Delaware | 6798 | 72-1205791 | ||
(State or other jurisdiction of incorporation or organization) | Primary Standard Industrial Classification Code) | (I.R.S. Employer Identification No.) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) | ☐ | |||
Exchange Act Rule 14d-1(d) (Cross Border Third-Party Tender Offer) | ☐ |
Title of Each Class of Securities to be Registered | Amount to be Registered (1) | Proposed Maximum Offering Price per Unit (1) | Proposed Maximum Aggregate Offering Price (1) | Amount of Registration Fee (1) | ||||
3.750% Senior Notes due 2028 | $600,000,000 | 100% | $600,000,000 | $77,880.00 | ||||
Guarantees of 3.750% Senior Notes due 2028 | n/a | n/a | n/a | n/a | ||||
4.875% Senior Notes due 2029 | $400,000,000 | 100% | $400,000,000 | $51,920.00 | ||||
Guarantees of 4.875% Senior Notes due 2029 | n/a | n/a | n/a | n/a | ||||
4.000% Senior Notes due 2030 | $550,000,000 | 100% | $550,000,000 | $71,390.00 | ||||
Guarantees of 4.000% Senior Notes due 2030 | n/a | n/a | n/a | n/a | ||||
Total | $1,550,000,000 | n/a | $1,550,000,000 | $201,190.00 | ||||
Title of Each Class of Securities to be Registered | Amount to be Registered (1) | Proposed Maximum Offering Price per Unit (1) | Proposed Maximum Aggregate Offering Price (1) | Amount of Registration Fee (1) | ||||
3.625% Senior Notes due 2031 | $550,000,000 | 100% | $550,000,000 | $60,005 | ||||
Guarantees of 3.625% Senior Notes due 2031 | n/a | n/a | n/a | n/a | ||||
Total | $550,000,000 | n/a | $550,000,000 | $60,005 | ||||
(1) | This registration fee has been calculated pursuant to Rule 457(f)(2) under the Securities Act of 1933, as amended. |
(2) | No separate consideration will be received for the guarantees, and no separate fee is payable, pursuant to Rule 457(n) under the Securities Act of 1933, as amended. |
Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | ||||
Arizona Logos, L.L.C. | Arizona | 27-2892296 | ||||
Ashby Street Outdoor LLC | Delaware | 45-0613746 | ||||
Ashby Street Outdoor CC, LLC | Delaware | 81-1011338 | ||||
Ashby Street Outdoor Holdings LLC | Delaware | 45-0612137 | ||||
Colorado Logos, Inc. | Colorado | 84-1480715 | ||||
Delaware Logos, L.L.C. | Delaware | 51-0392715 | ||||
Douglas Outdoor Advertising of GA, LLC | Georgia | 58-1836737 | ||||
Fairway CCO Indiana, LLC | Delaware | 37-1930378 | ||||
Fairway Media Group, LLC | Delaware | 61-1689000 | ||||
Fairway Outdoor Advertising, LLC | Delaware | 27-1024919 | ||||
Fairway Outdoor Funding, LLC | Delaware | 80-0860317 | ||||
Fairway Outdoor Funding Holdings, LLC | Delaware | 32-0391426 | ||||
Florida Logos, LLC | Florida | 65-0671887 | ||||
FMG Outdoor Holdings, LLC | Delaware | 42-2472019 | ||||
FMO Real Estate, LLC | Delaware | 27-1226238 | ||||
Georgia Logos, L.L.C. | Georgia | 72-1469485 | ||||
Interstate Logos, L.L.C. | Louisiana | 72-1490893 | ||||
Interstate Logos TRS, LLC | Delaware | 35-2608807 | ||||
Kansas Logos, Inc. | Kansas | 48-1187701 | ||||
Kentucky Logos, LLC | Kentucky | 62-1839054 | ||||
Lamar Advantage GP Company, LLC | Delaware | 72-1490891 | ||||
Lamar Advantage Holding Company | Delaware | 76-0619569 | ||||
Lamar Advantage LP Company, LLC | Delaware | 76-0637519 | ||||
Lamar Advantage Outdoor Company, L.P. | Delaware | 74-2841299 | ||||
Lamar Advertising of Colorado Springs, L.L.C. | Colorado | 72-0931093 | ||||
Lamar Advertising of Louisiana, L.L.C. | Louisiana | 72-1462297 | ||||
Lamar Advertising of Michigan, Inc. | Michigan | 38-3376495 | ||||
Lamar Advertising of Penn, LLC | Delaware | 72-1462301 | ||||
Lamar Advertising of South Dakota, L.L.C. | South Dakota | 46-0446615 | ||||
Lamar Advertising of Youngstown, Inc. | Delaware | 23-2669670 | ||||
Lamar Advertising Southwest, Inc. | Nevada | 85-0113644 | ||||
Lamar Air, L.L.C. | Louisiana | 72-1277136 | ||||
Lamar Airport Advertising Company | Nevada | 88-0237057 | ||||
Lamar Central Outdoor, LLC | Delaware | 20-2471691 | ||||
Lamar Electrical, Inc. | Louisiana | 72-1392115 | ||||
LAMAR-Fairway Blocker 1, LLC | Delaware | 47-2485214 | ||||
LAMAR-Fairway Blocker 2, LLC | Delaware | 47-2547019 | ||||
Lamar Florida, L.L.C. | Florida | 72-1467178 | ||||
Lamar Investments, LLC | Delaware | 46-4289458 | ||||
Lamar Obie Company, LLC | Delaware | 33-1109314 | ||||
Lamar OCI North, L.L.C. | Delaware | 38-2885263 | ||||
Lamar OCI South Corporation | Mississippi | 64-0520092 | ||||
Lamar Ohio Outdoor Holding Corp. | Ohio | 34-1597561 | ||||
Lamar Pensacola Transit, Inc. | Florida | 59-3391978 | ||||
Lamar Service Company, LLC | Delaware | 46-4284332 | ||||
Lamar Tennessee, L.L.C. | Tennessee | 72-1309007 | ||||
Lamar Texas Limited Partnership | Texas | 72-1309005 | ||||
Lamar Transit, LLC | Delaware | 46-4242858 | ||||
Lamar TRS Holdings, LLC | Delaware | 46-4248386 |
Exact Name of Registrant as Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | ||||
Louisiana Interstate Logos, L.L.C. | Louisiana | 26-3654514 | ||||
Magic Media/Lamar, LLC | Delaware | 20-0768149 | ||||
Magic Media Real Estate, LLC | Delaware | 20-0768190 | ||||
Maine Logos, L.L.C. | Maine | 72-1492985 | ||||
MCC Outdoor, LLC | Georgia | 26-0274450 | ||||
Michigan Logos, Inc. | Michigan | 38-3071362 | ||||
Minnesota Logos, Inc. | Minnesota | 41-1800355 | ||||
Mississippi Logos, L.L.C. | Mississippi | 72-1469487 | ||||
Missouri Logos, LLC | Missouri | 72-1485587 | ||||
Montana Logos, LLC | Montana | 45-3444460 | ||||
Nebraska Logos, Inc. | Nebraska | 72-1137877 | ||||
Nevada Logos, Inc. | Nevada | 88-0373108 | ||||
New Hampshire Logos, L.L.C. | New Hampshire | 83-2411570 | ||||
New Jersey Logos, L.L.C. | New Jersey | 72-1469048 | ||||
New Mexico Logos, Inc. | New Mexico | 85-0446801 | ||||
Ohio Logos, Inc. | Ohio | 72-1148212 | ||||
Oklahoma Logos, L.L.C. | Oklahoma | 72-1469103 | ||||
Olympus Media/Indiana, LLC | Delaware | 20-4368933 | ||||
Outdoor Marketing Systems, L.L.C. | Pennsylvania | 22-3315768 | ||||
Outdoor Promotions West, LLC | Delaware | 22-3598746 | ||||
South Carolina Logos, Inc. | South Carolina | 58-2152628 | ||||
Tennessee Logos, Inc. | Tennessee | 62-1649765 | ||||
The Lamar Company, L.L.C. | Louisiana | 72-1462298 | ||||
TLC Farms, L.L.C. | Louisiana | 20-0634874 | ||||
TLC Properties II, LLC | Texas | 72-1336624 | ||||
TLC Properties, Inc. | Louisiana | 72-0640751 | ||||
TLC Properties, L.L.C. | Louisiana | 72-1417495 | ||||
Triumph Outdoor Holdings, LLC | Delaware | 13-3990438 | ||||
Triumph Outdoor Rhode Island, LLC | Delaware | 05-0500914 | ||||
Utah Logos, Inc. | Utah | 72-1148211 | ||||
Virginia Logos, LLC | Virginia | 62-1839208 | ||||
Washington Logos, L.L.C. | Washington | 73-1648809 | ||||
Wisconsin Logos, LLC | Wisconsin | 45-1837323 |
(1) | The outstanding notes are, and the exchange notes will be, unconditionally guaranteed by the additional registrants listed above, each of which is a direct or indirect, wholly owned subsidiary of Lamar Media Corp. The address and telephone number for each of the additional registrants is 5321 Corporate Boulevard, Baton Rouge, Louisiana 70808 and (225) 926-1000. The primary standard industrial classification code number for each of the additional registrants is 7311. |
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F-1 |
* | All but one of our domestic subsidiaries (Missouri Logos, a partnership) are wholly owned. |
** | All of our domestic subsidiaries (except Lamar Partnering Sponsor, LLC, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) and Missouri Logos, a partnership) will unconditionally guarantee the notes. Our foreign subsidiaries will not guarantee the notes. |
General | In connection with the private |
Exchange Offer | We are offering to |
The outstanding notes may be exchanged only in denominations of $2,000 and integral multiples of $1,000. |
Resale of the Exchange Notes | Based on the position of the staff of the Division of Corporation Finance of the Commission in certain interpretive letters issued to third parties in other transactions, we believe that the exchange notes acquired in this exchange offer may be freely traded without compliance with the provisions of the Securities Act, if: |
If you fail to satisfy any of these conditions, you must comply with the registration and prospectus delivery requirements of the Securities Act in connection with the resale of the exchange notes. |
Broker-dealers that acquired outstanding notes directly from us, but not as a result ofmarket-making activities or other trading activities, must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a resale of the exchange notes. See “Plan of Distribution.” |
Each broker-dealer that receives exchange notes for its own account pursuant to the exchange offer in exchange for outstanding notes that it acquired as a result ofmarket-making or other trading activities must deliver a prospectus in connection with any resale of the exchange notes and provide us with a signed acknowledgement of this obligation. |
Expiration Date | This exchange offer will expire at 5:00 p.m., New York City time, on , |
Conditions to the Exchange Offer | The exchange offer is subject to limited, customary conditions, which we may waive. |
Procedures for Tendering Outstanding Notes | If you wish to accept the exchange offer, you must deliver to the exchange agent, before the expiration of the exchange offer: |
If you hold outstanding notes through DTC, Euroclear or Clearstream, you must comply with their standard procedures for electronic tenders, by which you will agree to be bound by the letter of transmittal. |
By signing, or by agreeing to be bound by, the letter of transmittal, you will be representing to us that: |
See “The Exchange Offer—Procedures for Tendering.” |
Guaranteed Delivery Procedures for Tendering Outstanding Notes | If you cannot meet the expiration deadline or you cannot deliver your outstanding notes, the letter of transmittal or any other documentation to comply with the applicable procedures under DTC, Euroclear or Clearstream standard operating procedures for electronic tenders in a timely fashion, you may tender your notes according to the guaranteed delivery procedures set forth under “The Exchange Offer—Guaranteed Delivery Procedures.” |
Special Procedures for Beneficial Holders | If you beneficially own outstanding notes that are registered in the name of a broker, dealer, commercial bank, trust company or other nominee and you wish to tender in the exchange offer, you should contact that registered holder promptly and instruct that person to tender on your behalf. If you wish to tender in the exchange offer on your own behalf, you must, prior to completing and executing the letter of transmittal and delivering your outstanding notes, either arrange to have the outstanding notes registered in your name or obtain a properly completed bond power from the registered holder. The transfer of registered ownership may take considerable time. |
Acceptance of Outstanding Notes and Delivery of Exchange Notes | We will accept any outstanding notes that are properly tendered for exchange before 5:00 p.m., New York City time, on the day this exchange offer expires. The exchange notes will be delivered promptly after expiration of this exchange offer. |
Exchange Date | We will notify the exchange agent of the date of acceptance of the outstanding notes for exchange. |
Withdrawal Rights | If you tender your outstanding notes for exchange in this exchange offer and later wish to withdraw them, you may do so at any time before 5:00 p.m., New York City time, on the day this exchange offer expires. |
Consequences if You Do Not Exchange Your Outstanding Notes | Outstanding notes that are not tendered in the exchange offer or are not accepted for exchange will continue to bear legends restricting their transfer. You will not be able to sell the outstanding notes unless: |
After the completion of the exchange offer, we will no longer have any obligation to register the outstanding notes, except in limited circumstances. |
Accrued Interest on the Outstanding Notes | Any interest that has accrued on an outstanding note before its exchange in this exchange offer will be payable on the exchange note on the first interest payment date after the completion of this exchange offer. |
United States Federal Income Tax Considerations | The exchange of the outstanding notes for the exchange notes generally will not be a taxable event for United States federal income tax purposes. See “Material United States Federal Income Tax Considerations.” |
Exchange Agent | U.S. Bank |
Use of Proceeds | We will not receive any cash proceeds from this exchange offer. See “Use of Proceeds.” |
Registration Rights Agreement | When we issued the outstanding notes, we and the guarantors entered into a registration rights |
October 19, 2021 |
Accounting Treatment | We will not recognize any gain or loss for accounting purposes upon the completion of the exchange offer in accordance with generally accepted accounting principles. See “The Exchange Offer—Accounting Treatment.” |
Issuer | Lamar Media Corp. |
Securities Offered |
January 15, |
Exchange Notes Interest Rate | 3.625% per year |
We may redeem some or all of the |
April 15 and |
Substantially all of our existing and certain of our future domestic subsidiaries will unconditionally guarantee the exchange notes. |
Ranking | The exchange notes will be our general unsecured obligations and will rank senior to all of our existing and future debt that is expressly subordinated to the exchange |
Receivables Securitization Program, and structurally subordinated to all of the liabilities of any of our subsidiaries that do not guarantee the exchange notes (including, without limitation, the liabilities of the Special Purpose Subsidiaries under the Accounts Receivable Securitization Program). |
The guarantees will be |
As of non-guarantor subsidiaries had approximately |
Change of Control and Asset Sales | If we or Lamar Advertising experience specific kinds of changes of control or we sell assets under certain circumstances, we will be required to make an offer to purchase the notes at the prices listed in “Description of Exchange Notes—Material Covenants—Change of Control” and “Description of Exchange Notes—Material Covenants—Limitations on Certain Asset Sales.” We may not have sufficient funds available at the time of any change of control to effect the purchase. |
Material Covenants | The |
These covenants are subject to important exceptions and qualifications, and certain of these covenants will not be applicable during any period of time if the exchange notes have an investment grade rating. See “Description of Exchange Notes” in this prospectus. |
Year ended December 31, | Six months ended June 30, | Year ended December 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | 2016 | 2017 | 2018 | 2019 | 2020 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,353,396 | $ | 1,500,294 | $ | 1,541,260 | $ | 1,627,222 | $ | 1,753,644 | $ | 833,199 | $ | 754,221 | $ | 1,500,294 | $ | 1,541,260 | $ | 1,627,222 | $ | 1,753,644 | $ | 1,568,856 | $ | 406,569 | $ | 370,881 | ||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct advertising expenses | 473,760 | 525,597 | 540,880 | 561,848 | 590,078 | 286,860 | 283,553 | 525,597 | 540,880 | 561,848 | 590,078 | 557,661 | 149,494 | 131,215 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 242,182 | 269,423 | 276,229 | 289,428 | 318,380 | 157,709 | 149,612 | 269,423 | 276,229 | 289,428 | 318,380 | 287,874 | 82,204 | 72,649 | ||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | 71,426 | 75,994 | 61,962 | 82,497 | 84,229 | 35,505 | 35,012 | 75,994 | 61,962 | 82,497 | 84,229 | 70,457 | 18,367 | 17,623 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 191,433 | 204,958 | 211,104 | 225,261 | 250,028 | 123,199 | 126,311 | 204,958 | 211,104 | 225,261 | 250,028 | 251,296 | 62,313 | 60,749 | ||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on disposition of assets | (8,765 | ) | (15,095 | ) | (4,664 | ) | 7,233 | (7,241 | ) | (5,161 | ) | (3,519 | ) | (15,095 | ) | (4,664 | ) | 7,233 | (7,241 | ) | (9,026 | ) | (2,504 | ) | (415 | ) | ||||||||||||||||||||||||||||||
Total operating expenses | 970,036 | 1,060,877 | 1,085,511 | 1,166,267 | 1,235,474 | 598,112 | 590,969 | 1,060,877 | 1,085,511 | 1,166,267 | 1,235,474 | 1,158,262 | 309,874 | 281,821 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 383,360 | 439,417 | 455,749 | 460,955 | 518,170 | 235,087 | 163,252 | 439,417 | 455,749 | 460,955 | 518,170 | 410,594 | 96,695 | 89,060 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 98,399 | 123,682 | 128,390 | 129,198 | 149,852 | 75,532 | 71,621 | 123,682 | 128,390 | 129,198 | 149,852 | �� | 136,826 | 36,363 | 27,980 | |||||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | 3,198 | 71 | 15,429 | — | — | 18,184 | 3,198 | 71 | 15,429 | — | 25,235 | 18,179 | 21,604 | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 284,961 | 312,537 | 327,288 | 316,328 | 368,318 | 159,555 | 73,447 | 312,537 | 327,288 | 316,328 | 368,318 | 248,533 | 42,153 | 39,476 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 22,058 | 13,356 | 9,230 | 10,697 | (4,222 | ) | (10,292 | ) | 1,296 | 13,356 | 9,230 | 10,697 | (4,222 | ) | 4,660 | 1,536 | 1,010 | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 262,903 | $ | 299,181 | $ | 318,058 | $ | 305,631 | $ | 372,540 | $ | 169,847 | $ | 72,151 | $ | 299,181 | $ | 318,058 | $ | 305,631 | $ | 372,540 | $ | 243,873 | $ | 40,617 | $ | 38,466 | ||||||||||||||||||||||||||||
Other financial data (unaudited): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 591,918 | $ | 657,840 | $ | 671,788 | $ | 722,892 | $ | 785,312 | $ | 354,257 | $ | 293,242 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (2) | 44 | % | 44 | % | 44 | % | 44 | % | 45 | % | 43 | % | 39 | % | ||||||||||||||||||||||||||||||||||||||||||
Ratio of Adjusted EBITDA to interest expense, net (3) | 6.0x | 5.3x | 5.2x | 5.6x | 5.2x | 4.7x | 4.1x | |||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of total debt to Adjusted EBITDA (4) | 3.2x | 3.6x | 3.8x | 4.0x | 3.8x | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 110,425 | $ | 107,612 | $ | 109,329 | $ | 117,638 | $ | 140,956 | $ | 60,560 | $ | 36,274 | ||||||||||||||||||||||||||||||||||||||||||
Other data (as of end of period)(unaudited): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total billboard displays | 143,732 | 148,828 | 149,827 | 156,919 | 157,790 | 156,868 | 155,821 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total logo displays | 134,172 | 143,722 | 145,061 | 148,909 | 151,216 | 150,253 | 150,464 |
As of December 31, | As of June 30, | |||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | |||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Balance sheet data(5): | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21,827 | $ | 35,030 | $ | 114,971 | $ | 20,994 | $ | 25,688 | $ | 16,754 | $ | 176,593 | ||||||||||||||
Working capital (deficit) | 48,882 | 39,691 | 98,033 | (86,699 | ) | (357,180 | ) | (297,269 | ) | 56,245 | ||||||||||||||||||
Total assets | 3,347,340 | 3,882,480 | 4,197,942 | 4,527,886 | 5,924,421 | 5,782,411 | 5,964,847 | |||||||||||||||||||||
Long-term debt, net of deferred financing costs (including current maturities) | 1,893,404 | 2,349,183 | 2,556,690 | 2,888,688 | 2,980,118 | 2,972,502 | 3,155,899 | |||||||||||||||||||||
Stockholder’s equity | 1,007,181 | 1,056,386 | 1,091,098 | 1,120,196 | 1,169,531 | 1,128,088 | 1,113,007 |
Year ended December 31, | Three months ended March 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | 2020 | 2021 | |||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Other financial data (unaudited): | ||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 657,840 | $ | 671,788 | $ | 722,892 | $ | 785,312 | $ | 672,023 | $ | 159,941 | $ | 152,569 | ||||||||||||||
Adjusted EBITDA margin(2) | 44 | % | 44 | % | 44 | % | 45 | % | 43 | % | 39 | % | 41 | % | ||||||||||||||
Ratio of Adjusted EBITDA to interest expense, net(3) | 5.3x | 5.2x | 5.6x | 5.2x | 4.9x | 4.4x | 5.5x | |||||||||||||||||||||
Ratio of total debt to Adjusted EBITDA(4) | 3.6x | 3.8x | 4.0x | 3.8x | 4.4x | — | — | |||||||||||||||||||||
Capital expenditures | $ | 107,612 | $ | 109,329 | $ | 117,638 | $ | 140,956 | $ | 62,272 | $ | 25,709 | $ | 16,332 | ||||||||||||||
Other data (as of end of period)(unaudited): | ||||||||||||||||||||||||||||
Total billboard displays | 148,828 | 149,827 | 156,919 | 157,790 | 153,154 | 157,632 | 152,621 | |||||||||||||||||||||
Total logo displays | 143,722 | 145,061 | 148,909 | 151,216 | 137,120 | 150,240 | 136,998 |
As of December 31, | As of March 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | 2020 | 2021 | |||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Balance sheet data(5): | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 35,030 | $ | 114,971 | $ | 20,994 | $ | 25,688 | $ | 121,069 | $ | 496,139 | $ | 42,546 | ||||||||||||||
Working capital (deficit) | 39,691 | 98,033 | (86,699 | ) | (357,180 | ) | (160,992 | ) | 251,328 | (222,546 | ) | |||||||||||||||||
Total assets | 3,882,480 | 4,197,942 | 4,527,886 | 5,924,421 | 5,774,707 | 6,376,266 | 5,633,762 | |||||||||||||||||||||
Long-term debt, net of deferred financing costs (including current maturities) | 2,349,183 | 2,556,690 | 2,888,688 | 2,980,118 | 2,886,516 | 3,551,809 | 2,840,124 | |||||||||||||||||||||
Stockholder’s equity | 1,056,386 | 1,091,098 | 1,120,196 | 1,169,531 | 1,192,844 | 1,127,224 | 1,171,810 |
(1) | Adjusted EBITDA is defined as net income (loss) before stock-based compensation, the impact of Accounting Standards Codification (ASC) Topic 842 adoption, capitalized contract fulfillment costs, net, interest expense (income), income tax expense (benefit), depreciation and amortization, (gain) loss on disposition of assets and investments and (gain) loss on extinguishment of debt and investments. Adjusted EBITDA represents a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in the media industry. Our management also believes that Adjusted EBITDA is useful in evaluating our core operating results. However, Adjusted EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States and should not be considered an alternative to operating income or net income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity. Because Adjusted EBITDA is not calculated identically by all companies, the presentation in this offering memorandum may not be comparable to those disclosed by other companies. In addition, the definition of Adjusted EBITDA differs from the definition of EBITDA applicable to the covenants for the notes. |
Year Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | |||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Statement of operations data: | ||||||||||||||||||||||||||||
Net income | $ | 262,903 | $ | 299,181 | $ | 318,058 | $ | 305,631 | $ | 372,540 | $ | 169,847 | $ | 72,151 | ||||||||||||||
Stock-based compensation | 25,890 | 28,560 | 9,599 | 29,443 | 29,647 | 7,506 | 6,162 | |||||||||||||||||||||
Impact of ASC 842 adoption | — | — | — | — | 3,894 | 1,930 | — | |||||||||||||||||||||
Capitalized contract fulfillment costs, net | — | — | — | — | (9,186 | ) | (8,304 | ) | 1,036 | |||||||||||||||||||
Depreciation and amortization | 191,433 | 204,958 | 211,104 | 225,261 | 250,028 | 123,199 | 126,311 | |||||||||||||||||||||
(Gain) loss on disposition of assets and investments | (8,765 | ) | (15,095 | ) | (4,664 | ) | 7,233 | (7,241 | ) | (5,161 | ) | (3,519 | ) | |||||||||||||||
Interest expense, net | 98,399 | 123,682 | 128,390 | 129,198 | 149,852 | 75,532 | 71,621 | |||||||||||||||||||||
Loss on debt extinguishment | — | 3,198 | 71 | 15,429 | — | — | 18,184 | |||||||||||||||||||||
Income tax (benefit) expense | 22,058 | 13,356 | 9,230 | 10,697 | (4,222 | ) | (10,292 | ) | 1,296 | |||||||||||||||||||
Adjusted EBITDA (unaudited) | $ | 591,918 | $ | 657,840 | $ | 671,788 | $ | 722,892 | $ | 785,312 | $ | 354,257 | $ | 293,242 |
Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | 2020 | 2021 | |||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Statement of operations data: | ||||||||||||||||||||||||||||
Net income | $ | 299,181 | $ | 318,058 | $ | 305,631 | $ | 372,540 | $ | 243,873 | $ | 40,617 | $ | 38,466 |
Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | 2020 | 2021 | |||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Stock-based compensation | 28,560 | 9,599 | 29,443 | 29,647 | 18,772 | 3,437 | 3,675 | |||||||||||||||||||||
Impact of ASC 842 adoption | — | — | — | 3,894 | — | — | — | |||||||||||||||||||||
Capitalized contract fulfillment costs, net | — | — | — | (9,186 | ) | 387 | — | (500 | ) | |||||||||||||||||||
Depreciation and amortization | 204,958 | 211,104 | 225,261 | 250,028 | 251,296 | 62,313 | 60,749 | |||||||||||||||||||||
(Gain) loss on disposition of assets and investments | (15,095 | ) | (4,664 | ) | 7,233 | (7,241 | ) | (9,026 | ) | (2,504 | ) | (415 | ) | |||||||||||||||
Interest expense, net | 123,682 | 128,390 | 129,198 | 149,852 | 136,826 | 36,363 | 27,980 | |||||||||||||||||||||
Loss on debt extinguishment | 3,198 | 71 | 15,429 | — | 25,235 | 18,179 | 21,604 | |||||||||||||||||||||
Income tax (benefit) expense | 13,356 | 9,230 | 10,697 | (4,222 | ) | 4,660 | 1,536 | 1,010 | ||||||||||||||||||||
Adjusted EBITDA (unaudited) | $ | 657,840 | $ | 671,788 | $ | 722,892 | $ | 785,312 | $ | 672,023 | $ | 159,941 | $ | 152,569 |
(2) | Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenues. |
(3) | Ratio of Adjusted EBITDA to interest expense is defined as Adjusted EBITDA divided by net interest expense. |
(4) | Ratio of total debt to Adjusted EBITDA is defined as total debt divided by Adjusted EBITDA. |
(5) | Certain balance sheet reclassifications were made in order to be comparable to the current year presentation. |
As of June 30, 2020 | ||||||||
(dollars in thousands) | Actual (unaudited) | As adjusted for the Partial 5% Notes Redemption, the Remaining 5% Notes Redemption and the issuance of the additional 2030 notes (unaudited) | ||||||
Cash and cash equivalents | $ | 176,593 | $ | 10,000 | ||||
Current maturities of long term debt, net of deferred financing costs (1) | 9,120 | 131,620 | ||||||
Long-term debt, net of deferred financing costs, including current maturities: | ||||||||
Senior Credit Facility (2) | 585,642 | 689,155 | ||||||
Accounts Receivable Securitization Program (1) | (667 | ) | 121,833 | |||||
3 3/4% Senior Notes due 2028 | 591,606 | 591,606 | ||||||
4% Senior Notes due 2030 (3) | 394,390 | 541,240 | ||||||
4 7/8% Senior Notes due 2029 | 394,210 | 394,210 | ||||||
5 3/4% Senior Notes due 2026 | 646,817 | 646,817 | ||||||
5% Senior Subordinated Notes due 2023 (4) | 532,214 | — | ||||||
Other long-term debt | 11,687 | 11,687 | ||||||
Total long-term debt, including current maturities | 3,155,899 | 2,966,548 | ||||||
Total stockholder’s equity | 1,113,007 | 1,113,007 | ||||||
Total capitalization | 4,268,906 | 4,109,555 | ||||||
As of March 31, 2021 | ||||
(dollars in thousands) | Actual (unaudited) | |||
Cash and cash equivalents | $ | 42,546 | ||
Current maturities of long term debt, net of deferred financing costs (1) | 155,039 | |||
Long-term debt, net of deferred financing costs, including current maturities: | ||||
Senior Credit Facility (2) | 612,526 | |||
Accounts Receivable Securitization Program (1) | 154,667 | |||
3 5/8% Senior Notes due 2031 | 542,059 | |||
3 3/4% Senior Notes due 2028 | 592,214 | |||
4% Senior Notes due 2030 | 541,563 | |||
4 7/8% Senior Notes due 2029 | 394,554 | |||
Other long-term debt | 2,541 | |||
Total long-term debt, including current maturities | 2,840,124 | |||
Total stockholder’s equity | 1,171,810 | |||
Total capitalization | 4,011,934 | |||
(1) | Includes borrowings under the Accounts Receivable Securitization Program, as adjusted. Additional borrowing capacity under Accounts Receivable Securitization Program as of |
(2) | Additional borrowing capacity under our revolving senior credit facility as of |
Year ended December 31, | Six months ended June 30, | Year ended December 31, | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | 2019 | 2020 | 2016 | 2017 | 2018 | 2019 | 2020 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,353,396 | $ | 1,500,294 | $ | 1,541,260 | $ | 1,627,222 | $ | 1,753,644 | $ | 833,199 | $ | 754,221 | $ | 1,500,294 | $ | 1,541,260 | $ | 1,627,222 | $ | 1,753,644 | $ | 1,568,856 | $ | 406,569 | $ | 370,881 | ||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct advertising expenses | 473,760 | 525,597 | 540,880 | 561,848 | 590,078 | 286,860 | 283,553 | 525,597 | 540,880 | 561,848 | 590,078 | 557,661 | 149,494 | 131,215 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 242,182 | 269,423 | 276,229 | 289,428 | 318,380 | 157,709 | 149,612 | 269,423 | 276,229 | 289,428 | 318,380 | 287,874 | 82,204 | 72,649 | ||||||||||||||||||||||||||||||||||||||||||
Corporate expenses | 71,426 | 75,994 | 61,962 | 82,497 | 84,229 | 35,505 | 35,012 | 75,994 | 61,962 | 82,497 | 84,229 | 70,457 | 18,367 | 17,623 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 191,433 | 204,958 | 211,104 | 225,261 | 250,028 | 123,199 | 126,311 | 204,958 | 211,104 | 225,261 | 250,028 | 251,296 | 62,313 | 60,749 | ||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on disposition of assets | (8,765 | ) | (15,095 | ) | (4,664 | ) | 7,233 | (7,241 | ) | (5,161 | ) | (3,519 | ) | (15,095 | ) | (4,664 | ) | 7,233 | (7,241 | ) | (9,026 | ) | (2,504 | ) | (415 | ) | ||||||||||||||||||||||||||||||
Total operating expenses | 970,036 | 1,060,877 | 1,085,511 | 1,166,267 | 1,235,474 | 598,112 | 590,969 | 1,060,877 | 1,085,511 | 1,166,267 | 1,235,474 | 1,158,262 | 309,874 | 281,821 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 383,360 | 439,417 | 455,749 | 460,955 | 518,170 | 235,087 | 163,252 | 439,417 | 455,749 | 460,955 | 518,170 | 410,594 | 96,695 | 89,060 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 98,399 | 123,682 | 128,390 | 129,198 | 149,852 | 75,532 | 71,621 | 123,682 | 128,390 | 129,198 | 149,852 | 136,826 | 36,363 | 27,980 | ||||||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | 3,198 | 71 | 15,429 | — | — | 18,184 | 3,198 | 71 | 15,429 | — | 25,235 | 18,179 | 21,604 | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 284,961 | 312,537 | 327,288 | 316,328 | 368,318 | 159,555 | 73,447 | 312,537 | 327,288 | 316,328 | 368,318 | 248,533 | 42,153 | 39,476 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 22,058 | 13,356 | 9,230 | 10,697 | (4,222 | ) | (10,292 | ) | 1,296 | 13,356 | 9,230 | 10,697 | (4,222 | ) | 4,660 | 1,536 | 1,010 | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 262,903 | $ | 299,181 | $ | 318,058 | $ | 305,631 | $ | 372,540 | $ | 169,847 | $ | 72,151 | $ | 299,181 | $ | 318,058 | $ | 305,631 | $ | 372,540 | $ | 243,873 | $ | 40,617 | $ | 38,466 | ||||||||||||||||||||||||||||
Other data (as of end of period) : | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total billboard displays | 143,732 | 148,828 | 149,827 | 156,919 | 157,790 | 156,868 | 155,821 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total logo displays | 134,172 | 143,722 | 145,061 | 148,909 | 151,216 | 150,253 | 150,464 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet data (1) : | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21,827 | $ | 35,030 | $ | 114,971 | $ | 20,994 | $ | 25,688 | $ | 16,754 | $ | 176,593 | ||||||||||||||||||||||||||||||||||||||||||
Working capital (deficit) | 48,882 | 39,691 | 98,033 | (86,699 | ) | (357,180 | ) | (297,269 | ) | 56,245 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 3,347,340 | 3,882,480 | 4,197,942 | 4,527,886 | 5,924,421 | 5,782,411 | 5,964,847 | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net of deferred financing costs (including current maturities) | 1,893,404 | 2,349,183 | 2,556,690 | 2,888,688 | 2,980,118 | 2,972,502 | 3,155,899 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stockholder’s equity | 1,007,181 | 1,056,386 | 1,091,098 | 1,120,196 | 1,169,531 | 1,128,088 | 1,113,007 |
Year ended December 31, | Three months ended March 31, | |||||||||||||||||||||||||||
(dollars in thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | 2020 | 2021 | |||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
Other data (as of end of period) : | ||||||||||||||||||||||||||||
Total billboard displays | 148,828 | 149,827 | 156,919 | 157,790 | 153,154 | 157,632 | 152,621 | |||||||||||||||||||||
Total logo displays | 143,722 | 145,061 | 148,909 | 151,216 | 137,120 | 150,240 | 136,998 | |||||||||||||||||||||
Balance sheet data (1) : | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 35,030 | $ | 114,971 | $ | 20,994 | $ | 25,688 | $ | 121,069 | $ | 496,139 | $ | 42,546 | ||||||||||||||
Working capital (deficit) | 39,691 | 98,033 | (86,699 | ) | (357,180 | ) | (160,992 | ) | 251,328 | (222,546 | ) | |||||||||||||||||
Total assets | 3,882,480 | 4,197,942 | 4,527,886 | 5,924,421 | 5,774,707 | 6,376,266 | 5,633,762 | |||||||||||||||||||||
Long-term debt, net of deferred financing costs (including current maturities) | 2,349,183 | 2,556,690 | 2,888,688 | 2,980,118 | 2,886,516 | 3,551,809 | 2,840,124 | |||||||||||||||||||||
Stockholder’s equity | 1,056,386 | 1,091,098 | 1,120,196 | 1,169,531 | 1,192,844 | 1,127,224 | 1,171,810 |
(1) | Certain balance sheet reclassifications were made in order to be comparable to the current year presentation. |
Three months ended June 30, (in thousands) | Six months ended June 30, (in thousands) | Three Months Ended March 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Total capital expenditures: | ||||||||||||||||||||||||
Billboard—traditional | $ | 1,503 | $ | 13,431 | $ | 8,023 | $ | 22,693 | ||||||||||||||||
Billboard—digital | 5,227 | 14,418 | 16,802 | 26,037 | ||||||||||||||||||||
Billboard — traditional | $ | 2,767 | $ | 6,520 | ||||||||||||||||||||
Billboard — digital | 9,074 | 11,575 | ||||||||||||||||||||||
Logos | 670 | 2,492 | 3,545 | 3,904 | 1,923 | 2,875 | ||||||||||||||||||
Transit | 289 | 617 | 1,855 | 1,796 | 453 | 1,566 | ||||||||||||||||||
Land and buildings | 1,022 | 1,208 | 2,258 | 1,696 | 974 | 1,236 | ||||||||||||||||||
Operating equipment | 1,854 | 2,443 | 3,791 | 4,434 | 1,141 | 1,937 | ||||||||||||||||||
Total capital expenditures | $ | 10,565 | $ | 34,609 | $ | 36,274 | $ | 60,560 | $ | 16,332 | $ | 25,709 | ||||||||||||
Year Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | ||||||||||||||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||
Operating expenses: | ||||||||||||||||||||
Direct advertising expenses | 33.6 | 34.5 | 35.1 | 37.6 | 34.4 | |||||||||||||||
General and administrative expenses | 18.2 | 17.8 | 17.9 | 19.8 | 18.9 | |||||||||||||||
Corporate expenses | 4.8 | 5.1 | 4.0 | 4.6 | 4.3 | |||||||||||||||
Depreciation and amortization | 14.3 | 13.8 | 13.7 | 16.7 | 14.8 | |||||||||||||||
Operating income | 29.5 | 28.3 | 29.6 | 21.6 | 28.2 | |||||||||||||||
Loss on extinguishment of debt | — | 0.9 | — | 2.4 | — | |||||||||||||||
Interest expense | 8.6 | 8.0 | 8.3 | 9.5 | 9.1 | |||||||||||||||
Income tax (benefit) expense | (0.2 | ) | 0.7 | 0.6 | 0.2 | (1.2 | ) | |||||||||||||
Net income | 21.2 | 18.8 | 20.6 | 9.6 | 20.4 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Reported net revenue | $ | 370,881 | $ | 406,569 | ||||
Acquisition net revenue | — | (2,401 | ) | |||||
Adjusted totals | $ | 370,881 | $ | 404,168 | ||||
Three Months Ended March 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2021 | 2020 | |||||||||||||||
Net income | $ | 38,466 | $ | 40,617 | $ | (2,151 | ) | (5.3 | )% | |||||||
Income tax expense | 1,010 | 1,536 | (526 | ) | ||||||||||||
Loss on debt extinguishment | 21,604 | 18,179 | 3,425 | |||||||||||||
Interest expense (income), net | 27,980 | 36,363 | (8,383 | ) | ||||||||||||
Gain on disposition of assets | (415 | ) | (2,504 | ) | 2,089 | |||||||||||
Depreciation and amortization | 60,749 | 62,313 | (1,564 | ) | ||||||||||||
Capitalized contract fulfillment costs, net | (500 | ) | — | (500 | ) | |||||||||||
Stock-based compensation expense | 3,675 | 3,437 | 238 | |||||||||||||
Adjusted EBITDA | $ | 152,569 | $ | 159,941 | $ | (7,372 | ) | (4.6 | )% | |||||||
Three Months Ended March 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2021 | 2020 | |||||||||||||||
Net income | $ | 38,466 | $ | 40,617 | $ | (2,151 | ) | (5.3 | )% | |||||||
Depreciation and amortization related to real estate | 57,963 | 59,364 | (1,401 | ) | ||||||||||||
Gain from sale or disposal of real estate, net of tax | (383 | ) | (2,543 | ) | 2,160 | |||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 153 | 249 | (96 | ) | ||||||||||||
FFO | $ | 96,199 | $ | 97,687 | $ | (1,488 | ) | (1.5 | )% | |||||||
Straight line expense | 775 | 1,054 | (279 | ) |
Three Months Ended March 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2021 | 2020 | |||||||||||||||
Capitalized contract fulfillment costs, net | (500 | ) | — | (500 | ) | |||||||||||
Stock-based compensation expense | 3,675 | 3,437 | 238 | |||||||||||||
Non-cash portion of tax provision | (1,020 | ) | (419 | ) | (601 | ) | ||||||||||
Non-real estate related depreciation and amortization | 2,787 | 2,949 | (162 | ) | ||||||||||||
Amortization of deferred financing costs | 1,371 | 1,378 | (7 | ) | ||||||||||||
Loss on extinguishment of debt | 21,604 | 18,179 | 3,425 | |||||||||||||
Capital expenditures – maintenance | (7,904 | ) | (10,629 | ) | 2,725 | |||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (153 | ) | (249 | ) | 96 | |||||||||||
AFFO | $ | 116,834 | $ | 113,387 | $ | 3,447 | 3.0 | % | ||||||||
Six months ended June 30, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Reported net revenue | $ | 754,221 | $ | 833,199 | ||||
Acquisition net revenue | — | 10,209 | ||||||
Adjusted totals | $ | 754,221 | $ | 843,408 | ||||
Year ended December 31, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Reported net revenue | $ | 1,568,856 | $ | 1,753,644 | ||||
Acquisition net revenue | — | 6,438 | ||||||
Adjusted totals | $ | 1,568,856 | $ | 1,760,082 | ||||
Six Months Ended June 30, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2020 | 2019 | |||||||||||||||
Net income | $ | 72,151 | $ | 169,847 | $ | (97,696 | ) | (57.5 | )% | |||||||
Income tax expense (benefit) | 1,296 | (10,292 | ) | 11,588 | ||||||||||||
Loss on debt extinguishment | 18,184 | — | 18,184 | |||||||||||||
Interest expense (income), net | 71,621 | 75,532 | (3,911 | ) | ||||||||||||
Gain on disposition of assets | (3,519 | ) | (5,161 | ) | 1,642 | |||||||||||
Depreciation and amortization | 126,311 | 123,199 | 3,112 | |||||||||||||
Impact of ASC 842 adoption (lease accounting standard) | — | 1,930 | (1,930 | ) | ||||||||||||
Capitalized contract fulfillment costs, net | 1,036 | (8,304 | ) | 9,340 | ||||||||||||
Stock-based compensation expense | 6,162 | 7,506 | (1,344 | ) | ||||||||||||
Adjusted EBITDA | $ | 293,242 | $ | 354,257 | $ | (61,015 | ) | (17.2 | )% | |||||||
Year Ended December 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2020 | 2019 | |||||||||||||||
Net income | $ | 243,873 | $ | 372,540 | $ | (128,667 | ) | (34.5 | )% | |||||||
Income tax expense (benefit) | 4,660 | (4,222 | ) | 8,882 | ||||||||||||
Loss on extinguishment of debt | 25,235 | — | 25,235 | |||||||||||||
Interest expense, net | 136,826 | 149,852 | (13,026 | ) | ||||||||||||
