Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-36756 | |
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, $0.001 par value | |
Trading Symbol | LAMR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001090425 | |
Entity Registrant Name | LAMAR ADVERTISING CO/NEW | |
Current Fiscal Year End Date | --12-31 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 87,578,076 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,420,085 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Document Information [Line Items] | ||
Entity File Number | 1-12407 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1205791 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Central Index Key | 0000899045 | |
Entity Registrant Name | LAMAR MEDIA CORP/DE | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 39,395 | $ 52,619 |
Receivables, net of allowance for doubtful accounts of $12,220 and $11,418 in 2023 and 2022, respectively | 310,170 | 285,039 |
Other current assets | 28,601 | 26,894 |
Total current assets | 378,166 | 364,552 |
Property, plant and equipment | 4,236,573 | 4,109,146 |
Less accumulated depreciation and amortization | (2,691,274) | (2,609,447) |
Net property, plant and equipment | 1,545,299 | 1,499,699 |
Operating lease right of use assets | 1,320,925 | 1,271,631 |
Financing lease right of use assets | 11,897 | 14,037 |
Goodwill | 2,035,213 | 2,035,269 |
Intangible assets, net | 1,195,367 | 1,206,625 |
Other assets | 85,455 | 83,401 |
Total assets | 6,572,322 | 6,475,214 |
Current liabilities: | ||
Trade accounts payable | 17,592 | 19,643 |
Current maturities of long-term debt, net of deferred financing costs of $440 and $593 in 2023 and 2022, respectively | 247,053 | 249,785 |
Current operating lease liabilities | 184,620 | 205,838 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 96,290 | 117,593 |
Deferred income | 143,354 | 131,847 |
Total current liabilities | 690,240 | 726,037 |
Long-term debt, net of deferred financing costs of $30,341 and $32,022 in 2023 and 2022, respectively | 3,154,652 | 3,063,020 |
Operating lease liabilities | 1,078,545 | 1,035,655 |
Financing lease liabilities | 14,947 | 15,945 |
Deferred income tax liabilities | 10,554 | 9,651 |
Asset retirement obligation | 397,041 | 390,442 |
Other liabilities | 39,501 | 39,090 |
Total liabilities | 5,385,480 | 5,279,840 |
Stockholders’ equity: | ||
Preferred stock, value | 0 | 0 |
Additional paid-in capital | 2,095,477 | 2,061,671 |
Accumulated comprehensive loss | (901) | (659) |
Accumulated deficit | (840,557) | (804,382) |
Cost of shares held in treasury, 840,935 and 783,696 shares at 2023 and 2022, respectively | (67,347) | (61,358) |
Non-controlling interest | 68 | 0 |
Stockholder's equity | 1,186,842 | 1,195,374 |
Total liabilities and stockholders’ equity | 6,572,322 | 6,475,214 |
Common Class A | ||
Stockholders’ equity: | ||
Common stock, value | 88 | 88 |
Common Class B | ||
Stockholders’ equity: | ||
Common stock, value | $ 14 | $ 14 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 12,220 | $ 11,418 |
Current deferred financing costs | 440 | 593 |
Noncurrent deferred financing costs | $ 30,341 | $ 32,022 |
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 |
Shares held in treasury (in shares) | 840,935 | 783,696 |
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) | 88,419,011 | 88,110,928 |
Common stock, shares outstanding (in shares) | 87,578,076 | 87,327,232 |
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 Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statements of Income | ||||
Net revenues | $ 542,609 | $ 527,390 | $ 1,555,078 | $ 1,496,630 |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | 175,188 | 168,968 | 515,403 | 493,463 |
General and administrative expenses (exclusive of depreciation and amortization) | 81,283 | 87,181 | 256,943 | 260,923 |
Corporate expenses (exclusive of depreciation and amortization) | 24,248 | 24,474 | 81,331 | 74,077 |
Depreciation and amortization | 74,636 | 65,833 | 222,919 | 202,210 |
Gain on disposition of assets | (879) | (53) | (5,243) | (1,990) |
Total operating expenses | 354,476 | 346,403 | 1,071,353 | 1,028,683 |
Operating income | 188,133 | 180,987 | 483,725 | 467,947 |
Other expense (income) | ||||
Loss on extinguishment of debt | 115 | 0 | 115 | 0 |
Interest income | (621) | (248) | (1,559) | (742) |
Interest expense | 45,070 | 33,545 | 130,163 | 89,824 |
Equity in earnings of investee | (699) | (1,554) | (1,326) | (2,655) |
Total other (income) expense | 43,865 | 31,743 | 127,393 | 86,427 |
Income before income tax expense | 144,268 | 149,244 | 356,332 | 381,520 |
Income tax expense | 3,843 | 3,056 | 8,821 | 8,976 |
Net income | 140,425 | 146,188 | 347,511 | 372,544 |
Earnings attributable to non-controlling interest | 408 | 0 | 833 | 0 |
Net income attributable to controlling interest | 140,017 | 146,188 | 346,678 | 372,544 |
Cash dividends declared and paid on preferred stock | 91 | 91 | 273 | 273 |
Net income applicable to common stock | $ 139,926 | $ 146,097 | $ 346,405 | $ 372,271 |
Earnings per share: | ||||
Basic earnings per share (in dollars per share) | $ 1.37 | $ 1.44 | $ 3.40 | $ 3.67 |
Diluted earnings per share (in dollars per share) | 1.37 | 1.44 | 3.39 | 3.66 |
Cash dividends declared per share of common stock (in dollars per share) | $ 1.25 | $ 1.20 | $ 3.75 | $ 3.50 |
Weighted average common shares used in computing earnings per share: | ||||
Weighted average common shares outstanding basic (in shares) | 101,960,356 | 101,580,997 | 101,890,573 | 101,469,918 |
Weighted average common shares outstanding diluted (in shares) | 102,130,614 | 101,685,965 | 102,085,016 | 101,599,157 |
Statements of Comprehensive Income | ||||
Net income | $ 140,425 | $ 146,188 | $ 347,511 | $ 372,544 |
Other comprehensive loss | ||||
Foreign currency translation adjustments | (643) | (1,401) | (242) | (1,770) |
Comprehensive income | 139,782 | 144,787 | 347,269 | 370,774 |
Earnings attributable to non-controlling interest | 408 | 0 | 833 | 0 |
Comprehensive income attributable to controlling interest | $ 139,374 | $ 144,787 | $ 346,436 | $ 370,774 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Non-controlling interest | Series AA PREF Stock Preferred Stock | Class A CMN Stock Common Stock | Class B CMN Stock Common Stock |
Beginning balance at Dec. 31, 2021 | $ 1,217,089 | $ (50,852) | $ 2,001,399 | $ 855 | $ (734,415) | $ 0 | $ 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 | 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 | 0 | 88 | 14 |
Beginning balance at Dec. 31, 2021 | 1,217,089 | (50,852) | 2,001,399 | 855 | (734,415) | 0 | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Foreign currency translation | (1,770) | ||||||||
Net income | 372,544 | ||||||||
Ending balance at Sep. 30, 2022 | 1,274,285 | (61,358) | 2,054,110 | (915) | (717,654) | 0 | 0 | 88 | 14 |
Beginning balance at Mar. 31, 2022 | 1,223,861 | (61,298) | 2,037,845 | 1,169 | (753,957) | 0 | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Non-cash compensation | 1,356 | 1,356 | |||||||
Issuance of common stock through stock awards | 221 | 221 | |||||||
Exercise of stock options | 599 | 599 | |||||||
Issuance of common stock through employee purchase plan | 2,406 | 2,406 | |||||||
Foreign currency translation | (683) | (683) | |||||||
Net income | 134,205 | 134,205 | |||||||
Dividends/distributions to common shareholders | (121,808) | (121,808) | |||||||
Dividends, preferred stock | (91) | (91) | |||||||
Ending balance at Jun. 30, 2022 | 1,240,066 | (61,298) | 2,042,427 | 486 | (741,651) | 0 | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Non-cash compensation | 4,283 | 4,283 | |||||||
Exercise of stock options | 4,945 | 4,945 | |||||||
Issuance of common stock through employee purchase plan | 2,455 | 2,455 | |||||||
Purchase of treasury stock | (60) | (60) | |||||||
Foreign currency translation | (1,401) | (1,401) | |||||||
Net income | 146,188 | 146,188 | |||||||
Dividends/distributions to common shareholders | (122,100) | (122,100) | |||||||
Dividends, preferred stock | (91) | (91) | |||||||
Ending balance at Sep. 30, 2022 | 1,274,285 | (61,358) | 2,054,110 | (915) | (717,654) | 0 | 0 | 88 | 14 |
Beginning balance at Dec. 31, 2022 | 1,195,374 | (61,358) | 2,061,671 | (659) | (804,382) | 0 | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Non-cash compensation | 3,305 | 3,305 | |||||||
Issuance of common stock through stock awards | 15,934 | 15,934 | |||||||
Exercise of stock options | 678 | 678 | |||||||
Issuance of common stock through employee purchase plan | 3,530 | 3,530 | |||||||
Purchase of treasury stock | (5,946) | (5,946) | |||||||
Foreign currency translation | (2) | (2) | |||||||
Net income | 76,198 | 76,041 | 157 | ||||||
Reallocation of capital | (619) | (1,016) | 397 | ||||||
Dividends/distributions to common shareholders | (127,674) | (127,460) | (214) | ||||||
Dividends, preferred stock | (91) | (91) | |||||||
Ending balance at Mar. 31, 2023 | 1,160,687 | (67,304) | 2,084,102 | (661) | (855,892) | 340 | 0 | 88 | 14 |
Beginning balance at Dec. 31, 2022 | 1,195,374 | (61,358) | 2,061,671 | (659) | (804,382) | 0 | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Foreign currency translation | (242) | ||||||||
Net income | 347,511 | ||||||||
Ending balance at Sep. 30, 2023 | 1,186,842 | (67,347) | 2,095,477 | (901) | (840,557) | 68 | 0 | 88 | 14 |
Beginning balance at Mar. 31, 2023 | 1,160,687 | (67,304) | 2,084,102 | (661) | (855,892) | 340 | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Non-cash compensation | 2,133 | 2,133 | |||||||
Issuance of common stock through stock awards | 681 | 681 | |||||||
Exercise of stock options | 809 | 809 | |||||||
Issuance of common stock through employee purchase plan | 2,675 | 2,675 | |||||||
Foreign currency translation | 403 | 403 | |||||||
Net income | 130,888 | 130,620 | 268 | ||||||
Dividends/distributions to common shareholders | (127,691) | (127,538) | (153) | ||||||
Dividends, preferred stock | (91) | (91) | |||||||
Ending balance at Jun. 30, 2023 | 1,170,494 | (67,304) | 2,090,400 | (258) | (852,901) | 455 | 0 | 88 | 14 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Non-cash compensation | 2,368 | 2,368 | |||||||
Exercise of stock options | 55 | 55 | |||||||
Issuance of common stock through employee purchase plan | 2,654 | 2,654 | |||||||
Purchase of treasury stock | (43) | (43) | |||||||
Foreign currency translation | (643) | (643) | |||||||
Net income | 140,425 | 140,017 | 408 | ||||||
Dividends/distributions to common shareholders | (128,377) | (127,582) | (795) | ||||||
Dividends, preferred stock | (91) | (91) | |||||||
Ending balance at Sep. 30, 2023 | $ 1,186,842 | $ (67,347) | $ 2,095,477 | $ (901) | $ (840,557) | $ 68 | $ 0 | $ 88 | $ 14 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Issuance of common stock through stock awards (in shares) | 7,126 | 161,050 | 7,197 | 241,750 | ||
Exercise of stock options (in shares) | 850 | 11,540 | 10,595 | 114,440 | 13,131 | 26,190 |
Issuance of common stock through employee purchase plan (in shares) | 37,407 | 34,283 | 45,232 | 35,016 | 32,172 | 36,347 |
Purchase of treasury stock (in shares) | 431 | 56,808 | 588 | 95,091 | ||
Cash dividends declared per share of common stock (in dollars per share) | $ 1.25 | $ 1.25 | $ 1.25 | $ 1.20 | $ 1.20 | $ 1.10 |
Preferred stock dividend shares (in dollars per share) | $ 15.95 | $ 15.95 | $ 15.95 | $ 15.95 | $ 15.95 | $ 15.95 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 347,511 | $ 372,544 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 222,919 | 202,210 |
Stock-based compensation | 16,362 | 14,331 |
Amortization included in interest expense | 4,920 | 4,527 |
Gain on disposition of assets | (5,243) | (1,990) |
Loss on extinguishment of debt | 115 | 0 |
Equity in earnings of investee | (1,326) | (2,655) |
Deferred tax expense | 910 | 1,851 |
Provision for doubtful accounts | 8,609 | 5,868 |
(Increase) decrease in: | ||
Receivables | (33,755) | (29,510) |
Prepaid expenses | (1,097) | (2,681) |
Other assets | (2,237) | 3,510 |
(Decrease) increase in: | ||
Trade accounts payable | (1,430) | (895) |
Accrued expenses | (8,049) | (12,773) |
Operating lease liabilities | (25,838) | (18,881) |
Other liabilities | 7,049 | 1,649 |
Net cash provided by (used in) operating activities | 529,420 | 537,105 |
Cash flows from investing activities: | ||
Acquisitions | (120,324) | (287,860) |
Capital expenditures | (132,152) | (116,808) |
Proceeds from disposition of assets and investments | 6,489 | 2,146 |
Decrease in notes receivable | 62 | 58 |
Net cash (used in) provided by investing activities | (245,925) | (402,464) |
Cash flows from financing activities: | ||
Cash used for purchase of treasury stock | (5,989) | (10,506) |
Net proceeds from issuance of common stock | 10,401 | 15,301 |
Principal payments on long-term debt | (284) | (273) |
Principal payments on financing leases | (998) | (998) |
Payments on revolving credit facility | (243,000) | (575,000) |
Proceeds received from revolving credit facility | 333,000 | 400,000 |
Proceeds received from accounts receivable securitization program | 72,000 | 140,000 |
Payments on accounts receivable securitization program | (74,900) | (115,000) |
Proceeds received from senior credit facility term loans | 0 | 350,000 |
Debt issuance costs | (2,951) | (1,564) |
Distributions to non-controlling interest | (1,162) | (1,019) |
Dividends/distributions | (382,853) | (355,783) |
Net cash used in financing activities | (296,736) | (154,842) |
Effect of exchange rate changes in cash and cash equivalents | 17 | (232) |
Net decrease in cash and cash equivalents | (13,224) | (20,433) |
Cash and cash equivalents at beginning of period | 52,619 | 99,788 |
Cash and cash equivalents at end of period | 39,395 | 79,355 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 125,117 | 84,611 |
Cash paid for foreign, state and federal income taxes | $ 9,093 | $ 8,254 |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 39,395 | $ 52,619 |
Receivables, net of allowance for doubtful accounts of $12,220 and $11,418 in 2023 and 2022, respectively | 310,170 | 285,039 |
Other current assets | 28,601 | 26,894 |
Total current assets | 378,166 | 364,552 |
Property, plant and equipment | 4,236,573 | 4,109,146 |
Less accumulated depreciation and amortization | (2,691,274) | (2,609,447) |
Net property, plant and equipment | 1,545,299 | 1,499,699 |
Operating lease right of use assets | 1,320,925 | 1,271,631 |
Financing lease right of use assets | 11,897 | 14,037 |
Goodwill | 2,035,213 | 2,035,269 |
Intangible assets, net | 1,195,367 | 1,206,625 |
Other assets | 85,455 | 83,401 |
Total assets | 6,572,322 | 6,475,214 |
