What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-23 compared with 2023-02-24 · 19 added, 17 removed, 309 unchanged (10% of the section changed)

53 unchanged sentences

We expect our 2024 capitalized expenditures to be approximately $125 million.

Growing our out-of-home programmatic channel.

We offer a portion of our unsold digital display inventory to advertisers via our programmatic partners.

Through these programmatic partners, advertisers can buy advertising space across multiple channels, allowing them to complement their existing campaigns by leasing our digital out-of-home offerings.

While the programmatic out-of-home channel is relatively new and a small portion of our existing business, we believe it represents a growth area for our industry and our business.

CAPITAL ALLOCATION STRATEGY

8 unchanged sentences

We will seek to pursue strategic acquisitions of outdoor advertising businesses and assets.

This includes acquisitions in our existing markets and in new markets where we can meet our return on investment

This includes acquisitions in our existing markets and in new markets where we can meet our return on investment criteria.

When evaluating investments in new markets, our return on investment criteria reflects the additional risks inherent to the particular geographic area.

35 unchanged sentences

Our talented design staff uses state-of-the-art technology to prepare creative, eye-catching displays for our tenants.

We can also help with the strategic placement of advertisements throughout an advertiser’s market by using software that allows us to analyze the target audience and its demographics.

We can also help with the strategic placement of advertisements throughout an

advertiser’s market by using software that allows us to analyze the target audience and its demographics.

Our artists also assist in developing marketing presentations, demonstrations and strategies to attract new tenant advertisers.

74 unchanged sentences

San Bernardino, CA 1.4 % 2.2 % 1.6 % — 1.6 % 624 56 1,158 — 1,838 0.5 %

Seattle, WA 1.9 % 0.8 % 2.0 % — 1.5 % 1,600 19 1,745 — 3,364 0.9 %

Dallas, TX 1.8 % 0.9 % 2.2 % — 1.5 % 1,268 30 459 — 1,757 0.5 %

2 unchanged sentences

Phoenix, AZ 0.3 % 2.4 % 7.0 % — 1.3 % 149 69 4,048 — 4,266 1.2 %

Birmingham, AL 1.4 % 1.3 % 0.3 % — 1.3 % 2,096 51 273 — 2,420 0.7 %

Seattle, WA 1.5 % 0.7 % 1.4 % — 1.2 % 1,547 19 1,736 — 3,302 0.9 %

Indianapolis, IN 1.3 % 1.0 % 1.4 % — 1.2 % 2,504 35 123 — 2,662 0.7 %

Reading, PA 1.1 % 1.9 % — — 1.2 % 1,373 107 — — 1,480 0.4 %

Raleigh, NC 1.5 % 0.8 % — — 1.1 % 2,550 47 — — 2,597 0.7 %

Oklahoma City, OK 1.2 % 1.3 % 0.3 % — 1.1 % 2,008 43 35 — 2,086 0.6 %

Richmond, VA 1.1 % 1.5 % — — 1.1 % 1,260 51 — — 1,311 0.4 %

Greenville-Spartanburg, SC 1.3 % 1.1 % — — 1.1 % 1,837 50 — — 1,887 0.5 %

Reading, PA 1.1 % 1.6 % — — 1.1 % 1,373 104 — — 1,477 0.4 %

Hartford, CT 1.0 % 1.7 % — — 1.1 % 835 53 — — 888 0.2 %

Birmingham, AL 1.1 % 1.3 % 0.5 % — 1.1 % 1,507 47 273 — 1,827 0.5 %

Oklahoma City, OK 1.2 % 1.1 % — — 1.1 % 2,053 39 — — 2,092 0.6 %

Denver, CO 0.7 % 0.5 % 5.9 % — 1.0 % 215 10 3,374 — 3,599 1.0 %

Cincinnati, OH 0.9 % 1.8 % — — 1.0 % 1,118 44 — — 1,162 0.3 %

Providence, RI 0.9 % 1.5 % — — 1.0 % 533 32 — — 565 0.2 %

Austin, TX 1.4 % 0.4 % — — 1.0 % 895 9 — — 904 0.3 %

Baton Rouge, LA 1.1 % 1.2 % — — 1.0 % 1,364 53 — — 1,417 0.4 %

All US Logo Programs* — — — 92.6 % 3.6 % — — — 144,503 144,503 39.8 %

13 unchanged sentences

Net income from our TRSs will either be retained by our TRSs and used to fund their operations, or distributed to us, where it will be reinvested in our business or be available for distribution to Lamar Advertising’s stockholders.

As of December 31, 2022, the annual revenue generated by our TRSs in the aggregate was approximately $323.2 million.

As of December 31, 2023, the annual taxable revenue generated by our TRSs in the aggregate was approximately $350.8 million.

ADVERTISING TENANTS

12 unchanged sentences

Education 4 %

Public Service 3 %

Insurance 3 %

Real Estate 3 %

Outdoor advertising is subject to governmental regulation at the federal, state and local levels.

43 unchanged sentences

North Carolina 3,824 5.3 % 282 2.6 %

Alabama 3,369 4.7 % 521 4.8 %

Georgia 3,353 4.6 % 318 3.0 %

Indiana 3,084 4.3 % 629 5.9 %

Alabama 3,112 4.3 % 513 4.9 %

Tennessee 2,994 4.1 % 471 4.5 %

Louisiana 2,947 4.1 % 541 5.0 %

Wisconsin 2,572 3.5 % 341 3.3 %

Tennessee 2,941 4.1 % 488 4.5 %

Florida 2,901 4.0 % 493 4.6 %

Wisconsin 2,495 3.4 % 411 3.8 %

South Carolina 2,260 3.1 % 151 1.4 %

32 unchanged sentences

Our Executive Vice President of Human Resources, who also serves as our Chief Diversity Officer, is charged with providing training that reinforces our commitment to treat all of our employees with dignity and respect.

During 2020 and 2021 inflation did not have a significant impact on our business.

During 2022, as a result of the inflationary environment in the U.S., we experienced increases in our direct and general and administrative costs, including increases in labor costs and utilities.

During 2022 and 2023, as a result of the inflationary environment in the U.S., we experienced increases in our direct and general and administrative costs, including increases in labor costs and utilities.

Increases in expenses were largely offset by increases in our advertising rates.

We also experienced increased interest expenses related to rising interest rates.

We expect the inflationary environment and these pressures to continue into 2023.

We will continue to monitor the inflationary environment and these pressures in 2024 and any resulting impacts on our financial position and results of operations.

Our revenues and operating results are subject to seasonality.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business