Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-36756 | |
Entity Registrant Name | LAMAR ADVERTISING CO/NEW | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-0961620 | |
Entity Address, Address Line One | 5321 Corporate Blvd. | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70808 | |
City Area Code | 225 | |
Local Phone Number | 926-1000 | |
Title of 12(b) Security | Class A common stock, $0.001 par value | |
Trading Symbol | LAMR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001090425 | |
Current Fiscal Year End Date | --12-31 | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 86,762,533 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,420,085 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Document Information [Line Items] | ||
Entity File Number | 1-12407 | |
Entity Registrant Name | LAMAR MEDIA CORP/DE | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1205791 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Central Index Key | 0000899045 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 68,726 | $ 121,569 |
Receivables, net of allowance for doubtful accounts | 257,412 | 240,854 |
Other current assets | 22,055 | 18,147 |
Total current assets | 348,193 | 380,570 |
Property, plant and equipment | 3,642,397 | 3,615,505 |
Less accumulated depreciation and amortization | (2,376,903) | (2,333,656) |
Net property, plant and equipment | 1,265,494 | 1,281,849 |
Operating lease right of use assets | 1,227,554 | 1,222,013 |
Financing lease right of use assets | 18,317 | 19,670 |
Goodwill | 1,912,399 | 1,912,328 |
Intangible assets, net | 879,145 | 914,446 |
Other assets | 64,196 | 60,565 |
Total assets | 5,715,298 | 5,791,441 |
Current liabilities: | ||
Trade accounts payable | 10,769 | 12,017 |
Current maturities of long-term debt, net of deferred financing costs | 122,195 | 122,434 |
Current operating lease liabilities | 176,431 | 195,439 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 89,172 | 105,288 |
Deferred income | 144,878 | 111,363 |
Total current liabilities | 544,776 | 547,872 |
Long-term debt | 2,661,486 | 2,764,082 |
Operating lease liabilities | 989,086 | 993,776 |
Financing lease liabilities | 17,942 | 18,608 |
Deferred income tax liabilities | 6,488 | 4,854 |
Asset retirement obligation | 223,876 | 222,876 |
Other liabilities | 40,039 | 36,605 |
Total liabilities | 4,483,693 | 4,588,673 |
Stockholders’ equity: | ||
Additional paid-in capital | 1,991,836 | 1,963,850 |
Accumulated comprehensive income | 1,438 | 934 |
Accumulated deficit | (711,267) | (717,331) |
Cost of shares held in treasury | (50,503) | (44,786) |
Stockholder's equity | 1,231,605 | 1,202,768 |
Total liabilities and stockholders’ equity | 5,715,298 | 5,791,441 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Current assets: | ||
Cash and cash equivalents | 68,226 | 121,069 |
Receivables, net of allowance for doubtful accounts | 257,412 | 240,854 |
Other current assets | 22,055 | 18,147 |
Total current assets | 347,693 | 380,070 |
Property, plant and equipment | 3,642,397 | 3,615,505 |
Less accumulated depreciation and amortization | (2,376,903) | (2,333,656) |
Net property, plant and equipment | 1,265,494 | 1,281,849 |
Operating lease right of use assets | 1,227,554 | 1,222,013 |
Financing lease right of use assets | 18,317 | 19,670 |
Goodwill | 1,902,247 | 1,902,177 |
Intangible assets, net | 878,677 | 913,978 |
Other assets | 58,853 | 54,950 |
Total assets | 5,698,835 | 5,774,707 |
Current liabilities: | ||
Trade accounts payable | 10,769 | 12,017 |
Current maturities of long-term debt, net of deferred financing costs | 122,195 | 122,434 |
Current operating lease liabilities | 176,431 | 195,439 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses | 81,891 | 98,478 |
Deferred income | 144,878 | 111,363 |
Total current liabilities | 537,495 | 541,062 |
Long-term debt | 2,661,486 | 2,764,082 |
Operating lease liabilities | 989,086 | 993,776 |
Financing lease liabilities | 17,942 | 18,608 |
Deferred income tax liabilities | 6,488 | 4,854 |