Current liabilities: | ||
Trade accounts payable | 17,592 | 19,643 |
Current maturities of long-term debt, net of deferred financing costs of $440 and $593 in 2023 and 2022, respectively | 247,053 | 249,785 |
Current operating lease liabilities | 184,620 | 205,838 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 96,290 | 117,593 |
Deferred income | 143,354 | 131,847 |
Total current liabilities | 690,240 | 726,037 |
Long-term debt, net of deferred financing costs of $30,341 and $32,022 in 2023 and 2022, respectively | 3,154,652 | 3,063,020 |
Operating lease liabilities | 1,078,545 | 1,035,655 |
Financing lease liabilities | 14,947 | 15,945 |
Deferred income tax liabilities | 10,554 | 9,651 |
Asset retirement obligation | 397,041 | 390,442 |
Other liabilities | 39,501 | 39,090 |
Total liabilities | 5,385,480 | 5,279,840 |
Stockholders’ equity: | ||
Additional paid-in capital | 2,095,477 | 2,061,671 |
Accumulated comprehensive loss | (901) | (659) |
Accumulated deficit | (840,557) | (804,382) |
Non-controlling interest | 68 | 0 |
Stockholder's equity | 1,186,842 | 1,195,374 |
Total liabilities and stockholders’ equity | 6,572,322 | 6,475,214 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Current assets: | ||
Cash and cash equivalents | 38,895 | 52,119 |
Receivables, net of allowance for doubtful accounts of $12,220 and $11,418 in 2023 and 2022, respectively | 310,170 | 285,039 |
Other current assets | 28,601 | 26,894 |
Total current assets | 377,666 | 364,052 |
Property, plant and equipment | 4,236,573 | 4,109,146 |
Less accumulated depreciation and amortization | (2,691,274) | (2,609,447) |
Net property, plant and equipment | 1,545,299 | 1,499,699 |
Operating lease right of use assets | 1,320,925 | 1,271,631 |
Financing lease right of use assets | 11,897 | 14,037 |
Goodwill | 2,025,062 | 2,025,117 |
Intangible assets, net | 1,194,899 | 1,206,158 |
Other assets | 79,831 | 77,778 |
Total assets | 6,555,579 | 6,458,472 |
Current liabilities: | ||
Trade accounts payable | 17,592 | 19,643 |
Current maturities of long-term debt, net of deferred financing costs of $440 and $593 in 2023 and 2022, respectively | 247,053 | 249,785 |
Current operating lease liabilities | 184,620 | 205,838 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 86,766 | 108,724 |
Deferred income | 143,354 | 131,847 |
Total current liabilities | 680,716 | 717,168 |
Long-term debt, net of deferred financing costs of $30,341 and $32,022 in 2023 and 2022, respectively | 3,154,652 | 3,063,020 |
Operating lease liabilities | 1,078,545 | 1,035,655 |
Financing lease liabilities | 14,947 | 15,945 |
Deferred income tax liabilities | 10,554 | 9,651 |
Asset retirement obligation | 397,041 | 390,442 |
Other liabilities | 39,501 | 39,090 |
Total liabilities | 5,375,956 | 5,270,971 |
Stockholders’ equity: | ||
Common stock, value | 0 | 0 |
Additional paid-in capital | 3,165,983 | 3,132,178 |
Accumulated comprehensive loss | (901) | (659) |
Accumulated deficit | (1,985,527) | (1,944,018) |
Non-controlling interest | 68 | 0 |
Stockholder's equity | 1,179,623 | 1,187,501 |
Total liabilities and stockholders’ equity | $ 6,555,579 | $ 6,458,472 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheets (Parenthetical) (Subsidiary) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Condensed Financial Statements, Captions [Line Items] | ||
Allowance for doubtful accounts | $ 12,220 | $ 11,418 |
Current deferred financing costs | 440 | 593 |
Noncurrent deferred financing costs | 30,341 | 32,022 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Condensed Financial Statements, Captions [Line Items] | ||
Allowance for doubtful accounts | 12,220 | 11,418 |
Current deferred financing costs | 440 | 593 |
Noncurrent deferred financing costs | $ 30,341 | $ 32,022 |
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 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Income and Comprehensive Income (Subsidiary) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statements of Income | ||||
Net revenues | $ 542,609 | $ 527,390 | $ 1,555,078 | $ 1,496,630 |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | 175,188 | 168,968 | 515,403 | 493,463 |
General and administrative expenses (exclusive of depreciation and amortization) | 81,283 | 87,181 | 256,943 | 260,923 |
Corporate expenses (exclusive of depreciation and amortization) | 24,248 | 24,474 | 81,331 | 74,077 |
Depreciation and amortization | 74,636 | 65,833 | 222,919 | 202,210 |
Gain on disposition of assets | (879) | (53) | (5,243) | (1,990) |
Total operating expenses | 354,476 | 346,403 | 1,071,353 | 1,028,683 |
Operating income | 188,133 | 180,987 | 483,725 | 467,947 |
Other expense (income) | ||||
Loss on extinguishment of debt | 115 | 0 | 115 | 0 |
Interest income | (621) | (248) | (1,559) | (742) |
Interest expense | 45,070 | 33,545 | 130,163 | 89,824 |
Equity in earnings of investee | (699) | (1,554) | (1,326) | (2,655) |
Total other (income) expense | 43,865 | 31,743 | 127,393 | 86,427 |
Income before income tax expense | 144,268 | 149,244 | 356,332 | 381,520 |
Income tax expense | 3,843 | 3,056 | 8,821 | 8,976 |
Net income | 140,425 | 146,188 | 347,511 | 372,544 |
Earnings attributable to non-controlling interest | 408 | 0 | 833 | 0 |
Net income attributable to controlling interest | 140,017 | 146,188 | 346,678 | 372,544 |
Statements of Comprehensive Income | ||||
Net income | 140,425 | 146,188 | 347,511 | 372,544 |
Other comprehensive loss | ||||
Foreign currency translation adjustments | (643) | (1,401) | (242) | (1,770) |
Comprehensive income | 139,782 | 144,787 | 347,269 | 370,774 |
Earnings attributable to non-controlling interest | 408 | 0 | 833 | 0 |
Comprehensive income attributable to controlling interest | 139,374 | 144,787 | 346,436 | 370,774 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Statements of Income | ||||
Net revenues | 542,609 | 527,390 | 1,555,078 | 1,496,630 |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | 175,188 | 168,968 | 515,403 | 493,463 |
General and administrative expenses (exclusive of depreciation and amortization) | 81,284 | 87,181 | 256,944 | 260,923 |
Corporate expenses (exclusive of depreciation and amortization) | 24,110 | 24,337 | 80,948 | 73,694 |
Depreciation and amortization | 74,636 | 65,833 | 222,919 | 202,210 |
Gain on disposition of assets | (879) | (53) | (5,243) | (1,990) |
Total operating expenses | 354,339 | 346,266 | 1,070,971 | 1,028,300 |
Operating income | 188,270 | 181,124 | 484,107 | 468,330 |
Other expense (income) | ||||
Loss on extinguishment of debt | 115 | 0 | 115 | 0 |
Interest income | (621) | (248) | (1,559) | (742) |
Interest expense | 45,070 | 33,545 | 130,163 | 89,824 |
Equity in earnings of investee | (699) | (1,554) | (1,326) | (2,655) |
Total other (income) expense | 43,865 | 31,743 | 127,393 | 86,427 |
Income before income tax expense | 144,405 | 149,381 | 356,714 | 381,903 |
Income tax expense | 3,843 | 3,056 | 8,821 | 8,976 |
Net income | 140,562 | 146,325 | 347,893 | 372,927 |
Earnings attributable to non-controlling interest | 408 | 0 | 833 | 0 |
Net income attributable to controlling interest | 140,154 | 146,325 | 347,060 | 372,927 |
Statements of Comprehensive Income | ||||
Net income | 140,562 | 146,325 | 347,893 | 372,927 |
Other comprehensive loss | ||||
Foreign currency translation adjustments | (643) | (1,401) | (242) | (1,770) |
Comprehensive income | 139,919 | 144,924 | 347,651 | 371,157 |
Earnings attributable to non-controlling interest | 408 | 0 | 833 | 0 |
Comprehensive income attributable to controlling interest | $ 139,511 | $ 144,924 | $ 346,818 | $ 371,157 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders’ Equity (Subsidiary) - USD ($) $ in Thousands | Total | Additional Paid-In Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Non-controlling interest | LAMAR MEDIA CORP. AND SUBSIDIARIES | LAMAR MEDIA CORP. AND SUBSIDIARIES Common Stock | LAMAR MEDIA CORP. AND SUBSIDIARIES Additional Paid-In Capital | LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Income (Loss) | LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit | LAMAR MEDIA CORP. AND SUBSIDIARIES Non-controlling interest |
Beginning balance at Dec. 31, 2021 | $ 1,217,089 | $ 2,001,399 | $ 855 | $ (734,415) | $ 0 | $ 1,208,346 | $ 0 | $ 3,071,905 | $ 855 | $ (1,864,414) | $ 0 |
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) | 0 | 1,215,347 | 0 | 3,108,352 | 1,169 | (1,894,174) | 0 |
Beginning balance at Dec. 31, 2021 | 1,217,089 | 2,001,399 | 855 | (734,415) | 0 | 1,208,346 | 0 | 3,071,905 | 855 | (1,864,414) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 372,544 | 372,927 | |||||||||
Ending balance at Sep. 30, 2022 | 1,274,285 | 2,054,110 | (915) | (717,654) | 0 | 1,266,200 | 0 | 3,124,617 | (915) | (1,857,502) | 0 |
Beginning balance at Mar. 31, 2022 | 1,223,861 | 2,037,845 | 1,169 | (753,957) | 0 | 1,215,347 | 0 | 3,108,352 | 1,169 | (1,894,174) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Contribution from parent | 4,582 | 4,582 | |||||||||
Foreign currency translations | (683) | (683) | |||||||||
Net income | 134,205 | 134,205 | 134,315 | 134,315 | |||||||
Dividend to parent | (121,809) | (121,809) | |||||||||
Ending balance at Jun. 30, 2022 | 1,240,066 | 2,042,427 | 486 | (741,651) | 0 | 1,231,752 | 0 | 3,112,934 | 486 | (1,881,668) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Contribution from parent | 11,683 | 11,683 | |||||||||
Foreign currency translations | (1,401) | (1,401) | |||||||||
Net income | 146,188 | 146,188 | 146,325 | 146,325 | |||||||
Dividend to parent | (122,159) | (122,159) | |||||||||
Ending balance at Sep. 30, 2022 | 1,274,285 | 2,054,110 | (915) | (717,654) | 0 | 1,266,200 | 0 | 3,124,617 | (915) | (1,857,502) | 0 |
Beginning balance at Dec. 31, 2022 | 1,195,374 | 2,061,671 | (659) | (804,382) | 0 | 1,187,501 | 0 | 3,132,178 | (659) | (1,944,018) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Contribution from parent | 23,447 | 23,447 | |||||||||
Reallocation of capital | (619) | (1,016) | 397 | (619) | (1,016) | 397 | |||||
Foreign currency translations | (2) | (2) | |||||||||
Net income | 76,198 | 76,041 | 157 | 76,334 | 76,177 | 157 | |||||
Dividend to parent | (133,620) | (133,406) | (214) | ||||||||
Ending balance at Mar. 31, 2023 | 1,160,687 | 2,084,102 | (661) | (855,892) | 340 | 1,153,041 | 0 | 3,154,609 | (661) | (2,001,247) | 340 |
Beginning balance at Dec. 31, 2022 | 1,195,374 | 2,061,671 | (659) | (804,382) | 0 | 1,187,501 | 0 | 3,132,178 | (659) | (1,944,018) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 347,511 | 347,893 | |||||||||
Ending balance at Sep. 30, 2023 | 1,186,842 | 2,095,477 | (901) | (840,557) | 68 | 1,179,623 | 0 | 3,165,983 | (901) | (1,985,527) | 68 |
Beginning balance at Mar. 31, 2023 | 1,160,687 | 2,084,102 | (661) | (855,892) | 340 | 1,153,041 | 0 | 3,154,609 | (661) | (2,001,247) | 340 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Contribution from parent | 6,298 | 6,298 | |||||||||
Foreign currency translations | 403 | 403 | |||||||||
Net income | 130,888 | 130,620 | 268 | 130,997 | 130,729 | 268 | |||||
Dividend to parent | (127,692) | (127,539) | (153) | ||||||||
Ending balance at Jun. 30, 2023 | 1,170,494 | 2,090,400 | (258) | (852,901) | 455 | 1,163,047 | 0 | 3,160,907 | (258) | (1,998,057) | 455 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Contribution from parent | 5,076 | 5,076 | |||||||||
Foreign currency translations | (643) | (643) | |||||||||
Net income | 140,425 | 140,017 | 408 | 140,562 | 140,154 | 408 | |||||
Dividend to parent | (128,419) | (127,624) | (795) | ||||||||
Ending balance at Sep. 30, 2023 | $ 1,186,842 | $ 2,095,477 | $ (901) | $ (840,557) | $ 68 | $ 1,179,623 | $ 0 | $ 3,165,983 | $ (901) | $ (1,985,527) | $ 68 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Subsidiary) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 347,511 | $ 372,544 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 222,919 | 202,210 |
Non-cash compensation | 16,362 | 14,331 |
Amortization included in interest expense | 4,920 | 4,527 |
Gain on disposition of assets | (5,243) | (1,990) |
Loss on extinguishment of debt | 115 | 0 |
Equity in earnings of investee | (1,326) | (2,655) |
Deferred tax expense | 910 | 1,851 |
Provision for doubtful accounts | 8,609 | 5,868 |
(Increase) decrease in: | ||
Receivables | (33,755) | (29,510) |
Prepaid expenses | (1,097) | (2,681) |
Other assets | (2,237) | 3,510 |
Decrease in: | ||
Trade accounts payable | (1,430) | (895) |
Accrued expenses | (8,049) | (12,773) |
Operating lease liabilities | (25,838) | (18,881) |
Other liabilities | 7,049 | 1,649 |
Net cash provided by (used in) operating activities | 529,420 | 537,105 |
Cash flows from investing activities: | ||
Acquisitions | (120,324) | (287,860) |
Capital expenditures | (132,152) | (116,808) |
Proceeds from disposition of assets and investments | 6,489 | 2,146 |
Decrease in notes receivable | 62 | 58 |
Net cash (used in) provided by investing activities | (245,925) | (402,464) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (284) | (273) |
Principal payments on financing leases | (998) | (998) |
Payments on revolving credit facility | (243,000) | (575,000) |
Proceeds received from revolving credit facility | 333,000 | 400,000 |
Proceeds received from accounts receivable securitization program | 72,000 | 140,000 |
Payments on accounts receivable securitization program | (74,900) | (115,000) |
Proceeds received from senior credit facility term loans | 0 | 350,000 |
Debt issuance costs | (2,951) | (1,564) |
Distributions to non-controlling interest | (1,162) | (1,019) |
Net cash used in financing activities | (296,736) | (154,842) |
Effect of exchange rate changes in cash and cash equivalents | 17 | (232) |
Net decrease in cash and cash equivalents | (13,224) | (20,433) |
Cash and cash equivalents at beginning of period | 52,619 | 99,788 |
Cash and cash equivalents at end of period | 39,395 | 79,355 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 125,117 | 84,611 |
Cash paid for foreign, state and federal income taxes | 9,093 | 8,254 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net income | 347,893 | 372,927 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 222,919 | 202,210 |
Non-cash compensation | 16,362 | 14,331 |
Amortization included in interest expense | 4,920 | 4,527 |
Gain on disposition of assets | (5,243) | (1,990) |
Loss on extinguishment of debt | 115 | 0 |
Equity in earnings of investee | (1,326) | (2,655) |
Deferred tax expense | 910 | 1,851 |
Provision for doubtful accounts | 8,609 | 5,868 |
(Increase) decrease in: | ||
Receivables | (33,755) | (29,510) |
Prepaid expenses | (1,097) | (2,681) |
Other assets | (2,237) | 3,510 |
