 | 18.8% | | Operating income | $286,960 | $237,909 | $49,051 | 20.6% | | Net income | $226,356 | $157,938 | $68,418 | 43.3% | | Adjusted EBITDA | $434,608 | $365,948 | $68,660 | 18.8% | | FFO | $353,887 | $272,243 | $81,644 | 30.0% | | AFFO | $348,801 | $294,513 | $54,288 | 18.4% | Lamar Advertising Company: Key Financial Performance Indicators (Three Months Ended June 30, in thousands) | Metric | 2022 | 2021 | Increase (Decrease) | Percent Increase (Decrease) | | :----------------------------------- | :----- | :----- | :------------------ | :-------------------------- | | Net revenues | $517,852 | $445,052 | $72,800 | 16.4% | | Operating income | $166,504 | $148,986 | $17,518 | 11.8% | | Net income | $134,205 | $119,609 | $14,596 | 12.2% | | Adjusted EBITDA | $243,362 | $213,516 | $29,846 | 14.0% | | FFO | $197,559 | $176,181 | $21,378 | 12.1% | | AFFO | $196,892 | $177,817 | $19,075 | 10.7% | - **Total liquidity as of June 30, 2022, was $496.3 million**, comprising **$91.7 million in cash and equivalents**, **$403.6 million availability under the revolving credit facility**, and **$1.0 million under the Accounts Receivable Securitization Program**[191](index=191&type=chunk) - The **Accounts Receivable Securitization Program was increased from $175 million to $250 million** and **extended to July 21, 2025**, with **LIBOR-based interest rates replaced by SOFR-based rates**[194](index=194&type=chunk) - The Company **expects 2022 total capital expenditures to be approximately $170.0 million** and **anticipates aggregate quarterly distributions to stockholders of $4.70 per common share for 2022**[221](index=221&type=chunk)[224](index=224&type=chunk) [Lamar Media Corp. - Management's Discussion and Analysis](index=53&type=section&id=LAMAR%20MEDIA%20CORP.%20-%20MD%26A) Provides management's discussion and analysis for Lamar Media Corp., mirroring the parent company's performance with strong revenue growth and profitability Lamar Media Corp.: Key Financial Performance Indicators (Six Months Ended June 30, in thousands) | Metric | 2022 | 2021 | Increase (Decrease) | Percent Increase (Decrease) | | :----------------------------------- | :----- | :----- | :------------------ | :-------------------------- | | Net revenues | $969,240 | $815,933 | $153,307 | 18.8% | | Operating income | $287,206 | $238,470 | $48,736 | 20.4% | | Net income | $226,602 | $158,499 | $68,103 | 43.0% | | Adjusted EBITDA | $434,854 | $366,509 | $68,345 | 18.6% | | FFO | $354,133 | $272,804 | $81,329 | 29.8% | | AFFO | $349,047 | $295,074 | $53,973 | 18.3% | Lamar Media Corp.: Key Financial Performance Indicators (Three Months Ended June 30, in thousands) | Metric | 2022 | 2021 | Increase (Decrease) | Percent Increase (Decrease) | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues | $517,852 | $445,052 | $72,800 | 16.4% | | Operating income | $166,614 | $149,410 | $17,204 | 11.5% | | Net income | $134,315 | $120,033 | $14,282 | 11.9% | | Adjusted EBITDA | $243,472 | $213,940 | $29,532 | 13.8% | | FFO | $197,669 | $176,605 | $21,064 | 11.9% | | AFFO | $197,002 | $178,241 | $18,761 | 10.5% | - The **increase in net revenues for both periods was primarily driven by billboard and transit advertising**, with **acquisition-adjusted net revenue also showing significant growth**[239](index=239&type=chunk)[240](index=240&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses Lamar Advertising Company's exposure to interest rate risk from variable-rate debt, estimating the impact of rate increases and outlining mitigation strategies - **Lamar Advertising** is **exposed to interest rate risk from variable-rate debt instruments of Lamar Media**, including its **senior credit facility and Accounts Receivable Securitization Program**[265](index=265&type=chunk)[266](index=266&type=chunk) - As of June 30, 2022, **approximately $1.17 billion (35.8%) of the Company's outstanding long-term debt was variable-rate**[267](index=267&type=chunk) - **A hypothetical 200 basis point increase in the weighted average interest rate (from 2.0% to 4.0%) would have increased interest expense by approximately $9.9 million for the six months ended June 30, 2022**[267](index=267&type=chunk) - The Company **mitigates interest rate risk by balancing variable and fixed-rate debt** and has the capability to **fix interest rates for up to twelve months under its senior credit facility**[268](index=268&type=chunk) [ITEM 4. Controls and Procedures](index=58&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures for Lamar Advertising Company and Lamar Media Corp. were effective as of June 30, 2022, with no material changes - The **disclosure controls and procedures of Lamar Advertising Company and Lamar Media Corp. were evaluated and deemed effective as of June 30, 2022**[269](index=269&type=chunk) - **No material changes in internal control over financial reporting were identified during the last fiscal quarter**[270](index=270&type=chunk) [PART II — OTHER INFORMATION](index=54&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [ITEM 1A. Risk Factors](index=54&type=section&id=ITEM%201A.