Asset retirement obligation | 223,876 | 222,876 |
Other liabilities | 40,039 | 36,605 |
Total liabilities | 4,476,412 | 4,581,863 |
Stockholders’ equity: | ||
Common stock, value | 0 | 0 |
Additional paid-in capital | 3,062,342 | 3,034,357 |
Accumulated comprehensive income | 1,438 | 934 |
Accumulated deficit | (1,841,357) | (1,842,447) |
Stockholder's equity | 1,222,423 | 1,192,844 |
Total liabilities and stockholders’ equity | 5,698,835 | 5,774,707 |
Series A A Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock, value | 0 | 0 |
Common Class A | ||
Stockholders’ equity: | ||
Common stock, value | 87 | 87 |
Common Class B | ||
Stockholders’ equity: | ||
Common stock, value | $ 14 | $ 14 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 13,203 | $ 14,946 |
Current deferred financing costs | 673 | 445 |
Noncurrent deferred financing costs | $ 38,624 | $ 39,672 |
Shares held in treasury | 684,971 | 619,681 |
Series A A Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, cumulative dividends (in dollars per share) | $ 63.80 | $ 63.80 |
Preferred stock, shares authorized (in shares) | 5,720 | 5,720 |
Preferred stock, shares issued (in shares) | 5,720 | 5,720 |
Preferred stock, shares outstanding (in shares) | 5,720 | 5,720 |
Common Class A | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 362,500,000 | 362,500,000 |
Common stock, shares issued (in shares) | 87,447,504 | 87,111,327 |
Common stock, shares outstanding (in shares) | 86,762,533 | 86,491,646 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, shares issued (in shares) | 14,420,085 | 14,420,085 |
Common stock, shares outstanding (in shares) | 14,420,085 | 14,420,085 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Allowance for doubtful accounts | $ 13,203 | $ 14,946 |
Current deferred financing costs | 673 | 445 |
Noncurrent deferred financing costs | $ 38,624 | $ 39,672 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,000 | 3,000 |
Common stock, shares issued (in shares) | 100 | 100 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net revenues | $ 445,052 | $ 347,652 | $ 815,933 | $ 754,221 |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 140,448 | $ 134,059 | $ 271,663 | $ 283,553 |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses (exclusive of depreciation and amortization) | $ 75,834 | $ 67,408 | $ 148,483 | $ 149,612 |
Corporate expenses (exclusive of depreciation and amortization) | 20,643 | 16,750 | 38,403 | 35,241 |
Depreciation and amortization | 60,622 | 63,998 | 121,371 | 126,311 |
Gain on disposition of assets | (1,481) | (1,015) | (1,896) | (3,519) |
Total operating expenses | 296,066 | 281,200 | 578,024 | 591,198 |
Operating income | 148,986 | 66,452 | 237,909 | 163,023 |
Other expense (income) | ||||
Loss on extinguishment of debt | 0 | 5 | 21,604 | 18,184 |
Interest income | (182) | (179) | (356) | (369) |
Interest expense | 26,359 | 35,437 | 54,513 | 71,990 |
Non-operating (income) expenses | 26,177 | 35,263 | 75,761 | 89,805 |
Income (loss) before income tax expense (benefit) | 122,809 | 31,189 | 162,148 | 73,218 |
Income tax expense (benefit) | 3,200 | (240) | 4,210 | 1,296 |
Net income | 119,609 | 31,429 | 157,938 | 71,922 |
Cash dividends declared and paid on preferred stock | 91 | 91 | 182 | 182 |
Net income applicable to common stock | $ 119,518 | $ 31,338 | $ 157,756 | $ 71,740 |
Earnings per share: | ||||
Basic earnings per share (in dollars per share) | $ 1.18 | $ 0.31 | $ 1.56 | $ 0.71 |
Diluted earnings per share (in dollars per share) | 1.18 | 0.31 | 1.56 | 0.71 |
Cash dividends declared per share of common stock (in dollars per share) | $ 0.75 | $ 0.50 | $ 1.50 | $ 1.50 |
Weighted average common shares used in computing earnings per share: | ||||
Weighted average common shares outstanding basic (in shares) | 101,125,855 | 100,765,681 | 101,047,295 | 100,677,510 |
Weighted average common shares outstanding diluted (in shares) | 101,328,939 | 100,861,881 | 101,239,848 | 100,818,347 |
Statements of Comprehensive Income | ||||
