Lamar Advertising Co/New Files 2023 10-K

TL;DR

<b>Lamar Advertising Co/New has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

LAMAR ADVERTISING CO/NEW (LAMR) filed a Annual Report (10-K) with the SEC on February 23, 2024. Lamar Advertising Co/New filed its 2023 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 5321 Corporate Boulevard, Baton Rouge, LA. Lamar Advertising Co/New was formerly known as Lamar New Holding Co. Lamar Media Corp/DE, another entity, is also listed with the same business address.

Why It Matters

For investors and stakeholders tracking LAMAR ADVERTISING CO/NEW, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lamar Advertising Co/New's financial performance, operations, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, identify potential risks, and make informed investment decisions regarding Lamar Advertising Co/New.

Risk Assessment

Risk Level: medium — LAMAR ADVERTISING CO/NEW shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report, but the complexity of financial reporting and potential market fluctuations inherent in the advertising industry present medium-level risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Lamar Advertising Co/New's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 139 — Document Count (Total number of documents in the filing)

Key Players & Entities

• LAMAR ADVERTISING CO/NEW (company) — Filer
• 20231231 (date) — Fiscal year end
• 20240223 (date) — Filing date
• BATON ROUGE (location) — Business address city
• LA (location) — Business address state
• LAMAR MEDIA CORP/DE (company) — Related entity
• LAMAR NEW HOLDING CO (company) — Former company name

FAQ

Industry Context

Lamar Advertising Co/New operates in the Real Estate Investment Trusts (REITs) sector, specifically focusing on advertising and media infrastructure.

Regulatory Implications

As a publicly traded company, Lamar Advertising Co/New is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Examine any disclosed risk factors for potential business impacts.
3. Compare key metrics to previous fiscal years for performance evaluation.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K for fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — which registered Class A common stock, $0.001 par value LAMR The NASDAQ Stock Market,
• $99.25 — ng Company was $ 8,541,454,206 based on $99.25 per share as reported at the close of t
• $1.23 billion — 1, 2014, we have invested approximately $1.23 billion in capitalized expenditures, which incl
• $178.3 million — igital platform. We spent approximately $178.3 million in total capital expenditures in fiscal
• $75.5 million — iscal year 2023, of which approximately $75.5 million was spent on digital technology. We exp
• $125 million — alized expenditures to be approximately $125 million. Growing our out-of-home programmatic
• $783.6 million — ent criteria. During 2023, we generated $783.6 million of cash from operating activities, whic

Filing Documents

• lamr-20231231.htm (10-K) — 3516KB
• lamr-20231231x10kxex21a.htm (EX-21.A) — 50KB
• lamr-20231231x10kxex22a.htm (EX-22.A) — 44KB
• lamr-20231231x10kxex23a.htm (EX-23.A) — 3KB
• lamr-20231231x10kxex31a.htm (EX-31.A) — 10KB
• lamr-20231231x10kxex31b.htm (EX-31.B) — 10KB
• lamr-20231231x10kxex32a.htm (EX-32.A) — 7KB
• lamr-20231231x10kxex97.htm (EX-97) — 36KB
• 0001628280-24-006537.txt (&nbsp;) — 17584KB
• lamr-20231231.xsd (EX-101.SCH) — 103KB
• lamr-20231231_cal.xml (EX-101.CAL) — 123KB
• lamr-20231231_def.xml (EX-101.DEF) — 727KB
• lamr-20231231_lab.xml (EX-101.LAB) — 1101KB
• lamr-20231231_pre.xml (EX-101.PRE) — 973KB
• lamr-20231231_htm.xml (XML) — 2851KB

Business

Business 5 General 5 Corporate History 5 Operating Strategies 6 Capital Allocation Strategy 6 Company Operations 7 Competition 9 Geographic Diversification 10 Taxable REIT Subsidiaries 10 Advertising Tenants 11 Regulation 11

Legal Proceedings

Legal Proceedings 12 Real Estate Portfolio 12 Contract Expirations 13 Human Capital Resources 13 Inflation 14 Seasonality 14 Available Information 14 ITEM 1A.