Gain on disposition of assets | (9,026 | ) | (7,241 | ) | (1,785 | ) | ||||||||||
Depreciation and amortization | 251,296 | 250,028 | 1,268 | |||||||||||||
Impact of ASC 842 adoption | — | 3,894 | (3,894 | ) | ||||||||||||
Capitalized contract fulfillment costs, net | 387 | (9,186 | ) | 9,573 | ||||||||||||
Stock-based compensation expense | 18,772 | 29,647 | (10,875 | ) | ||||||||||||
Adjusted EBITDA | $ | 672,023 | $ | 785,312 | $ | (113,289 | ) | (14.4 | )% | |||||||
Six Months Ended June 30, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2020 | 2019 | |||||||||||||||
Net income | $ | 72,151 | $ | 169,847 | $ | (97,696 | ) | (57.5 | )% | |||||||
Depreciation and amortization related to real estate | 120,453 | 116,178 | 4,275 | |||||||||||||
Gain from sale or disposal of real estate, net of tax | (3,098 | ) | (4,884 | ) | 1,786 | |||||||||||
Non-cash tax benefit for REIT converted assets | — | (17,031 | ) | 17,031 | ||||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 389 | 354 | 35 | |||||||||||||
FFO | $ | 189,895 | $ | 264,464 | $ | (74,569 | ) | (28.2 | )% | |||||||
Straight line expense (income) | 1,733 | (216 | ) | 1,949 | ||||||||||||
Impact of ASC 842 adoption (lease accounting standard) | — | 1,930 | (1,930 | ) | ||||||||||||
Capitalized contract fulfillment costs, net | 1,036 | (8,304 | ) | 9,340 | ||||||||||||
Stock-based compensation expense | 6,162 | 7,506 | (1,344 | ) | ||||||||||||
Non-cash portion of tax provision | (1,313 | ) | 1,910 | (3,223 | ) | |||||||||||
Non-real estate related depreciation and amortization | 5,858 | 7,021 | (1,163 | ) | ||||||||||||
Amortization of deferred financing costs | 2,878 | 2,670 | 208 | |||||||||||||
Loss on extinguishment of debt | 18,184 | — | 18,184 | |||||||||||||
Capital expenditures – maintenance | (14,492 | ) | (23,396 | ) | 8,904 | |||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (389 | ) | (354 | ) | (35 | ) | ||||||||||
AFFO | $ | 209,552 | $ | 253,231 | $ | (43,679 | ) | (17.2 | )% | |||||||
Year Ended December 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2020 | 2019 | |||||||||||||||
Net income | $ | 243,873 | $ | 372,540 | $ | (128,667 | ) | (34.5 | )% | |||||||
Depreciation and amortization related to real estate | 238,932 | 235,802 | 3,130 | |||||||||||||
Gain from disposition of real estate assets and investments | (5,790 | ) | (6,775 | ) | 985 | |||||||||||
Non-cash tax benefit for REIT converted assets | — | (17,031 | ) | 17,031 | ||||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 629 | 771 | (142 | ) | ||||||||||||
FFO | $ | 477,644 | $ | 585,307 | $ | (107,663 | ) | (18.4 | )% | |||||||
Straight-line expense (income) | 3,597 | (361 | ) | 3,958 | ||||||||||||
Impact of ASC 842 adoption | — | 3,894 | (3,894 | ) | ||||||||||||
Capitalized contract fulfillment costs, net | 387 | (9,186 | ) | 9,573 | ||||||||||||
Stock-based compensation expense | 18,772 | 29,647 | (10,875 | ) | ||||||||||||
Non-cash portion of tax provision | (797 | ) | 2,901 | (3,698 | ) | |||||||||||
Gain from one-time sale ofnon-real estate assets | (3,197 | ) | — | (3,197 | ) | |||||||||||
Non-real estate related depreciation and amortization | 12,364 | 14,226 | (1,862 | ) | ||||||||||||
Amortization of deferred financing costs | 5,909 | 5,365 | 544 |
Year Ended December 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2020 | 2019 | |||||||||||||||
Loss on extinguishment of debt | 25,235 | — | 25,235 | |||||||||||||
Capital expenditures – maintenance | (24,028 | ) | (49,155 | ) | 25,127 | |||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (629 | ) | (771 | ) | 142 | |||||||||||
AFFO | $ | 515,257 | $ | 581,867 | $ | (66,610 | ) | (11.4 | )% | |||||||
Three months ended June 30, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Reported net revenue | $ | 347,652 | $ | 448,742 | ||||
Acquisition net revenue | — | 5,075 | ||||||
Adjusted totals | $ | 347,652 | $ | 453,817 | ||||
Three Months Ended June 30, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2020 | 2019 | |||||||||||||||
Net income | $ | 31,534 | $ | 118,485 | $ | (86,951 | ) | (73.4 | )% | |||||||
Income tax benefit | (240 | ) | (12,380 | ) | 12,140 | |||||||||||
Loss on debt extinguishment | 5 | — | 5 | |||||||||||||
Interest expense (income), net | 35,258 | 38,090 | (2,832 | ) | ||||||||||||
Gain on disposition of assets | (1,015 | ) | (537 | ) | (478 | ) | ||||||||||
Depreciation and amortization | 63,998 | 61,693 | 2,305 | |||||||||||||
Impact of ASC 842 adoption (lease accounting standard) | — | 1,009 | (1,009 | ) | ||||||||||||
Capitalized contract fulfillment costs, net | 1,036 | (3,609 | ) | 4,645 | ||||||||||||
Stock-based compensation expense | 2,725 | 5,273 | (2,548 | ) | ||||||||||||
Adjusted EBITDA | $ | 133,301 | $ | 208,024 | $ | (74,723 | ) | (35.9 | )% | |||||||
Three Months Ended June 30, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2020 | 2019 | |||||||||||||||
Net income | $ | 31,534 | $ | 118,485 | $ | (86,951 | ) | (73.4 | )% | |||||||
Depreciation and amortization related to real estate | 61,089 | 58,178 | 2,911 | |||||||||||||
Gain from sale or disposal of real estate, net of tax | (555 | ) | (410 | ) | (145 | ) | ||||||||||
Non-cash tax benefit for REIT converted assets | — | (17,031 | ) | 17,031 | ||||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 140 | 156 | (16 | ) | ||||||||||||
FFO | $ | 92,208 | $ | 159,378 | $ | (67,170 | ) | (42.1 | )% | |||||||
Straight line expense | 679 | 20 | 659 | |||||||||||||
Impact of ASC 842 adoption (lease accounting standard) | — | 1,009 | (1,009 | ) | ||||||||||||
Capitalized contract fulfillment costs, net | 1,036 | (3,609 | ) | 4,645 | ||||||||||||
Stock-based compensation expense | 2,725 | 5,273 | (2,548 | ) | ||||||||||||
Non-cash portion of tax provision | (894 | ) | 1,118 | (2,012 | ) | |||||||||||
Non-real estate related depreciation and amortization | 2,909 | 3,515 | (606 | ) | ||||||||||||
Amortization of deferred financing costs | 1,500 | 1,338 | 162 | |||||||||||||
Loss on extinguishment of debt | 5 | — | 5 | |||||||||||||
Capital expenditures—maintenance | (3,863 | ) | (13,689 | ) | 9,826 | |||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (140 | ) | (156 | ) | 16 | |||||||||||
AFFO | $ | 96,165 | $ | 154,197 | $ | (58,032 | ) | (37.6 | )% | |||||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
(in thousands) | ||||||||
Reported net revenue | $ | 1,753,644 | $ | 1,627,222 | ||||
Acquisition net revenue | — | 80,745 | ||||||
Adjusted totals | $ | 1,753,644 | $ | 1,707,967 | ||||
Year Ended December 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2019 | 2018 | |||||||||||||||
Net income | $ | 372,540 | $ | 305,631 | $ | 66,909 | 21.9 | % | ||||||||
Income tax (benefit) expense | (4,222 | ) | 10,697 | (14,919 | ) | |||||||||||
Loss on extinguishment of debt | — | 15,429 | (15,429 | ) | ||||||||||||
Interest expense, net | 149,852 | 129,198 | 20,654 | |||||||||||||
(Gain) loss on disposition of assets | (7,241 | ) | 7,233 | (14,474 | ) | |||||||||||
Depreciation and amortization | 250,028 | 225,261 | 24,767 | |||||||||||||
Impact of ASC 842 adoption | (5,292 | ) | — | (5,292 | ) | |||||||||||
Stock-based compensation expense | 29,647 | 29,443 | 204 | |||||||||||||
Adjusted EBITDA | $ | 785,312 | $ | 722,892 | $ | 62,420 | 8.6 | % | ||||||||
Year Ended December 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2019 | 2018 | |||||||||||||||
Net income | $ | 372,540 | $ | 305,631 | $ | 66,909 | 21.9 | % | ||||||||
Depreciation and amortization related to real estate | 235,802 | 212,457 | 23,345 | |||||||||||||
(Gain) loss from disposition of real estate assets and investments | (6,775 | ) | 8,689 | (15,464 | ) | |||||||||||
Non-cash tax benefit for REIT converted assets | (17,031 | ) | — | (17,031 | ) | |||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 771 | 648 | 123 | |||||||||||||
FFO | $ | 585,307 | $ | 527,425 | $ | 57,882 | 11.0 | % | ||||||||
Straight-line income | (361 | ) | (2,036 | ) | 1,675 | |||||||||||
Impact of ASC 842 adoption | (5,292 | ) | — | (5,292 | ) | |||||||||||
Stock-based compensation expense | 29,647 | 29,443 | 204 | |||||||||||||
Non-cash portion of tax provision | 2,901 | 660 | 2,241 | |||||||||||||
Non-real estate related depreciation and amortization | 14,226 | 12,804 | 1,422 | |||||||||||||
Amortization of deferred financing costs | 5,365 | 4,920 | 445 | |||||||||||||
Loss on extinguishment of debt | — | 15,429 | (15,429 | ) | ||||||||||||
Capital expenditures—maintenance | (49,155 | ) | (43,108 | ) | (6,047 | ) | ||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (771 | ) | (648 | ) | (123 | ) | ||||||||||
AFFO | $ | 581,867 | $ | 544,889 | $ | 36,978 | 6.8 | % | ||||||||
Year-Ended December 31, | ||||||||
2018 | 2017 | |||||||
(in thousands) | ||||||||
Reported net revenue | $ | 1,627,222 | $ | 1,541,260 | ||||
Acquisition net revenue | — | 32,898 | ||||||
Adjusted totals | $ | 1,627,222 | $ | 1,574,158 | ||||
Year Ended December 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2018 | 2017 | |||||||||||||||
Net income | $ | 305,631 | $ | 318,058 | $ | (12,427 | ) | (3.9 | )% | |||||||
Income tax expense | 10,697 | 9,230 | 1,467 | |||||||||||||
Loss on extinguishment of debt | 15,429 | 71 | 15,358 | |||||||||||||
Interest expense (income), net | 129,198 | 128,390 | 808 | |||||||||||||
Loss (gain) on disposition of assets | 7,233 | (4,664 | ) | 11,897 | ||||||||||||
Depreciation and amortization | 225,261 | 211,104 | 14,157 | |||||||||||||
Stock-based compensation expense | 29,443 | 9,599 | 19,844 | |||||||||||||
Adjusted EBITDA | $ | 722,892 | $ | 671,788 | $ | 51,104 | 7.6 | % | ||||||||
Year Ended December 31, | Amount of Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||
2018 | 2017 | |||||||||||||||
Net income | $ | 305,631 | $ | 318,058 | $ | (12,427 | ) | (3.9 | )% | |||||||
Depreciation and amortization related to real estate | 212,457 | 198,630 | 13,827 | |||||||||||||
Loss (gain) from disposition of real estate assets and investments | 8,689 | (4,185 | ) | 12,874 | ||||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 648 | 839 | (191 | ) | ||||||||||||
FFO | $ | 527,425 | $ | 513,342 | $ | 14,083 | 2.7 | % | ||||||||
Straight-line income | (2,036 | ) | (754 | ) | (1,282 | ) | ||||||||||
Stock-based compensation expense | 29,443 | 9,599 | 19,844 | |||||||||||||
Non-cash portion of tax provision | 660 | 804 | (144 | ) | ||||||||||||
Non-real estate related depreciation and amortization | 12,804 | 12,474 | 330 | |||||||||||||
Amortization of deferred financing costs | 4,920 | 5,120 | (200 | ) | ||||||||||||
Loss on extinguishment of debt | 15,429 | 71 | 15,358 | |||||||||||||
Capital expenditures—maintenance | (43,108 | ) | (43,119 | ) | 11 | |||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (648 | ) | (839 | ) | 191 | |||||||||||
AFFO | $ | 544,889 | $ | 496,698 | $ | 48,191 | 9.7 | % | ||||||||
Total | Payments Due by Period | |||||||||||||||||||
Contractual Obligations | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | After 5 Years | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Long-Term Debt | $ | 3,155.9 | $ | 9.1 | $ | — | $ | 533.0 | $ | 2,613.8 | ||||||||||
Interest obligations on long term debt (1) | 880.0 | 134.1 | 274.7 | 223.3 | 247.9 | |||||||||||||||
Billboard site and other operating leases | 1,758.9 | 246.2 | 406.6 | 308.1 | 798.0 | |||||||||||||||
Total payments due | $ | 5,794.8 | $ | 389.4 | $ | 681.3 | $ | 1,064.4 | $ | 3,659.7 |
Payments Due by Period | ||||||||||||||||||||
Contractual Obligations | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | After 5 Years | |||||||||||||||
(In millions) | ||||||||||||||||||||
Long-term debt | $ | 2,840.1 | $ | 155.0 | $ | 0.8 | $ | 21.6 | $ | 2,662.7 | ||||||||||
Interest obligations on long-term debt (1) | 754.4 | 92.6 | 188.4 | 187.8 | 285.6 | |||||||||||||||
Billboard site, transit and other operating and financing leases | 1,650.6 | 162.5 | 397.9 | 304.4 | 785.8 | |||||||||||||||
Total payments due | $ | 5,245.1 | $ | 410.1 | $ | 587.1 | $ | 513.8 | $ | 3,734.1 | ||||||||||
(1) | Interest rates on our variable rate instruments are assuming rates at the |
Total Amount Committed | Amount of Expiration Per Period | |||||||||||||||||||
Other Commercial Commitments | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | After 5 Years | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Revolving Credit Facility (2) | $ | 750.0 | $ | — | $ | — | $ | 750.0 | $ | — | ||||||||||
Standby Letters of Credit (3) | $ | 12.8 | $ | 12.3 | $ | 0.5 | $ | — | $ | — |
Amount of Expiration Per Period | ||||||||||||||||||||
Other Commercial Commitments | Total Amount Committed | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | After 5 Years | |||||||||||||||
(In millions) | ||||||||||||||||||||
Revolving Bank Facility (2) | $ | 750.0 | $ | — | $ | — | $ | 750.0 | $ | — | ||||||||||
Standby Letters of Credit (3) | $ | 14.4 | $ | 13.9 | $ | 0.5 | $ | — | $ | — |
(2) |
(3) | The standby letters of credit are issued under the revolving credit facility and reduce the availability of the facility by the same amount. |
Colorado | Georgia | Louisiana | Mississippi | Nebraska | New | |||||||
Delaware | Kansas | Michigan | Missouri (1) | Nevada | ||||||||
Florida | Kentucky | Minnesota | Montana | New Hampshire | ||||||||
Wisconsin |
(1) | The logo sign contract in Missouri is operated by a 66 2/3% owned partnership. |
Percentage of Revenues for the year ended, December 31, 2019 | Number of Displays for the year ended, December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Market | Static Billboard Displays | Digital Billboard Displays | Transit Displays | Logo Displays | Total Displays | Static Billboard Displays | Digital Billboard Displays | Transit Displays | Logo Displays | Total Displays | Percentage of Total Displays | |||||||||||||||||||||||||||||||||
Las Vegas, NV | 1.8% | 2.6% | 15.0% | — | 3.0% | 837 | 64 | 1,498 | — | 2,399 | 0.6 | % | ||||||||||||||||||||||||||||||||
New York, NY | 3.2% | 1.7% | — | — | 2.5% | 1,054 | 37 | — | — | 1,091 | 0.3 | % | ||||||||||||||||||||||||||||||||
Pittsburgh, PA | 2.2% | 3.6% | 0.4% | — | 2.3% | 3,003 | 56 | 341 | — | 3,400 | 0.9 | % | ||||||||||||||||||||||||||||||||
Seattle, WA | 2.2% | 1.1% | 2.1% | — | 1.9% | 1,736 | 18 | 2,194 | — | 3,948 | 1.0 | % | ||||||||||||||||||||||||||||||||
Cleveland, OH | 1.7% | 2.7% | 1.6% | — | 1.8% | 2,390 | 58 | 2,542 | — | 4,990 | 1.3 | % | ||||||||||||||||||||||||||||||||
Gary, IN | 1.6% | 2.6% | — | — | 1.6% | 1,711 | 118 | — | — | 1,829 | 0.5 | % | ||||||||||||||||||||||||||||||||
San Bernardino, CA | 1.6% | 1.9% | 1.1% | — | 1.5% | 782 | 33 | 1,273 | — | 2,088 | 0.5 | % | ||||||||||||||||||||||||||||||||
Dallas, TX | 1.8% | 1.0% | 1.9% | — | 1.5% | 1,374 | 21 | 459 | — | 1,854 | 0.5 | % | ||||||||||||||||||||||||||||||||
Nashville, TN | 1.4% | 2.2% | — | — | 1.4% | 1,735 | 61 | — | — | 1,796 | 0.5 | % | ||||||||||||||||||||||||||||||||
Vancouver, Canada | — | — | 16.7% | — | 1.4% | — | — | 6,118 | — | 6,118 | 1.6 | % | ||||||||||||||||||||||||||||||||
Atlanta, GA | 1.2% | 2.5% | — | — | 1.3% | 771 | 56 | — | — | 827 | 0.2 | % | ||||||||||||||||||||||||||||||||
Reading, PA | 1.1% | 2.1% | — | — | 1.2% | 1,244 | 101 | — | — | 1,345 | 0.3 | % | ||||||||||||||||||||||||||||||||
Hartford, CT | 1.1% | 2.2% | 0.1% | — | 1.2% | 919 | 50 | 100 | — | 1,069 | 0.3 | % | ||||||||||||||||||||||||||||||||
Richmond, VA | 1.3% | 1.7% | — | — | 1.2% | 1,319 | 38 | — | — | 1,357 | 0.3 | % | ||||||||||||||||||||||||||||||||
Phoenix, AZ | 0.2% | 2.5% | 5.5% | — | 1.2% | 142 | 47 | 3,481 | — | 3,670 | 0.9 | % | ||||||||||||||||||||||||||||||||
Oklahoma City, OK | 1.4% | 1.4% | — | — | 1.2% | 2,209 | 33 | — | — | 2,242 | 0.6 | % | ||||||||||||||||||||||||||||||||
Knoxville, TN | 1.6% | 0.7% | — | — | 1.2% | 2,226 | 30 | — | — | 2,256 | 0.6 | % | ||||||||||||||||||||||||||||||||
Birmingham, AL | 1.2% | 1.2% | 0.3% | — | 1.1% | 1,581 | 32 | 318 | — | 1,931 | 0.6 | % | ||||||||||||||||||||||||||||||||
Raleigh, NC | 1.4% | 0.9% | — | — | 1.1% | 2,889 | 41 | — | — | 2,930 | 0.8 | % | ||||||||||||||||||||||||||||||||
Austin, TX | 1.5% | 0.4% | — | — | 1.0% | 952 | 5 | — | — | 957 | 0.2 | % | ||||||||||||||||||||||||||||||||
Cincinnati, OH | 1.0% | 1.8% | — | — | 1.0% | 1,176 | 31 | — | — | 1,207 | 0.3 | % | ||||||||||||||||||||||||||||||||
Columbus, OH | 1.0% | 1.6% | — | — | 1.0% | 1,771 | 60 | — | — | 1,831 | 0.5 | % | ||||||||||||||||||||||||||||||||
Providence, RI | 1.0% | 1.7% | — | — | 1.0% | 582 | 31 | — | — | 613 | 0.2 | % | ||||||||||||||||||||||||||||||||
Baton Rouge, LA | 1.1% | 1.2% | — | — | 1.0% | 1,483 | 39 | — | — | 1,522 | 0.4 | % | ||||||||||||||||||||||||||||||||
Buffalo, NY | 0.9% | 1.1% | 2.4% | — | 1.0% | 933 | 28 | 1,690 | — | 2,651 | 0.7 | % | ||||||||||||||||||||||||||||||||
Indianapolis, IN | 1.2% | 0.9% | — | — | 1.0% | 2,395 | 20 | — | — | 2,415 | 0.6 | % | ||||||||||||||||||||||||||||||||
Greenville-Spartanburg, SC | 1.1% | 1.2% | — | — | 1.0% | 1,958 | 45 | — | — | 2,003 | 0.5 | % | ||||||||||||||||||||||||||||||||
All US Logo Programs* | — | — | — | 93.4% | 4.9% | — | — | — | 165,103 | 165,103 | 42.1 | % | ||||||||||||||||||||||||||||||||
All Other United States | 63.1% | 55.5% | 43.1% | — | 56.3% | 114,961 | 2,366 | 28,334 | — | 145,661 | 37.1 | % | ||||||||||||||||||||||||||||||||
All Other Canada* | 0.1% | — | 9.8% | 6.6% | 1.2% | 136 | 2 | 4,453 | 15,762 | 20,353 | 5.1 | % | ||||||||||||||||||||||||||||||||
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 154,269 | 3,521 | 52,801 | 180,865 | 391,456 | 100.0 | % | ||||||||||||||||||||||||||||||||
Total Revenue (in millions) | $ | 1,145.4 | $ | 392.1 | $ | 131.9 | $ | 84.2 | $ | 1,753.6 |
Percentage of Revenues for the year ended, December 31, 2020 | Number of Displays for the year ended, December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Market | Static Billboard Displays | Digital Billboard Displays | Transit Displays | Logo Displays | Total Displays | Static Billboard Displays | Digital Billboard Displays | Transit Displays | Logo Displays | Total Displays | Percentage of Total Displays | |||||||||||||||||||||||||||||||||
Pittsburgh, PA | 2.0 | % | 3.5 | % | 0.6 | % | — | 2.1 | % | 2,919 | 58 | 339 | — | 3,316 | 0.9 | % | ||||||||||||||||||||||||||||
New York, NY | 2.4 | % | 1.7 | % | — | — | 2.0 | % | 995 | 42 | — | — | 1,037 | 0.3 | % | |||||||||||||||||||||||||||||
Las Vegas, NV | 1.4 | % | 1.7 | % | 7.6 | % | — | 1.7 | % | 796 | 73 | 1,498 | — | 2,367 | 0.7 | % | ||||||||||||||||||||||||||||
Seattle, WA | 2.0 | % | 1.0 | % | 2.5 | % | — | 1.7 | % | 1,685 | 18 | 2,278 | — | 3,981 | 1.1 | % | ||||||||||||||||||||||||||||
Gary, IN | 1.6 | % | 2.6 | % | — | — | 1.7 | % | 1,680 | 116 | — | — | 1,796 | 0.5 | % | |||||||||||||||||||||||||||||
Cleveland, OH | 1.6 | % | 2.2 | % | 1.6 | % | — | 1.7 | % | 2,306 | 58 | 2,495 | — | 4,859 | 1.4 | % | ||||||||||||||||||||||||||||
San Bernardino, CA | 1.6 | % | 2.0 | % | 1.8 | % | — | 1.6 | % | 665 | 44 | 1,179 | — | 1,888 | 0.5 | % | ||||||||||||||||||||||||||||
Dallas, TX | 1.9 | % | 0.8 | % | 1.9 | % | — | 1.5 | % | 1,347 | 22 | 459 | — | 1,828 | 0.5 | % | ||||||||||||||||||||||||||||
Nashville, TN | 1.5 | % | 2.2 | % | — | — | 1.5 | % | 1,695 | 65 | — | — | 1,760 | 0.5 | % | |||||||||||||||||||||||||||||
Knoxville, TN | 1.7 | % | 0.8 | % | — | — | 1.3 | % | 2,167 | 31 | — | — | 2,198 | 0.6 | % | |||||||||||||||||||||||||||||
Raleigh, NC | 1.6 | % | 0.9 | % | — | — | 1.3 | % | 2,697 | 44 | — | — | 2,741 | 0.8 | % | |||||||||||||||||||||||||||||
Atlanta, GA | 1.1 | % | 2.4 | % | — | — | 1.3 | % | 747 | 70 | — | — | 817 | 0.2 | % | |||||||||||||||||||||||||||||
Oklahoma City, OK | 1.4 | % | 1.3 | % | — | — | 1.2 | % | 2,137 | 33 | — | — | 2,170 | 0.6 | % | |||||||||||||||||||||||||||||
Richmond, VA | 1.3 | % | 1.6 | % | — | — | 1.2 | % | 1,285 | 41 | — | — | 1,326 | 0.4 | % | |||||||||||||||||||||||||||||
Reading, PA | 1.1 | % | 2.0 | % | — | — | 1.2 | % | 1,229 | 103 | — | — | 1,332 | 0.4 | % | |||||||||||||||||||||||||||||
Hartford, CT | 1.0 | % | 2.1 | % | — | — | 1.2 | % | 866 | 50 | 42 | — | 958 | 0.3 | % | |||||||||||||||||||||||||||||
Phoenix, AZ | 0.3 | % | 2.5 | % | 7.1 | % | — | 1.2 | % | 143 | 46 | 3,313 | — | 3,502 | 1.0 | % | ||||||||||||||||||||||||||||
Birmingham, AL | 1.2 | % | 1.2 | % | 0.5 | % | — | 1.1 | % | 1,517 | 34 | 318 | — | 1,869 | 0.6 | % | ||||||||||||||||||||||||||||
Greenville-Spartanburg, SC | 1.2 | % | 1.2 | % | — | — | 1.0 | % | 1,883 | 46 | — | — | 1,929 | 0.6 | % |
62 |
Percentage of Revenues for the year ended, December 31, 2020 | Number of Displays for the year ended, December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Market | Static Billboard Displays | Digital Billboard Displays | Transit Displays | Logo Displays | Total Displays | Static Billboard Displays | Digital Billboard Displays | Transit Displays | Logo Displays | Total Displays | Percentage of Total Displays | |||||||||||||||||||||||||||||||||
Indianapolis, IN | 1.3 | % | 0.8 | % | — | — | 1.0 | % | 2,309 | 22 | — | — | 2,331 | 0.7 | % | |||||||||||||||||||||||||||||
Baton Rouge, LA | 1.1 | % | 1.1 | % | — | — | 1.0 | % | 1,422 | 39 | — | — | 1,461 | 0.4 | % | |||||||||||||||||||||||||||||
Columbus, OH | 1.0 | % | 1.4 | % | — | — | 1.0 | % | 1,725 | 61 | — | — | 1,786 | 0.5 | % | |||||||||||||||||||||||||||||
Cincinnati, OH | 1.0 | % | 1.5 | % | — | — | 1.0 | % | 1,141 | 33 | — | — | 1,174 | 0.3 | % | |||||||||||||||||||||||||||||
Providence, RI | 0.9 | % | 1.6 | % | — | — | 1.0 | % | 536 | 30 | — | — | 566 | 0.2 | % | |||||||||||||||||||||||||||||
Austin, TX | 1.3 | % | 0.4 | % | — | — | 1.0 | % | 930 | 5 | — | — | 935 | 0.3 | % | |||||||||||||||||||||||||||||
All US Logo Programs* | — | — | — | 90.3 | % | 5.5 | % | — | — | — | 141,869 | 141,869 | 40.0 | % | ||||||||||||||||||||||||||||||
All Other United States | 65.5 | % | 59.5 | % | 67.2 | % | — | 59.9 | % | 112,561 | 2,464 | 31,309 | — | 146,334 | 41.2 | % | ||||||||||||||||||||||||||||
All Other Canada* | — | — | 9.2 | % | 9.7 | % | 1.1 | % | 121 | 2 | 4,477 | 11,841 | 16,441 | 4.5 | % | |||||||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 149,504 | 3,650 | 47,707 | 153,710 | 354,571 | 100.0 | % | |||||||||||||||||||||||||||
Total Revenue (in millions) | $ | 1,048.5 | $ | 354.7 | $ | 82.7 | $ | 83.0 | $ | 1,568.9 | ||||||||||||||||||||||||||||||||||
* Logo displays at December 31, 2020 include 16,590 displays related to the tourist-oriented direction signing (“TODS”) programs. |
Categories | Percentage Billboard Advertising | |||
Service | % | |||
Health Care | 12 | % | ||
Restaurants | 11 | % | ||
Retailers | 8 | % | ||
Automotive | 6 | % | ||
5 | % | |||
Gaming | 5 | % | ||
4 | % | |||
Financial — Banks, Credit Unions | 4 | % | ||
4 | % | |||
Real Estate | 3 | % | ||
% |
State | # of billboard leased sites | % of total | # of owned billboard sites | % of total | ||||||||||||
Texas | 5,669 | 7.6 | % | 962 | 10.7 | % | ||||||||||
Pennsylvania | 5,264 | 7.1 | % | 1,459 | 16.3 | % | ||||||||||
California | 4,564 | 6.1 | % | 130 | 1.5 | % | ||||||||||
Ohio | 4,511 | 6.1 | % | 533 | 6.0 | % | ||||||||||
North Carolina | 4,261 | 5.7 | % | 249 | 2.8 | % | ||||||||||
Tennessee | 3,252 | 4.4 | % | 415 | 4.6 | % | ||||||||||
Louisiana | 3,164 | 4.3 | % | 481 | 5.4 | % | ||||||||||
Alabama | 3,067 | 4.1 | % | 433 | 4.8 | % | ||||||||||
Wisconsin | 2,807 | 3.8 | % | 291 | 3.3 | % | ||||||||||
Georgia | 2,751 | 3.7 | % | 249 | 2.8 | % | ||||||||||
Florida | 2,652 | 3.6 | % | 376 | 4.2 | % | ||||||||||
South Carolina | 2,513 | 3.4 | % | 131 | 1.5 | % | ||||||||||
New York | 2,331 | 3.1 | % | 188 | 2.1 | % | ||||||||||
Missouri | 2,242 | 3.0 | % | 213 | 2.4 | % | ||||||||||
Michigan | 2,000 | 2.7 | % | 264 | 2.9 | % | ||||||||||
Mississippi | 1,949 | 2.6 | % | 358 | 4.0 | % | ||||||||||
Indiana | 1,859 | 2.5 | % | 266 | 3.0 | % | ||||||||||
Oklahoma | 1,827 | 2.5 | % | 129 | 1.4 | % | ||||||||||
Virginia | 1,651 | 2.2 | % | 160 | 1.8 | % | ||||||||||
Illinois | 1,560 | 2.1 | % | 311 | 3.5 | % | ||||||||||
All Other States | 14,470 | 19.4 | % | 1,355 | 15.0 | % | ||||||||||
74,364 | 100.0 | % | 8,953 | 100.0 | % |
State | # of billboard leased sites | % of total | # of owned billboard sites | % of total | ||||||||||||
Texas | 5,245 | 7.5 | % | 1,010 | 10.3 | % | ||||||||||
Pennsylvania | 4,839 | 6.9 | % | 1,585 | 16.2 | % | ||||||||||
California | 4,276 | 6.1 | % | 142 | 1.5 | % | ||||||||||
Ohio | 4,195 | 6.0 | % | 583 | 6.0 | % | ||||||||||
North Carolina | 4,000 | 5.7 | % | 271 | 2.8 | % | ||||||||||
Tennessee | 3,046 | 4.4 | % | 444 | 4.5 | % | ||||||||||
Louisiana | 2,993 | 4.3 | % | 506 | 5.2 | % |
State | # of billboard leased sites | % of total | # of owned billboard sites | % of total | ||||||||||||
Alabama | 2,972 | 4.3 | % | 495 | 5.1 | % | ||||||||||
Wisconsin | 2,630 | 3.8 | % | 340 | 3.5 | % | ||||||||||
Georgia | 2,603 | 3.7 | % | 260 | 2.7 | % | ||||||||||
Florida | 2,404 | 3.4 | % | 419 | 4.3 | % | ||||||||||
South Carolina | 2,338 | 3.4 | % | 139 | 1.4 | % | ||||||||||
New York | 2,149 | 3.1 | % | 217 | 2.2 | % | ||||||||||
Missouri | 2,017 | 2.9 | % | 275 | 2.8 | % | ||||||||||
Michigan | 1,937 | 2.8 | % | 272 | 2.8 | % | ||||||||||
Mississippi | 1,866 | 2.7 | % | 398 | 4.1 | % | ||||||||||
Indiana | 1,790 | 2.6 | % | 277 | 2.8 | % | ||||||||||
Oklahoma | 1,740 | 2.5 | % | 135 | 1.4 | % | ||||||||||
Virginia | 1,600 | 2.3 | % | 174 | 1.8 | % | ||||||||||
Illinois | 1,475 | 2.1 | % | 323 | 3.3 | % | ||||||||||
All Other States | 13,658 | 19.5 | % | 1,500 | 15.3 | % | ||||||||||
69,773 | 100.0% | 9,765 | 100.0% |
Name | Age | Title | ||||
Sean E. Reilly | 60 | Chief Executive Officer, President and Director | ||||
Jay L. Johnson | 44 | Executive Vice President, Chief Financial Officer, Treasurer and Director | ||||
Kevin P. Reilly, Jr. | 66 | Director | ||||
47 | Director |
2019 Awards | ||||||||||||
Portion (50%) Based on Pro Forma Net Revenue Growth ($) | Portion (50%) Based on Pro Forma EBITDA Growth ($) | Total ($) | ||||||||||
Kevin P. Reilly, Jr. Chairman of the Board and President* | $ | 125,000 | $ | 118,750 | $ | 243,750 | ||||||
Sean E. Reilly Chief Executive Officer* | $ | 200,000 | $ | 190,000 | $ | 390,000 | ||||||
Keith A. Istre Chief Financial Officer Emeritus; Former Chief Financial Officer and Treasurer (Served through October 1, 2019) | $ | 150,000 | $ | 142,500 | $ | 292,500 | ||||||
2019 Awards | ||||||||||||
Portion (50%) Based on Pro Forma Net Revenue Growth (#) | Portion (50%) Based on Pro Forma EBITDA Growth (#) | Total Shares Class A Common Stock (#) | ||||||||||
Kevin P. Reilly, Jr. Chairman of the Board and President* | 22,000 | 20,900 | 42,900 | |||||||||
Sean E. Reilly Chief Executive Officer* | 22,000 | 20,900 | 42,900 | |||||||||
Keith A. Istre Chief Financial Officer Emeritus; Former Chief Financial Officer and Treasurer (Served through October 1, 2019) | 17,000 | 16,150 | 33,150 | |||||||||
Target Bonus Earned | ||||
Incentive Cash Bonus | Incentive Equity Award | |||||||||
Pro Forma Net Revenue Growth | Percentage of Target Bonus Earned | Pro Forma Net Revenue Growth | Percentage of Target Bonus Earned | |||||||
Less than 2.4% | 0 | %* | Less than 2.4% | 0 | %* | |||||
At least 2.4% but less than 2.5% | 65 | % | At least 2.4% but less than 2.5% | 65 | % | |||||
At least 2.5% but less than 2.6% | 70 | % | At least 2.5% but less than 2.6% | 70 | % | |||||
At least 2.6% but less than 2.7% | 75 | % | At least 2.6% but less than 2.7% | 75 | % |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target Bonus Earned | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Denotes goal achieved for |
(1) | Pro forma net revenue growth is based on Lamar Advertising’s net revenue growth in |
Incentive Cash Bonus | Incentive Equity Award | |||||||||
Pro Forma EBITDA Growth | Percentage of Target Bonus Earned | Pro Forma EBITDA Growth | Percentage of Target Bonus Earned | |||||||
Less than 2.7% | 0 | %* | Less than 2.7% | 0 | %* | |||||
At least 2.7% but less than 2.8% | 65 | % | At least 2.7% but less than 2.8% | 65 | % | |||||
At least 2.8% but less than 2.9% | 70 | % | At least 2.8% but less than 2.9% | 70 | % | |||||
At least 2.9% but less than 3.0% | 75 | % | At least 2.9% but less than 3.0% | 75 | % | |||||
At least 3.0% but less than 3.1% | 80 | % | At least 3.0% but less than 3.1% | 80 | % | |||||
At least 3.1% but less than 3.2% | 85 | % | At least 3.1% but less than 3.2% | 85 | % | |||||
At least 3.2% but less than 3.3% | 90 | % | At least 3.2% but less than 3.3% | 90 | % | |||||
At least 3.3% but less than 3.4% | 95 | % | At least 3.3% but less than 3.4% | 95 | % | |||||
At least 3.4% but less than 4.5% | 100 | % | At least 3.4% or greater | 100 | % | |||||
At least 4.5% but less than 5.0% | 125 | % |
Incentive Cash Bonus | ||||||||||
Target Bonus Earned | ||||||||||
Incentive Equity Award | ||||||||||
Pro Forma EBITDA Growth | Percentage of Target Bonus Earned | Pro Forma EBITDA Growth | Percentage of Target Bonus Earned | |||||||
less than | % | |||||||||
At least less than | % | |||||||||
At least | ||||||||||
% |
* | Denotes goal achieved for |
(1) | Pro forma EBITDA growth is calculated in the same manner as pro forma net revenue growth with adjustments being made in the |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) (1) | Option Awards ($) (1) | Non-Equity Incentive Plan Compensation ($) (2) | All Other Compensation ($) (3)(4) | Total ($) | ||||||||||||||||||||||||
Kevin P. Reilly, Jr. Chairman of the Board and President* | 2019 | 100,000 | — | 3,422,320 | (5) | — | 243,750 | 157,508 | 3,923,578 | |||||||||||||||||||||||
2018 | 100,000 | — | 3,864,836 | (6) | — | 343,750 | 243,622 | (8) | 4,552,208 | |||||||||||||||||||||||
2017 | 100,000 | — | 3,331,680 | (7) | — | — | 280,243 | 3,711,923 | ||||||||||||||||||||||||
Sean E. Reilly Chief Executive Officer* | 2019 | 700,000 | — | 3,422,320 | (5) | — | 390,000 | 453,790 | 4,966,110 | |||||||||||||||||||||||
2018 | 700,000 | — | 3,864,836 | (6) | — | 550,000 | 444,274 | (8) | 5,559,110 | |||||||||||||||||||||||
2017 | 700,000 | — | 3,331,680 | (7) | — | — | 385,119 | 4,416,799 | ||||||||||||||||||||||||
Jay L. Johnson Executive Vice President, Chief Financial Officer and Treasurer (Appointed October 1, 2019) | 2019 | 150,000 | — | 1,318,250 | (9) | — | — | 134,417 | 1,602,667 | |||||||||||||||||||||||
Keith A. Istre Chief Financial Officer Emeritus; Former Chief Financial Officer and Treasurer (Served through October 1, 2019) | 2019 | 500,000 | — | 2,644,520 | (5) | — | 292,500 | 52,500 | 3,489,520 | |||||||||||||||||||||||
2018 | 500,000 | — | 3,047,169 | (6) | — | 412,500 | 52,500 | 4,012,169 | ||||||||||||||||||||||||
2017 | 500,000 | — | 2,574,480 | (7) | — | — | 52,500 | 3,126,980 | ||||||||||||||||||||||||
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) (1) | Option Awards ($) (1) | Non-Equity Incentive Plan Compensation ($) (2) | All Other Compensation ($) (3)(4) | Total ($) | ||||||||||||||||||||||||
Kevin P. Reilly, Jr. | 2020 | 100,000 | — | 1,442,980 | (5) | — | — | 175,255 | 1,718,235 | |||||||||||||||||||||||
Executive Chairman of the Board | 2019 | 100,000 | — | 3,422,320 | (6) | — | 243,750 | 157,508 | 3,923,578 | |||||||||||||||||||||||
2018 | 100,000 | — | 3,864,836 | (7) | — | 343,750 | 243,622 | (8) | 4,552,208 | |||||||||||||||||||||||
Sean E. Reilly | 2020 | 700,000 | — | 2,885,960 | (5) | — | — | 326,700 | 3,912,660 | |||||||||||||||||||||||
Chief Executive Officer and President | 2019 | 700,000 | — | 3,422,320 | (6) | — | 390,000 | 453,790 | 4,966,110 | |||||||||||||||||||||||
2018 | 700,000 | — | 3,864,836 | (7) | — | 550,000 | 444,274 | (8) | 5,559,110 | |||||||||||||||||||||||
Jay L. Johnson | 2020 | 600,000 | — | 2,042,980 | (5) | — | 315,000 | (9) | 94,079 | 2,452,059 | ||||||||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer* | 2019 | 150,000 | — | 1,318,250 | (10) | — | — | 134,417 | 1,602,667 | |||||||||||||||||||||||
* |
(1) | Reflects the aggregate grant date fair value recognized for financial statement reporting purposes in accordance with ASC Topic 718. With respect to performance-based stock awards, the grant date fair value is calculated assuming the probable outcome of achievement, which on the grant date was expected to be 100% of the target equity incentive award amount, rather than the value of the actual award earned on the date when issued to the officer. For the assumptions underlying the valuation of these awards see Note 15 to the Consolidated Financial Statements included in Lamar Advertising’s Annual Report on Form 10-K for the fiscal year ended December 31, |
(2) | Amounts shown in the “Non-Equity Incentive Plan Compensation” column reflect the incentive cash awards granted at the beginning of each year, earned based on performance during that fiscal year and paid in the following fiscal year. The Non-Equity Incentive Plan Awards.” |
(3) | Includes $105,997, $94,986, and $120,234 |
(b) company-paid health insurance premiums and medical reimbursements, (c) personal use of a company-owned recreational facility by Mr. Sean E. Reilly and Mr. Kevin P. Reilly, Jr. and (d) company-paid premiums for term life insurance for Mr. Kevin P. Reilly, Jr. Executives also have access to a country club at which the company has a membership, but each executive pays all fees related to such personal use, resulting in no additional incremental cost to Lamar Advertising. |
(4) | Also includes employer contributions under Lamar Advertising’s deferred compensation plan of $50,000 for each of Mr. Kevin P. Reilly, Jr. |
(5) | No shares were earned based on achievement of performance goals for fiscal 2020 for each of Mr. Kevin P. Reilly, Jr. and Mr. Sean E. Reilly. Mr. Johnson received (i) a stock award with a grant date fair value of $600,000 as of February 19, 2020, paid in February 2020 in respect of 2019 performance and (ii) a stock award with a grant date fair value of $1,442,980 as of March 13, 2020, paid in February 2021 in respect of 2020 performance. |
The ASC Topic 718 value of the shares actually earned based on achievement of performance goals for fiscal 2019, which awards were certified as earned by the Compensation Committee and issued on (i) February 19, 2020, for |
Consists of performance-based stock awards in respect of 2018 performance and discretionary stock awards in respect of 2017 performance made in 2018. The ASC Topic 718 value of the performance-based stock awards was $2,878,040 for each of Mr. Kevin P. Reilly, Jr. and Mr. Sean E. |
(8) | Includes the payment of filing fees of $45,000 on behalf of each of Mr. Kevin P. Reilly, Jr. and Mr. Sean E. Reilly in connection with filings made under the gross-up payment related to the imputed compensation associated with this payment on their behalf. |
(9) | Cash bonus paid to Mr. Johnson in February 2020 in respect of his service in 2019. |
Shares issued on October 8, 2019 in connection with Mr. Johnson’s start date. |
Name | Grant Date | Estimated Future Payouts Under Non-Equity IncentivePlan Awards (1) | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | All other stock awards: Number of shares of stock or units (#) | Grant Date Fair Value of Stock and Option Awards ($) (4) | |||||||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | |||||||||||||||||||||||||||||
Kevin P. Reilly, Jr. | 3/15/2019 | 162,500 | 250,000 | 500,000 | 28,600 | 44,000 | 44,000 | — | 3,422,320 | |||||||||||||||||||||||||
Sean E. Reilly | 3/15/2019 | 260,000 | 400,000 | 800,000 | 28,600 | 44,000 | 44,000 | — | 3,422,320 | |||||||||||||||||||||||||
Jay L. Johnson | 10/8/2019 | — | — | — | — | — | — | 16,157 | 1,318,250 | |||||||||||||||||||||||||
Keith A. Istre | 3/15/2019 | 195,000 | 300,000 | 600,000 | 22,100 | 34,000 | 34,000 | — | 2,644,520 |
Name | Grant Date | Estimated Future Payouts Under Non-Equity Incentive PlanAwards (1) | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | All other stock awards: Number of shares of stock or units (#) | Grant Date Fair Value of Stock and Option Awards ($) (4) | |||||||||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | |||||||||||||||||||||||||||||||
Kevin P. Reilly, Jr. | 3/13/2020 | 162,500 | 250,000 | 500,000 | 14,300 | 22,000 | 22,000 | — | 1,442,980 | |||||||||||||||||||||||||||
Sean E. Reilly | 3/13/2020 | 260,000 | 400,000 | 800,000 | 28,600 | 44,000 | 44,000 | — | 2,885,960 | |||||||||||||||||||||||||||
Jay L. Johnson | 3/13/2020 | 195,000 | 300,000 | 600,000 | — | — | — | 22,000 | 1,442,980 |
(1) | Represents the possible cash bonus granted under Lamar Advertising’s 1996 Equity Incentive Plan that could be earned by achieving defined performance goals. Threshold amount assumes minimum attainment of both EBITDA and revenue levels to receive payment. |
(2) | These awards constitute possible shares of Lamar Advertising’s Class A common stock issuable upon achievement of defined performance goals under Lamar Advertising’s 1996 Equity Incentive Plan. Threshold amount assumes minimum attainment of both EBITDA and revenue levels to receive payment. |
(3) | These awards constitute discretionary shares of Lamar Advertising’s Class A common stock issued under Lamar Advertising’s 1996 Equity Incentive Plan. |
(4) | Reflects the aggregate grant date fair value in accordance with ASC Topic 718 assuming the probable outcome of achievement, which for performance stock awards on the grant date was expected to be 100% of the target equity incentive award amount, rather than the value of the actual award earned on the date when issued to the officer. For the assumptions underlying the valuation of these awards see Note 15 to the Consolidated Financial Statements included in Lamar Advertising’s Annual Report on Form 10-K for the fiscal year ended December 31, |
Option Awards | Stock Awards | |||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) | ||||||||||||||||||
Kevin P. Reilly, Jr. | 100,000 | (1) | 0 | (1) | 42.21 | 1/24/2023 | — | — | ||||||||||||||||
Jay L. Johnson | — | — | — | — | 10,771 | (2) | $ | 961,419.46 | (3) |
Option Awards | Stock Awards | |||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) | ||||||||||||||||||
Kevin P. Reilly, Jr. | 100,000 | (1) | 0 | (1) | 42.21 | 1/24/2023 | — | — | ||||||||||||||||
Jay L. Johnson | — | — | — | — | 5,385 | (2) | 448,139.70 | (3) |
(1) | Granted on January 24, 2013. 20% of the award vested immediately upon grant, and an additional 20% vested on the next four anniversaries of the grant date. |
(2) | Granted on October 8, 2019. |
(3) | Based on the closing price of |
Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) (1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||||||||
Kevin P. Reilly, Jr. | — | — | — | — | ||||||||||||
Sean E. Reilly | 100,000 | 3,675,911.50 | — | — | ||||||||||||
Jay L. Johnson | — | — | 5,386 | 439,443.74 | ||||||||||||
Keith A. Istre | 4,209 | 148,914.42 | — | — |
Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) (1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||||||||
Kevin P. Reilly, Jr. | — | — | — | — | ||||||||||||
Sean E. Reilly | — | — | — | — | ||||||||||||
Jay L. Johnson | — | — | 5,386 | 380,251.60 |
(1) | Calculated as the product of (a) the number of shares of Lamar Advertising Class A common stock for which the stock options were exercised and (b) the excess of the closing price of Lamar Advertising’s Class A common stock on the NASDAQ Global Select Market on the date of the exercise over the applicable exercise price per share of the stock options. |
