Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | LAMR | |
Entity Registrant Name | LAMAR ADVERTISING CO/NEW | |
Entity Central Index Key | 0001090425 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-36756 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1449411 | |
Entity Address, Address Line One | 5321 Corporate Blvd., | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70808 | |
City Area Code | 225 | |
Local Phone Number | 926-1000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Class A common stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 86,389,807 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,420,085 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | LAMAR MEDIA CORP/DE | |
Entity Central Index Key | 0000899045 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-12407 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1205791 | |
Entity Address, Address Line One | 5321 Corporate Blvd., | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70808 | |
City Area Code | 225 | |
Local Phone Number | 926-1000 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Class Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 100 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 177,093 | $ 26,188 |
Receivables, net of allowance for doubtful accounts | 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 |
Current liabilities: | ||
Trade accounts payable | 11,928 | 14,974 |
Current maturities of long-term debt, net of deferred financing costs | 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 | 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: | ||
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 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||
Current assets: | ||
Cash and cash equivalents | 176,593 | 25,688 |
Receivables, net of allowance for doubtful accounts | 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 |
Current liabilities: | ||
Trade accounts payable | 11,928 | 14,974 |
Current maturities of long-term debt, net of deferred financing costs | 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 | 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 |
Stockholders’ equity: | ||
Additional paid-in capital | 3,026,120 | 2,992,729 |
Accumulated comprehensive (loss) income | (173) | 685 |
Accumulated deficit | (1,912,940) | (1,823,883) |
Stockholders’ equity | 1,113,007 | 1,169,531 |
Total liabilities and stockholders’ equity | 5,964,847 | 5,924,421 |
Series AA Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock, value | ||
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common stock, value | 14 | 14 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock, value | $ 87 | $ 87 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 17,661 | $ 13,185 |
Current deferred financing costs | 0 | 6,081 |
Noncurrent deferred financing costs | $ 43,115 | $ 18,333 |
Shares held in treasury | 614,914 | 503,198 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||
Allowance for doubtful accounts | $ 17,661 | $ 13,185 |
Current deferred financing costs | 0 | 6,081 |
Noncurrent deferred financing costs | $ 43,115 | $ 18,333 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 100 | 100 |
Common stock, shares outstanding | 100 | 100 |
Series AA Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, cumulative dividends | $ 63.80 | $ 63.80 |
Preferred stock, shares authorized | 5,720 | 5,720 |
Preferred stock, shares issued | 5,720 | 5,720 |
Preferred stock, shares outstanding | 5,720 | 5,720 |
Common Class A [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 362,500,000 | 362,500,000 |
Common stock, shares issued | 87,004,721 | 86,596,498 |
Common stock, shares outstanding | 86,389,807 | 86,093,300 |
Common Class B [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 37,500,000 | 37,500,000 |
Common stock, shares issued | 14,420,085 | 14,420,085 |
Common stock, shares outstanding | 14,420,085 | 14,420,085 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net revenues | $ 347,652 | $ 448,742 | $ 754,221 | $ 833,199 |
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 134,059 | $ 146,390 | $ 283,553 | $ 286,860 |
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember |
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) |
Total Operating Expenses | 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 |
Non-operating (Income) Expenses | 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 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||||
Net revenues | $ 347,652 | $ 448,742 | $ 754,221 | $ 833,199 |
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 134,059 | $ 146,390 | $ 283,553 | $ 286,860 |
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember |
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) |
Total Operating Expenses | 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 |
Non-operating (Income) Expenses | 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 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Accumulated Comprehensive Income (Loss) [Member] | Accumulated Comprehensive Income (Loss) [Member]LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] |
Beginning Balance at Dec. 31, 2018 | $ 1,131,784 | $ 1,120,196 | $ 86 | $ 14 | $ (25,412) | $ 1,852,421 | $ 2,922,907 | $ 12 | $ 12 | $ (695,337) | $ (1,802,723) |
Non-cash compensation | 1,178 | 1,178 | |||||||||
Issuance of shares of common stock through performance stock awards | 19,919 | 19,919 | |||||||||
Exercise of stock options | 7,352 | 7,352 | |||||||||
Issuance of shares of common stock through employee purchase plan | 2,521 | 2,521 | |||||||||
Purchase of treasury stock | (8,682) | (8,682) | |||||||||
Foreign currency translation | 259 | 259 | |||||||||
Contribution from parent | 30,970 | 30,970 | |||||||||
Foreign currency translations | 259 | 259 | |||||||||
Net income | 51,253 | 51,362 | 51,253 | 51,362 | |||||||
Dividend to parent | (104,597) | (104,597) | |||||||||
Dividends/distributions to common shareholders | (95,915) | (95,915) | |||||||||
Dividends | (91) | (91) | |||||||||
Ending Balance at Mar. 31, 2019 | 1,109,578 | 1,098,190 | 86 | 14 | (34,094) | 1,883,391 | 2,953,877 | 271 | 271 | (740,090) | (1,855,958) |
Beginning Balance at Dec. 31, 2018 | 1,131,784 | 1,120,196 | 86 | 14 | (25,412) | 1,852,421 | 2,922,907 | 12 | 12 | (695,337) | (1,802,723) |
Foreign currency translation | 546 | ||||||||||
Foreign currency translations | 546 | ||||||||||
Net income | 169,649 | 169,847 | |||||||||
Ending Balance at Jun. 30, 2019 | 1,139,295 | 1,128,088 | 86 | 14 | (34,094) | 1,890,555 | 2,961,042 | 558 | 558 | (717,824) | (1,833,512) |
Beginning Balance at Mar. 31, 2019 | 1,109,578 | 1,098,190 | 86 | 14 | (34,094) | 1,883,391 | 2,953,877 | 271 | 271 | (740,090) | (1,855,958) |
Non-cash compensation | 1,425 | 1,425 | |||||||||
Exercise of stock options | 3,943 | 3,943 | |||||||||
Issuance of shares of common stock through employee purchase plan | 1,796 | 1,796 | |||||||||
Foreign currency translation | 287 | 287 | |||||||||
Contribution from parent | 7,165 | 7,165 | |||||||||
Foreign currency translations | 287 | 287 | |||||||||
Net income | 118,396 | 118,485 | 118,396 | 118,485 | |||||||
Dividend to parent | (96,039) | (96,039) | |||||||||
Dividends/distributions to common shareholders | (96,039) | (96,039) | |||||||||
Dividends | (91) | (91) | |||||||||
Ending Balance at Jun. 30, 2019 | 1,139,295 | 1,128,088 | 86 | 14 | (34,094) | 1,890,555 | 2,961,042 | 558 | 558 | (717,824) | (1,833,512) |
Beginning Balance at Dec. 31, 2019 | 1,180,306 | 1,169,531 | 87 | 14 | (34,294) | 1,922,222 | 2,992,729 | 685 | 685 | (708,408) | (1,823,883) |
Non-cash compensation | 1,261 | 1,261 | |||||||||
Issuance of shares of common stock through performance stock awards | 24,956 | 24,956 | |||||||||
Exercise of stock options | 652 | 652 | |||||||||
Issuance of shares of common stock through employee purchase plan | 2,560 | 2,560 | |||||||||
Purchase of treasury stock | (10,068) | (10,068) | |||||||||
Foreign currency translation | (1,598) | (1,598) | |||||||||
Contribution from parent | 29,429 | 29,429 | |||||||||
Foreign currency translations | (1,598) | (1,598) | |||||||||
Net income | 40,493 | 40,617 | 40,493 | 40,617 | |||||||
Dividend to parent | (110,755) | (110,755) | |||||||||
Dividends/distributions to common shareholders | (100,687) | (100,687) | |||||||||
Dividends | (91) | (91) | |||||||||
Ending Balance at Mar. 31, 2020 | 1,137,784 | 1,127,224 | 87 | 14 | (44,362) | 1,951,651 | 3,022,158 | (913) | (913) | (768,693) | (1,894,021) |
Beginning Balance at Dec. 31, 2019 | 1,180,306 | 1,169,531 | 87 | 14 | (34,294) | 1,922,222 | 2,992,729 | 685 | 685 | (708,408) | (1,823,883) |
Foreign currency translation | (858) | ||||||||||
Foreign currency translations | (858) | ||||||||||
Net income | 71,922 | 72,151 | |||||||||
Ending Balance at Jun. 30, 2020 | 1,123,371 | 1,113,007 | 87 | 14 | (44,418) | 1,955,612 | 3,026,120 | (173) | (173) | (787,751) | (1,912,940) |
Beginning Balance at Mar. 31, 2020 | 1,137,784 | 1,127,224 | 87 | 14 | (44,362) | 1,951,651 | 3,022,158 | (913) | (913) | (768,693) | (1,894,021) |
Non-cash compensation | 1,525 | 1,525 | |||||||||
Exercise of stock options | 671 | 671 | |||||||||
Issuance of shares of common stock through employee purchase plan | 1,765 | 1,765 | |||||||||
Purchase of treasury stock | (56) | (56) | |||||||||
Foreign currency translation | 740 | 740 | |||||||||
Contribution from parent | 3,962 | 3,962 | |||||||||
Foreign currency translations | 740 | 740 | |||||||||
Net income | 31,429 | 31,534 | 31,429 | 31,534 | |||||||
Dividend to parent | (50,453) | (50,453) | |||||||||
Dividends/distributions to common shareholders | (50,396) | (50,396) | |||||||||
Dividends | (91) | (91) | |||||||||
Ending Balance at Jun. 30, 2020 | $ 1,123,371 | $ 1,113,007 | $ 87 | $ 14 | $ (44,418) | $ 1,955,612 | $ 3,026,120 | $ (173) | $ (173) | $ (787,751) | $ (1,912,940) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Exercise of stock options | 13,642 | 14,609 | 85,379 | 186,521 |
Issuance of common stock through performance stock awards | 272,813 | 286,350 | ||
Common stock purchase plan | 31,114 | 58,734 | 31,455 | 44,161 |
Purchase of treasury stock | 1,196 | 110,520 | 111,835 | |
Common stock dividends/distributions | $ 0.50 | $ 1 | $ 0.96 | $ 0.96 |
Preferred stock dividend shares | $ 15.95 | $ 15.95 | $ 15.95 | $ 15.95 |
Additional Paid-in Capital [Member] | ||||
Exercise of stock options | 13,642 | 14,609 | 85,379 | 186,521 |
Issuance of common stock through performance stock awards | 272,813 | 286,350 | ||
Common stock purchase plan | 31,114 | 58,734 | 31,455 | 44,161 |