Net income | $ 119,609 | $ 31,429 | $ 157,938 | $ 71,922 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 300 | 740 | 504 | (858) |
Total comprehensive income (loss) | 119,909 | 32,169 | 158,442 | 71,064 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Net revenues | $ 445,052 | $ 347,652 | $ 815,933 | $ 754,221 |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 140,448 | $ 134,059 | $ 271,663 | $ 283,553 |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses (exclusive of depreciation and amortization) | $ 75,519 | $ 67,408 | $ 148,168 | $ 149,612 |
Corporate expenses (exclusive of depreciation and amortization) | 20,534 | 16,645 | 38,157 | 35,012 |
Depreciation and amortization | 60,622 | 63,998 | 121,371 | 126,311 |
Gain on disposition of assets | (1,481) | (1,015) | (1,896) | (3,519) |
Total operating expenses | 295,642 | 281,095 | 577,463 | 590,969 |
Operating income | 149,410 | 66,557 | 238,470 | 163,252 |
Other expense (income) | ||||
Loss on extinguishment of debt | 0 | 5 | 21,604 | 18,184 |
Interest income | (182) | (179) | (356) | (369) |
Interest expense | 26,359 | 35,437 | 54,513 | 71,990 |
Non-operating (income) expenses | 26,177 | 35,263 | 75,761 | 89,805 |
Income (loss) before income tax expense (benefit) | 123,233 | 31,294 | 162,709 | 73,447 |
Income tax expense (benefit) | 3,200 | (240) | 4,210 | 1,296 |
Net income | 120,033 | 31,534 | 158,499 | 72,151 |
Statements of Comprehensive Income | ||||
Net income | 120,033 | 31,534 | 158,499 | 72,151 |
Other comprehensive income (loss) | ||||
Foreign currency translations | 300 | 740 | 504 | (858) |
Total comprehensive income (loss) | $ 120,333 | $ 32,274 | $ 159,003 | $ 71,293 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | LAMAR MEDIA CORP. AND SUBSIDIARIES | Preferred StockSeries A A Preferred Stock | Common StockCommon Class A | Common StockCommon Class B | Treasury Stock | Add’l Paid in Capital | Add’l Paid in CapitalLAMAR MEDIA CORP. AND SUBSIDIARIES | Accumulated Comprehensive Income (Loss) | Accumulated Comprehensive Income (Loss)LAMAR MEDIA CORP. AND SUBSIDIARIES | Accumulated Deficit | Accumulated DeficitLAMAR MEDIA CORP. AND SUBSIDIARIES |
Beginning Balance at Dec. 31, 2019 | $ 1,180,306 | $ 1,169,531 | $ 0 | $ 87 | $ 14 | $ (34,294) | $ 1,922,222 | $ 2,992,729 | $ 685 | $ 685 | $ (708,408) | $ (1,823,883) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Non-cash compensation | 1,261 | 1,261 | ||||||||||
Issuance of common stock through stock awards | 24,956 | 24,956 | ||||||||||
Exercise of stock options | 652 | 652 | ||||||||||
Issuance of common stock through employee purchase plan | 2,560 | 2,560 | ||||||||||
Purchase of treasury stock | (10,068) | (10,068) | ||||||||||
Contribution from parent | 29,429 | 29,429 | ||||||||||
Foreign currency translation | (1,598) | (1,598) | ||||||||||
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 | 0 | 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 | 0 | 87 | 14 | (34,294) | 1,922,222 | 2,992,729 | 685 | 685 | (708,408) | (1,823,883) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
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 | 0 | 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 | 0 | 87 | 14 | (44,362) | 1,951,651 | 3,022,158 | (913) | (913) | (768,693) | (1,894,021) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Non-cash compensation | 916 | 916 | ||||||||||
Issuance of common stock through stock awards | 609 | 609 | ||||||||||
Exercise of stock options | 671 | 671 | ||||||||||
Issuance of common stock through employee purchase plan | 1,765 | 1,765 | ||||||||||
Purchase of treasury stock | (56) | (56) | ||||||||||
Contribution from parent | 3,962 | 3,962 | ||||||||||
Foreign currency translation | 740 | 740 | ||||||||||
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 | 0 | 87 | 14 | (44,418) | 1,955,612 | 3,026,120 | (173) | (173) | (787,751) | (1,912,940) |
Beginning Balance at Dec. 31, 2020 | 1,202,768 | 1,192,844 | 0 | 87 | 14 | (44,786) | 1,963,850 | 3,034,357 | 934 | 934 | (717,331) | (1,842,447) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Non-cash compensation | 1,060 | 1,060 | ||||||||||