Name | Registrant Contributions in Last FY ($) (1) | Aggregate Earnings (Loss) in Last FY ($) (2) | Aggregate Balance at Last FYE ($) (3) | |||||||||
Kevin P. Reilly, Jr. | 50,000 | 840,038.92 | 6,150,835.33 | |||||||||
Sean E. Reilly | 50,000 | 337,451.29 | 1,835,122.07 | |||||||||
Jay L. Johnson | 50,000 | — | — | |||||||||
Keith A. Istre | 50,000 | 94,994.92 | 1,149,730.80 |
Name | Registrant Contributions in Last FY ($) (1) | Aggregate Earnings (Loss) in Last FY ($) (2) | Aggregate Balance at Last FYE ($) (3) | |||||||||
Kevin P. Reilly, Jr. | 50,000 | 361,101 | 6,561,936 | |||||||||
Sean E. Reilly | 50,000 | 299,555 | 2,184,677 | |||||||||
Jay L. Johnson | 50,000 | 8,753 | 58,753 |
(1) | Amounts in this column are included in the “All Other Compensation” column in the |
(2) | Amounts in this column are not included in the |
(3) | This column includes amounts in each named executive officer’s total deferred compensation account as of the last day of fiscal |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted-average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||
Equity compensation plans approved by security holders (1) | 887,491 | (2) | 57.97 | (3) | 3,107,905 | (4)(5) | ||||||
Equity compensation plans not approved by security holders | n/a | n/a | n/a | |||||||||
Total | 887,491 | 57.97 | 3,107,905 | |||||||||
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted-average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||
Equity compensation plans approved by security holders (1) | | 747,926 | (2) | | 60.34 | (3) | | 2,718,731 | (4)(5) | |||
Equity compensation plans not approved by security holders | n/a | n/a | n/a | |||||||||
Total | 747,926 | 60.34 | 2,718,731 |
(1) | Consists of Lamar Advertising’s 1996 Equity Incentive Plan, as amended and 2019 Employee Stock Purchase Plan, as amended. |
(2) | Includes shares issuable upon achievement of outstanding performance-based awards under Lamar Advertising’s 1996 Equity Incentive Plan. Does not include purchase rights accruing under Lamar Advertising’s 2019 Employee Stock Purchase Plan because the purchase price (and therefore the number of shares to be purchased) will not be determined until the end of the purchase period. |
(3) | Does not take into account shares issuable upon achievement of outstanding performance-based awards, which will be issued for no consideration. |
(4) | Includes shares available for future issuance under Lamar Advertising’s 2019 Employee Stock Purchase Plan. Under the evergreen formula of this plan, on the first day of each fiscal year beginning with (b) one-tenth of one percent of the total number of shares of Lamar Advertising’s Class A common stock outstanding on the last day of the preceding fiscal year, and (c) a lesser amount determined by |
Beneficial Owner | Title of Class | No. of Shares Owned | Percent of Class | |||||||
Directors, Nominees for Director and Executive Officers | ||||||||||
Kevin P. Reilly, Jr. ○ | Class A Class B (2) | 410,298 11,362,250 | (1) (3)(4) | * 78.79% | (5) | |||||
Sean E. Reilly | Class A Class B (2) | 23,672 10,557,835 | (4)(6) | * 73.22% | (7) | |||||
Anna Reilly ○ | Class A Class B (2) | 154,646 10,000,000 | (8) (4)(9) | * 69.35% | (10) | |||||
Wendell Reilly ○ | Class A Class B (2) | 12,832 9,500,000 | (11) (4)(12) | * 65.88% | (13) | |||||
Jay L. Johnson | Class A | 17,207 | * | |||||||
Keith A. Istre§ | Class A | 126,618 | * | |||||||
Stephen P. Mumblow ○ | Class A | 6,675 | (14) | * | ||||||
Thomas V. Reifenheiser ○ | Class A | 46,611 | 15) | * | ||||||
John E. Koerner, III ○ | Class A | 52,375 | (16) | * | ||||||
Marshall Loeb ○ | Class A | 2,305 | * | |||||||
Elizabeth Thompson ○ | Class A | 1,495 | * | |||||||
Nancy Fletcher ○ | N/A | 2,303 | * | |||||||
All Current Directors and Executive Officers as a Group (10 Persons) | Class A & B | 15,150,504 | (17) | 15.03% | (18) | |||||
Five Percent Stockholders | ||||||||||
Reilly Family, LLC | Class B (2) | 9,000,000 | 62.41% | (19) | ||||||
The Vanguard Group 100 Vanguard Blvd. Malvern, PA 19355 | Class A | 12,694,569 | (20) | 14.69% | ||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | Class A | 8,925,903 | (21) | 10.33% | ||||||
Janus Henderson Group plc 201 Bishopsgate EC2M 3AE London, United Kingdom | Class A | 7,762,836 | (22) | 8.98% |
Beneficial Owner | Title of Class | No. of Shares Owned | Percent of Class | |||||||||
Directors, Nominees for Director and Executive Officers | ||||||||||||
Kevin P. Reilly, Jr.† | | Class A Class B | (2) | | 410,298 11,362,250 | (1) (3)(4) | | * 78.79 | % (5) | |||
Sean E. Reilly | | Class A Class B | (2) | | 23,672 10,557,835 | (4)(6) | | * 73.22 | % (7) | |||
Anna Reilly† | | Class A Class B | (2) | | 155,134 10,000,000 | (8) (4)(9) | | * 69.35 | % (10) | |||
Wendell Reilly† | | Class A Class B | (2) | | 13,320 9,500,000 | (11) (4) | | * 65.88 | % (12) | |||
Jay L. Johnson | Class A | 21,385 | * | |||||||||
Stephen P. Mumblow† | Class A | 7,407 | (13) | * | ||||||||
Thomas V. Reifenheiser† | Class A | 47,294 | (14) | * | ||||||||
John E. Koerner, III† | Class A | 53,058 | (15) | * | ||||||||
Marshall Loeb† | Class A | 2,842 | * | |||||||||
Elizabeth Thompson† | Class A | 2,032 | * | |||||||||
Nancy Fletcher† | Class A | 2,840 | * | |||||||||
All Current Directors and Executive Officers as a Group (11 Persons) | Class A & B | 15,159,367 | (16) | 14.98 | % (17) | |||||||
Five Percent Stockholders | ||||||||||||
Reilly Family, LLC | Class B | (2) | 9,000,000 | 62.41 | % (18) | |||||||
The Vanguard Group 100 Vanguard Blvd. Malvern, PA 19355 | Class A | 11,951,751 | (19) | 13.77 | % | |||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | Class A | 7,751,999 | (20) | 8.93 | % | |||||||
Janus Henderson Group plc 201 Bishopsgate EC2M 3AE London, United Kingdom | Class A | 7,168,578 | (21) | 8.26 | % |
* | Less than 1%. |
Current director of Lamar Advertising. |
(1) | Includes 100,000 shares subject to stock options exercisable within 60 days of |
(2) | Upon the sale of any shares of Class B common stock to a person other than to a Permitted Transferee, such shares will automatically convert into shares of Class A common stock. Permitted Transferees include (i) a descendant of Kevin P. Reilly, Sr.; (ii) a spouse or surviving spouse (even if remarried) of any individual named or described in (i) above; (iii) any estate, trust, guardianship, custodianship, curatorship or other fiduciary arrangement for the primary benefit of any one or more of the individuals named or described in (i) and (ii) above; and (iv) any corporation, partnership, limited liability company or other business organization controlled by and substantially all of the interests in which are owned, directly or indirectly, by any one or more of the individuals and entities named or described in (i), (ii), and (iii) above. Except for voting rights, the Class A common stock and Class B common stock are substantially identical. The holders of Class A common stock and Class B common stock vote together as a single class (except as may otherwise be required by Delaware law), with the holders of Class A common stock entitled to one vote per share and the holders of Class B common stock entitled to ten votes per share on all matters on which the holders of common stock are entitled to vote. |
(3) | Includes 566,211 shares held by Ninemile, L.L.C., of which Kevin P. Reilly, Jr. is the managing member, all of which are pledged as collateral for a |
(4) | Includes 9,000,000 shares held by the Reilly Family, LLC (the “RFLLC”), of which Kevin P. Reilly, Jr. is the executive manager, 500,000 shares of which are pledged as collateral for a loan. Kevin P. Reilly, Jr.’s three siblings, Anna Reilly (a nominee for director), Sean E. Reilly (our Chief Executive Officer) and Wendell Reilly (a nominee for director) are the other managers of the RFLLC. The executive manager has sole voting power over the shares held by the RFLLC but dispositions of the shares require the approval of managers representing 75% of the limited liability company interests of the RFLLC. Anna Reilly, Sean E. Reilly, and Wendell Reilly disclaim beneficial ownership in the shares held by the RFLLC, except to the extent of their pecuniary interest therein. |
(5) | Represents |
(6) | Includes 757,375 shares held by Jennifer and Sean Reilly Family, LLC and 800,460 shares held by SRAA, LLC, of which Sean E. Reilly is the sole manager. Sean E. Reilly has sole voting and dispositive power over the shares held by the Jennifer and Sean Reilly Family, LLC and SRAA, LLC. Sean E. Reilly disclaims beneficial ownership in the shares held by the Jennifer and Sean Reilly Family, LLC and SRAA, LLC, except to the extent of his pecuniary interest therein. |
(7) | Represents |
(8) | Includes |
(9) | Includes 1,000,000 shares owned jointly by Ms. Reilly and her spouse. |
(10) | Represents |
(11) | Includes 5,000 shares held by his spouse and 4,000 shares subject to stock options exercisable within 60 days of |
(12) |
Represents |
Includes |
(14) | Includes 10,000 shares of Class A common stock subject to stock options exercisable within 60 days of June 30, 2021. |
(15) | Includes 10,000 shares of Class A common stock subject to stock options exercisable within 60 days of |
(16) |
See Notes 1, 3, 4, 6, 8, 9, 11, |
Assumes the conversion of all shares of Class B common stock into shares of Class A common stock. |
Represents |
(19) | As reported in the Schedule 13G/A filed on February 10, 2021 with the Commission for the year ended December 31, 2020, The Vanguard Group has shared voting power with respect to 56,971 shares, sole dispositive power with respect to 11,824,635 shares and shared dispositive power with respect to 127,116 shares. |
(20) | As reported in the Schedule 13G/A filed on |
As reported in the Schedule 13G filed on February |
Year | Percentage | |||
2023 | 101.875 | % | ||
2024 | 100.938 | % | ||
2025 and thereafter | 100.000 | % |
Year | Percentage | |||
2024 | 102.438 | % | ||
2025 | 101.219 | % | ||
2026 and thereafter | 100.000 | % |
Year | Percentage | |||
2026 | 101.813 | % | ||
2027 | 101.208 | % | ||
2028 | 100.604 | % | ||
2029 and thereafter | 100.000 | % |
Year | Percentage | |||
2025 | 102.000 | % | ||
2026 | 101.333 | % | ||
2027 | 100.667 | % | ||
2028 and thereafter | 100.000 | % |
Year | Percentage | |||
2026 | 101.813 | % | ||
2027 | 101.208 | % | ||
2028 | 100.604 | % | ||
2029 and thereafter | 100.000 | % |
Year | Percentage | |||
2026 | 101.813 | % | ||
2027 | 101.208 | % | ||
2028 | 100.604 | % | ||
2029 and thereafter | 100.000 | % |
Advertising’s gross income exceeds the amount of its income qualifying under the 75% test for the taxable year or (2) the amount by which 95% of Lamar Advertising’s gross income exceeds the amount of its income qualifying for the 95% income test for the taxable year, multiplied by a fraction intended to reflect Lamar Advertising’s profitability; |
(1) | that is managed by one or more trustees or directors; |
(2) | the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest; |
(3) | that would be taxable as a domestic corporation, but for Sections 856 through 859 of the Code; |
(4) | that is neither a financial institution nor an insurance company subject to applicable provisions of the Code; |
(5) | the beneficial ownership of which is held by 100 or more persons; |
(6) | not more than 50% in value of the outstanding shares of which is owned during the last half of each taxable year, directly or indirectly, by five or fewer individuals, as defined in the Code to include specified entities; |
(7) | that makes an election to be taxable as a REIT, or has made this election for a previous taxable year which has not been revoked or terminated, and satisfies all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT status; |
(8) | that uses a calendar year for U.S. federal income tax purposes and complies with the recordkeeping requirements of the Code and the Treasury Regulations promulgated thereunder; and |
(9) | that meets other applicable tests, described below, regarding the nature of its income and assets and the amount of its distributions. |
(1) | at least 75% of the value of Lamar Advertising’s total assets must be represented by real estate assets, cash, cash items and government securities. Real estate assets include, for this purpose, interests in real property (such as land, buildings, leasehold interest in real property and personal property leased with real property if the rents attributable to the personal property would be rents from real property under the income tests discussed above), interests in mortgages on real property or on interests in real property, shares in other qualifying REITs, stock or debt instruments held for less than one year that are purchased with the proceeds from an offering of Lamar Advertising’s shares or a public offering of its debt with a term of five years or more and, for taxable years beginning on or after January 1, 2016, debt instruments issued by publicly offered REITs; |
(2) | not more than 25% of Lamar Advertising’s total assets may be represented by securities other than those in the 75% asset class; |
(3) | except for cash, cash items, government securities and investments in QRSs, TRSs, equity interests in REITs or other securities that qualify as “real estate assets” for purposes of the test described in clause (1): the value of any one issuer’s securities owned by Lamar Advertising may not exceed 5% of the value of its total assets; Lamar Advertising may not own securities possessing more than 10% of the voting power of any one issuer’s outstanding securities; and it may not own more than 10% of the value of the outstanding securities of any one issuer; |
(4) | not more than 20% (for taxable years beginning on or after January 1, 2018) or 25% (for taxable years beginning before January 1, 2018) of the value of Lamar Advertising’s total assets may be represented by securities of one or more TRSs; and |
(5) | not more than 25% (for taxable years beginning on or after January 1, 2016) of the value of Lamar Advertising’s total assets may be represented by debt instruments of publicly offered REITs that are not secured by mortgages on real property or interests in real property. |
(1) | 85% of its REIT ordinary income for the year; |
(2) | 95% of its REIT capital gain net income for the year; and |
(3) | any undistributed taxable income from prior taxable years. |
Page | ||||
For the period ended December 31, | ||||
Lamar Advertising Company and Subsidiaries | ||||
F-8 | ||||
Lamar Media Corp. and Subsidiaries | ||||
For the period ended | ||||
Lamar Advertising Company and Subsidiaries | ||||
Page | ||||
Lamar Media Corp. and Subsidiaries | ||||
/s/ KPMG LLP |
KPMG LLP |
/s/ KPMG LLP |
KPMG LLP |
2019 | 2018 | 2020 | 2019 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 26,188 | $ | 21,494 | $ | 121,569 | $ | 26,188 | ||||||||
Receivables, net of allowance for doubtful accounts of $13,185 and $11,161 as of 2019 and 2018, respectively | 254,930 | 235,576 | ||||||||||||||
Prepaid lease and contract expenses | — | 80,684 | ||||||||||||||
Receivables, net of allowance for doubtful accounts of $14,946 and $13,185 as of 2020 and 2019, respectively | 240,854 | 254,930 | ||||||||||||||
Other current assets | 29,051 | 25,915 | 18,147 | 29,051 | ||||||||||||
Total current assets | 310,169 | 363,669 | 380,570 | 310,169 | ||||||||||||
Property, plant and equipment (note 5) | 3,660,311 | 3,525,725 | 3,615,505 | 3,660,311 | ||||||||||||
Less accumulated depreciation and amortization | (2,311,196 | ) | (2,230,677 | ) | (2,333,656 | ) | (2,311,196 | ) | ||||||||
Net property, plant and equipment | 1,349,115 | 1,295,048 | 1,281,849 | 1,349,115 | ||||||||||||
Operating lease right of use assets | 1,320,779 | — | 1,222,013 | 1,320,779 | ||||||||||||
Financing lease right of use assets | 19,670 | — | ||||||||||||||
Goodwill (note 6) | 1,912,274 | 1,919,386 | 1,912,328 | 1,912,274 | ||||||||||||
Intangible assets, net (note 6) | 992,244 | 915,453 | 914,446 | 992,244 | ||||||||||||
Other assets | 56,574 | 51,085 | 60,565 | 56,574 | ||||||||||||
Total assets | $ | 5,941,155 | $ | 4,544,641 | $ | 5,791,441 | $ | 5,941,155 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Trade accounts payable | $ | 14,974 | $ | 21,246 | $ | 12,017 | $ | 14,974 | ||||||||
Current maturities of long-term debt, net of deferred financing costs of $6,081 and $5,245 in 2019 and 2018, respectively (note 9) | 226,514 | 204,120 | ||||||||||||||
Current maturities of long-term debt, net of deferred financing costs of $445 and $6,081 in 2020 and 2019, respectively (note 9) | 122,434 | 226,514 | ||||||||||||||
Current operating lease liabilities (note 7) | 196,841 | — | 195,439 | 196,841 | ||||||||||||
Current financing lease liabilities (note 7) | 1,331 | — | ||||||||||||||
Accrued expenses (note 8) | 107,225 | 122,467 | 105,288 | 107,225 | ||||||||||||
Deferred income | 127,254 | 107,202 | 111,363 | 127,254 | ||||||||||||
Total current liabilities | 672,808 | 455,035 | 547,872 | 672,808 | ||||||||||||
Long-term debt, net of deferred financing costs of $18,333 and $20,619 in 2019 and 2018, respectively (note 9) | 2,753,604 | 2,684,568 | ||||||||||||||
Long-term debt, net of deferred financing costs of $39,672 and $18,333 in 2020 and 2019, respectively (note 9) | 2,764,082 | 2,753,604 | ||||||||||||||
Operating lease liabilities (note 7) | 1,068,181 | — | 993,776 | 1,068,181 | ||||||||||||
Financing lease liabilities (note 7) | 18,608 | — | ||||||||||||||
Deferred income tax liabilities (note 12) | 5,713 | 20,734 | 4,854 | 5,713 | ||||||||||||
Asset retirement obligation (note 10) | 226,137 | 222,989 | 222,876 | 226,137 | ||||||||||||
Other liabilities | 34,406 | 29,531 | 36,605 | 34,406 | ||||||||||||
Total liabilities | 4,760,849 | 3,412,857 | 4,588,673 | 4,760,849 | ||||||||||||
Stockholders’ equity (note 14): | ||||||||||||||||
Series AA preferred stock, par value $.001, $63.80 cumulative dividends, authorized 5,720 shares; 5,720 shares issued and outstanding at 2019 and 2018 | — | — | ||||||||||||||
Class A common stock, par value $.001, 362,500,000 shares authorized, 86,596,498 and 85,551,595 shares issued and 86,093,300 and 85,162,692 outstanding at 2019 and 2018, respectively | 87 | 86 | ||||||||||||||
Class B common stock, par value $.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2019 and 2018 | 14 | 14 | ||||||||||||||
Additional paid-in-capital | 1,922,222 | 1,852,421 | ||||||||||||||
Accumulated comprehensive income | 685 | 12 | ||||||||||||||
Accumulated deficit | (708,408 | ) | (695,337 | ) | ||||||||||||
Cost of shares held in treasury, 503,198 and 388,903 shares in 2019 and 2018, respectively | (34,294 | ) | (25,412 | ) | ||||||||||||
Stockholders’ equity | 1,180,306 | 1,131,784 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,941,155 | $ | 4,544,641 | ||||||||||||
Series AA preferred stock, par value $.001, $63.80 cumulative dividends, authorized 5,720 shares; 5,720 shares issued and outstanding at 2020 and 2019 | 0— | 0— | ||||||||||||||
Class A common stock, par value $.001, 362,500,000 shares authorized, 87,111,327 and 86,596,498 shares issued and 86,491,646 and 86,093,300 outstanding at 2020 and 2019, respectively | 87 | 87 |
2020 | 2019 | |||||||
Class B common stock, par value $.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2020 and 2019 | 14 | 14 | ||||||
Additional paid-in-capital | 1,963,850 | 1,922,222 | ||||||
Accumulated comprehensive income | 934 | 685 | ||||||
Accumulated deficit | (717,331 | ) | (708,408 | ) | ||||
Cost of shares held in treasury, 619,681 and 503,198 shares in 2020 and 2019, respectively | (44,786 | ) | (34,294 | ) | ||||
Stockholders’ equity | 1,202,768 | 1,180,306 | ||||||
Total liabilities and stockholders’ equity | $ | 5,791,441 | $ | 5,941,155 | ||||
2019 | 2018 | 2017 | ||||||||||
Statements of Income | ||||||||||||
Net revenues (note 2) | $ | 1,753,644 | $ | 1,627,222 | $ | 1,541,260 | ||||||
Operating expenses (income): | ||||||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 590,078 | 561,848 | 540,880 | |||||||||
General and administrative expenses (exclusive of depreciation and amortization) | 318,380 | 289,428 | 276,229 | |||||||||
Corporate expenses (exclusive of depreciation and amortization) | 84,658 | 82,896 | 62,344 | |||||||||
Depreciation and amortization (note 11) | 250,028 | 225,261 | 211,104 | |||||||||
(Gain) loss on disposition of assets | (7,241 | ) | 7,233 | (4,664 | ) | |||||||
1,235,903 | 1,166,666 | 1,085,893 | ||||||||||
Operating income | 517,741 | 460,556 | 455,367 | |||||||||
Other expense (income): | ||||||||||||
Loss on extinguishment of debt | — | 15,429 | 71 | |||||||||
Interest income | (764 | ) | (534 | ) | (6 | ) | ||||||
Interest expense | 150,616 | 129,732 | 128,396 | |||||||||
149,852 | 144,627 | 128,461 | ||||||||||
Income before income tax expense | 367,889 | 315,929 | 326,906 | |||||||||
Income tax (benefit) expense (note 12) | (4,222 | ) | 10,697 | 9,230 | ||||||||
Net income | 372,111 | 305,232 | 317,676 | |||||||||
Preferred stock dividends | 365 | 365 | 365 | |||||||||
Net income applicable to common stock | $ | 371,746 | $ | 304,867 | $ | 317,311 | ||||||
Earnings per share: | ||||||||||||
Basic earnings per share | $ | 3.71 | $ | 3.09 | $ | 3.24 | ||||||
Diluted earnings per share | $ | 3.71 | $ | 3.08 | $ | 3.23 | ||||||
Cash dividends declared per share of common stock | $ | 3.84 | $ | 3.65 | $ | 3.32 | ||||||
Weighted average common shares used in computing earnings per share: | ||||||||||||
Weighted average common shares outstanding basic | 100,130,721 | 98,817,525 | 97,930,555 | |||||||||
Weighted average common shares outstanding diluted | 100,320,574 | 99,086,160 | 98,369,865 | |||||||||
Statements of Comprehensive Income | ||||||||||||
Net income | $ | 372,111 | $ | 305,232 | $ | 317,676 | ||||||
Other comprehensive income (loss), net of tax | ||||||||||||
Foreign currency translation adjustments | 673 | (1,290 | ) | 1,926 | ||||||||
Comprehensive income | $ | 372,784 | $ | 303,942 | $ | 319,602 | ||||||
2020 | 2019 | 2018 | ||||||||||
Statements of Income | ||||||||||||
Net revenues (note 2) | $ | 1,568,856 | $ | 1,753,644 | $ | 1,627,222 | ||||||
Operating expenses (income): | ||||||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 557,661 | 590,078 | 561,848 | |||||||||
General and administrative expenses (exclusive of depreciation and amortization) | 287,874 | 318,380 | 289,428 | |||||||||
Corporate expenses (exclusive of depreciation and amortization) | 70,944 | 84,658 | 82,896 | |||||||||
Depreciation and amortization (note 11) | 251,296 | 250,028 | 225,261 | |||||||||
(Gain) loss on disposition of assets | (9,026 | ) | (7,241 | ) | 7,233 | |||||||
1,158,749 | 1,235,903 | 1,166,666 | ||||||||||
Operating income | 410,107 | 517,741 | 460,556 | |||||||||
Other expense (income): | ||||||||||||
Loss on extinguishment of debt | 25,235 | — | 15,429 | |||||||||
Interest income | (797 | ) | (764 | ) | (534 | ) | ||||||
Interest expense | 137,623 | 150,616 | 129,732 | |||||||||
162,061 | 149,852 | 144,627 | ||||||||||
Income before income tax expense (benefit) | 248,046 | 367,889 | 315,929 | |||||||||
Income tax expense (benefit) (note 12) | 4,660 | (4,222 | ) | 10,697 | ||||||||
Net income | 243,386 | 372,111 | 305,232 | |||||||||
Preferred stock dividends | 365 | 365 | 365 | |||||||||
Net income applicable to common stock | $ | 243,021 | $ | 371,746 | $ | 304,867 | ||||||
Earnings per share: | ||||||||||||
Basic earnings per share | $ | 2.41 | $ | 3.71 | $ | 3.09 | ||||||
Diluted earnings per share | $ | 2.41 | $ | 3.71 | $ | 3.08 | ||||||
Cash dividends declared per share of common stock | $ | 2.50 | $ | 3.84 | $ | 3.65 | ||||||
Weighted average common shares used in computing earnings per share: | ||||||||||||
Weighted average common shares outstanding basic | 100,756,361 | 100,130,721 | 98,817,525 | |||||||||
Weighted average common shares outstanding diluted | 100,902,700 | 100,320,574 | 99,086,160 | |||||||||
Statements of Comprehensive Income | ||||||||||||
Net income | $ | 243,386 | $ | 372,111 | $ | 305,232 | ||||||
Other comprehensive income (loss), net of tax | ||||||||||||
Foreign currency translation adjustments | 249 | 673 | (1,290 | ) | ||||||||
Comprehensive income | $ | 243,635 | $ | 372,784 | $ | 303,942 | ||||||
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | — | 83 | 15 | (12,303 | ) | 1,713,312 | (624 | ) | (630,955 | ) | 1,069,528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation | — | — | — | — | 4,012 | — | — | 4,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 150,259 shares of common stock through stock awards | — | — | — | — | 18,491 | 18,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of 554,049 shares of stock options | — | — | — | — | 20,306 | — | — | 20,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 107,978 shares of common stock through employee purchase plan | — | — | — | — | 6,378 | — | — | 6,378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of 190,280 shares of Class B common stock to Class A common stock | — | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of 115,196 shares of treasury stock | — | — | — | (8,997 | ) | — | — | — | (8,997 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 1,926 | — | 1,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 317,676 | 317,676 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions to common shareholders ($3.32 per common share) | — | — | — | — | — | — | (325,462 | ) | (325,462 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($63.80 per preferred share) | — | — | — | — | — | — | (365 | ) | (365 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | — | 84 | 14 | (21,300 | ) | 1,762,499 | 1,302 | (639,106 | ) | 1,103,493 | $ | — | 84 | 14 | (21,300 | ) | 1,762,499 | 1,302 | (639,106 | ) | 1,103,493 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation | — | — | — | — | 4,012 | — | — | 4,012 | — | — | — | — | 4,012 | — | — | 4,012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 150,259 shares of common stock through stock awards | — | — | — | — | 11,012 | — | — | 11,012 | — | — | — | — | 11,012 | — | — | 11,012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of 361,618 shares of stock options | — | 1 | — | — | 13,432 | — | — | 13,433 | — | 1 | — | — | 13,432 | — | — | 13,433 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 126,012 shares of common stock through employee purchase plan | — | — | — | — | 7,115 | — | — | 7,115 | — | — | — | — | 7,115 | — | — | 7,115 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 576,002 shares of common stock for cash | — | 1 | — | — | 42,069 | — | — | 42,070 | — | 1 | — | — | 42,069 | — | — | 42,070 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 163,137 shares of common stock for purchase of assets | — | — | — | — | 12,282 | — | — | 12,282 | — | — | — | — | 12,282 | — | — | 12,282 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of 57,619 shares of treasury stock | — | — | — | (4,112 | ) | — | — | — | (4,112 | ) | — | — | — | (4,112 | ) | — | — | — | (4,112 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | (1,290 | ) | — | (1,290 | ) | — | — | — | — | — | (1,290 | ) | — | (1,290 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 305,232 | 305,232 | — | — | — | — | — | — | 305,232 | 305,232 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions to common shareholders ($3.65 per common share) | — | — | — | — | — | — | (361,098 | ) | (361,098 | ) | — | — | — | — | — | — | (361,098 | ) | (361,098 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends ($63.80 per preferred share) | — | — | — | — | — | — | (365 | ) | (365 | ) | — | — | — | — | — | — | (365 | ) | (365 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | — | 86 | 14 | (25,412 | ) | 1,852,421 | 12 | (695,337 | ) | 1,131,784 | $ | — | 86 | 14 | (25,412 | ) | 1,852,421 | 12 | (695,337 | ) | 1,131,784 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation | — | — | — | — | 4,604 | 4,604 | — | — | — | — | 4,604 | 4,604 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 302,507 shares of common stock through stock awards | — | — | — | — | 20,956 | — | — | 20,956 | — | — | — | — | 20,956 | — | — | 20,956 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of 340,684 shares of stock options | — | — | — | — | 14,984 | — | — | 14,984 | — | — | — | — | 14,984 | — | — | 14,984 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 129,972 shares of common stock through employee purchase plan | — | — | — | — | 8,060 | — | — | 8,060 | — | — | — | — | 8,060 | — | — | 8,060 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 266,410 shares of common stock for cash | — | 1 | — | — | 21,197 | — | — | 21,198 | — | 1 | — | — | 21,197 | — | — | 21,198 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of 114,295 shares of treasury stock | — | — | — | (8,882 | ) | — | — | — | (8,882 | ) | — | — | — | (8,882 | ) | — | — | — | (8,882 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 673 | — | 673 | — | — | — | — | — | 673 | — | 673 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | �� | — | — | — | — | — | 372,111 | 372,111 | — | — | — | — | — | — | 372,111 | 372,111 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends/distributions to common shareholders ($3.84 per common share) | — | — | — | — | — | — | (384,817 | ) | (384,817 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends ($63.80 per preferred share) | — | — | — | — | — | — | (365 | ) | (365 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | — | 87 | 14 | (34,294 | ) | 1,922,222 | 685 | (708,408 | ) | 1,180,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||
Dividends/distributions to common shareholders ($3.84 per common share) | — | — | — | — | — | — | (384,817 | ) | (384,817 | ) | ||||||||||||||||||||||
Dividends ($63.80 per preferred share) | — | — | — | — | — | — | (365 | ) | (365 | ) | ||||||||||||||||||||||
Balance, December 31, 2019 | $ | — | 87 | 14 | (34,294 | ) | 1,922,222 | 685 | (708,408 | ) | 1,180,306 | |||||||||||||||||||||
Non-cash compensation | — | — | — | — | 4,669 | 4,669 | ||||||||||||||||||||||||||
Issuance of 298,124 shares of common stock through stock awards | — | — | — | — | 25,811 | — | — | 25,811 | ||||||||||||||||||||||||
Exercise of 61,949 shares of stock options | — | — | — | — | 3,138 | — | — | 3,138 | ||||||||||||||||||||||||
Issuance of 154,756 shares of common stock through employee purchase plan | — | — | — | — | 8,010 | — | — | 8,010 | ||||||||||||||||||||||||
Purchase of 116,483 shares of treasury stock | — | — | — | (10,492 | ) | — | — | — | (10,492 | ) | ||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 249 | — | 249 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 243,386 | 243,386 | ||||||||||||||||||||||||
Dividends/distributions to common shareholders ($2.50 per common share) | — | — | — | — | — | — | (251,944 | ) | (251,944 | ) | ||||||||||||||||||||||
Dividends ($63.80 per preferred share) | — | — | — | — | — | — | (365 | ) | (365 | ) | ||||||||||||||||||||||
Balance, December 31, 2020 | $ | — | 87 | 14 | (44,786 | ) | 1,963,850 | 934 | (717,331 | ) | 1,202,768 | |||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 372,111 | $ | 305,232 | $ | 317,676 | $ | 243,386 | $ | 372,111 | $ | 305,232 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 250,028 | 225,261 | 211,104 | 251,296 | 250,028 | 225,261 | ||||||||||||||||||
Stock-based compensation | 29,647 | 29,443 | 9,599 | 18,772 | 29,647 | 29,443 | ||||||||||||||||||
Amortization included in interest expense | 5,365 | 4,920 | 5,120 | 5,909 | 5,365 | 4,920 | ||||||||||||||||||
(Gain) loss on disposition of assets and investments | (7,241 | ) | 7,233 | (4,664 | ) | (9,026 | ) | (7,241 | ) | 7,233 | ||||||||||||||
Loss on extinguishment of debt | — | 15,429 | 71 | 25,235 | — | 15,429 | ||||||||||||||||||
Deferred income tax (benefit) expense | (14,130 | ) | 1,538 | 804 | (797 | ) | (14,130 | ) | 1,538 | |||||||||||||||
Provision for doubtful accounts | 10,608 | 7,985 | 6,762 | 12,729 | 10,608 | 7,985 | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
(Increase) decrease in: | ||||||||||||||||||||||||
Decrease (increase) in: | ||||||||||||||||||||||||
Receivables | (28,357 | ) | (33,292 | ) | (17,524 | ) | 1,287 | (28,357 | ) | (33,292 | ) | |||||||||||||
Prepaid expenses | 275 | (5,433 | ) | 309 | 591 | 275 | (5,433 | ) | ||||||||||||||||
Other assets | (11,257 | ) | 2,828 | (8,410 | ) | 7,629 | (11,257 | ) | 2,828 | |||||||||||||||
Increase (decrease) in: | ||||||||||||||||||||||||
Trade accounts payable | 700 | 1,366 | 309 | 841 | 700 | 1,366 | ||||||||||||||||||
Accrued expenses | (1,597 | ) | (6,292 | ) | (9,508 | ) | 10,052 | (1,597 | ) | (6,292 | ) | |||||||||||||
Operating lease liabilities | 9,102 | — | — | 24,549 | 9,102 | — | ||||||||||||||||||
Other liabilities | 15,611 | 8,628 | (4,632 | ) | (22,580 | ) | 15,611 | 8,628 | ||||||||||||||||
Cash flows provided by operating activities | 630,865 | 564,846 | 507,016 | 569,873 | 630,865 | 564,846 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | (140,956 | ) | (117,638 | ) | (109,329 | ) | (62,272 | ) | (140,956 | ) | (117,638 | ) | ||||||||||||
Acquisitions | (226,278 | ) | (477,389 | ) | (297,305 | ) | (45,584 | ) | (226,278 | ) | (477,389 | ) | ||||||||||||
(Increase) decrease in notes receivable | (448 | ) | 9 | 515 | — | (448 | ) | 9 | ||||||||||||||||
Proceeds received from property insurance claims | 210 | 4,222 | — | — | 210 | 4,222 | ||||||||||||||||||
Proceeds from disposition of assets and investments | 5,438 | 6,648 | 6,053 | 10,968 | 5,438 | 6,648 | ||||||||||||||||||
Cash flows used in investing activities | (362,034 | ) | (584,148 | ) | (400,066 | ) | (96,888 | ) | (362,034 | ) | (584,148 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Net proceeds from issuance of common stock | 44,262 | 62,662 | 26,684 | 11,148 | 44,262 | 62,662 | ||||||||||||||||||
Cash used for purchase of treasury shares | (8,882 | ) | (4,112 | ) | (8,997 | ) | (10,492 | ) | (8,882 | ) | (4,112 | ) | ||||||||||||
Proceeds received from revolving credit facility | 495,000 | 563,000 | 495,000 | 725,000 | 495,000 | 563,000 | ||||||||||||||||||
Payments on revolving credit facility | (625,000 | ) | (481,000 | ) | (477,000 | ) | (875,000 | ) | (625,000 | ) | (481,000 | ) | ||||||||||||
Principal payments on long-term debt | (34,471 | ) | (27,328 | ) | (16,993 | ) | ||||||||||||||||||
Principal payments on long term debt | (9,112 | ) | (34,471 | ) | (27,328 | ) | ||||||||||||||||||
Borrowings on long term debt | 8,750 | — | — | |||||||||||||||||||||
Proceeds received from senior credit facility term loans | — | 599,250 | 450,000 | 598,500 | — | 599,250 | ||||||||||||||||||
Payments on senior credit facility term loans | (978,097 | ) | — | — | ||||||||||||||||||||
Proceeds received from accounts receivable securitization program | 9,000 | 175,000 | — | 122,500 | 9,000 | 175,000 | ||||||||||||||||||
Payments on accounts receivable securitization program | (9,000 | ) | — | — | (175,000 | ) | (9,000 | ) | — | |||||||||||||||
Debt issuance costs | (4,463 | ) | (7,616 | ) | (4,941 | ) | (32,950 | ) | (4,463 | ) | (7,616 | ) | ||||||||||||
Proceeds received from note offering | 255,000 | — | — | |||||||||||||||||||||
Redemption of senior subordinated notes | — | (509,790 | ) | — | ||||||||||||||||||||
Payment on senior credit facility term loans | — | — | (247,500 | ) | ||||||||||||||||||||
Distributions to non-controlling interest | (621 | ) | (541 | ) | (693 | ) | ||||||||||||||||||
Dividends/distributions | (385,182 | ) | (443,088 | ) | (244,201 | ) | ||||||||||||||||||
Cash flows used in financing activities | (264,357 | ) | (73,563 | ) | (28,641 | ) | ||||||||||||||||||
Effect of exchange rate changes in cash and cash equivalents | 220 | (1,112 | ) | 1,632 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,694 | (93,977 | ) | 79,941 | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 21,494 | 115,471 | 35,530 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 26,188 | $ | 21,494 | $ | 115,471 | ||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Cash paid for interest | $ | 139,585 | $ | 136,711 | $ | 123,213 | ||||||||||||||||||
Cash paid for state and federal income taxes | $ | 14,449 | $ | 8,563 | $ | 12,640 | ||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||
Proceeds received from note offering | 1,549,250 | 255,000 | — | |||||||||
Redemption of senior notes and senior subordinated notes | (1,058,596 | ) | — | (509,790 | ) | |||||||
Distributions to non-controlling interest | (1,509 | ) | (621 | ) | (541 | ) | ||||||
Dividends/distributions | (252,309 | ) | (385,182 | ) | (443,088 | ) | ||||||
Cash flows used in financing activities | (377,917 | ) | (264,357 | ) | (73,563 | ) | ||||||
Effect of exchange rate changes in cash and cash equivalents | 313 | 220 | (1,112 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | 95,381 | 4,694 | (93,977 | ) | ||||||||
Cash and cash equivalents at beginning of period | 26,188 | 21,494 | 115,471 | |||||||||
Cash and cash equivalents at end of period | $ | 121,569 | $ | 26,188 | $ | 21,494 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for interest | $ | 130,864 | $ | 139,585 | $ | 136,711 | ||||||
Cash paid for state and federal income taxes | $ | 4,033 | $ | 14,449 | $ | 8,563 | ||||||
F-16 |
F-17 |
2019 | 2018 | 2017 | ||||||||||
Net revenues | $ | 9,636 | $ | 8,955 | $ | 8,469 | ||||||
Direct advertising expenses | $ | 3,982 | $ | 3,633 | $ | 3,603 | ||||||
General and administrative expenses | $ | 4,986 | $ | 4,758 | $ | 4,332 |
2020 | 2019 | 2018 | ||||||||||
Net revenues | $ | 8,088 | $ | 9,636 | $ | 8,955 | ||||||
Direct advertising expenses | $ | 3,971 | $ | 3,982 | $ | 3,633 | ||||||
General and administrative expenses | $ | 3,144 | $ | 4,986 | $ | 4,758 |
F-18 |
F-19 |
F-20 |
F-21 |
2019 | 2018 | 2017 | ||||||||||
Billboard Advertising | $ | 1,537,542 | $ | 1,412,978 | $ | 1,340,422 | ||||||
Logo Advertising | 84,201 | 84,424 | 82,936 | |||||||||
Transit Advertising | 131,901 | 129,820 | 117,902 | |||||||||
Net Revenues | $ | 1,753,644 | $ | 1,627,222 | $ | 1,541,260 | ||||||
2020 | 2019 | 2018 | ||||||||||
Billboard Advertising | $ | 1,403,239 | $ | 1,537,542 | $ | 1,412,978 | ||||||
Logo Advertising | 82,944 | 84,201 | 84,424 | |||||||||
Transit Advertising | 82,673 | 131,901 | 129,820 | |||||||||
Net Revenues | $ | 1,568,856 | $ | 1,753,644 | $ | 1,627,222 | ||||||
Total | ||||
Property, plant and equipment | $ | 13,376 | ||
Site locations | 27,902 | |||
Non-competition agreements | 140 | |||
Customer lists and contracts | 3,979 | |||
Asset acquisition costs | 154 | |||
Current assets | 3 | |||
Current liabilities | (295 | ) | ||
Operating right of use assets | 7,269 | |||
Operating lease liabilities | (6,368 | ) | ||
$46,160 | ||||
F-22 |
Total | ||||
Property, plant and equipment | $ | 37,988 | ||
Site locations | 131,208 | |||
Non-competition agreements | 240 | |||
Customer lists and contracts | 23,032 | |||
Asset acquisition costs | 756 | |||
Other intangibles | 3,115 | |||
Goodwill | 29,360 | |||
Current assets | 1,860 | |||
Current liabilities | (832 | ) | ||