Treasury Stock [Member] | ||||
Purchase of treasury stock | 1,196 | 110,520 | 111,835 | |
Accumulated Deficit [Member] | ||||
Common stock dividends/distributions | $ 0.50 | $ 1 | $ 0.96 | $ 0.96 |
Preferred stock dividend shares | $ 15.95 | $ 15.95 | $ 15.95 | $ 15.95 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 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 |
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) provided by 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 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||
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 |
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) provided by 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 | |
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) |
Contributions from parent | 33,391 | 38,135 |
Dividend to parent | (161,208) | (200,636) |
Net cash 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 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Significant Accounting Policies | 1. Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2019 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued. The following are updates to our significant accounting policies from our 2019 Combined Form 10-K. (a) Goodwill, intangibles and long-lived assets Due to changes in relevant events and circumstances related to COVID-19, which could have a negative impact on the Company’s goodwill, the Company updated its goodwill qualitative assessment as of June 30, 2020. The update includes assessing macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, the market capitalization of the Company and other relevant events specific to the Company. After assessing the totality of events and circumstances, the Company determined that it is not “more likely than not” that the fair value of either of the Company’s reporting units is less than its carrying amount. Therefore, management will not perform a quantitative impairment test and concluded its goodwill is not impaired as of June 30, 2020. Management also reviewed the recoverability of our long-lived assets including intangibles, fixed assets and operating lease right of use assets and concluded there is no impairment loss as of June 30, 2020. (b) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expense during the reporting period. These estimates take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the COVID-19 pandemic, based on available information to date. |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | |
Significant Accounting Policies | 1. Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2019 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, 14, and 15 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | 2. Revenues Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Our contracts commencing prior to January 1, 2019 are accounted for under ASC 840, . The majority of our contracts amended or commencing on or after January 1, 2019 are accounted for under ASC 606, The contract revenues, under ASC 840, and ASC 606, , are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expense (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer. The following table presents our disaggregated revenue by source including both revenues accounted for under ASC 840 and ASC 606 for the three and six months ended June 30, 2020 and 2019. 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 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 3. Leases During the three months ended June 30, 2020 and 2019, we had operating lease costs of $78,331 and $77,816, respectively, and variable lease costs of $10,300 and $18,933, respectively. During the six months ended June 30, 2020 and 2019, we had operating lease costs of $158,734 and $155,166, respectively, and variable lease costs of $27,744 and $36,017, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the three months ended June 30, 2020 and 2019, we recorded a loss of $266 and $193, respectively, in (gain) loss of disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2020 and 2019, we recorded a loss of $317 and a gain of $3,911, respectively, in (gain) loss of disposition of assets related to the amendment and termination of lease agreements. Cash payments of $161,460 and $180,487 were made reducing our operating lease liabilities for the six months ended June 30, 2020 and 2019, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets (ROU assets) or lease liabilities for agreements with a term of twelve months or less. We recorded $1,249 and $1,097 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2020 and 2019, respectively. We recorded $2,507 and $2,226 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2020 and 2019, respectively. Our operating leases have a weighted-average remaining lease term of 12.1 years. The weighted-average discount rate of our operating leases is 4.6%. Also, during the periods ended June 30, 2020 and 2019, we obtained $9,991 and $8,671, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of June 30, 2020: 2020 $ 114,518 2021 206,414 2022 181,916 2023 158,968 2024 141,902 Thereafter 854,924 Total undiscounted operating lease payments 1,658,642 Less: Imputed interest (430,667 ) Total operating lease liabilities $ 1,227,975 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 4. Stock-Based Compensation Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 17.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the Nasdaq Global Select Market on the date of grant. We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 32,000 shares of its Class A common stock during the six months ended June 30, 2020. At June 30, 2020 a total of 2,470,063 shares were available for future grant. Stock Purchase Plan. Lamar Advertising’s 2009 Employee Stock Purchase Plan (the “2009 ESPP”), approved by our shareholders on May 28, 2009, expired by its terms on June 30, 2019. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The 2019 ESPP became effective upon the expiration of the 2009 ESPP. The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 86,093 shares on January 1, 2020 pursuant to the automatic increase provisions of the 2019 ESPP. The following is a summary of 2019 ESPP share activity for the six months ended June 30, 2020: Shares Available for future purchases, January 1, 2020 438,434 Additional shares reserved under 2019 ESPP 86,093 Purchases (89,848 ) Available for future purchases, June 30, 2020 434,679 Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2020 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2021. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the six months ended June 30, 2020, the Company has recorded $3,494 as stock-based compensation expense related to performance-based awards. In addition, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors’ one year term. The Company recorded $492 in stock-based compensation expense related to these awards for the six months ended June 30, 2020. |
Depreciation and Amortization
Depreciation and Amortization | 6 Months Ended |
Jun. 30, 2020 | |
Depreciation And Amortization [Abstract] | |
Depreciation and Amortization | 5. Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Condensed Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Direct advertising expenses $ 60,142 $ 58,200 $ 118,839 $ 116,315 General and administrative expenses 1,151 1,140 2,432 2,261 Corporate expenses 2,705 2,353 5,040 4,623 $ 63,998 $ 61,693 $ 126,311 $ 123,199 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets The following is a summary of intangible assets at June 30, 2020 and December 31, 2019: Estimated June 30, 2020 December 31, 2019 Life (Years) 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 Non-competition agreements 3—15 66,101 64,512 66,014 64,379 Site locations 15 2,399,355 1,550,917 2,384,520 1,509,335 Other 2—15 49,974 37,826 49,864 36,749 $ 3,159,760 $ 2,204,564 $ 3,142,112 $ 2,149,868 Unamortizable intangible assets: Goodwill $ 2,165,697 $ 253,536 $ 2,165,810 $ 253,536 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 7. Asset Retirement Obligations The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations: Balance at December 31, 2019 $ 226,137 Additions to asset retirement obligations 421 Accretion expense 2,129 Liabilities settled (3,742 ) Balance at June 30, 2020 $ 224,945 |
Distribution Restrictions
Distribution Restrictions | 6 Months Ended |
Jun. 30, 2020 | |
Distribution Restrictions [Abstract] | |
Distribution Restrictions | 8. Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of June 30, 2020 and December 31, 2019, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,429,654 and $3,389,763, respectively. As of June 30, 2020, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of June 30, 2020, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of June 30, 2020, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $2,180,134. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and six months ended June 30, 2020 or 2019. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 10. Long-term Debt Long-term debt consists of the following at June 30, 2020 and December 31, 2019: 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 — 667 (667 ) 5% 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 — 11,687 3,199,014 43,115 3,155,899 Less current maturities (9,120 ) — (9,120 ) Long-term debt, excluding current maturities $ 3,189,894 $ 43,115 $ 3,146,779 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 Senior Credit Facility On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”). The new senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a new $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a new $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowing under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4 The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar Term B loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate Term B loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility. As of June 30, 2020, there were no borrowings outstanding under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $12,784 in letters of credit outstanding as of June 30, 2020 resulting in $737,216 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025. The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: • dispose of assets; • incur or repay debt; • create liens; • make investments; and • pay dividends. The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented. Accounts Receivable Securitization Program On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Accounts Receivable Securitization Program”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) maturing on December 17, 2021. The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program. Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty. On June 30, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Third Amendment (the “Amendment”) to the Receivables Financing Agreement dated December 18, 2018. The Amendment increases the maximum three month average Delinquency Ratio, Dilution Ratio and Days’ Sales Outstanding to 11.00% (from 8.00%), 7.00% (from 4.00%) and 75 days (from 65 days), respectively, for each of the months of June, July and August 2020. The Amendment does not modify any other financial covenant. Additionally, the Amendment establishes a new Minimum Funding Threshold, which requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries have the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. As of June 30, 2020 there was no outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had $171,810 available for borrowing under the Accounts Receivable Securitization Program as of June 30, 2020. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the six months ended June 30, 2020. The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows. 5% Senior Subordinated Notes On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100. Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5% Notes at a price equal to 101% of the principal amount of the 5% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 5 3/8% Senior Notes On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4 On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4 At any time prior to February 1, 2021, Lamar Media may redeem some or all of the 5 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon plus a make-whole premium. On or after February 1, 2021, Lamar Media may redeem the 5 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 5 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 3/4% Notes at a price equal to 101% of the principal amount of the 5 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4% Notes, at any time and from time to time, at a price equal to 104% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 3/4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4 Lamar Media may redeem up to 40% of the aggregate principal amount of 3 3/4% Notes, at any time and from time to time, at a price equal to 103.75% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 3 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2023, Lamar Media may redeem some or all of the 3 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 4 7/8% Senior Notes On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. Debt Repurchase Program On March 16, 2020, the Company’s Board of Directors authorized Lamar Media to repurchase up to $250,000 outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. The repurchase program will expire on September 30, 2021 unless extended by the Board of Directors. There were no repurchases under the program as of June 30, 2020. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 11. Fair Value of Financial Instruments At June 30, 2020 and December 31, 2019, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investment contracts are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,159,255 which does not exceed the carrying amount of $3,199,014 as of June 30, 2020. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy). |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | 12. New Accounting Pronouncements Leases In February 2016, the FASB established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842 Leases Targeted Improvements We adopted the new standard effective January 1, 2019 using a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. An entity was permitted to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. Consequently, financial information was not updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provided a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We elected the practical expedient pertaining to land easements. We also elected the short-term lease recognition exemption for certain of our vehicle agreements. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities. Upon adoption, we recognized additional operating liabilities of $1.2 billion, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for our existing operating leases. In addition to the increase to the operating lease liabilities and right of use assets, Topic 842 also resulted in reclassifying the presentation of prepaid and deferred rent to operating lease right of use assets. Other recently released pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326 |
Dividends_Distributions
Dividends/Distributions | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Dividends/Distributions | 13. Dividends/Distributions During the three months ended June 30, 2020 and 2019, the Company declared and paid cash distributions in an aggregate amount of $50,396 or $0.50 per share and $96,039 or $0.96 per share, respectively. During the six months ended June 30, 2020 and 2019, the Company declared and paid cash distributions in an aggregate amount of $151,083 or $1.50 per share and $191,954 or $1.92 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three and six months ended June 30, 2020 and 2019, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share and $182 or $31.90 per share for each period, respectively. |
Information about Geographic Ar
Information about Geographic Areas | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | 14. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $11,022 and $17,057 for the six months ended June 30, 2020 and 2019, respectively. Net carrying value of long-lived assets located in foreign countries totaled $5,406 and $4,549 as of June 30, 2020 and December 31, 2019, respectively. All other revenues from external customers and long lived assets relate to domestic |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 15. Stockholders’ Equity On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents (each a “Sales Agent”, and collectively, the “Sales Agents”). Under the terms of the Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. As of June 30, 2020, 842,412 shares of our Class A common stock have been sold under the Sales Agreement and accordingly $336,668 remained available to be sold under the Sales Agreement as of June 30, 2020. Sales of the Class A common s tock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading mark et for the Class A common s tock, or sales made to or through a market maker other than on an exchange. The Company has no obligat ion to sell any of the Class A common s tock under the Sales Agreement and may at any time suspend solicitations and offers under the Sales Agreement. On August 6, 2018, the Company filed an automatically effective shelf registration statement that registered the offer and sale of an indeterminate amount of additional shares of our Class A common stock. During the year ended December 31, 2018, the Company issued 163,137 shares of its Class A common stock in connection with acquisitions occurring during the period. The Company filed a prospectus supplement to the shelf registration statement relating to the offer and resale of such shares of Class A common stock. There were no additional shares issued under this shelf registration during the year ended December 31, 2019 and the six months ended June 30, 2020. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. The repurchase program will expire on September 30, 2021 unless extended by the Board of Directors. There were no repurchases under the program as of June 30, 2020. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Event On July 30, 2020, the Company announced that its wholly owned subsidiary, Lamar Media, intends to redeem $267,500 in aggregate principal amount of its outstanding 5% Notes on August 31, 2020. Following the redemption, $267,500 of the original $535,000 in aggregate principal amount of 5% Notes will remain outstanding under the indenture. The redemption will be made in accordance with the terms of the indenture governing the 5% Notes. |
Summarized Financial Informatio
Summarized Financial Information of Subsidiaries | 6 Months Ended |
Jun. 30, 2020 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | |
Summarized Financial Information of Subsidiaries | 2. Summarized Financial Information of Subsidiaries Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries are presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of June 30, 2020 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. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2019 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 13,859 $ 53,756 $ 242,054 $ — $ 309,669 Net property, plant and equipment — 1,340,675 8,440 — 1,349,115 Operating lease right of use assets — 1,293,674 27,105 — 1,320,779 Intangibles and goodwill, net — 2,875,644 18,255 — 2,893,899 Other assets 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 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ 51,480 $ 34 $ 175,000 $ — $ 226,514 Current operating lease liabilities — 189,071 7,770 — 196,841 Other current liabilities 26,960 196,689 19,845 — 243,494 Total current liabilities 78,440 385,794 202,615 — 666,849 Long-term debt 2,753,570 34 — — 2,753,604 Operating lease liabilities — 1,049,220 18,961 — 1,068,181 Other noncurrent liabilities 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 Stockholder’s equity 1,169,531 4,127,190 8,224 (4,135,414 ) 1,169,531 Total liabilities and stockholder’s equity $ 4,207,488 $ 5,793,654 $ 480,659 $ (4,557,380 ) $ 5,924,421 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2020 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 Operating expenses Direct advertising expenses (1) — 128,485 5,823 (249 ) 134,059 General and administrative expenses (1) — 65,222 2,186 — 67,408 Corporate expenses (1) — 16,521 124 — 16,645 Depreciation and amortization — 63,545 453 — 63,998 (Gain) loss on disposition of assets — (1,070 ) 55 — (1,015 ) — 272,703 8,641 (249 ) 281,095 Operating income (loss) — 68,961 (2,404 ) — 66,557 Equity in (earnings) loss of subsidiaries (66,370 ) — — 66,370 — Loss on extinguishment of debt 5 — — — 5 Interest expense (income), net 34,831 (24 ) 451 — 35,258 Income (loss) before income tax expense 31,534 68,985 (2,855 ) (66,370 ) 31,294 Income tax expense (benefit) (2) — 582 (822 ) — (240 ) Net income (loss) $ 31,534 $ 68,403 $ (2,033 ) $ (66,370 ) $ 31,534 Statement of Comprehensive Income Net income (loss) $ 31,534 $ 68,403 $ (2,033 ) $ (66,370 ) $ 31,534 Total other comprehensive income, net of tax — — 740 — 740 Total comprehensive income (loss) $ 31,534 $ 68,403 $ (1,293 ) $ (66,370 ) $ 32,274 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 437,074 $ 12,498 $ (830 ) $ 448,742 Operating expenses Direct advertising expenses (1) — 140,108 7,112 (830 ) 146,390 General and administrative expenses (1) — 76,475 1,941 — 78,416 Corporate expenses (1) — 18,274 311 — 18,585 Depreciation and amortization — 61,031 662 — 61,693 (Gain) loss on disposition of assets — (550 ) 13 — (537 ) — 295,338 10,039 (830 ) 304,547 Operating income — 141,736 2,459 — 144,195 Equity in (earnings) loss of subsidiaries (155,336 ) — — 155,336 — Interest expense (income), net 36,851 (82 ) 1,321 — 38,090 Income (loss) before income tax expense 118,485 141,818 1,138 (155,336 ) 106,105 Income tax (benefit) expense (2) — (13,231 ) 851 — (12,380 ) Net income (loss) $ 118,485 $ 155,049 $ 287 $ (155,336 ) $ 118,485 Statement of Comprehensive Income Net income (loss) $ 118,485 $ 155,049 $ 287 $ (155,336 ) $ 118,485 Total other comprehensive income, net of tax — — 287 — 287 Total comprehensive income (loss) $ 118,485 $ 155,049 $ 574 $ (155,336 ) $ 118,772 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) 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 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) 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 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 165,269 $ 238,800 $ 5,429 $ (226,745 ) $ 182,753 Cash flows from investing activities: Acquisitions 577 (26,730 ) — — (26,153 ) Capital expenditures — (34,770 ) (1,504 ) — (36,274 ) Proceeds from disposition of assets and investments — 4,750 — — 4,750 Investment in subsidiaries (26,730 ) — — 26,730 — (Increase) decrease in intercompany notes receivable (181,089 ) — — 181,089 — Net cash (used in) provided by investing activities (207,242 ) (56,750 ) (1,504 ) 207,819 (57,677 ) Cash flows from financing activities: Proceeds received from revolving credit facility 655,000 — — — 655,000 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 Proceeds received from note offering 1,400,000 — — — 1,400,000 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 ) Debt issuance costs (30,112 ) — — — (30,112 ) Intercompany loan proceeds — 3,808 177,281 (181,089 ) — Distributions to non-controlling interest — — (882 ) — (882 ) Dividends (to) from parent (161,208 ) (226,745 ) — 226,745 (161,208 ) Contributions from (to) parent 33,391 26,730 — (26,730 ) 33,391 Net cash provided by (used in) financing activities 193,335 (187,639 ) 1,399 18,926 26,021 Effect of exchange rate changes in cash and cash equivalents — — (192 ) — (192 ) Net increase (decrease) in cash and cash equivalents 151,362 (5,589 ) 5,132 — 150,905 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 164,547 $ 2,689 $ 9,357 $ — $ 176,593 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 158,778 $ 287,842 $ (2,208 ) $ (230,068 ) $ 214,344 Cash flows from investing activities: Acquisitions — (78,141 ) — — (78,141 ) Capital expenditures — (59,193 ) (1,367 ) — (60,560 ) Proceeds from disposition of assets and investments — 2,100 — — 2,100 Proceeds received from insurance claims (78,141 ) — — 78,141 — Investment in subsidiaries 5,161 — — (5,161 ) — Increase in intercompany notes receivable (127 ) (417 ) — — (544 ) Net cash (used in) provided by investing activities (73,107 ) (135,651 ) (1,367 ) 72,980 (137,145 ) Cash flows from financing activities: Proceeds received from revolving credit facility 220,000 — — — 220,000 Payment on revolving credit facility (375,000 ) — — — (375,000 ) Principal payments on long-term debt (14,421 ) — — — (14,421 ) Proceeds received from note offering 255,000 — — — 255,000 Payment on accounts receivable securitization program — — (9,000 ) — (9,000 ) Proceeds received from accounts receivable securitization program — — 9,000 — 9,000 Debt issuance costs (4,435 ) — — — (4,435 ) Intercompany loan proceeds — (8,461 ) 3,300 5,161 — Distributions to non-controlling interest — — (285 ) — (285 ) Dividends (to) from parent (200,636 ) (230,068 ) — 230,068 (200,636 ) Contributions from (to) parent 38,135 78,141 — (78,141 ) 38,135 Net cash (used in) provided by financing activities (81,357 ) (160,388 ) 3,015 157,088 (81,642 ) Effect of exchange rate changes in cash and cash equivalents — — 203 — 203 Net increase (decrease) in cash and cash equivalents 4,314 (8,197 ) (357 ) — (4,240 ) Cash and cash equivalents at beginning of period 4,029 11,655 5,310 — 20,994 Cash and cash equivalents at end of period $ 8,343 $ 3,458 $ 4,953 $ — $ 16,754 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Goodwill, Intangible Assets and Long-Lived Assets | (a) Goodwill, intangibles and long-lived assets Due to changes in relevant events and circumstances related to COVID-19, which could have a negative impact on the Company’s goodwill, the Company updated its goodwill qualitative assessment as of June 30, 2020. The update includes assessing macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, the market capitalization of the Company and other relevant events specific to the Company. After assessing the totality of events and circumstances, the Company determined that it is not “more likely than not” that the fair value of either of the Company’s reporting units is less than its carrying amount. Therefore, management will not perform a quantitative impairment test and concluded its goodwill is not impaired as of June 30, 2020. Management also reviewed the recoverability of our long-lived assets including intangibles, fixed assets and operating lease right of use assets and concluded there is no impairment loss as of June 30, 2020. |
Use of Estimates | (b) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expense during the reporting period. These estimates take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the COVID-19 pandemic, based on available information to date. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation Revenue | The following table presents our disaggregated revenue by source including both revenues accounted for under ASC 840 and ASC 606 for the three and six months ended June 30, 2020 and 2019. 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 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Maturities of Operating Lease Liabilities | The following is a summary of the maturities of our operating lease liabilities as of June 30, 2020: 2020 $ 114,518 2021 206,414 2022 181,916 2023 158,968 2024 141,902 Thereafter 854,924 Total undiscounted operating lease payments 1,658,642 Less: Imputed interest (430,667 ) Total operating lease liabilities $ 1,227,975 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of ESPP Share Activity | The following is a summary of 2019 ESPP share activity for the six months ended June 30, 2020: Shares Available for future purchases, January 1, 2020 438,434 Additional shares reserved under 2019 ESPP 86,093 Purchases (89,848 ) Available for future purchases, June 30, 2020 434,679 |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Depreciation And Amortization [Abstract] | |
Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income | The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Direct advertising expenses $ 60,142 $ 58,200 $ 118,839 $ 116,315 General and administrative expenses 1,151 1,140 2,432 2,261 Corporate expenses 2,705 2,353 5,040 4,623 $ 63,998 $ 61,693 $ 126,311 $ 123,199 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets at June 30, 2020 and December 31, 2019: Estimated June 30, 2020 December 31, 2019 Life (Years) 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 Non-competition agreements 3—15 66,101 64,512 66,014 64,379 Site locations 15 2,399,355 1,550,917 2,384,520 1,509,335 Other 2—15 49,974 37,826 49,864 36,749 $ 3,159,760 $ 2,204,564 $ 3,142,112 $ 2,149,868 Unamortizable intangible assets: Goodwill $ 2,165,697 $ 253,536 $ 2,165,810 $ 253,536 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Information Related to Asset Retirement Obligations | The following table reflects information related to our asset retirement obligations: Balance at December 31, 2019 $ 226,137 Additions to asset retirement obligations 421 Accretion expense 2,129 Liabilities settled (3,742 ) Balance at June 30, 2020 $ 224,945 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following at June 30, 2020 and December 31, 2019: 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 — 667 (667 ) 5% 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 — 11,687 3,199,014 43,115 3,155,899 Less current maturities (9,120 ) — (9,120 ) Long-term debt, excluding current maturities $ 3,189,894 $ 43,115 $ 3,146,779 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 |
Summarized Financial Informat_2
Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | 6 Months Ended |
Jun. 30, 2020 | |
Condensed Consolidating Balance Sheet | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of June 30, 2020 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. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2019 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 13,859 $ 53,756 $ 242,054 $ — $ 309,669 Net property, plant and equipment — 1,340,675 8,440 — 1,349,115 Operating lease right of use assets — 1,293,674 27,105 — 1,320,779 Intangibles and goodwill, net — 2,875,644 18,255 — 2,893,899 Other assets 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 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ 51,480 $ 34 $ 175,000 $ — $ 226,514 Current operating lease liabilities — 189,071 7,770 — 196,841 Other current liabilities 26,960 196,689 19,845 — 243,494 Total current liabilities 78,440 385,794 202,615 — 666,849 Long-term debt 2,753,570 34 — — 2,753,604 Operating lease liabilities — 1,049,220 18,961 — 1,068,181 Other noncurrent liabilities 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 Stockholder’s equity 1,169,531 4,127,190 8,224 (4,135,414 ) 1,169,531 Total liabilities and stockholder’s equity $ 4,207,488 $ 5,793,654 $ 480,659 $ (4,557,380 ) $ 5,924,421 |
