Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-36756 | |
Entity Registrant Name | LAMAR ADVERTISING CO/NEW | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-0961620 | |
Entity Address, Address Line One | 5321 Corporate Blvd. | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70808 | |
City Area Code | 225 | |
Local Phone Number | 926-1000 | |
Title of 12(b) Security | Class A common stock, $0.001 par value | |
Trading Symbol | LAMR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001090425 | |
Current Fiscal Year End Date | --12-31 | |
Class A CMN Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 87,062,017 | |
Class B CMN Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,420,085 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Document Information [Line Items] | ||
Entity File Number | 1-12407 | |
Entity Registrant Name | LAMAR MEDIA CORP/DE | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1205791 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Central Index Key | 0000899045 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 115,878 | $ 99,788 |
Receivables, net of allowance for doubtful accounts | 255,641 | 269,917 |
Other current assets | 36,127 | 18,902 |
Total current assets | 407,646 | 388,607 |
Property, plant and equipment | 3,806,905 | 3,782,288 |
Less accumulated depreciation and amortization | (2,465,436) | (2,445,014) |
Net property, plant and equipment | 1,341,469 | 1,337,274 |
Operating lease right of use assets | 1,236,538 | 1,224,672 |
Financing lease right of use assets | 16,177 | 16,890 |
Goodwill | 1,936,465 | 1,936,426 |
Intangible assets, net | 1,061,391 | 1,045,177 |
Other assets | 94,177 | 98,448 |
Total assets | 6,093,863 | 6,047,494 |
Current liabilities: | ||
Trade accounts payable | 13,006 | 16,429 |
Current maturities of long-term debt, net of deferred financing costs | 174,836 | 174,778 |
Current operating lease liabilities | 166,275 | 198,286 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 84,869 | 135,038 |
Deferred income | 131,352 | 137,103 |
Total current liabilities | 571,669 | 662,965 |
Long-term debt | 2,955,138 | 2,838,817 |
Operating lease liabilities | 1,007,403 | 995,356 |
Financing lease liabilities | 16,944 | 17,277 |
Deferred income tax liabilities | 6,057 | 6,416 |
Asset retirement obligation | 273,856 | 269,367 |
Other liabilities | 38,935 | 40,207 |
Total liabilities | 4,870,002 | 4,830,405 |
Stockholders’ equity: | ||
Additional paid-in capital | 2,037,845 | 2,001,399 |
Accumulated comprehensive income | 1,169 | 855 |
Accumulated deficit | (753,957) | (734,415) |
Treasury stock at cost | (61,298) | (50,852) |
Stockholder's equity | 1,223,861 | 1,217,089 |
Total liabilities and stockholders’ equity | 6,093,863 | 6,047,494 |
Series AA PREF Stock | ||
Stockholders’ equity: | ||
Preferred stock, value | 0 | 0 |
Class A CMN Stock | ||
Stockholders’ equity: | ||
Common stock, value | 88 | 88 |
Class B CMN Stock | ||
Stockholders’ equity: | ||
Common stock, value | $ 14 | $ 14 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statements of Income | ||
Net revenues | $ 451,388 | $ 370,881 |
Operating expenses (income) | ||
Direct advertising expenses (exclusive of depreciation and amortization) | 157,772 | 131,215 |
General and administrative expenses (exclusive of depreciation and amortization) | 83,084 | 72,649 |
Corporate expenses (exclusive of depreciation and amortization) | 22,012 | 17,760 |
Depreciation and amortization | 68,627 | 60,749 |
Gain on disposition of assets | (563) | (415) |
Total operating expenses | 330,932 | 281,958 |
Operating income | 120,456 | 88,923 |
Other expense (income) | ||
Loss on extinguishment of debt | 0 | 21,604 |
Interest income | (215) | (174) |
Interest expense | 26,786 | 28,154 |
Equity in earnings of investee | (746) | 0 |
Total other expense (income) | 25,825 | 49,584 |
Income before income tax expense | 94,631 | 39,339 |
Income tax expense | 2,480 | 1,010 |
Net income | 92,151 | 38,329 |
Cash dividends declared and paid on preferred stock | 91 | 91 |
Net income applicable to common stock | $ 92,060 | $ 38,238 |
Earnings per share: | ||
Basic earnings per share (in dollars per share) | $ 0.91 | $ 0.38 |
Diluted earnings per share (in dollars per share) | 0.91 | 0.38 |
Cash dividends declared per share of common stock (in dollars per share) | $ 1.10 | $ 0.75 |
Weighted average common shares used in computing earnings per share: | ||
Weighted average common shares outstanding basic (in shares) | 101,339,558 | 100,967,861 |
Weighted average common shares outstanding diluted (in shares) | 101,540,213 | 101,138,042 |
Statements of Comprehensive Income | ||
Net income | $ 92,151 | $ 38,329 |
Other comprehensive income | ||
Foreign currency translation adjustments | 314 | 204 |
Comprehensive income | $ 92,465 | $ 38,533 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income | Accumulated Deficit | Series AA PREF StockPreferred Stock | Class A CMN StockCommon Stock | Class B CMN StockCommon Stock |
Beginning balance at Dec. 31, 2020 | $ 1,202,768 | $ (44,786) | $ 1,963,850 | $ 934 | $ (717,331) | $ 0 | $ 87 | $ 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Non-cash compensation | 1,060 | 1,060 | ||||||
Issuance of common stock through stock awards | 13,376 | 13,376 | ||||||
Exercise of stock options | 5,224 | 5,224 | ||||||
Issuance of common stock through employee purchase plan | 2,172 | 2,172 | ||||||
Purchase of treasury stock | (5,717) | (5,717) | ||||||
Foreign currency translation adjustments | 204 | 204 | ||||||
Net income | 38,329 | 38,329 | ||||||
Dividends/distributions to common shareholders | (75,818) | (75,818) | ||||||
Dividends, preferred stock | (91) | (91) | ||||||
Ending balance at Mar. 31, 2021 | 1,181,507 | (50,503) | 1,985,682 | 1,138 | (754,911) | 0 | 87 | 14 |
Beginning balance at Dec. 31, 2021 | 1,217,089 | (50,852) | 2,001,399 | 855 | (734,415) | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Non-cash compensation | 1,405 | 1,405 | ||||||
Issuance of common stock through stock awards | 30,145 | 30,145 | ||||||
Exercise of stock options | 1,307 | 1,307 | ||||||
Issuance of common stock through employee purchase plan | 3,589 | 3,589 | ||||||
Purchase of treasury stock | (10,446) | (10,446) | ||||||
Foreign currency translation adjustments | 314 | 314 | ||||||
Net income | 92,151 | 92,151 | ||||||
Dividends/distributions to common shareholders | (111,602) | (111,602) | ||||||
Dividends, preferred stock | (91) | (91) | ||||||
Ending balance at Mar. 31, 2022 | $ 1,223,861 | $ (61,298) | $ 2,037,845 | $ 1,169 | $ (753,957) | $ 0 | $ 88 | $ 14 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 92,151 | $ 38,329 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 68,627 | 60,749 |
Stock-based compensation | 1,780 | 3,675 |
Amortization included in interest expense | 1,471 | 1,371 |
Gain on disposition of assets | (563) | (415) |
Loss on extinguishment of debt | 0 | 21,604 |
Equity in earnings of investee | (746) | 0 |
Deferred tax benefit | (342) | (1,020) |
Provision for doubtful accounts | (39) | (371) |
Decrease (increase) in: | ||
Receivables | 14,394 | 22,691 |
Prepaid expenses | (5,537) | (1,408) |
Other assets | (8,265) | (5,438) |
(Decrease) increase in: | ||
Trade accounts payable | (1,496) | (1,147) |
Accrued expenses | (22,500) | (22,182) |
Operating lease liabilities | (30,786) | (34,250) |
Other liabilities | (6,111) | 1,130 |
Net cash provided by (used in) operating activities | 102,038 | 83,318 |
Cash flows from investing activities: | ||
Acquisitions | (55,293) | (3,333) |
Capital expenditures | (28,759) | (16,332) |
Proceeds from disposition of assets and investments | 710 | 1,842 |
Net cash used in investing activities | (83,342) | (17,823) |
Cash flows from financing activities: | ||
Cash used for purchase of treasury stock | (10,446) | (5,717) |
Net proceeds from issuance of common stock | 4,897 | 7,396 |
Principal payments on long-term debt | (92) | (96) |
Principal payments on financing leases | (333) | (483) |
Payments on revolving credit facility | (50,000) | 0 |
Proceeds received from revolving credit facility | 165,000 | 25,000 |
Redemption of senior notes | 0 | (668,688) |
Proceeds received from note offering | 0 | 550,000 |
Proceeds received from accounts receivable securitization program | 0 | 32,500 |
Debt issuance costs | 0 | (8,067) |
Distributions to non-controlling interest | (46) | (24) |
Dividends/distributions | (111,693) | (75,909) |
Net cash used in financing activities | (2,713) | (144,088) |
Effect of exchange rate changes in cash and cash equivalents | 107 | 70 |
Net increase (decrease) in cash and cash equivalents | 16,090 | (78,523) |
Cash and cash equivalents at beginning of period | 99,788 | 121,569 |
Cash and cash equivalents at end of period | 115,878 | 43,046 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 25,378 | 43,343 |
Cash paid for foreign, state and federal income taxes | $ 3,716 | $ 1,429 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 115,878 | $ 99,788 |
Receivables, net of allowance for doubtful accounts | 255,641 | 269,917 |
Other current assets | 36,127 | 18,902 |
Total current assets | 407,646 | 388,607 |
Property, plant and equipment | 3,806,905 | 3,782,288 |
Less accumulated depreciation and amortization | (2,465,436) | (2,445,014) |
Net property, plant and equipment | 1,341,469 | 1,337,274 |
Operating lease right of use assets | 1,236,538 | 1,224,672 |
Financing lease right of use assets | 16,177 | 16,890 |
Goodwill | 1,936,465 | 1,936,426 |
Intangible assets, net | 1,061,391 | 1,045,177 |
Other assets | 94,177 | 98,448 |
Total assets | 6,093,863 | 6,047,494 |
Current liabilities: | ||
Trade accounts payable | 13,006 | 16,429 |
Current maturities of long-term debt, net of deferred financing costs | 174,836 | 174,778 |
Current operating lease liabilities | 166,275 | 198,286 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 84,869 | 135,038 |
Deferred income | 131,352 | 137,103 |
Total current liabilities | 571,669 | 662,965 |
Long-term debt | 2,955,138 | 2,838,817 |
Operating lease liabilities | 1,007,403 | 995,356 |
Financing lease liabilities | 16,944 | 17,277 |
Deferred income tax liabilities | 6,057 | 6,416 |
Asset retirement obligation | 273,856 | 269,367 |
Other liabilities | 38,935 | 40,207 |
Total liabilities | 4,870,002 | 4,830,405 |
Stockholders’ equity: | ||
Additional paid-in capital | 2,037,845 | 2,001,399 |
Accumulated comprehensive income | 1,169 | 855 |
Accumulated deficit | (753,957) | (734,415) |
Stockholder's equity | 1,223,861 | 1,217,089 |
Total liabilities and stockholders’ equity | 6,093,863 | 6,047,494 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Current assets: | ||
Cash and cash equivalents | 115,378 | 99,288 |
Receivables, net of allowance for doubtful accounts | 255,641 | 269,917 |
Other current assets | 36,127 | 18,902 |
Total current assets | 407,146 | 388,107 |
Property, plant and equipment | 3,806,905 | 3,782,288 |
Less accumulated depreciation and amortization | (2,465,436) | (2,445,014) |
Net property, plant and equipment | 1,341,469 | 1,337,274 |
Operating lease right of use assets | 1,236,538 | 1,224,672 |
Financing lease right of use assets | 16,177 | 16,890 |
Goodwill | 1,926,314 | 1,926,274 |
Intangible assets, net | 1,060,923 | 1,044,709 |
Other assets | 88,834 | 93,105 |
Total assets | 6,077,401 | 6,031,031 |
Current liabilities: | ||
Trade accounts payable | 13,006 | 16,429 |
Current maturities of long-term debt, net of deferred financing costs | 174,836 | 174,778 |
Current operating lease liabilities | 166,275 | 198,286 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 76,921 | 127,318 |
Deferred income | 131,352 | 137,103 |
Total current liabilities | 563,721 | 655,245 |
Long-term debt | 2,955,138 | 2,838,817 |