Operating right of use assets | 23,934 | |||
Operating lease liabilities | (21,573 | ) | ||
Other liabilities | (1,500 | ) | ||
$ | 227,588 | |||
Total | ||||
Property, plant and equipment | $ | 37,988 | ||
Site locations | 131,208 | |||
Non-competition agreements | 240 | |||
Customer lists and contracts | 23,032 | |||
Asset acquisition costs | 756 | |||
Other intangibles | 3,115 | |||
Goodwill | 29,360 | |||
Current assets | 1,860 | |||
Current liabilities | (832 | ) | ||
Operating right of use assets | 23,934 | |||
Operating lease liabilities | (21,573 | ) | ||
Other liabilities | (1,500 | ) | ||
$227,588 | ||||
F-23 |
2019 | 2018 | |||||||
(unaudited) | ||||||||
Net revenues | $ | 1,764,493 | $ | 1,724,821 | ||||
Net income applicable to common stock | $ | 369,300 | $ | 292,012 | ||||
Net income per common share — basic | $ | 3.69 | $ | 2.96 | ||||
Net income per common share — diluted | $ | 3.68 | $ | 2.95 |
Total | ||||
Property, plant and equipment | $ | 8,648 | ||
Site locations | 57,105 | |||
Non-competition agreements | 342 | |||
Customer lists and contracts | 6,521 | |||
Asset acquisition costs | 336 | |||
Current assets | 1,041 | |||
Current liabilities | (355 | ) | ||
$ | 73,638 | |||
2018 | 2017 | |||||||
(unaudited) | ||||||||
Net revenues | $ | 1,699,052 | $ | 1,647,445 | ||||
Net income applicable to common stock | $ | 299,493 | $ | 306,900 | ||||
Net income per common share — basic | $ | 3.03 | $ | 3.13 | ||||
Net income per common share — diluted | $ | 3.02 | $ | 3.12 |
2019 | 2018 | |||||||
(unaudited) | ||||||||
Net revenues | $ | 1,764,493 | $ | 1,724,821 | ||||
Net income applicable to common stock | $ | 369,300 | $ | 292,012 | ||||
Net income per common share — basic | $ | 3.69 | $ | 2.96 | ||||
Net income per common share — diluted | $ | 3.68 | $ | 2.95 |
Estimated Life (Years) | 2019 | 2018 | Estimated Life (Years) | 2020 | 2019 | |||||||||||||||||||
Land | — | $ | 406,884 | $ | 384,264 | — | $ | 413,257 | $ | 406,884 | ||||||||||||||
Building and improvements | 10 — 39 | 181,797 | 173,306 | 10 — 39 | 187,921 | 181,797 | ||||||||||||||||||
Advertising structures | 5 — 15 | 2,926,706 | 2,817,170 | 5 — 15 | 2,880,521 | 2,926,706 | ||||||||||||||||||
Automotive and other equipment | 3 — 7 | 144,924 | 150,985 | 3 — 7 | 133,806 | 144,924 | ||||||||||||||||||
$ | 3,660,311 | $ | 3,525,725 | $ | 3,615,505 | $ | 3,660,311 | |||||||||||||||||
F-24 |
Estimated Life (Years) | 2019 | 2018 | ||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||
Customer lists and contracts | 7 — 10 | $ | 641,714 | $ | 539,405 | $ | 610,376 | $ | 514,928 | |||||||||||
Non-competition agreements | 3 — 15 | 66,014 | 64,379 | 65,771 | 64,119 | |||||||||||||||
Site locations | 15 | 2,384,520 | 1,509,335 | 2,228,767 | 1,422,794 | |||||||||||||||
Other | 2 — 15 | 49,864 | 36,749 | 45,992 | 33,612 | |||||||||||||||
$ | 3,142,112 | $ | 2,149,868 | $ | 2,950,906 | $ | 2,035,453 | |||||||||||||
Unamortizable Intangible Assets: | ||||||||||||||||||||
Goodwill | $ | 2,165,810 | $ | 253,536 | $ | 2,172,922 | $ | 253,536 |
Estimated Life (Years) | 2020 | 2019 | ||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||
Customer lists and contracts | 7 —10 | $ | 645,739 | $ | 563,135 | $ | 641,714 | $ | 539,405 | |||||||||||
Non-competition agreements | 3 —15 | 66,156 | 64,647 | 66,014 | 64,379 | |||||||||||||||
Site locations | 15 | 2,412,745 | 1,593,805 | 2,384,520 | 1,509,335 | |||||||||||||||
Other | 2 —15 | 50,018 | 38,625 | 49,864 | 36,749 | |||||||||||||||
$ | 3,174,658 | $ | 2,260,212 | $ | 3,142,112 | $ | 2,149,868 | |||||||||||||
Unamortizable Intangible Assets: | ||||||||||||||||||||
Goodwill | $ | 2,165,864 | $ | 253,536 | $ | 2,165,810 | $ | 253,536 |
Balance as of December 31, 2017 | $ | 1,993,990 | ||
Goodwill acquired during the year | 182,117 | |||
Purchase price adjustments and other | (3,185 | ) | ||
Impairment losses | — | |||
Balance as of December 31, 2018 | $ | 2,172,922 | ||
Goodwill acquired during the year | 29,360 | |||
Purchase price adjustments and other | (36,472 | ) | ||
Impairment losses | 0 | |||
Balance as of December 31, 2019 | $ | 2,165,810 | ||
Balance as of December 31, 2018 | $ | 2,172,922 | ||
Goodwill acquired during the year | 29,360 | |||
Purchase price adjustments and other | (36,472 | ) | ||
Impairment losses | 0 | |||
Balance as of December 31, 2019 | $ | 2,165,810 | ||
Goodwill acquired during the year | — | |||
Purchase price adjustments and other | 54 | |||
Impairment losses | — | |||
Balance as of December 31, 2020 | $ | 2,165,864 | ||
2020 | $ | 108,323 | ||
2021 | 104,332 | |||
2022 | 99,480 | |||
2023 | 88,649 | |||
2024 | 84,835 | |||
Thereafter | 506,625 | |||
Total | $ | 992,244 | ||
2021 | $ | 106,816 | ||
2022 | 101,964 | |||
2023 | 91,133 | |||
2024 | 87,320 | |||
2025 | 83,959 | |||
Thereafter | 443,254 | |||
Total | $ | 914,446 | ||
F-25 |
F-26 |
2020 | $ | 240,438 | ||
2021 | 196,099 | |||
2022 | 175,598 | |||
2023 | 152,470 | |||
2024 | 135,234 | |||
Thereafter | 800,876 | |||
Total undiscounted operating lease payments | 1,700,715 | |||
Less: Imputed interest | (435,693 | ) | ||
Total operating lease liabilities | $ | 1,265,022 | ||
2021 | $ | 228,135 | ||
2022 | 182,214 | |||
2023 | 162,163 | |||
2024 | 145,750 | |||
2025 | 122,384 | |||
Thereafter | 757,576 | |||
Total undiscounted operating lease payments | 1,598,222 | |||
Less: Imputed interest | (409,007 | ) | ||
Total operating lease liabilities | $ | 1,189,215 | ||
2019 | $ | 254,866 | ||
2020 | $ | 188,138 | ||
2021 | $ | 165,642 | ||
2022 | $ | 144,814 | ||
2023 | $ | 122,814 | ||
Thereafter | $ | 819,004 |
2019 | 2018 | 2020 | 2019 | |||||||||||||
Payroll | $ | 20,223 | $ | 20,667 | $ | 17,034 | $ | 20,223 | ||||||||
Interest | 32,734 | 27,067 | 33,583 | 32,734 | ||||||||||||
Insurance benefits | 11,554 | 12,633 | 12,499 | 11,554 | ||||||||||||
Accrued variable lease and contract expense | 12,559 | 36,158 | 19,274 | 12,559 | ||||||||||||
Stock-based compensation | 23,297 | 19,211 | 11,589 | 23,297 | ||||||||||||
Other | 6,858 | 6,731 | 11,309 | 6,858 | ||||||||||||
$ | 107,225 | $ | 122,467 | $ | 105,288 | $ | 107,225 | |||||||||
F-27 |
December 31, 2019 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 1,127,069 | $ | 9,077 | $ | 1,117,992 | ||||||
Accounts Receivable Securitization Program | 175,000 | 846 | 174,154 | |||||||||
5% Senior Subordinated Notes | 535,000 | 3,237 | 531,763 | |||||||||
5 3/8% Senior Notes | 510,000 | 3,502 | 506,498 | |||||||||
5 3/4% Senior Notes | 654,345 | 7,752 | 646,593 | |||||||||
Other notes with various rates and terms | 3,118 | — | 3,118 | |||||||||
3,004,532 | 24,414 | 2,980,118 | ||||||||||
Less current maturities | (232,595 | ) | (6,081 | ) | (226,514 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,771,937 | $ | 18,333 | $ | 2,753,604 | ||||||
December 31, 2018 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 1,291,088 | $ | 11,576 | $ | 1,279,512 | ||||||
Accounts Receivable Securitization Program | 175,000 | 1,168 | 173,832 | |||||||||
5% Senior Subordinated Notes | 535,000 | 4,104 | 530,896 | |||||||||
5 3/8% Senior Notes | 510,000 | 4,262 | 505,738 | |||||||||
5 3/4% Senior Notes | 400,000 | 4,754 | 395,246 | |||||||||
Other notes with various rates and terms | 3,464 | — | 3,464 | |||||||||
2,914,552 | 25,864 | 2,888,688 | ||||||||||
Less current maturities | (209,365 | ) | (5,245 | ) | (204,120 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,705,187 | $ | 20,619 | $ | 2,684,568 | ||||||
December 31, 2020 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 598,466 | $ | 11,569 | $ | 586,897 | ||||||
Accounts Receivable Securitization Program | 122,500 | 445 | 122,055 | |||||||||
3 3/4% Senior Notes | 600,000 | 8,031 | 591,969 | |||||||||
4% Senior Notes | 549,280 | 7,911 | 541,369 | |||||||||
4 7/8% Senior Notes | 400,000 | 5,586 | 394,414 | |||||||||
5 3/4% Senior Notes | 653,631 | 6,575 | 647,056 | |||||||||
Other notes with various rates and terms | 2,756 | — | 2,756 | |||||||||
2,926,633 | 40,117 | 2,886,516 | ||||||||||
Less current maturities | (122,879 | ) | (445 | ) | (122,434 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,803,754 | $ | 39,672 | $ | 2,764,082 | ||||||
December 31, 2019 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 1,127,069 | $ | 9,077 | $ | 1,117,992 | ||||||
Accounts Receivable Securitization Program | 175,000 | 846 | 174,154 | |||||||||
5% Senior Subordinated Notes | 535,000 | 3,237 | 531,763 | |||||||||
5 3/8% Senior Notes | 510,000 | 3,502 | 506,498 | |||||||||
5 3/4% Senior Notes | 654,345 | 7,752 | 646,593 | |||||||||
Other notes with various rates and terms | 3,118 | — | 3,118 | |||||||||
3,004,532 | 24,414 | 2,980,118 | ||||||||||
Less current maturities | (232,595 | ) | (6,081 | ) | (226,514 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,771,937 | $ | 18,333 | $ | 2,753,604 | ||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | Debt | Deferred financing costs | Debt, net of deferred financing costs | |||||||||||||||||||
2020 | $ | 232,595 | $ | 6,081 | $ | 226,514 | ||||||||||||||||||
2021 | $ | 74,487 | $ | 6,205 | $ | 68,282 | $ | 122,879 | $ | 445 | $ | 122,434 | ||||||||||||
2022 | $ | 426,971 | $ | 4,677 | $ | 422,294 | $ | 362 | $ | — | $ | 362 | ||||||||||||
2023 | $ | 541,989 | $ | 3,480 | $ | 538,509 | $ | 381 | $ | — | $ | 381 | ||||||||||||
2024 | $ | 517,008 | $ | 2,216 | $ | 514,792 | $ | 400 | $ | — | $ | 400 | ||||||||||||
2025 | $ | 420 | $ | 4,464 | $ | (4,044 | ) | |||||||||||||||||
Later years | $ | 1,211,482 | $ | 1,755 | $ | 1,209,727 | $ | 2,802,191 | $ | 35,208 | $ | 2,766,983 |
F-28 |
Principal Payment Date | Term A | Term B | ||||||
March, 31 2020-June 30, 2020 | $ | 8,438 | $ | 1,500 | ||||
September 30, 2020-March 31, 2022 | $ | 16,875 | $ | 1,500 | ||||
Term A Loan Maturity May 15, 2022 | $ | 253,125 | $ | — | ||||
June 30, 2022-December 31, 2024 | $ | — | $ | 1,500 | ||||
Term B Loan Maturity March 16, 2025 | $ | — | $ | 559,500 |
F-29 |
F-30 |
F-31 |
F-32 |
F-33 |
Balance at December 31, 2017 | $ | 215,089 | ||
Additions to asset retirement obligations | 7,583 | |||
Accretion expense | 4,404 | |||
Liabilities settled | (4,087 | ) | ||
Balance at December 31, 2018 | $ | 222,989 | ||
Additions to asset retirement obligations | 2,529 | |||
Accretion expense | 4,260 | |||
Liabilities settled | (3,641 | ) | ||
Balance at December 31, 2019 | $ | 226,137 | ||
Balance at December 31, 2018 | $ | 222,989 | ||
Additions to asset retirement obligations | 2,529 | |||
Accretion expense | 4,260 | |||
Liabilities settled | (3,641 | ) | ||
Balance at December 31, 2019 | $ | 226,137 | ||
Additions to asset retirement obligations | 658 | |||
Accretion expense | 4,135 | |||
Liabilities settled | (8,054 | ) | ||
Balance at December 31, 2020 | $ | 222,876 | ||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||
Direct expenses | $ | 235,544 | $ | 212,585 | $ | 196,107 | $ | 236,054 | $ | 235,544 | $ | 212,585 | ||||||||||||
General and administrative expenses | 4,416 | 4,134 | 4,151 | 4,996 | 4,416 | 4,134 | ||||||||||||||||||
Corporate expenses | 10,068 | 8,542 | 10,846 | 10,246 | 10,068 | 8,542 | ||||||||||||||||||
$ | 250,028 | $ | 225,261 | $ | 211,104 | $251,296 | $250,028 | $225,261 | ||||||||||||||||
F-34 |
Current | Deferred | Total | ||||||||||
Year ended December 31, 2019: | ||||||||||||
U.S. federal | $ | 6,045 | $ | (13,450 | ) | $ | (7,405 | ) | ||||
State and local | 2,699 | (2,654 | ) | 45 | ||||||||
Foreign | 1,164 | 1,974 | 3,138 | |||||||||
$ | 9,908 | $ | (14,130 | ) | $ | (4,222 | ) | |||||
Year ended December 31, 2018: | ||||||||||||
U.S. federal | $ | 4,952 | $ | 435 | $ | 5,387 | ||||||
State and local | 2,615 | (123 | ) | 2,492 | ||||||||
Foreign | 1,592 | 1,226 | 2,818 | |||||||||
$ | 9,159 | $ | 1,538 | $ | 10,697 | |||||||
Year ended December 31, 2017: | ||||||||||||
U.S. federal | $ | 4,174 | $ | 359 | $ | 4,533 | ||||||
State and local | 2,706 | (170 | ) | 2,536 | ||||||||
Foreign | 1,546 | 615 | 2,161 | |||||||||
$ | 8,426 | $ | 804 | $ | 9,230 | |||||||
Current | Deferred | Total | ||||||||||
Year ended December 31, 2020: | ||||||||||||
U.S. federal | $ | 2,997 | $ | (45 | ) | $ | 2,952 | |||||
State and local | 1,940 | 311 | 2,251 | |||||||||
Foreign | 520 | (1,063 | ) | (543 | ) | |||||||
$ | 5,457 | $ | (797 | ) | $ | 4,660 | ||||||
Year ended December 31, 2019: | ||||||||||||
U.S. federal | $ | 6,045 | $ | (13,450 | ) | $ | (7,405 | ) | ||||
State and local | 2,699 | (2,654 | ) | 45 | ||||||||
Foreign | 1,164 | 1,974 | 3,138 | |||||||||
$ | 9,908 | $ | (14,130 | ) | $ | (4,222 | ) | |||||
Year ended December 31, 2018: | ||||||||||||
U.S. federal | $ | 4,952 | $ | 435 | $ | 5,387 | ||||||
State and local | 2,615 | (123 | ) | 2,492 | ||||||||
Foreign | 1,592 | 1,226 | 2,818 | |||||||||
$ | 9,159 | $ | 1,538 | $ | 10,697 | |||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||
U.S. | $ | 357,445 | $ | 317,695 | $ | 332,607 | $ | 249,714 | $ | 357,445 | $ | 317,695 | ||||||||||||
Foreign | 10,444 | (1,766 | ) | (5,701 | ) | (1,668 | ) | 10,444 | (1,766 | ) | ||||||||||||||
Total | $ | 367,889 | $ | 315,929 | $ | 326,906 | $ | 248,046 | $ | 367,889 | $ | 315,929 | ||||||||||||
F-35 |
2019 | 2018 | 2017 | ||||||||||
Income tax expense at U.S. federal statutory rate | $ | 77,257 | $ | 66,345 | $ | 114,417 | ||||||
Tax adjustment related to REIT (a) | (70,619 | ) | (63,669 | ) | (109,294 | ) | ||||||
State and local income taxes, net of federal income tax benefit | 2,039 | 1,461 | 1,193 | |||||||||
Book expenses not deductible for tax purposes | 4,144 | 1,926 | 2,635 | |||||||||
Stock-based compensation | (1,177 | ) | 1,090 | (121 | ) | |||||||
Valuation allowance (b) | (1,032 | ) | 3,813 | 3,953 | ||||||||
Rate change (c) | — | (80 | ) | (466 | ) | |||||||
Undistributed earnings of foreign subsidiaries (d) | (102 | ) | (393 | ) | 1,363 | |||||||
Minimum tax credit refundable (e) | — | — | (4,108 | ) | ||||||||
Deferred tax adjustment due to REIT conversion (f) | (17,031 | ) | — | — | ||||||||
Other differences, net (g) | 2,299 | 204 | (342 | ) | ||||||||
Income tax expense | $ | (4,222 | ) | $ | 10,697 | $ | 9,230 | |||||
2020 | 2019 | 2018 | ||||||||||
Income tax expense at U.S. federal statutory rate | $ | 52,090 | $ | 77,257 | $ | 66,345 | ||||||
Tax adjustment related to REIT (a) | (50,395 | ) | (70,619 | ) | (63,669 | ) | ||||||
State and local income taxes, net of federal income tax benefit | 1,222 | 2,039 | 1,461 | |||||||||
Book expenses not deductible for tax purposes | 3,156 | 4,144 | 1,926 | |||||||||
Stock-based compensation | (2,033 | ) | (1,177 | ) | 1,090 | |||||||
Valuation allowance (b) | (1,031 | ) | (1,032 | ) | 3,813 | |||||||
Rate change (c) | (182 | ) | — | (80 | ) | |||||||
Undistributed earnings of foreign subsidiaries (d) | (78 | ) | (102 | ) | (393 | ) | ||||||
Deferred tax adjustment due to REIT conversion (e) | — | (17,031 | ) | — | ||||||||
Other differences, net | 1,911 | 2,299 | 204 | |||||||||
Income tax expense (benefit) | $ | 4,660 | $ | (4,222 | ) | $ | 10,697 | |||||
(a) | Includes dividend paid deduction of $52,985, $76,688 |
(b) | For the years ended December 31, 2020, 2019 non-cash valuation allowance of $(1,031), |
(c) | Under Act 257, the non-cash benefit of |
(d) |
(e) |
The income tax provision for the year ended December 31, 2019 is net of the deferred tax benefit of $17,031, which relates to the transfer of assets purchased from Fairway into our qualifying REIT subsidiary on June 28, 2019. The Fairway assets were initially placed in the TRS. |
2019 | 2018 | |||||||
Deferred tax assets: | ||||||||
Allowance for doubtful accounts | $ | 499 | $ | 654 | ||||
Accrued liabilities not deducted for tax purposes | 3,431 | 7,022 | ||||||
Net operating loss carry forwards | 19,522 | 34,716 | ||||||
Tax credit carry forwards | 1,140 | 320 | ||||||
Charitable contributions carry forward | 5 | 47 | ||||||
Investment in partnerships | 382 | — | ||||||
Gross deferred tax assets | 24,979 | 42,759 | ||||||
Less: valuation allowance | (22,902 | ) | (23,934 | ) | ||||
Net deferred tax assets | 2,077 | 18,825 | ||||||
Deferred tax liabilities: | ||||||||
Intangibles | (5,898 | ) | (6,565 | ) | ||||
Investment in partnerships | — | (31,746 | ) | |||||
Property, plant and equipment | (701 | ) | (366 | ) | ||||
Undistributed earnings of foreign subsidiaries | (1,191 | ) | (882 | ) | ||||
Gross deferred tax liabilities | (7,790 | ) | (39,559 | ) | ||||
Net deferred tax liabilities | $ | (5,713 | ) | $ | (20,734 | ) | ||
2020 | 2019 | |||||||
Deferred tax assets: | ||||||||
Allowance for doubtful accounts | $ | 328 | $ | 499 | ||||
Accrued liabilities not deducted for tax purposes | 3,358 | 3,431 | ||||||
Net operating loss carry forwards | 18,803 | 19,522 | ||||||
Tax credit carry forwards | 693 | 1,140 |
F-36 |
2020 | 2019 | |||||||
Charitable contributions carry forward | 4 | 5 | ||||||
Investment in partnerships | 367 | 382 | ||||||
Gross deferred tax assets | 23,553 | 24,979 | ||||||
Less: valuation allowance | (20,997 | ) | (22,902 | ) | ||||
Net deferred tax assets | 2,556 | 2,077 | ||||||
Deferred tax liabilities: | ||||||||
Intangibles | (5,443 | ) | (5,898 | ) | ||||
Property, plant and equipment | (911 | ) | (701 | ) | ||||
Undistributed earnings of foreign subsidiaries | (1,056 | ) | (1,191 | ) | ||||
Gross deferred tax liabilities | (7,410 | ) | (7,790 | ) | ||||
Net deferred tax liabilities | $ | (4,854 | ) | $ | (5,713 | ) | ||
F-37 |
Balance as of December 31, 2017 | $ | 2,067 | ||
Additions for tax positions related to current year | 932 | |||
Additions for tax positions related to prior years | 238 | |||
Reductions for tax positions related to prior years | — | |||
Lapse of statute of limitations | (30 | ) | ||
Settlements | — | |||
Balance as of December 31, 2018 | $ | 3,207 | ||
Additions for tax positions related to current year | 974 | |||
Additions for tax positions related to prior years | 386 | |||
Reductions for tax positions related to prior years | — | |||
Lapse of statute of limitations | (117 | ) | ||
Settlements | — | |||
Balance as of December 31, 2019 | $ | 4,450 | ||
Balance as of December 31, 2018 | $ | 3,207 | ||
Additions for tax positions related to current year | 974 | |||
Additions for tax positions related to prior years | 386 | |||
Reductions for tax positions related to prior years | — | |||
Lapse of statute of limitations | (117 | ) | ||
Settlements | — | |||
Balance as of December 31, 2019 | $ | 4,450 | ||
Additions for tax positions related to current year | 862 | |||
Additions for tax positions related to prior years | 667 | |||
Reductions for tax positions related to prior years | — | |||
Lapse of statute of limitations | (1,013 | ) | ||
Settlements | — | |||
Balance as of December 31, 2020 | $ | 4,966 | ||
F-38 |
F-39 |
F-40 |
F-41 |
Grant Year | Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Lives | ||||||||||||
2019 | 5 | % | 46 | % | 2 | % | 6 | |||||||||
2018 | 5 | % | 46 | % | 2 | % | 6 | |||||||||
2017 | 5 | % | 45 | % | 2 | % | 6 |
Grant Year | Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Lives | ||||||||||||
2020 | 5 | % | 45 | % | 2 | % | 6 | |||||||||
2019 | 5 | % | 46 | % | 2 | % | 6 | |||||||||
2018 | 5 | % | 46 | % | 2 | % | 6 |
Shares | Weighted Average Exercise Price | Weighted Average Contractual Life | ||||||||||
Outstanding, beginning of year | 836,859 | $ | 49.65 | |||||||||
Granted | 117,000 | 76.92 | ||||||||||
Exercised | (340,684 | ) | 43.98 | |||||||||
Forfeited | (4,800 | ) | 61.23 | |||||||||
Expired | — | — | ||||||||||
Outstanding, end of year | 608,375 | 57.97 | 5.71 | |||||||||
Exercisable at end of year | 401,375 | 50.64 | 4.31 | |||||||||
Shares | Weighted Average Exercise Price | Weighted Average Contractual Life | ||||||||||
Outstanding, beginning of year | 608,375 | $ | 57.97 | |||||||||
Granted | 63,500 | 71.91 | ||||||||||
Exercised | (61,949 | ) | 50.66 | |||||||||
Forfeited | — | — | ||||||||||
Expired | (11,000 | ) | 50.81 | |||||||||
Outstanding, end of year | 598,926 | 60.34 | 5.42 | |||||||||
Exercisable at end of year | 422,626 | 55.06 | 4.25 | |||||||||
Shares | ||||
Available for future purchases, January 1, | ||||
Additional shares reserved under 2019 ESPP | ||||
Purchases | ( | ) | ||
Available for future purchases, December 31, | ||||
F-42 |
F-43 |
2020 | $ | 20,621 | ||
2021 | $ | 16,965 | ||
2022 | $ | 16,702 | ||
2023 | $ | 15,614 | ||
2024 | $ | 14,624 | ||
Thereafter | $ | 1,289 |
2021 | $ | 30,775 | ||
2022 | $ | 26,640 | ||
2023 | $ | 19,357 | ||
2024 | $ | 16,247 | ||
2025 | $ | 12,679 | ||
Thereafter | $ | 4,515 |
F-44 |
Year 2019 Quarters | Year 2020 Quarters | |||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||||||
Net revenues | $ | 384,457 | $ | 448,742 | $ | 457,786 | $ | 462,659 | $ | 406,569 | $ | 347,652 | $ | 386,110 | $ | 428,525 | ||||||||||||||||
Net revenues less direct advertising expenses | $ | 243,987 | $ | 302,352 | $ | 308,940 | $ | 308,287 | $ | 257,075 | $ | 213,593 | $ | 249,801 | $ | 290,726 | ||||||||||||||||
Net income applicable to common stock | $ | 51,162 | $ | 118,305 | $ | 99,618 | $ | 102,661 | $ | 40,402 | $ | 31,338 | $ | 62,667 | $ | 108,614 | ||||||||||||||||
Net income per common share basic | $ | 0.51 | $ | 1.18 | $ | 0.99 | $ | 1.02 | $ | 0.40 | $ | 0.31 | $ | 0.62 | $ | 1.08 | ||||||||||||||||
Net income per common share diluted | $ | 0.51 | $ | 1.18 | $ | 0.99 | $ | 1.02 | $ | 0.40 | $ | 0.31 | $ | 0.62 | $ | 1.08 |
F-45 |
Year 2018 Quarters | Year 2019 Quarters | |||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | March 31 | June 30 | September 30 | December 31 | |||||||||||||||||||||||||
Net revenues | $ | 361,026 | $ | 419,800 | $ | 418,498 | $ | 427,898 | $ | 384,457 | $ | 448,742 | $ | 457,786 | $ | 462,659 | ||||||||||||||||
Net revenues less direct advertising expenses | $ | 222,733 | $ | 279,016 | $ | 277,799 | $ | 285,826 | $ | 243,987 | $ | 302,352 | $ | 308,940 | $ | 308,287 | ||||||||||||||||
Net income applicable to common stock | $ | 14,961 | $ | 100,340 | $ | 93,965 | $ | 95,601 | $ | 51,162 | $ | 118,305 | $ | 99,618 | $ | 102,661 | ||||||||||||||||
Net income per common share basic | $ | 0.15 | $ | 1.02 | $ | 0.95 | $ | 0.97 | $ | 0.51 | $ | 1.18 | $ | 0.99 | $ | 1.02 | ||||||||||||||||
Net income per common share diluted | $ | 0.15 | $ | 1.02 | $ | 0.95 | $ | 0.96 | $ | 0.51 | $ | 1.18 | $ | 0.99 | $ | 1.02 |
F-46 |
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Balance at End of Period | |||||||||||||
Year ended December 31, 2019 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 11,161 | 11,608 | 9,584 | $ | 13,185 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 23,934 | — | 1,032 | $ | 22,902 | ||||||||||
Year ended December 31, 2018 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,055 | 8,472 | 7,366 | $ | 11,161 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 20,120 | 3,814 | — | $ | 23,934 | ||||||||||
Year ended December 31, 2017 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 9,356 | 6,762 | 6,063 | $ | 10,055 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 16,167 | 3,953 | — | $ | 20,120 |
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Balance at End of Period | |||||||||||||
Year ended December 31, 2020 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 13,185 | 12,729 | 10,968 | $ | 14,946 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 22,902 | — | 1,905 | $ | 20,997 | ||||||||||
Year ended December 31, 2019 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 11,161 | 11,608 | 9,584 | $ | 13,185 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 23,934 | — | 1,032 | $ | 22,902 | ||||||||||
Year ended December 31, 2018 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,055 | 8,472 | 7,366 | $ | 11,161 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 20,120 | 3,814 | — | $ | 23,934 |
Description (1) | Encumbrances | Initial Cost (2) | Gross Carrying Amount (3) | Accumulated Depreciation | Construction Date | Acquisition Date | Useful Lives | |||||||||||||||||||||
391,456 Displays | 0 | 0 | $ | 3,333,590 | $ | (2,166,579 | ) | Various | Various | 5 to 20 years |
Description (1) | Encumbrances | Initial Cost (2) | Gross Carrying Amount (3) | Accumulated Depreciation | Construction Date | Acquisition Date | Useful Lives | |||||||||||||||||||||
354,571 Displays | 0 | 0 | $ | 3,293,778 | $ | (2,192,700 | ) | Various | Various | 5 to 20 years |
(1) | NaN single asset exceeded 5% of the total gross carrying amount at December 31, |
(2) | This information is omitted, as it would be impracticable to compile such information on a site-by-site |
(3) | Includes sites under construction |
December 31, 2019 | December 31, 2018 | December 31, 2017 | ||||||||||
Gross real estate assets: | ||||||||||||
Balance at the beginning of the year | $ | 3,201,434 | $ | 3,074,046 | $ | 2,998,540 | ||||||
Capital expenditures on new advertising displays (4) | 59,604 | 54,151 | 49,946 | |||||||||
Capital expenditures on improvements/redevelopments of existing advertising displays | 25,025 | 12,781 | 6,265 | |||||||||
Capital expenditures other recurring | 36,354 | 34,758 | 32,523 | |||||||||
Land acquisitions (6) | 22,965 | 15,368 | 14,904 | |||||||||
Acquisition of advertising displays (5) (6) | 23,589 | 82,617 | 32,109 | |||||||||
Assets sold or written-off | (35,320 | ) | (70,494 | ) | (61,306 | ) | ||||||
Foreign exchange | (61 | ) | (1,793 | ) | 1,065 | |||||||
Balance at the end of the year | $ | 3,333,590 | $ | 3,201,434 | $ | 3,074,046 | ||||||
Accumulated depreciation: | ||||||||||||
Balance at the beginning of the year | $ | 2,082,335 | $ | 2,025,251 | $ | 1,973,958 | ||||||
Depreciation | 111,531 | 106,700 | 102,494 | |||||||||
Assets sold or written-off | (27,890 | ) | (48,488 | ) | (51,976 | ) | ||||||
Foreign exchange | 603 | (1,128 | ) | 775 | ||||||||
Balance at the end of the year | $ | 2,166,579 | $ | 2,082,335 | $ | 2,025,251 | ||||||
December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||
Gross real estate assets: | ||||||||||||
Balance at the beginning of the year | $ | 3,333,590 | $ | 3,201,434 | $ | 3,074,046 | ||||||
Capital expenditures on new advertising displays (4) | 21,598 | 59,604 | 54,151 | |||||||||
Capital expenditures on improvements/redevelopments of existing advertising displays | 13,021 | 25,025 | 12,781 | |||||||||
Capital expenditures other recurring | 12,631 | 36,354 | 34,758 | |||||||||
Land acquisitions (6) | 8,980 | 22,965 | 15,368 | |||||||||
Acquisition of advertising displays (5) (6) | 4,446 | 23,589 | 82,617 | |||||||||
Assets sold or written-off | (100,906 | ) | (35,320 | ) | (70,494 | ) | ||||||
Foreign exchange | 418 | (61 | ) | (1,793 | ) | |||||||
Balance at the end of the year | $ | 3,293,778 | $ | 3,333,590 | $ | 3,201,434 | ||||||
Accumulated depreciation: | ||||||||||||
Balance at the beginning of the year | $ | 2,166,579 | $ | 2,082,335 | $ | 2,025,251 | ||||||
Depreciation | 111,049 | 111,531 | 106,700 | |||||||||
Assets sold or written-off | (85,267 | ) | (27,890 | ) | (48,488 | ) | ||||||
Foreign exchange | 339 | 603 | (1,128 | ) | ||||||||
Balance at the end of the year | $ | 2,192,700 | $ | 2,166,579 | $ | 2,082,335 | ||||||
(4) | Includes non-cash amounts of $621, $554 |
(5) | Includes non-cash amounts |
(6) | Includes preliminary allocation of assets acquired from Fairway at December 31, 2018 |
/s/ KPMG LLP |
KPMG LLP |
/s/ KPMG LLP |
KPMG LLP |
2019 | 2018 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 25,688 | $ | 20,994 | ||||
Receivables, net of allowance for doubtful accounts of $13,185 and $11,161 as of 2019 and 2018, respectively | 254,930 | 235,576 | ||||||
Prepaid lease and contract expenses | — | 80,684 | ||||||
Other current assets | 29,051 | 25,915 | ||||||
Total current assets | 309,669 | 363,169 | ||||||
Property, plant and equipment | 3,660,311 | 3,525,725 | ||||||
Less accumulated depreciation and amortization | (2,311,196 | ) | (2,230,677 | ) | ||||
Net property, plant and equipment | 1,349,115 | 1,295,048 | ||||||
Operating lease right of use assets | 1,320,779 | — | ||||||
Goodwill (note 3) | 1,902,123 | 1,909,235 | ||||||
Intangible assets, net (note 3) | 991,776 | 914,984 | ||||||
Other assets | 50,959 | 45,450 | ||||||
Total assets | $ | 5,924,421 | $ | 4,527,886 | ||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 14,974 | $ | 21,246 | ||||
Current maturities of long-term debt, net of deferred financing costs of $6,081 and $5,245 in 2019 and 2018, respectively (note 5) | 226,514 | 204,120 | ||||||
Current operating lease liabilities | 196,841 | — | ||||||
Accrued expenses (note 4) | 101,266 | 117,300 | ||||||
Deferred income | 127,254 | 107,202 | ||||||
Total current liabilities | 666,849 | 449,868 | ||||||
Long-term debt, net of deferred financing costs of $18,333 and $20,619 in 2019 and 2018, respectively (note 5) | 2,753,604 | 2,684,568 | ||||||
Operating lease liabilities | 1,068,181 | — | ||||||
Deferred income tax liabilities | 5,713 | 20,734 | ||||||
Asset retirement obligation | 226,137 | 222,989 | ||||||
Other liabilities | 34,406 | 29,531 | ||||||
Total liabilities | 4,754,890 | 3,407,690 | ||||||
Stockholder’s equity: | ||||||||
Common stock, $.01 par value, authorized 3,000 shares; 100 shares issued and outstanding at 2019 and 2018 | — | — | ||||||
Additional paid-in-capital | 2,992,729 | 2,922,907 | ||||||
Accumulated comprehensive income | 685 | 12 | ||||||
Accumulated deficit | (1,823,883 | ) | (1,802,723 | ) | ||||
Stockholder’s equity | 1,169,531 | 1,120,196 | ||||||
Total liabilities and stockholder’s equity | $ | 5,924,421 | $ | 4,527,886 | ||||
2020 | 2019 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 121,069 | $ | 25,688 | ||||
Receivables, net of allowance for doubtful accounts of $14,946 and $13,185 as of 2020 and 2019, respectively | 240,854 | 254,930 | ||||||
Other current assets | 18,147 | 29,051 | ||||||
Total current assets | 380,070 | 309,669 | ||||||
Property, plant and equipment | 3,615,505 | 3,660,311 | ||||||
Less accumulated depreciation and amortization | (2,333,656 | ) | (2,311,196 | ) | ||||
Net property, plant and equipment | 1,281,849 | 1,349,115 | ||||||
Operating lease right of use assets | 1,222,013 | 1,320,779 | ||||||
Financing lease right of use assets | 19,670 | — | ||||||
Goodwill (note 3) | 1,902,177 | 1,902,123 | ||||||
Intangible assets, net (note 3) | 913,978 | 991,776 | ||||||
Other assets | 54,950 | 50,959 | ||||||
Total assets | $ | 5,774,707 | $ | 5,924,421 | ||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 12,017 | $ | 14,974 | ||||
Current maturities of long-term debt, net of deferred financing costs of $445 and $6,081 in 2020 and 2019, respectively (note 5) | 122,434 | 226,514 | ||||||
Current operating lease liabilities | 195,439 | 196,841 | ||||||
Current financing lease liabilities | 1,331 | — | ||||||
Accrued expenses (note 4) | 98,478 | 101,266 | ||||||
Deferred income | 111,363 | 127,254 | ||||||
Total current liabilities | 541,062 | 666,849 | ||||||
Long-term debt, net of deferred financing costs of $39,672 and $18,333 in 2020 and 2019, respectively (note 5) | 2,764,082 | 2,753,604 | ||||||
Operating lease liabilities | 993,776 | 1,068,181 | ||||||
Financing lease liabilities | 18,608 | — | ||||||
Deferred income tax liabilities | 4,854 | 5,713 | ||||||
Asset retirement obligation | 222,876 | 226,137 | ||||||
Other liabilities | 36,605 | 34,406 | ||||||
Total liabilities | 4,581,863 | 4,754,890 | ||||||
Stockholder’s equity: | ||||||||
Common stock, $.01 par value, authorized 3,000 shares; 100 shares issued and outstanding at 2020 and 2019 | 0— | 0— | ||||||
Additional paid-in-capital | 3,034,357 | 2,992,729 | ||||||
Accumulated comprehensive income | 934 | 685 | ||||||
Accumulated deficit | (1,842,447 | ) | (1,823,883 | ) | ||||
Stockholder’s equity | 1,192,844 | 1,169,531 | ||||||
Total liabilities and stockholder’s equity | $ | 5,774,707 | $ | 5,924,421 | ||||
2019 | 2018 | 2017 | ||||||||||
Statements of Income | ||||||||||||
Net revenues | $ | 1,753,644 | $ | 1,627,222 | $ | 1,541,260 | ||||||
Operating expenses (income): | ||||||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 590,078 | 561,848 | 540,880 | |||||||||
General and administrative expenses (exclusive of depreciation and amortization) | 318,380 | 289,428 | 276,229 | |||||||||
Corporate expenses (exclusive of depreciation and amortization) | 84,229 | 82,497 | 61,962 | |||||||||
Depreciation and amortization | 250,028 | 225,261 | 211,104 | |||||||||
(Gain) loss on disposition of assets | (7,241 | ) | 7,233 | (4,664 | ) | |||||||
1,235,474 | 1,166,267 | 1,085,511 | ||||||||||
Operating income | 518,170 | 460,955 | 455,749 | |||||||||
Other expense (income): | ||||||||||||
Loss on extinguishment of debt | — | 15,429 | 71 | |||||||||
Interest income | (764 | ) | (534 | ) | (6 | ) | ||||||
Interest expense | 150,616 | 129,732 | 128,396 | |||||||||
149,852 | 144,627 | 128,461 | ||||||||||
Income before income tax expense | 368,318 | 316,328 | 327,288 | |||||||||
Income tax (benefit) expense | (4,222 | ) | 10,697 | 9,230 | ||||||||
Net income | $ | 372,540 | $ | 305,631 | $ | 318,058 | ||||||
Statements of Comprehensive Income | ||||||||||||
Net income | $ | 372,540 | $ | 305,631 | $ | 318,058 | ||||||
Other comprehensive income (loss), net of tax | ||||||||||||
Foreign currency translation adjustments | 673 | (1,290 | ) | 1,926 | ||||||||
Comprehensive income | $ | 373,213 | $ | 304,341 | $ | 319,984 | ||||||
2020 | 2019 | 2018 | ||||||||||
Statements of Income | ||||||||||||
Net revenues | $ | 1,568,856 | $ | 1,753,644 | $ | 1,627,222 | ||||||
Operating expenses (income): | ||||||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 557,661 | 590,078 | 561,848 | |||||||||
General and administrative expenses (exclusive of depreciation and amortization) | 287,874 | 318,380 | 289,428 | |||||||||
Corporate expenses (exclusive of depreciation and amortization) | 70,457 | 84,229 | 82,497 | |||||||||
Depreciation and amortization | 251,296 | 250,028 | 225,261 | |||||||||
(Gain) loss on disposition of assets | (9,026 | ) | (7,241 | ) | 7,233 | |||||||
1,158,262 | 1,235,474 | 1,166,267 | ||||||||||
Operating income | 410,594 | 518,170 | 460,955 | |||||||||
Other expense (income): | ||||||||||||
Loss on extinguishment of debt | 25,235 | — | 15,429 | |||||||||
Interest income | (797 | ) | (764 | ) | (534 | ) | ||||||
Interest expense | 137,623 | 150,616 | 129,732 | |||||||||
162,061 | 149,852 | 144,627 | ||||||||||
Income before income tax expense | 248,533 | 368,318 | 316,328 | |||||||||
Income tax (benefit) expense | 4,660 | (4,222 | ) | 10,697 | ||||||||
Net income | $ | 243,873 | $ | 372,540 | $ | 305,631 | ||||||
Statements of Comprehensive Income | ||||||||||||
Net income | $ | 243,873 | $ | 372,540 | $ | 305,631 | ||||||
Other comprehensive income (loss), net of tax | ||||||||||||
Foreign currency translation adjustments | 249 | 673 | (1,290 | ) | ||||||||
Comprehensive income | $ | 244,122 | $ | 373,213 | $ | 304,341 | ||||||
Common Stock | Additional Paid-In Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | ||||||||||||||||
Balance, December 31, 2016 | $ | — | 2,783,753 | (624 | ) | (1,726,743 | ) | 1,056,386 | ||||||||||||
Contribution from parent | — | 49,187 | — | — | 49,187 | |||||||||||||||
Foreign currency translations | — | — | 1,926 | — | 1,926 | |||||||||||||||
Net income | — | — | — | 318,058 | 318,058 | |||||||||||||||
Dividend to parent | — | — | — | (334,459 | ) | (334,459 | ) | |||||||||||||
Balance, December 31, 2017 | $ | — | 2,832,940 | 1,302 | (1,743,144 | ) | 1,091,098 | |||||||||||||
Contribution from parent | — | 89,967 | — | — | 89,967 | |||||||||||||||
Foreign currency translations | — | — | (1,290 | ) | — | (1,290 | ) | |||||||||||||
Net income | — | — | — | 305,631 | 305,631 | |||||||||||||||
Dividend to parent | — | — | — | (365,210 | ) | (365,210 | ) | |||||||||||||
Balance, December 31, 2018 | $ | — | 2,922,907 | 12 | (1,802,723 | ) | 1,120,196 | |||||||||||||
Contribution from parent | — | 69,822 | — | — | 69,822 | |||||||||||||||
Foreign currency translations | — | — | 673 | — | 673 | |||||||||||||||
Net income | — | — | — | 372,540 | 372,540 | |||||||||||||||
Dividend to parent | — | — | — | (393,700 | ) | (393,700 | ) | |||||||||||||
Balance, December 31, 2019 | $ | — | 2,992,729 | 685 | (1,823,883 | ) | 1,169,531 | |||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | ||||||||||||||||
Balance, December 31, 2017 | $ | — | 2,832,940 | 1,302 | (1,743,144 | ) | 1,091,098 | |||||||||||||
Contribution from parent | — | 89,967 | — | — | 89,967 | |||||||||||||||
Foreign currency translations | — | — | (1,290 | ) | — | (1,290 | ) | |||||||||||||
Net income | — | — | — | 305,631 | 305,631 | |||||||||||||||
Dividend to parent | — | — | — | (365,210 | ) | (365,210 | ) | |||||||||||||
Balance, December 31, 2018 | $ | — | 2,922,907 | 12 | (1,802,723 | ) | 1,120,196 | |||||||||||||
Contribution from parent | — | 69,822 | — | — | 69,822 | |||||||||||||||
Foreign currency translations | — | — | 673 | — | 673 | |||||||||||||||
Net income | — | — | — | 372,540 | 372,540 | |||||||||||||||
Dividend to parent | — | — | — | (393,700 | ) | (393,700 | ) | |||||||||||||
Balance, December 31, 2019 | $ | — | 2,992,729 | 685 | (1,823,883 | ) | 1,169,531 | |||||||||||||
Contribution from parent | — | 41,628 | — | — | 41,628 | |||||||||||||||
Foreign currency translations | — | — | 249 | — | 249 | |||||||||||||||
Net income | — | — | — | 243,873 | 243,873 | |||||||||||||||
Dividend to parent | — | — | — | (262,437 | ) | (262,437 | ) | |||||||||||||
Balance, December 31, 2020 | $ | — | 3,034,357 | 934 | (1,842,447 | ) | 1,192,844 | |||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 372,540 | $ | 305,631 | $ | 318,058 | $ | 243,873 | $ | 372,540 | $ | 305,631 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 250,028 | 225,261 | 211,104 | 251,296 | 250,028 | 225,261 | ||||||||||||||||||
Non-cash compensation | 29,647 | 29,443 | 9,599 | 18,772 | 29,647 | 29,443 | ||||||||||||||||||
Amortization included in interest expense | 5,365 | 4,920 | 5,120 | 5,909 | 5,365 | 4,920 | ||||||||||||||||||
(Gain) loss on disposition of assets and investments | (7,241 | ) | 7,233 | (4,664 | ) | (9,026 | ) | (7,241 | ) | 7,233 | ||||||||||||||
Loss on extinguishment of debt | — | 15,429 | 71 | 25,235 | — | 15,429 | ||||||||||||||||||
Deferred income tax (benefit) expense | (14,130 | ) | 1,538 | 804 | (797 | ) | (14,130 | ) | 1,538 | |||||||||||||||
Provision for doubtful accounts | 10,608 | 7,985 | 6,762 | 12,729 | 10,608 | 7,985 | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
(Increase) decrease in: | ||||||||||||||||||||||||
Receivables | (28,357 | ) | (33,292 | ) | (17,524 | ) | 1,287 | (28,357 | ) | (33,292 | ) | |||||||||||||
Prepaid expenses | 275 | (5,433 | ) | 309 | 591 | 275 | (5,433 | ) | ||||||||||||||||
Other assets | (11,257 | ) | 3,270 | (8,410 | ) | 7,629 | (11,257 | ) | 3,270 | |||||||||||||||
Increase (decrease) in: | ||||||||||||||||||||||||
Trade accounts payable | 700 | 1,366 | 309 | 841 | 700 | 1,366 | ||||||||||||||||||
Accrued expenses | (1,597 | ) | (6,292 | ) | (9,416 | ) | 10,052 | (1,597 | ) | (6,292 | ) | |||||||||||||
Operating lease liabilities | 9,102 | — | — | 24,549 | 9,102 | — | ||||||||||||||||||
Other liabilities | (10,743 | ) | (19,974 | ) | (27,882 | ) | (53,911 | ) | (10,743 | ) | (19,974 | ) | ||||||||||||
