Lamar Advertising Company

NasdaqGS-LAMR

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	437.3	362.9	496.8	438.6	388.1	243.4	372.1	305.2	317.7	298.8	262.6
Net Income
Depreciation & Amortization	483.7	469.3	300	355.6	277.2	257.2	255.4	230.2	216.2	210.3	196.1
Depreciation and Amortization
Amortization Included in Interest Expense
Share-Based Compensation Expense	32.1	44.5	22.6	23.1	37.4	18.8	29.6	29.4	9.6	28.6	25.9
Stock-Based Compensation
Other Adjustments	-75.1	-6.1	6.1	-7.8	22.2	28.1	-10.8	32.2	3	-5.4	8.8
Gain on Disposition of Assets and Investments
Other-Than-Temporary Impairment of Investment
Loss on Extinguishment of Debt
Deferred Income Tax Expenses
Equity in Earnings of Investee
Deferred Tax Benefit
Provision for Doubtful Accounts
Changes in Trade Receivables	-0.7	-43	-28.7	-22.5	-24.7	1.3	-28.4	-33.3	-17.5	-22.7	-9
Change in Receivables
Changes in Accounts Payable	0.5	3.3	-0.3	1.2	1.3	0.8	0.7	1.4	0.3	-0.7	-0.5
Change in Trade Accounts Payable
Changes in Accrued Expenses	12.8	18.9	-1.7	-10.8	9.6	10.1	-1.6	-6.3	-9.5	10.2	3.3
Change in Accrued Expenses
Changes in Other Operating Activities	-17.3	23.8	-11.1	4.1	23.4	10.2	13.7	6	-12.7	2.7	-9.6
Change in Prepaid Expenses
Change in Other Assets
Change in Operating Lease Liabilities
Change in Other Liabilities
Cash from Operating Activities	872.2	873.6	783.6	781.6	734.4	569.9	630.9	564.8	507	521.8	477.7
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-161	-125.3	-178.3	-167.1	-126.1	-62.3	-141	-117.6	-109.3	-107.6	-110.4
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	124.2	5.7	7.1	15.6	6.5	11	5.4	6.6	6.1	11.7	10.4
Proceeds from Disposition of Assets and Investments
Purchases of Investments	—	—	—	—	-30	—	—	—	—	—	—
Payment for Investments in Equity Securities
Payments for Business Acquisitions	-148.2	-45.4	-139	-479.8	-312.3	-45.6	-226.3	-477.4	-297.3	-585.1	-153.9
Acquisitions
Other Investing Activities	—	0.1	0.1	12.1	0.1	—	-0.2	4.2	0.5	0	-0
Change in Notes Receivable
Proceeds Received from Property Insurance Claims
Cash from Investing Activities	-184.9	-164.9	-310.1	-619.1	-461.8	-96.9	-362	-584.1	-400.1	-681	-253.9
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	869.4	517.9	710	380	847.5	504	738	495	483	317
Proceeds Received from Revolving Credit Facility
Proceeds Received from Accounts Receivable Securitization Program
Repayments of Short-Term Debt	-996.5	-655.4	-492.9	-765	-152.5	-1,050	-634	-481	-477	-403	-282
Payments on Revolving Credit Facility
Net Payments Under Credit Agreement
Payments Under Credit Agreement
Payments on Accounts Receivable Securitization Program
Net Issuance / (Repayments) of Short-Term Debt	-996.5	214	25	-55	227.5	-202.5	-130	257	18	80	35
Issuance of Long-Term Debt	—	—	—	350	550	2,156.5	255	599.3	450	700	—
Borrowings on Long-Term Debt
Proceeds from Senior Credit Facility Term Loans
Proceeds Received from Note Offering
Repayments of Long-Term Debt	-1.7	-351.7	-1.7	-1.7	-670.4	-2,045.8	-34.5	-1,046.9	-264.5	-321.1	-15.5
Principal Payments on Long-Term Debt
Principal Payments on Financing Leases
Payments on Convertible Notes
Payments on Senior Credit Facility Term Loans
Redemption of Senior Notes and Senior Subordinated Notes
Net Issuance / (Repayments) of Long-Term Debt	-1.7	-351.7	-1.7	348.3	-120.4	110.7	220.5	-447.7	185.5	378.9	-15.5
Issuance of Common Shares	16.8	21	15.7	18.9	19	11.1	44.3	62.7	26.7	23.1	28.4
Net Proceeds from Issuance of Common Stock
Tax Deduction from Options Exercised
Repurchases of Common Shares	—	-5.3	-6	-10.5	-6.1	-10.5	-8.9	-4.1	-9	-6.2	-6.1
Cash Used for Purchase of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	16.8	15.6	9.7	8.4	13	0.7	35.4	58.6	17.7	16.9	22.3
Common Share Dividends Paid	-643	-579.2	-510.6	-508.6	-405.2	-252.3	-385.2	-443.1	-244.2	-294	-265.5
Dividends/Distributions
Other Financing Activities	-4	-2.1	-4	-2.4	-9.4	-34.5	-5.1	-8.2	-5.6	-9.9	-1.1
Tax Deduction from Options Exercised
Debt Issuance Costs
Distributions to Non-Controlling Interest
Cash from Financing Activities	-694.6	-703.4	-481.6	-209.3	-294.5	-377.9	-264.4	-73.6	-28.6	171.9	-224.8
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	711.3	748.3	605.3	614.5	608.3	507.6	489.9	447.2	397.7	414.2	367.2
NOPAT	586.7	525.5	662.4	555.9	509	402.4	523.7	445	442.5	420.3	353.3
Levered Free Cash Flow	-246.2	613.8	627.2	914.7	680.2	367.2	589.5	227.8	605.8	872.2	360.7
Unlevered Free Cash Flow	905.5	915.5	770.9	739	694.4	618.4	651	558.6	527.5	535.1	432.3
Net Change in Cash	-7.3	5.3	-8.1	-46.8	-21.9	95.1	4.5	-92.9	78.3	12.7	-1