%20Risk%20Factors) Updates risk factors, noting no material changes since the 2021 Form 10-K, except for potential conflicts of interest arising from the new UPREIT structure - **No material changes to risk factors have occurred since the 2021 Combined Form 10-K, except for those related to the new UPREIT structure**[271](index=271&type=chunk) - The **UPREIT structure may lead to potential conflicts of interest**, as **limited partners of the Operating Partnership have voting rights on certain matters**, which could **conflict with the interests of Lamar Advertising's stockholders**[272](index=272&type=chunk) - The Operating Partnership agreement stipulates that **conflicts, if unresolvable without adverse impact to either stockholders or limited partners, will be resolved by the general partner in favor of Lamar Advertising's stockholders**[273](index=273&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports no unregistered sales of equity securities or use of proceeds for the period - There were **no unregistered sales of equity securities or use of proceeds to report**[274](index=274&type=chunk) [ITEM 5. Other Information](index=54&type=section&id=ITEM%205.%20Other%20Information) Indicates no other information to report - There is **no other information to report**[274](index=274&type=chunk) [ITEM 6. Exhibits](index=55&type=section&id=ITEM%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including corporate documents, debt indentures, and executive certifications - Exhibits include **Amended and Restated Certificates of Incorporation and Bylaws for both Lamar Advertising Company and Lamar Media Corp**[275](index=275&type=chunk) - **Supplemental Indentures for 3.625% Senior Notes due 2031, 3.750% Senior Notes due 2028, 4.000% Senior Notes due 2030, and 4.875% Senior Notes due 2029 are filed**[275](index=275&type=chunk) - **Certifications from the Chief Executive Officer and Chief Financial Officer are included, along with the Sixth Amendment to the Receivables Financing Agreement**[275](index=275&type=chunk) [Signatures](index=62&type=section&id=SIGNATURES) [Signatures](index=62&type=section&id=Signatures) Contains official signatures of authorized representatives for Lamar Advertising Company and Lamar Media Corp., confirming report authorization and filing - The report is signed by **Jay L. Johnson, Executive Vice President, Chief Financial Officer, and Treasurer**, for both **Lamar Advertising Company** and **Lamar Media Corp.**, dated **August 3, 2022**[279](index=279&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q ________________________________________________________ x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 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 Ad ...

Lamar Advertising Company (NASDAQ:LAMR) Q4 2021 Earnings Conference Call February 25, 2022 9:00 AM ET Company Participants Sean Reilly – President and Chief Executive Officer Jay Johnson – Executive Vice President and Chief Financial Officer Conference Call Participants Benjamin Swinburne – Morgan Stanley Anna Lou San – JP Morgan Operator Excuse me, everyone, we now have Sean Reilly and Jay Johnson in conference. Please be aware that each of your lines is in a listen-only mode. At the conclusion of the comp ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ Form 10-K __________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ¨ 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 __________________________ Indicate by check mark if either ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q ________________________________________________________ x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 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 __________________________________ Lama ...

[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q%20Filing%20Information) This section provides general information about the Form 10-Q filing for Lamar Advertising Company and Lamar Media Corp. for the period ended June 30, 2021 [General Information](index=1&type=section&id=General%20Information) This report is a Quarterly Report on Form 10-Q for Q2 2021, filed by Lamar Advertising Company and its subsidiary, both non-shell companies - The report is a Quarterly Report on Form 10-Q for the period ended June 30, 2021[2](index=2&type=chunk) - Lamar Advertising Company is a **large accelerated filer**, and Lamar Media Corp. is a **non-accelerated filer**[4](index=4&type=chunk)[5](index=5&type=chunk) - Both Lamar Advertising Company and Lamar Media Corp. are **not shell companies**[5](index=5&type=chunk) Lamar Advertising Company - Shares Outstanding as of July 31, 2021 | Class of Stock | Shares Outstanding | | :--------------- | :----------------- | | Class A common stock (Lamar Advertising Company) | 86,762,533 | | Class B common stock (Lamar Advertising Company) | 14,420,085 | | Common stock (Lamar Media Corp.) | 100 | [NOTE REGARDING FORWARD-LOOKING STATEMENTS](index=2&type=section&id=NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section outlines the nature of forward-looking statements within the report and the associated risks and disclaimers [Forward-Looking Statements Disclosure](index=2&type=section&id=Forward-Looking%20Statements%20Disclosure) This section identifies forward-looking statements, their inherent risks, and the company's disclaimer to update them - Forward-looking statements are identified by terms such as 'anticipates,' 'believes,' 'plans,' 'expects,' 'future,' 'intends,' 'may,' 'will,' 'should,' 'estimates,' 'predicts,' 'potential,' 'continue' and similar expressions[6](index=6&type=chunk) - Key areas of forward-looking statements include future financial performance, business plans, capital expenditures, market opportunities, cash flows, dividend distributions, and ability to maintain **REIT qualification**[8](index=8&type=chunk) - Significant risks include general economic and financial market conditions, the impact of the **COVID-19 pandemic**, advertising expenditure levels, indebtedness, competition, regulatory changes, and the ability to maintain **REIT status**[8](index=8&type=chunk) - The company expressly disclaims any obligation to update or revise any forward-looking statement, except as required by law[9](index=9&type=chunk) [PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This part contains the unaudited condensed consolidated financial statements and management's discussion and analysis for the reporting period [ITEM 1. FINANCIAL STATEMENTS](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Lamar Advertising Company and Lamar Media Corp., including balance sheets, income, equity, and cash flow statements [Lamar Advertising Company - Condensed Consolidated Financial Statements](index=5&type=section&id=Lamar%20Advertising%20Company%20-%20Condensed%20Consolidated%20Financial%20Statements) This sub-section details Lamar Advertising Company's financial statements, showing asset decrease, equity increase, and significant revenue and net income growth [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Lamar Advertising Company - Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2021 | December 31, 2020 | | :-------------------------------- | :-------------- | :------------------ | | Total assets | $5,715,298 | $5,791,441 | | Total liabilities | $4,483,693 | $4,588,673 | | Stockholders' equity | $1,231,605 | $1,202,768 | - Total assets decreased by **$76,143 thousand**, while stockholders' equity increased by **$28,837 thousand** from December 31, 2020, to June 30, 2021[15](index=15&type=chunk) [Condensed Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Lamar Advertising Company - Condensed Consolidated Statements of Income (in thousands, except per share data) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues | $445,052 | $347,652 | $815,933 | $754,221 | | Operating income | $148,986 | $66,452 | $237,909 | $163,023 | | Net income | $119,609 | $31,429 | $157,938 | $71,922 | | Basic earnings per share | $1.18 | $0.31 | $1.56 | $0.71 | | Diluted earnings per share | $1.18 | $0.31 | $1.56 | $0.71 | - Net revenues increased by **28.0%** for the three months and **8.2%** for the six months ended June 30, 2021, compared to the same periods in 2020[17](index=17&type=chunk) - Net income increased significantly by **280.6%** for the three months and **119.6%** for the six months ended June 30, 2021, compared to the same periods in 2020[17](index=17&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Lamar Advertising Company - Stockholders' Equity Changes (in thousands) | Item | Six Months Ended June 30, 2021 | | :--------------------------------- | :----------------------------- | | Balance, December 31, 2020 | $1,202,768 | | Non-cash compensation | $1,977 | | Issuance of common stock (stock awards & ESPP) | $18,137 | | Exercise of stock options | $7,799 | | Purchase of treasury stock | $(5,717) | | Foreign currency translation | $504 | | Net income | $157,938 | | Dividends/distributions to common shareholders | $(151,692) | | Dividends to preferred shareholders | $(182) | | Balance, June 30, 2021 | $1,231,605 | - Stockholders' equity increased from **$1,202,768 thousand** at December 31, 2020, to **$1,231,605 thousand** at June 30, 2021[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Lamar Advertising Company - Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $285,257 | $210,677 | | Net cash used in investing activities | $(64,670) | $(57,677) | | Net cash used in financing activities | $(273,643) | $(1,903) | | Net (decrease) increase in cash and cash equivalents | $(52,843) | $150,905 | | Cash and cash equivalents at end of period | $68,726 | $177,093 | - Net cash provided by operating activities increased