Cash flows provided by operating activities | 604,940 | 537,085 | 484,240 | 539,029 | 604,940 | 537,085 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | (140,956 | ) | (117,638 | ) | (109,329 | ) | (62,272 | ) | (140,956 | ) | (117,638 | ) | ||||||||||||
Acquisitions | (226,278 | ) | (477,389 | ) | (297,305 | ) | (45,584 | ) | (226,278 | ) | (477,389 | ) | ||||||||||||
(Increase) decrease in notes receivable | (448 | ) | 9 | 515 | — | (448 | ) | 9 | ||||||||||||||||
Proceeds received from property insurance claims | 210 | 4,222 | 0 | — | 210 | 4,222 | ||||||||||||||||||
Proceeds from disposition of assets and investments | 5,438 | 6,648 | 6,053 | 10,968 | 5,438 | 6,648 | ||||||||||||||||||
Cash flows used in investing activities | (362,034 | ) | (584,148 | ) | (400,066 | ) | (96,888 | ) | (362,034 | ) | (584,148 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds received from revolving credit facility | 495,000 | 563,000 | 495,000 | 725,000 | 495,000 | 563,000 | ||||||||||||||||||
Payments on revolving credit facility | (625,000 | ) | (481,000 | ) | (477,000 | ) | (875,000 | ) | (625,000 | ) | (481,000 | ) | ||||||||||||
Principal payments on long-term debt | (34,471 | ) | (27,328 | ) | (16,993 | ) | ||||||||||||||||||
Principal payments on long term debt | (9,112 | ) | (34,471 | ) | (27,328 | ) | ||||||||||||||||||
Borrowings on long term debt | 8,750 | — | — | |||||||||||||||||||||
Proceeds received from senior credit facility term loans | — | 599,250 | 450,000 | 598,500 | — | 599,250 | ||||||||||||||||||
Proceeds received from accounts receivable securitization program | 9,000 | 175,000 | — | 122,500 | 9,000 | 175,000 | ||||||||||||||||||
Payments on accounts receivable securitization program | (9,000 | ) | — | — | (175,000 | ) | (9,000 | ) | — | |||||||||||||||
Debt issuance costs | (4,463 | ) | (7,616 | ) | (4,941 | ) | (32,950 | ) | (4,463 | ) | (7,616 | ) | ||||||||||||
Proceeds received from note offering | 255,000 | — | — | 1,549,250 | 255,000 | — | ||||||||||||||||||
Redemption on senior subordinated notes | — | (509,790 | ) | — | ||||||||||||||||||||
Redemption of senior notes and senior subordinated notes | (1,058,596 | ) | — | (509,790 | ) | |||||||||||||||||||
Payment on senior credit facility term loans | — | — | (247,500 | ) | (978,097 | ) | — | — | ||||||||||||||||
Distributions to non-controlling interest | (621 | ) | (541 | ) | (693 | ) | ||||||||||||||||||
Dividends to parent | (393,700 | ) | (446,744 | ) | (252,925 | ) | ||||||||||||||||||
Contributions from parent | 69,822 | 89,967 | 49,187 | |||||||||||||||||||||
Cash flows used in financing activities | (238,433 | ) | (45,802 | ) | (5,865 | ) | ||||||||||||||||||
Effect of exchange rate changes in cash and cash equivalents | 221 | (1,112 | ) | 1,632 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,694 | (93,977 | ) | 79,941 | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 20,994 | 114,971 | 35,030 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 25,688 | $ | 20,994 | $ | 114,971 | ||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Cash paid for interest | $ | 139,585 | $ | 136,711 | $ | 123,213 | ||||||||||||||||||
Cash paid for state and federal income taxes | $ | 14,449 | $ | 8,563 | $ | 12,640 | ||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||
Distributions to non-controlling interest | (1,509 | ) | (621 | ) | (541 | ) | ||||||
Dividends to parent | (262,437 | ) | (393,700 | ) | (446,744 | ) | ||||||
Contributions from parent | 41,628 | 69,822 | 89,967 | |||||||||
Cash flows used in financing activities | (347,073 | ) | (238,433 | ) | (45,802 | ) | ||||||
Effect of exchange rate changes in cash and cash equivalents | 313 | 221 | (1,112 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | 95,381 | 4,694 | (93,977 | ) | ||||||||
Cash and cash equivalents at beginning of period | 25,688 | 20,994 | 114,971 | |||||||||
Cash and cash equivalents at end of period | $ | 121,069 | $ | 25,688 | $ | 20,994 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for interest | $ | 130,864 | $ | 139,585 | $ | 136,711 | ||||||
Cash paid for state and federal income taxes | $ | 4,033 | $ | 14,449 | $ | 8,563 | ||||||
F-58 |
Estimated Life (Years) | 2019 | 2018 | ||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||
Customer lists and contracts | 7—10 | $ | 641,714 | $ | 539,405 | $ | 610,376 | $ | 514,928 | |||||||||||
Non-competition agreement | 3—15 | 66,014 | 64,379 | 65,771 | 64,119 | |||||||||||||||
Site locations | 15 | 2,384,520 | 1,509,335 | 2,228,767 | 1,422,794 | |||||||||||||||
Other | 2—15 | 49,318 | 36,671 | 45,446 | 33,535 | |||||||||||||||
$ | 3,141,566 | $ | 2,149,790 | $ | 2,950,360 | $ | 2,035,376 | |||||||||||||
Unamortizable Intangible Assets: | ||||||||||||||||||||
Goodwill | $ | 2,154,790 | $ | 252,667 | $ | 2,161,902 | $ | 252,667 |
Estimated Life (Years) | 2020 | 2019 | ||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||
Customer lists and contracts | 7—10 | $ | 645,739 | $ | 563,135 | $ | 641,714 | $ | 539,405 | |||||||||||
Non-competition agreement | 3—15 | 66,156 | 64,647 | 66,014 | 64,379 | |||||||||||||||
Site locations | 15 | 2,412,745 | 1,593,805 | 2,384,520 | 1,509,335 | |||||||||||||||
Other | 2—15 | 49,472 | 38,547 | 49,318 | 36,671 | |||||||||||||||
$3,174,112 | $2,260,134 | $3,141,566 | $2,149,790 | |||||||||||||||||
Unamortizable Intangible Assets: | ||||||||||||||||||||
Goodwill | $ | 2,154,844 | $ | 252,667 | $ | 2,154,790 | $ | 252,667 |
Balance as of December 31, 2017 | $ | 1,982,970 | ||
Goodwill acquired during the year | 182,117 | |||
Purchase price adjustments and other | (3,185 | ) | ||
Impairment losses | 0 | |||
Balance as of December 31, 2018 | $ | 2,161,902 | ||
Goodwill acquired during the year | 29,360 | |||
Purchase price adjustments and other | (36,472 | ) | ||
Impairment losses | 0 | |||
Balance as of December 31, 2019 | $ | 2,154,790 | ||
Balance as of December 31, 2018 | $ | 2,161,902 | ||
Goodwill acquired during the year | 29,360 | |||
Purchase price adjustments and other | (36,472 | ) | ||
Impairment losses | 0 | |||
Balance as of December 31, 2019 | 2,154,790 | |||
Goodwill acquired during the year | — | |||
Purchase price adjustments and other | 54 | |||
Impairment losses | — | |||
Balance as of December 31, 2020 | $ | 2,154,844 | ||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Payroll | $ | 20,223 | $ | 20,667 | $ | 17,034 | $ | 20,223 | ||||||||
Interest | 32,734 | 27,067 | 33,583 | 32,734 | ||||||||||||
Accrued variable lease and contract expense | 12,559 | 36,158 | 19,274 | 12,559 | ||||||||||||
Stock-based compensation | 23,297 | 19,211 | 11,589 | 23,297 | ||||||||||||
Other | 12,453 | 14,197 | 16,998 | 12,453 | ||||||||||||
$ | 101,266 | $ | 117,300 | $ | 98,478 | $ | 101,266 | |||||||||
F-60 |
December 31, 2019 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 1,127,069 | $ | 9,077 | $ | 1,117,992 | ||||||
Accounts Receivable Securitization Program | 175,000 | 846 | 174,154 | |||||||||
5% Senior Subordinated Notes | 535,000 | 3,237 | 531,763 | |||||||||
5 3/8% Senior Notes | 510,000 | 3,502 | 506,498 | |||||||||
5 3/4% Senior Notes | 654,345 | 7,752 | 646,593 | |||||||||
Other notes with various rates and terms | 3,118 | — | 3,118 | |||||||||
3,004,532 | 24,414 | 2,980,118 | ||||||||||
Less current maturities | (232,595 | ) | (6,081 | ) | (226,514 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,771,937 | $ | 18,333 | $ | 2,753,604 | ||||||
December 31, 2018 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 1,291,088 | $ | 11,576 | $ | 1,279,512 | ||||||
Accounts Receivable Securitization Program | 175,000 | 1,168 | 173,832 | |||||||||
5% Senior Subordinated Notes | 535,000 | 4,104 | 530,896 | |||||||||
5 3/8% Senior Notes | 510,000 | 4,262 | 505,738 | |||||||||
5 3/4% Senior Notes | 400,000 | 4,754 | 395,246 | |||||||||
Other notes with various rates and terms | 3,464 | — | 3,464 | |||||||||
2,914,552 | 25,864 | 2,888,688 | ||||||||||
Less current maturities | (209,365 | ) | (5,245 | ) | (204,120 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,705,187 | $ | 20,619 | $ | 2,684,568 | ||||||
December 31, 2020 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 598,466 | $ | 11,569 | $ | 586,897 | ||||||
Accounts Receivable Securitization Program | 122,500 | 445 | 122,055 | |||||||||
3 3/4% Senior Notes | 600,000 | 8,031 | 591,969 | |||||||||
4% Senior Notes | 549,280 | 7,911 | 541,369 | |||||||||
4 7/8% Senior Notes | 400,000 | 5,586 | 394,414 | |||||||||
5 3/4% Senior Notes | 653,631 | 6,575 | 647,056 | |||||||||
Other notes with various rates and terms | 2,756 | — | 2,756 | |||||||||
2,926,633 | 40,117 | 2,886,516 | ||||||||||
Less current maturities | (122,879 | ) | (445 | ) | (122,434 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,803,754 | $ | 39,672 | $ | 2,764,082 | ||||||
December 31, 2019 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 1,127,069 | $ | 9,077 | $ | 1,117,992 | ||||||
Accounts Receivable Securitization Program | 175,000 | 846 | 174,154 | |||||||||
5% Senior Subordinated Notes | 535,000 | 3,237 | 531,763 | |||||||||
5 3/8% Senior Notes | 510,000 | 3,502 | 506,498 | |||||||||
5 3/4% Senior Notes | 654,345 | 7,752 | 646,593 | |||||||||
Other notes with various rates and terms | 3,118 | — | 3,118 | |||||||||
3,004,532 | 24,414 | 2,980,118 | ||||||||||
Less current maturities | (232,595 | ) | (6,081 | ) | (226,514 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,771,937 | $ | 18,333 | $ | 2,753,604 | ||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
2020 | $ | 232,595 | $ | 6,081 | $ | 226,514 | ||||||
2021 | $ | 74,487 | $ | 6,205 | $ | 68,282 | ||||||
2022 | $ | 426,971 | $ | 4,677 | $ | 422,294 | ||||||
2023 | $ | 541,989 | $ | 3,480 | $ | 538,509 | ||||||
2024 | $ | 517,008 | $ | 2,216 | $ | 514,792 | ||||||
Later years | $ | 1,211,482 | $ | 1,755 | $ | 1,209,727 |
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
2021 | $ | 122,879 | $ | 445 | $ | 122,434 | ||||||
2022 | $ | 362 | $ | 0 | $ | 362 | ||||||
2023 | $ | 381 | $ | 0 | $ | 381 | ||||||
2024 | $ | 400 | $ | 0 | $ | 400 | ||||||
2025 | $ | 420 | $ | 4,464 | $ | (4,044 | ) | |||||
Later years | $ | 2,802,191 | $ | 35,208 | $ | 2,766,983 |
F-61 |
Year 2019 Quarters | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net revenues | $ | 384,457 | $ | 448,742 | $ | 457,786 | $ | 462,659 | ||||||||
Net revenues less direct advertising expenses | $ | 243,987 | $ | 302,352 | $ | 308,940 | $ | 308,287 | ||||||||
Net income | $ | 51,362 | $ | 118,485 | $ | 99,832 | $ | 102,861 |
Year 2020 Quarters | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net revenues | $ | 406,569 | $ | 347,652 | $ | 386,110 | $ | 428,525 | ||||||||
Net revenues less direct advertising expenses | $ | 257,075 | $ | 213,593 | $ | 249,801 | $ | 290,726 | ||||||||
Net income | $ | 40,617 | $ | 31,534 | $ | 62,895 | $ | 108,827 |
Year 2018 Quarters | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net revenues | $ | 361,026 | $ | 419,800 | $ | 418,498 | $ | 427,898 | ||||||||
Net revenues less direct advertising expenses | $ | 222,733 | $ | 279,016 | $ | 277,799 | $ | 285,826 | ||||||||
Net income | $ | 15,158 | $ | 100,520 | $ | 94,165 | $ | 95,788 |
Year 2019 Quarters | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net revenues | $ | 384,457 | $ | 448,742 | $ | 457,786 | $ | 462,659 | ||||||||
Net revenues less direct advertising expenses | $ | 243,987 | $ | 302,352 | $ | 308,940 | $ | 308,287 | ||||||||
Net income | $ | 51,362 | $ | 118,485 | $ | 99,832 | $ | 102,861 |
F-62 |
Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Total current assets | $ | 110,678 | $ | 19,471 | $ | 249,921 | $ | — | $ | 380,070 | ||||||||||
Net property, plant and equipment | — | 1,268,765 | 13,084 | — | 1,281,849 | |||||||||||||||
Operating lease right of use assets | — | 1,200,115 | 21,898 | — | 1,222,013 | |||||||||||||||
Intangibles and goodwill, net | — | 2,798,343 | 17,812 | — | 2,816,155 | |||||||||||||||
Other assets | 3,912,122 | 258,433 | 132,448 | (4,228,383 | ) | 74,620 | ||||||||||||||
Total assets | $ | 4,022,800 | $ | 5,545,127 | $ | 435,163 | $ | (4,228,383 | ) | $ | 5,774,707 | |||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | 0 | $ | 379 | $ | 122,055 | $ | — | $ | 122,434 | ||||||||||
Current operating lease liabilties | — | 188,712 | 6,727 | — | 195,439 | |||||||||||||||
Other current liabilities | 33,583 | 170,320 | 19,286 | — | 223,189 | |||||||||||||||
Total current liabilities | 33,583 | 359,411 | 148,068 | — | 541,062 | |||||||||||||||
Long-term debt | 2,761,705 | 2,377 | — | — | 2,764,082 | |||||||||||||||
Operating lease liabilities | — | 979,785 | 13,991 | — | 993,776 | |||||||||||||||
Other noncurrent liabilities | 34,668 | 245,891 | 266,968 | (264,584 | ) | 282,943 | ||||||||||||||
Total liabilities | 2,829,956 | 1,587,464 | 429,027 | (264,584 | ) | 4,581,863 | ||||||||||||||
Stockholders’ equity | 1,192,844 | 3,957,663 | 6,136 | (3,963,799 | ) | 1,192,844 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,022,800 | $ | 5,545,127 | $ | 435,163 | $ | (4,228,383 | ) | $ | 5,774,707 | |||||||||
F-63 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||
Total current assets | $ | 13,859 | $ | 53,756 | $ | 242,054 | $ | — | $ | 309,669 | $ | 13,859 | $ | 53,756 | $ | 242,054 | $ | — | $ | 309,669 | ||||||||||||||||||||
Net property, plant and equipment | — | 1,340,675 | 8,440 | — | 1,349,115 | — | 1,340,675 | 8,440 | — | 1,349,115 | ||||||||||||||||||||||||||||||
Operating lease right of use assets | — | 1,293,674 | 27,105 | — | 1,320,779 | — | 1,293,674 | 27,105 | — | 1,320,779 | ||||||||||||||||||||||||||||||
Intangibles and goodwill, net | — | 2,875,644 | 18,255 | — | 2,893,899 | — | 2,875,644 | 18,255 | — | 2,893,899 | ||||||||||||||||||||||||||||||
Other assets | 4,193,629 | 229,905 | 184,805 | (4,557,380 | ) | 50,959 | 4,193,629 | 229,905 | 184,805 | (4,557,380 | ) | 50,959 | ||||||||||||||||||||||||||||
Total assets | $ | 4,207,488 | $ | 5,793,654 | $ | 480,659 | $ | (4,557,380 | ) | $ | 5,924,421 | $ | 4,207,488 | $ | 5,793,654 | $ | 480,659 | $ | (4,557,380 | ) | $ | 5,924,421 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | $ | 51,480 | $ | 34 | $ | 175,000 | $ | — | $ | 226,514 | $ | 51,480 | $ | 34 | $ | 175,000 | $ | — | $ | 226,514 | ||||||||||||||||||||
Current operating lease liabilities | — | 189,071 | 7,770 | — | 196,841 | — | 189,071 | 7,770 | — | 196,841 | ||||||||||||||||||||||||||||||
Other current liabilities | 26,960 | 196,689 | 19,845 | — | 243,494 | 26,960 | 196,689 | 19,845 | — | 243,494 | ||||||||||||||||||||||||||||||
Total current liabilities | 78,440 | 385,794 | 202,615 | — | 666,849 | 78,440 | 385,794 | 202,615 | — | 666,849 | ||||||||||||||||||||||||||||||
Long-term debt | 2,753,570 | 34 | — | — | 2,753,604 | 2,753,570 | 34 | — | — | 2,753,604 | ||||||||||||||||||||||||||||||
Operating lease liabilities | — | 1,049,220 | 18,961 | — | 1,068,181 | — | 1,049,220 | 18,961 | — | 1,068,181 | ||||||||||||||||||||||||||||||
Other noncurrent liabilities | 205,947 | 231,416 | 250,859 | (421,966 | ) | 266,256 | 205,947 | 231,416 | 250,859 | (421,966 | ) | 266,256 | ||||||||||||||||||||||||||||
Total liabilities | 3,037,957 | 1,666,464 | 472,435 | (421,966 | ) | 4,754,890 | 3,037,957 | 1,666,464 | 472,435 | (421,966 | ) | 4,754,890 | ||||||||||||||||||||||||||||
Stockholders’ equity | 1,169,531 | 4,127,190 | 8,224 | (4,135,414 | ) | 1,169,531 | 1,169,531 | 4,127,190 | 8,224 | (4,135,414 | ) | 1,169,531 | ||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,207,488 | $ | 5,793,654 | $ | 480,659 | $ | (4,557,380 | ) | $ | 5,924,421 | $ | 4,207,488 | $ | 5,793,654 | $ | 480,659 | $ | (4,557,380 | ) | $ | 5,924,421 | ||||||||||||||||||
F-64 |
Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
Statement of Income | ||||||||||||||||||||
Net revenues | $ | — | $ | 1,536,534 | $ | 33,965 | $ | (1,643 | ) | $ | 1,568,856 | |||||||||
Operating expenses | ||||||||||||||||||||
Direct advertising expenses (1) | — | 533,803 | 25,501 | (1,643 | ) | 557,661 | ||||||||||||||
General and administrative expenses (1) | — | 281,293 | 6,581 | — | 287,874 | |||||||||||||||
Corporate expenses (1) | — | 69,478 | 979 | — | 70,457 | |||||||||||||||
Depreciation and amortization | — | 249,299 | 1,997 | — | 251,296 | |||||||||||||||
(Gain) loss on disposition of assets | — | (9,036 | ) | 10 | — | (9,026 | ) | |||||||||||||
— | 1,124,837 | 35,068 | (1,643) | 1,158,262 | ||||||||||||||||
Operating income | — | 411,697 | (1,103 | ) | — | 410,594 | ||||||||||||||
Loss on debt extinguishment | 25,235 | — | — | — | 25,235 | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (404,332 | ) | — | — | 404,332 | — | ||||||||||||||
Interest expense (income), net | 135,224 | (175 | ) | 1,777 | — | 136,826 | ||||||||||||||
Income (loss) before income tax expense | 243,873 | 411,872 | (2,880 | ) | (404,332 | ) | 248,533 | |||||||||||||
Income tax expense (benefit) (2) | — | 5,203 | (543 | ) | — | 4,660 | ||||||||||||||
Net income (loss) | $ | 243,873 | $ | 406,669 | $ | (2,337 | ) | $ | (404,332 | ) | $ | 243,873 | ||||||||
Statement of Comprehensive Income | ||||||||||||||||||||
Net income (loss) | $ | 243,873 | $ | 406,669 | $ | (2,337 | ) | $ | (404,332 | ) | $ | 243,873 | ||||||||
Total other comprehensive income, net of tax | — | — | 249 | — | 249 | |||||||||||||||
Total comprehensive income (loss) | $ | 243,873 | $ | 406,669 | $ | (2,088 | ) | $ | (404,332 | ) | $ | 244,122 | ||||||||
(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. |
F-65 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Total current assets | $ | 4,653 | $ | 121,549 | $ | 236,967 | $ | — | $ | 363,169 | ||||||||||
Net property, plant and equipment | — | 1,289,348 | 5,700 | — | 1,295,048 | |||||||||||||||
Intangibles and goodwill, net | — | 2,804,915 | 19,304 | — | 2,824,219 | |||||||||||||||
Other assets | 4,056,288 | 230,504 | 184,247 | (4,425,589 | ) | 45,450 | ||||||||||||||
Total assets | $ | 4,060,941 | $ | 4,446,316 | $ | 446,218 | $ | (4,425,589 | ) | $ | 4,527,886 | |||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | 29,086 | $ | 34 | $ | 175,000 | $ | — | $ | 204,120 | ||||||||||
Other current liabilities | 27,067 | 204,103 | 14,578 | — | 245,748 | |||||||||||||||
Total current liabilities | 56,153 | 204,137 | 189,578 | — | 449,868 | |||||||||||||||
Long-term debt | 2,684,500 | 68 | — | — | 2,684,568 | |||||||||||||||
Other noncurrent liabilities | 200,092 | 246,312 | 251,835 | (424,985 | ) | 273,254 | ||||||||||||||
Total liabilities | 2,940,745 | 450,517 | 441,413 | (424,985 | ) | 3,407,690 | ||||||||||||||
Stockholders’ equity | 1,120,196 | 3,995,799 | 4,805 | (4,000,604 | ) | 1,120,196 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,060,941 | $ | 4,446,316 | $ | 446,218 | $ | (4,425,589 | ) | $ | 4,527,886 | |||||||||
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 1,709,691 | $ | 46,804 | $ | (2,851 | ) | $ | 1,753,644 | $ | — | $ | 1,709,691 | $ | 46,804 | $ | (2,851 | ) | $ | 1,753,644 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||
Direct advertising expenses (1) | — | 564,877 | 28,052 | (2,851 | ) | 590,078 | — | 564,877 | 28,052 | (2,851 | ) | 590,078 | ||||||||||||||||||||||||||||
General and administrative expenses (1) | — | 310,813 | 7,567 | — | 318,380 | — | 310,813 | 7,567 | — | 318,380 | ||||||||||||||||||||||||||||||
Corporate expenses (1) | — | 82,652 | 1,577 | — | 84,229 | — | 82,652 | 1,577 | — | 84,229 | ||||||||||||||||||||||||||||||
Depreciation and amortization | — | 247,191 | 2,837 | — | 250,028 | — | 247,191 | 2,837 | — | 250,028 | ||||||||||||||||||||||||||||||
Gain on disposition of assets | — | (3,103 | ) | (4,138 | ) | — | (7,241 | ) | — | (3,103 | ) | (4,138 | ) | — | (7,241 | ) | ||||||||||||||||||||||||
— | 1,202,430 | 35,895 | (2,851 | ) | 1,235,474 | — | 1,202,430 | 35,895 | (2,851) | 1,235,474 | ||||||||||||||||||||||||||||||
Operating income | — | 507,261 | 10,909 | — | 518,170 | — | 507,261 | 10,909 | — | 518,170 | ||||||||||||||||||||||||||||||
Equity in (earnings) loss of subsidiaries | (517,516 | ) | — | — | 517,516 | — | (517,516 | ) | — | — | 517,516 | — | ||||||||||||||||||||||||||||
Interest expense (income), net | 144,976 | (149 | ) | 5,025 | — | 149,852 | 144,976 | (149 | ) | 5,025 | — | 149,852 | ||||||||||||||||||||||||||||
Income (loss) before income tax expense | 372,540 | 507,410 | 5,884 | (517,516 | ) | 368,318 | 372,540 | 507,410 | 5,884 | (517,516 | ) | 368,318 | ||||||||||||||||||||||||||||
Income tax (benefit) expense (2) | — | (7,360 | ) | 3,138 | — | (4,222 | ) | — | (7,360 | ) | 3,138 | — | (4,222 | ) | ||||||||||||||||||||||||||
Net income (loss) | $ | 372,540 | $ | 514,770 | $ | 2,746 | $ | (517,516 | ) | $ | 372,540 | $ | 372,540 | $ | 514,770 | $ | 2,746 | $ | (517,516 | ) | $ | 372,540 | ||||||||||||||||||
Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 372,540 | $ | 514,770 | $ | 2,746 | $ | (517,516 | ) | $ | 372,540 | $ | 372,540 | $ | 514,770 | $ | 2,746 | $ | (517,516 | ) | $ | 372,540 | ||||||||||||||||||
Total other comprehensive income, net of tax | — | — | 673 | — | 673 | — | — | 673 | — | 673 | ||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 372,540 | $ | 514,770 | $ | 3,419 | $ | (517,516 | ) | $ | 373,213 | $ | 372,540 | $ | 514,770 | $ | 3,419 | $ | (517,516 | ) | $ | 373,213 | ||||||||||||||||||
(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. |
F-66 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
Statement of Income | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 1,579,619 | $ | 50,352 | $ | (2,749 | ) | $ | 1,627,222 | $ | — | $ | 1,579,619 | $ | 50,352 | $ | (2,749 | ) | $ | 1,627,222 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||
Direct advertising expenses (1) | — | 537,269 | 27,307 | (2,728 | ) | 561,848 | — | 537,269 | 27,307 | (2,728 | ) | 561,848 | ||||||||||||||||||||||||||||
General and administrative expenses (1) | — | 280,874 | 8,554 | — | 289,428 | — | 280,874 | 8,554 | — | 289,428 | ||||||||||||||||||||||||||||||
Corporate expenses (1) | — | 80,861 | 1,636 | — | 82,497 | — | 80,861 | 1,636 | — | 82,497 | ||||||||||||||||||||||||||||||
Depreciation and amortization | — | 219,341 | 5,920 | — | 225,261 | — | 219,341 | 5,920 | — | 225,261 | ||||||||||||||||||||||||||||||
(Gain) loss on disposition of assets | — | (576 | ) | 7,809 | — | 7,233 | — | (576 | ) | 7,809 | — | 7,233 | ||||||||||||||||||||||||||||
— | 1,117,769 | 51,226 | (2,728 | ) | 1,166,267 | — | 1,117,769 | 51,226 | (2,728) | 1,166,267 | ||||||||||||||||||||||||||||||
Operating income (loss) | — | 461,850 | (874 | ) | (21 | ) | 460,955 | — | 461,850 | (874 | ) | (21 | ) | 460,955 | ||||||||||||||||||||||||||
Equity in (earnings) loss of subsidiaries | (450,791 | ) | — | — | 450,791 | — | (450,791 | ) | — | — | 450,791 | — | ||||||||||||||||||||||||||||
Interest expense (income), net | 129,731 | (99 | ) | (413 | ) | (21 | ) | 129,198 | 129,731 | (99 | ) | (413 | ) | (21 | ) | 129,198 | ||||||||||||||||||||||||
Other expenses | 15,429 | — | — | — | 15,429 | 15,429 | — | — | — | 15,429 | ||||||||||||||||||||||||||||||
Income (loss) before income tax expense | 305,631 | 461,949 | (461 | ) | (450,791 | ) | 316,328 | 305,631 | 461,949 | (461 | ) | (450,791 | ) | 316,328 | ||||||||||||||||||||||||||
Income tax expense (2) | — | 7,879 | 2,818 | — | 10,697 | — | 7,879 | 2,818 | — | 10,697 | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 305,631 | $ | 454,070 | $ | (3,279 | ) | $ | (450,791 | ) | $ | 305,631 | $ | 305,631 | $ | 454,070 | $ | (3,279 | ) | $ | (450,791 | ) | $ | 305,631 | ||||||||||||||||
Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 305,631 | $ | 454,070 | $ | (3,279 | ) | $ | (450,791 | ) | $ | 305,631 | $ | 305,631 | $ | 454,070 | $ | (3,279 | ) | $ | (450,791 | ) | $ | 305,631 | ||||||||||||||||
Total other comprehensive loss, net of tax | — | — | (1,290 | ) | — | (1,290 | ) | — | — | (1,290 | ) | — | (1,290 | ) | ||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 305,631 | $ | 454,070 | $ | (4,569 | ) | $ | (450,791 | ) | $ | 304,341 | $ | 305,631 | $ | 454,070 | $ | (4,569 | ) | $ | (450,791 | ) | $ | 304,341 | ||||||||||||||||
(1) Caption is exclusive of depreciation and amortization. | (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. | (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
F-67 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
Statement of Income | ||||||||||||||||||||
Net revenues | $ | — | $ | 1,494,275 | $ | 51,332 | $ | (4,347 | ) | $ | 1,541,260 | |||||||||
Operating expenses | ||||||||||||||||||||
Direct advertising expenses (1) | — | 512,247 | 31,277 | (2,644 | ) | 540,880 | ||||||||||||||
General and administrative expenses (1) | — | 266,798 | 9,431 | — | 276,229 | |||||||||||||||
Corporate expenses (1) | — | 60,830 | 1,132 | — | 61,962 | |||||||||||||||
Depreciation and amortization | — | 201,424 | 9,680 | — | 211,104 | |||||||||||||||
(Gain) loss on disposition of assets | — | (5,704 | ) | 1,040 | — | (4,664 | ) | |||||||||||||
— | 1,035,595 | 52,560 | (2,644 | ) | 1,085,511 | |||||||||||||||
Operating income (loss) | — | 458,680 | (1,228 | ) | (1,703 | ) | 455,749 | |||||||||||||
Equity in (earnings) loss of subsidiaries | (446,520 | ) | — | — | 446,520 | — | ||||||||||||||
Interest expense (income), net | 128,391 | (5 | ) | 1,707 | (1,703 | ) | 128,390 | |||||||||||||
Other expenses | 71 | — | — | — | 71 | |||||||||||||||
Income (loss) before income tax expense | 318,058 | 458,685 | (2,935 | ) | (446,520 | ) | 327,288 | |||||||||||||
Income tax expense (2) | — | 7,069 | 2,161 | — | 9,230 | |||||||||||||||
Net income (loss) | $ | 318,058 | $ | 451,616 | $ | (5,096 | ) | $ | (446,520 | ) | $ | 318,058 | ||||||||
Statement of Comprehensive Income | ||||||||||||||||||||
Net income (loss) | $ | 318,058 | $ | 451,616 | $ | (5,096 | ) | $ | (446,520 | ) | $ | 318,058 | ||||||||
Total other comprehensive income, net of tax | — | — | 1,926 | — | 1,926 | |||||||||||||||
Total comprehensive income (loss) | $ | 318,058 | $ | 451,616 | $ | (3,170 | ) | $ | (446,520 | ) | $ | 319,984 | ||||||||
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 469,907 | $ | 738,030 | $ | 6,660 | $ | (609,657 | ) | $ | 604,940 | $ | 495,872 | $ | 668,673 | $ | (5,639 | ) | $ | (619,877 | ) | $ | 539,029 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (136,696 | ) | (4,260 | ) | — | (140,956 | ) | — | (56,772 | ) | (5,500 | ) | — | (62,272 | ) | ||||||||||||||||||||||||
Acquisitions | — | (226,278 | ) | — | — | (226,278 | ) | 577 | (46,161 | ) | — | — | (45,584 | ) | ||||||||||||||||||||||||||
Proceeds from disposition of assets and investments | — | 5,438 | — | — | 5,438 | — | 10,968 | — | — | 10,968 | ||||||||||||||||||||||||||||||
Proceeds received from insurance claims | — | 210 | — | — | 210 | |||||||||||||||||||||||||||||||||||
Investment in subsidiaries | (226,278 | ) | — | — | 226,278 | — | (46,161 | ) | — | — | 46,161 | — | ||||||||||||||||||||||||||||
Decrease in intercompany notes receivable | 3,787 | — | — | (3,787 | ) | — | ||||||||||||||||||||||||||||||||||
Increease in intercompany notes receivable | (60,183 | ) | — | — | 60,183 | — | ||||||||||||||||||||||||||||||||||
Increase in notes receivable | (448 | ) | — | — | — | (448 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (222,939 | ) | (357,326 | ) | (4,260 | ) | 222,491 | (362,034 | ) | (105,767 | ) | (91,965 | ) | (5,500 | ) | 106,344 | (96,888 | ) | ||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||
Proceeds received from revolving credit facility | 495,000 | — | — | — | 495,000 | 725,000 | — | — | — | 725,000 | ||||||||||||||||||||||||||||||
Payment on revolving credit facility | (625,000 | ) | — | — | — | (625,000 | ) | (875,000 | ) | — | — | — | (875,000 | ) | ||||||||||||||||||||||||||
Principal payments on long-term debt | (34,471 | ) | — | — | — | (34,471 | ) | |||||||||||||||||||||||||||||||||
Principal payments on long term debt | — | (9,112 | ) | — | — | (9,112 | ) | |||||||||||||||||||||||||||||||||
Borrowings on long term debt | — | 8,750 | — | — | 8,750 | |||||||||||||||||||||||||||||||||||
Proceeds received from note offering | 1,549,250 | — | — | — | 1,549,250 | |||||||||||||||||||||||||||||||||||
Redemption of senior notes and senior subordinated notes | (1,058,596 | ) | — | — | — | (1,058,596 | ) | |||||||||||||||||||||||||||||||||
Proceeds received from senior credit facility term loans | 598,500 | — | — | — | 598,500 | |||||||||||||||||||||||||||||||||||
Payments on senior credit facility term loans | (978,097 | ) | — | 0 | — | (978,097 | ) | |||||||||||||||||||||||||||||||||
Payment on accounts receivable securitization program | — | — | (175,000 | ) | — | (175,000 | ) | |||||||||||||||||||||||||||||||||
Proceeds received from accounts receivable securitization program | — | — | 9,000 | — | 9,000 | — | — | 122,500 | — | 122,500 | ||||||||||||||||||||||||||||||
Payments on accounts receivable securitization program | — | — | (9,000 | ) | — | (9,000 | ) | |||||||||||||||||||||||||||||||||
Debt issuance costs | (4,463 | ) | — | — | — | (4,463 | ) | (32,950 | ) | — | — | — | (32,950 | ) | ||||||||||||||||||||||||||
Proceeds received from note offering | 255,000 | — | — | — | 255,000 | |||||||||||||||||||||||||||||||||||
Intercompany loan proceeds (payments) | — | (702 | ) | (3,085 | ) | 3,787 | — | |||||||||||||||||||||||||||||||||
Intercompany loan proceeds | — | (9,176 | ) | 69,359 | (60,183 | ) | — | |||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | (621 | ) | — | (621 | ) | — | — | (1,509 | ) | — | (1,509 | ) | ||||||||||||||||||||||||||
Dividends (to) from parent | (393,700 | ) | (609,657 | ) | — | 609,657 | (393,700 | ) | (262,437 | ) | (619,877 | ) | — | 619,877 | (262,437 | ) | ||||||||||||||||||||||||
Contributions from (to) parent | 69,822 | 226,278 | — | (226,278 | ) | 69,822 | 41,628 | 46,161 | — | (46,161 | ) | 41,628 | ||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (237,812 | ) | (384,081 | ) | (3,706 | ) | 387,166 | (238,433 | ) | (292,702 | ) | (583,254 | ) | 15,350 | 513,533 | (347,073 | ) | |||||||||||||||||||||||
Effect of exchange rate changes in cash and cash equivalents | — | — | 221 | — | 221 | — | — | 313 | — | 313 | ||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | 9,156 | (3,377 | ) | (1,085 | ) | — | 4,694 | 97,403 | (6,546 | ) | 4,524 | — | 95,381 | |||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 4,029 | 11,655 | 5,310 | — | 20,994 | 13,185 | 8,278 | 4,225 | — | 25,688 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 13,185 | $ | 8,278 | $ | 4,225 | $ | — | $ | 25,688 | $ | 110,588 | $ | 1,732 | $ | 8,749 | $ | — | $ | 121,069 | ||||||||||||||||||||
F-6 8 |
Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 469,907 | $ | 738,030 | $ | 6,660 | $ | (609,657 | ) | $ | 604,940 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (136,696 | ) | (4,260 | ) | — | (140,956 | ) | ||||||||||||
Acquisitions | — | (226,278 | ) | — | — | (226,278 | ) | |||||||||||||
Proceeds from disposition of assets and investments | — | 5,438 | — | — | 5,438 | |||||||||||||||
Proceeds received from insurance claims | — | 210 | — | — | 210 | |||||||||||||||
Investment in subsidiaries | (226,278 | ) | — | — | 226,278 | — | ||||||||||||||
Decrease in intercompany notes receivable | 3,787 | — | — | (3,787 | ) | — | ||||||||||||||
Increase in notes receivable | (448 | ) | — | — | — | (448 | ) | |||||||||||||
Net cash (used in) provided by investing activities | (222,939 | ) | (357,326 | ) | (4,260 | ) | 222,491 | (362,034 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds received from revolving credit facility | 495,000 | — | — | — | 495,000 | |||||||||||||||
Payment on revolving credit facility | (625,000 | ) | — | — | — | (625,000 | ) | |||||||||||||
Principal payments on long-term debt | (34,471 | ) | — | — | — | (34,471 | ) | |||||||||||||
Proceeds received from accounts receivable securitization program | — | — | 9,000 | — | 9,000 | |||||||||||||||
Payments on accounts receivable securitization program | — | — | (9,000 | ) | — | (9,000 | ) | |||||||||||||
Debt issuance costs | (4,463 | ) | — | — | — | (4,463 | ) | |||||||||||||
Proceeds received from note offering | 255,000 | — | — | — | 255,000 | |||||||||||||||
Intercompany loan proceeds (payments) | — | (702 | ) | (3,085 | ) | 3,787 | — | |||||||||||||
Distributions to non-controlling interest | — | — | (621 | ) | — | (621 | ) | |||||||||||||
Dividends (to) from parent | (393,700 | ) | (609,657 | ) | — | 609,657 | (393,700 | ) | ||||||||||||
Contributions from (to) parent | 69,822 | 226,278 | — | (226,278 | ) | 69,822 | ||||||||||||||
Net cash (used in) provided by financing activities | (237,812 | ) | (384,081 | ) | (3,706 | ) | 387,166 | (238,433 | ) | |||||||||||
Effect of exchange rate changes in cash and cash equivalents | — | — | 221 | — | 221 | |||||||||||||||
Net increase in cash and cash equivalents | 9,156 | (3,377 | ) | (1,085 | ) | — | 4,694 | |||||||||||||
Cash and cash equivalents at beginning of period | 4,029 | 11,655 | 5,310 | — | 20,994 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 13,185 | $ | 8,278 | $ | 4,225 | $ | — | $ | 25,688 | ||||||||||
F-69 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 430,896 | $ | 689,718 | $ | (17,143 | ) | $ | (566,386 | ) | $ | 537,085 | $ | 430,896 | $ | 689,718 | $ | (17,143 | ) | $ | (566,386 | ) | $ | 537,085 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | (477,389 | ) | — | — | (477,389 | ) | — | (477,389 | ) | — | — | (477,389 | ) | ||||||||||||||||||||||||||
Capital expenditures | — | (113,259 | ) | (4,379 | ) | — | (117,638 | ) | — | (113,259 | ) | (4,379 | ) | — | (117,638 | ) | ||||||||||||||||||||||||
Proceeds from disposition of assets and investments | — | 3,839 | 2,809 | — | 6,648 | — | 3,839 | 2,809 | — | 6,648 | ||||||||||||||||||||||||||||||
Proceeds received from insurance claims | — | — | 4,222 | — | 4,222 | — | — | 4,222 | — | 4,222 | ||||||||||||||||||||||||||||||
Investment in subsidiaries | (498,226 | ) | — | — | 498,226 | — | (498,226 | ) | — | — | 498,226 | — | ||||||||||||||||||||||||||||
Decrease in intercompany notes receivable | 30,034 | — | — | (30,034 | ) | — | 30,034 | — | — | (30,034 | ) | — | ||||||||||||||||||||||||||||
Decrease in notes receivable | 9 | — | — | — | 9 | 9 | — | — | — | 9 | ||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (468,183 | ) | (586,809 | ) | 2,652 | 468,192 | (584,148 | ) | (468,183 | ) | (586,809 | ) | 2,652 | 468,192 | (584,148 | ) | ||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||
Proceeds received from revolving credit facility | 563,000 | — | — | — | 563,000 | 563,000 | — | — | — | 563,000 | ||||||||||||||||||||||||||||||
Payment on revolving credit facility | (481,000 | ) | — | — | — | (481,000 | ) | (481,000 | ) | — | — | — | (481,000 | ) | ||||||||||||||||||||||||||
Principal payments on long-term debt | (27,297 | ) | (31 | ) | — | — | (27,328 | ) | (27,297 | ) | (31 | ) | — | — | (27,328 | ) | ||||||||||||||||||||||||
Proceeds received from senior credit facility term loans | 599,250 | — | — | — | 599,250 | 599,250 | — | — | — | 599,250 | ||||||||||||||||||||||||||||||
Proceeds received from accounts receivable securitization program | — | — | 175,000 | — | 175,000 | — | — | 175,000 | — | 175,000 | ||||||||||||||||||||||||||||||
Debt issuance costs | (7,616 | ) | — | — | — | (7,616 | ) | (7,616 | ) | — | — | — | (7,616 | ) | ||||||||||||||||||||||||||
Redemption on senior subordinated notes | (509,790 | ) | — | — | — | (509,790 | ) | (509,790 | ) | — | — | — | (509,790 | ) | ||||||||||||||||||||||||||
Intercompany loan proceeds (payments) | 175,000 | (24,688 | ) | (180,346 | ) | 30,034 | — | 175,000 | (24,688 | ) | (180,346 | ) | 30,034 | — | ||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | (541 | ) | — | (541 | ) | — | — | (541 | ) | — | (541 | ) | ||||||||||||||||||||||||||
Contributions from (to) parent | 89,967 | 498,226 | — | (498,226 | ) | 89,967 | 89,967 | 498,226 | — | (498,226 | ) | 89,967 | ||||||||||||||||||||||||||||
Dividends (to) from parent | (446,744 | ) | (566,386 | ) | — | 566,386 | (446,744 | ) | (446,744 | ) | (566,386 | ) | — | 566,386 | (446,744 | ) | ||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (45,230 | ) | (92,879 | ) | (5,887 | ) | 98,194 | (45,802 | ) | (45,230 | ) | (92,879 | ) | (5,887 | ) | 98,194 | (45,802 | ) | ||||||||||||||||||||||
Effect of exchange rate changes in cash and cash equivalents | — | — | (1,112 | ) | — | (1,112 | ) | — | — | (1,112 | ) | — | (1,112 | ) | ||||||||||||||||||||||||||
Net increase in cash and cash equivalents | (82,517 | ) | 10,030 | (21,490 | ) | — | (93,977 | ) | (82,517 | ) | 10,030 | (21,490 | ) | — | (93,977 | ) | ||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 86,546 | 1,625 | 26,800 | — | 114,971 | 86,546 | 1,625 | 26,800 | — | 114,971 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,029 | $ | 11,655 | $ | 5,310 | $ | — | $ | 20,994 | $ | 4,029 | $ | 11,655 | $ | 5,310 | $ | — | $ | 20,994 | ||||||||||||||||||||
F-70 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 383,370 | $ | 602,504 | $ | 2,174 | $ | (503,808 | ) | $ | 484,240 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions | 3,750 | (298,901 | ) | (2,154 | ) | — | (297,305 | ) | ||||||||||||
Capital expenditures | — | (104,325 | ) | (5,004 | ) | — | (109,329 | ) | ||||||||||||
Proceeds from disposition of assets and investments | — | 6,053 | — | — | 6,053 | |||||||||||||||
Investment in subsidiaries | (301,055 | ) | — | — | 301,055 | — | ||||||||||||||
(Increase) decrease in intercompany notes receivable | (7,624 | ) | — | — | 7,624 | — | ||||||||||||||
Decrease in notes receivable | 515 | — | — | — | 515 | |||||||||||||||
Net cash (used in) provided by investing activities | (304,414 | ) | (397,173 | ) | (7,158 | ) | 308,679 | (400,066 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Principal payments on long-term debt | (16,993 | ) | — | — | — | (16,993 | ) | |||||||||||||
Payment on revolving credit facility | (477,000 | ) | — | — | — | (477,000 | ) | |||||||||||||
Proceeds received from revolving credit facility | 495,000 | — | — | — | 495,000 | |||||||||||||||
Payment on senior credit facility | (247,500 | ) | — | — | — | (247,500 | ) | |||||||||||||
Proceeds received from senior credit facility | 450,000 | — | — | — | 450,000 | |||||||||||||||
Debt issuance costs | (4,941 | ) | — | — | — | (4,941 | ) | |||||||||||||
Intercompany loan proceeds (payments) | — | — | 7,624 | (7,624 | ) | — | ||||||||||||||
Distributions to non-controlling interest | — | — | (693 | ) | — | (693 | ) | |||||||||||||
Contributions from (to) parent | 49,187 | 298,901 | 2,154 | (301,055 | ) | 49,187 | ||||||||||||||
Dividends (to) from parent | (252,925 | ) | (503,808 | ) | — | 503,808 | (252,925 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (5,172 | ) | (204,907 | ) | 9,085 | 195,129 | (5,865 | ) | ||||||||||||
Effect of exchange rate changes in cash and cash equivalents | — | — | 1,632 | — | 1,632 | |||||||||||||||
Net increase in cash and cash equivalents | 73,784 | 424 | 5,733 | — | 79,941 | |||||||||||||||
Cash and cash equivalents at beginning of period | 12,762 | 1,201 | 21,067 | — | 35,030 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 86,546 | $ | 1,625 | $ | 26,800 | $ | — | $ | 114,971 | ||||||||||
