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LAMAR ADVERTISING CONEW

For the period ended Dec 31, 2024. Filed Feb 20, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 20, 2025

LAMR$155.99-0.8%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Table of Contents

PART I
Special Note Regarding Forward-Looking Statements
ITEM 1.Business5
General5
Corporate History5
Operating Strategies6
Capital Allocation Strategy6
Company Operations7
Competition9
Geographic Diversification10
Taxable REIT Subsidiaries10
Advertising Tenants11
Regulation11
Legal Proceedings12
Real Estate Portfolio12
Contract Expirations13
Human Capital Resources13
Inflation14
Seasonality14
Available Information14
ITEM 1A.Risk Factors14
ITEM 1B.Unresolved Staff Comments25
ITEM 1C.Cybersecurity25
ITEM 2.Properties25
ITEM 3.Legal Proceedings26
ITEM 4.Mine Safety Disclosures26
PART II
ITEM 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities27
ITEM 6.Reserved27
ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations28
Lamar Advertising Company28
Overview28
Non-GAAP Financial Measures29
Results of Operations: Years Ended December 31, 2024 and 202330
Liquidity and Capital Resources33
Critical Accounting Estimates39
Accounting Standards and Regulatory Update40
Lamar Media41
Results of Operations: Years Ended December 31, 2024 and 202341
ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk44
ITEM 8.Financial Statements45
ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure101
ITEM 9A.Controls and Procedures101
ITEM 9B.Other Information102
ITEM 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections102
PART III
ITEM 10.Directors, Executive Officers and Corporate Governance103
ITEM 11.Executive Compensation103
ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters103
ITEM 13.Certain Relationships and Related Transactions, and Director Independence103
ITEM 14.Principal Accounting Fees and Services103
PART IV
ITEM 15.Exhibits, Financial Statement Schedules104
Index to Exhibits105
Signatures121

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 in general and outdoor advertising in particular; (iii) risks and uncertainties relating to our significant indebtedness; (iv) the demand for outdoor advertising and its continued popularity as an advertising medium; (v) our need for, and ability to obtain, additional funding for acquisitions, operations and debt refinancing; (vi) increased competition within the outdoor advertising industry; (vii) the regulation of the outdoor advertising industry by federal, state and local governments; (viii) our ability to renew expiring contracts at favorable rates; (ix) the integration of businesses and assets that we acquire and our ability to recognize cost savings and operating efficiencies as a result of these acquisitions; (x) our ability to successfully implement our digital deployment strategy; (xi) the market for our Class A common stock; (xii) changes in accounting principles, policies or guidelines; (xiii) our ability to effectively mitigate the threat of and damages caused by hurricanes and other kinds of severe weather; (xiv) our ability to maintain our status as a REIT; and (xv) changes in tax laws applicable to REITs or in the interpretation of those laws.

The forward-looking statements in this report are based on our current good faith beliefs; however, actual results may differ due to inaccurate assumptions, the factors listed above or other foreseeable or unforeseeable factors. Consequently, we cannot guarantee that any of the forward-looking statements will prove to be accurate. The forward-looking statements in this report speak only as of the date of this report, and Lamar Advertising Company and Lamar Media Corp. expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained in this report, except as required by law.

INDUSTRY AND MARKET DATA

The industry and market data presented throughout this report are based on the experience and estimates of our management and the data in reports issued by third-parties, including the Out of Home Advertising Association of America (OAAA). In each case, we believe this industry and market data is reasonable. We have not, however, independently verified the industry and market data derived from third-party sources, and no independent source has verified the industry and market data derived from management’s experience and estimates.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.