by **$74,580 thousand**, while net cash used in financing activities significantly increased due to debt redemption in 2021[24](index=24&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The interim condensed consolidated financial statements are unaudited and include all necessary normal recurring adjustments for fair presentation[26](index=26&type=chunk) Lamar Advertising Company - Disaggregated Revenue by Source (in thousands) | Revenue Source | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Billboard advertising | $405,284 | $312,095 | $739,323 | $667,400 | | Logo advertising | $19,694 | $21,053 | $39,100 | $42,445 | | Transit advertising | $20,074 | $14,504 | $37,510 | $44,376 | | **Net revenues** | **$445,052** | **$347,652** | **$815,933** | **$754,221** | - Operating lease costs for the six months ended June 30, 2021, were **$145,350 thousand**, a decrease from **$158,734 thousand** in the prior year[35](index=35&type=chunk) - Total long-term debt, net of deferred financing costs, decreased from **$2,764,082 thousand** at December 31, 2020, to **$2,661,486 thousand** at June 30, 2021[15](index=15&type=chunk)[54](index=54&type=chunk) - The company redeemed **$650,000 thousand** of 5 3/4% Senior Notes in February 2021, incurring a loss on debt extinguishment of approximately **$21,604 thousand**[79](index=79&type=chunk) - Cash distributions to common shareholders were **$0.75 per share** for both the first and second quarters of 2021, totaling **$1.50 per share** for the six months[96](index=96&type=chunk) [Lamar Media Corp. - Condensed Consolidated Financial Statements](index=24&type=section&id=Lamar%20Media%20Corp.%20-%20Condensed%20Consolidated%20Financial%20Statements) This sub-section details Lamar Media Corp.'s financial statements, mirroring the parent company's performance with increased revenues and net income [Condensed Consolidated Balance Sheets](index=24&type=section&id=Condensed%20Consolidated%20Balance%20Sheets_Lamar%20Media) Lamar Media Corp. - Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2021 | December 31, 2020 | | :-------------------------------- | :-------------- | :------------------ | | Total assets | $5,698,835 | $5,774,707 | | Total liabilities | $4,476,412 | $4,581,863 | | Stockholder's equity | $1,222,423 | $1,192,844 | - Total assets decreased by **$75,872 thousand**, while stockholder's equity increased by **$29,579 thousand** from December 31, 2020, to June 30, 2021[107](index=107&type=chunk) [Condensed Consolidated Statements of Income and Comprehensive Income](index=25&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income_Lamar%20Media) Lamar Media Corp. - Condensed Consolidated Statements of Income (in thousands) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues | $445,052 | $347,652 | $815,933 | $754,221 | | Operating income | $149,410 | $66,557 | $238,470 | $163,252 | | Net income | $120,033 | $31,534 | $158,499 | $72,151 | - Net revenues increased by **28.0%** for the three months and **8.2%** for the six months ended June 30, 2021, compared to the same periods in 2020[109](index=109&type=chunk) - Net income increased by **280.6%** for the three months and **119.7%** for the six months ended June 30, 2021, compared to the same periods in 2020[109](index=109&type=chunk) [Condensed Consolidated Statements of Stockholder's Equity](index=26&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholder%27s%20Equity_Lamar%20Media) Lamar Media Corp. - Stockholder's Equity Changes (in thousands) | Item | Six Months Ended June 30, 2021 | | :--------------------------------- | :----------------------------- | | Balance, December 31, 2020 | $1,192,844 | | Contribution from parent | $27,985 | | Foreign currency translations | $504 | | Net income | $158,499 | | Dividend to parent | $(157,409) | | Balance, June 30, 2021 | $1,222,423 | - Stockholder's equity increased from **$1,192,844 thousand** at December 31, 2020, to **$1,222,423 thousand** at June 30, 2021[112](index=112&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=27&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows_Lamar%20Media) Lamar Media Corp. - Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $269,129 | $182,753 | | Net cash used in investing activities | $(64,670) | $(57,677) | | Net cash (used in) provided by financing activities | $(257,515) | $26,021 | | Net (decrease) increase in cash and cash equivalents | $(52,843) | $150,905 | | Cash and cash equivalents at end of period | $68,226 | $176,593 | - Net cash provided by operating activities increased by **$86,376 thousand**, while financing activities shifted from a net inflow of **$26,021 thousand** in 2020 to a net outflow of **$257,515 thousand** in 2021, primarily due to debt redemption[114](index=114&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=28&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements_Lamar%20Media) - The notes for Lamar Media Corp. are substantially