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Balance at End of Period | |||||||||||||
Year ended December 31, 2019 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 11,161 | 11,608 | 9,584 | $ | 13,185 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 23,934 | — | 1,032 | $ | 22,902 | ||||||||||
Year ended December 31, 2018 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,055 | 8,472 | 7,366 | $ | 11,161 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 20,120 | 3,814 | — | $ | 23,934 | ||||||||||
Year ended December 31, 2017 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 9,356 | 6,762 | 6,063 | $ | 10,055 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 16,167 | 3,953 | — | $ | 20,120 |
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Balance at End of Period | |||||||||||||
Year ended December 31, 2020 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 13,185 | 12,729 | 10,968 | $ | 14,946 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 22,902 | — | 1,905 | $ | 20,997 | ||||||||||
Year ended December 31, 2019 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 11,161 | 11,608 | 9,584 | $ | 13,185 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 23,934 | — | 1,032 | $ | 22,902 | ||||||||||
Year ended December 31, 2018 | ||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | ||||||||||||||||
Allowance for doubtful accounts | $ | 10,055 | 8,472 | 7,366 | $ | 11,161 | ||||||||||
Deducted in balance sheet from deferred tax assets: | ||||||||||||||||
Valuation allowance | $ | 20,120 | 3,814 | — | $ | 23,934 |
Description (1) | Encumbrances | Initial Cost (2) | Gross Carrying Amount (3) | Accumulated Depreciation | Construction Date | Acquisition Date | Useful Lives | |||||||||||||||||||||
391,456 Displays | 0 | 0 | $ | 3,333,590 | $ | (2,166,579 | ) | Various | Various | 5 to 20 years |
Description (1) | Encumbrances | Initial Cost (2) | Gross Carrying Amount (3) | Accumulated Depreciation | Construction Date | Acquisition Date | Useful Lives | |||||||||||||||||||||
354,571 Displays | 0 | 0 | $ | 3,293,778 | $ | (2,192,700 | ) | Various | Various | 5 to 20 years |
(1) | NaN single asset exceeded 5% of the total gross carrying amount at December 31, |
(2) | This information is omitted, as it would be impracticable to compile such information on a site-by-site |
(3) | Includes sites under construction |
December 31, 2019 | December 31, 2018 | December 31, 2017 | ||||||||||
Gross real estate assets: | ||||||||||||
Balance at the beginning of the year | $ | 3,201,434 | $ | 3,074,046 | $ | 2,998,540 | ||||||
Capital expenditures on new advertising displays (4) | 59,604 | 54,151 | 49,946 | |||||||||
Capital expenditures on improvements/redevelopments of existing advertising displays | 25,025 | 12,781 | 6,265 | |||||||||
Capital expenditures other recurring | 36,354 | 34,758 | 32,523 | |||||||||
Land acquisitions (6) | 22,965 | 15,368 | 14,904 | |||||||||
Acquisition of advertising displays (5)(6) | 23,589 | 82,617 | 32,109 | |||||||||
Assets sold or written-off | (35,320 | ) | (70,494 | ) | (61,306 | ) | ||||||
Foreign exchange | (61 | ) | (1,793 | ) | 1,065 | |||||||
Balance at the end of the year | $ | 3,333,590 | $ | 3,201,434 | $ | 3,074,046 | ||||||
Accumulated depreciation: | ||||||||||||
Balance at the beginning of the year | $ | 2,082,335 | $ | 2,025,251 | $ | 1,973,958 | ||||||
Depreciation | 111,531 | 106,700 | 102,494 | |||||||||
Assets sold or written-off | (27,890 | ) | (48,488 | ) | (51,976 | ) | ||||||
Foreign exchange | 603 | (1,128 | ) | 775 | ||||||||
Balance at the end of the year | $ | 2,166,579 | $ | 2,082,335 | $ | 2,025,251 | ||||||
December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||
Gross real estate assets: | ||||||||||||
Balance at the beginning of the year | $ | 3,333,590 | $ | 3,201,434 | $ | 3,074,046 | ||||||
Capital expenditures on new advertising displays (4) | 21,598 | 59,604 | 54,151 | |||||||||
Capital expenditures on improvements/redevelopments of existing advertising displays | 13,021 | 25,025 | 12,781 | |||||||||
Capital expenditures other recurring | 12,631 | 36,354 | 34,758 | |||||||||
Land acquisitions (6) | 8,980 | 22,965 | 15,368 | |||||||||
Acquisition of advertising displays (5)(6) | 4,446 | 23,589 | 82,617 | |||||||||
Assets sold or written-off | (100,906 | ) | (35,320 | ) | (70,494 | ) | ||||||
Foreign exchange | 418 | (61 | ) | (1,793 | ) | |||||||
Balance at the end of the year | $ | 3,293,778 | $ | 3,333,590 | $ | 3,201,434 | ||||||
Accumulated depreciation: | ||||||||||||
Balance at the beginning of the year | $ | 2,166,579 | $ | 2,082,335 | $ | 2,025,251 | ||||||
Depreciation | 111,049 | 111,531 | 106,700 | |||||||||
Assets sold or written-off | (85,267 | ) | (27,890 | ) | (48,488 | ) | ||||||
Foreign exchange | 339 | 603 | (1,128 | ) | ||||||||
Balance at the end of the year | $ | 2,192,700 | $ | 2,166,579 | $ | 2,082,335 | ||||||
(4) | Includes non-cash amounts of $621, $554 |
(5) | Includes non-cash amounts of $1,928 |
(6) | Includes preliminary allocation of assets acquired from Fairway at December 31, 2018 |
March 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 43,046 | $ | 121,569 | ||||
Receivables, net of allowance for doubtful accounts of $13,438 and $14,946 in 2021 and 2020, respectively | 218,603 | 240,854 | ||||||
Other current assets | 25,702 | 18,147 | ||||||
Total current assets | 287,351 | 380,570 | ||||||
Property, plant and equipment | 3,621,869 | 3,615,505 | ||||||
Less accumulated depreciation and amortization | (2,353,189 | ) | (2,333,656 | ) | ||||
Net property, plant and equipment | 1,268,680 | 1,281,849 | ||||||
Operating lease right of use assets | 1,213,933 | 1,222,013 | ||||||
Financing lease right of use assets | 19,030 | 19,670 | ||||||
Goodwill | 1,912,359 | 1,912,328 | ||||||
Intangible assets, net | 887,585 | 914,446 | ||||||
Other assets | 61,559 | 60,565 | ||||||
Total assets | $ | 5,650,497 | $ | 5,791,441 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 11,382 | $ | 12,017 | ||||
Current maturities of long-term debt, net of deferred financing costs of $333 and $445 in 2021 and 2020, respectively | 155,039 | 122,434 | ||||||
Current operating lease liabilities | 162,861 | 195,439 | ||||||
Current financing lease liabilities | 1,331 | 1,331 | ||||||
Accrued expenses | 72,368 | 105,288 | ||||||
Deferred income | 113,454 | 111,363 | ||||||
Total current liabilities | 516,435 | 547,872 | ||||||
Long-term debt, net of deferred financing costs of $39,912 and $39,672 in 2021 and 2020, respectively | 2,685,085 | 2,764,082 | ||||||
Operating lease liabilities | 984,117 | 993,776 | ||||||
Financing lease liabilities | 18,275 | 18,608 | ||||||
Deferred income tax liabilities | 3,819 | 4,854 | ||||||
Asset retirement obligation | 222,891 | 222,876 | ||||||
Other liabilities | 38,368 | 36,605 | ||||||
Total liabilities | 4,468,990 | 4,588,673 | ||||||
Stockholders’ equity: | ||||||||
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2021 and 2020 | 0— | 0— | ||||||
Class A common stock, par value $0.001, 362,500,000 shares authorized; 87,374,252 and 87,111,327 shares issued at 2021 and 2020, respectively; 86,689,281 and 86,491,646 outstanding at 2021 and 2020, respectively | 87 | 87 |
June 30, 2020 | December 31, 2019 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 177,093 | $ | 26,188 | ||||
Receivables, net of allowance for doubtful accounts of $17,661 and $13,185 in 2020 and 2019, respectively | 232,176 | 254,930 | ||||||
Other current assets | 34,968 | 29,051 | ||||||
Total current assets | 444,237 | 310,169 | ||||||
Property, plant and equipment | 3,666,749 | 3,660,311 | ||||||
Less accumulated depreciation and amortization | (2,346,274 | ) | (2,311,196 | ) | ||||
Net property, plant and equipment | 1,320,475 | 1,349,115 | ||||||
Operating lease right of use assets | 1,292,917 | 1,320,779 | ||||||
Goodwill | 1,912,161 | 1,912,274 | ||||||
Intangible assets | 955,196 | 992,244 | ||||||
Other assets | 56,595 | 56,574 | ||||||
Total assets | $ | 5,981,581 | $ | 5,941,155 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 11,928 | $ | 14,974 | ||||
Current maturities of long-term debt, net of deferred financing costs of $0 and $6,081 in 2020 and 2019, respectively | 9,120 | 226,514 | ||||||
Current operating lease liabilities | 173,835 | 196,841 | ||||||
Accrued expenses | 73,071 | 107,225 | ||||||
Deferred income | 125,908 | 127,254 | ||||||
Total current liabilities | 393,862 | 672,808 | ||||||
Long-term debt, net of deferred financing costs of $43,115 and $18,333 in 2020 and 2019, respectively | 3,146,779 | 2,753,604 | ||||||
Operating lease liabilities | 1,054,140 | 1,068,181 | ||||||
Deferred income tax liabilities | 4,406 | 5,713 | ||||||
Asset retirement obligation | 224,945 | 226,137 | ||||||
Other liabilities | 34,078 | 34,406 | ||||||
Total liabilities | 4,858,210 | 4,760,849 | ||||||
Stockholders’ equity: | ||||||||
Series AA preferred stock, par value $.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2020 and 2019 | — | — | ||||||
Class A common stock, par value $.001, 362,500,000 shares authorized; 87,004,721 and 86,596,498 shares issued at 2020 and 2019, respectively; 86,389,807 and 86,093,300 outstanding at 2020 and 2019, respectively | 87 | 87 | ||||||
Class B common stock, par value $.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2020 and 2019 | 14 | 14 | ||||||
Additional paid-in capital | 1,955,612 | 1,922,222 | ||||||
Accumulated comprehensive (loss) income | (173 | ) | 685 | |||||
Accumulated deficit | (787,751 | ) | (708,408 | ) | ||||
Cost of shares held in treasury, 614,914 and 503,198 shares at 2020 and 2019, respectively | (44,418 | ) | (34,294 | ) | ||||
Stockholders’ equity | 1,123,371 | 1,180,306 | ||||||
Total liabilities and stockholders’ equity | $ | 5,981,581 | $ | 5,941,155 | ||||
March 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Class B common stock, par value $0.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2021 and 2020 | 14 | 14 | ||||||
Additional paid-in capital | 1,985,682 | 1,963,850 | ||||||
Accumulated comprehensive income | 1,138 | 934 | ||||||
Accumulated deficit | (754,911 | ) | (717,331 | ) | ||||
Cost of shares held in treasury, 684,971 and 619,681 shares at 2021 and 2020, respectively | (50,503 | ) | (44,786 | ) | ||||
Stockholders’ equity | 1,181,507 | 1,202,768 | ||||||
Total liabilities and stockholders’ equity | $ | 5,650,497 | $ | 5,791,441 | ||||
F-74 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Statements of Income | ||||||||||||||||
Net revenues | $ | 347,652 | $ | 448,742 | $ | 754,221 | $ | 833,199 | ||||||||
Operating expenses (income) | ||||||||||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 134,059 | 146,390 | 283,553 | 286,860 | ||||||||||||
General and administrative expenses (exclusive of depreciation and amortization) | 67,408 | 78,416 | 149,612 | 157,709 | ||||||||||||
Corporate expenses (exclusive of depreciation and amortization) | 16,750 | 18,674 | 35,241 | 35,703 | ||||||||||||
Depreciation and amortization | 63,998 | 61,693 | 126,311 | 123,199 | ||||||||||||
Gain on disposition of assets | (1,015 | ) | (537 | ) | (3,519 | ) | (5,161 | ) | ||||||||
281,200 | 304,636 | 591,198 | 598,310 | |||||||||||||
Operating income | 66,452 | 144,106 | 163,023 | 234,889 | ||||||||||||
Other expense (income) | ||||||||||||||||
Loss on extinguishment of debt | 5 | — | 18,184 | — | ||||||||||||
Interest income | (179 | ) | (232 | ) | (369 | ) | (385 | ) | ||||||||
Interest expense | 35,437 | 38,322 | 71,990 | 75,917 | ||||||||||||
35,263 | 38,090 | 89,805 | 75,532 | |||||||||||||
Income before income tax expense | 31,189 | 106,016 | 73,218 | 159,357 | ||||||||||||
Income tax (benefit) expense | (240 | ) | (12,380 | ) | 1,296 | (10,292 | ) | |||||||||
Net income | 31,429 | 118,396 | 71,922 | 169,649 | ||||||||||||
Cash dividends declared and paid on preferred stock | 91 | 91 | 182 | 182 | ||||||||||||
Net income applicable to common stock | $ | 31,338 | $ | 118,305 | $ | 71,740 | $ | 169,467 | ||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 0.31 | $ | 1.18 | $ | 0.71 | $ | 1.70 | ||||||||
Diluted earnings per share | $ | 0.31 | $ | 1.18 | $ | 0.71 | $ | 1.69 | ||||||||
Cash dividends declared per share of common stock | $ | 0.50 | $ | 0.96 | $ | 1.50 | $ | 1.92 | ||||||||
Weighted average common shares used in computing earnings per share: | ||||||||||||||||
Weighted average common shares outstanding basic | 100,765,681 | 100,012,827 | 100,677,510 | 99,862,452 | ||||||||||||
Weighted average common shares outstanding diluted | 100,861,881 | 100,222,082 | 100,818,347 | 100,058,054 | ||||||||||||
Statements of Comprehensive Income | ||||||||||||||||
Net income | $ | 31,429 | $ | 118,396 | $ | 71,922 | $ | 169,649 | ||||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustments | 740 | 287 | (858 | ) | 546 | |||||||||||
Comprehensive income | $ | 32,169 | $ | 118,683 | $ | 71,064 | $ | 170,195 | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Statements of Income | ||||||||
Net revenues | $ | 370,881 | $ | 406,569 | ||||
Operating expenses (income) | ||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 131,215 | 149,494 | ||||||
General and administrative expenses (exclusive of depreciation and amortization) | 72,649 | 82,204 | ||||||
Corporate expenses (exclusive of depreciation and amortization) | 17,760 | 18,491 | ||||||
Depreciation and amortization | 60,749 | 62,313 | ||||||
Gain on disposition of assets | (415 | ) | (2,504 | ) | ||||
281,958 | 309,998 | |||||||
Operating income | 88,923 | 96,571 | ||||||
Other expense (income) | ||||||||
Loss on extinguishment of debt | 21,604 | 18,179 | ||||||
Interest income | (174 | ) | (190 | ) | ||||
Interest expense | 28,154 | 36,553 | ||||||
49,584 | 54,542 | |||||||
Income before income tax expense | 39,339 | 42,029 | ||||||
Income tax expense | 1,010 | 1,536 | ||||||
Net income | 38,329 | 40,493 | ||||||
Cash dividends declared and paid on preferred stock | 91 | 91 | ||||||
Net income applicable to common stock | $ | 38,238 | $ | 40,402 | ||||
Earnings per share: | ||||||||
Basic earnings per share | $ | 0.38 | $ | 0.40 | ||||
Diluted earnings per share | $ | 0.38 | $ | 0.40 | ||||
Cash dividends declared per share of common stock | $ | 0.75 | $ | 1.00 | ||||
Weighted average common shares used in computing earnings per share: | ||||||||
Weighted average common shares outstanding basic | 100,967,861 | 100,589,338 | ||||||
Weighted average common shares outstanding diluted | 101,138,042 | 100,875,388 | ||||||
Statements of Comprehensive Income | ||||||||
Net income | $ | 38,329 | $ | 40,493 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 204 | (1,598 | ) | |||||
Comprehensive income | $ | 38,533 | $ | 38,895 | ||||
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income | Accumulated Deficit | Total | |||||||||||||||||||||||||
Balance, December 31, 2020 | $ | — | $ | 87 | $ | 14 | $ | (44,786 | ) | $ | 1,963,850 | $ | 934 | $ | (717,331 | ) | $ | 1,202,768 | ||||||||||||||
Non-cash compensation | — | — | — | — | 1,060 | — | — | 1,060 | ||||||||||||||||||||||||
Issuance of 149,000 shares of common stock through stock awards | — | — | — | — | 13,376 | — | — | 13,376 | ||||||||||||||||||||||||
Exercise of 82,101 shares of stock options | — | — | — | — | 5,224 | — | — | 5,224 | ||||||||||||||||||||||||
Issuance of 31,824 shares of common stock through employee purchase plan | — | — | — | — | 2,172 | — | — | 2,172 | ||||||||||||||||||||||||
Purchase of 65,290 shares of treasury stock | — | — | — | (5,717 | ) | — | — | — | (5,717 | ) | ||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 204 | — | 204 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 38,329 | 38,329 | ||||||||||||||||||||||||
Dividends/distributions to common shareholders ($0.75 per common share) | — | — | — | — | — | — | (75,818 | ) | (75,818 | ) | ||||||||||||||||||||||
Dividends ($15.95 per preferred share) | — | — | — | — | — | — | (91 | ) | (91 | ) | ||||||||||||||||||||||
Balance, March 31, 2021 | $ | — | $ | 87 | $ | 14 | $ | (50,503 | ) | $ | 1,985,682 | $ | 1,138 | $ | (754,911 | ) | $ | 1,181,507 | ||||||||||||||
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||
Balance, December 31, 2019 | $ | — | $ | 87 | $ | 14 | $ | (34,294 | ) | $ | 1,922,222 | $ | 685 | $ | (708,408 | ) | $ | 1,180,306 | ||||||||||||||
Non-cash compensation | — | — | — | — | 1,261 | — | — | 1,261 | ||||||||||||||||||||||||
Issuance of 272,813 shares of common stock through stock awards | — | — | — | — | 24,956 | — | — | 24,956 | ||||||||||||||||||||||||
Exercise of 14,609 shares of stock options | — | — | — | — | 652 | — | — | 652 | ||||||||||||||||||||||||
Issuance of 58,734 shares of common stock through employee purchase plan | — | — | — | — | 2,560 | — | — | 2,560 | ||||||||||||||||||||||||
Purchase of 110,520 shares of treasury stock | — | — | — | (10,068 | ) | — | — | — | (10,068 | ) |
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||
Balance, December 31, 2019 | $ | — | 87 | 14 | (34,294 | ) | 1,922,222 | 685 | (708,408 | ) | $ | 1,180,306 | ||||||||||||||||||||
Non-cash compensation | — | — | — | — | 1,261 | — | — | 1,261 | ||||||||||||||||||||||||
Issuance of 272,813 shares of common stock through performance stock awards | — | — | — | — | 24,956 | — | — | 24,956 | ||||||||||||||||||||||||
Exercise of 14,609 shares of stock options | — | — | — | — | 652 | — | — | 652 | ||||||||||||||||||||||||
Issuance of 58,734 shares of common stock through employee purchase plan | — | — | — | — | 2,560 | — | — | 2,560 | ||||||||||||||||||||||||
Purchase of 110,520 shares of treasury stock | — | — | — | (10,068 | ) | — | — | — | (10,068 | ) | ||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | (1,598 | ) | — | (1,598 | ) | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 40,493 | 40,493 | ||||||||||||||||||||||||
Dividends/distributions to common shareholders ($1.00 per common share) | — | — | — | — | — | — | (100,687 | ) | (100,687 | ) | ||||||||||||||||||||||
Dividends ($15.95 per preferred share) | — | — | — | — | — | — | (91 | ) | (91 | ) | ||||||||||||||||||||||
Balance, March 31, 2020 | $ | — | 87 | 14 | (44,362 | ) | 1,951,651 | (913 | ) | (768,693 | ) | $ | 1,137,784 | |||||||||||||||||||
Non-cash compensation | — | — | — | — | 1,525 | — | — | 1,525 | ||||||||||||||||||||||||
Exercise of 13,642 shares of stock options | — | — | — | — | 671 | — | — | 671 | ||||||||||||||||||||||||
Issuance of shares 31,114 of common stock through employee purchase plan | — | — | — | — | 1,765 | — | — | 1,765 | ||||||||||||||||||||||||
Purchase of 1,196 shares of treasury stock | (56 | ) | (56 | ) | ||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 740 | — | 740 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 31,429 | 31,429 | ||||||||||||||||||||||||
Dividends/distributions to common shareholders ($0.50 per common share) | — | — | — | — | — | — | (50,396 | ) | (50,396 | ) | ||||||||||||||||||||||
Dividends ($15.95 per preferred share) | — | — | — | — | — | — | (91 | ) | (91 | ) | ||||||||||||||||||||||
Balance, June 30, 2020 | $ | — | 87 | 14 | (44,418 | ) | 1,955,612 | (173 | ) | (787,751 | ) | $ | 1,123,371 | |||||||||||||||||||
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | (1,598 | ) | — | (1,598 | ) | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 40,493 | 40,493 | ||||||||||||||||||||||||
Dividends/distributions to common shareholders ($1.00 per common share) | — | — | — | — | — | — | (100,687 | ) | (100,687 | ) | ||||||||||||||||||||||
Dividends ($15.95 per preferred share) | — | — | — | — | — | — | (91 | ) | (91 | ) | ||||||||||||||||||||||
Balance, March 31, 2020 | $ | — | $ | 87 | $ | 14 | $ | (44,362 | ) | $ | 1,951,651 | $ | (913 | ) | $ | (768,693 | ) | $ | 1,137,784 | |||||||||||||
F-77 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 38,329 | $ | 40,493 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 60,749 | 62,313 | ||||||
Stock-based compensation | 3,675 | 3,437 | ||||||
Amortization included in interest expense | 1,371 | 1,378 | ||||||
Gain on disposition of assets and investments | (415 | ) | (2,504 | ) | ||||
Loss on extinguishment of debt | 21,604 | 18,179 | ||||||
Deferred tax benefit | (1,020 | ) | (419 | ) | ||||
Provision for doubtful accounts | (371 | ) | 3,206 | |||||
Changes in operating assets and liabilities | ||||||||
Decrease (increase) in: | ||||||||
Receivables | 22,691 | (290 | ) | |||||
Prepaid expenses | (1,408 | ) | 815 | |||||
Other assets | (5,438 | ) | (9,600 | ) | ||||
(Decrease) increase in: | ||||||||
Trade accounts payable | (1,147 | ) | 91 | |||||
Accrued expenses | (22,182 | ) | (20,982 | ) | ||||
Operating lease liabilities | (34,250 | ) | (28,324 | ) | ||||
Other liabilities | 1,130 | (4,861 | ) | |||||
Net cash provided by operating activities | 83,318 | 62,932 | ||||||
Cash flows from investing activities: | ||||||||
Acquisitions | (3,333 | ) | (13,565 | ) | ||||
Capital expenditures | (16,332 | ) | (25,709 | ) | ||||
Proceeds from disposition of assets and investments | 1,842 | 3,686 | ||||||
Net cash used in investing activities | (17,823 | ) | (35,588 | ) | ||||
Cash flows from financing activities: | ||||||||
Cash used for purchase of treasury stock | (5,717 | ) | (10,068 | ) | ||||
Net proceeds from issuance of common stock | 7,396 | 3,212 | ||||||
Principal payments on long-term debt | (96 | ) | (89 | ) | ||||
Principal payments on financing leases | (483 | ) | — | |||||
Payments on revolving credit facility | — | (180,000 | ) | |||||
Proceeds received from revolving credit facility | 25,000 | 655,000 | ||||||
Redemption of senior notes | (668,688 | ) | (519,139 | ) | ||||
Proceeds received from note offering | 550,000 | 1,000,000 | ||||||
Proceeds received from accounts receivable securitization program | 32,500 | — | ||||||
Proceeds received from senior credit facility term loans | — | 598,500 | ||||||
Payments on senior credit facility term loans | — | (978,097 | ) | |||||
Debt issuance costs | (8,067 | ) | (24,042 | ) | ||||
Distributions to non-controlling interest | (24 | ) | (860 | ) | ||||
Dividends/distributions | (75,909 | ) | (100,778 | ) | ||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net cash (used in) provided by financing activities | (144,088 | ) | 443,639 | |||||
Effect of exchange rate changes in cash and cash equivalents | 70 | (532 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (78,523 | ) | 470,451 | |||||
Cash and cash equivalents at beginning of period | 121,569 | 26,188 | ||||||
Cash and cash equivalents at end of period | $ | 43,046 | $ | 496,639 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 43,343 | $ | 42,982 | ||||
Cash paid for foreign, state and federal income taxes | $ | 1,429 | $ | 1,878 | ||||
F-79 |
Series AA PREF Stock | Class A CMN Stock | Class B CMN Stock | Treasury Stock | Add’l Paid in Capital | Accumulated Comprehensive Income | Accumulated Deficit | Total | |||||||||||||||||||||||||
Balance, December 31, 2018 | $ | — | 86 | 14 | (25,412 | ) | 1,852,421 | 12 | (695,337 | ) | $ | 1,131,784 | ||||||||||||||||||||
Non-cash compensation | — | — | — | — | 1,178 | — | — | 1,178 | ||||||||||||||||||||||||
Issuance of 286,350 shares of common stock through performance stock awards | — | — | — | — | 19,919 | — | — | 19,919 | ||||||||||||||||||||||||
Exercise of 186,521 shares of stock options | — | — | — | — | 7,352 | — | — | 7,352 | ||||||||||||||||||||||||
Issuance of 44,161 shares of common stock through employee purchase plan | — | — | — | — | 2,521 | — | — | 2,521 | ||||||||||||||||||||||||
Purchase of 111,835 shares of treasury stock | — | — | — | (8,682 | ) | — | — | — | (8,682 | ) | ||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 259 | — | 259 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 51,253 | 51,253 | ||||||||||||||||||||||||
Dividends/distributions to common shareholders ($0.96 per common share) | — | — | — | — | — | — | (95,915 | ) | (95,915 | ) | ||||||||||||||||||||||
Dividends ($15.95 per preferred share) | — | — | — | — | — | — | (91 | ) | (91 | ) | ||||||||||||||||||||||
Balance, March 31, 2019 | $ | — | 86 | 14 | (34,094 | ) | 1,883,391 | 271 | (740,090 | ) | $ | 1,109,578 | ||||||||||||||||||||
Non-cash compensation | — | — | — | — | 1,425 | — | — | 1,425 | ||||||||||||||||||||||||
Exercise of 85,379 shares of stock options | — | — | — | — | 3,943 | — | — | 3,943 | ||||||||||||||||||||||||
Issuance of shares 31,455 of common stock through employee purchase plan | — | — | — | — | 1,796 | — | — | 1,796 | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | 287 | — | 287 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 118,396 | 118,396 | ||||||||||||||||||||||||
Dividends/distributions to common shareholders ($0.96 per common share) | — | — | — | — | — | — | (96,039 | ) | (96,039 | ) | ||||||||||||||||||||||
Dividends ($15.95 per preferred share) | — | — | — | — | — | — | (91 | ) | (91 | ) | ||||||||||||||||||||||
Balance, June 30, 2019 | $ | — | 86 | 14 | (34,094 | ) | 1,890,555 | 558 | (717,824 | ) | $ | 1,139,295 | ||||||||||||||||||||
Six months ended June 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 71,922 | $ | 169,649 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 126,311 | 123,199 | ||||||
Stock-based compensation | 6,162 | 7,506 | ||||||
Amortization included in interest expense | 2,878 | 2,670 | ||||||
Gain on disposition of assets and investments | (3,519 | ) | (5,161 | ) | ||||
Loss on extinguishment of debt | 18,184 | — | ||||||
Deferred tax benefit | (1,313 | ) | (15,121 | ) | ||||
Provision for doubtful accounts | 8,331 | 4,657 | ||||||
Changes in operating assets and liabilities | ||||||||
Decrease (increase) in: | ||||||||
Receivables | 13,772 | (19,103 | ) | |||||
Prepaid lease expenses | 623 | 20,173 | ||||||
Other assets | (7,179 | ) | (11,108 | ) | ||||
(Decrease) increase in: | ||||||||
Trade accounts payable | (25 | ) | 1,520 | |||||
Accrued expenses | (12,012 | ) | (13,528 | ) | ||||
Operating lease liabilities | (8,735 | ) | (45,836 | ) | ||||
Other liabilities | (4,723 | ) | 17,532 | |||||
Net cash provided by operating activities | 210,677 | 237,049 | ||||||
Cash flows from investing activities: | ||||||||
Acquisitions | (26,153 | ) | (78,141 | ) | ||||
Capital expenditures | (36,274 | ) | (60,560 | ) | ||||
Proceeds from disposition of assets and investments | 4,750 | 2,100 | ||||||
Increase of notes receivable | — | (544 | ) | |||||
Net cash used in investing activities | (57,677 | ) | (137,145 | ) | ||||
Cash flows from financing activities: | ||||||||
Cash used for purchase of treasury stock | (10,124 | ) | (8,682 | ) | ||||
Net proceeds from issuance of common stock | 5,648 | 15,612 | ||||||
Principal payments on long term debt | (182 | ) | (14,421 | ) | ||||
Borrowings on long term debt | 8,750 | — | ||||||
Payments on revolving credit facility | (805,000 | ) | (375,000 | ) | ||||
Proceeds received from revolving credit facility | 655,000 | 220,000 | ||||||
Redemption of senior subordinated notes | (519,139 | ) | — | |||||
Proceeds received from note offering | 1,400,000 | 255,000 | ||||||
Proceeds received from accounts receivable securitization program | — | 9,000 | ||||||
Payments on accounts receivable securitization program | (175,000 | ) | (9,000 | ) | ||||
Proceeds received from senior credit facility term loans | 598,500 | — | ||||||
Payments on senior credit facility term loans | (978,097 | ) | — | |||||
Debt issuance costs | (30,112 | ) | (4,435 | ) | ||||
Distributions to non-controlling interest | (882 | ) | (285 | ) | ||||
Dividends/distributions | (151,265 | ) | (192,136 | ) | ||||
Net cash used in financing activities | (1,903 | ) | (104,347 | ) | ||||
Effect of exchange rate changes in cash and cash equivalents | (192 | ) | 203 | |||||
Net increase (decrease) in cash and cash equivalents | 150,905 | (4,240 | ) | |||||
Cash and cash equivalents at beginning of period | 26,188 | 21,494 | ||||||
Cash and cash equivalents at end of period | $ | 177,093 | $ | 17,254 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 68,784 | $ | 66,968 | ||||
Cash paid for foreign, state and federal income taxes | $ | 3,175 | $ | 9,260 | ||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Billboard Advertising | $ | 312,095 | $ | 393,798 | $ | 667,400 | $ | 729,993 | ||||||||
Logo Advertising | 21,053 | 21,811 | 42,445 | 41,723 | ||||||||||||
Transit Advertising | 14,504 | 33,133 | 44,376 | 61,483 | ||||||||||||
Net Revenues | $ | 347,652 | $ | 448,742 | $ | 754,221 | $ | 833,199 | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Billboard advertising | $ | 334,039 | $ | 355,305 | ||||
Logo advertising | 19,406 | 21,392 | ||||||
Transit advertising | 17,436 | 29,872 | ||||||
Net revenues | $ | 370,881 | $ | 406,569 | ||||
2020 | $ | 114,518 | ||||||
2021 | 206,414 | $ | 137,770 | |||||
2022 | 181,916 | 182,324 | ||||||
2023 | 158,968 | 161,572 | ||||||
2024 | 141,902 | 145,168 | ||||||
2025 | 121,956 | |||||||
Thereafter | 854,924 | 762,445 | ||||||
Total undiscounted operating lease payments | 1,658,642 | 1,511,235 | ||||||
Less: Imputed interest | (430,667 | ) | (364,257 | ) | ||||
Total operating lease liabilities | $ | 1,227,975 | $ | 1,146,978 | ||||
F-81 |
Shares | ||||
Available for future purchases, January 1, | ||||
Additional shares reserved under 2019 ESPP | ||||
Purchases | ( | ) | ||
Available for future purchases, | ||||
F-82 |
Three months ended June 30, | Six months ended June 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Direct advertising expenses | $ | 60,142 | $ | 58,200 | $ | 118,839 | $ | 116,315 | $ | 56,472 | $ | 58,697 | ||||||||||||
General and administrative expenses | 1,151 | 1,140 | 2,432 | 2,261 | 1,107 | 1,281 | ||||||||||||||||||
Corporate expenses | 2,705 | 2,353 | 5,040 | 4,623 | 3,170 | 2,335 | ||||||||||||||||||
$ | 63,998 | $ | 61,693 | $ | 126,311 | $ | 123,199 | $ | 60,749 | $ | 62,313 | |||||||||||||
Estimated | June 30, 2020 | December 31, 2019 | Estimated Life (Years) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Life (Years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||||||||||||||||
Customer lists and contracts | 7 — 10 | $ | 644,330 | $ | 551,309 | $ | 641,714 | $ | 539,405 | 7—10 | $ | 645,765 | $ | 568,949 | $ | 645,739 | $ | 563,135 | ||||||||||||||||||||||
Non-competition agreements | 3 — 15 | 66,101 | 64,512 | 66,014 | 64,379 | 3—15 | 66,206 | 64,712 | 66,156 | 64,647 | ||||||||||||||||||||||||||||||
Site locations | 15 | 2,399,355 | 1,550,917 | 2,384,520 | 1,509,335 | 15 | 2,413,111 | 1,615,056 | 2,412,745 | 1,593,805 | ||||||||||||||||||||||||||||||
Other | 2 — 15 | 49,974 | 37,826 | 49,864 | 36,749 | 2—15 | 50,038 | 38,818 | 50,018 | 38,625 | ||||||||||||||||||||||||||||||
$ | 3,159,760 | $ | 2,204,564 | $ | 3,142,112 | $ | 2,149,868 | $ | 3,175,120 | $ | 2,287,535 | $ | 3,174,658 | $ | 2,260,212 | |||||||||||||||||||||||||
Unamortizable intangible assets: | ||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 2,165,697 | $ | 253,536 | $ | 2,165,810 | $ | 253,536 | $ | 2,165,895 | $ | 253,536 | $ | 2,165,864 | $ | 253,536 |
F-83 |
Balance at December 31, 2019 | $ | 226,137 | ||||||
Balance at December 31, 2020 | $ | 222,876 | ||||||
Additions to asset retirement obligations | 421 | 176 | ||||||
Accretion expense | 2,129 | 1,001 | ||||||
Liabilities settled | (3,742 | ) | (1,162 | ) | ||||
Balance at June 30, 2020 | $ | 224,945 | ||||||
Balance at March 31, 2021 | $ | 222,891 | ||||||
June 30, 2020 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 598,339 | $ | 12,697 | $ | 585,642 | ||||||
Accounts Receivable Securitization Program | 0 | 667 | (667 | ) | ||||||||
5% Senior Subordinated Notes | 535,000 | 2,786 | 532,214 | |||||||||
5 3/4% Senior Notes | 653,988 | 7,171 | 646,817 | |||||||||
4 7/8% Senior Notes | 400,000 | 5,790 | 394,210 | |||||||||
4% Senior Notes | 400,000 | 5,610 | 394,390 | |||||||||
3 3/4% Senior Notes | 600,000 | 8,394 | 591,606 | |||||||||
Other notes with various rates and terms | 11,687 | 0 | 11,687 | |||||||||
3,199,014 | 43,115 | 3,155,899 | ||||||||||
Less current maturities | (9,120 | ) | 0 | (9,120 | ) | |||||||
Long-term debt, excluding current maturities | $ | 3,189,894 | $ | 43,115 | $ | 3,146,779 | ||||||
March 31, 2021 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 623,529 | $ | 11,003 | $ | 612,526 | ||||||
Accounts Receivable Securitization Program | 155,000 | 333 | 154,667 | |||||||||
3 3/4% Senior Notes | 600,000 | 7,786 | 592,214 | |||||||||
3 5/8% Senior Notes | 550,000 | 7,941 | 542,059 | |||||||||
4% Senior Notes | 549,299 | 7,736 | 541,563 | |||||||||
4 7/8% Senior Notes | 400,000 | 5,446 | 394,554 | |||||||||
Other notes with various rates and terms | 2,541 | 0 | 2,541 | |||||||||
2,880,369 | 40,245 | 2,840,124 | ||||||||||
Less current maturities | (155,372 | ) | (333 | ) | (155,039 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,724,997 | $ | 39,912 | $ | 2,685,085 | ||||||
December 31, 2019 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 1,127,069 | $ | 9,077 | $ | 1,117,992 | ||||||
Accounts Receivable Securitization Program | 175,000 | 846 | 174,154 | |||||||||
5% Senior Subordinated Notes | 535,000 | 3,237 | 531,763 | |||||||||
5 3/8% Senior Notes | 510,000 | 3,502 | 506,498 | |||||||||
5 3/4% Senior Notes | 654,345 | 7,752 | 646,593 | |||||||||
Other notes with various rates and terms | 3,118 | 0 | 3,118 | |||||||||
3,004,532 | 24,414 | 2,980,118 | ||||||||||
Less current maturities | (232,595 | ) | (6,081 | ) | (226,514 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,771,937 | $ | 18,333 | $ | 2,753,604 | ||||||
F-84 |
December 31, 2020 | ||||||||||||
Debt | Deferred financing costs | Debt, net of deferred financing costs | ||||||||||
Senior Credit Facility | $ | 598,466 | $ | 11,569 | $ | 586,897 | ||||||
Accounts Receivable Securitization Program | 122,500 | 445 | 122,055 | |||||||||
3 3/4% Senior Notes | 600,000 | 8,031 | 591,969 | |||||||||
4% Senior Notes | 549,280 | 7,911 | 541,369 | |||||||||
4 7/8% Senior Notes | 400,000 | 5,586 | 394,414 | |||||||||
5 3/4% Senior Notes | 653,631 | 6,575 | 647,056 | |||||||||
Other notes with various rates and terms | 2,756 | 0 | 2,756 | |||||||||
2,926,633 | 40,117 | 2,886,516 | ||||||||||
Less current maturities | (122,879 | ) | (445 | ) | (122,434 | ) | ||||||
Long-term debt, excluding current maturities | $ | 2,803,754 | $ | 39,672 | $ | 2,764,082 | ||||||
F-85 |
F-86 |
F-87 |
F-88 |
F-89 |
F-90 |
F-91 |
March 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 42,546 | $ | 121,069 | ||||
Receivables, net of allowance for doubtful accounts of $13,438 and $14,946 in 2021 and 2020, respectively | 218,603 | 240,854 | ||||||
Other current assets | 25,702 | 18,147 | ||||||
Total current assets | 286,851 | 380,070 | ||||||
Property, plant and equipment | 3,621,869 | 3,615,505 | ||||||
Less accumulated depreciation and amortization | (2,353,189 | ) | (2,333,656 | ) | ||||
Net property, plant and equipment | 1,268,680 | 1,281,849 | ||||||
Operating lease right of use assets | 1,213,933 | 1,222,013 | ||||||
Financing lease right of use assets | 19,030 | 19,670 | ||||||
Goodwill | 1,902,207 | 1,902,177 | ||||||
Intangible assets, net | 887,118 | 913,978 | ||||||
Other assets | 55,943 | 54,950 | ||||||
Total assets | $ | 5,633,762 | $ | 5,774,707 | ||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 11,382 | $ | 12,017 | ||||
Current maturities of long-term debt, net of deferred financing costs of $333 and $445 in 2021 and 2020, respectively | 155,039 | 122,434 | ||||||
Current operating lease liabilities | 162,861 | 195,439 | ||||||
Current financing lease liabilities | 1,331 | 1,331 | ||||||
Accrued expenses | 65,330 | 98,478 | ||||||
Deferred income | 113,454 | 111,363 | ||||||
Total current liabilities | 509,397 | 541,062 | ||||||
Long-term debt, net of deferred financing costs of $39,912 and $39,672 in 2021 and 2020, respectively | 2,685,085 | 2,764,082 | ||||||
Operating lease liabilities | 984,117 | 993,776 | ||||||
Financing lease liabilities | 18,275 | 18,608 | ||||||
Deferred income tax liabilities | 3,819 | 4,854 | ||||||
Asset retirement obligation | 222,891 | 222,876 | ||||||
Other liabilities | 38,368 | 36,605 | ||||||
Total liabilities | 4,461,952 | 4,581,863 | ||||||
Stockholder’s equity: | ||||||||
Common stock, par value $0.01, 3,000 shares authorized, 100 shares issued and outstanding at 2021 and 2020 | 0— | 0— | ||||||
Additional paid-in-capital | 3,056,188 | 3,034,357 | ||||||
Accumulated comprehensive income | 1,138 | 934 | ||||||
Accumulated deficit | (1,885,516 | ) | (1,842,447 | )�� | ||||
Stockholder’s equity | 1,171,810 | 1,192,844 | ||||||
Total liabilities and stockholder’s equity | $ | 5,633,762 | $ | 5,774,707 | ||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Statements of Income | ||||||||
Net revenues | $ | 370,881 | $ | 406,569 | ||||
Operating expenses (income) | ||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 131,215 | 149,494 | ||||||
General and administrative expenses (exclusive of depreciation and amortization) | 72,649 | 82,204 | ||||||
Corporate expenses (exclusive of depreciation and amortization) | 17,623 | 18,367 | ||||||
Depreciation and amortization | 60,749 | 62,313 | ||||||
Gain on disposition of assets | (415 | ) | (2,504 | ) | ||||
281,821 | 309,874 | |||||||
Operating income | 89,060 | 96,695 | ||||||
Other expense (income) | ||||||||
Loss on extinguishment of debt | 21,604 | 18,179 | ||||||
Interest income | (174 | ) | (190 | ) | ||||
Interest expense | 28,154 | 36,553 | ||||||
49,584 | 54,542 | |||||||
Income before income tax expense | 39,476 | 42,153 | ||||||
Income tax expense | 1,010 | 1,536 | ||||||
Net income | $ | 38,466 | $ | 40,617 | ||||
Statements of Comprehensive Income | ||||||||
Net income | $ | 38,466 | $ | 40,617 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 204 | (1,598 | ) | |||||
Comprehensive income | $ | 38,670 | $ | 39,019 | ||||
June 30, 2020 | December 31, 2019 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 176,593 | $ | 25,688 | ||||
Receivables, net of allowance for doubtful accounts of $17,661 and $13,185 in 2020 and 2019, respectively | 232,176 | 254,930 | ||||||
Other current assets | 34,968 | 29,051 | ||||||
Total current assets | 443,737 | 309,669 | ||||||
Property, plant and equipment | 3,666,749 | 3,660,311 | ||||||
Less accumulated depreciation and amortization | (2,346,274 | ) | (2,311,196 | ) | ||||
Net property, plant and equipment | 1,320,475 | 1,349,115 | ||||||
Operating lease right of use assets | 1,292,917 | 1,320,779 | ||||||
Goodwill | 1,902,009 | 1,902,123 | ||||||
Intangible assets | 954,729 | 991,776 | ||||||
Other assets | 50,980 | 50,959 | ||||||
Total assets | $ | 5,964,847 | $ | 5,924,421 | ||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 11,928 | $ | 14,974 | ||||
Current maturities of long-term debt, net of deferred financing costs of $0 and $6,081 in 2020 and 2019, respectively | 9,120 | 226,514 | ||||||
Current operating lease liabilities | 173,835 | 196,841 | ||||||
Accrued expenses | 66,701 | 101,266 | ||||||
Deferred income | 125,908 | 127,254 | ||||||
Total current liabilities | 387,492 | 666,849 | ||||||
Long-term debt, net of deferred financing costs of $43,115 and $18,333 in 2020 and 2019, respectively | 3,146,779 | 2,753,604 | ||||||