Condensed Consolidating Statements of Income and Comprehensive Income | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2020 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 Operating expenses Direct advertising expenses (1) — 128,485 5,823 (249 ) 134,059 General and administrative expenses (1) — 65,222 2,186 — 67,408 Corporate expenses (1) — 16,521 124 — 16,645 Depreciation and amortization — 63,545 453 — 63,998 (Gain) loss on disposition of assets — (1,070 ) 55 — (1,015 ) — 272,703 8,641 (249 ) 281,095 Operating income (loss) — 68,961 (2,404 ) — 66,557 Equity in (earnings) loss of subsidiaries (66,370 ) — — 66,370 — Loss on extinguishment of debt 5 — — — 5 Interest expense (income), net 34,831 (24 ) 451 — 35,258 Income (loss) before income tax expense 31,534 68,985 (2,855 ) (66,370 ) 31,294 Income tax expense (benefit) (2) — 582 (822 ) — (240 ) Net income (loss) $ 31,534 $ 68,403 $ (2,033 ) $ (66,370 ) $ 31,534 Statement of Comprehensive Income Net income (loss) $ 31,534 $ 68,403 $ (2,033 ) $ (66,370 ) $ 31,534 Total other comprehensive income, net of tax — — 740 — 740 Total comprehensive income (loss) $ 31,534 $ 68,403 $ (1,293 ) $ (66,370 ) $ 32,274 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 437,074 $ 12,498 $ (830 ) $ 448,742 Operating expenses Direct advertising expenses (1) — 140,108 7,112 (830 ) 146,390 General and administrative expenses (1) — 76,475 1,941 — 78,416 Corporate expenses (1) — 18,274 311 — 18,585 Depreciation and amortization — 61,031 662 — 61,693 (Gain) loss on disposition of assets — (550 ) 13 — (537 ) — 295,338 10,039 (830 ) 304,547 Operating income — 141,736 2,459 — 144,195 Equity in (earnings) loss of subsidiaries (155,336 ) — — 155,336 — Interest expense (income), net 36,851 (82 ) 1,321 — 38,090 Income (loss) before income tax expense 118,485 141,818 1,138 (155,336 ) 106,105 Income tax (benefit) expense (2) — (13,231 ) 851 — (12,380 ) Net income (loss) $ 118,485 $ 155,049 $ 287 $ (155,336 ) $ 118,485 Statement of Comprehensive Income Net income (loss) $ 118,485 $ 155,049 $ 287 $ (155,336 ) $ 118,485 Total other comprehensive income, net of tax — — 287 — 287 Total comprehensive income (loss) $ 118,485 $ 155,049 $ 574 $ (155,336 ) $ 118,772 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) 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 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) 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 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
Condensed Consolidating Statements of Cash Flows | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 165,269 $ 238,800 $ 5,429 $ (226,745 ) $ 182,753 Cash flows from investing activities: Acquisitions 577 (26,730 ) — — (26,153 ) Capital expenditures — (34,770 ) (1,504 ) — (36,274 ) Proceeds from disposition of assets and investments — 4,750 — — 4,750 Investment in subsidiaries (26,730 ) — — 26,730 — (Increase) decrease in intercompany notes receivable (181,089 ) — — 181,089 — Net cash (used in) provided by investing activities (207,242 ) (56,750 ) (1,504 ) 207,819 (57,677 ) Cash flows from financing activities: Proceeds received from revolving credit facility 655,000 — — — 655,000 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 Proceeds received from note offering 1,400,000 — — — 1,400,000 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 ) Debt issuance costs (30,112 ) — — — (30,112 ) Intercompany loan proceeds — 3,808 177,281 (181,089 ) — Distributions to non-controlling interest — — (882 ) — (882 ) Dividends (to) from parent (161,208 ) (226,745 ) — 226,745 (161,208 ) Contributions from (to) parent 33,391 26,730 — (26,730 ) 33,391 Net cash provided by (used in) financing activities 193,335 (187,639 ) 1,399 18,926 26,021 Effect of exchange rate changes in cash and cash equivalents — — (192 ) — (192 ) Net increase (decrease) in cash and cash equivalents 151,362 (5,589 ) 5,132 — 150,905 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 164,547 $ 2,689 $ 9,357 $ — $ 176,593 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 158,778 $ 287,842 $ (2,208 ) $ (230,068 ) $ 214,344 Cash flows from investing activities: Acquisitions — (78,141 ) — — (78,141 ) Capital expenditures — (59,193 ) (1,367 ) — (60,560 ) Proceeds from disposition of assets and investments — 2,100 — — 2,100 Proceeds received from insurance claims (78,141 ) — — 78,141 — Investment in subsidiaries 5,161 — — (5,161 ) — Increase in intercompany notes receivable (127 ) (417 ) — — (544 ) Net cash (used in) provided by investing activities (73,107 ) (135,651 ) (1,367 ) 72,980 (137,145 ) Cash flows from financing activities: Proceeds received from revolving credit facility 220,000 — — — 220,000 Payment on revolving credit facility (375,000 ) — — — (375,000 ) Principal payments on long-term debt (14,421 ) — — — (14,421 ) Proceeds received from note offering 255,000 — — — 255,000 Payment on accounts receivable securitization program — — (9,000 ) — (9,000 ) Proceeds received from accounts receivable securitization program — — 9,000 — 9,000 Debt issuance costs (4,435 ) — — — (4,435 ) Intercompany loan proceeds — (8,461 ) 3,300 5,161 — Distributions to non-controlling interest — — (285 ) — (285 ) Dividends (to) from parent (200,636 ) (230,068 ) — 230,068 (200,636 ) Contributions from (to) parent 38,135 78,141 — (78,141 ) 38,135 Net cash (used in) provided by financing activities (81,357 ) (160,388 ) 3,015 157,088 (81,642 ) Effect of exchange rate changes in cash and cash equivalents — — 203 — 203 Net increase (decrease) in cash and cash equivalents 4,314 (8,197 ) (357 ) — (4,240 ) Cash and cash equivalents at beginning of period 4,029 11,655 5,310 — 20,994 Cash and cash equivalents at end of period $ 8,343 $ 3,458 $ 4,953 $ — $ 16,754 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Accounting Policies [Abstract] | |
Goodwill impairment loss | $ 0 |
Impairment of Long-Lived Assets Held-for-use | $ 0 |
Revenues - Disaggregation Reven
Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Net Revenues | $ 347,652 | $ 448,742 | $ 754,221 | $ 833,199 |
Billboard Advertising [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Revenues | 312,095 | 393,798 | 667,400 | 729,993 |
Logo Advertising [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Revenues | 21,053 | 21,811 | 42,445 | 41,723 |
Transit Advertising [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Revenues | $ 14,504 | $ 33,133 | $ 44,376 | $ 61,483 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lessee Lease Description [Line Items] | ||||
Operating lease, cost | $ 78,331 | $ 77,816 | $ 158,734 | $ 155,166 |
Variable lease, cost | 10,300 | 18,933 | 27,744 | 36,017 |
Gain (loss) on disposition of assets | 1,015 | 537 | 3,519 | 5,161 |
Operating lease, cash payments | 161,460 | 180,487 | ||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 134,059 | 146,390 | $ 283,553 | 286,860 |
Operating lease, weighted average remaining lease term | 12 years 1 month 6 days | 12 years 1 month 6 days | ||
Operating lease, weighted average discount rate | 4.60% | 4.60% | ||
Leased assets obtained in exchange for operating lease liability | $ 9,991 | 8,671 | ||
Advertising [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 1,249 | 1,097 | 2,507 | 2,226 |
Termination of Lease Agreements [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Gain (loss) on disposition of assets | $ (266) | $ (193) | $ (317) | $ 3,911 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2020 | $ 114,518 |
2021 | 206,414 |
2022 | 181,916 |
2023 | 158,968 |
2024 | 141,902 |
Thereafter | 854,924 |
Total undiscounted operating lease payments | 1,658,642 |
Less: Imputed interest | (430,667) |
Total operating lease liabilities | $ 1,227,975 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Award vesting terms | vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. |
Number of shares available for grant | 2,470,063 |
Common Class A [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options granted | 32,000 |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Award vesting period | 3 years |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Award vesting period | 5 years |
1996 Equity Incentive Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares reserved for issuance to directors and employees | 17,500,000 |
1996 Equity Incentive Plan [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of awards of target number of share | 0.00% |
1996 Equity Incentive Plan [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of awards of target number of share | 100.00% |
2019 Employee Stock Purchase Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Additional shares reserved | 86,093 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expiration date of options granted under equity incentive plan | 10 years |
Restricted Stock [Member] | Non-employee Director [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Compensation expense related to performance based compensation agreements | $ | $ 492 |
Restricted Stock [Member] | Percentage of awards vesting on grant date [Member] | Non-employee Director [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of awards vesting on grant date | 50.00% |
Restricted Stock [Member] | Percentage of Awards Vesting On Last Day of Each Directors Term [Member] | Non-employee Director [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Award vesting period | 1 year |
Percentage of awards vesting on grant date | 50.00% |
Performance Based Compensation [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Compensation expense related to performance based compensation agreements | $ | $ 3,494 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Purchases | (31,114) | (58,734) | (31,455) | (44,161) | |
Available for future purchases, June 30, 2020 | 2,470,063 | 2,470,063 | |||
2019 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Additional shares reserved | 86,093 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Available for future purchases, January 1, 2020 | 438,434 | 438,434 | |||
Purchases | (89,848) | ||||
Available for future purchases, June 30, 2020 | 434,679 | 434,679 | |||
Employee Stock Purchase Plan [Member] | 2019 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Additional shares reserved | 86,093 |
Depreciation and Amortization -
Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | $ 63,998 | $ 61,693 | $ 126,311 | $ 123,199 |
Direct Advertising Expenses [Member] | ||||
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | 60,142 | 58,200 | 118,839 | 116,315 |
General and Administrative Expenses [Member] | ||||
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | 1,151 | 1,140 | 2,432 | 2,261 |
Corporate Expenses [Member] | ||||
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | $ 2,705 | $ 2,353 | $ 5,040 | $ 4,623 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,159,760 | $ 3,142,112 |
Accumulated Amortization | 2,204,564 | 2,149,868 |
Goodwill gross carrying amount | 2,165,697 | 2,165,810 |
Goodwill accumulated amortization | 253,536 | 253,536 |
Customer Lists and Contracts [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 644,330 | 641,714 |