Issuance of common stock through stock awards | 13,376 | 13,376 | ||||||||||
Exercise of stock options | 5,224 | 5,224 | ||||||||||
Issuance of common stock through employee purchase plan | 2,172 | 2,172 | ||||||||||
Purchase of treasury stock | (5,717) | (5,717) | ||||||||||
Contribution from parent | 21,831 | 21,831 | ||||||||||
Foreign currency translation | 204 | 204 | ||||||||||
Foreign currency translations | 204 | 204 | ||||||||||
Net income | 38,329 | 38,466 | 38,329 | 38,466 | ||||||||
Dividend to parent | (81,535) | (81,535) | ||||||||||
Dividends/distributions to common shareholders | (75,818) | (75,818) | ||||||||||
Dividends | (91) | (91) | ||||||||||
Ending Balance at Mar. 31, 2021 | 1,181,507 | 1,171,810 | 0 | 87 | 14 | (50,503) | 1,985,682 | 3,056,188 | 1,138 | 1,138 | (754,911) | (1,885,516) |
Beginning Balance at Dec. 31, 2020 | 1,202,768 | 1,192,844 | 0 | 87 | 14 | (44,786) | 1,963,850 | 3,034,357 | 934 | 934 | (717,331) | (1,842,447) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Foreign currency translation | 504 | |||||||||||
Foreign currency translations | 504 | |||||||||||
Net income | 157,938 | 158,499 | ||||||||||
Ending Balance at Jun. 30, 2021 | 1,231,605 | 1,222,423 | 0 | 87 | 14 | (50,503) | 1,991,836 | 3,062,342 | 1,438 | 1,438 | (711,267) | (1,841,357) |
Beginning Balance at Mar. 31, 2021 | 1,181,507 | 1,171,810 | 0 | 87 | 14 | (50,503) | 1,985,682 | 3,056,188 | 1,138 | 1,138 | (754,911) | (1,885,516) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Non-cash compensation | 917 | 917 | ||||||||||
Issuance of common stock through stock awards | 594 | 594 | ||||||||||
Exercise of stock options | 2,575 | 2,575 | ||||||||||
Issuance of common stock through employee purchase plan | 2,068 | 2,068 | ||||||||||
Contribution from parent | 6,154 | 6,154 | ||||||||||
Foreign currency translation | 300 | 300 | ||||||||||
Foreign currency translations | 300 | 300 | ||||||||||
Net income | 119,609 | 120,033 | 119,609 | 120,033 | ||||||||
Dividend to parent | (75,874) | (75,874) | ||||||||||
Dividends/distributions to common shareholders | (75,874) | (75,874) | ||||||||||
Dividends | (91) | (91) | ||||||||||
Ending Balance at Jun. 30, 2021 | $ 1,231,605 | $ 1,222,423 | $ 0 | $ 87 | $ 14 | $ (50,503) | $ 1,991,836 | $ 3,062,342 | $ 1,438 | $ 1,438 | $ (711,267) | $ (1,841,357) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Cash dividends declared per share of common stock (in dollars per share) | $ 0.75 | $ 0.50 | ||
Issuance of common stock through stock awards | $ 594 | $ 13,376 | $ 609 | $ 24,956 |
Add’l Paid in Capital | ||||
Issuance of common stock through stock awards (in shares) | 4,685 | 149,000 | 11,008,000 | 279,116 |
Exercise of stock options (in shares) | 38,265 | 82,101 | 13,642 | 14,609 |
Common stock purchase plan (in shares) | 30,302 | 31,824 | 31,114 | 58,734 |
Issuance of common stock through stock awards | $ 594 | $ 13,376 | $ 609 | $ 24,956 |
Treasury Stock | ||||
Purchase of treasury stock (in shares) | 65,290 | 1,196 | 110,520 | |
Accumulated Deficit | ||||
Cash dividends declared per share of common stock (in dollars per share) | $ 0.75 | $ 0.75 | $ 0.50 | $ 1 |
Preferred stock dividend shares (in dollars per share) | $ 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, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 157,938 | $ 71,922 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 121,371 | 126,311 |
Stock-based compensation | 9,464 | 6,162 |
Amortization included in interest expense | 2,962 | 2,878 |
Gain on disposition of assets and investments | (1,896) | (3,519) |
Loss on extinguishment of debt | 21,604 | 18,184 |
Deferred tax expense (benefit) | 1,743 | (1,313) |
Provision for doubtful accounts | 1,246 | 8,331 |
(Increase) decrease in: | ||
Receivables | (17,626) | 13,772 |
Prepaid expenses | (3,222) | 623 |
Other assets | (569) | (7,179) |
(Decrease) increase in: | ||
Trade accounts payable | (1,212) | (25) |
Accrued expenses | (9,182) | (12,012) |
Operating lease liabilities | (29,039) | (8,735) |