Operating lease liabilities | 1,054,140 | 1,068,181 | ||||||
Deferred income tax liabilities | 4,406 | 5,713 | ||||||
Asset retirement obligation | 224,945 | 226,137 | ||||||
Other liabilities | 34,078 | 34,406 | ||||||
Total liabilities | 4,851,840 | 4,754,890 | ||||||
Stockholder’s equity: | ||||||||
Common stock, par value $.01, 3,000 shares authorized, 100 shares issued and outstanding at 2020 and 2019 | — | — | ||||||
Additional paid-in-capital | 3,026,120 | 2,992,729 | ||||||
Accumulated comprehensive income | (173 | ) | 685 | |||||
Accumulated deficit | (1,912,940 | ) | (1,823,883 | ) | ||||
Stockholder’s equity | 1,113,007 | 1,169,531 | ||||||
Total liabilities and stockholder’s equity | $ | 5,964,847 | $ | 5,924,421 | ||||
Common Stock | Additional Paid-In Capital | Accumulated Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||
Balance, December 31, 2020 | $ | — | $ | 3,034,357 | $ | 934 | $ | (1,842,447 | ) | $ | 1,192,844 | |||||||||
Contribution from parent | — | 21,831 | — | — | 21,831 | |||||||||||||||
Foreign currency translations | — | — | 204 | — | 204 | |||||||||||||||
Net income | — | — | — | 38,466 | 38,466 | |||||||||||||||
Dividend to parent | — | — | — | (81,535 | ) | (81,535 | ) | |||||||||||||
Balance, March 31, 2021 | $ | — | $ | 3,056,188 | $ | 1,138 | $ | (1,885,516 | ) | $ | 1,171,810 | |||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Statements of Income | ||||||||||||||||
Net revenues | $ | 347,652 | $ | 448,742 | $ | 754,221 | $ | 833,199 | ||||||||
Operating expenses (income) | ||||||||||||||||
Direct advertising expenses (exclusive of depreciation and amortization) | 134,059 | 146,390 | 283,553 | 286,860 | ||||||||||||
General and administrative expenses (exclusive of depreciation and amortization) | 67,408 | 78,416 | 149,612 | 157,709 | ||||||||||||
Corporate expenses (exclusive of depreciation and amortization) | 16,645 | 18,585 | 35,012 | 35,505 | ||||||||||||
Depreciation and amortization | 63,998 | 61,693 | 126,311 | 123,199 | ||||||||||||
Gain on disposition of assets | (1,015 | ) | (537 | ) | (3,519 | ) | (5,161 | ) | ||||||||
281,095 | 304,547 | 590,969 | 598,112 | |||||||||||||
Operating income | 66,557 | 144,195 | 163,252 | 235,087 | ||||||||||||
Other expense (income) | ||||||||||||||||
Loss on extinguishment of debt | 5 | — | 18,184 | — | ||||||||||||
Interest income | (179 | ) | (232 | ) | (369 | ) | (385 | ) | ||||||||
Interest expense | 35,437 | 38,322 | 71,990 | 75,917 | ||||||||||||
35,263 | 38,090 | 89,805 | 75,532 | |||||||||||||
Income before income tax expense | 31,294 | 106,105 | 73,447 | 159,555 | ||||||||||||
Income tax (benefit) expense | (240 | ) | (12,380 | ) | 1,296 | (10,292 | ) | |||||||||
Net income | $ | 31,534 | $ | 118,485 | $ | 72,151 | $ | 169,847 | ||||||||
Statements of Comprehensive Income | ||||||||||||||||
Net income | $ | 31,534 | $ | 118,485 | $ | 72,151 | $ | 169,847 | ||||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustments | 740 | 287 | (858 | ) | 546 | |||||||||||
Comprehensive income | $ | 32,274 | $ | 118,772 | $ | 71,293 | $ | 170,393 | ||||||||
Common Stock | Additional Paid-In Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | ||||||||||||||||
Balance, December 31, 2019 | $ | — | $ | 2,992,729 | $ | 685 | $ | (1,823,883 | ) | $ | 1,169,531 | |||||||||
Contribution from parent | — | 29,429 | — | — | 29,429 | |||||||||||||||
Foreign currency translations | — | — | (1,598 | ) | — | (1,598 | ) | |||||||||||||
Net income | — | — | — | 40,617 | 40,617 | |||||||||||||||
Dividend to parent | — | — | — | (110,755 | ) | (110,755 | ) | |||||||||||||
Balance, March 31, 2020 | $ | — | $ | 3,022,158 | $ | (913 | ) | $ | (1,894,021 | ) | $ | 1,127,224 | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 38,466 | $ | 40,617 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 60,749 | 62,313 | ||||||
Stock-based compensation | 3,675 | 3,437 | ||||||
Amortization included in interest expense | 1,371 | 1,378 | ||||||
Gain on disposition of assets and investments | (415 | ) | (2,504 | ) | ||||
Loss on extinguishment of debt | 21,604 | 18,179 | ||||||
Deferred tax benefit | (1,020 | ) | (419 | ) | ||||
Provision for doubtful accounts | (371 | ) | 3,206 | |||||
Changes in operating assets and liabilities: | ||||||||
Decrease (increase) in: | ||||||||
Receivables | 22,691 | (290 | ) | |||||
Prepaid expenses | (1,408 | ) | 815 | |||||
Other assets | (5,438 | ) | (9,600 | ) | ||||
(Decrease) increase in: | ||||||||
Trade accounts payable | (1,147 | ) | 91 | |||||
Accrued expenses | (22,182 | ) | (20,982 | ) | ||||
Operating lease liabilities | (34,250 | ) | (28,324 | ) | ||||
Other liabilities | (13,533 | ) | (31,293 | ) | ||||
Net cash provided by operating activities | 68,792 | 36,624 | ||||||
Cash flows from investing activities: | ||||||||
Acquisitions | (3,333 | ) | (13,565 | ) | ||||
Capital expenditures | (16,332 | ) | (25,709 | ) | ||||
Proceeds from disposition of assets and investments | 1,842 | 3,686 | ||||||
Net cash used in investing activities | (17,823 | ) | (35,588 | ) | ||||
Cash flows from financing activities: | ||||||||
Principal payments on long-term debt | (96 | ) | (89 | ) | ||||
Principal payments on financing leases | (483 | ) | — | |||||
Payments on revolving credit facility | — | (180,000 | ) | |||||
Proceeds received from revolving credit facility | 25,000 | 655,000 | ||||||
Redemption of senior notes | (668,688 | ) | (519,139 | ) | ||||
Proceeds received from note offering | 550,000 | 1,000,000 | ||||||
Proceeds received from accounts receivable securitization program | 32,500 | — | ||||||
Proceeds received from senior credit facility term loans | — | 598,500 | ||||||
Payments on senior credit facility term loans | — | (978,097 | ) | |||||
Debt issuance costs | (8,067 | ) | (24,042 | ) | ||||
Distributions to non-controlling interest | (24 | ) | (860 | ) | ||||
Contributions from parent | 21,831 | 29,429 | ||||||
Dividend to parent | (81,535 | ) | (110,755 | ) | ||||
Net cash (used in) provided by financing activities | (129,562 | ) | 469,947 | |||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Effect of exchange rate changes in cash and cash equivalents | 70 | (532 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (78,523 | ) | 470,451 | |||||
Cash and cash equivalents at beginning of period | 121,069 | 25,688 | ||||||
Cash and cash equivalents at end of period | $ | 42,546 | $ | 496,139 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 43,343 | $ | 42,982 | ||||
Cash paid for foreign, state and federal income taxes | $ | 1,429 | $ | 1,878 | ||||
Common Stock | Additional Paid-In Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | Total | ||||||||||||||||
Balance, December 31, 2019 | $ | — | 2,992,729 | 685 | (1,823,883 | ) | $ | 1,169,531 | ||||||||||||
Contribution from parent | — | 29,429 | — | — | 29,429 | |||||||||||||||
Foreign currency translations | — | — | (1,598 | ) | — | (1,598 | ) | |||||||||||||
Net income | — | — | — | 40,617 | 40,617 | |||||||||||||||
Dividend to parent | — | — | — | (110,755 | ) | (110,755 | ) | |||||||||||||
Balance, March 31, 2020 | $ | — | 3,022,158 | (913 | ) | (1,894,021 | ) | $ | 1,127,224 | |||||||||||
Contribution from parent | — | 3,962 | — | — | 3,962 | |||||||||||||||
Foreign currency translations | — | — | 740 | — | 740 | |||||||||||||||
Net income | — | — | — | 31,534 | 31,534 | |||||||||||||||
Dividend to parent | — | — | — | (50,453 | ) | (50,453 | ) | |||||||||||||
Balance, June 30, 2020 | $ | — | 3,026,120 | (173 | ) | (1,912,940 | ) | $ | 1,113,007 | |||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||
Balance, December 31, 2018 | $ | — | 2,922,907 | 12 | (1,802,723 | ) | $ | 1,120,196 | ||||||||||||
Contribution from parent | — | 30,970 | — | — | 30,970 | |||||||||||||||
Foreign currency translations | — | — | 259 | — | 259 | |||||||||||||||
Net income | — | — | — | 51,362 | 51,362 | |||||||||||||||
Dividend to parent | — | — | — | (104,597 | ) | (104,597 | ) | |||||||||||||
Balance, March 31, 2019 | $ | — | 2,953,877 | 271 | (1,855,958 | ) | $ | 1,098,190 | ||||||||||||
Contribution from parent | — | 7,165 | — | — | 7,165 | |||||||||||||||
Foreign currency translations | — | — | 287 | — | 287 | |||||||||||||||
Net income | — | — | — | 118,485 | 118,485 | |||||||||||||||
Dividend to parent | — | — | — | (96,039 | ) | (96,039 | ) | |||||||||||||
Balance, June 30, 2019 | $ | — | 2,961,042 | 558 | (1,833,512 | ) | $ | 1,128,088 | ||||||||||||
Six months ended June 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 72,151 | $ | 169,847 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 126,311 | 123,199 | ||||||
Stock-based compensation | 6,162 | 7,506 | ||||||
Amortization included in interest expense | 2,878 | 2,670 | ||||||
Gain on disposition of assets and investments | (3,519 | ) | (5,161 | ) | ||||
Loss on extinguishment of debt | 18,184 | — | ||||||
Deferred tax benefit | (1,313 | ) | (15,121 | ) | ||||
Provision for doubtful accounts | 8,331 | 4,657 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease (increase) in: | ||||||||
Receivables | 13,772 | (19,103 | ) | |||||
Prepaid lease expenses | 623 | 20,173 | ||||||
Other assets | (7,179 | ) | (11,108 | ) | ||||
(Decrease) increase in: | ||||||||
Trade accounts payable | (25 | ) | 1,520 | |||||
Accrued expenses | (12,012 | ) | (13,528 | ) | ||||
Operating lease liabilities | (8,735 | ) | (45,836 | ) | ||||
Other liabilities | (32,876 | ) | (5,371 | ) | ||||
Net cash provided by operating activities | 182,753 | 214,344 | ||||||
Cash flows from investing activities: | ||||||||
Acquisitions | (26,153 | ) | (78,141 | ) | ||||
Capital expenditures | (36,274 | ) | (60,560 | ) | ||||
Proceeds from disposition of assets and investments | 4,750 | 2,100 | ||||||
Increase of notes receivable | — | (544 | ) | |||||
Net cash used in investing activities | (57,677 | ) | (137,145 | ) | ||||
Cash flows from financing activities: | ||||||||
Principal payments on long term debt | (182 | ) | (14,421 | ) | ||||
Borrowings on long term debt | 8,750 | — | ||||||
Payment on revolving credit facility | (805,000 | ) | (375,000 | ) | ||||
Proceeds received from revolving credit facility | 655,000 | 220,000 | ||||||
Redemption of senior subordinated notes | (519,139 | ) | — | |||||
Proceeds received from note offering | 1,400,000 | 255,000 | ||||||
Proceeds received from accounts receivable securitization program | — | 9,000 | ||||||
Payments on accounts receivable securitization program | (175,000 | ) | (9,000 | ) | ||||
Proceeds received from senior credit facility term loans | 598,500 | — | ||||||
Payments on senior credit facility term loans | (978,097 | ) | — | |||||
Debt issuance costs | (30,112 | ) | (4,435 | ) | ||||
Distributions to non-controlling interest | (882 | ) | (285 | ) | ||||
Contributions from parent | 33,391 | 38,135 | ||||||
Dividend to parent | (161,208 | ) | (200,636 | ) | ||||
Net cash provided by (used in) financing activities | 26,021 | (81,642 | ) | |||||
Effect of exchange rate changes in cash and cash equivalents | (192 | ) | 203 | |||||
Net increase (decrease) in cash and cash equivalents | 150,905 | (4,240 | ) | |||||
Cash and cash equivalents at beginning of period | 25,688 | 20,994 | ||||||
Cash and cash equivalents at end of period | $ | 176,593 | $ | 16,754 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 68,784 | $ | 66,968 | ||||
Cash paid for foreign, state and federal income taxes | $ | 3,175 | $ | 9,260 | ||||
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
(unaudited) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Total current assets | $ | 164,644 | $ | 44,905 | $ | 234,188 | $ | — | $ | 443,737 | ||||||||||
Net property, plant and equipment | — | 1,311,329 | 9,146 | — | 1,320,475 | |||||||||||||||
Operating lease right of use assets | — | 1,271,821 | 21,096 | — | 1,292,917 | |||||||||||||||
Intangibles and goodwill, net | — | 2,838,868 | 17,870 | — | 2,856,738 | |||||||||||||||
Other assets | 4,157,051 | 225,091 | 10,393 | (4,341,555 | ) | 50,980 | ||||||||||||||
Total assets | $ | 4,321,695 | $ | 5,692,014 | $ | 292,693 | $ | (4,341,555 | ) | $ | 5,964,847 | |||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 9,120 | $ | — | $ | — | $ | 9,120 | ||||||||||
Current operating lease liabilities | — | 168,390 | 5,445 | — | 173,835 | |||||||||||||||
Other current liabilities | 33,062 | 158,005 | 13,470 | — | 204,537 | |||||||||||||||
Total current liabilities | 33,062 | 335,515 | 18,915 | — | 387,492 | |||||||||||||||
Long-term debt | 3,144,240 | 2,539 | — | — | 3,146,779 | |||||||||||||||
Operating lease liabilities | — | 1,037,680 | 16,460 | — | 1,054,140 | |||||||||||||||
Other noncurrent liabilities | 31,386 | 229,469 | 252,027 | (249,453 | ) | 263,429 | ||||||||||||||
Total liabilities | 3,208,688 | 1,605,203 | 287,402 | (249,453 | ) | 4,851,840 | ||||||||||||||
Stockholder’s equity | 1,113,007 | 4,086,811 | 5,291 | (4,092,102 | ) | 1,113,007 | ||||||||||||||
Total liabilities and stockholder’s equity | $ | 4,321,695 | $ | 5,692,014 | $ | 292,693 | $ | (4,341,555 | ) | $ | 5,964,847 | |||||||||
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
(unaudited) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Total current assets | $ | 38,256 | $ | 22,551 | $ | 226,044 | $ | — | $ | 286,851 | ||||||||||
Net property, plant and equipment | — | 1,255,111 | 13,569 | — | 1,268,680 | |||||||||||||||
Operating lease right of use assets | — | 1,193,262 | 20,671 | — | 1,213,933 | |||||||||||||||
Intangibles and goodwill, net | — | 2,771,595 | 17,730 | — | 2,789,325 | |||||||||||||||
Other assets | 4,023,884 | 239,733 | 166,068 | (4,354,712 | ) | 74,973 | ||||||||||||||
Total assets | $ | 4,062,140 | $ | 5,482,252 | $ | 444,082 | $ | (4,354,712 | ) | $ | 5,633,762 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 373 | $ | 154,666 | $ | — | $ | 155,039 | ||||||||||
Current operating lease liabilities | — | 157,249 | 5,612 | — | 162,861 | |||||||||||||||
Other current liabilities | 16,926 | 164,555 | 10,016 | — | 191,497 | |||||||||||||||
Total current liabilities | 16,926 | 322,177 | 170,294 | — | 509,397 | |||||||||||||||
Long-term debt | 2,682,796 | 2,289 | — | — | 2,685,085 | |||||||||||||||
Operating lease liabilities | — | 970,344 | 13,773 | — | 984,117 | |||||||||||||||
Other noncurrent liabilities | 190,608 | 244,788 | 252,466 | (404,509 | ) | 283,353 | ||||||||||||||
Total liabilities | 2,890,330 | 1,539,598 | 436,533 | (404,509 | ) | 4,461,952 | ||||||||||||||
Stockholders’ equity | 1,171,810 | 3,942,654 | 7,549 | (3,950,203 | ) | 1,171,810 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,062,140 | $ | 5,482,252 | $ | 444,082 | $ | (4,354,712 | ) | $ | 5,633,762 | |||||||||
F-98 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||
Total current assets | $ | 13,859 | $ | 53,756 | $ | 242,054 | $ | — | $ | 309,669 | $ | 110,678 | $ | 19,471 | $ | 249,921 | $ | — | $ | 380,070 | ||||||||||||||||||||
Net property, plant and equipment | — | 1,340,675 | 8,440 | — | 1,349,115 | — | 1,268,765 | 13,084 | — | 1,281,849 | ||||||||||||||||||||||||||||||
Operating lease right of use assets | — | 1,293,674 | 27,105 | — | 1,320,779 | — | 1,200,115 | 21,898 | — | 1,222,013 | ||||||||||||||||||||||||||||||
Intangibles and goodwill, net | — | 2,875,644 | 18,255 | — | 2,893,899 | — | 2,798,343 | 17,812 | — | 2,816,155 | ||||||||||||||||||||||||||||||
Other assets | 4,193,629 | 229,905 | 184,805 | (4,557,380 | ) | 50,959 | 3,912,122 | 258,433 | 132,448 | (4,228,383 | ) | 74,620 | ||||||||||||||||||||||||||||
Total assets | $ | 4,207,488 | $ | 5,793,654 | $ | 480,659 | $ | (4,557,380 | ) | $ | 5,924,421 | $ | 4,022,800 | $ | 5,545,127 | $ | 435,163 | $ | (4,228,383 | ) | $ | 5,774,707 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | $ | 51,480 | $ | 34 | $ | 175,000 | $ | — | $ | 226,514 | $ | 0 | $ | 379 | $ | 122,055 | $ | — | $ | 122,434 | ||||||||||||||||||||
Current operating lease liabilities | — | 189,071 | 7,770 | — | 196,841 | — | 188,712 | 6,727 | — | 195,439 | ||||||||||||||||||||||||||||||
Other current liabilities | 26,960 | 196,689 | 19,845 | — | 243,494 | 33,583 | 170,320 | 19,286 | — | 223,189 | ||||||||||||||||||||||||||||||
Total current liabilities | 78,440 | 385,794 | 202,615 | — | 666,849 | 33,583 | 359,411 | 148,068 | — | 541,062 | ||||||||||||||||||||||||||||||
Long-term debt | 2,753,570 | 34 | — | — | 2,753,604 | 2,761,705 | 2,377 | — | — | 2,764,082 | ||||||||||||||||||||||||||||||
Operating lease liabilities | — | 1,049,220 | 18,961 | — | 1,068,181 | — | 979,785 | 13,991 | — | 993,776 | ||||||||||||||||||||||||||||||
Other noncurrent liabilities | 205,947 | 231,416 | 250,859 | (421,966 | ) | 266,256 | 34,668 | 245,891 | 266,968 | (264,584 | ) | 282,943 | ||||||||||||||||||||||||||||
Total liabilities | 3,037,957 | 1,666,464 | 472,435 | (421,966 | ) | 4,754,890 | 2,829,956 | 1,587,464 | 429,027 | (264,584 | ) | 4,581,863 | ||||||||||||||||||||||||||||
Stockholder’s equity | 1,169,531 | 4,127,190 | 8,224 | (4,135,414 | ) | 1,169,531 | 1,192,844 | 3,957,663 | 6,136 | (3,963,799 | ) | 1,192,844 | ||||||||||||||||||||||||||||
Total liabilities and stockholder’s equity | $ | 4,207,488 | $ | 5,793,654 | $ | 480,659 | $ | (4,557,380 | ) | $ | 5,924,421 | $ | 4,022,800 | $ | 5,545,127 | $ | 435,163 | $ | (4,228,383 | ) | $ | 5,774,707 | ||||||||||||||||||
F-99 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||||||||||||||||||||||
(unaudited) | Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||||||
Statement of Income | (unaudited) | |||||||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 341,664 | $ | 6,237 | $ | (249 | ) | $ | 347,652 | $ | — | $ | 363,612 | $ | 7,699 | $ | (430 | ) | $ | 370,881 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||
Operating expenses (income) | ||||||||||||||||||||||||||||||||||||||||
Direct advertising expenses (1) | — | 128,485 | 5,823 | (249 | ) | 134,059 | — | 127,415 | 4,230 | (430 | ) | 131,215 | ||||||||||||||||||||||||||||
General and administrative expenses (1) | — | 65,222 | 2,186 | — | 67,408 | — | 71,951 | 698 | — | 72,649 | ||||||||||||||||||||||||||||||
Corporate expenses (1) | — | 16,521 | 124 | — | 16,645 | — | 17,366 | 257 | — | 17,623 | ||||||||||||||||||||||||||||||
Depreciation and amortization | — | 63,545 | 453 | — | 63,998 | — | 60,066 | 683 | — | 60,749 | ||||||||||||||||||||||||||||||
(Gain) loss on disposition of assets | — | (1,070 | ) | 55 | — | (1,015 | ) | |||||||||||||||||||||||||||||||||
Gain on disposition of assets | — | (415 | ) | — | — | (415 | ) | |||||||||||||||||||||||||||||||||
— | 272,703 | 8,641 | (249 | ) | 281,095 | — | 276,383 | 5,868 | (430 | ) | 281,821 | |||||||||||||||||||||||||||||
Operating income (loss) | — | 68,961 | (2,404 | ) | — | 66,557 | ||||||||||||||||||||||||||||||||||
Operating income | — | 87,229 | 1,831 | — | 89,060 | |||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of subsidiaries | (66,370 | ) | — | — | 66,370 | — | (87,824 | ) | — | — | 87,824 | — | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | 5 | — | — | — | 5 | 21,604 | — | — | — | 21,604 | ||||||||||||||||||||||||||||||
Interest expense (income), net | 34,831 | (24 | ) | 451 | — | 35,258 | 27,754 | (18 | ) | 244 | — | 27,980 | ||||||||||||||||||||||||||||
Income (loss) before income tax expense | 31,534 | 68,985 | (2,855 | ) | (66,370 | ) | 31,294 | 38,466 | 87,247 | 1,587 | (87,824 | ) | 39,476 | |||||||||||||||||||||||||||
Income tax expense (benefit) (2) | — | 582 | (822 | ) | — | (240 | ) | |||||||||||||||||||||||||||||||||
Income tax expense (2) | — | 632 | 378 | — | 1,010 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 31,534 | $ | 68,403 | $ | (2,033 | ) | $ | (66,370 | ) | $ | 31,534 | $ | 38,466 | $ | 86,615 | $ | 1,209 | $ | (87,824 | ) | $ | 38,466 | |||||||||||||||||
Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 31,534 | $ | 68,403 | $ | (2,033 | ) | $ | (66,370 | ) | $ | 31,534 | $ | 38,466 | $ | 86,615 | $ | 1,209 | $ | (87,824 | ) | $ | 38,466 | |||||||||||||||||
Total other comprehensive income, net of tax | — | — | 740 | — | 740 | — | — | 204 | — | 204 | ||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 31,534 | $ | 68,403 | $ | (1,293 | ) | $ | (66,370 | ) | $ | 32,274 | $ | 38,466 | $ | 86,615 | $ | 1,413 | $ | (87,824 | ) | $ | 38,670 | |||||||||||||||||
(1) | Caption is exclusive of depreciation and amortization. |
(2) | The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
F-100 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
Statement of Income | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 437,074 | $ | 12,498 | $ | (830 | ) | $ | 448,742 | $ | — | $ | 396,631 | $ | 10,452 | $ | (514 | ) | $ | 406,569 | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||
Operating expenses (income) | ||||||||||||||||||||||||||||||||||||||||
Direct advertising expenses (1) | — | 140,108 | 7,112 | (830 | ) | 146,390 | — | 143,052 | 6,956 | (514 | ) | 149,494 | ||||||||||||||||||||||||||||
General and administrative expenses (1) | — | 76,475 | 1,941 | — | 78,416 | — | 80,528 | 1,676 | — | 82,204 | ||||||||||||||||||||||||||||||
Corporate expenses (1) | — | 18,274 | 311 | — | 18,585 | — | 18,087 | 280 | — | 18,367 | ||||||||||||||||||||||||||||||
Depreciation and amortization | — | 61,031 | 662 | — | 61,693 | — | 61,905 | 408 | — | 62,313 | ||||||||||||||||||||||||||||||
(Gain) loss on disposition of assets | — | (550 | ) | 13 | — | (537 | ) | |||||||||||||||||||||||||||||||||
Gain on disposition of assets | — | (2,504 | ) | — | — | (2,504 | ) | |||||||||||||||||||||||||||||||||
— | 295,338 | 10,039 | (830 | ) | 304,547 | — | 301,068 | 9,320 | (514 | ) | 309,874 | |||||||||||||||||||||||||||||
Operating income | — | 141,736 | 2,459 | — | 144,195 | — | 95,563 | 1,132 | — | 96,695 | ||||||||||||||||||||||||||||||
Equity in (earnings) loss of subsidiaries | (155,336 | ) | — | — | 155,336 | — | (94,214 | ) | — | — | 94,214 | — | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | 18,179 | — | — | — | 18,179 | |||||||||||||||||||||||||||||||||||
Interest expense (income), net | 36,851 | (82 | ) | 1,321 | — | 38,090 | 35,418 | (35 | ) | 980 | — | 36,363 | ||||||||||||||||||||||||||||
Income (loss) before income tax expense | 118,485 | 141,818 | 1,138 | (155,336 | ) | 106,105 | 40,617 | 95,598 | 152 | (94,214 | ) | 42,153 | ||||||||||||||||||||||||||||
Income tax (benefit) expense (2) | — | (13,231 | ) | 851 | — | (12,380 | ) | |||||||||||||||||||||||||||||||||
Income tax expense (2) | — | 1,342 | 194 | — | 1,536 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 118,485 | $ | 155,049 | $ | 287 | $ | (155,336 | ) | $ | 118,485 | $ | 40,617 | $ | 94,256 | $ | (42 | ) | $ | (94,214 | ) | $ | 40,617 | |||||||||||||||||
Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 118,485 | $ | 155,049 | $ | 287 | $ | (155,336 | ) | $ | 118,485 | $ | 40,617 | $ | 94,256 | $ | (42 | ) | $ | (94,214 | ) | $ | 40,617 | |||||||||||||||||
Total other comprehensive income, net of tax | — | — | 287 | — | 287 | |||||||||||||||||||||||||||||||||||
Total other comprehensive loss, net of tax | — | — | (1,598 | ) | — | (1,598 | ) | |||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 118,485 | $ | 155,049 | $ | 574 | $ | (155,336 | ) | $ | 118,772 | $ | 40,617 | $ | 94,256 | $ | (1,640 | ) | $ | (94,214 | ) | $ | 39,019 | |||||||||||||||||
(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. |
F-101 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
(unaudited) | ||||||||||||||||||||
Statement of Income | ||||||||||||||||||||
Net revenues | $ | — | $ | 738,295 | $ | 16,689 | $ | (763 | ) | $ | 754,221 | |||||||||
Operating expenses | ||||||||||||||||||||
Direct advertising expenses (1) | — | 271,537 | 12,779 | (763 | ) | 283,553 | ||||||||||||||
General and administrative expenses (1) | — | 145,750 | 3,862 | — | 149,612 | |||||||||||||||
Corporate expenses (1) | — | 34,608 | 404 | — | 35,012 | |||||||||||||||
Depreciation and amortization | — | 125,450 | 861 | — | 126,311 | |||||||||||||||
(Gain) loss on disposition of assets | — | (3,574 | ) | 55 | — | (3,519 | ) | |||||||||||||
— | 573,771 | 17,961 | (763 | ) | 590,969 | |||||||||||||||
Operating income (loss) | — | 164,524 | (1,272 | ) | — | 163,252 | ||||||||||||||
Equity in (earnings) loss of subsidiaries | (160,584 | ) | — | — | 160,584 | — | ||||||||||||||
Loss on extinguishment of debt | 18,184 | — | — | — | 18,184 | |||||||||||||||
Interest expense (income), net | 70,249 | (59 | ) | 1,431 | — | 71,621 | ||||||||||||||
Income (loss) before income tax expense | 72,151 | 164,583 | (2,703 | ) | (160,584 | ) | 73,447 | |||||||||||||
Income tax expense (benefit) (2) | — | 1,924 | (628 | ) | — | 1,296 | ||||||||||||||
Net income (loss) | $ | 72,151 | $ | 162,659 | $ | (2,075 | ) | $ | (160,584 | ) | $ | 72,151 | ||||||||
Statement of Comprehensive Income | ||||||||||||||||||||
Net income (loss) | $ | 72,151 | $ | 162,659 | $ | (2,075 | ) | $ | (160,584 | ) | $ | 72,151 | ||||||||
Total other comprehensive loss, net of tax | — | — | (858 | ) | — | (858 | ) | |||||||||||||
Total comprehensive income (loss) | $ | 72,151 | $ | 162,659 | $ | (2,933 | ) | $ | (160,584 | ) | $ | 71,293 | ||||||||
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | ||||||||||||||||
(unaudited) | ||||||||||||||||||||
Statement of Income | ||||||||||||||||||||
Net revenues | $ | — | $ | 811,655 | $ | 23,024 | $ | (1,480 | ) | $ | 833,199 | |||||||||
Operating expenses | ||||||||||||||||||||
Direct advertising expenses (1) | — | 274,858 | 13,482 | (1,480 | ) | 286,860 | ||||||||||||||
General and administrative expenses (1) | — | 154,132 | 3,577 | — | 157,709 | |||||||||||||||
Corporate expenses (1) | — | 34,897 | �� | 608 | — | 35,505 | ||||||||||||||
Depreciation and amortization | — | 121,864 | 1,335 | — | 123,199 | |||||||||||||||
Gain on disposition of assets | — | (1,010 | ) | (4,151 | ) | — | (5,161 | ) | ||||||||||||
— | 584,741 | 14,851 | (1,480 | ) | 598,112 | |||||||||||||||
Operating income | — | 226,914 | 8,173 | — | 235,087 | |||||||||||||||
Equity in (earnings) loss of subsidiaries | (242,710 | ) | — | — | 242,710 | — | ||||||||||||||
Interest expense (income), net | 72,863 | (87 | ) | 2,756 | — | 75,532 | ||||||||||||||
Income (loss) before income tax expense | 169,847 | 227,001 | 5,417 | (242,710 | ) | 159,555 | ||||||||||||||
Income tax expense (2) | — | (12,612 | ) | 2,320 | — | (10,292 | ) | |||||||||||||
Net income (loss) | $ | 169,847 | $ | 239,613 | $ | 3,097 | $ | (242,710 | ) | $ | 169,847 | |||||||||
Statement of Comprehensive Income | ||||||||||||||||||||
Net income (loss) | $ | 169,847 | $ | 239,613 | $ | 3,097 | $ | (242,710 | ) | $ | 169,847 | |||||||||
Total other comprehensive income, net of tax | — | — | 546 | — | 546 | |||||||||||||||
Total comprehensive income (loss) | $ | 169,847 | $ | 239,613 | $ | 3,643 | $ | (242,710 | ) | $ | 170,393 | |||||||||
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 165,269 | $ | 238,800 | $ | 5,429 | $ | (226,745 | ) | $ | 182,753 | $ | 61,766 | $ | 102,064 | $ | 9,919 | $ | (104,957 | ) | $ | 68,792 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||
Acquisitions | 577 | (26,730 | ) | — | — | (26,153 | ) | — | (3,333 | ) | — | — | (3,333 | ) | ||||||||||||||||||||||||||
Capital expenditures | — | (34,770 | ) | (1,504 | ) | — | (36,274 | ) | — | (15,294 | ) | (1,038 | ) | — | (16,332 | ) | ||||||||||||||||||||||||
Proceeds from disposition of assets and investments | — | 4,750 | — | — | 4,750 | — | 1,842 | — | — | 1,842 | ||||||||||||||||||||||||||||||
Investment in subsidiaries | (26,730 | ) | — | — | 26,730 | — | (3,333 | ) | — | — | 3,333 | — | ||||||||||||||||||||||||||||
(Increase) decrease in intercompany notes receivable | (181,089 | ) | — | — | 181,089 | — | ||||||||||||||||||||||||||||||||||
Decrease (increase) in intercompany notes receivable | 30,604 | — | — | (30,604 | ) | — | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (207,242 | ) | (56,750 | ) | (1,504 | ) | 207,819 | (57,677 | ) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 27,271 | (16,785 | ) | (1,038 | ) | (27,271 | ) | (17,823 | ) | |||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||
Proceeds received from revolving credit facility | 655,000 | — | — | — | 655,000 | 25,000 | — | — | — | 25,000 | ||||||||||||||||||||||||||||||
Payment on revolving credit facility | (805,000 | ) | — | — | — | (805,000 | ) | |||||||||||||||||||||||||||||||||
Principal payments on long term debt | — | (182 | ) | — | — | (182 | ) | |||||||||||||||||||||||||||||||||
Borrowings on long term debt | — | 8,750 | — | — | 8,750 | |||||||||||||||||||||||||||||||||||
Principal payments on long-term debt | — | (96 | ) | — | — | (96 | ) | |||||||||||||||||||||||||||||||||
Principal payments on financing leases | — | (483 | ) | — | — | (483 | ) | |||||||||||||||||||||||||||||||||
Proceeds received from note offering | 1,400,000 | — | — | — | 1,400,000 | 550,000 | — | — | — | 550,000 | ||||||||||||||||||||||||||||||
Payment on accounts receivable securitization program | — | — | (175,000 | ) | — | (175,000 | ) | |||||||||||||||||||||||||||||||||
Redemption on senior subordinated notes | (519,139 | ) | — | — | — | (519,139 | ) | |||||||||||||||||||||||||||||||||
Proceeds received from senior credit facility term loans | 598,500 | — | — | — | 598,500 | |||||||||||||||||||||||||||||||||||
Payments on senior credit facility term loans | (978,097 | ) | — | — | — | (978,097 | ) | |||||||||||||||||||||||||||||||||
Redemption of senior notes | (668,688 | ) | — | — | — | (668,688 | ) | |||||||||||||||||||||||||||||||||
Proceeds received from accounts receivable securitization program | — | — | 32,500 | — | 32,500 | |||||||||||||||||||||||||||||||||||
Debt issuance costs | (30,112 | ) | — | — | — | (30,112 | ) | (8,067 | ) | — | — | — | (8,067 | ) | ||||||||||||||||||||||||||
Intercompany loan proceeds | — | 3,808 | 177,281 | (181,089 | ) | — | ||||||||||||||||||||||||||||||||||
Intercompany loan proceeds (payments) | — | 16,770 | (47,374 | ) | 30,604 | — | ||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | (882 | ) | — | (882 | ) | — | — | (24 | ) | — | (24 | ) | ||||||||||||||||||||||||||
Dividends (to) from parent | (161,208 | ) | (226,745 | ) | — | 226,745 | (161,208 | ) | (81,535 | ) | (104,957 | ) | — | 104,957 | (81,535 | ) | ||||||||||||||||||||||||
Contributions from (to) parent | 33,391 | 26,730 | — | (26,730 | ) | 33,391 | 21,831 | 3,333 | — | (3,333 | ) | 21,831 | ||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 193,335 | (187,639 | ) | 1,399 | 18,926 | 26,021 | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (161,459 | ) | (85,433 | ) | (14,898 | ) | 132,228 | (129,562 | ) | |||||||||||||||||||||||||||||||
Effect of exchange rate changes in cash and cash equivalents | — | — | (192 | ) | — | (192 | ) | — | — | 70 | — | 70 | ||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 151,362 | (5,589 | ) | 5,132 | — | 150,905 | ||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (72,422 | ) | (154 | ) | (5,947 | ) | — | (78,523 | ) | |||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 13,185 | 8,278 | 4,225 | — | 25,688 | 110,588 | 1,732 | 8,749 | — | 121,069 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 164,547 | $ | 2,689 | $ | 9,357 | $ | — | $ | 176,593 | $ | 38,166 | $ | 1,578 | $ | 2,802 | $ | — | $ | 42,546 | ||||||||||||||||||||
F-102 |
Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | Lamar Media Corp. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 158,778 | $ | 287,842 | $ | (2,208 | ) | $ | (230,068 | ) | $ | 214,344 | $ | 24,222 | $ | 82,135 | $ | (5,970 | ) | $ | (63,763 | ) | $ | 36,624 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | (78,141 | ) | — | — | (78,141 | ) | — | (13,565 | ) | — | — | (13,565 | ) | ||||||||||||||||||||||||||
Capital expenditures | — | (59,193 | ) | (1,367 | ) | — | (60,560 | ) | — | (24,531 | ) | (1,178 | ) | — | (25,709 | ) | ||||||||||||||||||||||||
Proceeds from disposition of assets and investments | — | 2,100 | — | — | 2,100 | — | 3,686 | — | — | 3,686 | ||||||||||||||||||||||||||||||
Proceeds received from insurance claims | (78,141 | ) | — | — | 78,141 | — | ||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 5,161 | — | — | (5,161 | ) | — | (13,565 | ) | — | — | 13,565 | — | ||||||||||||||||||||||||||||
Increase in intercompany notes receivable | (127 | ) | (417 | ) | — | — | (544 | ) | ||||||||||||||||||||||||||||||||
(Increase) decrease in intercompany notes receivable | (8,155 | ) | — | — | 8,155 | — | ||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (73,107 | ) | (135,651 | ) | (1,367 | ) | 72,980 | (137,145 | ) | (21,720 | ) | (34,410 | ) | (1,178 | ) | 21,720 | (35,588 | ) | ||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||
Proceeds received from revolving credit facility | 220,000 | — | — | — | 220,000 | 655,000 | — | — | — | 655,000 | ||||||||||||||||||||||||||||||
Payment on revolving credit facility | (375,000 | ) | — | — | — | (375,000 | ) | (180,000 | ) | — | — | — | (180,000 | ) | ||||||||||||||||||||||||||
Principal payments on long-term debt | (14,421 | ) | — | — | — | (14,421 | ) | (81 | ) | (8 | ) | — | — | (89 | ) | |||||||||||||||||||||||||
Proceeds received from note offering | 255,000 | — | — | — | 255,000 | 1,000,000 | — | — | — | 1,000,000 | ||||||||||||||||||||||||||||||
Payment on accounts receivable securitization program | — | — | (9,000 | ) | — | (9,000 | ) | |||||||||||||||||||||||||||||||||
Proceeds received from accounts receivable securitization program | — | — | 9,000 | — | 9,000 | |||||||||||||||||||||||||||||||||||
Redemption of senior notes | (519,139 | ) | — | — | — | (519,139 | ) | |||||||||||||||||||||||||||||||||
Proceeds received from senior credit facility term loans | 598,500 | — | — | — | 598,500 | |||||||||||||||||||||||||||||||||||
Payments on senior credit facility term loans | (978,097 | ) | — | — | — | (978,097 | ) | |||||||||||||||||||||||||||||||||
Debt issuance costs | (4,435 | ) | — | — | — | (4,435 | ) | (24,042 | ) | — | — | — | (24,042 | ) | ||||||||||||||||||||||||||
Intercompany loan proceeds | — | (8,461 | ) | 3,300 | 5,161 | — | ||||||||||||||||||||||||||||||||||
Intercompany loan (payments) proceeds | — | (3,436 | ) | 11,591 | (8,155 | ) | — | |||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | — | — | (285 | ) | — | (285 | ) | — | — | (860 | ) | — | (860 | ) | ||||||||||||||||||||||||||
Dividends (to) from parent | (200,636 | ) | (230,068 | ) | — | 230,068 | (200,636 | ) | (110,755 | ) | (63,763 | ) | — | 63,763 | (110,755 | ) | ||||||||||||||||||||||||
Contributions from (to) parent | 38,135 | 78,141 | — | (78,141 | ) | 38,135 | 29,429 | 13,565 | — | (13,565 | ) | 29,429 | ||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (81,357 | ) | (160,388 | ) | 3,015 | 157,088 | (81,642 | ) | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 470,815 | (53,642 | ) | 10,731 | 42,043 | 469,947 | ||||||||||||||||||||||||||||||||||
Effect of exchange rate changes in cash and cash equivalents | — | — | 203 | — | 203 | — | — | (532 | ) | — | (532 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,314 | (8,197 | ) | (357 | ) | — | (4,240 | ) | 473,317 | (5,917 | ) | 3,051 | — | 470,451 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 4,029 | 11,655 | 5,310 | — | 20,994 | 13,185 | 8,278 | 4,225 | — | 25,688 | ||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 8,343 | $ | 3,458 | $ | 4,953 | $ | — | $ | 16,754 | $ | 486,502 | $ | 2,361 | $ | 7,276 | $ | — | $ | 496,139 | ||||||||||||||||||||
F-103 |
Item 20. |
Item 21. |
(a) | See Exhibit Index immediately preceding the signature pages. |
Item 22. |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
(2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initialbona fide |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, |
(5) | That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
(iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
4(a)(4) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 30, 2012, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4(g)(4) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. | ||
4(a)(5) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 30, 2012, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4(g)(5) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. | ||
4(a)(6) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 30, 2012, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4(g)(6) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. | ||
4(b)(7) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of May 31, 2013, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4.3 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended June 30, 2013 (File No. | ||
4(a)(8) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 2, 2014, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4.4 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2014 (File No. | ||
4(a)(9) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of July 28, 2015, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4.3 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended September 30, 2015 (File No. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
4(a)(10) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4(b)(10) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. | ||
4(a)(11) | Supplemental Indenture to the Indenture dated as of February 9, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. | Previously filed as Exhibit 4(b)(11) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. | ||
4(b)(1) | Indenture, dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on October 31, 2012 and incorporated herein by reference. | ||
4(b)(2) | Form of 5% Senior Subordinated Notes due 2023. | Previously filed with the Indenture dated October 30, 2012, filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on October 31, 2012, and incorporated herein by reference. | ||
4(b)(3) | Form of 5% Senior Subordinated Exchange Notes due 2023. | Previously filed with the Indenture dated October 30, 2012, filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on October 31, 2012, and incorporated herein by reference. | ||
4(b)(4) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 30, 2012, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4(h)(4) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 0-30242) filed on February 28, 2013 and incorporated herein by reference. | ||
4(b)(5) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 30, 2012, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4(h)(5) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 0-30242) filed on February 28, 2013 and incorporated herein by reference. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
4(b)(6) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 30, 2012, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4(h)(6) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. 0-30242) filed on February 28, 2013 and incorporated herein by reference. | ||
4(b)(7) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of May 31, 2013, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4.4 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended June 30, 2013 (File No. 0-30242) filed on August 8, 2013 and incorporated herein by reference. | ||