Accumulated Amortization | $ 551,309 | 539,405 |
Customer Lists and Contracts [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 7 years | |
Customer Lists and Contracts [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 10 years | |
Non-competition Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 66,101 | 66,014 |
Accumulated Amortization | $ 64,512 | 64,379 |
Non-competition Agreements [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 3 years | |
Non-competition Agreements [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Site Locations [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,399,355 | 2,384,520 |
Accumulated Amortization | $ 1,550,917 | 1,509,335 |
Site Locations [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 49,974 | 49,864 |
Accumulated Amortization | $ 37,826 | $ 36,749 |
Other [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 2 years | |
Other [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years |
Asset Retirement Obligations -
Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Asset Retirement Obligation Disclosure [Abstract] | |
Beginning Balance | $ 226,137 |
Additions to asset retirement obligations | 421 |
Accretion expense | 2,129 |
Liabilities settled | (3,742) |
Ending Balance | $ 224,945 |
Distribution Restrictions - Add
Distribution Restrictions - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||
Balance of permitted transfers to parent company | $ 3,429,654 | $ 3,389,763 |
Description of provisions on senior credit facility transfers to Lamar Advertising subject to additional restrictions | (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. | |
Debt ratio | 7 | |
Debt ratio related to actual position on senior credit facility | 7 | |
Available cumulative credit | $ 2,180,134 | |
Secured Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 | |
LAMAR MEDIA CORP [Member] | Secured Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options | 0 | 0 | 0 | 0 |
Long-term Debt - Long-Term Debt
Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Debt | $ 3,199,014 | $ 3,004,532 |
Debt, Less current maturities | (9,120) | (232,595) |
Debt, excluding current maturities | 3,189,894 | 2,771,937 |
Deferred financing costs | 43,115 | 24,414 |
Deferred financing costs, Less current maturities | 0 | (6,081) |
Deferred financing costs, excluding current maturities | 43,115 | 18,333 |
Debt, net of deferred financing costs | 3,155,899 | 2,980,118 |
Debt, net of deferred financing costs, Less current maturities | (9,120) | (226,514) |
Debt, net of deferred financing costs, excluding current maturities | 3,146,779 | 2,753,604 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 598,339 | 1,127,069 |
Deferred financing costs | 12,697 | 9,077 |
Debt, net of deferred financing costs | 585,642 | 1,117,992 |
5% Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 535,000 | 535,000 |
Deferred financing costs | 2,786 | 3,237 |
Debt, net of deferred financing costs | 532,214 | 531,763 |
Accounts Receivable Securitization Program [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 175,000 |
Deferred financing costs | 667 | 846 |
Debt, net of deferred financing costs | (667) | 174,154 |
5 3/4% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 653,988 | 654,345 |
Deferred financing costs | 7,171 | 7,752 |
Debt, net of deferred financing costs | 646,817 | 646,593 |
4 7/8% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 400,000 | |
Deferred financing costs | 5,790 | |
Debt, net of deferred financing costs | 394,210 | |
Other Notes with Various Rates and Terms [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 11,687 | 3,118 |
Debt, net of deferred financing costs | 11,687 | 3,118 |
4% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 400,000 | |
Deferred financing costs | 5,610 | |
Debt, net of deferred financing costs | 394,390 | |
3 3/4% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 600,000 | |
Deferred financing costs | 8,394 | |
Debt, net of deferred financing costs | $ 591,606 | |
5 3/8% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 510,000 | |
Deferred financing costs | 3,502 | |
Debt, net of deferred financing costs | $ 506,498 |
Long-term Debt - Long-Term De_2
Long-term Debt - Long-Term Debt (Parenthetical) (Detail) | Jun. 30, 2020 | Feb. 06, 2020 | Dec. 31, 2019 | Jan. 28, 2016 | Jan. 10, 2014 | Oct. 30, 2012 |
5% Senior Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.00% | 5.00% | 5.00% | |||
5 3/8% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.375% | 5.375% | ||||
5 3/4% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.75% | 5.75% | 5.75% | |||
4 7/8% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 4.875% | |||||
3 3/4% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 3.75% | 3.75% | ||||
4% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 4.00% | 4.00% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Jun. 29, 2020 | May 13, 2020 | Feb. 20, 2020 | Feb. 06, 2020 | Feb. 01, 2019 | Dec. 18, 2018 | Jan. 28, 2016 | Jan. 10, 2014 | Oct. 30, 2012 | Jun. 30, 2020 | Jun. 30, 2020 | Mar. 16, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||||||||
Debt instrument description | On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”). | ||||||||||||
Proceeds received from term B loans | $ 598,500,000 | ||||||||||||
Loss on debt extinguishment | $ 5,000 | 18,184,000 | |||||||||||
Outstanding revolving credit facility | 0 | 0 | |||||||||||
Remaining borrowing capacity under revolving credit facility | 737,216,000 | 737,216,000 | |||||||||||
Aggregate principal amount of debt issued | 3,199,014,000 | 3,199,014,000 | |||||||||||
Debt instrument outstanding amount | 3,199,014,000 | 3,199,014,000 | $ 3,004,532,000 | ||||||||||
Letter of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letter of credit outstanding balance | 12,784,000 | 12,784,000 | |||||||||||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds received from term B loans | 598,500,000 | ||||||||||||
Loss on debt extinguishment | $ 5,000 | 18,184,000 | |||||||||||
Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on debt extinguishment | $ 5,608,000 | ||||||||||||
3 3/4% Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 3.75% | ||||||||||
Debt instrument outstanding amount | $ 600,000,000 | $ 600,000,000 | |||||||||||
Redeemed percentage of aggregate principal amount | 103.75% | ||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||
3 3/4% Senior Notes [Member] | Prior to February 15, 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||
3 3/4% Senior Notes [Member] | Private Placement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||||||||
Aggregate principal amount of debt issued | $ 600,000,000 | ||||||||||||
Net proceeds form the issuance of debt | $ 592,500,000 | ||||||||||||
4% Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | 4.00% | ||||||||||
Debt instrument outstanding amount | $ 400,000,000 | $ 400,000,000 | |||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||
4% Senior Notes [Member] | Prior to February 1, 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||
4% Senior Notes [Member] | Prior to February 15, 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redeemed percentage of aggregate principal amount | 104.00% | ||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||
4% Senior Notes [Member] | Private Placement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | ||||||||||||
Net proceeds form the issuance of debt | $ 395,000,000 | ||||||||||||
Accounts Receivable Securitization Program [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument maturity date | Dec. 17, 2021 | ||||||||||||
Aggregate principal amount of debt issued | $ 175,000,000 | ||||||||||||
Increase in delinquency ratio | 11.00% | 11.00% | |||||||||||
Delinquency ratio | 8.00% | ||||||||||||
Increase in dilution ratio | 7.00% | 7.00% | |||||||||||
Dilution ratio | 4.00% | ||||||||||||
Increase in days sales outstanding | 75 days | ||||||||||||
Number of days sales outstanding | 65 days | ||||||||||||
Percentage of commitment to maintain minimum borrowings | 50.00% | ||||||||||||
Minimum Funding Threshold | requires the Special Purpose Subsidiaries to maintain minimum borrowings under the | ||||||||||||
Debt instrument outstanding amount | $ 0 | $ 0 | $ 175,000,000 | ||||||||||
Accounts Receivable Securitization Program [Member] | LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Available borrowing on accounts receivable securitization | $ 171,810,000 | $ 171,810,000 | |||||||||||
5% Senior Subordinated Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||
Aggregate principal amount of debt issued | $ 535,000,000 | ||||||||||||
Debt instrument outstanding amount | $ 535,000,000 | $ 535,000,000 | $ 535,000,000 | ||||||||||
Net proceeds form the issuance of debt | $ 527,100,000 | ||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||
5 3/8% Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | |||||||||||
Loss on debt extinguishment | 12,576,000 | ||||||||||||
Aggregate principal amount of debt issued | $ 510,000,000 | ||||||||||||
Debt instrument outstanding amount | $ 510,000,000 | ||||||||||||
Net proceeds form the issuance of debt | $ 502,300,000 | ||||||||||||
Redemption, description | The Company used the proceeds from the 4% Senior Notes and 3 3/4% Senior Notes to redeem in full all of the 5 3/8% Notes on February 20, 2020 at a redemption price of 101% of the aggregate principal amounts of the outstanding 5 3/8% Notes, plus accrued and unpaid interest up to but not including the redemption date | ||||||||||||
Redeemed percentage of aggregate principal amount | 101.00% | ||||||||||||
Loss on debt extinguishment on cash | $ 9,139,000 | ||||||||||||
5 3/4% Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | 5.75% | 5.75% | |||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | ||||||||||||
Debt instrument outstanding amount | $ 653,988,000 | $ 653,988,000 | $ 654,345,000 | ||||||||||
Net proceeds form the issuance of debt | $ 394,500,000 | ||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||
5 3/4% Senior Notes [Member] | Prior to February 1, 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||
5 3/4% Senior Notes [Member] | Private Placement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||||||
Aggregate principal amount of debt issued | $ 250,000,000 | ||||||||||||
Net proceeds form the issuance of debt | $ 251,500,000 | ||||||||||||
4 7/8% Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | |||||||||||
Debt instrument outstanding amount | $ 400,000,000 | $ 400,000,000 | |||||||||||