Other liabilities | 31,675 | (4,723) |
Net cash provided by operating activities | 285,257 | 210,677 |
Cash flows from investing activities: | ||
Acquisitions | (27,236) | (26,153) |
Capital expenditures | (41,416) | (36,274) |
Proceeds from disposition of assets and investments | 3,982 | 4,750 |
Net cash used in investing activities | (64,670) | (57,677) |
Cash flows from financing activities: | ||
Cash used for purchase of treasury stock | (5,717) | (10,124) |
Net proceeds from issuance of common stock | 12,039 | 5,648 |
Principal payments on long-term debt | (190) | (182) |
Borrowings on long-term debt | 0 | 8,750 |
Principal payments on financing leases | (666) | 0 |
Payments on revolving credit facility | (25,000) | (805,000) |
Proceeds received from revolving credit facility | 25,000 | 655,000 |
Redemption of senior notes | (668,688) | (519,139) |
Proceeds received from note offering | 550,000 | 1,400,000 |
Proceeds received from accounts receivable securitization program | 32,500 | 0 |
Payments on accounts receivable securitization program | (32,500) | (175,000) |
Proceeds received from senior credit facility term loans | 0 | 598,500 |
Payments on senior credit facility term loans | 0 | (978,097) |
Debt issuance costs | (8,498) | (30,112) |
Distributions to non-controlling interest | (49) | (882) |
Dividends/distributions | (151,874) | (151,265) |
Net cash used in financing activities | (273,643) | (1,903) |
Effect of exchange rate changes in cash and cash equivalents | 213 | (192) |
Net (decrease) increase in cash and cash equivalents | (52,843) | 150,905 |
Cash and cash equivalents at beginning of period | 121,569 | 26,188 |
Cash and cash equivalents at end of period | 68,726 | 177,093 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 62,966 | 68,784 |
Cash paid for foreign, state and federal income taxes | 4,886 | 3,175 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net income | 158,499 | 72,151 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 121,371 | 126,311 |
Stock-based compensation | 9,464 | 6,162 |
Amortization included in interest expense | 2,962 | 2,878 |
Gain on disposition of assets and investments | (1,896) | (3,519) |
Loss on extinguishment of debt | 21,604 | 18,184 |
Deferred tax expense (benefit) | 1,743 | (1,313) |
Provision for doubtful accounts | 1,246 | 8,331 |
(Increase) decrease in: | ||
Receivables | (17,626) | 13,772 |
Prepaid expenses | (3,222) | 623 |
Other assets | (569) | (7,179) |
(Decrease) increase in: | ||
Trade accounts payable | (1,212) | (25) |
Accrued expenses | (9,182) | (12,012) |
Operating lease liabilities | (29,039) | (8,735) |
Other liabilities | 14,986 | (32,876) |
Net cash provided by operating activities | 269,129 | 182,753 |
Cash flows from investing activities: | ||
Acquisitions | (27,236) | (26,153) |
Capital expenditures | (41,416) | (36,274) |
Proceeds from disposition of assets and investments | 3,982 | 4,750 |
Net cash used in investing activities | (64,670) | (57,677) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (190) | (182) |
Borrowings on long-term debt | 0 | 8,750 |
Principal payments on financing leases | (666) | 0 |
Payments on revolving credit facility | (25,000) | (805,000) |
Proceeds received from revolving credit facility | 25,000 | 655,000 |
Redemption of senior notes | (668,688) | (519,139) |
Proceeds received from note offering | 550,000 | 1,400,000 |
Proceeds received from accounts receivable securitization program | 32,500 | 0 |
Payments on accounts receivable securitization program | (32,500) | (175,000) |
Proceeds received from senior credit facility term loans | 0 | 598,500 |
Payments on senior credit facility term loans | 0 | (978,097) |
Debt issuance costs | (8,498) | (30,112) |
Distributions to non-controlling interest | (49) | (882) |
Net cash used in financing activities | (257,515) | 26,021 |
Effect of exchange rate changes in cash and cash equivalents | 213 | (192) |
Net (decrease) increase in cash and cash equivalents | (52,843) | 150,905 |
Cash and cash equivalents at beginning of period | 121,069 | 25,688 |
