{"content":[{"text":"TABLE OF CONTENTS","bbox":{"left":0.411925,"top":0.05858,"width":0.17614399999999997,"height":0.017486999999999996}},{"text":"PART I \n Special Note Regarding Forward-Looking Statements \n ITEM 1. Business ............................................................................................................................................................................... 5 \n General ........................................................................................................................................................................ 5 \n Corporate History ........................................................................................................................................................ 5 \n Operating Strategies .................................................................................................................................................... 5 \n Capital Allocation Strategy ......................................................................................................................................... 6 \n Company Operations................................................................................................................................................... 6 \n Competition ................................................................................................................................................................. 8 \n Geographic Diversification ......................................................................................................................................... 10 \n Taxable REIT Subsidiaries.......................................................................................................................................... 11 \n Advertising Tenants..................................................................................................................................................... 11 \n Regulation.................................................................................................................................................................... 11 \n Legal Proceedings ....................................................................................................................................................... 12 \n Real Estate Portfolio.................................................................................................................................................... 12 \n Contract Expirations.................................................................................................................................................... 13 \n Human Capital Resources ........................................................................................................................................... 13 \n Inflation ....................................................................................................................................................................... 14 \n Seasonality................................................................................................................................................................... 14 \n Available Information ................................................................................................................................................. 14 \n ITEM 1A. Risk Factors........................................................................................................................................................................... 14 \n ITEM 1B. Unresolved Staff Comments ................................................................................................................................................. 24 \n ITEM 2. Properties .............................................................................................................................................................................. 24 \n ITEM 3. Legal Proceedings................................................................................................................................................................. 24 \n ITEM 4. Mine Safety Disclosures ....................................................................................................................................................... 24 \n PART II \n ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities........... 25 \n ITEM 6. Selected Financial Data......................................................................................................................................................... 26 \n ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations............................................... 27 \n Lamar Advertising Company ...................................................................................................................................... 27 \n Overview............................................................................................................................................................ 27 \n Non-GAAP Financial Measures ........................................................................................................................ 29 \n Results of Operations: Years Ended December 31, 2020 and 2019.................................................................. 30 \n Results of Operations: Years Ended December 31, 2019 and 2018.................................................................. 32 \n Liquidity and Capital Resources........................................................................................................................ 35 \n Critical Accounting Estimates ........................................................................................................................... 41 \n Accounting Standards and Regulatory Update.................................................................................................. 42 \n Lamar Media ............................................................................................................................................................... 43 \n Results of Operations: Years Ended December 31, 2020 and 2019.................................................................. 43 \n Results of Operations: Years Ended December 31, 2019 and 2018.................................................................. 45 \n ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk.............................................................................................. 48 \n ITEM 8. Financial Statements ............................................................................................................................................................. 49 \n ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure............................................... 109 \n ITEM 9A. Controls and Procedures ....................................................................................................................................................... 109 \n ITEM 9B. Other Information ................................................................................................................................................................. 109","bbox":{"left":0.058824,"top":0.087617,"width":0.882353,"height":0.6555630000000001}},{"text":"2","bbox":{"left":0.495915,"top":0.938519,"width":0.00817000000000001,"height":0.016843000000000052}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}