equivalent to those of Lamar Advertising Company, with specific summarized financial information provided for subsidiary guarantors and non-guarantor subsidiaries[117](index=117&type=chunk)[118](index=118&type=chunk) Lamar Media Corp. - Condensed Consolidating Balance Sheet (June 30, 2021, in thousands) | Metric | Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | | :-------------------------- | :---------------- | :--------------------- | :------------------------- | :----------- | :----------------------- | | Total current assets | $61,090 | $26,228 | $260,375 | $0 | $347,693 | | Net property, plant and equipment | $0 | $1,250,719 | $14,775 | $0 | $1,265,494 | | Intangibles and goodwill, net | $0 | $2,763,265 | $17,659 | $0 | $2,780,924 | | Total assets | $4,073,781 | $5,507,037 | $470,017 | $(4,352,000) | $5,698,835 | | Total liabilities | $2,851,358 | $1,583,448 | $462,929 | $(421,323) | $4,476,412 | | Stockholder's equity | $1,222,423 | $3,923,589 | $7,088 | $(3,930,677) | $1,222,423 | Lamar Media Corp. - Condensed Consolidating Statements of Income (Six Months Ended June 30, 2021, in thousands) | Metric | Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | | :-------------------------- | :---------------- | :--------------------- | :------------------------- | :----------- | :----------------------- | | Net revenues | $0 | $800,596 | $16,110 | $(773) | $815,933 | | Operating income | $0 | $237,238 | $1,232 | $0 | $238,470 | | Net income | $158,499 | $233,381 | $448 | $(233,829) | $158,499 | [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results for Lamar Advertising and Lamar Media, covering business, COVID-19 impact, acquisitions, capital expenditures, non-GAAP measures, operations, and liquidity [LAMAR ADVERTISING COMPANY](index=37&type=section&id=LAMAR%20ADVERTISING%20COMPANY_MD%26A) This sub-section covers Lamar Advertising Company's business, COVID-19 impact, capital strategies, financial performance, and liquidity, showing strong recovery and growth [Overview](index=37&type=section&id=Overview_Lamar%20Advertising) - Net revenues are primarily derived from renting advertising space on outdoor displays[144](index=144&type=chunk) - Revenue growth is influenced by increasing occupancy, raising advertising rates, and acquiring new displays, all sensitive to general economic conditions and advertising industry trends[144](index=144&type=chunk) - The **COVID-19 pandemic** initially reduced demand but showed improvement from June 2020 to June 2021, leading to a resumption of acquisition activities and capital projects[145](index=145&type=chunk) [Acquisitions and Capital Expenditures](index=37&type=section&id=Acquisitions%20and%20capital%20expenditures_Lamar%20Advertising) - The Company completed acquisitions totaling approximately **$27.2 million** in cash during the six months ended June 30, 2021[148](index=148&type=chunk) Lamar Advertising Company - Capital Expenditures (in thousands) | Category | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Billboard — traditional | $4,604 | $1,503 | $7,371 | $8,023 | | Billboard — digital | $13,627 | $5,227 | $22,701 | $16,802 | | Logos | $2,644 | $670 | $4,567 | $3,545 | | Transit | $757 | $289 | $1,210 | $1,855 | | Land and buildings | $1,388 | $1,022 | $2,362 | $2,258 | | Operating equipment | $2,064 | $1,854 | $3,205 | $3,791 | | **Total capital expenditures** | **$25,084** | **$10,565** | **$41,416** | **$36,274** | - Total capital expenditures for the six months ended June 30, 2021, were **$41.4 million**, with anticipated total capital expenditures for 2021 at approximately **$135.0 million**[149](index=149&type=chunk)[216](index=216&type=chunk) [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures_Lamar%20Advertising) - Management uses non-GAAP measures such as **Adjusted EBITDA**, **FFO**, **AFFO**, and acquisition-adjusted net revenue to evaluate operating performance and organic growth[150](index=150&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk) - Adjusted EBITDA is defined as net income before income tax, interest, debt extinguishment loss/gain, stock-based compensation, depreciation and amortization, asset disposition loss/gain, and capitalized contract fulfillment costs, net[152](index=152&type=chunk) - FFO (Funds From Operations) is defined as net income before gains/losses from real estate asset sales and real estate-related depreciation and amortization, adjusted for unconsolidated affiliates and non-controlling interest[153](index=153&type=chunk) - AFFO (Adjusted Funds From Operations) further adjusts FFO for items like straight-line income/expense, stock-based compensation, non-cash tax, and maintenance capital expenditures[154](index=154&type=chunk) [RESULTS OF OPERATIONS - Six Months Ended June 30, 2021 vs. 2020](index=39&type=section&id=RESULTS%20OF%20OPERATIONS%20-%20Six%20Months%20Ended%20June%2030%2C%202021%20vs.