Lamar Advertising Co. Files 10-Q for Q1 2024

TL;DR

<b>Lamar Advertising Co. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

LAMAR ADVERTISING CO/NEW (LAMR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Lamar Advertising Co. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Lamar Advertising Co. is incorporated in Delaware. The company's SIC code is 6798 for Real Estate Investment Trusts.

Why It Matters

For investors and stakeholders tracking LAMAR ADVERTISING CO/NEW, this filing contains several important signals. This 10-Q filing provides investors with an update on Lamar Advertising Co.'s financial performance and operational status for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the advertising and real estate sectors.

Risk Assessment

Risk Level: low — LAMAR ADVERTISING CO/NEW shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine updates.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Lamar Advertising Co.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-02 — Filing Date (Date the report was filed)
• 6798 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (Delaware)

Key Players & Entities

• LAMAR ADVERTISING CO/NEW (company) — Filer name
• LAMAR MEDIA CORP/DE (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filed as of date
• 0001090425 (company) — Central Index Key for LAMAR ADVERTISING CO/NEW
• 0000899045 (company) — Central Index Key for LAMAR MEDIA CORP/DE
• DE (jurisdiction) — State of incorporation
• BATON ROUGE (location) — Business address city

FAQ

Industry Context

Lamar Advertising Co. operates in the outdoor advertising industry, a sector that relies on physical locations and media placement.

Regulatory Implications

As a publicly traded company, Lamar Advertising Co. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and trends.
3. Check for any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.001 — which registered Class A common stock, $0.001 par value LAMR The NASDAQ Stock Market,

Filing Documents

• lamr-20240331.htm (10-Q) — 1697KB
• lamr-20240331x10qxexx101.htm (EX-10.1) — 69KB
• lamr-20240331x10qxexx311.htm (EX-31.1) — 10KB
• lamr-20240331x10qxexx312.htm (EX-31.2) — 10KB
• lamr-20240331x10qxexx321.htm (EX-32.1) — 7KB
• 0001628280-24-019876.txt (&nbsp;) — 8991KB
• lamr-20240331.xsd (EX-101.SCH) — 48KB
• lamr-20240331_cal.xml (EX-101.CAL) — 71KB
• lamr-20240331_def.xml (EX-101.DEF) — 392KB
• lamr-20240331_lab.xml (EX-101.LAB) — 531KB
• lamr-20240331_pre.xml (EX-101.PRE) — 514KB
• lamr-20240331_htm.xml (XML) — 1461KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 5

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 5 Lamar Advertising Company Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 20 23 5 Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2024 and 202 3 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31 , 202 4 and 202 3 7 Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 202 3 8 Notes to Condensed Consolidated Financial Statements 9 Lamar Media Corp. Condensed Consolidated Balance Sheets as of March 31 , 202 4 and December 31, 202 3 20 Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31 , 202 4 and 202 3 21 Condensed Consolidated Statements of Stockholder's Equity for the three months ended March 31 , 202 4 and 202 3 22 Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 202 3 23 Notes to Condensed Consolidated Financial Statements 24

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

ITEM 4. Controls and Procedures 45

— OTHER INFORMATION

PART II — OTHER INFORMATION 46

Risk Factors

ITEM 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Other Information

ITEM 5. Other Information 46

Exhibits

ITEM 6. Exhibits 47 4 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS

ITEM 1. — FINANCIAL STATEMENTS LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 36,405 $ 44,605 Receivables, net of allowance for doubtful accounts of $ 11,952 and $ 12,477 in 2024 and 2023, respectively 298,509 301,189 Other current assets 41,162 27,392 Total current assets 376,076 373,186 Property, plant and equipment 4,289,440 4,274,831 Less accumulated depreciation and amortization ( 2,731,409 ) ( 2,708,361 ) Net property, plant and equipment 1,558,031 1,566,470 Operating lease right of use assets 1,302,629 1,315,433 Financing lease right of use assets 10,471 11,184 Goodwill 2,035,220 2,035,271 Intangible assets, net 1,150,081 1,171,434 Other assets 92,559 90,644 Total assets $ 6,525,067 $ 6,563,622 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $ 18,435 $ 18,238 Current maturities of long-term debt, net of deferred financing costs of $ 339 and $ 380 in 2024 and 2023, respectively 585,763 250,018 Current operating lease liabilities 174,955 210,568 Current financing lease liabilities 1,331 1,331 Accrued expenses 79,483 107,195 Deferred income 132,644 126,547 Total current liabilities 992,611 713,897 Long-term debt, net of deferred financing costs of $ 27,380 and $ 28,865 in 2024 and 2023, respectively 2,815,573 3,091,109 Operating lease liabilities 1,066,058 1,075,285 Financing lease liabilities 14,282 14,614 Deferred income tax liabilities 12,293 12,047 Asset retirement obligation 396,539 397,991 Other liabilities 44,074 41,891 Total liabilities 5,341,430 5,346,834 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 2024 and 2023 — — Class A common stock, par value $ 0.001 , 362,500,000 shares authoriz

View Full Filing

View this 10-Q filing on SEC EDGAR