LAMR Lamar Media Dashboard

Management Discussion

• Net revenues decreased $35.7 million or 8.8% to $370.9 million for the three months ended March 31, 2021 from $406.6 million for the same period in 2020. This decrease was primarily attributable to a decrease in billboard and transit net revenues of $21.3 million and $12.4 million, respectively, over the same period in 2020, which related to the effects of the ongoing COVID-19 pandemic.
• For the three months ended March 31, 2021, there was a $33.3 million decrease in net revenues as compared to acquisition-adjusted net revenue for the three months ended March 31, 2020, which represents a decrease of 8.2%. See “Reconciliations” below. The $33.3 million decrease in revenue is primarily due to a $21.8 million and $11.2 million decrease in billboard and transit net revenues, respectively, which are due to the effects of the ongoing COVID-19 pandemic.
• Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets, decreased $28.6 million, or 11.4%, to $221.6 million for the three months ended March 31, 2021 from $250.2 million in the same period in 2020. The $28.6 million decrease over the prior year is comprised of a $28.8 million decrease in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, offset by a $0.2 million increase in stock-based compensation.