Operating lease liabilities | 1,007,403 | 995,356 |
Financing lease liabilities | 16,944 | 17,277 |
Deferred income tax liabilities | 6,057 | 6,416 |
Asset retirement obligation | 273,856 | 269,367 |
Other liabilities | 38,935 | 40,207 |
Total liabilities | 4,862,054 | 4,822,685 |
Stockholders’ equity: | ||
Common stock, value | 0 | 0 |
Additional paid-in capital | 3,108,352 | 3,071,905 |
Accumulated comprehensive income | 1,169 | 855 |
Accumulated deficit | (1,894,174) | (1,864,414) |
Stockholder's equity | 1,215,347 | 1,208,346 |
Total liabilities and stockholders’ equity | $ 6,077,401 | $ 6,031,031 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Subsidiary) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statements of Income | ||
Net revenues | $ 451,388 | $ 370,881 |
Operating expenses (income) | ||
Direct advertising expenses (exclusive of depreciation and amortization) | 157,772 | 131,215 |
General and administrative expenses (exclusive of depreciation and amortization) | 83,084 | 72,649 |
Corporate expenses (exclusive of depreciation and amortization) | 22,012 | 17,760 |
Depreciation and amortization | 68,627 | 60,749 |
Gain on disposition of assets | (563) | (415) |
Total operating expenses | 330,932 | 281,958 |
Operating income | 120,456 | 88,923 |
Other expense (income) | ||
Loss on extinguishment of debt | 0 | 21,604 |
Interest income | (215) | (174) |
Interest expense | 26,786 | 28,154 |
Equity in earnings of investee | (746) | 0 |
Total other expense (income) | 25,825 | 49,584 |
Income before income tax expense | 94,631 | 39,339 |
Income tax expense | 2,480 | 1,010 |
Net income | 92,151 | 38,329 |
Statements of Comprehensive Income | ||
Net income | 92,151 | 38,329 |
Other comprehensive income | ||
Comprehensive income | 92,465 | 38,533 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Statements of Income | ||
Net revenues | 451,388 | 370,881 |
Operating expenses (income) | ||
Direct advertising expenses (exclusive of depreciation and amortization) | 157,772 | 131,215 |
General and administrative expenses (exclusive of depreciation and amortization) | 83,084 | 72,649 |
Corporate expenses (exclusive of depreciation and amortization) | 21,876 | 17,623 |
Depreciation and amortization | 68,627 | 60,749 |
Gain on disposition of assets | (563) | (415) |
Total operating expenses | 330,796 | 281,821 |
Operating income | 120,592 | 89,060 |
Other expense (income) | ||
Loss on extinguishment of debt | 0 | 21,604 |
Interest income | (215) | (174) |
Interest expense | 26,786 | 28,154 |
Equity in earnings of investee | (746) | 0 |
Total other expense (income) | 25,825 | 49,584 |
Income before income tax expense | 94,767 | 39,476 |
Income tax expense | 2,480 | 1,010 |
Net income | 92,287 | 38,466 |
Statements of Comprehensive Income | ||
Net income | 92,287 | 38,466 |
Other comprehensive income | ||
Foreign currency translations | 314 | 204 |
Comprehensive income | $ 92,601 | $ 38,670 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Subsidiary) - USD ($) $ in Thousands | Total | Add’l Paid in Capital | Accumulated Comprehensive Income | Accumulated Deficit | LAMAR MEDIA CORP. AND SUBSIDIARIES | LAMAR MEDIA CORP. AND SUBSIDIARIESCommon Stock | LAMAR MEDIA CORP. AND SUBSIDIARIESAdd’l Paid in Capital | LAMAR MEDIA CORP. AND SUBSIDIARIESAccumulated Comprehensive Income | LAMAR MEDIA CORP. AND SUBSIDIARIESAccumulated Deficit |
Beginning balance at Dec. 31, 2020 | $ 1,202,768 | $ 1,963,850 | $ 934 | $ (717,331) | $ 1,192,844 | $ 0 | $ 3,034,357 | $ 934 | $ (1,842,447) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Contribution from parent | 21,831 | 21,831 | |||||||
Foreign currency translations | 204 | 204 | |||||||
Net income | 38,329 | 38,329 | 38,466 | 38,466 | |||||
Dividend to parent | (81,535) | (81,535) | |||||||
Ending balance at Mar. 31, 2021 | 1,181,507 | 1,985,682 | 1,138 | (754,911) | 1,171,810 | 0 | 3,056,188 | 1,138 | (1,885,516) |
Beginning balance at Dec. 31, 2021 | 1,217,089 | 2,001,399 | 855 | (734,415) | 1,208,346 | 0 | 3,071,905 | 855 | (1,864,414) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Contribution from parent | 36,447 | 36,447 | |||||||
Foreign currency translations | 314 | 314 | |||||||
Net income | 92,151 | 92,151 | 92,287 | 92,287 | |||||
Dividend to parent | (122,047) | (122,047) | |||||||
Ending balance at Mar. 31, 2022 | $ 1,223,861 | $ 2,037,845 | $ 1,169 | $ (753,957) | $ 1,215,347 | $ 0 | $ 3,108,352 | $ 1,169 | $ (1,894,174) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Subsidiary) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 92,151 | $ 38,329 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 68,627 | 60,749 |
Stock-based compensation | 1,780 | 3,675 |
Amortization included in interest expense | 1,471 | 1,371 |
Gain on disposition of assets | (563) | (415) |
Loss on extinguishment of debt | 0 | 21,604 |
Equity in earnings of investee | (746) | 0 |
Deferred tax benefit | (342) | (1,020) |
Provision for doubtful accounts | (39) | (371) |
Decrease (increase) in: | ||
Receivables | 14,394 | 22,691 |
Prepaid expenses | (5,537) | (1,408) |
Other assets | (8,265) | (5,438) |
(Decrease) increase in: | ||
Trade accounts payable | (1,496) | (1,147) |
Accrued expenses | (22,500) | (22,182) |
Operating lease liabilities | (30,786) | (34,250) |
Other liabilities | (6,111) | 1,130 |
Net cash provided by (used in) operating activities | 102,038 | 83,318 |
Cash flows from investing activities: | ||
Acquisitions | (55,293) | (3,333) |
Capital expenditures | (28,759) | (16,332) |
Proceeds from disposition of assets and investments | 710 | 1,842 |
Net cash used in investing activities | (83,342) | (17,823) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (92) | (96) |
Principal payments on financing leases | (333) | (483) |
Payments on revolving credit facility | (50,000) | 0 |
Proceeds received from revolving credit facility | 165,000 | 25,000 |
Redemption of senior notes | 0 | (668,688) |
Proceeds received from note offering | 0 | 550,000 |
Proceeds received from accounts receivable securitization program | 0 | 32,500 |
Debt issuance costs | 0 | (8,067) |
Distributions to non-controlling interest | (46) | (24) |
Net cash used in financing activities | (2,713) | (144,088) |
Effect of exchange rate changes in cash and cash equivalents | 107 | 70 |
Net increase (decrease) in cash and cash equivalents | 16,090 | (78,523) |
Cash and cash equivalents at beginning of period | 99,788 | 121,569 |
Cash and cash equivalents at end of period | 115,878 | 43,046 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 25,378 | 43,343 |
Cash paid for foreign, state and federal income taxes | 3,716 | 1,429 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net income | 92,287 | 38,466 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 68,627 | 60,749 |
Stock-based compensation | 1,780 | 3,675 |
Amortization included in interest expense | 1,471 | 1,371 |
Gain on disposition of assets | (563) | (415) |
Loss on extinguishment of debt | 0 | 21,604 |
Equity in earnings of investee | (746) | 0 |
Deferred tax benefit | (342) | (1,020) |
Provision for doubtful accounts | (39) | (371) |
Decrease (increase) in: | ||
Receivables | 14,394 | 22,691 |
Prepaid expenses | (5,537) | (1,408) |
Other assets | (8,265) | (5,438) |
(Decrease) increase in: | ||
Trade accounts payable | (1,496) | (1,147) |
Accrued expenses | (22,500) | (22,182) |
Operating lease liabilities | (30,786) | (34,250) |
Other liabilities | (37,889) | (13,533) |
Net cash provided by (used in) operating activities | 70,396 | 68,792 |
Cash flows from investing activities: | ||
Acquisitions | (55,293) | (3,333) |
Capital expenditures | (28,759) | (16,332) |
Proceeds from disposition of assets and investments | 710 | 1,842 |
Net cash used in investing activities | (83,342) | (17,823) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (92) | (96) |
Principal payments on financing leases | (333) | (483) |
Payments on revolving credit facility | (50,000) | 0 |
Proceeds received from revolving credit facility | 165,000 | 25,000 |
Redemption of senior notes | 0 | (668,688) |
Proceeds received from note offering | 0 | 550,000 |
Proceeds received from accounts receivable securitization program | 0 | 32,500 |
Debt issuance costs | 0 | (8,067) |
Distributions to non-controlling interest | (46) | (24) |
Contributions from (to) parent | 36,447 | 21,831 |
Dividends (to) from parent | (122,047) | (81,535) |
Net cash used in financing activities | 28,929 | (129,562) |
Effect of exchange rate changes in cash and cash equivalents | 107 | 70 |
Net increase (decrease) in cash and cash equivalents | 16,090 | (78,523) |
Cash and cash equivalents at beginning of period | 99,288 | 121,069 |
Cash and cash equivalents at end of period | 115,378 | 42,546 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 25,378 | 43,343 |
Cash paid for foreign, state and federal income taxes | $ 3,716 | $ 1,429 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 10,293 | $ 11,195 |
Current deferred financing costs | 528 | 585 |
Noncurrent deferred financing costs | $ 34,943 | $ 36,274 |
Shares held in treasury (in shares) | 783,108 | 688,017 |
Series AA PREF Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, cumulative dividends (in dollars per share) | $ 63.80 | $ 63.80 |
Preferred stock, shares authorized (in shares) | 5,720 | 5,720 |
Preferred stock, shares outstanding (in shares) | 5,720 | 5,720 |
Preferred stock, shares issued (in shares) | 5,720 | 5,720 |
Class A CMN Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 362,500,000 | 362,500,000 |
Common stock, shares issued (in shares) | 87,845,125 | 87,540,838 |
Common stock, shares outstanding (in shares) | 87,062,017 | 86,852,821 |
Class B CMN Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, shares issued (in shares) | 14,420,085 | 14,420,085 |
Common stock, shares outstanding (in shares) | 14,420,085 | 14,420,085 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash dividends declared per share of common stock (in dollars per share) | $ 1.10 | $ 0.75 |
Add’l Paid in Capital | ||
Issuance of common stock through stock awards (in shares) | 241,750 | 149,000 |
Exercise of stock options (in shares) | 26,190 | 82,101 |
Issuance of common stock through employee purchase plan (in shares) | 36,347 | 31,824 |
Treasury Stock | ||
Purchase of treasury stock (in shares) | 95,091 | 65,290 |
Accumulated Deficit | ||
Cash dividends declared per share of common stock (in dollars per share) | $ 1.10 | $ 0.75 |
Preferred stock dividend shares (in dollars per share) | $ 15.95 | $ 15.95 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 10,293 | $ 11,195 |
Current deferred financing costs | 528 | 585 |
Noncurrent deferred financing costs | 34,943 | 36,274 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Allowance for doubtful accounts | 10,293 | 11,195 |
Current deferred financing costs | 528 | 585 |
Noncurrent deferred financing costs | $ 34,943 | $ 36,274 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,000 | 3,000 |
