---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-015439"
form_type: "8-K"
ticker: "LAMR"
cik: "0001090425"
company_name: "LAMAR ADVERTISING CO/NEW"
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T19:49:41.914406+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Lamar Q1 net revenue up 4.4% to $471.3M; net income falls 17% to $76.2M on higher interest

## Summary
- Net revenue $471.3M (+4.4% YoY); net income $76.2M (-17.3% vs $92.2M); diluted EPS $0.74 vs $0.91.
- Adjusted EBITDA rose 3.5% to $198.0M from $191.2M; diluted AFFO per share fell 6.0% to $1.41.
- Free cash flow decreased 15.8% to $113.3M from $134.5M; operating cash flow increased 6.6% to $108.7M.
- CEO cites steady local sales offsetting national weakness; April slight softening but confident in midpoint of guidance.
- Total liquidity $663.0M as of March 31, 2023; $115M drawn on revolver, $234.8M on AR securitization.

## SEC filing metadata
- accession: 0001628280-23-015439
- form_type: 8-K
- ticker: LAMR
- cik: 0001090425
- company_name: LAMAR ADVERTISING CO/NEW
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1090425/000162828023015439/0001628280-23-015439-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1090425/000162828023015439/lamr-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-015439
- JSON: https://secwatch.observer/filing/0001628280-23-015439.json
- Plain text: https://secwatch.observer/filing/0001628280-23-015439.txt

## Key facts
- Earnings Releases
  LAMAR ADVERTISING CO/NEW reported first quarter ended March 31, 2023 results: revenue $471.3 million, net income $76.2 million, EPS $0.74 per diluted share.
  - Period: first quarter ended March 31, 2023
  - Revenue: $471.3 million
  - Net income: $76.2 million
  - EPS: $0.74 per diluted share
  - Result: reported results
  source text: Lamar reported net revenues of $471.3 million for the first quarter of 2023 versus $451.4 million for the first quarter of 2022, a 4.4% increase. Operating income for the first quarter of 2023 decreased $1.7 million to $118.8 million as compared to $120.5 million for the same period in 2022. Lamar recognized net income of $76.2 million for the first quarter of 2023 as compared to net income of $92.2 million for same period in 2022, a decrease of $16.0 million, primarily related to an increase in interest expense of $14.7 million over the same period in 2022. Net income per diluted share was $0.74 and $0.91 for the three months ended March 31, 2023 and 2022, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1090425/000162828023015439/0001628280-23-015439-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.