%202020_Lamar%20Advertising) - Net revenues increased by **$61.7 million (8.2%)** to **$815.9 million**, primarily due to a **$71.9 million** increase in billboard net revenues, partially offset by a **$6.9 million** decrease in transit net revenues[159](index=159&type=chunk) - Operating income increased by **$74.9 million** to **$237.9 million**[163](index=163&type=chunk) - Net income increased by **$86.0 million (119.6%)** to **$157.9 million**[166](index=166&type=chunk)[169](index=169&type=chunk) Lamar Advertising Company - Key Performance Indicators (Six Months Ended June 30, in thousands) | Metric | 2021 | 2020 | Increase (Decrease) | Percent Increase (Decrease) | | :--------------------------------- | :----- | :----- | :------------------ | :-------------------------- | | Net income | $157,938 | $71,922 | $86,016 | 119.6% | | Adjusted EBITDA | $365,948 | $293,013 | $72,935 | 24.9% | | FFO | $272,243 | $189,666 | $82,577 | 43.5% | | AFFO | $294,513 | $209,323 | $85,190 | 40.7% | [RESULTS OF OPERATIONS - Three Months Ended June 30, 2021 vs. 2020](index=41&type=section&id=RESULTS%20OF%20OPERATIONS%20-%20Three%20Months%20Ended%20June%2030%2C%202021%20vs.%202020_Lamar%20Advertising) - Net revenues increased by **$97.4 million (28.0%)** to **$445.1 million**, primarily due to increases in billboard (**$93.2 million**) and transit (**$5.6 million**) net revenues[172](index=172&type=chunk) - Operating income increased by **$82.5 million** to **$149.0 million**[176](index=176&type=chunk) - Net income increased by **$88.2 million (280.6%)** to **$119.6 million**[179](index=179&type=chunk)[182](index=182&type=chunk) Lamar Advertising Company - Key Performance Indicators (Three Months Ended June 30, in thousands) | Metric | 2021 | 2020 | Increase (Decrease) | Percent Increase (Decrease) | | :--------------------------------- | :----- | :----- | :------------------ | :-------------------------- | | Net income | $119,609 | $31,429 | $88,180 | 280.6% | | Adjusted EBITDA | $213,516 | $133,196 | $80,320 | 60.3% | | FFO | $176,181 | $92,103 | $84,078 | 91.3% | | AFFO | $177,817 | $96,060 | $81,757 | 85.1% | [LIQUIDITY AND CAPITAL RESOURCES](index=43&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES_Lamar%20Advertising) - Total liquidity as of June 30, 2021, was **$856.8 million**, comprising **$68.7 million** in cash and cash equivalents, **$735.6 million** availability under the revolving credit facility, and **$52.5 million** under the Accounts Receivable Securitization Program[185](index=185&type=chunk) - Net cash provided by operating activities increased to **$285.3 million** for the six months ended June 30, 2021, from **$210.7 million** in the prior year[187](index=187&type=chunk) - The Accounts Receivable Securitization Program's maturity date was extended to **July 21, 2024**, with **$122.5 million** outstanding and **$52.5 million** available as of June 30, 2021[190](index=190&type=chunk)[191](index=191&type=chunk) - A new 'at-the-market' offering program (2021 Sales Agreement) allows for the issuance of up to **$400.0 million** in Class A common stock, with no shares sold as of June 30, 2021[194](index=194&type=chunk)[195](index=195&type=chunk) - The senior credit facility includes a **$750.0 million** revolving credit facility (maturing **Feb 2025**) and a **$600.0 million** Term B loan facility (maturing **Feb 2027**); as of June 30, 2021, there were no outstanding borrowings under the revolving credit facility, with **$735.6 million** unused capacity[199](index=199&type=chunk)[201](index=201&type=chunk) - In January 2021, Lamar Media issued **$550.0 million** of 3 5/8% Senior Notes due 2031, using proceeds to redeem **$650.0 million** of 5 3/4% Senior Notes[202](index=202&type=chunk)[218](index=218&type=chunk) - The company acquired a minority stake in Vistar Media for **$30.0 million** on July 12, 2021[217](index=217&type=chunk) - The Board of Directors authorized a stock and debt repurchasing program of up to **$250.0 million** each, expiring September 30, 2021, with no repurchases as of June 30, 2021[222](index=222&type=chunk) Lamar Advertising Company - Contractual Obligations (June 30, 2021, in millions) | Contractual Obligations | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | After 5 Years | | :--------------------------------- | :---- | :--------------- | :---------- | :---------- | :------------ | | Long-term debt | $2,783.7 | $122.2 | $0.8 | $0.8 | $2,659.9 | | Interest obligations on long-term debt | $731.7 | $94.6 | $187.5 | $187.5 | $262.1 | | Billboard site, transit and other operating and financing leases | $1,683.7 | $116.3 | $428.0 | $316.1 | $823.3 | | **Total payments due** | **$5,199.1** | **$333.1** | **$616.3** | **$504.4** | **$3,745.3** | [LAMAR MEDIA CORP.](index=50&type=section&id=LAMAR%20MEDIA%20CORP._MD%26A) This sub-section details Lamar Media Corp.'s operations, showing significant increases in net revenues, operating income, and net income, mirroring the parent company's strong recovery [RESULTS OF OPERATIONS - Six Months Ended June 30, 2021 vs. 2020](index=50&type=section&id=RESULTS%20OF%20OPERATIONS%20-%20Six%20Months%20Ended%20June%2030%2C%202021%20vs.