Common stock, shares issued (in shares) | 100 | 100 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2021 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of March 31, 2022, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact to the Company's consolidated financial statements. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue from Contracts with Customers . The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer. The following table presents our disaggregated revenue by source for the three months ended March 31, 2022 and 2021. Three Months Ended 2022 2021 Billboard advertising $ 401,739 $ 334,039 Logo advertising 19,745 19,406 Transit advertising 29,904 17,436 Net revenues $ 451,388 $ 370,881 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases During the three months ended March 31, 2022 and 2021, we had operating lease costs of $75,820 and $72,471, respectively, and variable lease costs of $12,204 and $10,868, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2022 and 2021, we recorded a gain of $40 and $6, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $106,014 and $102,082 were made reducing our operating lease liabilities for the three months ended March 31, 2022 and 2021, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets ("ROU assets") or lease liabilities for agreements with a term of twelve months or less. We recorded $1,738 and $1,380 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2022 and 2021, respectively. Our operating leases have a weighted-average remaining lease term of 12.3 years. The weighted-average discount rate of our operating leases is 4.5%. Also, during the periods ended March 31, 2022 and 2021, we obtained $8,246 and $3,767, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of March 31, 2022: 2022 $ 141,871 2023 189,079 2024 169,388 2025 144,150 2026 120,694 Thereafter 805,744 Total undiscounted operating lease payments 1,570,926 Less: Imputed interest (397,248) Total operating lease liabilities $ 1,173,678 During the three months ended March 31, 2022, $713 of amortization expense and $140 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the three months ended March 31, 2021, $713 of amortization expense and $150 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $333 and $483 were made reducing our financing lease liabilities for the three months ended March 31, 2022 and 2021, respectively, and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. Our financing leases have a weighted-average remaining lease term of 5.7 years and a weighted-average discount rate of 3.1%. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases , our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the three months ended March 31, 2022 and 2021, non-lease variable transit payments were $17,278 and $4,376, respectively. These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Condensed Consolidated Statements of Income and Comprehensive Income. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 17.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 5,000 shares of its Class A common stock during the three months ended March 31, 2022. At March 31, 2022 a total of 2,116,522 shares were available for future grant. Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 86,853 shares on January 1, 2022 pursuant to the automatic increase provisions of the 2019 ESPP. The following is a summary of 2019 ESPP share activity for the three months ended March 31, 2022: Shares Available for future purchases, January 1, 2022 342,226 Additional shares reserved under 2019 ESPP 86,853 Purchases (36,347) Available for future purchases, March 31, 2022 392,732 Performance-based stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2022 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2023. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the three months ended March 31, 2022, the Company recorded no expense related to 2022 performance-based awards as agreements related to these awards were not fully executed as of March 31, 2022. Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. The Company recorded $60 in stock-based compensation expense related to these awards for the three months ended March 31, 2022. |
Depreciation and Amortization
Depreciation and Amortization | 3 Months Ended |
Mar. 31, 2022 | |
Depreciation, Depletion and Amortization [Abstract] | |
Depreciation and Amortization | Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Condensed Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three Months Ended 2022 2021 Direct advertising expenses $ 64,237 $ 56,472 General and administrative expenses 1,176 1,107 Corporate expenses 3,214 3,170 $ 68,627 $ 60,749 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following is a summary of intangible assets at March 31, 2022 and December 31, 2021: Estimated March 31, 2022 December 31, 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 682,326 $ 593,833 $ 676,846 $ 587,056 Non-competition agreements 3—15 69,587 65,108 69,276 64,941 Site locations 15 2,661,410 1,704,839 2,619,531 1,680,333 Other 2—15 51,508 39,660 51,261 39,407 $ 3,464,831 $ 2,403,440 $ 3,416,914 $ 2,371,737 Unamortizable intangible assets: Goodwill $ 2,190,001 $ 253,536 $ 2,189,962 $ 253,536 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations: Balance at December 31, 2021 $ 269,367 Additions to asset retirement obligations 619 Revision in estimates 3,524 Accretion expense 1,085 Liabilities settled (739) Balance at March 31, 2022 $ 273,856 |
Distribution Restrictions
Distribution Restrictions | 3 Months Ended |
Mar. 31, 2022 | |
Distribution Restrictions [Abstract] | |
Distribution Restrictions | Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of March 31, 2022 and December 31, 2021, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,959,823 and $3,921,979, respectively. As of March 31, 2022, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of March 31, 2022, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of March 31, 2022, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $2,710,302. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareThe calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three months ended March 31, 2022 or 2021. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consists of the following at March 31, 2022 and December 31, 2021: March 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 888,781 $ 8,742 $ 880,039 Accounts Receivable Securitization Program 175,000 528 174,472 3 3/4% Senior Notes 600,000 6,781 593,219 3 5/8% Senior Notes 550,000 7,531 542,469 4% Senior Notes 549,378 7,024 542,354 4 7/8% Senior Notes 400,000 4,865 395,135 Other notes with various rates and terms 2,286 — 2,286 3,165,445 35,471 3,129,974 Less current maturities (175,364) (528) (174,836) Long-term debt, excluding current maturities $ 2,990,081 $ 34,943 $ 2,955,138 December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 Senior Credit Facility On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”). The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility. As of March 31, 2022, there were $290,000 in borrowings outstanding under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $13,673 in letters of credit outstanding as of March 31, 2022 resulting in $446,327 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025. The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: • dispose of assets; • incur or repay debt; • create liens; • make investments; and • pay dividends. The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented. Accounts Receivable Securitization Program On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program. Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty. On June 30, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Third Amendment (the “Third Amendment”) to the Receivables Financing Agreement. The Third Amendment increased the maximum three month average Delinquency Ratio, Dilution Ratio and Days’ Sales Outstanding to 11.00% (from 8.00%), 7.00% (from 4.00%) and 75 days (from 65 days), respectively, for each of the months of June, July and August 2020. The Third Amendment did not modify any other financial covenant. Additionally, the Third Amendment established a new Minimum Funding Threshold, which requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On October 23, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Fourth Amendment (the “Fourth Amendment”) to the Receivables Financing Agreement. The Fourth Amendment increased the maximum three month average Delinquency Ratio generally to 13.00% (and up to 16.00% for up to two additional periods upon written notice from Lamar Media), and increased the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. Additionally, the Fourth Amendment increased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 70.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On May 24, 2021, Lamar Media and the Special Purpose Subsidiaries entered into the Fifth Amendment (the "Fifth Amendment") to the Receivables Financing Agreement. The Fifth Amendment extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2024. Additionally, the Fifth Amendment decreased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, provided that the Minimum Funding Threshold shall be zero on any day that is a Minimum Funding Threshold Holiday which, as amended, provides for an annual holiday from the requirement of up to sixty days per year. The Fifth Amendment also provides for updated LIBOR replacement procedures. As of March 31, 2022 there was $175,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of March 31, 2022. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the three months ended March 31, 2022. The Accounts Receivable Securitization Program will mature on July 21, 2024. Lamar Media may amend the facility to extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources. The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows. 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Original 5 3/4% Notes”). The institutional private placement on January 28, 2016 resulted in net proceeds to Lamar Media of approximately $394,500. On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount of its 5 3/4% Notes (the “Additional 5 3/4% Notes", and together with the Original 5 3/4% Notes, the "5 3/4% Notes”). Other than with respect to the date of issuance, issue price and CUSIP number, the Additional 5 3/4% Notes have the same terms as the Original 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500. On February 3, 2021, Lamar Media redeemed in full all $650,000 aggregate principal amount 5 3/4% Notes. The 5 3/4% Notes redemption was completed using the proceeds received from the 3 5/8% Notes offering completed on January 22, 2021 (as described below), together with cash on hand and borrowings under the revolving credit facility and Accounts Receivable Securitization Program. The 5 3/4% Notes were redeemed at a redemption price equal to 102.875% of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date. During the three months ended March 31, 2021, the Company recorded a loss on debt extinguishment of approximately $21,604 related to the note redemption, of which $18,700 was in cash. 4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4% Notes, at any time and from time to time, at a price equal to 104% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 3/4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500. Lamar Media may redeem up to 40% of the aggregate principal amount of 3 3/4% Notes, at any time and from time to time, at a price equal to 103.75% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 3 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2023, Lamar Media may redeem some or all of the 3 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 4 7/8% Senior Notes On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 5/8% Senior Notes On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the “3 5/8% Notes”). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500. Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. Debt Repurchase Program |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsAt March 31, 2022 and December 31, 2021, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,054,157 which does not exceed the carrying amount of $3,165,445 as of March 31, 2022. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy). |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | InvestmentsOn July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Condensed Consolidated Balance Sheet. For the three months ended March 31, 2022, the Company recorded $746 in equity in earnings of investee on the Condensed Consolidated Statement of Income and Comprehensive Income. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of March 31, 2022, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact to the Company's consolidated financial statements. |
