Lamar Advertising Co. Files Q2 2024 10-Q

TL;DR

**LAMR Q2 10-Q FILED: Expect financial and operational updates.**

AI Summary

Lamar Advertising Co./New (LAMR) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status. Key financial figures and strategic updates are expected to be disclosed within this report.

Why It Matters

This filing provides investors with crucial financial and operational details for Lamar Advertising Co. for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial information and potential for market-moving disclosures.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the specific quarter for which financial results are reported.)
• 0001090425 — Central Index Key (Unique identifier for Lamar Advertising Co. in SEC filings.)

Key Players & Entities

• LAMAR ADVERTISING CO/NEW (company) — Filer
• LAMAR MEDIA CORP/DE (company) — Former Company
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• BATON ROUGE (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• lamr-20240630.htm (10-Q) — 2240KB
• lamr-20240630x10qxexx41.htm (EX-4.1) — 105KB
• lamr-20240630x10qxexx42.htm (EX-4.2) — 105KB
• lamr-20240630x10qxexx43.htm (EX-4.3) — 105KB
• lamr-20240630x10qxexx44.htm (EX-4.4) — 105KB
• lamr-20240630x10qxexx101.htm (EX-10.1) — 25KB
• lamr-20240630x10qxexx311.htm (EX-31.1) — 10KB
• lamr-20240630x10qxexx312.htm (EX-31.2) — 10KB
• lamr-20240630x10qxexx321.htm (EX-32.1) — 7KB
• 0001628280-24-035955.txt ( ) — 10685KB
• lamr-20240630.xsd (EX-101.SCH) — 48KB
• lamr-20240630_cal.xml (EX-101.CAL) — 71KB
• lamr-20240630_def.xml (EX-101.DEF) — 399KB
• lamr-20240630_lab.xml (EX-101.LAB) — 548KB
• lamr-20240630_pre.xml (EX-101.PRE) — 523KB
• lamr-20240630_htm.xml (XML) — 1761KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 5

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 5 Lamar Advertising Company Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 5 Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 3 0 , 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 3 0 , 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Lamar Media Corp. Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 22 Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 3 0 , 2024 and 2023 23 Condensed Consolidated Statements of Stockholder's Equity for the three and six months ended June 3 0 , 2024 and 2023 24 Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2024 and 2023 25 Notes to Condensed Consolidated Financial Statements 26

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 35

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

ITEM 4. Controls and Procedures 54

— OTHER INFORMATION

PART II — OTHER INFORMATION 55

Risk Factors

ITEM 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Other Information

ITEM 5. Other Information 55

Exhibits

ITEM 6. Exhibits 56 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 77,932 $ 44,605 Receivables, net of allowance for doubtful accounts of $ 11,146 and $ 12,477 in 2024 and 2023, respectively 318,458 301,189 Other current assets 44,334 27,392 Total current assets 440,724 373,186 Property, plant and equipment 4,312,353 4,274,831 Less accumulated depreciation and amortization ( 2,764,577 ) ( 2,708,361 ) Net property, plant and equipment 1,547,776 1,566,470 Operating lease right of use assets 1,335,503 1,315,433 Financing lease right of use assets 9,758 11,184 Goodwill 2,035,196 2,035,271 Intangible assets, net 1,120,619 1,171,434 Other assets 92,845 90,644 Total assets $ 6,582,421 $ 6,563,622 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $ 21,280 $ 18,238 Current maturities of long-term debt, net of deferred financing costs of $ 590 and $ 380 in 2024 and 2023, respectively 599,817 250,018 Current operating lease liabilities 184,528 210,568 Current financing lease liabilities 1,331 1,331 Accrued expenses 95,602 107,195 Deferred income 161,976 126,547 Total current liabilities 1,064,534 713,897 Long-term debt, net of deferred financing costs of $ 25,571 and $ 28,865 in 2024 and 2023, respectively 2,749,360 3,091,109 Operating lease liabilities 1,095,076 1,075,285 Financing lease liabilities 13,949 14,614 Deferred income tax liabilities 11,982 12,047 Asset retirement obligation 402,131 397,991 Other liabilities 46,980 41,891 Total liabilities 5,384,012 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

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View this 10-Q filing on SEC EDGAR