%202020_Lamar%20Media) - Net revenues increased by **$61.7 million (8.2%)** to **$815.9 million**, primarily from billboard net revenues (**$71.9 million** increase), partially offset by a decrease in transit net revenues (**$6.9 million**)[230](index=230&type=chunk) - Operating income increased by **$75.2 million** to **$238.5 million**[234](index=234&type=chunk) - Net income increased by **$86.3 million (119.7%)** to **$158.5 million**[237](index=237&type=chunk)[240](index=240&type=chunk) Lamar Media Corp. - Key Performance Indicators (Six Months Ended June 30, in thousands) | Metric | 2021 | 2020 | Increase (Decrease) | Percent Increase (Decrease) | | :--------------------------------- | :----- | :----- | :------------------ | :-------------------------- | | Net income | $158,499 | $72,151 | $86,348 | 119.7% | | Adjusted EBITDA | $366,509 | $293,242 | $73,267 | 25.0% | | FFO | $272,804 | $189,895 | $82,909 | 43.7% | | AFFO | $295,074 | $209,552 | $85,522 | 40.8% | [RESULTS OF OPERATIONS - Three Months Ended June 30, 2021 vs. 2020](index=52&type=section&id=RESULTS%20OF%20OPERATIONS%20-%20Three%20Months%20Ended%20June%2030%2C%202021%20vs.%202020_Lamar%20Media) - Net revenues increased by **$97.4 million (28.0%)** to **$445.1 million**, primarily from billboard (**$93.2 million**) and transit (**$5.6 million**) net revenues[243](index=243&type=chunk) - Operating income increased by **$82.9 million** to **$149.4 million**[247](index=247&type=chunk) - Net income increased by **$88.5 million (280.6%)** to **$120.0 million**[250](index=250&type=chunk)[254](index=254&type=chunk) Lamar Media Corp. - Key Performance Indicators (Three Months Ended June 30, in thousands) | Metric | 2021 | 2020 | Increase (Decrease) | Percent Increase (Decrease) | | :--------------------------------- | :----- | :----- | :------------------ | :-------------------------- | | Net income | $120,033 | $31,534 | $88,499 | 280.6% | | Adjusted EBITDA | $213,940 | $133,301 | $80,639 | 60.5% | | FFO | $176,605 | $92,208 | $84,397 | 91.5% | | AFFO | $178,241 | $96,165 | $82,076 | 85.3% | [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from variable-rate debt, with 25.5% of long-term debt variable, and manages it through balanced debt and fixing options - The company is exposed to interest rate risk from variable-rate debt under its senior credit facility and Accounts Receivable Securitization Program[257](index=257&type=chunk) - As of June 30, 2021, approximately **$721.1 million (25.5% of outstanding long-term debt)** was variable-rate debt, with a weighted average interest rate of **1.4%** for 2021[258](index=258&type=chunk) - A hypothetical **200 basis point** increase in interest rates would have increased interest expense by approximately **$7.6 million** for the six months ended June 30, 2021[258](index=258&type=chunk) - Mitigation strategies include maintaining a balance between variable and fixed-rate debt and utilizing options to fix interest rates for up to twelve months under the senior credit facility[259](index=259&type=chunk) [ITEM 4. Controls and Procedures](index=55&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2021, with no material changes in internal control over financial reporting - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of June 30, 2021[260](index=260&type=chunk) - There have been **no material changes** in internal control over financial reporting during the last fiscal quarter[261](index=261&type=chunk) [PART II — OTHER INFORMATION](index=56&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This part includes additional information such as risk factors, equity sales, other disclosures, and a list of exhibits [ITEM 1A. Risk Factors](index=56&type=section&id=ITEM%201A.%20Risk%20Factors) This section references risk factors from the 2020 Form 10-K, noting no material changes since that filing - Operations and financial results are subject to various risks and uncertainties described in the **2020 Combined Annual Report on Form 10-K**[262](index=262&type=chunk) - There have been **no material changes** to the risk factors since the December 31, 2020, Form 10-K filing[262](index=262&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - No unregistered sales of equity securities or use of proceeds occurred during the period[263](index=263&type=chunk) [ITEM 5. Other Information](index=56&type=section&id=ITEM%205.