Dividends_Distributions
Dividends/Distributions | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Dividends/Distributions | Dividends/DistributionsDuring the three months ended March 31, 2022 and 2021, the Company declared and paid cash distributions in an aggregate amount of $111,602 or $1.10 per share and $75,818 or $0.75 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three months ended March 31, 2022 and 2021, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share for each period. |
Information about Geographic Ar
Information about Geographic Areas | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $6,197 and $4,964 for the three months ended March 31, 2022 and 2021, respectively. Net carrying value of long-lived assets located in foreign countries totaled $11,822 and $11,318 as of March 31, 2022 and December 31, 2021, respectively. All other revenues from external customers and long-lived assets relate to domestic operations. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Sales Agreement. On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents. Under the terms of the Sales Agreement, the Company could have, from time to time, issued and sold shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the sales agents party thereto as either agents or principals. The Sales Agreement expired by its terms on May 1, 2021 and as of that date, 842,412 shares of our Class A common stock were sold under the Sales Agreement. On June 21, 2021, the Company entered into a new equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or directly through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of March 31, 2022, no shares of our Class A common stock have been sold under the 2021 Sales Agreement and accordingly $400,000 remained available to be sold under the 2021 Sales Agreement as of March 31, 2022. Shelf Registration. On June 21, 2021, the Company filed an automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company did not issue any shares under this shelf registration. Stock Repurchase Program. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of March 31, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Subsidiary) | 3 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2021 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Significant Accounting Policies | Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2021 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 13, 15 and 16 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company. |
Summarized Financial Informatio
Summarized Financial Information of Subsidiaries | 3 Months Ended |
Mar. 31, 2022 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Summarized Financial Information of Subsidiaries | Summarized Financial Information of SubsidiariesSeparate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of March 31, 2022 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 103,252 $ 35,374 $ 268,520 $ — $ 407,146 Net property, plant and equipment — 1,325,360 16,109 — 1,341,469 Operating lease right of use assets — 1,211,240 25,298 — 1,236,538 Intangibles and goodwill, net — 2,969,913 17,324 — 2,987,237 Other assets 4,298,050 307,704 187,029 (4,687,772) 105,011 Total assets $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 364 $ 174,472 $ — $ 174,836 Current operating lease liabilities — 158,610 7,665 — 166,275 Other current liabilities 21,946 189,363 11,301 — 222,610 Total current liabilities 21,946 348,337 193,438 — 563,721 Long-term debt 2,953,216 1,922 — — 2,955,138 Operating lease liabilities — 991,095 16,308 — 1,007,403 Other noncurrent liabilities 210,793 296,568 298,184 (469,753) 335,792 Total liabilities 3,185,955 1,637,922 507,930 (469,753) 4,862,054 Stockholder's equity 1,215,347 4,211,669 6,350 (4,218,019) 1,215,347 Total liabilities and stockholder's equity $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 91,119 $ 29,379 $ 267,609 $ — $ 388,107 Net property, plant and equipment — 1,321,526 15,748 — 1,337,274 Operating lease right of use assets — 1,198,934 25,738 — 1,224,672 Intangibles and goodwill, net — 2,953,600 17,383 — 2,970,983 Other assets 4,188,436 311,046 187,044 (4,576,531) 109,995 Total assets $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 363 $ 174,415 $ — $ 174,778 Current operating lease liabilities — 190,748 7,538 — 198,286 Other current liabilities 22,009 246,030 14,142 — 282,181 Total current liabilities 22,009 437,141 196,095 — 655,245 Long-term debt 2,836,801 2,016 — — 2,838,817 Operating lease liabilities — 977,463 17,893 — 995,356 Other noncurrent liabilities 212,399 292,194 292,281 (463,607) 333,267 Total liabilities 3,071,209 1,708,814 506,269 (463,607) 4,822,685 Stockholder's equity 1,208,346 4,105,671 7,253 (4,112,924) 1,208,346 Total liabilities and stockholder's equity $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 442,528 $ 9,095 $ (235) $ 451,388 Operating expenses (income) Direct advertising expenses (1) — 150,853 7,154 (235) 157,772 General and administrative expenses (1) — 81,298 1,786 — 83,084 Corporate expenses (1) — 21,615 261 — 21,876 Depreciation and amortization — 67,788 839 — 68,627 Gain on disposition of assets — (563) — — (563) — 320,991 10,040 (235) 330,796 Operating income — 121,537 (945) — 120,592 Equity in (earnings) loss of subsidiaries (118,524) — — 118,524 — Interest expense (income), net 26,237 (21) 355 — 26,571 Equity in earnings of investee — (746) — — (746) Income (loss) before income tax expense (benefit) 92,287 122,304 (1,300) (118,524) 94,767 Income tax expense (benefit) (2) — 2,563 (83) — 2,480 Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Statement of Comprehensive Income Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Total other comprehensive income, net of tax — — 314 — 314 Total comprehensive income (loss) $ 92,287 $ 119,741 $ (903) $ (118,524) $ 92,601 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 363,612 $ 7,699 $ (430) $ 370,881 Operating expenses (income) Direct advertising expenses (1) — 127,415 4,230 (430) 131,215 General and administrative expenses (1) — 71,951 698 — 72,649 Corporate expenses (1) — 17,366 257 — 17,623 Depreciation and amortization — 60,066 683 — 60,749 Gain on disposition of assets — (415) — — (415) — 276,383 5,868 (430) 281,821 Operating income — 87,229 1,831 — 89,060 Equity in (earnings) loss of subsidiaries (87,824) — — 87,824 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 27,754 (18) 244 — 27,980 Income (loss) before income tax expense 38,466 87,247 1,587 (87,824) 39,476 Income tax expense (2) — 632 378 — 1,010 Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Statement of Comprehensive Income Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Total other comprehensive income, net of tax — — 204 — 204 Total comprehensive income (loss) $ 38,466 $ 86,615 $ 1,413 $ (87,824) $ 38,670 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 44,116 $ 97,816 $ (2,500) $ (69,036) $ 70,396 Cash flows from investing activities: Acquisitions — (55,293) — — (55,293) Capital expenditures — (27,851) (908) — (28,759) Proceeds from disposition of assets and investments — 710 — — 710 Investment in subsidiaries (55,293) — — 55,293 — (Increase) decrease in intercompany notes receivable (6,090) — — 6,090 — Net cash (used in) provided by investing activities (61,383) (82,434) (908) 61,383 (83,342) Cash flows from financing activities: Proceeds received from revolving credit facility 165,000 — — — 165,000 Payment on revolving credit facility (50,000) — — — (50,000) Principal payments on long-term debt — (92) — — (92) Principal payments on financing leases — (333) — — (333) Intercompany loan (payments) proceeds — 94 5,996 (6,090) — Distributions to non-controlling interest — — (46) — (46) Dividends (to) from parent (122,047) (69,036) — 69,036 (122,047) Contributions from (to) parent 36,447 55,293 — (55,293) 36,447 Net cash provided by (used in) financing activities 29,400 (14,074) 5,950 7,653 28,929 Effect of exchange rate changes in cash and cash equivalents — — 107 — 107 Net decrease in cash and cash equivalents 12,133 1,308 2,649 — 16,090 Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 103,156 $ 4,802 $ 7,420 $ — $ 115,378 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 61,766 $ 102,064 $ 9,919 $ (104,957) $ 68,792 Cash flows from investing activities: Acquisitions — (3,333) — — (3,333) Capital expenditures — (15,294) (1,038) — (16,332) Proceeds from disposition of assets and investments — 1,842 — — 1,842 Investment in subsidiaries (3,333) — — 3,333 — Decrease (increase) in intercompany notes receivable 30,604 — — (30,604) — Net cash provided by (used in) investing activities 27,271 (16,785) (1,038) (27,271) (17,823) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Principal payments on long-term debt — (96) — — (96) Principal payments on financing leases — (483) — — (483) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Proceeds received from senior credit facility term loans — — 32,500 — 32,500 Debt issuance costs (8,067) — — — (8,067) Intercompany loan proceeds (payments) — 16,770 (47,374) 30,604 — Distributions to non-controlling interest — — (24) — (24) Dividends (to) from parent (81,535) (104,957) — 104,957 (81,535) Contributions from (to) parent 21,831 3,333 — (3,333) 21,831 Net cash (used in) provided by financing activities (161,459) (85,433) (14,898) 132,228 (129,562) Effect of exchange rate changes in cash and cash equivalents — — 70 — 70 Net decrease in cash and cash equivalents (72,422) (154) (5,947) — (78,523) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 38,166 $ 1,578 $ 2,802 $ — $ 42,546 |
Significant Accounting (Policie
Significant Accounting (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Subsequent Events | Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
Advertising Revenues, Other Revenues, Arrangements with Multiple Performance Obligations, Deferred Revenues, Practical Expedients and Exemptions | Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue from Contracts with Customers . The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer. |
Fair Value of Financial Instruments | At March 31, 2022 and December 31, 2021, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,054,157 which does not exceed the carrying amount of $3,165,445 as of March 31, 2022. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy). |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of March 31, 2022, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact to the Company's consolidated financial statements. |
Dividends And Distributions | The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Nature of Business | Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 13, 15 and 16 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Revenue | The following table presents our disaggregated revenue by source for the three months ended March 31, 2022 and 2021. Three Months Ended 2022 2021 Billboard advertising $ 401,739 $ 334,039 Logo advertising 19,745 19,406 Transit advertising 29,904 17,436 Net revenues $ 451,388 $ 370,881 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of Maturities of Operating Lease Liabilities | The following is a summary of the maturities of our operating lease liabilities as of March 31, 2022: 2022 $ 141,871 2023 189,079 2024 169,388 2025 144,150 2026 120,694 Thereafter 805,744 Total undiscounted operating lease payments 1,570,926 Less: Imputed interest (397,248) Total operating lease liabilities $ 1,173,678 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of ESPP Share Activity | The following is a summary of 2019 ESPP share activity for the three months ended March 31, 2022: Shares Available for future purchases, January 1, 2022 342,226 Additional shares reserved under 2019 ESPP 86,853 Purchases (36,347) Available for future purchases, March 31, 2022 392,732 |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Depreciation, Depletion and Amortization [Abstract] | |
Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income | The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three Months Ended 2022 2021 Direct advertising expenses $ 64,237 $ 56,472 General and administrative expenses 1,176 1,107 Corporate expenses 3,214 3,170 $ 68,627 $ 60,749 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets at March 31, 2022 and December 31, 2021: Estimated March 31, 2022 December 31, 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 682,326 $ 593,833 $ 676,846 $ 587,056 Non-competition agreements 3—15 69,587 65,108 69,276 64,941 Site locations 15 2,661,410 1,704,839 2,619,531 1,680,333 Other 2—15 51,508 39,660 51,261 39,407 $ 3,464,831 $ 2,403,440 $ 3,416,914 $ 2,371,737 Unamortizable intangible assets: Goodwill $ 2,190,001 $ 253,536 $ 2,189,962 $ 253,536 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Information Related to Asset Retirement Obligations | The following table reflects information related to our asset retirement obligations: Balance at December 31, 2021 $ 269,367 Additions to asset retirement obligations 619 Revision in estimates 3,524 Accretion expense 1,085 Liabilities settled (739) Balance at March 31, 2022 $ 273,856 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following at March 31, 2022 and December 31, 2021: March 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 888,781 $ 8,742 $ 880,039 Accounts Receivable Securitization Program 175,000 528 174,472 3 3/4% Senior Notes 600,000 6,781 593,219 3 5/8% Senior Notes 550,000 7,531 542,469 4% Senior Notes 549,378 7,024 542,354 4 7/8% Senior Notes 400,000 4,865 395,135 Other notes with various rates and terms 2,286 — 2,286 3,165,445 35,471 3,129,974 Less current maturities (175,364) (528) (174,836) Long-term debt, excluding current maturities $ 2,990,081 $ 34,943 $ 2,955,138 December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 |
Summarized Financial Informat_2
Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES | 3 Months Ended |
Mar. 31, 2022 | |
Condensed Consolidating Balance Sheet | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of March 31, 2022 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 103,252 $ 35,374 $ 268,520 $ — $ 407,146 Net property, plant and equipment — 1,325,360 16,109 — 1,341,469 Operating lease right of use assets — 1,211,240 25,298 — 1,236,538 Intangibles and goodwill, net — 2,969,913 17,324 — 2,987,237 Other assets 4,298,050 307,704 187,029 (4,687,772) 105,011 Total assets $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 364 $ 174,472 $ — $ 174,836 Current operating lease liabilities — 158,610 7,665 — 166,275 Other current liabilities 21,946 189,363 11,301 — 222,610 Total current liabilities 21,946 348,337 193,438 — 563,721 Long-term debt 2,953,216 1,922 — — 2,955,138 Operating lease liabilities — 991,095 16,308 — 1,007,403 Other noncurrent liabilities 210,793 296,568 298,184 (469,753) 335,792 Total liabilities 3,185,955 1,637,922 507,930 (469,753) 4,862,054 Stockholder's equity 1,215,347 4,211,669 6,350 (4,218,019) 1,215,347 Total liabilities and stockholder's equity $ 4,401,302 $ 5,849,591 $ 514,280 $ (4,687,772) $ 6,077,401 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 91,119 $ 29,379 $ 267,609 $ — $ 388,107 Net property, plant and equipment — 1,321,526 15,748 — 1,337,274 Operating lease right of use assets — 1,198,934 25,738 — 1,224,672 Intangibles and goodwill, net — 2,953,600 17,383 — 2,970,983 Other assets 4,188,436 311,046 187,044 (4,576,531) 109,995 Total assets $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 363 $ 174,415 $ — $ 174,778 Current operating lease liabilities — 190,748 7,538 — 198,286 Other current liabilities 22,009 246,030 14,142 — 282,181 Total current liabilities 22,009 437,141 196,095 — 655,245 Long-term debt 2,836,801 2,016 — — 2,838,817 Operating lease liabilities — 977,463 17,893 — 995,356 Other noncurrent liabilities 212,399 292,194 292,281 (463,607) 333,267 Total liabilities 3,071,209 1,708,814 506,269 (463,607) 4,822,685 Stockholder's equity 1,208,346 4,105,671 7,253 (4,112,924) 1,208,346 Total liabilities and stockholder's equity $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 |
Condensed Consolidating Statements of Income and Comprehensive Income | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 442,528 $ 9,095 $ (235) $ 451,388 Operating expenses (income) Direct advertising expenses (1) — 150,853 7,154 (235) 157,772 General and administrative expenses (1) — 81,298 1,786 — 83,084 Corporate expenses (1) — 21,615 261 — 21,876 Depreciation and amortization — 67,788 839 — 68,627 Gain on disposition of assets — (563) — — (563) — 320,991 10,040 (235) 330,796 Operating income — 121,537 (945) — 120,592 Equity in (earnings) loss of subsidiaries (118,524) — — 118,524 — Interest expense (income), net 26,237 (21) 355 — 26,571 Equity in earnings of investee — (746) — — (746) Income (loss) before income tax expense (benefit) 92,287 122,304 (1,300) (118,524) 94,767 Income tax expense (benefit) (2) — 2,563 (83) — 2,480 Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Statement of Comprehensive Income Net income (loss) $ 92,287 $ 119,741 $ (1,217) $ (118,524) $ 92,287 Total other comprehensive income, net of tax — — 314 — 314 Total comprehensive income (loss) $ 92,287 $ 119,741 $ (903) $ (118,524) $ 92,601 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 363,612 $ 7,699 $ (430) $ 370,881 Operating expenses (income) Direct advertising expenses (1) — 127,415 4,230 (430) 131,215 General and administrative expenses (1) — 71,951 698 — 72,649 Corporate expenses (1) — 17,366 257 — 17,623 Depreciation and amortization — 60,066 683 — 60,749 Gain on disposition of assets — (415) — — (415) — 276,383 5,868 (430) 281,821 Operating income — 87,229 1,831 — 89,060 Equity in (earnings) loss of subsidiaries (87,824) — — 87,824 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 27,754 (18) 244 — 27,980 Income (loss) before income tax expense 38,466 87,247 1,587 (87,824) 39,476 Income tax expense (2) — 632 378 — 1,010 Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Statement of Comprehensive Income Net income (loss) $ 38,466 $ 86,615 $ 1,209 $ (87,824) $ 38,466 Total other comprehensive income, net of tax — — 204 — 204 Total comprehensive income (loss) $ 38,466 $ 86,615 $ 1,413 $ (87,824) $ 38,670 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
Condensed Consolidating Statements of Cash Flows | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 44,116 $ 97,816 $ (2,500) $ (69,036) $ 70,396 Cash flows from investing activities: Acquisitions — (55,293) — — (55,293) Capital expenditures — (27,851) (908) — (28,759) Proceeds from disposition of assets and investments — 710 — — 710 Investment in subsidiaries (55,293) — — 55,293 — (Increase) decrease in intercompany notes receivable (6,090) — — 6,090 — Net cash (used in) provided by investing activities (61,383) (82,434) (908) 61,383 (83,342) Cash flows from financing activities: Proceeds received from revolving credit facility 165,000 — — — 165,000 Payment on revolving credit facility (50,000) — — — (50,000) Principal payments on long-term debt — (92) — — (92) Principal payments on financing leases — (333) — — (333) Intercompany loan (payments) proceeds — 94 5,996 (6,090) — Distributions to non-controlling interest — — (46) — (46) Dividends (to) from parent (122,047) (69,036) — 69,036 (122,047) Contributions from (to) parent 36,447 55,293 — (55,293) 36,447 Net cash provided by (used in) financing activities 29,400 (14,074) 5,950 7,653 28,929 Effect of exchange rate changes in cash and cash equivalents — — 107 — 107 Net decrease in cash and cash equivalents 12,133 1,308 2,649 — 16,090 Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 103,156 $ 4,802 $ 7,420 $ — $ 115,378 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 61,766 $ 102,064 $ 9,919 $ (104,957) $ 68,792 Cash flows from investing activities: Acquisitions — (3,333) — — (3,333) Capital expenditures — (15,294) (1,038) — (16,332) Proceeds from disposition of assets and investments — 1,842 — — 1,842 Investment in subsidiaries (3,333) — — 3,333 — Decrease (increase) in intercompany notes receivable 30,604 — — (30,604) — Net cash provided by (used in) investing activities 27,271 (16,785) (1,038) (27,271) (17,823) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Principal payments on long-term debt — (96) — — (96) Principal payments on financing leases — (483) — — (483) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Proceeds received from senior credit facility term loans — — 32,500 — 32,500 Debt issuance costs (8,067) — — — (8,067) Intercompany loan proceeds (payments) — 16,770 (47,374) 30,604 — Distributions to non-controlling interest — — (24) — (24) Dividends (to) from parent (81,535) (104,957) — 104,957 (81,535) Contributions from (to) parent 21,831 3,333 — (3,333) 21,831 Net cash (used in) provided by financing activities (161,459) (85,433) (14,898) 132,228 (129,562) Effect of exchange rate changes in cash and cash equivalents — — 70 — 70 Net decrease in cash and cash equivalents (72,422) (154) (5,947) — (78,523) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 38,166 $ 1,578 $ 2,802 $ — $ 42,546 |
Revenues - Disaggregation Reven
Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 451,388 | $ 370,881 |
Billboard advertising | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 401,739 | 334,039 |
Logo advertising | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 19,745 | 19,406 |
Transit advertising | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 29,904 | $ 17,436 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, cost | $ 75,820 | $ 72,471 |
Variable lease, cost | 12,204 | 10,868 |
Gain (loss) on disposition of assets | 563 | 415 |
Operating lease, cash payments | 106,014 | 102,082 |
Direct advertising expenses (exclusive of depreciation and amortization) | $ 157,772 | 131,215 |
Operating lease, weighted average remaining lease term | 12 years 3 months 18 days | |
Operating lease, weighted average discount rate | 4.50% | |
Leased assets obtained in exchange for operating lease liability | $ 8,246 | 3,767 |
Amortization expense | 713 | 713 |
Interest expense | 140 | 150 |
Principal payments on financing leases | $ 333 | 483 |
Weighted-average remaining lease term | 5 years 8 months 12 days | |
Weighted-average discount rate | 3.10% | |
Non-lease transit payments | $ 17,278 | 4,376 |
Advertising | ||
Lessee, Lease, Description [Line Items] | ||
Direct advertising expenses (exclusive of depreciation and amortization) | 1,738 | 1,380 |
Termination of Lease Agreements | ||
Lessee, Lease, Description [Line Items] | ||
Gain (loss) on disposition of assets | $ 40 | $ 6 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 | $ 141,871 |
2023 | 189,079 |
2024 | 169,388 |
2025 | 144,150 |
2026 | 120,694 |
Thereafter | 805,744 |
Total undiscounted operating lease payments | 1,570,926 |
Less: Imputed interest | (397,248) |
Total operating lease liabilities | $ 1,173,678 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available for grant (in shares) | 2,116,522 |
Class A CMN Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted (in shares) | 5,000 |
