Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 352,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with approximately 3,800 displays.

Lamar Advertising Company

Net Revenues

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Direct Advertising Expenses (Exclusive of Depreciation and Amortization)

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Operating Income

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Other-Than-Temporary Impairment of Investment

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Interest Income

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Equity in Earnings of Investee

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Total Other Income

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Net Income

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Net Income Attributable to Non-Controlling Interest

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Net Income Attributable to Controlling Interest

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Cash Dividends Declared and Paid on Preferred Stock

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Net Income Applicable to Common Stock

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Basic Earnings per Share

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Weighted Average Common Shares Outstanding - Basic

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Incremental Common Shares from Dilutive Stock Options

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Total Revenues

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Cost of Sales

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Depreciation & Amortization Expenses

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Other Operating Expenses

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Operating Profit

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Interest and Investment Income

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Provision for Income Taxes

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Consolidated Net Income

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Net Income Attributable to Minority Interests and Other

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Revenue

EBIT

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CapEx

Net Interest Income

Assets

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Adjusted EBT

Adjusted Funds From Operations

Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	2,249.8	2,207.1	2,111	2,032.1	1,787.4	1,568.9	1,753.6	1,627.2	1,541.3	1,500.3	1,353.4
Total Revenues %Chg	3%	4.6%	3.9%	13.7%	13.9%	-10.5%	7.8%	5.6%	2.7%	10.9%	5.2%
Net Revenues
Cost of Sales	740.9	727.9	696.8	667.3	576.5	557.7	590.1	561.8	540.9	525.6	473.8
Direct Advertising Expenses (Exclusive of Depreciation and Amortization)
Gross Profit	1,509	1,479.2	1,414.2	1,364.9	1,210.9	1,011.2	1,163.6	1,065.4	1,000.4	974.7	879.6
Gross Profit Margin	67.1%	67%	67%	67.2%	67.7%	64.5%	66.4%	65.5%	64.9%	65%	65%
Selling, General & Administrative Expenses	493.4	490.3	450.8	453.1	420.5	358.8	403	372.3	338.6	345.8	313.9
General and Administrative Expenses (Exclusive of Depreciation and Amortization)
Corporate Expenses (Exclusive of Depreciation and Amortization)
Depreciation & Amortization Expenses	477.6	463	293.4	349.4	271.3	251.3	250	225.3	211.1	205	191.4
Depreciation and Amortization
Other Operating Expenses	-76.7	-6.1	-5.5	-15.7	-2.1	-9	-7.2	7.2	-4.7	-15.1	-8.8
Gain on Disposition of Assets and Investments
Operating Profit	614.7	532	675.4	578	521.2	410.1	517.7	460.6	455.4	439	383
Operating Income
Operating Margin	27.3%	24.1%	32%	28.4%	29.2%	26.1%	29.5%	28.3%	29.5%	29.3%	28.3%
Interest and Investment Income	2.5	2.3	2.1	1.3	0.8	0.8	0.8	0.5	0	0	0
Interest Income
Interest Expense	—	-171.7	-174.5	-127.5	-106.4	-137.6	-150.6	-129.7	-128.4	-123.7	-98.4
Interest Expense
Non-Operating Income	3.2	4.8	3.6	4.3	-18.2	-25.2	—	-15.4	-0.1	-3.2	—
Loss on Extinguishment of Debt
Gain on Disposition of Investment
Other-Than-Temporary Impairment of Investment
Equity in Earnings of Investee
Total Non-Operating Income	5.7	-164.6	-168.8	-121.9	-123.8	-162.1	-149.9	-144.6	-128.5	-126.9	-98.4
Income Before Provision for Income Taxes	458.1	367.5	506.6	456.1	397.3	248	367.9	315.9	326.9	312.2	284.6
Income Before Income Tax Expense
Provision for Income Taxes	20.8	4.5	9.8	17.5	9.3	4.7	-4.2	10.7	9.2	13.4	22.1
Income Tax Expense
Consolidated 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
Net Income Attributable to Minority Interests and Other	3.7	1.1	1.1	—	—	—	—	—	—	—	—
Net Income Attributable to Non-Controlling Interest
Net Income Attributable to Preferred Dividends	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Cash Dividends Declared and Paid on Preferred Stock
Net Income Attributable to Common Shareholders	433.3	361.5	495.4	438.3	387.7	243	371.7	304.9	317.3	298.4	262.2
Net Income Applicable to Common Stock
Basic EPS	4.3	3.5	4.9	4.3	3.8	2.4	3.7	3.1	3.2	3.1	2.7
Diluted EPS	4.3	3.5	4.9	4.3	3.8	2.4	3.7	3.1	3.2	3.1	2.7
Basic Weighted Average Shares Outstanding	101.8	102.3	101.9	101.5	101.1	100.8	100.1	98.8	97.9	97.1	96.3
Total Shares Outstanding	101.3	102.4	102.1	101.7	101.3	100.9	100.5	99.6	98.3	97.4	96.7
Diluted Weighted Average Shares Outstanding	102.1	102.6	102.1	101.6	101.3	100.9	100.3	99.1	98.4	97.7	96.4
EBITDA	1,098.4	1,001.3	975.4	933.6	798.4	667.3	773.1	690.7	671.6	649.3	579.1
Effective Tax Rate	4.5%	1.2%	1.9%	3.8%	2.3%	1.9%	-1.1%	3.4%	2.8%	4.3%	7.7%