%20Other%20Information) No other information is required to be reported under this item - No other information to report[263](index=263&type=chunk) [ITEM 6. Exhibits](index=57&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including organizational documents, financing amendments, and executive certifications - Exhibit 3.1: Amended and Restated Certificate of Incorporation of Lamar Advertising Company[264](index=264&type=chunk) - Exhibit 10.1: Fifth Amendment to the Receivables Financing Agreement, dated May 24, 2021[264](index=264&type=chunk) - Exhibits 31.1 and 31.2: Certifications of the Chief Executive Officer and Chief Financial Officer, respectively, pursuant to the **Sarbanes-Oxley Act of 2002**[264](index=264&type=chunk) - Exhibit 101: Inline XBRL formatted financial statements[264](index=264&type=chunk) [SIGNATURES](index=58&type=section&id=SIGNATURES) This section contains the official signatures for the Form 10-Q report, confirming its submission [Signatures](index=58&type=section&id=Signatures) The report was signed by **Jay L. Johnson**, Executive Vice President, Chief Financial Officer and Treasurer, on behalf of both Lamar Advertising Company and Lamar Media Corp[268](index=268&type=chunk)[269](index=269&type=chunk) - The signing date for the report was **August 5, 2021**[268](index=268&type=chunk)[269](index=269&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q __________________________________ x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021 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 Comm ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ 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 names of registrants as specified in their charter ...

Financial Data and Key Metrics Changes - In Q3 2020, acquisition-adjusted revenue declined by 15.5% year-over-year, while adjusted EBITDA decreased by 20.7% to $170.7 million compared to $215.2 million in 2019 [11][12] - Fully diluted AFFO contracted by 18.5% to $1.32 per share, with adjusted EBITDA margin at 44.2% [11][12] - The company expects to achieve at least $75 million in expense savings off a pro forma expense base of approximately $980 million from 2019 [7][11] Business Line Data and Key Metrics Changes - Local advertising revenue declined in the high single digits, while national advertising revenue fell nearly 30%, with local revenue accounting for 80% of sales in Q3 [12][13] - Categories showing relative strength included insurance, gaming, hospitals, healthcare, and automotive, while event-based advertising and retail remained weak [7][12][26] Market Data and Key Metrics Changes - The political advertising category outperformed, with spending up over 80% compared to 2018, and full-year 2020 political ad spending expected to exceed $19 million, a 75% increase over 2018 [16] - Cash collections exceeded internal expectations, with free cash flow down only 8% versus last year [14] Company Strategy and Development Direction - The company plans to deploy over 300 new digital billboards in 2021, reflecting confidence in the demand for out-of-home advertising [8][25] - The focus remains on maintaining a strong balance sheet and capital structure, with an emphasis on operational flexibility and disciplined CapEx [18][23] Management's Comments on Operating Environment and Future Outlook - Management noted a rebound in local advertising and a normalization of local markets, while expressing concerns about the recovery of independent restaurants and small retailers [12][50] - The company anticipates a strong finish to 2020 and expects to carry momentum into 2021, with a positive outlook for national advertising as RFP activity returns to 2019 levels [6][9][25] Other Important Information - The company ended Q3 with approximately $771 million in liquidity and a total leverage of 4.1 times net debt to EBITDA [19][20] - A cash dividend of $0.50 per share was declared for Q3, with a recommendation for the same amount for Q4, leading to a full-year dividend of $2.50 per share [22] Q&A Session Summary Question: M&A Landscape and Opportunities - Management indicated that small and mid-market competitors are performing well, leading to fewer sellers in the market, and there is a divergence in price expectations [32][37] Question: Expense Savings and P&L Impact - The company expects to retain about half of the $75 million in expense savings as they return to normal compensation structures next year [38] Question: Callable Debt and Interest Savings - Management noted the potential for significant interest savings on callable bonds, with current market rates being lower than their existing coupon [40] Question: Performance in Larger Markets - Management observed that suburban inventory in larger markets is in high demand, indicating a rebound in those areas [44] Question: Recovery of Small Regional Businesses - While some small regional businesses are recovering, management expressed ongoing concerns for independent restaurants and small retailers [50][51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2020 or Commission File Number 1-12407 Lamar Media Corp. (Exact name of registrants as specified in their charters) | Delaware | 72-1449411 | | --- | --- | | Delaware | 72-1205791 | | (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | | 5321 C ...