Decrease in: | ||
Trade accounts payable | (1,430) | (895) |
Accrued expenses | (8,049) | (12,773) |
Operating lease liabilities | (25,838) | (18,881) |
Other liabilities | (18,026) | (36,419) |
Net cash provided by (used in) operating activities | 504,727 | 499,420 |
Cash flows from investing activities: | ||
Acquisitions | (120,324) | (287,860) |
Capital expenditures | (132,152) | (116,808) |
Proceeds from disposition of assets and investments | 6,489 | 2,146 |
Net cash (used in) provided by investing activities | (245,925) | (402,464) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (284) | (273) |
Principal payments on financing leases | (998) | (998) |
Payments on revolving credit facility | (243,000) | (575,000) |
Proceeds received from revolving credit facility | 333,000 | 400,000 |
Proceeds received from accounts receivable securitization program | 72,000 | 140,000 |
Payments on accounts receivable securitization program | (74,900) | (115,000) |
Proceeds received from senior credit facility term loans | 0 | 350,000 |
Debt issuance costs | (2,951) | (1,564) |
Distributions to non-controlling interest | (1,162) | (1,019) |
Contributions from parent | 34,821 | 52,712 |
Dividend to parent | (388,569) | (366,015) |
Net cash used in financing activities | (272,043) | (117,157) |
Effect of exchange rate changes in cash and cash equivalents | 17 | (232) |
Net decrease in cash and cash equivalents | (13,224) | (20,433) |
Cash and cash equivalents at beginning of period | 52,119 | 99,288 |
Cash and cash equivalents at end of period | 38,895 | 78,855 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 125,117 | 84,611 |
Cash paid for foreign, state and federal income taxes | $ 9,093 | $ 8,254 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2023 | |
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 and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Billboard advertising $ 484,268 $ 471,450 $ 1,384,721 $ 1,337,015 Logo advertising 20,437 19,632 61,975 60,137 Transit advertising 37,904 36,308 108,382 99,478 Net revenues $ 542,609 $ 527,390 $ 1,555,078 $ 1,496,630 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases During the three months ended September 30, 2023 and 2022, we had operating lease costs of $80,550 and $77,472, respectively, and variable lease costs of $16,111 and $15,365, respectively. During the nine months ended September 30, 2023 and 2022, we had operating lease costs of $239,636 and $229,674, respectively, and variable lease costs of $44,639 and $43,240, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2023 and 2022, we recorded a gain of $68 and $106, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2023 and 2022, we recorded a gain of $260 and $576, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $282,725 and $255,436 were made reducing our operating lease liabilities for the nine months ended September 30, 2023 and 2022, 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 $2,523 and $1,943 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2023 and 2022, respectively. We recorded $7,532 and $5,494 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2023 and 2022, respectively. Our operating leases have a weighted-average remaining lease term of 12.6 years. The weighted-average discount rate of our operating leases is 5.0%. Also, during the periods ended September 30, 2023 and 2022, we obtained $17,906 and $37,518, 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 September 30, 2023: 2023 $ 45,881 2024 238,648 2025 189,678 2026 163,143 2027 139,640 Thereafter 983,094 Total undiscounted operating lease payments 1,760,084 Less: Imputed interest (496,919) Total operating lease liabilities $ 1,263,165 During the three months ended September 30, 2023 and 2022, $713 of amortization expense for each period and $125 and $135 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 nine months ended September 30, 2023 and 2022, $2,140 of amortization expense for each period and $382 and $412 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 $998 were made reducing our financing lease liabilities for each of the nine months ended September 30, 2023 and 2022 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 4.2 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 September 30, 2023 and 2022, non-lease variable transit payments were $22,023 and $22,019, respectively. |
Leases | Leases During the three months ended September 30, 2023 and 2022, we had operating lease costs of $80,550 and $77,472, respectively, and variable lease costs of $16,111 and $15,365, respectively. During the nine months ended September 30, 2023 and 2022, we had operating lease costs of $239,636 and $229,674, respectively, and variable lease costs of $44,639 and $43,240, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended September 30, 2023 and 2022, we recorded a gain of $68 and $106, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2023 and 2022, we recorded a gain of $260 and $576, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $282,725 and $255,436 were made reducing our operating lease liabilities for the nine months ended September 30, 2023 and 2022, 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 $2,523 and $1,943 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2023 and 2022, respectively. We recorded $7,532 and $5,494 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2023 and 2022, respectively. Our operating leases have a weighted-average remaining lease term of 12.6 years. The weighted-average discount rate of our operating leases is 5.0%. Also, during the periods ended September 30, 2023 and 2022, we obtained $17,906 and $37,518, 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 September 30, 2023: 2023 $ 45,881 2024 238,648 2025 189,678 2026 163,143 2027 139,640 Thereafter 983,094 Total undiscounted operating lease payments 1,760,084 Less: Imputed interest (496,919) Total operating lease liabilities $ 1,263,165 During the three months ended September 30, 2023 and 2022, $713 of amortization expense for each period and $125 and $135 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 nine months ended September 30, 2023 and 2022, $2,140 of amortization expense for each period and $382 and $412 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 $998 were made reducing our financing lease liabilities for each of the nine months ended September 30, 2023 and 2022 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 4.2 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 September 30, 2023 and 2022, non-lease variable transit payments were $22,023 and $22,019, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
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 22,500 shares of its Class A common stock during the nine months ended September 30, 2023. At September 30, 2023 a total of 1,726,676 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 87,327 shares on January 1, 2023 pursuant to the automatic increase provisions of the 2019 ESPP. The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2023: Shares Available for future purchases, January 1, 2023 301,971 Additional shares reserved under 2019 ESPP 87,327 Purchases (116,922) Available for future purchases, September 30, 2023 272,376 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 2023 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2024. 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 September 30, 2023 and 2022, the Company recorded $1,589 and $3,830, respectively, as stock-based compensation expense related to performance-based awards. For the nine months ended September 30, 2023 and 2022, the Company recorded $8,034 and $9,789 , respectively, as stock-based compensation expense related to performance-based awards. LTIP Units . In addition to performance-based stock compensation, the Company may issue LTIP Units of Lamar Advertising Limited Partnership (the "OP"), a subsidiary of the Company, to certain officers, employees and directors under the Incentive Plan of the Company. Such LTIP Units are subject to vesting and forfeiture conditions based on performance criteria approved by the Compensation Committee, which mirrors the performance criteria applicable to the Company's performance-based stock compensation, as described above. LTIP Units are a class of units intended to qualify as “profits interests” of the OP. The LTIP Units convert into Common Units of the OP upon the occurrence of certain events. Common Units are redeemable by the holder for shares of the Company's Class A common stock after a holding period of twelve months, or may be paid out in cash at the option of the general partner of the OP. As of the September 30, 2023, the OP issued a total of 176,000 LTIP Units to the Company’s executive officers, of which 88,000 LTIP units have vested. For the three and nine months ended September 30, 2023, the Company recorded $1,147 and $4,050, respectively, as stock-based compensation expense related to these LTIP Units. 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. For the three months ended September 30, 2023 and 2022, the Company recorded $67 and $73, respectively, in stock-based compensation expense related to these awards. For the nine months ended September 30, 2023 and 2022, the Company recorded $587 and $502, respectively, in stock-based compensation expense related to these awards. |
Depreciation and Amortization
Depreciation and Amortization | 9 Months Ended |
Sep. 30, 2023 | |
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 as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Direct advertising expenses $ 69,598 $ 60,842 $ 208,272 $ 187,992 General and administrative expenses 1,456 1,538 4,014 3,984 Corporate expenses 3,582 3,453 10,633 10,234 $ 74,636 $ 65,833 $ 222,919 $ 202,210 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022: Estimated September 30, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 729,648 $ 634,086 $ 720,051 $ 614,840 Non-competition agreements 3—15 71,839 66,249 71,599 65,647 Site locations 15 2,945,955 1,862,990 2,864,854 1,781,164 Other 2—15 52,407 41,157 52,164 40,392 $ 3,799,849 $ 2,604,482 $ 3,708,668 $ 2,502,043 Unamortizable intangible assets: Goodwill $ 2,288,749 $ 253,536 $ 2,288,805 $ 253,536 |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022 $ 390,442 Additions to asset retirement obligations 4,127 Revision in estimates 1,230 Accretion expense 5,358 Liabilities settled (4,116) Balance at September 30, 2023 $ 397,041 |
Distribution Restrictions
Distribution Restrictions | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 and December 31, 2022, 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 $4,352,231 and $4,187,593, respectively. As of September 30, 2023, 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 September 30, 2023, 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 September 30, 2023, 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 $3,102,710. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
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 and nine months ended September 30, 2023 or 2022. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consists of the following at September 30, 2023 and December 31, 2022: September 30, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,084,159 $ 8,916 $ 1,075,243 Accounts Receivable Securitization Program 247,100 440 246,660 3 3/4% Senior Notes 600,000 5,196 594,804 3 5/8% Senior Notes 550,000 6,418 543,582 4% Senior Notes 549,497 5,874 543,623 4 7/8% Senior Notes 400,000 3,937 396,063 Other notes with various rates and terms 1,730 — 1,730 3,432,486 30,781 3,401,705 Less current maturities (247,493) (440) (247,053) Long-term debt, excluding current maturities $ 3,184,993 $ 30,341 $ 3,154,652 December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 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 July 31, 2028, subject to certain conditions (see description of Amendment No. 4 below) (the “revolving credit facility”), (ii) a $600,000 senior secured Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, (iii) a $350,000 senior secured Term A loan facility (the "Term A loans") which will mature on February 6, 2025, and (iv) 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 Term Secured Overnight Financing Rate ("Term SOFR") plus a credit spread adjustment of 0.10% (Term SOFR plus such credit spread adjustment, the "Adjusted Term SOFR Rate”) or the Adjusted Base Rate, at Lamar Media’s option. Term B loans bearing interest at a rate based on Term SOFR bear interest at a rate per annum equal to Term SOFR plus 1.50%. Term B loans bearing interest at a rate based on the Adjusted Base Rate 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 Term SOFR ("Term SOFR revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Term SOFR revolving loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR 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. On July 29, 2022, Lamar Media entered into Amendment No. 2 (the "Amendment No. 2") to 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. Amendment No. 2 established the Term A loans as a new class of incremental term loans. The Term A loans will mature on February 6, 2025 with no required amortization payments prior to maturity and bear interest at rates based on Term SOFR ("Term SOFR Term A loans") or the Adjusted Base Rate ("Base Rate Term A loans"), at Lamar Media's option. Term SOFR Term A loans bear interest at a rate per annum equal to the Adjusted Term SOFR Rate plus 1.50% (or the Adjusted Term SOFR Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate Term A 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 covenants, events of default and other terms of the senior credit facility apply to the Term A loans. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022. The entire amount of the Term A loans will be payable at maturity. Proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. On April 26, 2023, Lamar Media entered into Amendment No. 3 (the "Amendment No. 3") to 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. Amendment No. 3 replaced the London Interbank Offered Rates as administered by the ICE Benchmark Administration with Term SOFR as the successor rate, as set in the Fourth Amended and Restated Credit Agreement. All other material terms and conditions of the Fourth Amended and Restated Credit Agreement remain unchanged by Amendment No. 3. On July 31, 2023, Lamar Media entered into Amendment No. 4 (the "Amendment No. 4"), to 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. Amendment No. 4 extends the maturity date of Lamar Media's $750,000 revolving credit facility such that the revolving credit facility matures July 31, 2028; provided, that, if on the date (a "Springing Maturity Test Date") that is 91 days prior to either the then scheduled maturity date of Lamar Media's Term B loans (which is currently February 6, 2027) or the February 15, 2028 maturity date of Lamar Media's 3 3/4% Notes, the Company and its restricted subsidiaries do not have sufficient liquidity (defined as unrestricted cash and cash equivalents of the Company and its restricted subsidiaries plus unused commitments under the revolving credit facility) to repay in full the aggregate outstanding amount (including all accrued and unpaid interest, premiums and make-whole amounts (if any)) of the Term B loans or the 3 3/4% Notes (as applicable), the revolving credit facility will mature on such Springing Maturity Test Date. On the maturity date of the revolving credit facility, the entire principal amount of revolving loans outstanding under the revolving credit facility, together will all accrued and unpaid interest on such revolving loans, will be due and payable. Amendment No. 4 also establishes a $75,000 swingline as a sublimit of the revolving credit facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75,000. In addition, Amendment No. 4 amends the provisions of the Fourth Amended and Restated Credit Agreement related to incremental facilities to allow Lamar Media to establish, from time to time, one or more new incremental revolving facilities on the terms, and subject to the conditions, set forth therein. As of September 30, 2023, there were $135,000 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 $8,682 in letters of credit outstanding as of September 30, 2023 resulting in $606,318 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. 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 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program. As of September 30, 2023 there was $247,100 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 September 30, 2023. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the nine months ended September 30, 2023. The Accounts Receivable Securitization Program will mature on July 21, 2025. 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. 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. 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. 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. 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 On March 16, 2020, the Company’s Board of Directors authorized Lamar Media to repurchase up to $250,000 in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. On February 23, 2023, the Board of Directors authorized the extension of the repurchase program through September 30, 2024. There were no repurchases under the program as of September 30, 2023. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsAt September 30, 2023 and December 31, 2022, 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 $3,130,384 which does not exceed the carrying amount of $3,432,486 as of September 30, 2023. 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 | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements 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. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. |
Dividends_Distributions
Dividends/Distributions | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Dividends/Distributions | Dividends/DistributionsDuring the three months ended September 30, 2023 and 2022, the Company declared and paid cash distributions in an aggregate amount of $127,582 or $1.25 per share and $122,100 or $1.20 per share, respectively. During the nine months ended September 30, 2023 and 2022, the Company declared and paid cash distributions in an aggregate amount of $382,580 or $3.75 per share and $355,510 or $3.50 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 general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three and nine months ended September 30, 2023 and 2022, 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 and $273 or $47.85 per share for each period, respectively. |
Information about Geographic Ar
Information about Geographic Areas | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $21,684 and $21,721 for the nine months ended September 30, 2023 and 2022, respectively. Net carrying value of long-lived assets located in foreign countries totaled $13,235 and $11,763 as of September 30, 2023 and December 31, 2022, respectively. All other revenues from external customers and long-lived assets relate to domestic operations. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Sales Agreement. On June 21, 2021, the Company entered into an 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 September 30, 2023, 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 September 30, 2023. 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 nine months ended September 30, 2023 and the year ended December 31, 2022, 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 February 23, 2023, the Board of Directors authorized the extension of the repurchase program through September 30, 2024. There were no repurchases under the program as of September 30, 2023. |
Significant Accounting Polici_2
Significant Accounting Policies (Subsidiary) | 9 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies [Line Items] | |
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 2022 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 [Line Items] | |
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 2022 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, 14 and 15 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 | 9 Months Ended |
Sep. 30, 2023 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Condensed Income Statements, Captions [Line Items] | |
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 September 30, 2023 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 29,797 $ 33,504 $ 314,365 $ — $ 377,666 Net property, plant and equipment — 1,528,064 17,235 — 1,545,299 Operating lease right of use assets — 1,285,803 35,122 — 1,320,925 Intangibles and goodwill, net — 3,203,025 16,936 — 3,219,961 Other assets 4,626,686 353,991 246,698 (5,135,647) 91,728 Total assets $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 393 $ 246,660 $ — $ 247,053 Current operating lease liabilities — 177,223 7,397 — 184,620 Other current liabilities 43,355 192,259 13,429 — 249,043 Total current liabilities 43,355 369,875 267,486 — 680,716 Long-term debt 3,153,315 1,337 — — 3,154,652 Operating lease liabilities — 1,052,662 25,883 — 1,078,545 Other noncurrent liabilities 280,258 422,853 345,873 (586,941) 462,043 Total liabilities 3,476,928 1,846,727 639,242 (586,941) 5,375,956 Stockholder's equity 1,179,555 4,557,660 (8,886) (4,548,706) 1,179,623 Total liabilities and stockholder's equity $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 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, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 39,829 $ 36,667 $ 287,556 $ — $ 364,052 Net property, plant and equipment — 1,483,395 16,304 — 1,499,699 Operating lease right of use assets — 1,252,414 19,217 — 1,271,631 Intangibles and goodwill, net — 3,214,284 16,991 — 3,231,275 Other assets 4,514,221 325,052 250,056 (4,997,514) 91,815 Total assets $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 378 $ 249,407 $ — $ 249,785 Current operating lease liabilities — 198,320 7,518 — 205,838 Other current liabilities 23,360 222,871 15,314 — 261,545 Total current liabilities 23,360 421,569 272,239 — 717,168 Long-term debt 3,061,385 1,635 — — 3,063,020 Operating lease liabilities — 1,025,385 10,270 — 1,035,655 Other noncurrent liabilities 281,804 418,163 301,957 (546,796) 455,128 Total liabilities 3,366,549 1,866,752 584,466 (546,796) 5,270,971 Stockholder's equity 1,187,501 4,445,060 5,658 (4,450,718) 1,187,501 Total liabilities and stockholder's equity $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 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 September 30, 2023 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 532,112 $ 11,228 $ (731) $ 542,609 Operating expenses (income) Direct advertising expenses (1) — 167,920 7,999 (731) 175,188 General and administrative expenses (1) — 79,755 1,529 — 81,284 Corporate expenses (1) — 23,798 312 — 24,110 Depreciation and amortization — 73,477 1,159 — 74,636 Gain on disposition of assets — (879) — — (879) — 344,071 10,999 (731) 354,339 Operating income — 188,041 229 — 188,270 Equity in (earnings) loss of subsidiaries (181,237) — — 181,237 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 40,968 (552) 4,033 — 44,449 Equity in earnings of investee — (699) — — (699) Income (loss) before income tax expense (benefit) 140,154 189,292 (3,804) (181,237) 144,405 Income tax expense (benefit) (2) — 3,923 (80) — 3,843 Net income (loss) 140,154 185,369 (3,724) (181,237) 140,562 Earnings attributable to non-controlling interest — 122 286 — 408 Net income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,010) $ (181,237) $ 140,154 Statement of Comprehensive Income Net income (loss) $ 140,154 $ 185,369 $ (3,724) $ (181,237) $ 140,562 Total other comprehensive loss, net of tax — — (643) — (643) Total comprehensive income (loss) 140,154 185,369 (4,367) (181,237) 139,919 Earnings attributable to non-controlling interest — 122 286 — 408 Comprehensive income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,653) $ (181,237) $ 139,511 (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 September 30, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 515,993 $ 11,470 $ (73) $ 527,390 Operating expenses (income) Direct advertising expenses (1) — 161,629 7,412 (73) 168,968 General and administrative expenses (1) — 85,388 1,793 — 87,181 Corporate expenses (1) — 23,810 527 — 24,337 Depreciation and amortization — 65,032 801 — 65,833 Gain on disposition of assets — (53) — — (53) — 335,806 10,533 (73) 346,266 Operating income — 180,187 937 — 181,124 Equity in (earnings) loss of subsidiaries (178,405) — — 178,405 — Interest expense (income), net 32,080 (32) 1,249 — 33,297 Equity in earnings of investee — (1,554) — — (1,554) Income (loss) before income tax expense 146,325 181,773 (312) (178,405) 149,381 Income tax expense (2) — 2,940 116 — 3,056 Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Statement of Comprehensive Income Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Total other comprehensive loss, net of tax — — (1,401) — (1,401) Total comprehensive income (loss) $ 146,325 $ 178,833 $ (1,829) $ (178,405) $ 144,924 (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 Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,525,275 $ 31,810 $ (2,007) $ 1,555,078 Operating expenses (income) Direct advertising expenses (1) — 494,070 23,340 (2,007) 515,403 General and administrative expenses (1) — 250,839 6,105 — 256,944 Corporate expenses (1) — 79,809 1,139 — 80,948 Depreciation and amortization — 219,839 3,080 — 222,919 (Gain) loss on disposition of assets — (5,245) 2 — (5,243) — 1,039,312 33,666 (2,007) 1,070,971 Operating income (loss) — 485,963 (1,856) — 484,107 Equity in (earnings) loss of subsidiaries (466,361) — — 466,361 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 119,186 (1,447) 10,865 — 128,604 Equity in earnings of investee — (1,326) — — (1,326) Income (loss) before income tax expense 347,060 488,736 (12,721) (466,361) 356,714 Income tax expense (2) — 8,691 130 — 8,821 Net income (loss) 347,060 480,045 (12,851) (466,361) 347,893 Earnings attributable to non-controlling interest — 257 576 — 833 Net income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,427) $ (466,361) $ 347,060 Statement of Comprehensive Income Net income (loss) $ 347,060 $ 480,045 $ (12,851) $ (466,361) $ 347,893 Total other comprehensive loss, net of tax — — (242) — (242) Total comprehensive income (loss) 347,060 480,045 (13,093) (466,361) 347,651 Earnings attributable to non-controlling interest — 257 576 — 833 Comprehensive income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,669) $ (466,361) $ 346,818 (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 Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,466,109 $ 30,776 $ (255) $ 1,496,630 Operating expenses (income) Direct advertising expenses (1) — 471,633 22,085 (255) 493,463 General and administrative expenses (1) — 255,546 5,377 — 260,923 Corporate expenses (1) — 71,499 2,195 — 73,694 Depreciation and amortization — 199,623 2,587 — 202,210 Gain on disposition of assets — (1,990) — — (1,990) — 996,311 32,244 (255) 1,028,300 Operating income (loss) — 469,798 (1,468) — 468,330 Equity in (earnings) loss of subsidiaries (459,799) — — 459,799 — Interest expense (income), net 86,872 (132) 2,342 — 89,082 Equity in earnings of investee — (2,655) — — (2,655) Income (loss) before income tax expense (benefit) 372,927 472,585 (3,810) (459,799) 381,903 Income tax expense (benefit) (2) — 9,085 (109) — 8,976 Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Statement of Comprehensive Income Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Total other comprehensive loss, net of tax — — (1,770) — (1,770) Total comprehensive income (loss) $ 372,927 $ 463,500 $ (5,471) $ (459,799) $ 371,157 (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 Statement of Cash Flows for the Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 392,347 $ 640,356 $ (39,521) $ (488,455) $ 504,727 Cash flows from investing activities: Acquisitions — (120,324) — — (120,324) Capital expenditures — (128,157) (3,995) — (132,152) Proceeds from disposition of assets and investments — 6,489 — — 6,489 Decrease in notes receivable — 62 — — 62 Investment in subsidiaries (120,324) — — 120,324 — (Increase) decrease in intercompany notes receivable (15,384) — — 15,384 — Net cash (used in) provided by investing activities (135,708) (241,930) (3,995) 135,708 (245,925) Cash flows from financing activities: Proceeds received from revolving credit facility 333,000 — — — 333,000 Payment on revolving credit facility (243,000) — — — (243,000) Principal payments on long-term debt — (284) — — (284) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (74,900) — (74,900) Proceeds received from accounts receivable securitization program — — 72,000 — 72,000 Debt issuance costs (2,926) — (25) — (2,951) Intercompany loan (payments) proceeds — (29,489) 44,873 (15,384) — Distributions to non-controlling interest — (330) (832) — (1,162) Dividends (to) from parent (388,569) (488,455) — 488,455 (388,569) Contributions from (to) parent 34,821 120,324 — (120,324) 34,821 Net cash (used in) provided by financing activities (266,674) (399,232) 41,116 352,747 (272,043) Effect of exchange rate changes in cash and cash equivalents — — 17 — 17 Net decrease in cash and cash equivalents (10,035) (806) (2,383) — (13,224) Cash and cash equivalents at beginning of period 39,729 1,285 11,105 — 52,119 Cash and cash equivalents at end of period $ 29,694 $ 479 $ 8,722 $ — $ 38,895 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 Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 391,078 $ 611,985 $ (30,726) $ (472,917) $ 499,420 Cash flows from investing activities: Acquisitions — (287,860) — — (287,860) Capital expenditures — (113,736) (3,072) — (116,808) Proceeds from disposition of assets and investments — 2,146 — — 2,146 Investment in subsidiaries (287,860) — — 287,860 — Decrease (increase) in intercompany notes receivable 14,158 — — (14,158) — Decrease in notes receivable — 58 — — 58 Net cash (used in) provided by investing activities (273,702) (399,392) (3,072) 273,702 (402,464) Cash flows from financing activities: Proceeds received from revolving credit facility 400,000 — — — 400,000 Payment on revolving credit facility (575,000) — — — (575,000) Principal payments on long-term debt — (273) — — (273) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (115,000) — (115,000) Proceeds received from accounts receivable securitization program — — 140,000 — 140,000 Proceeds received from senior credit facility term loans 350,000 — — — 350,000 Debt issuance costs (1,328) — (236) — (1,564) Intercompany loan (payments) proceeds — (28,204) 14,046 14,158 — Distributions to non-controlling interest — — (1,019) — (1,019) Dividends (to) from parent (366,015) (472,917) — 472,917 (366,015) Contributions from (to) parent 52,712 287,860 — (287,860) 52,712 Net cash (used in) provided by financing activities (139,631) (214,532) 37,791 199,215 (117,157) Effect of exchange rate changes in cash and cash equivalents — — (232) — (232) Net (decrease) increase in cash and cash equivalents (22,255) (1,939) 3,761 — (20,433) Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 68,768 $ 1,555 $ 8,532 $ — $ 78,855 |
