LAMAR ADVERTISING CONEW
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Lamar Media
The following is a discussion of the consolidated financial condition and results of operations of Lamar Media for the years ended December 31, 2023 and 2022. This discussion should be read in conjunction with the consolidated financial statements of Lamar Media and the related notes.
RESULTS OF OPERATIONS
The following table presents certain items in the Consolidated Statements of Income as a percentage of net revenues for the years ended December 31, 2023 and 2022:
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Net revenues | 100.0% | 100.0% |
| Operating expenses: | ||
| Direct advertising expenses | 33.0% | 32.8% |
| General and administrative expenses | 16.3% | 17.3% |
| Corporate expenses | 5.0% | 5.0% |
| Depreciation and amortization | 13.9% | 17.2% |
| Operating income | 32.0% | 28.5% |
| Interest expense | 8.3% | 6.3% |
| Income tax expense | 0.5% | 0.9% |
| Net income | 23.6% | 21.6% |
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