Redeemed percentage of aggregate principal amount | 104.875% | ||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||
4 7/8% Senior Notes [Member] | Prior to February 15, 2023 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||
4 7/8% Senior Notes [Member] | Private Placement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | ||||||||||||
Net proceeds form the issuance of debt | $ 395,000,000 | ||||||||||||
Senior or Senior Subordinated Notes and other Indebtedness [Member] | Debt Instrument Repurchase Program [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt repurchase program, authorized amount | $ 250,000,000 | ||||||||||||
Debt instrument repurchase expiry date | Sep. 30, 2021 | ||||||||||||
Debt instrument repurchased under the program | $ 0 | $ 0 | |||||||||||
Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing limit of incremental loan facility | $ 750,000,000 | ||||||||||||
Debt instrument maturity date | Feb. 6, 2025 | ||||||||||||
Term B Loan Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing limit of incremental loan facility | $ 600,000,000 | ||||||||||||
Debt instrument maturity date | Feb. 6, 2027 | ||||||||||||
Proceeds received from term B loans | $ 600,000,000 | ||||||||||||
Term B Loan Facility [Member] | LIBO Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Adjusted Rate | 1.50% | ||||||||||||
Term B Loan Facility [Member] | Base Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Adjusted Rate | 0.50% | ||||||||||||
Revolving Credit Facility [Member] | LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument maturity date | Feb. 6, 2025 | ||||||||||||
Revolving Credit Facility [Member] | LIBO Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured debt ratio | 3.25 | ||||||||||||
Adjusted Rate | 1.50% | ||||||||||||
Ratio of indebtedness to net capital minimum | 1 | ||||||||||||
Revolving Credit Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than Three Point Two Five [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Adjusted Rate | 1.25% | ||||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured debt ratio | 3.25 | ||||||||||||
Adjusted Rate | 0.50% | ||||||||||||
Ratio of indebtedness to net capital minimum | 1 | ||||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Debt Ratio Less Than Three Point Two Five [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Adjusted Rate | 0.25% | ||||||||||||
Revolving Credit Facility [Member] | Secured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured debt ratio | 4.50 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Estimated fair value of Long-term debt (including current maturities) | $ 3,159,255 | |
Gross amount of company's long term debt | 3,199,014 | |
Carrying amount of company's long term debt | $ 3,199,014 | $ 3,004,532 |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating liabilities, expected to be recognized | $ 1,054,140,000 | $ 1,068,181,000 |
Retained earnings | (787,751,000) | $ (708,408,000) |
ASU 2018-11 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating liabilities, expected to be recognized | 1,200,000,000 | |
Retained earnings | $ 0 |
Dividends_Distributions - Addit
Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends [Line Items] | ||||||
Dividends declared, per share | $ 0.50 | $ 1 | $ 0.96 | $ 0.96 | $ 1.50 | $ 1.92 |
Distributions paid, preferred stockholders | $ 91 | $ 91 | $ 182 | $ 182 | ||
Distributions paid, preferred stockholders, per share | $ 15.95 | $ 15.95 | $ 31.90 | $ 31.90 | ||
Distributions paid | $ 50,396 | $ 96,039 | $ 151,083 | $ 191,954 | ||
Distributions paid, per share | $ 0.50 | $ 0.96 | $ 1.50 | $ 1.92 |
Information about Geographic _2
Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net carrying value of long lived assets | $ 5,406 | $ 4,549 | |
External Customers [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from external customers | $ 11,022 | $ 17,057 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 16, 2020 | May 01, 2018 | |
Shelf Registration [Member] | |||||
Class of Stock [Line Items] | |||||
Additional shares issued | 0 | 0 | |||
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of shares related to acquisition | 163,137 | ||||
Common Class A [Member] | Stock Repurchase Program [Member] | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 250,000,000 | ||||
Stock repurchase program expiry date | Sep. 30, 2021 | ||||
Stock repurchased during period | $ 0 | ||||
Common Class A [Member] | Equity Distribution Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares sold | 842,412 | ||||
Common stock, shares available to be sold | $ 336,668,000 | ||||
Common Class A [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Aggregate offering price of common stock issuable | $ 400,000,000 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 30, 2020 | Jun. 30, 2020 |
Subsequent Event [Line Items] | ||
Aggregate principal amount of debt issued | $ 3,199,014 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate principal amount of debt issued | $ 535,000 | |
Debt instrument redemption date | Aug. 31, 2020 | |
Debt instrument redemption amount | $ 267,500 | |
Subsequent Event [Member] | 5% Notes [Member] | ||
Subsequent Event [Line Items] | ||
Interest rate on senior notes | 5.00% |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||||
Total current assets | $ 444,237 | $ 310,169 | ||||
Net property, plant and equipment | 1,320,475 | 1,349,115 | ||||
Operating lease right of use assets | 1,292,917 | 1,320,779 | ||||
Other assets | 56,595 | 56,574 | ||||
Total assets | 5,981,581 | 5,941,155 | ||||
Current liabilities: | ||||||
Current maturities of long-term debt | 9,120 | 226,514 | ||||
Current operating lease liabilities | 173,835 | 196,841 | ||||
Total current liabilities | 393,862 | 672,808 | ||||
Long-term debt | 3,146,779 | 2,753,604 | ||||
Operating lease liabilities | 1,054,140 | 1,068,181 | ||||
Total liabilities | 4,858,210 | 4,760,849 | ||||
Stockholder’s equity | 1,123,371 | $ 1,137,784 | 1,180,306 | $ 1,139,295 | $ 1,109,578 | $ 1,131,784 |
Total liabilities and stockholders’ equity | 5,981,581 | 5,941,155 | ||||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||||||
ASSETS | ||||||
Total current assets | 443,737 | 309,669 | ||||
Net property, plant and equipment | 1,320,475 | 1,349,115 | ||||
Operating lease right of use assets | 1,292,917 | 1,320,779 | ||||
Intangibles and goodwill, net | 2,856,738 | 2,893,899 | ||||
Other assets | 50,980 | 50,959 | ||||
Total assets | 5,964,847 | 5,924,421 | ||||
Current liabilities: | ||||||
Current maturities of long-term debt | 9,120 | 226,514 | ||||
Current operating lease liabilities | 173,835 | 196,841 | ||||
Other current liabilities | 204,537 | 243,494 | ||||
Total current liabilities | 387,492 | 666,849 | ||||
Long-term debt | 3,146,779 | 2,753,604 | ||||
Operating lease liabilities | 1,054,140 | 1,068,181 | ||||
Other noncurrent liabilities | 263,429 | 266,256 | ||||
Total liabilities | 4,851,840 | 4,754,890 | ||||
Stockholder’s equity | 1,113,007 | 1,169,531 | ||||
Total liabilities and stockholders’ equity | 5,964,847 | 5,924,421 | ||||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member] | ||||||
ASSETS | ||||||
Total current assets | 164,644 | 13,859 | ||||
Other assets | 4,157,051 | 4,193,629 | ||||
Total assets | 4,321,695 | 4,207,488 | ||||
Current liabilities: | ||||||
Current maturities of long-term debt | 51,480 | |||||
Other current liabilities | 33,062 | 26,960 | ||||
Total current liabilities | 33,062 | 78,440 | ||||
Long-term debt | 3,144,240 | 2,753,570 | ||||
Other noncurrent liabilities | 31,386 | 205,947 | ||||
Total liabilities | 3,208,688 | 3,037,957 | ||||
Stockholder’s equity | 1,113,007 | 1,169,531 | ||||
Total liabilities and stockholders’ equity | 4,321,695 | 4,207,488 | ||||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Total current assets | 44,905 | 53,756 | ||||
Net property, plant and equipment | 1,311,329 | 1,340,675 | ||||
Operating lease right of use assets | 1,271,821 | 1,293,674 | ||||
Intangibles and goodwill, net | 2,838,868 | 2,875,644 | ||||
Other assets | 225,091 | 229,905 | ||||
Total assets | 5,692,014 | 5,793,654 | ||||
Current liabilities: | ||||||
Current maturities of long-term debt | 9,120 | 34 | ||||
Current operating lease liabilities | 168,390 | 189,071 | ||||
Other current liabilities | 158,005 | 196,689 | ||||
Total current liabilities | 335,515 | 385,794 | ||||
Long-term debt | 2,539 | 34 | ||||
Operating lease liabilities | 1,037,680 | 1,049,220 | ||||
Other noncurrent liabilities | 229,469 | 231,416 | ||||
Total liabilities | 1,605,203 | 1,666,464 | ||||
Stockholder’s equity | 4,086,811 | 4,127,190 | ||||
Total liabilities and stockholders’ equity | 5,692,014 | 5,793,654 | ||||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Total current assets | 234,188 | 242,054 | ||||
Net property, plant and equipment | 9,146 | 8,440 | ||||
Operating lease right of use assets | 21,096 | 27,105 | ||||
Intangibles and goodwill, net | 17,870 | 18,255 | ||||
Other assets | 10,393 | 184,805 | ||||
Total assets | 292,693 | 480,659 | ||||
Current liabilities: | ||||||
Current maturities of long-term debt | 175,000 | |||||
Current operating lease liabilities | 5,445 | 7,770 | ||||
Other current liabilities | 13,470 | 19,845 | ||||
Total current liabilities | 18,915 | 202,615 | ||||
Operating lease liabilities | 16,460 | 18,961 | ||||
Other noncurrent liabilities | 252,027 | 250,859 | ||||
Total liabilities | 287,402 | 472,435 | ||||
Stockholder’s equity | 5,291 | 8,224 | ||||
Total liabilities and stockholders’ equity | 292,693 | 480,659 | ||||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member] | ||||||
ASSETS | ||||||
Other assets | (4,341,555) | (4,557,380) | ||||
Total assets | (4,341,555) | (4,557,380) | ||||
Current liabilities: | ||||||
Other noncurrent liabilities | (249,453) | (421,966) | ||||
Total liabilities | (249,453) | (421,966) | ||||
Stockholder’s equity | (4,092,102) | (4,135,414) | ||||
Total liabilities and stockholders’ equity | $ (4,341,555) | $ (4,557,380) |
Condensed Consolidating Stateme
Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Net revenues | $ 347,652 | $ 448,742 | $ 754,221 | $ 833,199 | ||
Operating expenses | ||||||
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Direct advertising expenses | $ 134,059 | $ 146,390 | $ 283,553 | $ 286,860 | ||
General and administrative expenses | 67,408 | 78,416 | 149,612 | 157,709 | ||
Corporate expenses | 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) | ||
Total Operating Expenses | 281,200 | 304,636 | 591,198 | 598,310 | ||
Operating income | 66,452 | 144,106 | 163,023 | 234,889 | ||