1996 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for issuance to directors and employees (in shares) | 17,500,000 |
1996 Equity Incentive Plan | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of awards of target number of share | 0.00% |
1996 Equity Incentive Plan | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of awards of target number of share | 100.00% |
Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration date of options granted under equity incentive plan | 10 years |
Options | Percentage of awards vesting on grant date | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of awards vesting | 20.00% |
Options | Share-based Payment Arrangement, Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of awards vesting | 20.00% |
Options | Share-based Payment Arrangement, Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of awards vesting | 20.00% |
Options | Share-based Payment Arrangement, Tranche Four | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of awards vesting | 20.00% |
Options | Share-based Payment Arrangement, Tranche Five | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of awards vesting | 20.00% |
Options | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Options | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 5 years |
Performance Based Compensation | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense related to performance based compensation agreements | $ | $ 0 |
Restricted Stock | Non-employee Director | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense related to performance based compensation agreements | $ | $ 60 |
Restricted Stock | Percentage of awards vesting on grant date | Non-employee Director | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of awards vesting | 50.00% |
Restricted Stock | Share-based Payment Arrangement, Tranche Two | Non-employee Director | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 1 year |
Percentage of awards vesting | 50.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of ESPP Share Activity (Detail) | 3 Months Ended |
Mar. 31, 2022shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Available for future purchases, ending balance (in shares) | 2,116,522 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Available for future purchases, beginning balance (in shares) | 342,226 |
Purchases (in shares) | (36,347) |
Available for future purchases, ending balance (in shares) | 392,732 |
Employee Stock Purchase Plan | 2019 Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Additional shares reserved (in shares) | 86,853 |
Depreciation and Amortization -
Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $ 68,627 | $ 60,749 |
Direct advertising expenses | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | 64,237 | 56,472 |
General and administrative expenses | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | 1,176 | 1,107 |
Corporate expenses | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $ 3,214 | $ 3,170 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,464,831 | $ 3,416,914 |
Accumulated Amortization | 2,403,440 | 2,371,737 |
Goodwill, Gross Carrying Amount | 2,190,001 | 2,189,962 |
Goodwill, Accumulated Amortization | 253,536 | 253,536 |
Customer lists and contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 682,326 | 676,846 |
Accumulated Amortization | $ 593,833 | 587,056 |
Customer lists and contracts | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 7 years | |
Customer lists and contracts | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 10 years | |
Non-competition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 69,587 | 69,276 |
Accumulated Amortization | $ 65,108 | 64,941 |
Non-competition agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 3 years | |
Non-competition agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Site locations | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,661,410 | 2,619,531 |
Accumulated Amortization | $ 1,704,839 | 1,680,333 |
Site locations | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 51,508 | 51,261 |
Accumulated Amortization | $ 39,660 | $ 39,407 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 2 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years |
Asset Retirement Obligations -
Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Beginning balance | $ 269,367 |
Additions to asset retirement obligations | 619 |
Revision in estimates | 3,524 |
Accretion expense | 1,085 |
Liabilities settled | (739) |
Ending balance | $ 273,856 |
Distribution Restrictions (Deta
Distribution Restrictions (Detail) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | ||
Balance of permitted transfers to parent company | $ 3,959,823 | $ 3,921,979 |
Debt ratio | 7 | |
Debt ratio related to actual position on senior credit facility | 7 | |
Available cumulative credit | $ 2,710,302 | |
Secured Debt | Maximum | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 | |
Secured Debt | Maximum | LAMAR MEDIA CORP | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares) | 0 | 0 |
Long-term Debt - Long-Term Debt
Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Aug. 19, 2020 | Feb. 06, 2020 |
Debt Instrument [Line Items] | ||||
Debt | $ 3,165,445 | $ 3,050,454 | ||
Debt, less current maturities | (175,364) | (175,363) | ||
Debt, excluding current maturities | 2,990,081 | 2,875,091 | ||
Deferred financing costs | 35,471 | 36,859 | ||
Deferred financing costs, less current maturities | (528) | (585) | ||
Deferred financing costs, excluding current maturities | 34,943 | 36,274 | ||
Debt, net of deferred financing costs | 3,129,974 | 3,013,595 | ||
Debt, net of deferred financing costs, less current maturities | (174,836) | (174,778) | ||
Debt, net of deferred financing costs, excluding current maturities | 2,955,138 | 2,838,817 | ||
Senior Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt | 888,781 | 773,717 | ||
Deferred financing costs | 8,742 | 9,306 | ||
Debt, net of deferred financing costs | 880,039 | 764,411 | ||
Accounts Receivable Securitization Program | ||||
Debt Instrument [Line Items] | ||||
Debt | 175,000 | 175,000 | ||
Deferred financing costs | 528 | 585 | ||
Debt, net of deferred financing costs | 174,472 | 174,415 | ||
3 3/4% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | 600,000 | 600,000 | ||
Deferred financing costs | 6,781 | 7,036 | ||
Debt, net of deferred financing costs | $ 593,219 | $ 592,964 | ||
Stated percentage | 3.75% | 3.75% | 3.75% | |
3 5/8% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 550,000 | $ 550,000 | ||
Deferred financing costs | 7,531 | 7,711 | ||
Debt, net of deferred financing costs | $ 542,469 | $ 542,289 | ||
Stated percentage | 3.625% | 3.625% | ||
4% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 549,378 | $ 549,359 | ||
Deferred financing costs | 7,024 | 7,208 | ||
Debt, net of deferred financing costs | $ 542,354 | $ 542,151 | ||
Stated percentage | 4.00% | 4.00% | 4.00% | 4.00% |
4 7/8% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 400,000 | $ 400,000 | ||
Deferred financing costs | 4,865 | 5,013 | ||
Debt, net of deferred financing costs | $ 395,135 | $ 394,987 | ||
Stated percentage | 4.875% | 4.875% | ||
Other notes with various rates and terms | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 2,286 | $ 2,378 | ||
Deferred financing costs | 0 | 0 | ||
Debt, net of deferred financing costs | $ 2,286 | $ 2,378 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | May 24, 2021 | Feb. 03, 2021 | Jan. 22, 2021 | Oct. 23, 2020 | Aug. 19, 2020 | Jun. 30, 2020 | May 13, 2020 | Feb. 06, 2020 | Feb. 01, 2019 | Jan. 28, 2016 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Mar. 16, 2020 | Dec. 18, 2018 |
Debt Instrument [Line Items] | |||||||||||||||
Outstanding revolving credit facility | $ 290,000,000 | ||||||||||||||
Aggregate principal amount of debt issued | 3,165,445,000 | ||||||||||||||
Debt instrument outstanding amount | 3,165,445,000 | $ 3,050,454,000 | |||||||||||||
Loss on extinguishment of debt | $ 0 | $ 21,604,000 | |||||||||||||
4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | |||||||||||
Debt instrument outstanding amount | $ 549,378,000 | $ 549,359,000 | |||||||||||||
Redemption period | 120 days | ||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||
Accounts Receivable Securitization Program | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal amount of debt issued | $ 175,000,000 | ||||||||||||||
Increase in delinquency ratio | 11.00% | ||||||||||||||
Delinquency ratio | 8.00% | ||||||||||||||
Increase in dilution ratio | 7.00% | ||||||||||||||
Dilution ratio | 4.00% | ||||||||||||||
Increase in days sales outstanding | 75 days | ||||||||||||||
Number of days sales outstanding | 65 days | ||||||||||||||
Percentage of commitment to maintain minimum borrowings | 50.00% | 70.00% | 50.00% | ||||||||||||
Delinquency ratio | 13.00% | ||||||||||||||
Dilution ratio | 5.00% | ||||||||||||||
Debt instrument outstanding amount | 175,000,000 | $ 175,000,000 | |||||||||||||
5 3/4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 5.75% | ||||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | ||||||||||||||
Net proceeds form the issuance of debt | $ 394,500,000 | ||||||||||||||
Principal amount redeemed | $ 650,000,000 | ||||||||||||||
Percentage of principal amount redeemed | 102.875% | ||||||||||||||
Loss on extinguishment of debt | 21,604,000 | ||||||||||||||
Loss on debt extinguishment on cash | $ 18,700,000 | ||||||||||||||
3 3/4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 3.75% | 3.75% | 3.75% | ||||||||||||
Debt instrument outstanding amount | $ 600,000,000 | $ 600,000,000 | |||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||
Redeemed percentage of aggregate principal amount | 103.75% | ||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||
4 7/8% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 4.875% | 4.875% | |||||||||||||
Debt instrument outstanding amount | $ 400,000,000 | $ 400,000,000 | |||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||
Redeemed percentage of aggregate principal amount | 104.875% | ||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||
3 5/8% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 3.625% | 3.625% | |||||||||||||
Debt instrument outstanding amount | $ 550,000,000 | $ 550,000,000 | |||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||
Redeemed percentage of aggregate principal amount | 103.625% | ||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||
Redemption period | 120 days | ||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||
Redemption Period One | 4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||
Redeemed percentage of aggregate principal amount | 104.00% | ||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||
Redemption Period One | 3 3/4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||
Redemption Period One | 4 7/8% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||
Redemption Period One | 3 5/8% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||
Redemption Period Two | 4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||
Private Placement | 4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 4.00% | 4.00% | |||||||||||||
Aggregate principal amount of debt issued | $ 150,000,000 | $ 400,000,000 | |||||||||||||
Net proceeds form the issuance of debt | $ 146,900,000 | 395,000,000 | |||||||||||||
Private Placement | 5 3/4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal amount of debt issued | $ 250,000,000 | ||||||||||||||
Net proceeds form the issuance of debt | $ 251,500,000 | ||||||||||||||
Private Placement | 3 3/4% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal amount of debt issued | 600,000,000 | ||||||||||||||
Net proceeds form the issuance of debt | $ 592,500,000 | ||||||||||||||