Significant Accounting Polici_3
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies [Line Items] | |
Subsequent Events | Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
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. |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsAt September 30, 2023 and December 31, 2022, 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. |
New Accounting Pronouncements | New Accounting Pronouncements 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. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. |
Dividends/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 general economic conditions on the Company’s operations and other factors that the Board of Directors may deem relevant. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Significant Accounting Policies [Line Items] | |
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, 14 and 15 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) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation Revenue | The following table presents our disaggregated revenue by source for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Billboard advertising $ 484,268 $ 471,450 $ 1,384,721 $ 1,337,015 Logo advertising 20,437 19,632 61,975 60,137 Transit advertising 37,904 36,308 108,382 99,478 Net revenues $ 542,609 $ 527,390 $ 1,555,078 $ 1,496,630 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | The following is a summary of the maturities of our operating lease liabilities as of September 30, 2023: 2023 $ 45,881 2024 238,648 2025 189,678 2026 163,143 2027 139,640 Thereafter 983,094 Total undiscounted operating lease payments 1,760,084 Less: Imputed interest (496,919) Total operating lease liabilities $ 1,263,165 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of ESPP Share Activity | The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2023: Shares Available for future purchases, January 1, 2023 301,971 Additional shares reserved under 2019 ESPP 87,327 Purchases (116,922) Available for future purchases, September 30, 2023 272,376 |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Depreciation, Depletion and Amortization [Abstract] | |
Schedule of 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 as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Direct advertising expenses $ 69,598 $ 60,842 $ 208,272 $ 187,992 General and administrative expenses 1,456 1,538 4,014 3,984 Corporate expenses 3,582 3,453 10,633 10,234 $ 74,636 $ 65,833 $ 222,919 $ 202,210 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following is a summary of intangible assets at September 30, 2023 and December 31, 2022: Estimated September 30, 2023 December 31, 2022 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 729,648 $ 634,086 $ 720,051 $ 614,840 Non-competition agreements 3—15 71,839 66,249 71,599 65,647 Site locations 15 2,945,955 1,862,990 2,864,854 1,781,164 Other 2—15 52,407 41,157 52,164 40,392 $ 3,799,849 $ 2,604,482 $ 3,708,668 $ 2,502,043 Unamortizable intangible assets: Goodwill $ 2,288,749 $ 253,536 $ 2,288,805 $ 253,536 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Information Related to Asset Retirement Obligations | The following table reflects information related to our asset retirement obligations: Balance at December 31, 2022 $ 390,442 Additions to asset retirement obligations 4,127 Revision in estimates 1,230 Accretion expense 5,358 Liabilities settled (4,116) Balance at September 30, 2023 $ 397,041 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following at September 30, 2023 and December 31, 2022: September 30, 2023 Debt Deferred Debt, net of Senior Credit Facility $ 1,084,159 $ 8,916 $ 1,075,243 Accounts Receivable Securitization Program 247,100 440 246,660 3 3/4% Senior Notes 600,000 5,196 594,804 3 5/8% Senior Notes 550,000 6,418 543,582 4% Senior Notes 549,497 5,874 543,623 4 7/8% Senior Notes 400,000 3,937 396,063 Other notes with various rates and terms 1,730 — 1,730 3,432,486 30,781 3,401,705 Less current maturities (247,493) (440) (247,053) Long-term debt, excluding current maturities $ 3,184,993 $ 30,341 $ 3,154,652 December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 |
Summarized Financial Informat_2
Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES | 9 Months Ended |
Sep. 30, 2023 | |
Condensed Income Statements, Captions [Line Items] | |
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 September 30, 2023 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 29,797 $ 33,504 $ 314,365 $ — $ 377,666 Net property, plant and equipment — 1,528,064 17,235 — 1,545,299 Operating lease right of use assets — 1,285,803 35,122 — 1,320,925 Intangibles and goodwill, net — 3,203,025 16,936 — 3,219,961 Other assets 4,626,686 353,991 246,698 (5,135,647) 91,728 Total assets $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 393 $ 246,660 $ — $ 247,053 Current operating lease liabilities — 177,223 7,397 — 184,620 Other current liabilities 43,355 192,259 13,429 — 249,043 Total current liabilities 43,355 369,875 267,486 — 680,716 Long-term debt 3,153,315 1,337 — — 3,154,652 Operating lease liabilities — 1,052,662 25,883 — 1,078,545 Other noncurrent liabilities 280,258 422,853 345,873 (586,941) 462,043 Total liabilities 3,476,928 1,846,727 639,242 (586,941) 5,375,956 Stockholder's equity 1,179,555 4,557,660 (8,886) (4,548,706) 1,179,623 Total liabilities and stockholder's equity $ 4,656,483 $ 6,404,387 $ 630,356 $ (5,135,647) $ 6,555,579 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, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 39,829 $ 36,667 $ 287,556 $ — $ 364,052 Net property, plant and equipment — 1,483,395 16,304 — 1,499,699 Operating lease right of use assets — 1,252,414 19,217 — 1,271,631 Intangibles and goodwill, net — 3,214,284 16,991 — 3,231,275 Other assets 4,514,221 325,052 250,056 (4,997,514) 91,815 Total assets $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 378 $ 249,407 $ — $ 249,785 Current operating lease liabilities — 198,320 7,518 — 205,838 Other current liabilities 23,360 222,871 15,314 — 261,545 Total current liabilities 23,360 421,569 272,239 — 717,168 Long-term debt 3,061,385 1,635 — — 3,063,020 Operating lease liabilities — 1,025,385 10,270 — 1,035,655 Other noncurrent liabilities 281,804 418,163 301,957 (546,796) 455,128 Total liabilities 3,366,549 1,866,752 584,466 (546,796) 5,270,971 Stockholder's equity 1,187,501 4,445,060 5,658 (4,450,718) 1,187,501 Total liabilities and stockholder's equity $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 |
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 September 30, 2023 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 532,112 $ 11,228 $ (731) $ 542,609 Operating expenses (income) Direct advertising expenses (1) — 167,920 7,999 (731) 175,188 General and administrative expenses (1) — 79,755 1,529 — 81,284 Corporate expenses (1) — 23,798 312 — 24,110 Depreciation and amortization — 73,477 1,159 — 74,636 Gain on disposition of assets — (879) — — (879) — 344,071 10,999 (731) 354,339 Operating income — 188,041 229 — 188,270 Equity in (earnings) loss of subsidiaries (181,237) — — 181,237 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 40,968 (552) 4,033 — 44,449 Equity in earnings of investee — (699) — — (699) Income (loss) before income tax expense (benefit) 140,154 189,292 (3,804) (181,237) 144,405 Income tax expense (benefit) (2) — 3,923 (80) — 3,843 Net income (loss) 140,154 185,369 (3,724) (181,237) 140,562 Earnings attributable to non-controlling interest — 122 286 — 408 Net income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,010) $ (181,237) $ 140,154 Statement of Comprehensive Income Net income (loss) $ 140,154 $ 185,369 $ (3,724) $ (181,237) $ 140,562 Total other comprehensive loss, net of tax — — (643) — (643) Total comprehensive income (loss) 140,154 185,369 (4,367) (181,237) 139,919 Earnings attributable to non-controlling interest — 122 286 — 408 Comprehensive income (loss) attributable to controlling interest $ 140,154 $ 185,247 $ (4,653) $ (181,237) $ 139,511 (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 September 30, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 515,993 $ 11,470 $ (73) $ 527,390 Operating expenses (income) Direct advertising expenses (1) — 161,629 7,412 (73) 168,968 General and administrative expenses (1) — 85,388 1,793 — 87,181 Corporate expenses (1) — 23,810 527 — 24,337 Depreciation and amortization — 65,032 801 — 65,833 Gain on disposition of assets — (53) — — (53) — 335,806 10,533 (73) 346,266 Operating income — 180,187 937 — 181,124 Equity in (earnings) loss of subsidiaries (178,405) — — 178,405 — Interest expense (income), net 32,080 (32) 1,249 — 33,297 Equity in earnings of investee — (1,554) — — (1,554) Income (loss) before income tax expense 146,325 181,773 (312) (178,405) 149,381 Income tax expense (2) — 2,940 116 — 3,056 Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Statement of Comprehensive Income Net income (loss) $ 146,325 $ 178,833 $ (428) $ (178,405) $ 146,325 Total other comprehensive loss, net of tax — — (1,401) — (1,401) Total comprehensive income (loss) $ 146,325 $ 178,833 $ (1,829) $ (178,405) $ 144,924 (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 Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,525,275 $ 31,810 $ (2,007) $ 1,555,078 Operating expenses (income) Direct advertising expenses (1) — 494,070 23,340 (2,007) 515,403 General and administrative expenses (1) — 250,839 6,105 — 256,944 Corporate expenses (1) — 79,809 1,139 — 80,948 Depreciation and amortization — 219,839 3,080 — 222,919 (Gain) loss on disposition of assets — (5,245) 2 — (5,243) — 1,039,312 33,666 (2,007) 1,070,971 Operating income (loss) — 485,963 (1,856) — 484,107 Equity in (earnings) loss of subsidiaries (466,361) — — 466,361 — Loss on extinguishment of debt 115 — — — 115 Interest expense (income), net 119,186 (1,447) 10,865 — 128,604 Equity in earnings of investee — (1,326) — — (1,326) Income (loss) before income tax expense 347,060 488,736 (12,721) (466,361) 356,714 Income tax expense (2) — 8,691 130 — 8,821 Net income (loss) 347,060 480,045 (12,851) (466,361) 347,893 Earnings attributable to non-controlling interest — 257 576 — 833 Net income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,427) $ (466,361) $ 347,060 Statement of Comprehensive Income Net income (loss) $ 347,060 $ 480,045 $ (12,851) $ (466,361) $ 347,893 Total other comprehensive loss, net of tax — — (242) — (242) Total comprehensive income (loss) 347,060 480,045 (13,093) (466,361) 347,651 Earnings attributable to non-controlling interest — 257 576 — 833 Comprehensive income (loss) attributable to controlling interest $ 347,060 $ 479,788 $ (13,669) $ (466,361) $ 346,818 (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 Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 1,466,109 $ 30,776 $ (255) $ 1,496,630 Operating expenses (income) Direct advertising expenses (1) — 471,633 22,085 (255) 493,463 General and administrative expenses (1) — 255,546 5,377 — 260,923 Corporate expenses (1) — 71,499 2,195 — 73,694 Depreciation and amortization — 199,623 2,587 — 202,210 Gain on disposition of assets — (1,990) — — (1,990) — 996,311 32,244 (255) 1,028,300 Operating income (loss) — 469,798 (1,468) — 468,330 Equity in (earnings) loss of subsidiaries (459,799) — — 459,799 — Interest expense (income), net 86,872 (132) 2,342 — 89,082 Equity in earnings of investee — (2,655) — — (2,655) Income (loss) before income tax expense (benefit) 372,927 472,585 (3,810) (459,799) 381,903 Income tax expense (benefit) (2) — 9,085 (109) — 8,976 Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Statement of Comprehensive Income Net income (loss) $ 372,927 $ 463,500 $ (3,701) $ (459,799) $ 372,927 Total other comprehensive loss, net of tax — — (1,770) — (1,770) Total comprehensive income (loss) $ 372,927 $ 463,500 $ (5,471) $ (459,799) $ 371,157 (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. |