Cash and cash equivalents at end of period | 68,226 | 176,593 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 62,966 | 68,784 |
Cash paid for foreign, state and federal income taxes | $ 4,886 | $ 3,175 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Total current assets | $ 348,193 | $ 380,570 |
Net property, plant and equipment | 1,265,494 | 1,281,849 |
Operating lease right of use assets | 1,227,554 | 1,222,013 |
Other assets | 64,196 | 60,565 |
Total assets | 5,715,298 | 5,791,441 |
Current liabilities: | ||
Current maturities of long-term debt | 122,195 | 122,434 |
Current operating lease liabilities | 176,431 | 195,439 |
Total current liabilities | 544,776 | 547,872 |
Long-term debt | 2,661,486 | 2,764,082 |
Operating lease liabilities | 989,086 | 993,776 |
Total liabilities | 4,483,693 | 4,588,673 |
Stockholders’ equity: | ||
Stockholder's equity | 1,231,605 | 1,202,768 |
Total liabilities and stockholders’ equity | 5,715,298 | 5,791,441 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Current assets: | ||
Total current assets | 347,693 | 380,070 |
Net property, plant and equipment | 1,265,494 | 1,281,849 |
Operating lease right of use assets | 1,227,554 | 1,222,013 |
Intangible assets, net | 2,780,924 | 2,816,155 |
Other assets | 77,170 | 74,620 |
Total assets | 5,698,835 | 5,774,707 |
Current liabilities: | ||
Current maturities of long-term debt | 122,195 | 122,434 |
Current operating lease liabilities | 176,431 | 195,439 |
Other current liabilities | 238,869 | 223,189 |
Total current liabilities | 537,495 | 541,062 |
Long-term debt | 2,661,486 | 2,764,082 |
Operating lease liabilities | 989,086 | 993,776 |
Other noncurrent liabilities | 288,345 | 282,943 |
Total liabilities | 4,476,412 | 4,581,863 |
Stockholders’ equity: | ||
Stockholder's equity | 1,222,423 | 1,192,844 |
Total liabilities and stockholders’ equity | 5,698,835 | 5,774,707 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media | ||
Current assets: | ||
Total current assets | 61,090 | 110,678 |
Net property, plant and equipment | 0 | 0 |
Operating lease right of use assets | 0 | 0 |
Intangible assets, net | 0 | 0 |
Other assets | 4,012,691 | 3,912,122 |
Total assets | 4,073,781 | 4,022,800 |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 0 |
Current operating lease liabilities | 0 | 0 |
Other current liabilities | 22,168 | 33,583 |
Total current liabilities | 22,168 | 33,583 |
Long-term debt | 2,659,287 | 2,761,705 |
Operating lease liabilities | 0 | 0 |
Other noncurrent liabilities | 169,903 | 34,668 |
Total liabilities | 2,851,358 | 2,829,956 |
Stockholders’ equity: | ||
Stockholder's equity | 1,222,423 | 1,192,844 |
Total liabilities and stockholders’ equity | 4,073,781 | 4,022,800 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries | ||
Current assets: | ||
Total current assets | 26,228 | 19,471 |
Net property, plant and equipment | 1,250,719 | 1,268,765 |
Operating lease right of use assets | 1,195,378 | 1,200,115 |
Intangible assets, net | 2,763,265 | 2,798,343 |
Other assets | 271,447 | 258,433 |
Total assets | 5,507,037 | 5,545,127 |
Current liabilities: | ||
Current maturities of long-term debt | 368 | 379 |
Current operating lease liabilities | 167,070 | 188,712 |
Other current liabilities | 201,234 | 170,320 |
Total current liabilities | 368,672 | 359,411 |
Long-term debt | 2,199 | 2,377 |
Operating lease liabilities | 965,682 | 979,785 |
Other noncurrent liabilities | 246,895 | 245,891 |
Total liabilities | 1,583,448 | 1,587,464 |
Stockholders’ equity: | ||
Stockholder's equity | 3,923,589 | 3,957,663 |
Total liabilities and stockholders’ equity | 5,507,037 | 5,545,127 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Current assets: | ||
Total current assets | 260,375 | 249,921 |
Net property, plant and equipment | 14,775 | 13,084 |
Operating lease right of use assets | 32,176 | 21,898 |
Intangible assets, net | 17,659 | 17,812 |
Other assets | 145,032 | 132,448 |
Total assets | 470,017 | 435,163 |
Current liabilities: | ||