Redemption period | 120 days | ||||||||||||||
Private Placement | 4 7/8% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 4.875% | ||||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | ||||||||||||||
Net proceeds form the issuance of debt | $ 395,000,000 | ||||||||||||||
Redemption period | 120 days | ||||||||||||||
Private Placement | 3 5/8% Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds received from term B loans | $ 542,500,000 | ||||||||||||||
Stated percentage | 3.625% | ||||||||||||||
Aggregate principal amount of debt issued | $ 550,000,000 | ||||||||||||||
Letter of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Letter of credit outstanding balance | 13,673,000 | ||||||||||||||
For Up To Two Additional Periods | Accounts Receivable Securitization Program | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Delinquency ratio | 16.00% | ||||||||||||||
Debt Instrument Repurchase Program | Senior or Senior Subordinated Notes and other Indebtedness | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt repurchase program, authorized amount | $ 250,000,000 | ||||||||||||||
Debt instrument repurchased under the program | 0 | ||||||||||||||
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on extinguishment of debt | 0 | $ 21,604,000 | |||||||||||||
LAMAR MEDIA CORP. AND SUBSIDIARIES | Accounts Receivable Securitization Program | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Available borrowing on accounts receivable securitization | 0 | ||||||||||||||
Senior Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing limit of incremental loan facility | $ 750,000,000 | ||||||||||||||
Term B Loan Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing limit of incremental loan facility | 600,000,000 | ||||||||||||||
Proceeds received from term B loans | $ 600,000,000 | ||||||||||||||
Term B Loan Facility | LIBO Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Adjusted base rate | 1.50% | ||||||||||||||
Term B Loan Facility | Base Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Adjusted base rate | 0.50% | ||||||||||||||
Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Remaining borrowing capacity under revolving credit facility | $ 446,327,000 | ||||||||||||||
Revolving Credit Facility | Secured Debt | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Secured debt ratio | 4.50 | ||||||||||||||
Revolving Credit Facility | LIBO Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Secured debt ratio | 3.25 | ||||||||||||||
Adjusted base rate | 1.50% | ||||||||||||||
Ratio of indebtedness to net capital minimum | 1 | ||||||||||||||
Revolving Credit Facility | LIBO Rate | Debt Ratio Less Than Three Point Two Five | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Adjusted base rate | 1.25% | ||||||||||||||
Revolving Credit Facility | Base Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Secured debt ratio | 3.25 | ||||||||||||||
Adjusted base rate | 0.50% | ||||||||||||||
Ratio of indebtedness to net capital minimum | 1 | ||||||||||||||
Revolving Credit Facility | Base Rate | Debt Ratio Less Than Three Point Two Five | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Adjusted base rate | 0.25% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Fair Value Disclosures [Abstract] | |
Estimated fair value of long-term debt (including current maturities) | $ 3,054,157 |
Gross amount of company's long term debt | $ 3,165,445 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jul. 12, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of investee | $ 746 | $ 0 | |
Vistar Media | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment | $ 30,000 | ||
Minority interest | 20.00% |
Dividends_Distributions (Detail
Dividends/Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Distributions paid | $ 111,602 | $ 75,818 |
Dividends declared | $ 111,602 | $ 75,818 |
Cash dividends declared per share of common stock (in dollars per share) | $ 1.10 | $ 0.75 |
Dividends paid (in dollars per share) | $ 1.10 | $ 0.75 |
Dividends paid | $ 91 | |
Distributions paid, preferred stockholders, per share (in dollars per share) | $ 15.95 |
Information about Geographic _2
Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net carrying value of long lived assets | $ 11,822 | $ 11,318 | |
External Customers | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from external customers | $ 6,197 | $ 4,964 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - Class A CMN Stock - USD ($) | 3 Months Ended | 36 Months Ended | |||
Mar. 31, 2022 | May 01, 2021 | Jun. 21, 2021 | Mar. 16, 2020 | May 01, 2018 | |
Stock Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 250,000,000 | ||||
Stock repurchased during period | $ 0 | ||||
Sales Agreement | |||||
Class of Stock [Line Items] | |||||
Common stock, shares sold (in shares) | 842,412 | ||||
2021 Sales Agreement | |||||
Class of Stock [Line Items] | |||||
Common stock, shares sold (in shares) | 0 | ||||
Common stock, shares available to be sold | $ 400,000,000 | ||||
Maximum | Sales Agreement | |||||
Class of Stock [Line Items] | |||||
Aggregate offering price of common stock issuable | $ 400,000,000 | ||||
Maximum | 2021 Sales Agreement | |||||
Class of Stock [Line Items] | |||||
Aggregate offering price of common stock issuable | $ 400,000 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheets (Unaudited) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Total current assets | $ 407,646 | $ 388,607 | ||
Net property, plant and equipment | 1,341,469 | 1,337,274 | ||
Operating lease right of use assets | 1,236,538 | 1,224,672 | ||
Other assets | 94,177 | 98,448 | ||
Total assets | 6,093,863 | 6,047,494 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 174,836 | 174,778 | ||
Current operating lease liabilities | 166,275 | 198,286 | ||
Total current liabilities | 571,669 | 662,965 | ||
Long-term debt | 2,955,138 | 2,838,817 | ||
Operating lease liabilities | 1,007,403 | 995,356 | ||
Total liabilities | 4,870,002 | 4,830,405 | ||
Stockholder's equity | 1,223,861 | 1,217,089 | $ 1,181,507 | $ 1,202,768 |
Total liabilities and stockholders’ equity | 6,093,863 | 6,047,494 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
ASSETS | ||||
Total current assets | 407,146 | 388,107 | ||
Net property, plant and equipment | 1,341,469 | 1,337,274 | ||
Operating lease right of use assets | 1,236,538 | 1,224,672 | ||
Intangible assets, net | 2,987,237 | 2,970,983 | ||
Other assets | 105,011 | 109,995 | ||
Total assets | 6,077,401 | 6,031,031 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 174,836 | 174,778 | ||
Current operating lease liabilities | 166,275 | 198,286 | ||
Other current liabilities | 222,610 | 282,181 | ||
Total current liabilities | 563,721 | 655,245 | ||
Long-term debt | 2,955,138 | 2,838,817 | ||
Operating lease liabilities | 1,007,403 | 995,356 | ||
Other noncurrent liabilities | 335,792 | 333,267 | ||
Total liabilities | 4,862,054 | 4,822,685 | ||
Stockholder's equity | 1,215,347 | 1,208,346 | ||
Total liabilities and stockholders’ equity | 6,077,401 | 6,031,031 | ||
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
ASSETS | ||||
Total current assets | 0 | 0 | ||
Net property, plant and equipment | 0 | 0 | ||
Operating lease right of use assets | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other assets | (4,687,772) | (4,576,531) | ||
Total assets | (4,687,772) | (4,576,531) | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Current operating lease liabilities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Operating lease liabilities | 0 | 0 | ||
Other noncurrent liabilities | (469,753) | (463,607) | ||
Total liabilities | (469,753) | (463,607) | ||
Stockholder's equity | (4,218,019) | (4,112,924) | ||
Total liabilities and stockholders’ equity | (4,687,772) | (4,576,531) | ||
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
ASSETS | ||||
Total current assets | 103,252 | 91,119 | ||
Net property, plant and equipment | 0 | 0 | ||
Operating lease right of use assets | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other assets | 4,298,050 | 4,188,436 | ||
Total assets | 4,401,302 | 4,279,555 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Current operating lease liabilities | 0 | 0 | ||
Other current liabilities | 21,946 | 22,009 | ||
Total current liabilities | 21,946 | 22,009 | ||
Long-term debt | 2,953,216 | 2,836,801 | ||
Operating lease liabilities | 0 | 0 | ||
Other noncurrent liabilities | 210,793 | 212,399 | ||
Total liabilities | 3,185,955 | 3,071,209 | ||
Stockholder's equity | 1,215,347 | 1,208,346 | ||
Total liabilities and stockholders’ equity | 4,401,302 | 4,279,555 | ||
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
ASSETS | ||||
Total current assets | 35,374 | 29,379 | ||
Net property, plant and equipment | 1,325,360 | 1,321,526 | ||
Operating lease right of use assets | 1,211,240 | 1,198,934 | ||
Intangible assets, net | 2,969,913 | 2,953,600 | ||
Other assets | 307,704 | 311,046 | ||
Total assets | 5,849,591 | 5,814,485 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 364 | 363 | ||
Current operating lease liabilities | 158,610 | 190,748 | ||
Other current liabilities | 189,363 | 246,030 | ||
Total current liabilities | 348,337 | 437,141 | ||
Long-term debt | 1,922 | 2,016 | ||
Operating lease liabilities | 991,095 | 977,463 | ||
Other noncurrent liabilities | 296,568 | 292,194 | ||
Total liabilities | 1,637,922 | 1,708,814 | ||
Stockholder's equity | 4,211,669 | 4,105,671 | ||
Total liabilities and stockholders’ equity | 5,849,591 | 5,814,485 | ||
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
ASSETS | ||||
Total current assets | 268,520 | 267,609 | ||
Net property, plant and equipment | 16,109 | 15,748 | ||
Operating lease right of use assets | 25,298 | 25,738 | ||
Intangible assets, net | 17,324 | 17,383 | ||
Other assets | 187,029 | 187,044 | ||
Total assets | 514,280 | 513,522 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 174,472 | 174,415 | ||
Current operating lease liabilities | 7,665 | 7,538 | ||
Other current liabilities | 11,301 | 14,142 | ||
Total current liabilities | 193,438 | 196,095 | ||
Long-term debt | 0 | 0 | ||
Operating lease liabilities | 16,308 | 17,893 | ||
Other noncurrent liabilities | 298,184 | 292,281 | ||
Total liabilities | 507,930 | 506,269 | ||
Stockholder's equity | 6,350 | 7,253 | ||
Total liabilities and stockholders’ equity | $ 514,280 | $ 513,522 |
Condensed Consolidating Stateme
Condensed Consolidating Statements of Income and Comprehensive Income (Unaudited) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Statements of Income | ||||
Net revenues | $ 451,388 | $ 370,881 | ||
Operating expenses (income) | ||||
Direct advertising expenses | 157,772 | 131,215 | ||
General and administrative expenses | 83,084 | 72,649 | ||
Corporate expenses | 22,012 | 17,760 | ||
Depreciation and amortization | 68,627 | 60,749 | ||
Gain on disposition of assets | (563) | (415) | ||
Total operating expenses | 330,932 | 281,958 | ||
Operating income | 120,456 | 88,923 | ||
Loss on extinguishment of debt | 0 | 21,604 | ||
Equity in earnings of investee | 746 | 0 | ||
Income before income tax expense | 94,631 | 39,339 | ||
Income tax expense | 2,480 | 1,010 | ||
Net income | 92,151 | 38,329 | ||
Statements of Comprehensive Income | ||||
Net income | 92,151 | 38,329 | ||
Comprehensive income | 92,465 | 38,533 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Statements of Income | ||||
Net revenues | 451,388 | 370,881 | ||
Operating expenses (income) | ||||
Direct advertising expenses | 157,772 | [1] | 131,215 | [2] |
General and administrative expenses | 83,084 | [1] | 72,649 | [2] |
Corporate expenses | 21,876 | [1] | 17,623 | [2] |
Depreciation and amortization | 68,627 | 60,749 | ||
Gain on disposition of assets | (563) | (415) | ||