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 Nine Months Ended September 30, 2023 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 392,347 $ 640,356 $ (39,521) $ (488,455) $ 504,727 Cash flows from investing activities: Acquisitions — (120,324) — — (120,324) Capital expenditures — (128,157) (3,995) — (132,152) Proceeds from disposition of assets and investments — 6,489 — — 6,489 Decrease in notes receivable — 62 — — 62 Investment in subsidiaries (120,324) — — 120,324 — (Increase) decrease in intercompany notes receivable (15,384) — — 15,384 — Net cash (used in) provided by investing activities (135,708) (241,930) (3,995) 135,708 (245,925) Cash flows from financing activities: Proceeds received from revolving credit facility 333,000 — — — 333,000 Payment on revolving credit facility (243,000) — — — (243,000) Principal payments on long-term debt — (284) — — (284) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (74,900) — (74,900) Proceeds received from accounts receivable securitization program — — 72,000 — 72,000 Debt issuance costs (2,926) — (25) — (2,951) Intercompany loan (payments) proceeds — (29,489) 44,873 (15,384) — Distributions to non-controlling interest — (330) (832) — (1,162) Dividends (to) from parent (388,569) (488,455) — 488,455 (388,569) Contributions from (to) parent 34,821 120,324 — (120,324) 34,821 Net cash (used in) provided by financing activities (266,674) (399,232) 41,116 352,747 (272,043) Effect of exchange rate changes in cash and cash equivalents — — 17 — 17 Net decrease in cash and cash equivalents (10,035) (806) (2,383) — (13,224) Cash and cash equivalents at beginning of period 39,729 1,285 11,105 — 52,119 Cash and cash equivalents at end of period $ 29,694 $ 479 $ 8,722 $ — $ 38,895 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 Nine Months Ended September 30, 2022 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 391,078 $ 611,985 $ (30,726) $ (472,917) $ 499,420 Cash flows from investing activities: Acquisitions — (287,860) — — (287,860) Capital expenditures — (113,736) (3,072) — (116,808) Proceeds from disposition of assets and investments — 2,146 — — 2,146 Investment in subsidiaries (287,860) — — 287,860 — Decrease (increase) in intercompany notes receivable 14,158 — — (14,158) — Decrease in notes receivable — 58 — — 58 Net cash (used in) provided by investing activities (273,702) (399,392) (3,072) 273,702 (402,464) Cash flows from financing activities: Proceeds received from revolving credit facility 400,000 — — — 400,000 Payment on revolving credit facility (575,000) — — — (575,000) Principal payments on long-term debt — (273) — — (273) Principal payments on financing leases — (998) — — (998) Payment on accounts receivable securitization program — — (115,000) — (115,000) Proceeds received from accounts receivable securitization program — — 140,000 — 140,000 Proceeds received from senior credit facility term loans 350,000 — — — 350,000 Debt issuance costs (1,328) — (236) — (1,564) Intercompany loan (payments) proceeds — (28,204) 14,046 14,158 — Distributions to non-controlling interest — — (1,019) — (1,019) Dividends (to) from parent (366,015) (472,917) — 472,917 (366,015) Contributions from (to) parent 52,712 287,860 — (287,860) 52,712 Net cash (used in) provided by financing activities (139,631) (214,532) 37,791 199,215 (117,157) Effect of exchange rate changes in cash and cash equivalents — — (232) — (232) Net (decrease) increase in cash and cash equivalents (22,255) (1,939) 3,761 — (20,433) Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 68,768 $ 1,555 $ 8,532 $ — $ 78,855 |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregation Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 542,609 | $ 527,390 | $ 1,555,078 | $ 1,496,630 |
Billboard advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 484,268 | 471,450 | 1,384,721 | 1,337,015 |
Logo advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 20,437 | 19,632 | 61,975 | 60,137 |
Transit advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 37,904 | $ 36,308 | $ 108,382 | $ 99,478 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease, cost | $ 80,550 | $ 77,472 | $ 239,636 | $ 229,674 |
Variable lease, cost | 16,111 | 15,365 | 44,639 | 43,240 |
Gain on disposition of assets | 879 | 53 | 5,243 | 1,990 |
Operating lease, cash payments | 282,725 | 255,436 | ||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 175,188 | 168,968 | $ 515,403 | 493,463 |
Operating lease, weighted average remaining lease term | 12 years 7 months 6 days | 12 years 7 months 6 days | ||
Operating lease, weighted average discount rate | 5% | 5% | ||
Leased assets obtained in exchange for operating lease liability | $ 17,906 | 37,518 | ||
Amortization expense | $ 713 | 713 | 2,140 | 2,140 |
Interest expense | $ 125 | 135 | 382 | 412 |
Principal payments on financing leases | $ 998 | 998 | ||
Weighted-average remaining lease term | 4 years 2 months 12 days | 4 years 2 months 12 days | ||
Weighted-average discount rate | 3.10% | 3.10% | ||
Non-lease transit payments | $ 22,023 | 22,019 | $ 62,661 | 63,538 |
Advertising | ||||
Lessee, Lease, Description [Line Items] | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | 2,523 | 1,943 | 7,532 | 5,494 |
Termination of Lease Agreements | ||||
Lessee, Lease, Description [Line Items] | ||||
Gain on disposition of assets | $ 68 | $ 106 | $ 260 | $ 576 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 45,881 |
2024 | 238,648 |
2025 | 189,678 |
2026 | 163,143 |
2027 | 139,640 |
Thereafter | 983,094 |
Total undiscounted operating lease payments | 1,760,084 |
Less: Imputed interest | (496,919) |
Total operating lease liabilities | $ 1,263,165 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 1,726,676 | 1,726,676 | |||
Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common units issued (in shares) | 176,000 | 176,000 | |||
Common unit, vested (in shares) | 88,000 | 88,000 | |||
Percentage of Awards Vesting on Grant Date | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of awards vesting | 20% | ||||
Share-based Payment Arrangement, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of awards vesting | 20% | ||||
Share-based Payment Arrangement, Tranche Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of awards vesting | 20% | ||||
Share-based Payment Arrangement, Tranche Four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of awards vesting | 20% | ||||
Share-based Payment Arrangement, Tranche Five | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of awards vesting | 20% | ||||
Common Class A | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | 22,500 | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
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 | 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% | ||||
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% | ||||
2019 Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional shares reserved (in shares) | 87,327 | 87,327 | |||
Long-Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense related to performance based compensation agreements | $ 1,147 | $ 4,050 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration date of options granted under equity incentive plan | 10 years | ||||
Compensation expense related to performance based compensation agreements | 67 | $ 73 | $ 587 | $ 502 | |
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% | ||||
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% | ||||
Performance Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense related to performance based compensation agreements | $ 1,589 | $ 3,830 | $ 8,034 | $ 9,789 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of ESPP Share Activity (Details) - shares | 3 Months Ended | 9 Months Ended | ||||||
Jan. 01, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | |
ESPP share activity | ||||||||
Purchases (in shares) | (37,407) | (34,283) | (45,232) | (35,016) | (32,172) | (36,347) | ||
Available for future purchases, ending balance (in shares) | 1,726,676 | 1,726,676 | ||||||
2019 Employee Stock Purchase Plan | ||||||||
ESPP share activity | ||||||||
Additional shares reserved under 2019 ESPP (in shares) | 87,327 | 87,327 | ||||||
Employee Stock Purchase Plan | ||||||||
ESPP share activity | ||||||||
Available for future purchases, beginning balance (in shares) | 301,971 | 301,971 | 301,971 | |||||
Purchases (in shares) | (116,922) | |||||||
Available for future purchases, ending balance (in shares) | 272,376 | 272,376 |
Depreciation and Amortization -
Depreciation and Amortization - Schedule of Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 74,636 | $ 65,833 | $ 222,919 | $ 202,210 |
Direct advertising expenses | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 69,598 | 60,842 | 208,272 | 187,992 |
General and administrative expenses | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 1,456 | 1,538 | 4,014 | 3,984 |
Corporate expenses | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 3,582 | $ 3,453 | $ 10,633 | $ 10,234 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,799,849 | $ 3,708,668 |
Accumulated Amortization | 2,604,482 | 2,502,043 |
Goodwill, gross carrying amount | 2,288,749 | 2,288,805 |
Goodwill, accumulated amortization | 253,536 | 253,536 |
Customer lists and contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 729,648 | 720,051 |
Accumulated Amortization | $ 634,086 | 614,840 |
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 | $ 71,839 | 71,599 |
Accumulated Amortization | $ 66,249 | 65,647 |
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] | ||
Estimated Life (Years) | 15 years | |
Gross Carrying Amount | $ 2,945,955 | 2,864,854 |
Accumulated Amortization | 1,862,990 | 1,781,164 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 52,407 | 52,164 |
Accumulated Amortization | $ 41,157 | $ 40,392 |
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 - Schedule of Information Related to Asset Retirement Obligations (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Beginning balance | $ 390,442 |
Additions to asset retirement obligations | 4,127 |
Revision in estimates | 1,230 |
Accretion expense | 5,358 |
Liabilities settled | (4,116) |
Ending balance | $ 397,041 |
Distribution Restrictions (Deta
Distribution Restrictions (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | ||
Balance of permitted transfers to parent company | $ 4,352,231 | $ 4,187,593 |
Debt ratio | 7 | |
Debt ratio related to actual position on senior credit facility | 7 | |
Available cumulative credit | $ 3,102,710 | |
Secured Debt | Maximum | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 | |
Secured Debt | LAMAR MEDIA CORP | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
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 | 0 | 0 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Aug. 19, 2020 | Feb. 06, 2020 |
Debt Instrument [Line Items] | ||||
Debt | $ 3,432,486 | $ 3,345,420 | ||
Debt, less current maturities | (247,493) | (250,378) | ||
Debt, excluding current maturities | 3,184,993 | 3,095,042 | ||
Deferred financing costs | 30,781 | 32,615 | ||
Deferred financing costs, less current maturities | (440) | (593) | ||
Deferred financing costs, excluding current maturities | 30,341 | 32,022 | ||
Debt, net of deferred financing costs | 3,401,705 | 3,312,805 | ||
Debt, net of deferred financing costs, less current maturities | (247,053) | (249,785) | ||
Debt, net of deferred financing costs, excluding current maturities | 3,154,652 | 3,063,020 | ||
Senior Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt | 1,084,159 | 993,970 | ||
Deferred financing costs | 8,916 | 8,171 | ||
Debt, net of deferred financing costs | 1,075,243 | 985,799 | ||
Accounts Receivable Securitization Program | ||||
Debt Instrument [Line Items] | ||||
Debt | 247,100 | 250,000 | ||
Deferred financing costs | 440 | 593 | ||
Debt, net of deferred financing costs | 246,660 | 249,407 | ||
3 3/4% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | 600,000 | 600,000 | ||
Deferred financing costs | 5,196 | 6,000 | ||
Debt, net of deferred financing costs | $ 594,804 | $ 594,000 | ||
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 | 6,418 | 6,982 | ||
Debt, net of deferred financing costs | $ 543,582 | $ 543,018 | ||
Stated percentage | 3.625% | 3.625% | ||
4% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 549,497 | $ 549,437 | ||
Deferred financing costs | 5,874 | 6,459 | ||
Debt, net of deferred financing costs | $ 543,623 | $ 542,978 | ||
Stated percentage | 4% | 4% | 4% | 4% |
4 7/8% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 400,000 | $ 400,000 | ||
Deferred financing costs | 3,937 | 4,410 | ||
Debt, net of deferred financing costs | $ 396,063 | $ 395,590 | ||
Stated percentage | 4.875% | 4.875% | ||
Other notes with various rates and terms | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 1,730 | $ 2,013 | ||
Deferred financing costs | 0 | 0 | ||
Debt, net of deferred financing costs | $ 1,730 | $ 2,013 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) | 9 Months Ended | |||||||||||
Jul. 29, 2022 USD ($) | Jan. 22, 2021 USD ($) | Aug. 19, 2020 USD ($) | May 13, 2020 USD ($) | Feb. 06, 2020 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jul. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 24, 2022 USD ($) | Mar. 16, 2020 USD ($) | Dec. 18, 2018 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Proceeds received from term B loans | $ 0 | $ 350,000,000 | ||||||||||
Outstanding revolving credit facility | 135,000,000 | |||||||||||
Remaining borrowing capacity under revolving credit facility | 606,318,000 | |||||||||||
Gross amount of company's long term debt | 3,432,486,000 | $ 3,345,420,000 | ||||||||||
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds received from term B loans | 0 | $ 350,000,000 | ||||||||||
Letter of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letter of credit outstanding balance | $ 8,682,000 | |||||||||||
4% Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage | 4% | 4% | 4% | 4% | ||||||||
Gross amount of company's long term debt | $ 549,497,000 | $ 549,437,000 | ||||||||||
Redemption price percentage of the principal amount to be purchased | 101% | |||||||||||
4% Senior Notes | Redemption Period Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redeemed percentage of aggregate principal amount | 100% | |||||||||||
4% Senior Notes | Private Placement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage | 4% | 4% | ||||||||||
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 | ||||||||||
Accounts Receivable Securitization Program | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount of debt issued | $ 250,000,000 | $ 175,000,000 | ||||||||||
Gross amount of company's long term debt | 247,100,000 | $ 250,000,000 | ||||||||||
Accounts Receivable Securitization Program | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Available borrowing on accounts receivable securitization | 0 | |||||||||||
Line of credit facility, commitment fee amount | $ 0 | |||||||||||
3 3/4% Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage | 3.75% | 3.75% | 3.75% | |||||||||
Gross amount of company's long term debt | $ 600,000,000 | $ 600,000,000 | ||||||||||
3 3/4% Senior Notes | Redemption Period One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price percentage of the principal amount to be purchased | 101% | |||||||||||