Loss on extinguishment of debt | 5 | 18,184 | ||||
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 | $ 40,493 | 118,396 | $ 51,253 | 71,922 | 169,649 |
Statements of Comprehensive Income | ||||||
Net income | 31,429 | $ 40,493 | 118,396 | $ 51,253 | 71,922 | 169,649 |
Comprehensive income | $ 32,169 | $ 118,683 | $ 71,064 | $ 170,195 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||||||
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Net revenues | $ 347,652 | $ 448,742 | $ 754,221 | $ 833,199 | ||
Operating expenses | ||||||
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Direct advertising expenses | $ 134,059 | $ 146,390 | $ 283,553 | $ 286,860 | ||
General and administrative expenses | 67,408 | 78,416 | 149,612 | 157,709 | ||
Corporate expenses | 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) | ||
Total Operating Expenses | 281,095 | 304,547 | 590,969 | 598,112 | ||
Operating income | 66,557 | 144,195 | 163,252 | 235,087 | ||
Loss on extinguishment of debt | 5 | 18,184 | ||||
Interest expense (income), net | 35,258 | 38,090 | 71,621 | 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 | ||
Foreign currency translation adjustments | 740 | 287 | (858) | 546 | ||
Comprehensive income | $ 32,274 | $ 118,772 | $ 71,293 | $ 170,393 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member] | ||||||
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Operating expenses | ||||||
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Equity in (earnings) loss of subsidiaries | $ (66,370) | $ (155,336) | $ (160,584) | $ (242,710) | ||
Loss on extinguishment of debt | 5 | 18,184 | ||||
Interest expense (income), net | 34,831 | 36,851 | 70,249 | 72,863 | ||
Income before income tax expense | 31,534 | 118,485 | 72,151 | 169,847 | ||
Net income | 31,534 | 118,485 | 72,151 | 169,847 | ||
Statements of Comprehensive Income | ||||||
Net income | 31,534 | 118,485 | 72,151 | 169,847 | ||
Comprehensive income | $ 31,534 | $ 118,485 | $ 72,151 | $ 169,847 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Net revenues | $ 341,664 | $ 437,074 | $ 738,295 | $ 811,655 | ||
Operating expenses | ||||||
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Direct advertising expenses | $ 128,485 | $ 140,108 | $ 271,537 | $ 274,858 | ||
General and administrative expenses | 65,222 | 76,475 | 145,750 | 154,132 | ||
Corporate expenses | 16,521 | 18,274 | 34,608 | 34,897 | ||
Depreciation and amortization | 63,545 | 61,031 | 125,450 | 121,864 | ||
Gain on disposition of assets | (1,070) | (550) | (3,574) | (1,010) | ||
Total Operating Expenses | 272,703 | 295,338 | 573,771 | 584,741 | ||
Operating income | 68,961 | 141,736 | 164,524 | 226,914 | ||
Interest expense (income), net | (24) | (82) | (59) | (87) | ||
Income before income tax expense | 68,985 | 141,818 | 164,583 | 227,001 | ||
Income tax (benefit) expense | 582 | (13,231) | 1,924 | (12,612) | ||
Net income | 68,403 | 155,049 | 162,659 | 239,613 | ||
Statements of Comprehensive Income | ||||||
Net income | 68,403 | 155,049 | 162,659 | 239,613 | ||
Comprehensive income | $ 68,403 | $ 155,049 | $ 162,659 | $ 239,613 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Net revenues | $ 6,237 | $ 12,498 | $ 16,689 | $ 23,024 | ||
Operating expenses | ||||||
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Direct advertising expenses | $ 5,823 | $ 7,112 | $ 12,779 | $ 13,482 | ||
General and administrative expenses | 2,186 | 1,941 | 3,862 | 3,577 | ||
Corporate expenses | 124 | 311 | 404 | 608 | ||
Depreciation and amortization | 453 | 662 | 861 | 1,335 | ||
Gain on disposition of assets | 55 | 13 | 55 | (4,151) | ||
Total Operating Expenses | 8,641 | 10,039 | 17,961 | 14,851 | ||
Operating income | (2,404) | 2,459 | (1,272) | 8,173 | ||
Interest expense (income), net | 451 | 1,321 | 1,431 | 2,756 | ||
Income before income tax expense | (2,855) | 1,138 | (2,703) | 5,417 | ||
Income tax (benefit) expense | (822) | 851 | (628) | 2,320 | ||
Net income | (2,033) | 287 | (2,075) | 3,097 | ||
Statements of Comprehensive Income | ||||||
Net income | (2,033) | 287 | (2,075) | 3,097 | ||
Foreign currency translation adjustments | 740 | 287 | (858) | 546 | ||
Comprehensive income | $ (1,293) | $ 574 | $ (2,933) | $ 3,643 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member] | ||||||
Type of Revenue [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Net revenues | $ (249) | $ (830) | $ (763) | $ (1,480) | ||
Operating expenses | ||||||
Type of Cost Good or Service [Extensible List] | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | us-gaap:AdvertisingMember | ||
Direct advertising expenses | $ (249) | $ (830) | $ (763) | $ (1,480) | ||
Total Operating Expenses | (249) | (830) | (763) | (1,480) | ||
Equity in (earnings) loss of subsidiaries | 66,370 | 155,336 | 160,584 | 242,710 | ||
Income before income tax expense | (66,370) | (155,336) | (160,584) | (242,710) | ||
Net income | (66,370) | (155,336) | (160,584) | (242,710) | ||
Statements of Comprehensive Income | ||||||
Net income | (66,370) | (155,336) | (160,584) | (242,710) | ||
Comprehensive income | $ (66,370) | $ (155,336) | $ (160,584) | $ (242,710) |
Condensed Consolidating State_2
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) 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 |
Net cash (used in) provided by investing activities | (57,677) | (137,145) |
Cash flows from financing activities: | ||
Payments on revolving credit facility | (805,000) | (375,000) |
Principal payments on long term debt | (182) | (14,421) |
Borrowings on long term debt | 8,750 | |
Proceeds received from note offering | 1,400,000 | 255,000 |
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) | |
Proceeds received from accounts receivable securitization program | 9,000 | |
Debt issuance costs | (30,112) | (4,435) |
Distributions to non-controlling interest | (882) | (285) |
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 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) 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 |
Decrease (increase) in intercompany notes receivable | (544) | |
Net cash (used in) provided by investing activities | (57,677) | (137,145) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 655,000 | 220,000 |
Payments on revolving credit facility | (805,000) | (375,000) |
Principal payments on long term debt | (182) | (14,421) |
Borrowings on long term debt | 8,750 | |
Proceeds received from note offering | 1,400,000 | 255,000 |
Payments on accounts receivable securitization program | (175,000) | (9,000) |
Redemption on senior subordinated notes | (519,139) | |
Proceeds received from senior credit facility term loans | 598,500 | |
Payments on senior credit facility term loans | (978,097) | |
Proceeds received from accounts receivable securitization program | 9,000 | |
Debt issuance costs | (30,112) | (4,435) |
Distributions to non-controlling interest | (882) | (285) |
Dividends (to) from parent | (161,208) | (200,636) |
Contributions from (to) parent | 33,391 | 38,135 |
Net cash 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 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 165,269 | 158,778 |
Cash flows from investing activities: | ||
Acquisitions | 577 | |
Proceeds received from insurance claims | (78,141) | |
Investment in subsidiaries | (26,730) | 5,161 |
Decrease (increase) in intercompany notes receivable | (181,089) | (127) |
Net cash (used in) provided by investing activities | (207,242) | (73,107) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 655,000 | 220,000 |
Payments on revolving credit facility | (805,000) | (375,000) |
Principal payments on long term debt | (14,421) | |
Proceeds received from note offering | 1,400,000 | 255,000 |
Redemption on senior subordinated notes | (519,139) | |
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) |
Dividends (to) from parent | (161,208) | (200,636) |
Contributions from (to) parent | 33,391 | 38,135 |
Net cash used in financing activities | 193,335 | (81,357) |
Net increase (decrease) in cash and cash equivalents | 151,362 | 4,314 |
Cash and cash equivalents at beginning of period | 13,185 | 4,029 |
Cash and cash equivalents at end of period | 164,547 | 8,343 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 238,800 | 287,842 |
Cash flows from investing activities: | ||
Acquisitions | (26,730) | (78,141) |
Capital expenditures | (34,770) | (59,193) |
Proceeds from disposition of assets and investments | 4,750 | 2,100 |
Decrease (increase) in intercompany notes receivable | (417) | |
Net cash (used in) provided by investing activities | (56,750) | (135,651) |
Cash flows from financing activities: | ||
Principal payments on long term debt | (182) | |
Borrowings on long term debt | 8,750 | |
Intercompany loan proceeds | 3,808 | (8,461) |
Dividends (to) from parent | (226,745) | (230,068) |
Contributions from (to) parent | 26,730 | 78,141 |
Net cash used in financing activities | (187,639) | (160,388) |
Net increase (decrease) in cash and cash equivalents | (5,589) | (8,197) |
Cash and cash equivalents at beginning of period | 8,278 | 11,655 |
Cash and cash equivalents at end of period | 2,689 | 3,458 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 5,429 | (2,208) |
Cash flows from investing activities: | ||
Capital expenditures | (1,504) | (1,367) |
Net cash (used in) provided by investing activities | (1,504) | (1,367) |
Cash flows from financing activities: | ||
Payments on accounts receivable securitization program | (175,000) | (9,000) |
Proceeds received from accounts receivable securitization program | 9,000 | |
Intercompany loan proceeds | 177,281 | 3,300 |
Distributions to non-controlling interest | (882) | (285) |
Net cash used in financing activities | 1,399 | 3,015 |
Effect of exchange rate changes in cash and cash equivalents | (192) | 203 |
Net increase (decrease) in cash and cash equivalents | 5,132 | (357) |
Cash and cash equivalents at beginning of period | 4,225 | 5,310 |
Cash and cash equivalents at end of period | 9,357 | 4,953 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (226,745) | (230,068) |
Cash flows from investing activities: | ||
Proceeds received from insurance claims | 78,141 | |
Investment in subsidiaries | 26,730 | (5,161) |
Decrease (increase) in intercompany notes receivable | 181,089 | |
Net cash (used in) provided by investing activities | 207,819 | 72,980 |
Cash flows from financing activities: | ||
Intercompany loan proceeds | (181,089) | 5,161 |
Dividends (to) from parent | 226,745 | 230,068 |
Contributions from (to) parent | (26,730) | (78,141) |
Net cash used in financing activities | $ 18,926 | $ 157,088 |