Risk Factors

Risk Factors 15 ITEM 1B. Unresolved Staff Comments 24

Cybersecurity

ITEM 1C. Cybersecurity 24 ITEM 2.

Properties

Properties 25 ITEM 3.

Legal Proceedings

Legal Proceedings 25 ITEM 4. Mine Safety Disclosures 25 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

Reserved

ITEM 6. Reserved 26 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Lamar Advertising Company 26 Overview 27 Non-GAAP Financial Measures 27 Results of Operations: Years Ended December 31, 202 3 and 20 2 2 28 Liquidity and Capital Resources 31 Critical Accounting Estimates 38 Accounting Standards and Regulatory Update 39 Lamar Media 39 Results of Operations: Years Ended December 31, 2023 and 2022 39 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 ITEM 8.

Financial Statements

Financial Statements 44 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 ITEM 9A.

Controls and Procedures

Controls and Procedures 103 ITEM 9B. Other Information 104 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 104 2 Table of Contents PART III ITEM 10. Directors, Executive Officers and Corporate Governance 105 ITEM 11.

Executive Compensation

Executive Compensation 105 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 105 ITEM 14. Principal Accounting Fees and Services 105 PART IV ITEM 15. Exhibits, Financial Statement Schedules 106 ITEM 16. Form 10-K Summary 106 Index to Exhibits 107

Signatures

Signatures 121 3 Table of Contents 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: (i) our future financial performance and condition; (ii) our business plans, objectives, prospects, growth and operating strategies; (iii) our future capital expenditures and level of acquisition activity; (iv) our ability to integrate acquired assets and realize operating efficiency from acquisitions; (v) market opportunities and competitive positions; (vi) our future cash flows and expected cash requirements; (vii) expected timing and amount of distributions to our stockholders; (viii) estimated risks; (ix) our ability to maintain compliance with applicable covenants and restrictions included in Lamar Media Corp's ("Lamar Media") senior credit facility, Accounts Receivable Securitization Program (as defined herein) and the indentures relating to its outstanding notes; (x) stock price; and (xi) 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 our actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements: (i) 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; (ii) the levels of expenditures on advertising i

BUSINESS

ITEM 1. BUSINESS GENERAL Lamar Advertising Company is one of the largest outdoor advertising companies in the United States based on number of displays and has operated under the Lamar name since 1902. We operate in a single operating and reporting segment, advertising. We rent space for advertising on billboards, buses, shelters, benches, logo plates and in airport terminals. We offer our customers a fully integrated service, satisfying all aspects of their display requirements from ad copy production to placement and maintenance. We operate three types of outdoor advertising displays: billboards, logo signs and transit advertising displays. Billboards. As of December 31, 2023, we owned and operated approximately 160,400 billboard advertising displays in 45 states and Canada. We rent most of our advertising space on two types of billboards: bulletins and posters. Bulletins are generally large, illuminated advertising structures that are located on major highways and target vehicular traffic. Posters are generally smaller advertising structures that are located on major traffic arteries and city streets and target vehicular and pedestrian traffic. In addition to traditional billboards, we also rent space on digital billboards, which are generally located on major traffic arteries and city streets. As of December 31, 2023, we owned and operated approximately 4,750 digital billboard advertising displays in 43 states and Canada. Logo signs. We rent advertising space on logo signs located near highway exits. Logo signs generally advertise nearby gas, food, camping, lodging and other attractions. We are the largest provider of logo signs in the United States, operating 23 of the 26 privatized state logo sign contracts. As of December 31, 2023, we operated approximately 139,250 logo sign advertising displays in 23 states and the province of Ontario, Canada. Transit advertising displays. We also rent advertising space on the exterior and interior of public tran

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View this 10-K filing on SEC EDGAR