3 3/4% Senior Notes | Private Placement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount of debt issued | $ 600,000,000 | |||||||||||
Net proceeds form the issuance of debt | 592,500,000 | |||||||||||
4 7/8% Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage | 4.875% | 4.875% | ||||||||||
Gross amount of company's long term debt | $ 400,000,000 | $ 400,000,000 | ||||||||||
4 7/8% Senior Notes | Redemption Period One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redeemed percentage of aggregate principal amount | 100% | |||||||||||
Redemption price percentage of the principal amount to be purchased | 101% | |||||||||||
4 7/8% Senior Notes | Private Placement | ||||||||||||
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 | |||||||||||
3 5/8% Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage | 3.625% | 3.625% | ||||||||||
Gross amount of company's long term debt | $ 550,000,000 | $ 550,000,000 | ||||||||||
Redeemed percentage of aggregate principal amount | 103.625% | |||||||||||
Redemption price percentage of the principal amount to be purchased | 101% | |||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40% | |||||||||||
Redemption percentage of issued notes which remain outstanding | 60% | |||||||||||
Redemption period | 120 days | |||||||||||
3 5/8% Senior Notes | Redemption Period One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redeemed percentage of aggregate principal amount | 100% | |||||||||||
3 5/8% Senior Notes | Private Placement | ||||||||||||
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 | |||||||||||
Senior or Senior Subordinated Notes and other Indebtedness | Debt Instrument Repurchase Program | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt repurchase program, authorized amount | $ 250,000,000 | |||||||||||
Debt instrument repurchased under the program | $ 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 | Adjust Term SOFR Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Adjusted base rate | 0.10% | |||||||||||
Term B Loan Facility | Secured Overnight Financing Rate (SOFR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Adjusted base rate | 1.50% | |||||||||||
Term B Loan Facility | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Adjusted base rate | 0.50% | |||||||||||
Term A Loan Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing limit of incremental loan facility | $ 350,000,000 | $ 350,000 | ||||||||||
Term A Loan Facility | Secured Overnight Financing Rate (SOFR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured debt ratio | 3.25 | |||||||||||
Adjusted base rate | 1.50% | |||||||||||
Term A Loan Facility | Secured Overnight Financing Rate (SOFR) | Debt Ratio Less Than Three Point Two Five | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Adjusted base rate | 1.25% | |||||||||||
Term A Loan Facility | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured debt ratio | 3.25 | |||||||||||
Adjusted base rate | 0.50% | |||||||||||
Term A Loan Facility | Base Rate | Debt Ratio Less Than Three Point Two Five | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Adjusted base rate | 0.25% | |||||||||||
Revolving Credit Facility | JP Morgan Chase Bank, N.A. | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing limit of incremental loan facility | $ 750,000 | |||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured debt ratio | 3.25 | |||||||||||
Adjusted base rate | 1.50% | |||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | 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% | |||||||||||
Revolving Credit Facility | Base Rate | Debt Ratio Less Than Three Point Two Five | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Adjusted base rate | 0.25% | |||||||||||
Revolving Credit Facility | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured debt ratio | 4.50 | |||||||||||
Swingline Credit Facility | JP Morgan Chase Bank, N.A. | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing limit of incremental loan facility | $ 75,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Estimated fair value of long-term debt (including current maturities) | $ 3,130,384 | |
Debt instrument outstanding amount | $ 3,432,486 | $ 3,345,420 |
Dividends_Distributions (Detail
Dividends/Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||||||
Dividends declared | $ 127,582 | $ 122,100 | $ 382,580 | $ 355,510 | ||||
Distributions paid | $ 127,582 | $ 122,100 | $ 382,580 | $ 355,510 | ||||
Cash dividends declared per share of common stock (in dollars per share) | $ 1.25 | $ 1.25 | $ 1.25 | $ 1.20 | $ 1.20 | $ 1.10 | $ 3.75 | $ 3.50 |
Dividends paid (in dollars per share) | $ 1.25 | $ 1.20 | $ 3.75 | $ 3.50 | ||||
Dividends paid | $ 91 | $ 91 | $ 273 | $ 273 | ||||
Series AA PREF Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Dividends paid | $ 91 | $ 91 | $ 273 | $ 273 | ||||
Distributions paid, preferred stockholders, per share (in dollars per share) | $ 15.95 | $ 15.95 | $ 47.85 | $ 47.85 |
Information about Geographic _2
Information about Geographic Areas (Details) - Foreign Countries - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net carrying value of long lived assets | $ 13,235 | $ 11,763 | |
External Customers | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from external customers | $ 21,684 | $ 21,721 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Common Class A - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Jun. 21, 2021 | Mar. 16, 2020 | |
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) | 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 |
Summarized Financial Informat_3
Summarized Financial Information of Subsidiaries - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Total current assets | $ 378,166 | $ 364,552 |
Net property, plant and equipment | 1,545,299 | 1,499,699 |
Operating lease right of use assets | 1,320,925 | 1,271,631 |
Other assets | 85,455 | 83,401 |
Total assets | 6,572,322 | 6,475,214 |
Liabilities, Current [Abstract] | ||
Current maturities of long-term debt | 247,053 | 249,785 |
Current operating lease liabilities | 184,620 | 205,838 |
Total current liabilities | 690,240 | 726,037 |
Long-term debt | 3,154,652 | 3,063,020 |
Operating lease liabilities | 1,078,545 | 1,035,655 |
Other noncurrent liabilities | 39,501 | 39,090 |
Total liabilities | 5,385,480 | 5,279,840 |
Total liabilities and stockholders’ equity | 6,572,322 | 6,475,214 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
ASSETS | ||
Total current assets | 377,666 | 364,052 |
Net property, plant and equipment | 1,545,299 | 1,499,699 |
Operating lease right of use assets | 1,320,925 | 1,271,631 |
Intangibles and goodwill, net | 3,219,961 | 3,231,275 |
Other assets | 91,728 | 91,815 |
Total assets | 6,555,579 | 6,458,472 |
Liabilities, Current [Abstract] | ||
Current maturities of long-term debt | 247,053 | 249,785 |
Current operating lease liabilities | 184,620 | 205,838 |
Other current liabilities | 249,043 | 261,545 |
Total current liabilities | 680,716 | 717,168 |
Long-term debt | 3,154,652 | 3,063,020 |
Operating lease liabilities | 1,078,545 | 1,035,655 |
Other noncurrent liabilities | 462,043 | 455,128 |
Total liabilities | 5,375,956 | 5,270,971 |
Stockholder's equity | 1,179,623 | 1,187,501 |
Total liabilities and stockholders’ equity | 6,555,579 | 6,458,472 |
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 |
Intangibles and goodwill, net | 0 | 0 |
Other assets | (5,135,647) | (4,997,514) |
Total assets | (5,135,647) | (4,997,514) |
Liabilities, Current [Abstract] | ||
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 | (586,941) | (546,796) |
Total liabilities | (586,941) | (546,796) |
Stockholder's equity | (4,548,706) | (4,450,718) |
Total liabilities and stockholders’ equity | (5,135,647) | (4,997,514) |
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
ASSETS | ||
Total current assets | 29,797 | 39,829 |
Net property, plant and equipment | 0 | 0 |
Operating lease right of use assets | 0 | 0 |
Intangibles and goodwill, net | 0 | 0 |
Other assets | 4,626,686 | 4,514,221 |
Total assets | 4,656,483 | 4,554,050 |
Liabilities, Current [Abstract] | ||
Current maturities of long-term debt | 0 | 0 |
Current operating lease liabilities | 0 | 0 |
Other current liabilities | 43,355 | 23,360 |
Total current liabilities | 43,355 | 23,360 |
Long-term debt | 3,153,315 | 3,061,385 |
Operating lease liabilities | 0 | 0 |
Other noncurrent liabilities | 280,258 | 281,804 |
Total liabilities | 3,476,928 | 3,366,549 |
Stockholder's equity | 1,179,555 | 1,187,501 |
Total liabilities and stockholders’ equity | 4,656,483 | 4,554,050 |
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
ASSETS | ||
Total current assets | 33,504 | 36,667 |
Net property, plant and equipment | 1,528,064 | 1,483,395 |
Operating lease right of use assets | 1,285,803 | 1,252,414 |
Intangibles and goodwill, net | 3,203,025 | 3,214,284 |
Other assets | 353,991 | 325,052 |
Total assets | 6,404,387 | 6,311,812 |
Liabilities, Current [Abstract] | ||
Current maturities of long-term debt | 393 | 378 |
Current operating lease liabilities | 177,223 | 198,320 |
Other current liabilities | 192,259 | 222,871 |
Total current liabilities | 369,875 | 421,569 |
Long-term debt | 1,337 | 1,635 |
Operating lease liabilities | 1,052,662 | 1,025,385 |
Other noncurrent liabilities | 422,853 | 418,163 |
Total liabilities | 1,846,727 | 1,866,752 |
Stockholder's equity | 4,557,660 | 4,445,060 |
Total liabilities and stockholders’ equity | 6,404,387 | 6,311,812 |
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
ASSETS | ||
Total current assets | 314,365 | 287,556 |
Net property, plant and equipment | 17,235 | 16,304 |
Operating lease right of use assets | 35,122 | 19,217 |
Intangibles and goodwill, net | 16,936 | 16,991 |
Other assets | 246,698 | 250,056 |
Total assets | 630,356 | 590,124 |
Liabilities, Current [Abstract] | ||
Current maturities of long-term debt | 246,660 | 249,407 |
Current operating lease liabilities | 7,397 | 7,518 |
Other current liabilities | 13,429 | 15,314 |
Total current liabilities | 267,486 | 272,239 |
Long-term debt | 0 | 0 |
Operating lease liabilities | 25,883 | 10,270 |
Other noncurrent liabilities | 345,873 | 301,957 |
Total liabilities | 639,242 | 584,466 |
Stockholder's equity | (8,886) | 5,658 |
Total liabilities and stockholders’ equity | $ 630,356 | $ 590,124 |
Summarized Financial Informat_4
Summarized Financial Information of Subsidiaries - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Statements of Income | |||||||||||
Net revenues | $ 542,609 | $ 527,390 | $ 1,555,078 | $ 1,496,630 | |||||||
Operating expenses (income) | |||||||||||
Direct advertising expenses | 175,188 | 168,968 | 515,403 | 493,463 | |||||||
General and administrative expenses | 81,283 | 87,181 | 256,943 | 260,923 | |||||||
Corporate expenses | 24,248 | 24,474 | 81,331 | 74,077 | |||||||
Depreciation and amortization | 74,636 | 65,833 | 222,919 | 202,210 | |||||||
Gain on disposition of assets | (879) | (53) | (5,243) | (1,990) | |||||||
Total operating expenses | 354,476 | 346,403 | 1,071,353 | 1,028,683 | |||||||
Operating income | 188,133 | 180,987 | 483,725 | 467,947 | |||||||
Loss on extinguishment of debt | 115 | 0 | 115 | 0 | |||||||
Equity in earnings of investee | (699) | (1,554) | (1,326) | (2,655) | |||||||
Income before income tax expense | 144,268 | 149,244 | 356,332 | 381,520 | |||||||
Income tax expense (benefit) | 3,843 | 3,056 | 8,821 | 8,976 | |||||||
Net income (loss) | 140,425 | $ 130,888 | $ 76,198 | 146,188 | $ 134,205 | $ 92,151 | 347,511 | 372,544 | |||
Earnings attributable to non-controlling interest | 408 | 0 | 833 | 0 | |||||||
Net income attributable to controlling interest | 140,017 | 146,188 | 346,678 | 372,544 | |||||||
Statements of Comprehensive Income | |||||||||||
Net income (loss) | 140,425 | $ 130,888 | $ 76,198 | 146,188 | $ 134,205 | $ 92,151 | 347,511 | 372,544 | |||
Total comprehensive income (loss) | 139,782 | 144,787 | 347,269 | 370,774 | |||||||
Comprehensive income attributable to controlling interest | 139,374 | 144,787 | 346,436 | 370,774 | |||||||
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||||||||
Statements of Income | |||||||||||
Net revenues | 542,609 | 527,390 | 1,555,078 | 1,496,630 | |||||||
Operating expenses (income) | |||||||||||
Direct advertising expenses | 175,188 | [1] | 168,968 | 515,403 | [2] | 493,463 | [3] | ||||
General and administrative expenses | 81,284 | [1] | 87,181 | 256,944 | [2] | 260,923 | [3] | ||||
Corporate expenses | 24,110 | [1] | 24,337 | 80,948 | [2] | 73,694 | [3] | ||||
Depreciation and amortization | 74,636 | 65,833 | 222,919 | 202,210 | |||||||
Gain on disposition of assets | (879) | (53) | (5,243) | (1,990) | |||||||
Total operating expenses | 354,339 | 346,266 | 1,070,971 | 1,028,300 | |||||||
Operating income | 188,270 | 181,124 | 484,107 | 468,330 | |||||||
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 | 0 | |||||||
Loss on extinguishment of debt | 115 | 115 | |||||||||
Interest expense (income), net | 44,449 | 33,297 | 128,604 | 89,082 | |||||||
Equity in earnings of investee | (699) | (1,554) | (1,326) | (2,655) | |||||||
Income before income tax expense | 144,405 | 149,381 | 356,714 | 381,903 | |||||||
Income tax expense (benefit) | 3,843 | [4] | 3,056 | 8,821 | [5] | 8,976 | [6] | ||||
Net income (loss) | 140,562 | 347,893 | |||||||||
Earnings attributable to non-controlling interest | 408 | 833 | |||||||||
Net income attributable to controlling interest | 140,154 | 146,325 | 347,060 | 372,927 | |||||||
Statements of Comprehensive Income | |||||||||||
Net income (loss) | 140,562 | 347,893 | |||||||||
Total other comprehensive loss, net of tax | (643) | (1,401) | (242) | (1,770) | |||||||
Total comprehensive income (loss) | 139,919 | 144,924 | 347,651 | 371,157 | |||||||
Earnings attributable to non-controlling interest | 408 | 833 | |||||||||
Comprehensive income attributable to controlling interest | 139,511 | 346,818 | |||||||||
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||||||||
Statements of Income | |||||||||||
Net revenues | (731) | (73) | (2,007) | (255) | |||||||
Operating expenses (income) | |||||||||||
Direct advertising expenses | (731) | [1] | (73) | (2,007) | [2] | (255) | [3] | ||||
General and administrative expenses | 0 | [1] | 0 | 0 | [2] | 0 | [3] | ||||
Corporate expenses | 0 | [1] | 0 | 0 | [2] | 0 | [3] | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||||
Gain on disposition of assets | 0 | 0 | 0 | 0 | |||||||
Total operating expenses | (731) | (73) | (2,007) | (255) | |||||||
Operating income | 0 | 0 | 0 | 0 | |||||||