4(b)(8) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 2, 2014, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4.5 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2014 (File No. 0-30242) filed on May 7, 2014 and incorporated herein by reference. | ||
4(b)(9) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of July 28, 2015, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4.2 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended September 30, 2015 (File No. 1-36756) filed on November 5, 2015 and incorporated herein by reference. | ||
4(b)(10) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4(c)(10) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. | ||
4(b)(11) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4(c)(11) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
4(b)(12) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 22, 2019, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4.2 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. 1-36756) filed on May 2, 2019, and incorporated herein by reference. | ||
4(b)(13) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 22, 2019, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4.3 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. 1-36756) filed on May 2, 2019, and incorporated herein by reference. | ||
4(b)(14) | Supplemental Indenture to the Indenture dated as of October 30, 2012, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 15, 2019, relating to Lamar Media’s 5% Senior Subordinated Notes due 2023. | Previously filed as Exhibit 4.1 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended September 30, 2019 (File No. 1-36756) filed on November 5, 2019, and incorporated herein by reference. | ||
4(c)(1) | Indenture, dated as of January 10, 2014, between Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Lamar Media’s 5 3/8% Senior Notes due 2024. | Previously filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on January 15, 2014 and incorporated herein by reference. | ||
4(c)(2) | Form of 5 3/8% Senior Notes due 2024. | Previously filed with the Indenture dated January 10, 2014, filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on January 15, 2014 and incorporated herein by reference. | ||
4(c)(3) | Form of 5 3/8% Senior Exchange Notes due 2024. | Previously filed with the Indenture dated January 10, 2014, filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on January 15, 2014 and incorporated herein by reference. | ||
4(c)(4) | Supplemental Indenture to the Indenture dated as of January 10, 2014, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of July 28, 2015, relating to Lamar Media’s 5 3/8% Senior Notes due 2024. | Previously filed as Exhibit 4.1 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended September 30, 2015 (File No. 1-36756) filed on November 5, 2015 and incorporated herein by reference. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
4(c)(5) | Supplemental Indenture to the Indenture dated as of January 10, 2014, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5 3/8% Senior Notes due 2024. | Previously filed as Exhibit 4(d)(5) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. | ||
4(c)(6) | Supplemental Indenture to the Indenture dated as of January 10, 2014, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5 3/8% Senior Notes due 2024. | Previously filed as Exhibit 4(d)(6) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. | ||
4(c)(7) | Supplemental Indenture to the Indenture dated as of January 10, 2014, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 22, 2019, relating to Lamar Media’s 5 3/8% Senior Notes due 2024. | Previously filed as Exhibit 4.4 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. 1-36756) filed on May 2, 2019, and incorporated herein by reference. | ||
4(c)(8) | Supplemental Indenture to the Indenture dated as of January 10, 2014, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 22, 2019, relating to Lamar Media’s 5 3/8% Senior Notes due 2024. | Previously filed as Exhibit 4.5 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. 1-36756) filed on May 2, 2019, and incorporated herein by reference. | ||
4(c)(9) | Supplemental Indenture to the Indenture dated as of January 10, 2014, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 15, 2019, relating to Lamar Media’s 5 3/8% Senior Notes due 2024. | Previously filed as Exhibit 4.2 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended September 30, 2019 (File No. 1-36756) filed on November 5, 2019, and incorporated herein by reference. | ||
4(d)(1) | Indenture, dated as of January 28, 2016, between Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Lamar Media’s 5 3/4% Senior Notes due 2026. | Previously filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on February 1, 2016 and incorporated herein by reference. | ||
4(d)(2) | Form of 5 3/4% Senior Notes due 2026. | Previously filed with the Indenture dated January 28, 2016, filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on February 1, 2016 and incorporated herein by reference. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
4(d)(3) | Form of 5 3/4% Senior Exchange Notes due 2026. | Previously filed with the Indenture dated January 28, 2016, filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on February 1, 2016 and incorporated herein by reference. | ||
4(d)(4) | Supplemental Indenture to the Indenture dated as of January 28, 2016, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5 3/4% Senior Notes due 2026. | Previously filed as Exhibit 4(e)(4) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. | ||
4(d)(5) | Supplemental Indenture to the Indenture dated as of January 28, 2016, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of December 14, 2017, relating to Lamar Media’s 5 3/4% Senior Notes due 2026. | Previously filed as Exhibit 4(e)(5) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 1-36756) filed on February 27, 2018 and incorporated herein by reference. | ||
4(d)(6) | Supplemental Indenture to the Indenture dated as of January 28, 2016, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 22, 2019, relating to Lamar Media’s 5 3/4% Senior Notes due 2026. | Previously filed as Exhibit 4.6 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. 1-36756) filed on May 2, 2019, and incorporated herein by reference. | ||
4(d)(7) | Supplemental Indenture to the Indenture dated as of January 28, 2016, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of January 22, 2019, relating to Lamar Media’s 5 3/4% Senior Notes due 2026. | Previously filed as Exhibit 4.7 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. 1-36756) filed on May 2, 2019, and incorporated herein by reference. | ||
4(d)(8) | Supplemental Indenture, dated as of February 1, 2019, between Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to Lamar Media’s 5 3/4% Senior Notes due 2026. | Previously filed as Exhibit 4.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on February 6, 2019 and incorporated herein by reference. | ||
4(d)(9) | Supplemental Indenture to the Indenture dated as of January 28, 2016, among Lamar Media, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of August 15, 2019, relating to Lamar Media’s 5 3/4% Senior Notes due 2026. | Previously filed as Exhibit 4.3 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended September 30, 2019 (File No. 1-36756) filed on November 5, 2019, and incorporated herein by reference. |
10(d)(2)* | Summary of Non-Management Director Compensatory Arrangements, dated May 26, 2016. | Previously filed on Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on May 31, 2016 and incorporated herein by reference. | ||
10(e)(1) | Receivables Financing Agreement, dated December 18, 2018, by and among Lamar Media, as initial Servicer, Lamar TRS Receivables, LLC and Lamar QRS Receivables, LLC as Borrowers, and PNC Bank, National Association as Administrative Agent and Lender. | Previously filed as Exhibit 10.1 to | ||
10(e)(2) | Purchase and Sale Agreement, dated December 18, 2018, by and among certain subsidiaries of Lamar Media, Lamar Media, as initial Servicer, and Lamar QRS Receivables, LLC as Buyer. | Previously filed as Exhibit 10.2 to |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
10(e)(3) | Purchase and Sale Agreement, dated December 18, 2018, by and among certain subsidiaries of Lamar Media, Lamar Media, as initial Servicer, and Lamar TRS Receivables, LLC as Buyer. | Previously filed as Exhibit 10.3 to | ||
10(e)(4) | Performance Guaranty of Lamar Media dated December 18, 2018 in favor of PNC Bank, National Association. | Previously filed as Exhibit 10.4 to | ||
10(e)(5) | First Amendment to the Receivables Financing Agreement, dated as of February 6, 2020, by and among Lamar Media as initial Servicer, Lamar TRS Receivables, LLC and Lamar QRS Receivables as Borrowers and PNC Bank, National Association as Administrative Agent and Lender. | Previously filed as Exhibit 10.4 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on February 12, 2020 and incorporated herein by reference. | ||
10(e)(6) | First Amendment to the Purchase and Sale Agreement, dated as of February 6, 2020, by and among certain subsidiaries of Lamar Media, Lamar Media as initial Servicer and Lamar QRS Receivables, LLC as Buyer. | Previously filed as Exhibit 10.5 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on February 12, 2020 and incorporated herein by reference. | ||
10(e)(7) | First Amendment to the Purchase and Sale Agreement, dated as of February 6, 2020, by and among certain subsidiaries of Lamar Media, Lamar Media as initial Servicer and Lamar TRS Receivables, LLC as Buyer. | Previously filed as Exhibit 10.6 to Lamar |
10(e)(8) | Second Amendment to the Receivables Financing Agreement, dated as of May 6, 2020, by and among Lamar Media as initial Servicer, Lamar TRS Receivables, LLC and Lamar QRS Receivables as borrowers and PNC Bank, National Association as Administrative Agent and Lender. | Previously filed as Exhibit 10.2 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended June 30, 2020 (File No. 1-36756) filed on August 6, 2020 and incorporated herein by reference. | ||
10(e)(9) | Second Amendment to the Purchase and Sale Agreement, dated as of May 6, 2020, by and among certain subsidiaries of Lamar Media, Lamar Media as initial Servicer and Lamar QRS Receivables, LLC as Buyer. | Previously filed as Exhibit 10.3 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended June 30, 2020 (File No. 1-36756) filed on August 6, 2020 and incorporated herein by reference. | ||
10(e)(10) | Third Amendment to the Receivables Financing Agreement, dated as of June 30, 2020, among Lamar Media, as Initial Servicer, the SPEs, as Borrowers, and PNC Bank, National Association, as Administrative Agent and a Lender. | Previously filed as Exhibit |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
10(e)(11) | Fourth Amendment to the Receivables Financing Agreement, dated as of October 23, 2020, among Lamar Media, as Initial Servicer, the SPEs, as Borrowers, and PNC Bank, National Association, as Administrative Agent and a Lender. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on October 26, 2020 and incorporated herein by reference. | ||
10(e)(12) | Fifth Amendment to the Receivables Financing Agreement, dated as of May 24, 2021, among Lamar Media, as Initial Servicer, the SPEs, as Borrowers, and PNC Bank, National Association, as Administrative Agent and a Lender. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on May 28, 2021 and incorporated herein by reference. | ||
10(f)(1) | Credit Agreement dated as of April 28, 2010 by and among Lamar Media, Lamar Advertising of Puerto Rico, Inc., the Subsidiary Guarantors named therein, each additional Subsidiary Borrower that may be designated as such thereunder, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on May 3, 2010, and incorporated herein by reference. | ||
10(f)(2) | Amendment No. 1, dated as of June 11, 2010, to the Credit Agreement dated as of April 28, 2010 by and among Lamar Media, Lamar Advertising of Puerto Rico, Inc., the Subsidiary Guarantors named therein, each additional Subsidiary Borrower that may be designated as such thereunder, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. | Previously filed as Exhibit 10(p)(2) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2010 (File No. 0-30242) filed on February 25, 2011 and incorporated herein by reference. | ||
10(f)(3) | Amendment No. 2, dated as of November 18, 2010, to the Credit Agreement dated as of April 28, 2010 by and among Lamar Media, Lamar Advertising of Puerto Rico, Inc., the Subsidiary Guarantors named therein, each additional Subsidiary Borrower that may be designated as such thereunder, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. | Previously filed as Exhibit 10(p)(3) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2010 (File No. 0-30242) filed on February 25, 2011 and incorporated herein by reference. |
10(f)(4) | Restatement Agreement, dated as of February 9, 2012, to the Credit Agreement dated as of April 28, 2010 by and among Lamar Media, Lamar Advertising of Puerto Rico, Inc., the Subsidiary Guarantors named therein, each additional Subsidiary Borrower that may be designated as such thereunder, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent (including the Amended and Restated Credit Agreement). | Previously filed as Exhibit 10.2 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on February 14, 2012 and incorporated herein by reference. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
10(f)(5) | Amendment No. 1, dated as of October 24, 2013, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. | Previously filed as Exhibit 10(f)(11) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. 0-30242) filed on February 27, 2014 and incorporated herein by reference. | ||
10(f)(6) | Second Restatement Agreement, dated as of February 3, 2014, by and among Lamar Media, Lamar Advertising, the Subsidiary Guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent (including the Second Amended and Restated Credit Agreement as Exhibit A thereto). | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on February 7, 2014 and incorporated herein by reference. | ||
10(f)(7) | Amendment No. 1, dated as of April 18, 2014, to the Second Amended and Restated Credit Agreement, dated as of February 3, 2014, by and among Lamar Media, Lamar Advertising, the Subsidiary Guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 0-30242) filed on April 22, 2014 and incorporated herein by reference. | ||
10(f)(8) | Incremental Amendment No. 1 dated January 7, 2016 to the Second Amended and Restated Credit Agreement, dated as of February 3, 2014, as amended by and among Lamar Media, Lamar Advertising, the Subsidiary Guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as Administrative Agent. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on January 13, 2016 and incorporated herein by reference. | ||
10(f)(9) | Amendment No. 2, dated as of March 4, 2016, to the Second Amended and Restated Credit Agreement, dated as of February 3, 2014, as amended by and among Lamar Media, Lamar Advertising, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders party thereto. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on March 8, 2016 and incorporated herein by reference. |
10(f)(10) | Third Restatement Agreement, dated as of May 15, 2017, by and among Lamar Media, Lamar Advertising, the Subsidiary Guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as Administrative Agent (including the Third Amended and Restated Credit Agreement as Exhibit A thereto). | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
10(f)(11) | Amendment No. 1 dated as of March 16, 2018 to the Third Restatement Agreement, by and among Lamar Media, Lamar Advertising, the subsidiary guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent (including the Third Amended and Restated Credit Agreement, as amended for Amendment No. 1, as Exhibit A thereto). | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. | ||
10(f)(12) | Amendment No. 2 dated as of December 6, 2018 to the Third Restatement Agreement, by and among Lamar Media, Lamar Advertising, the subsidiary guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent (including the Third Amended and Restated Credit Agreement, as amended for Amendment No. 2, as Exhibit A thereto). | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. | ||
10(f)(13) | Incremental Amendment No. 1, dated January 17, 2019, by and among Lamar Media, Lamar Advertising, the subsidiary guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as Administrative Agent. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. | ||
10(f)(14) | Joinder Agreement, dated as of July 19, 2010, to the Credit Agreement dated as of April 28, 2010 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Arizona Logos, L.L.C. | Previously filed as Exhibit 10(p)(4) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2011 (File No. | ||
10(f)(15) | Joinder Agreement, dated as of April 21, 2011, to the Credit Agreement dated as of April 28, 2010 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Wisconsin Logos, LLC. | Previously filed as Exhibit 10(p)(5) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2011 (File No. |
10(f)(16) | Joinder Agreement, dated as of August 26, 2011, to the Credit Agreement dated as of April 28, 2010 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Montana Logos, LLC. | Previously filed as Exhibit 10(p)(6) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2011 (File No. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
10(f)(17) | Joinder Agreement, dated as of November 14, 2012, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by NextMedia Outdoor, Inc. | Previously filed as Exhibit 10(f)(9) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. | ||
10(f)(18) | Joinder Agreement, dated as of November 14, 2012, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by NextMedia Outdoor, Inc. | Previously filed as Exhibit 10(f)(9) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. | ||
10(f)(19) | Joinder Agreement, dated as of November 14, 2012, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by NMG Outdoor I Corp. | Previously filed as Exhibit 10(f)(10) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2012 (File No. | ||
10(f)(20) | Joinder Agreement, dated as of December 5, 2013, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Lamar TRS Holdings, LLC. | Previously filed as Exhibit 10(f)(12) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. | ||
10(f)(21) | Joinder Agreement, dated as of December 5, 2013, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Lamar Service Company, LLC. | Previously filed as Exhibit 10(f)(13) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. |
10(f)(22) | Joinder Agreement, dated as of December 5, 2013, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Lamar Investments, LLC. | Previously filed as Exhibit 10(f)(14) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
10(f)(23) | Joinder Agreement, dated as of December 5, 2013, to the Amended and Restated Credit Agreement dated as of February 9, 2012 among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Lamar Transit, LLC. | Previously filed as Exhibit 10(f)(15) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. | ||
10(f)(24) | Joinder Agreement, dated as of July 28, 2015, to the Second Amended and Restated Credit Agreement dated as of February 3, 2014, as amended, among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Lamar Alliance Airport Advertising Company. | Previously filed as Exhibit 10(f)(20) to Lamar Advertising’s Annual Report on Form 10-K for the year ended December 31, 2016 (File No. | ||
10(f)(25) | Joinder Agreement, dated as of January 30, 2018, to the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended, among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Interstate Logos TRS, LLC. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2018 (File No. |
10(f)(26) | Joinder Agreement, dated as of January 15, 2019, to the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended, among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by FMG Outdoor Holdings, LLC, Lamar-Fairway Blocker 1, Inc., Lamar-Fairway Blocker 2, Inc., Magic Media, Inc., Fairway Media Group, LLC, Fairway Outdoor Advertising, LLC, Fairway Outdoor Funding Holdings, LLC, Fairway Outdoor Funding, LLC, MCC Outdoor, LLC, Magic Media Real Estate, LLC, FMO Real Estate, LLC, Douglas Outdoor Advertising of GA., Inc., Olympus Media/Indiana, LLC and Fairway CCO Indiana, LLC. | Previously filed as Exhibit 10.3 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
10(f)(27) | Joinder Agreement, dated as of January 15, 2019, to the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended, among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by New Hampshire Logos, L.L.C. | Previously filed as Exhibit 10.4 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 (File No. | ||
10(f)(28) | Joinder Agreement, dated as of August 15, 2019, to the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended, among Lamar Media, the subsidiary borrower party thereto, the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, by Ashby Street Outdoor Holdings LLC, Ashby Street Outdoor CC, LLC and Ashby Street Outdoor LLC. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Quarterly Report on Form 10-Q for the period ended September 30, 2019 (File No. | ||
10(f)(29) | Fourth Amended and Restated Credit Agreement, dated as of February 6, 2020, between Lamar Media, the Subsidiary Guarantors named therein, the Lenders named therein, and JPMorgan Chase Bank, N.A., as Administrative Agent. | Previously filed as Exhibit 10.3 to Lamar Advertising’s Current Report on Form 8-K (File No. | ||
Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. 1-36756) filed on | ||||
Registration Rights Agreement, dated as of February 6, 2020, between Lamar Media, the Guarantors named therein and J.P. Morgan Securities LLC, as representative for the Initial Purchasers named therein. | Previously filed as Exhibit 10.1 to Lamar Advertising’s Current Report on Form 8-K (File No. | |||
Registration Rights Agreement, dated as of February 6, 2020, between Lamar Media, the Guarantors named therein and J.P. Morgan Securities LLC, as representative for the Initial Purchasers named therein. | Previously filed as Exhibit 10.2 to Lamar Advertising’s Current Report on Form 8-K (File No. |
23(c) | Consent of Kean Miller LLP. | Included in Exhibit 5(b). | ||
24(a) | Power of Attorney. | Included on signature page of this Registration Statement. | ||
25(a) | Statement of Eligibility of The Bank of Form T-1, with respect to the Indenture dated as of | |||
Filed herewith. | ||||
99(a) | Form of Letter of Transmittal. | Filed herewith. | ||
99(b) | Form of Notice of Guaranteed Delivery. | Filed herewith. | ||
99(c) | Form of Letter to Registered Holders and DTC Participants Regarding the Offer to Exchange. | Filed herewith. | ||
99(d) | Form of Letter to Beneficial Holders Regarding the Offer to Exchange. | Filed herewith. |
EXHIBIT NUMBER | DESCRIPTION | METHOD OF FILING | ||
101(a) | The following materials from the combined Annual Report of Lamar Advertising and Lamar Media on Form 10-K for the year ended December 31, | Filed herewith. |
101(b) | The following financial statements from Lamar Advertising and Lamar Media’s Quarterly Report on Form 10-Q for the quarter ended | Filed herewith. | ||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Filed herewith. |
* | Denotes management contract or compensatory plan or arrangement in which the executive officers or directors of Lamar Advertising participate. |
LAMAR MEDIA CORP. | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
ARIZONA LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
COLORADO LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Sean E. Reilly Sean E. Reilly | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
DELAWARE LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
FLORIDA LOGOS, LLC | ||
By: | INTERSTATE LOGOS TRS, LLC, | |
its Managing Member | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS TRS, LLC | Sole and Managing Member** |
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. |
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
GEORGIA LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
INTERSTATE LOGOS, L.L.C. | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR MEDIA CORP. | Sole and Managing Member** |
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
KANSAS LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Sean E. Reilly Sean E. Reilly | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
KENTUCKY LOGOS, LLC | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR ADVANTAGE GP COMPANY, LLC | ||
By: | LAMAR CENTRAL OUTDOOR, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR CENTRAL OUTDOOR, LLC | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR ADVANTAGE HOLDING COMPANY | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR ADVANTAGE LP COMPANY, LLC | ||
By: | LAMAR CENTRAL OUTDOOR, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR CENTRAL OUTDOOR, LLC | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR ADVANTAGE OUTDOOR COMPANY, L.P. | ||
By: | LAMAR ADVANTAGE GP COMPANY, LLC, | |
its General Partner | ||
By: | LAMAR CENTRAL OUTDOOR, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||||
LAMAR ADVANTAGE GP COMPANY, LLC | July 15, 2021 |
By: | LAMAR CENTRAL OUTDOOR, LLC | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C. | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR ADVERTISING OF LOUISIANA, L.L.C. | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR ADVERTISING OF MICHIGAN, INC. | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR ADVERTISING OF PENN, LLC | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Class A Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President | ||
By: | LAMAR TRANSIT, LLC, | |
its Class B Member | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
LAMAR TRANSIT, LLC | Class B Member** | July 15, 2021 |
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C. | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
LAMAR ADVERTISING OF YOUNGSTOWN, INC. | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR ADVERTISING SOUTHWEST, INC. | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR AIR, L.L.C. | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR AIRPORT ADVERTISING COMPANY | ||
By: | /s/ | |
President |
Signature | Title | Date | ||
/s/ | Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ Sean E. Reilly Sean E. Reilly | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 | ||
Lee Kantrow, Jr. | July 15, 2021 |
LAMAR CENTRAL OUTDOOR, LLC | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR MEDIA CORP. | Sole and Managing Member** |
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Managing Member | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Managing Member | |||
/s/ | Director of Managing Member | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Managing Member |
LAMAR ELECTRICAL, INC. | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR FLORIDA, L.L.C. | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
LAMAR INVESTMENTS, LLC | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR TRS HOLDINGS, LLC | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
LAMAR OBIE COMPANY, LLC | ||
By: | LAMAR MEDIA CORP., | |
its Class A Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President | ||
By: | LAMAR TRANSIT, LLC, | |
its Class B Member | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR MEDIA CORP. | Class A Member** | July 15, 2021 |
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
LAMAR TRANSIT, LLC | Class B Member** | July 15, 2021 |
By: | LAMAR TRS HOLDINGS, LLC | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Class A Member and Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Class A Member and Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Class A Member and Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Class A Member and Lamar Media Corp. | July 15, 2021 |
LAMAR OCI NORTH, L.L.C. | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR OHIO OUTDOOR HOLDING CORP. | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR PENSACOLA TRANSIT, INC. | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR SERVICE COMPANY, LLC | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR TRS HOLDINGS, LLC | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR TENNESSEE, L.L.C. | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR TEXAS LIMITED PARTNERSHIP | ||
By: | THE LAMAR COMPANY, L.L.C., | |
its General Partner | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
THE LAMAR COMPANY, L.L.C. | General Partner** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Managing Member | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Managing Member | |||
/s/ | Director of Managing Member | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Managing Member |
LAMAR TRANSIT, LLC | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR TRS HOLDINGS, LLC | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
LAMAR TRS HOLDINGS, LLC | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR MEDIA CORP. | Sole and Managing Member** |
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Managing Member | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Managing Member | |||
/s/ | Director of Managing Member | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Managing Member |
LOUISIANA INTERSTATE LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
MAINE LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
MICHIGAN LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Sean E. Reilly Sean E. Reilly | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
MISSISSIPPI LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
NEBRASKA LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
NEVADA LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
NEW JERSEY LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
NEW MEXICO LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
OHIO LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
OKLAHOMA LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
OUTDOOR MARKETING SYSTEMS, L.L.C. | ||
By: | LAMAR TRANSIT, LLC, | |
its Managing Member | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR TRANSIT, LLC | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR TRS HOLDINGS, LLC | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 |
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
OUTDOOR PROMOTIONS WEST, LLC | ||
By: | LAMAR TRANSIT, LLC, | |
its Managing Member | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR TRANSIT, LLC | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR TRS HOLDINGS, LLC | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 |
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
SOUTH CAROLINA LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
TENNESSEE LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
THE LAMAR COMPANY, L.L.C. | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR MEDIA CORP. | Sole and Managing Member** | July 15, 2021 |
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Managing Member | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Managing Member | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Managing Member | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Managing Member | July 15, 2021 |
TLC FARMS, L.L.C. | ||
By: | TLC PROPERTIES, INC., | |
its Managing Member | ||
By: | /s/ Lee Kantrow, Jr. | |
Lee Kantrow, Jr. | ||
President |
Signature | Title | Date | ||
TLC PROPERTIES, INC. | Sole and Managing Member** | July 15, 2021 |
By: | /s/ Lee Kantrow, Jr. | |
Name: Lee Kantrow, Jr. | ||
Title: President |
** | The Registrant has no directors or managers. |
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director and Principal Executive Officer Managing Member | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Managing Member | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Managing Member | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director of Managing Member | July 15, 2021 |
TLC PROPERTIES II, LLC | ||
By: | LAMAR INVESTMENTS, LLC, | |
its Managing Member | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR INVESTMENTS, LLC | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR TRS HOLDINGS, LLC | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
TLC PROPERTIES, INC. | ||
By: | /s/ Lee Kantrow, Jr. | |
Lee Kantrow, Jr. | ||
President |
Signature | Title | Date | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director and Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 |
TLC PROPERTIES, L.L.C. | ||
By: | TLC PROPERTIES, INC., | |
its Managing Member | ||
By: | /s/ Lee Kantrow, Jr. | |
Lee Kantrow, Jr. | ||
President |
Signature | Title | Date | ||
TLC PROPERTIES, INC. | Sole and Managing Member** | July 15, 2021 |
By: | /s/ Lee Kantrow, Jr. | |
Name: Lee Kantrow, Jr. | ||
Title: President |
** | The Registrant has no directors or managers. |
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director and Principal Executive Officer of Managing Member | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Managing Member | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Managing Member | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director of Managing Member | July 15, 2021 |
TRIUMPH OUTDOOR HOLDINGS, LLC | ||
By: | LAMAR CENTRAL OUTDOOR, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR CENTRAL OUTDOOR, LLC | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
TRIUMPH OUTDOOR RHODE ISLAND, LLC | ||
By: | LAMAR TRANSIT, LLC, | |
its Managing Member | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR TRANSIT, LLC | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
UTAH LOGOS, INC. | ||
By: | /s/ Floyd Williams | |
Floyd Williams | ||
President |
Signature | Title | Date | ||
/s/ Floyd Williams Floyd Williams | Principal Executive Officer | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director | July 15, 2021 | ||
/s/ Sean E. Reilly Sean E. Reilly | Director | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director | July 15, 2021 |
VIRGINIA LOGOS, LLC | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |||
its Managing Member | ||||
By: | /s/ Sean E. Reilly | |||
Name: Sean E. Reilly | ||||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
WASHINGTON LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
WISCONSIN LOGOS, LLC | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** | July 15, 2021 |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | July 15, 2021 | ||
/s/ Lee Kantrow, Jr. Lee Kantrow, Jr. | Director of Lamar Media Corp. | July 15, 2021 | ||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. | July 15, 2021 |
INTERSTATE LOGOS TRS, LLC | ||
By: | LAMAR TRS HOLDINGS, LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR TRS HOLDINGS, LLC | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
NEW HAMPSHIRE LOGOS, L.L.C. | ||
By: | INTERSTATE LOGOS, L.L.C., | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||||
INTERSTATE LOGOS, L.L.C. | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |||||
its Managing Member | ||||||
By: | /s/ Sean E. Reilly | |||||
Name: Sean E. Reilly | ||||||
Title: Chief Executive Officer and President | ||||||
** |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
FMG OUTDOOR HOLDINGS, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Manager and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Manager and Principal Financial and Accounting Officer | |||
/s/ | Manager | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Manager |
LAMAR-FAIRWAY BLOCKER 1, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
LAMAR-FAIRWAY BLOCKER 2, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
MAGIC MEDIA/LAMAR, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
FAIRWAY MEDIA GROUP, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Manager and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Manager and Principal Financial and Accounting Officer | |||
/s/ | Manager | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Manager |
FAIRWAY OUTDOOR ADVERTISING, LLC | ||
By: | FAIRWAY MEDIA GROUP, LLC, | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||||
FAIRWAY MEDIA GROUP, LLC | Sole and Managing Member** |
By: | /s/ Sean E. Reilly | |||||||
Name: Sean E. Reilly | ||||||||
Title: President | ||||||||
** The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Manager and Principal Executive Officer of Managing Member | |||||
/s/ Jay L. Johnson Jay L. Johnson | Manager and Principal Financial and Accounting Officer of Managing Member | |||||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Manager of Managing Member | |||||
/s/ | Manager of Managing Member |
FAIRWAY OUTDOOR FUNDING HOLDINGS, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
FAIRWAY OUTDOOR FUNDING, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
MCC OUTDOOR, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
MAGIC MEDIA REAL ESTATE, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
FMO REAL ESTATE, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
DOUGLAS OUTDOOR ADVERTISING OF GA, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Executive Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Executive Director and Principal Financial and Accounting Officer | |||
/s/ | Executive Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Executive Director |
OLYMPUS MEDIA/INDIANA, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
FAIRWAY CCO INDIANA, LLC | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
President |
Signature | Title | Date | ||
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer | |||
/s/ | Director | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director |
ASHBY STREET OUTDOOR LLC | ||
By: | ASHBY STREET OUTDOOR HOLDINGS LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
ASHBY STREET OUTDOOR HOLDINGS LLC | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
ASHBY STREET OUTDOOR CC, LLC | ||
By: | ASHBY STREET OUTDOOR HOLDINGS LLC, | |
its Managing Member | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
ASHBY STREET OUTDOOR HOLDINGS LLC | Sole and Managing Member** |
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |
ASHBY STREET OUTDOOR HOLDINGS LLC | ||
By: | LAMAR MEDIA CORP., | |
its Managing Member | ||
By: | /s/ Sean E. Reilly | |
Sean E. Reilly | ||
Chief Executive Officer and President |
Signature | Title | Date | ||
LAMAR MEDIA CORP., | Sole and Managing Member** |
By: | /s/ Sean E. Reilly | |
Name: Sean E. Reilly | ||
Title: Chief Executive Officer and President |
** | The Registrant has no directors or managers. |
/s/ Sean E. Reilly Sean E. Reilly | Director and Principal Executive Officer of Lamar Media Corp. | |||
/s/ Jay L. Johnson Jay L. Johnson | Director and Principal Financial and Accounting Officer of Lamar Media Corp. | |||
/s/ | Director of Lamar Media Corp. | |||
/s/ Kevin P. Reilly, Jr. Kevin P. Reilly, Jr. | Director of Lamar Media Corp. |