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, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION or Washington, D.C. 20549 __________________________________ ¨ 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 ...

Financial Data and Key Metrics Changes - Revenue for Q2 2023 showed growth across all business segments, but a slowdown in activity was observed as the company entered Q3, leading to a revised revenue outlook for the second half of the year [4][5] - Adjusted funds from operations (AFFO) decreased by 1.2% year-over-year to $194.4 million, with cash interest increasing by $13.8 million compared to Q2 2022 [19] - Adjusted EBITDA for Q2 2023 was $253.9 million, an increase of 4.3% from the previous year, with an adjusted EBITDA margin of 46.9% [38] Business Line Data and Key Metrics Changes - The service category saw a strong increase of over 16%, while weaker categories included gaming (down over 4%), real estate (down over 9%), and insurance (down almost 21%) [5][46] - Digital revenue accounted for 30% of total revenue in Q2, with same-store sales down 1% for the quarter but up 3% for June [6] Market Data and Key Metrics Changes - Local revenue increased by 2.4% in Q2, while national revenue rose by 1.4%, excluding programmatic impacts [35] - The Northeast and Midwest regions contracted year-over-year due to their exposure to national advertising, while the Atlantic region and Gulf Coast saw good growth [7][35] Company Strategy and Development Direction - The company is focusing on expense control, with acquisition-adjusted expense growth expected to be around 1.5% for the full year [17][23] - The acquisition pipeline has moderated, with total CapEx for the year anticipated to be $185 million, including $63 million for maintenance [9][42] Management's Comments on Operating Environment and Future Outlook - Management noted a general softening in the advertising environment, affecting both local and national levels, but does not classify it as a recession [28] - The company revised its full-year AFFO guidance to a range of $7.13 to $7.28 per share, with revenue growth expectations adjusted to approximately 2% [17][22] Other Important Information - The company has a well-laddered debt maturity schedule, with no fixed income maturities until 2028, and a total liquidity of approximately $661 million at the end of the quarter [10][11] - A cash dividend of $1.25 per share was paid in Q2, with a recommendation for the same amount for Q3, subject to Board approval [42][43] Q&A Session Summary Question: What is the outlook for local business given the current economic environment? - Management described the current situation as a general softening rather than a recession, with customers showing hesitancy [28] Question: How significant is the amusement and entertainment category, and could strikes impact it? - This category represents a little over 5% of the business, primarily related to roadside attractions rather than major theatrical releases [29] Question: What are the new expectations for top-line growth for the year? - The new expectation is approximately 2% for the year, with organic growth being flat [66] Question: Could the hesitancy in local spending change if the economy improves? - Management anticipates that if the macroeconomic environment strengthens, local performance could improve [55] Question: What is the impact of programmatic advertising on revenue? - Programmatic advertising has been disappointing, expected to decline by 11% to 12% for the full year, affecting overall revenue growth [45]

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 June 30, 2023 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 Adv ...

Lamar Advertising Company (NASDAQ:LAMR) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Sean Reilly - Chief Executive Officer Jay Johnson - Executive Vice President and Chief Financial Officer Conference Call Participants Jason Bazinet - Citi Cameron McVeigh - Morgan Stanley Richard Choe - JPMorgan Operator Please standby, your program is about to begin. Excuse me, everyone, we now have Sean Reilly and Jay Johnson in conference. Please be aware that each of your lines is in a li ...

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, 2023 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 2022 Earnings Conference Call February 24, 2023 9:00 AM ET Company Participants Sean E. Reilly - CEO Jay L. Johnson - EVP and CFO Conference Call Participants Benjamin Swinburne - Morgan Stanley Jason Bazinet - Citigroup Richard Choe - J.P. Morgan Operator Please standby, your program is about to begin. [Operator Instructions]. 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 ...

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, 2022 ¨ 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 _______ ...