Equity in (earnings) loss of subsidiaries | 181,237 | 178,405 | 466,361 | 459,799 | |||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Interest expense (income), net | 0 | 0 | 0 | 0 | |||||||
Equity in earnings of investee | 0 | 0 | 0 | 0 | |||||||
Income before income tax expense | (181,237) | (178,405) | (466,361) | (459,799) | |||||||
Income tax expense (benefit) | 0 | [4] | 0 | 0 | [5] | 0 | [6] | ||||
Net income (loss) | (181,237) | (466,361) | |||||||||
Earnings attributable to non-controlling interest | 0 | 0 | |||||||||
Net income attributable to controlling interest | (181,237) | (178,405) | (466,361) | (459,799) | |||||||
Statements of Comprehensive Income | |||||||||||
Net income (loss) | (181,237) | (466,361) | |||||||||
Total other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | |||||||
Total comprehensive income (loss) | (181,237) | (178,405) | (466,361) | (459,799) | |||||||
Earnings attributable to non-controlling interest | 0 | 0 | |||||||||
Comprehensive income attributable to controlling interest | (181,237) | (466,361) | |||||||||
Lamar Media Corp. | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||||||||
Statements of Income | |||||||||||
Net revenues | 0 | 0 | 0 | 0 | |||||||
Operating expenses (income) | |||||||||||
Direct advertising expenses | 0 | [1] | 0 | 0 | [2] | 0 | [3] | ||||
General and administrative expenses | 0 | [1] | 0 | 0 | [2] | 0 | [3] | ||||
Corporate expenses | 0 | [1] | 0 | 0 | [2] | 0 | [3] | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||||
Gain on disposition of assets | 0 | 0 | 0 | 0 | |||||||
Total operating expenses | 0 | 0 | 0 | 0 | |||||||
Operating income | 0 | 0 | 0 | 0 | |||||||
Equity in (earnings) loss of subsidiaries | (181,237) | (178,405) | (466,361) | (459,799) | |||||||
Loss on extinguishment of debt | 115 | 115 | |||||||||
Interest expense (income), net | 40,968 | 32,080 | 119,186 | 86,872 | |||||||
Equity in earnings of investee | 0 | 0 | 0 | 0 | |||||||
Income before income tax expense | 140,154 | 146,325 | 347,060 | 372,927 | |||||||
Income tax expense (benefit) | 0 | [4] | 0 | 0 | [5] | 0 | [6] | ||||
Net income (loss) | 140,154 | 347,060 | |||||||||
Earnings attributable to non-controlling interest | 0 | 0 | |||||||||
Net income attributable to controlling interest | 140,154 | 146,325 | 347,060 | 372,927 | |||||||
Statements of Comprehensive Income | |||||||||||
Net income (loss) | 140,154 | 347,060 | |||||||||
Total other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | |||||||
Total comprehensive income (loss) | 140,154 | 146,325 | 347,060 | 372,927 | |||||||
Earnings attributable to non-controlling interest | 0 | 0 | |||||||||
Comprehensive income attributable to controlling interest | 140,154 | 347,060 | |||||||||
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||||||||
Statements of Income | |||||||||||
Net revenues | 532,112 | 515,993 | 1,525,275 | 1,466,109 | |||||||
Operating expenses (income) | |||||||||||
Direct advertising expenses | 167,920 | [1] | 161,629 | 494,070 | [2] | 471,633 | [3] | ||||
General and administrative expenses | 79,755 | [1] | 85,388 | 250,839 | [2] | 255,546 | [3] | ||||
Corporate expenses | 23,798 | [1] | 23,810 | 79,809 | [2] | 71,499 | [3] | ||||
Depreciation and amortization | 73,477 | 65,032 | 219,839 | 199,623 | |||||||
Gain on disposition of assets | (879) | (53) | (5,245) | (1,990) | |||||||
Total operating expenses | 344,071 | 335,806 | 1,039,312 | 996,311 | |||||||
Operating income | 188,041 | 180,187 | 485,963 | 469,798 | |||||||
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 | 0 | |||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Interest expense (income), net | (552) | (32) | (1,447) | (132) | |||||||
Equity in earnings of investee | (699) | (1,554) | (1,326) | (2,655) | |||||||
Income before income tax expense | 189,292 | 181,773 | 488,736 | 472,585 | |||||||
Income tax expense (benefit) | 3,923 | [4] | 2,940 | 8,691 | [5] | 9,085 | [6] | ||||
Net income (loss) | 185,369 | 480,045 | |||||||||
Earnings attributable to non-controlling interest | 122 | 257 | |||||||||
Net income attributable to controlling interest | 185,247 | 178,833 | 479,788 | 463,500 | |||||||
Statements of Comprehensive Income | |||||||||||
Net income (loss) | 185,369 | 480,045 | |||||||||
Total other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | |||||||
Total comprehensive income (loss) | 185,369 | 178,833 | 480,045 | 463,500 | |||||||
Earnings attributable to non-controlling interest | 122 | 257 | |||||||||
Comprehensive income attributable to controlling interest | 185,247 | 479,788 | |||||||||
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||||||||
Statements of Income | |||||||||||
Net revenues | 11,228 | 11,470 | 31,810 | 30,776 | |||||||
Operating expenses (income) | |||||||||||
Direct advertising expenses | 7,999 | [1] | 7,412 | 23,340 | [2] | 22,085 | [3] | ||||
General and administrative expenses | 1,529 | [1] | 1,793 | 6,105 | [2] | 5,377 | [3] | ||||
Corporate expenses | 312 | [1] | 527 | 1,139 | [2] | 2,195 | [3] | ||||
Depreciation and amortization | 1,159 | 801 | 3,080 | 2,587 | |||||||
Gain on disposition of assets | 0 | 0 | 2 | 0 | |||||||
Total operating expenses | 10,999 | 10,533 | 33,666 | 32,244 | |||||||
Operating income | 229 | 937 | (1,856) | (1,468) | |||||||
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 | 0 | |||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Interest expense (income), net | 4,033 | 1,249 | 10,865 | 2,342 | |||||||
Equity in earnings of investee | 0 | 0 | 0 | 0 | |||||||
Income before income tax expense | (3,804) | (312) | (12,721) | (3,810) | |||||||
Income tax expense (benefit) | (80) | [4] | 116 | 130 | [5] | (109) | [6] | ||||
Net income (loss) | (3,724) | (12,851) | |||||||||
Earnings attributable to non-controlling interest | 286 | 576 | |||||||||
Net income attributable to controlling interest | (4,010) | (428) | (13,427) | (3,701) | |||||||
Statements of Comprehensive Income | |||||||||||
Net income (loss) | (3,724) | (12,851) | |||||||||
Total other comprehensive loss, net of tax | (643) | (1,401) | (242) | (1,770) | |||||||
Total comprehensive income (loss) | (4,367) | $ (1,829) | (13,093) | $ (5,471) | |||||||
Earnings attributable to non-controlling interest | 286 | 576 | |||||||||
Comprehensive income attributable to controlling interest | $ (4,653) | $ (13,669) | |||||||||
[1]Caption is exclusive of depreciation and amortization.[2]Caption is exclusive of depreciation and amortization.[3]Caption is exclusive of depreciation and amortization.[4]The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.[5]The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.[6]The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
Summarized Financial Informat_5
Summarized Financial Information of Subsidiaries - Condensed Consolidating Statement of Cash Flows (Unaudited) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ 529,420 | $ 537,105 |
Cash flows from investing activities: | ||
Acquisitions | (120,324) | (287,860) |
Capital expenditures | (132,152) | (116,808) |
Proceeds from disposition of assets and investments | 6,489 | 2,146 |
Decrease in notes receivable | 62 | 58 |
Net cash (used in) provided by investing activities | (245,925) | (402,464) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 333,000 | 400,000 |
Payments on revolving credit facility | (243,000) | (575,000) |
Principal payments on long-term debt | (284) | (273) |
Principal payments on financing leases | (998) | (998) |
Payments on accounts receivable securitization program | (74,900) | (115,000) |
Proceeds received from accounts receivable securitization program | 72,000 | 140,000 |
Proceeds received from senior credit facility term loans | 0 | 350,000 |
Debt issuance costs | (2,951) | (1,564) |
Distributions to non-controlling interest | (1,162) | (1,019) |
Net cash used in financing activities | (296,736) | (154,842) |
Effect of exchange rate changes in cash and cash equivalents | 17 | (232) |
Net decrease in cash and cash equivalents | (13,224) | (20,433) |
Cash and cash equivalents at beginning of period | 52,619 | 99,788 |
Cash and cash equivalents at end of period | 39,395 | 79,355 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 504,727 | 499,420 |
Cash flows from investing activities: | ||
Acquisitions | (120,324) | (287,860) |
Capital expenditures | (132,152) | (116,808) |
Proceeds from disposition of assets and investments | 6,489 | 2,146 |
Decrease in notes receivable | 62 | 58 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash (used in) provided by investing activities | (245,925) | (402,464) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 333,000 | 400,000 |
Payments on revolving credit facility | (243,000) | (575,000) |
Principal payments on long-term debt | (284) | (273) |
Principal payments on financing leases | (998) | (998) |
Payments on accounts receivable securitization program | (74,900) | (115,000) |
Proceeds received from accounts receivable securitization program | 72,000 | 140,000 |
Proceeds received from senior credit facility term loans | 350,000 | |
Debt issuance costs | (2,951) | (1,564) |
Intercompany loan (payments) proceeds | 0 | 0 |
Distributions to non-controlling interest | (1,162) | (1,019) |
Dividends (to) from parent | (388,569) | (366,015) |
Contributions from (to) parent | 34,821 | 52,712 |
Net cash used in financing activities | (272,043) | (117,157) |
Effect of exchange rate changes in cash and cash equivalents | 17 | (232) |
Net decrease in cash and cash equivalents | (13,224) | (20,433) |
Cash and cash equivalents at beginning of period | 52,119 | 99,288 |
Cash and cash equivalents at end of period | 38,895 | 78,855 |
Eliminations | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (488,455) | (472,917) |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from disposition of assets and investments | 0 | 0 |
Decrease in notes receivable | 0 | 0 |
Investment in subsidiaries | 120,324 | 287,860 |
(Increase) decrease in intercompany notes receivable | 15,384 | (14,158) |
Net cash (used in) provided by investing activities | 135,708 | 273,702 |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Principal payments on financing leases | 0 | 0 |
Payments on accounts receivable securitization program | 0 | 0 |
Proceeds received from accounts receivable securitization program | 0 | 0 |
Proceeds received from senior credit facility term loans | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany loan (payments) proceeds | (15,384) | 14,158 |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | 488,455 | 472,917 |
Contributions from (to) parent | (120,324) | (287,860) |
Net cash used in financing activities | 352,747 | 199,215 |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net 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 | 392,347 | 391,078 |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from disposition of assets and investments | 0 | 0 |
Decrease in notes receivable | 0 | 0 |
Investment in subsidiaries | (120,324) | (287,860) |
(Increase) decrease in intercompany notes receivable | (15,384) | 14,158 |
Net cash (used in) provided by investing activities | (135,708) | (273,702) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 333,000 | 400,000 |
Payments on revolving credit facility | (243,000) | (575,000) |
Principal payments on long-term debt | 0 | 0 |
Principal payments on financing leases | 0 | 0 |
Payments on accounts receivable securitization program | 0 | 0 |
Proceeds received from accounts receivable securitization program | 0 | 0 |
Proceeds received from senior credit facility term loans | 350,000 | |
Debt issuance costs | (2,926) | (1,328) |
Intercompany loan (payments) proceeds | 0 | 0 |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | (388,569) | (366,015) |
Contributions from (to) parent | 34,821 | 52,712 |
Net cash used in financing activities | (266,674) | (139,631) |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | (10,035) | (22,255) |
Cash and cash equivalents at beginning of period | 39,729 | 91,023 |
Cash and cash equivalents at end of period | 29,694 | 68,768 |
Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 640,356 | 611,985 |
Cash flows from investing activities: | ||
Acquisitions | (120,324) | (287,860) |
Capital expenditures | (128,157) | (113,736) |
Proceeds from disposition of assets and investments | 6,489 | 2,146 |
Decrease in notes receivable | 62 | 58 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash (used in) provided by investing activities | (241,930) | (399,392) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | 0 |
Principal payments on long-term debt | (284) | (273) |
Principal payments on financing leases | (998) | (998) |
Payments on accounts receivable securitization program | 0 | 0 |
Proceeds received from accounts receivable securitization program | 0 | 0 |
Proceeds received from senior credit facility term loans | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany loan (payments) proceeds | (29,489) | (28,204) |
Distributions to non-controlling interest | (330) | 0 |
Dividends (to) from parent | (488,455) | (472,917) |
Contributions from (to) parent | 120,324 | 287,860 |
Net cash used in financing activities | (399,232) | (214,532) |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | (806) | (1,939) |
Cash and cash equivalents at beginning of period | 1,285 | 3,494 |
Cash and cash equivalents at end of period | 479 | 1,555 |
Non- Guarantor Subsidiaries | Reportable Legal Entities | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (39,521) | (30,726) |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | (3,995) | (3,072) |
Proceeds from disposition of assets and investments | 0 | 0 |
Decrease in notes receivable | 0 | 0 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash (used in) provided by investing activities | (3,995) | (3,072) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Principal payments on financing leases | 0 | 0 |
Payments on accounts receivable securitization program | (74,900) | (115,000) |
Proceeds received from accounts receivable securitization program | 72,000 | 140,000 |
Proceeds received from senior credit facility term loans | 0 | |
Debt issuance costs | (25) | (236) |
Intercompany loan (payments) proceeds | 44,873 | 14,046 |
Distributions to non-controlling interest | (832) | (1,019) |
Dividends (to) from parent | 0 | 0 |
Contributions from (to) parent | 0 | 0 |
Net cash used in financing activities | 41,116 | 37,791 |
Effect of exchange rate changes in cash and cash equivalents | 17 | (232) |
Net decrease in cash and cash equivalents | (2,383) | 3,761 |
Cash and cash equivalents at beginning of period | 11,105 | 4,771 |
Cash and cash equivalents at end of period | $ 8,722 | $ 8,532 |