Total operating expenses | 330,796 | 281,821 | ||
Operating income | 120,592 | 89,060 | ||
Equity in (earnings) loss of subsidiaries | 0 | 0 | ||
Loss on extinguishment of debt | 21,604 | |||
Interest expense (income), net | 26,571 | 27,980 | ||
Equity in earnings of investee | (746) | |||
Income before income tax expense | 94,767 | 39,476 | ||
Income tax expense | 2,480 | [3] | 1,010 | [4] |
Net income | 92,287 | 38,466 | ||
Statements of Comprehensive Income | ||||
Net income | 92,287 | 38,466 | ||
Total other comprehensive income, net of tax | 314 | 204 | ||
Comprehensive income | 92,601 | 38,670 | ||
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Statements of Income | ||||
Net revenues | (235) | (430) | ||
Operating expenses (income) | ||||
Direct advertising expenses | (235) | [1] | (430) | [2] |
General and administrative expenses | 0 | [1] | 0 | [2] |
Corporate expenses | 0 | [1] | 0 | [2] |
Depreciation and amortization | 0 | 0 | ||
Gain on disposition of assets | 0 | 0 | ||
Total operating expenses | (235) | (430) | ||
Operating income | 0 | 0 | ||
Equity in (earnings) loss of subsidiaries | 118,524 | 87,824 | ||
Loss on extinguishment of debt | 0 | |||
Interest expense (income), net | 0 | 0 | ||
Equity in earnings of investee | 0 | |||
Income before income tax expense | (118,524) | (87,824) | ||
Income tax expense | 0 | [3] | 0 | [4] |
Net income | (118,524) | (87,824) | ||
Statements of Comprehensive Income | ||||
Net income | (118,524) | (87,824) | ||
Total other comprehensive income, net of tax | 0 | 0 | ||
Comprehensive income | (118,524) | (87,824) | ||
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Statements of Income | ||||
Net revenues | 0 | 0 | ||
Operating expenses (income) | ||||
Direct advertising expenses | 0 | [1] | 0 | [2] |
General and administrative expenses | 0 | [1] | 0 | [2] |
Corporate expenses | 0 | [1] | 0 | [2] |
Depreciation and amortization | 0 | 0 | ||
Gain on disposition of assets | 0 | 0 | ||
Total operating expenses | 0 | 0 | ||
Operating income | 0 | 0 | ||
Equity in (earnings) loss of subsidiaries | (118,524) | (87,824) | ||
Loss on extinguishment of debt | 21,604 | |||
Interest expense (income), net | 26,237 | 27,754 | ||
Equity in earnings of investee | 0 | |||
Income before income tax expense | 92,287 | 38,466 | ||
Income tax expense | 0 | [3] | 0 | [4] |
Net income | 92,287 | 38,466 | ||
Statements of Comprehensive Income | ||||
Net income | 92,287 | 38,466 | ||
Total other comprehensive income, net of tax | 0 | 0 | ||
Comprehensive income | 92,287 | 38,466 | ||
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Statements of Income | ||||
Net revenues | 442,528 | 363,612 | ||
Operating expenses (income) | ||||
Direct advertising expenses | 150,853 | [1] | 127,415 | [2] |
General and administrative expenses | 81,298 | [1] | 71,951 | [2] |
Corporate expenses | 21,615 | [1] | 17,366 | [2] |
Depreciation and amortization | 67,788 | 60,066 | ||
Gain on disposition of assets | (563) | (415) | ||
Total operating expenses | 320,991 | 276,383 | ||
Operating income | 121,537 | 87,229 | ||
Equity in (earnings) loss of subsidiaries | 0 | 0 | ||
Loss on extinguishment of debt | 0 | |||
Interest expense (income), net | (21) | (18) | ||
Equity in earnings of investee | (746) | |||
Income before income tax expense | 122,304 | 87,247 | ||
Income tax expense | 2,563 | [3] | 632 | [4] |
Net income | 119,741 | 86,615 | ||
Statements of Comprehensive Income | ||||
Net income | 119,741 | 86,615 | ||
Total other comprehensive income, net of tax | 0 | 0 | ||
Comprehensive income | 119,741 | 86,615 | ||
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Statements of Income | ||||
Net revenues | 9,095 | 7,699 | ||
Operating expenses (income) | ||||
Direct advertising expenses | 7,154 | [1] | 4,230 | [2] |
General and administrative expenses | 1,786 | [1] | 698 | [2] |
Corporate expenses | 261 | [1] | 257 | [2] |
Depreciation and amortization | 839 | 683 | ||
Gain on disposition of assets | 0 | 0 | ||
Total operating expenses | 10,040 | 5,868 | ||
Operating income | (945) | 1,831 | ||
Equity in (earnings) loss of subsidiaries | 0 | 0 | ||
Loss on extinguishment of debt | 0 | |||
Interest expense (income), net | 355 | 244 | ||
Equity in earnings of investee | 0 | |||
Income before income tax expense | (1,300) | 1,587 | ||
Income tax expense | (83) | [3] | 378 | [4] |
Net income | (1,217) | 1,209 | ||
Statements of Comprehensive Income | ||||
Net income | (1,217) | 1,209 | ||
Total other comprehensive income, net of tax | 314 | 204 | ||
Comprehensive income | $ (903) | $ 1,413 | ||
[1] | Caption is exclusive of depreciation and amortization. | |||
[2] | Caption is exclusive of depreciation and amortization. | |||
[3] | The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. | |||
[4] | The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
Condensed Consolidating State_2
Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ 102,038 | $ 83,318 |
Cash flows from investing activities: | ||
Acquisitions | (55,293) | (3,333) |
Capital expenditures | (28,759) | (16,332) |
Proceeds from disposition of assets and investments | 710 | 1,842 |
Net cash used in investing activities | (83,342) | (17,823) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 165,000 | 25,000 |
Payments on revolving credit facility | (50,000) | 0 |
Principal payments on long-term debt | (92) | (96) |
Principal payments on financing leases | (333) | (483) |
Proceeds received from note offering | 0 | 550,000 |
Redemption of senior notes | 0 | (668,688) |
Debt issuance costs | 0 | (8,067) |
Distributions to non-controlling interest | (46) | (24) |
Net cash used in financing activities | (2,713) | (144,088) |
Effect of exchange rate changes in cash and cash equivalents | 107 | 70 |
Net increase (decrease) in cash and cash equivalents | 16,090 | (78,523) |
Cash and cash equivalents at beginning of period | 99,788 | 121,569 |
Cash and cash equivalents at end of period | 115,878 | 43,046 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 70,396 | 68,792 |
Cash flows from investing activities: | ||
Acquisitions | (55,293) | (3,333) |
Capital expenditures | (28,759) | (16,332) |
Proceeds from disposition of assets and investments | 710 | 1,842 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash used in investing activities | (83,342) | (17,823) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 165,000 | 25,000 |
Payments on revolving credit facility | (50,000) | |
Principal payments on long-term debt | (92) | (96) |
Principal payments on financing leases | (333) | (483) |
Proceeds received from note offering | 550,000 | |
Redemption of senior notes | (668,688) | |
Proceeds received from senior credit facility term loans | 32,500 | |
Debt issuance costs | (8,067) | |
Intercompany loan proceeds (payments) | 0 | 0 |
Distributions to non-controlling interest | (46) | (24) |
Dividends (to) from parent | (122,047) | (81,535) |
Contributions from (to) parent | 36,447 | 21,831 |
Net cash used in financing activities | 28,929 | (129,562) |
Effect of exchange rate changes in cash and cash equivalents | 107 | 70 |
Net increase (decrease) in cash and cash equivalents | 16,090 | (78,523) |
Cash and cash equivalents at beginning of period | 99,288 | 121,069 |
Cash and cash equivalents at end of period | 115,378 | 42,546 |
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (69,036) | (104,957) |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from disposition of assets and investments | 0 | 0 |
Investment in subsidiaries | 55,293 | 3,333 |
(Increase) decrease in intercompany notes receivable | 6,090 | (30,604) |
Net cash used in investing activities | 61,383 | (27,271) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | |
Principal payments on long-term debt | 0 | 0 |
Principal payments on financing leases | 0 | 0 |
Proceeds received from note offering | 0 | |
Redemption of senior notes | 0 | |
Proceeds received from senior credit facility term loans | 0 | |
Debt issuance costs | 0 | |
Intercompany loan proceeds (payments) | (6,090) | 30,604 |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | 69,036 | 104,957 |
Contributions from (to) parent | (55,293) | (3,333) |
Net cash used in financing activities | 7,653 | 132,228 |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 44,116 | 61,766 |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from disposition of assets and investments | 0 | 0 |
Investment in subsidiaries | (55,293) | (3,333) |
(Increase) decrease in intercompany notes receivable | (6,090) | 30,604 |
Net cash used in investing activities | (61,383) | 27,271 |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 165,000 | 25,000 |
Payments on revolving credit facility | (50,000) | |
Principal payments on long-term debt | 0 | 0 |
Principal payments on financing leases | 0 | 0 |
Proceeds received from note offering | 550,000 | |
Redemption of senior notes | (668,688) | |
Proceeds received from senior credit facility term loans | 0 | |
Debt issuance costs | (8,067) | |
Intercompany loan proceeds (payments) | 0 | 0 |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | (122,047) | (81,535) |
Contributions from (to) parent | 36,447 | 21,831 |
Net cash used in financing activities | 29,400 | (161,459) |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 12,133 | (72,422) |
Cash and cash equivalents at beginning of period | 91,023 | 110,588 |
Cash and cash equivalents at end of period | 103,156 | 38,166 |
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 97,816 | 102,064 |
Cash flows from investing activities: | ||
Acquisitions | (55,293) | (3,333) |
Capital expenditures | (27,851) | (15,294) |
Proceeds from disposition of assets and investments | 710 | 1,842 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash used in investing activities | (82,434) | (16,785) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | |
Principal payments on long-term debt | (92) | (96) |
Principal payments on financing leases | (333) | (483) |
Proceeds received from note offering | 0 | |
Redemption of senior notes | 0 | |
Proceeds received from senior credit facility term loans | 0 | |
Debt issuance costs | 0 | |
Intercompany loan proceeds (payments) | 94 | 16,770 |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | (69,036) | (104,957) |
Contributions from (to) parent | 55,293 | 3,333 |
Net cash used in financing activities | (14,074) | (85,433) |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1,308 | (154) |
Cash and cash equivalents at beginning of period | 3,494 | 1,732 |
Cash and cash equivalents at end of period | 4,802 | 1,578 |
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (2,500) | 9,919 |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | (908) | (1,038) |
Proceeds from disposition of assets and investments | 0 | 0 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash used in investing activities | (908) | (1,038) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | |
Principal payments on long-term debt | 0 | 0 |
Principal payments on financing leases | 0 | 0 |
Proceeds received from note offering | 0 | |
Redemption of senior notes | 0 | |
Proceeds received from senior credit facility term loans | 32,500 | |
Debt issuance costs | 0 | |
Intercompany loan proceeds (payments) | 5,996 | (47,374) |
Distributions to non-controlling interest | (46) | (24) |
Dividends (to) from parent | 0 | 0 |
Contributions from (to) parent | 0 | 0 |
Net cash used in financing activities | 5,950 | (14,898) |
Effect of exchange rate changes in cash and cash equivalents | 107 | 70 |
Net increase (decrease) in cash and cash equivalents | 2,649 | (5,947) |
Cash and cash equivalents at beginning of period | 4,771 | 8,749 |
Cash and cash equivalents at end of period | $ 7,420 | $ 2,802 |