Financial Data and Key Metrics Changes - The headline pro forma sales growth for Q3 2022 was reported at 6%, with local revenue showing significant strength over national revenue [4][10] - Adjusted Funds From Operations (AFFO) grew 6.8% to $2.03 per share, marking the eighth consecutive quarter of growth [10][12] - Adjusted EBITDA for the quarter was $251.2 million, an increase of 8.9% compared to $230.7 million in Q3 2021 [12] Business Line Data and Key Metrics Changes - Sales grew across all business lines, with traditional poster and bulletin pricing up mid to high single digits compared to Q3 2021 [6][12] - Local and regional sales accounted for 77% of billboard revenue, growing 6.4% year-over-year, while national sales, including programmatic, increased by only 0.3% [12][23] - Programmatic sales were disappointing, expected to contribute about $27 million, a 10% decrease from the previous year [7][12] Market Data and Key Metrics Changes - The Gulf Coast and Southwest regions showed the greatest relative strength, while the Northeast region, reliant on national business, showed the least [21] - Digital revenues accounted for 29.1% of outdoor revenues, up from 28.4% in Q3 2021, with 4,285 digital units at the end of the quarter [22] Company Strategy and Development Direction - The company remains active in M&A, with completed deals around $300 million and expectations to exceed $400 million for the year [8][14] - The company plans to maintain a strong balance sheet and continue to take advantage of acquisition opportunities in 2023 [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the visibility of advertiser demand, with strong forward bookings for 2023 [30] - The company anticipates a decent holiday season, projecting mid-single-digit performance for the upcoming months [35] Other Important Information - A special dividend of $0.30 per share is recommended, bringing the total distribution for 2022 to $5 per share, with a new quarterly run rate of $1.25 anticipated for 2023 [5][19] - The company maintained a strong adjusted EBITDA margin of 47.6%, leading the out-of-home industry [11] Q&A Session Summary Question: Is the increase in rate largely inflation driven or due to higher demand among advertisers? - Management indicated that the increase is primarily demand-driven, with a combination of inflation expectations leading to higher rate increases [28][29] Question: How is visibility into advertiser demand looking across both traditional and digital? - Management stated that visibility remains strong based on forward bookings and field insights, feeling good about the outlook for the end of the year and into 2023 [30] Question: Did political revenue crowd out any normal revenue in October? - Management acknowledged some crowding out but noted that core verticals performed well even without political contributions [33] Question: What verticals are expected to ramp up in November and beyond? - Management indicated that while gaming apps showed weakness, other verticals remained strong, and they expect a decent holiday season [35] Question: Are there pricing changes in M&A expected to affect future deals? - Management noted that while asset values were higher at the beginning of the year, they plan to take advantage of the current environment and remain active in M&A [36]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ x Quarterly 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 _____________________________________________ ...

Financial Data and Key Metrics Changes - The company achieved AFFO growth of 10.9% to $1.94 per share on a fully diluted basis, marking the seventh consecutive quarter of growth [11][12] - Acquisition-adjusted revenue increased by 12.2% year-over-year, with revenue and adjusted EBITDA setting new records for any quarter [12][14] - Adjusted EBITDA for the quarter was $243.3 million, a 14% increase from $213.5 million in 2021 [14] Business Line Data and Key Metrics Changes - Billboard revenue grew over 10% on an acquisition-adjusted basis, with digital billing increasing by more than 10% year-over-year on a same-store basis [4][5] - Local and regional sales accounted for 79% of billboard revenue, with local revenue up 10.4% and national business increasing by 8.4% [15][28] - Categories of strength included education, retail, service, amusement, entertainment, and sports, with notable growth in these sectors [6][29] Market Data and Key Metrics Changes - The company reported strong performance across all regions, with pro forma revenue growth ranging from high single-digits to mid-teens [12] - Political advertising is pacing up 82% compared to 2020, with about 50% of that spend on digital platforms [8] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet and pursuing acquisitions, with a robust pipeline expected to exceed last year's total of $312 million [17][20] - The conversion to an UPREIT structure is seen as a competitive advantage for future acquisitions [17][48] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of 2022, expecting revenue growth to normalize to 3% to 5% and expense growth to 2% to 3% [5][30] - The company is not currently seeing signs of a slowdown, despite general macroeconomic concerns [3][30] Other Important Information - The company paid a cash dividend of $1.20 per share for Q2, a 9% increase from Q1, with a total expected distribution of $4.70 per share for the full year [23] - Total liquidity as of July 31 was over $835 million, positioning the company well to weather potential macroeconomic headwinds [20] Q&A Session Summary Question: What changes might affect capital allocation or operations? - Management indicated that they will continue to pursue M&A and digital build-out regardless of macroeconomic conditions [38] Question: How are rate increases being driven? - Rate increases are attributed to new advertisers and the turnover of contracts every four months, allowing for regular rate discussions [40] Question: What is the margin profile of recent acquisitions? - Most traditional billboard acquisitions are expected to contribute incremental margins between 45% and 60%, with the exception of the Colossal acquisition [44] Question: What is the impact of the UPREIT structure? - The UPREIT structure provides flexibility in addressing sellers' tax situations, allowing for various forms of consideration [46][48] Question: What is the outlook for the broader ad market? - Management noted that large national advertisers are pulling back from traditional digital platforms due to privacy concerns, which may benefit out-of-home advertising [52][53] Question: How does local versus national revenue impact guidance? - Guidance is based on strong local performance, which constitutes 80% of revenue, and political advertising is expected to provide additional support [56][57]