Current maturities of long-term debt | 121,827 | 122,055 |
Current operating lease liabilities | 9,361 | 6,727 |
Other current liabilities | 15,467 | 19,286 |
Total current liabilities | 146,655 | 148,068 |
Long-term debt | 0 | 0 |
Operating lease liabilities | 23,404 | 13,991 |
Other noncurrent liabilities | 292,870 | 266,968 |
Total liabilities | 462,929 | 429,027 |
Stockholders’ equity: | ||
Stockholder's equity | 7,088 | 6,136 |
Total liabilities and stockholders’ equity | 470,017 | 435,163 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations | ||
Current assets: | ||
Total current assets | 0 | 0 |
Net property, plant and equipment | 0 | 0 |
Operating lease right of use assets | 0 | 0 |
Intangible assets, net | 0 | 0 |
Other assets | (4,352,000) | (4,228,383) |
Total assets | (4,352,000) | (4,228,383) |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 0 |
Current operating lease liabilities | 0 | 0 |
Other current liabilities | 0 | 0 |
Total current liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
Operating lease liabilities | 0 | 0 |
Other noncurrent liabilities | (421,323) | (264,584) |
Total liabilities | (421,323) | (264,584) |
Stockholders’ equity: | ||
Stockholder's equity | (3,930,677) | (3,963,799) |
Total liabilities and stockholders’ equity | $ (4,352,000) | $ (4,228,383) |
Condensed Consolidating Stateme
Condensed Consolidating Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net revenues | $ 445,052 | $ 347,652 | $ 815,933 | $ 754,221 |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses | $ 140,448 | $ 134,059 | $ 271,663 | $ 283,553 |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses | $ 75,834 | $ 67,408 | $ 148,483 | $ 149,612 |
Corporate expenses | 20,643 | 16,750 | 38,403 | 35,241 |
Depreciation and amortization | 60,622 | 63,998 | 121,371 | 126,311 |
Gain on disposition of assets | (1,481) | (1,015) | (1,896) | (3,519) |
Total operating expenses | 296,066 | 281,200 | 578,024 | 591,198 |
Operating income | 148,986 | 66,452 | 237,909 | 163,023 |
Loss on extinguishment of debt | 0 | 5 | 21,604 | 18,184 |
Income (loss) before income tax expense (benefit) | 122,809 | 31,189 | 162,148 | 73,218 |
Income tax expense (benefit) | 3,200 | (240) | 4,210 | 1,296 |
Net income | 119,609 | 31,429 | 157,938 | 71,922 |
Total comprehensive income (loss) | 119,909 | 32,169 | 158,442 | 71,064 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
Net revenues | $ 445,052 | $ 347,652 | $ 815,933 | $ 754,221 |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses | $ 140,448 | $ 134,059 | $ 271,663 | $ 283,553 |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses | $ 75,519 | $ 67,408 | $ 148,168 | $ 149,612 |
Corporate expenses | 20,534 | 16,645 | 38,157 | 35,012 |
Depreciation and amortization | 60,622 | 63,998 | 121,371 | 126,311 |
Gain on disposition of assets | (1,481) | (1,015) | (1,896) | (3,519) |
Total operating expenses | 295,642 | 281,095 | 577,463 | 590,969 |
Operating income | 149,410 | 66,557 | 238,470 | 163,252 |
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 5 | 21,604 | 18,184 | |
Interest expense (income), net | 26,177 | 35,258 | 54,157 | 71,621 |
Income (loss) before income tax expense (benefit) | 123,233 | 31,294 | 162,709 | 73,447 |
Income tax expense (benefit) | 3,200 | (240) | 4,210 | 1,296 |
Net income | 120,033 | 31,534 | 158,499 | 72,151 |
Total other comprehensive income (loss), net of tax | 300 | 740 | 504 | (858) |
Total comprehensive income (loss) | 120,333 | 32,274 | 159,003 | 71,293 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media | ||||
Net revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gain on disposition of assets | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of subsidiaries | (146,005) | (66,370) | (233,829) | (160,584) |
Loss on extinguishment of debt | 5 | 21,604 | 18,184 | |
Interest expense (income), net | 25,972 | 34,831 | 53,726 | 70,249 |
Income (loss) before income tax expense (benefit) | 120,033 | 31,534 | 158,499 | 72,151 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net income | 120,033 | 31,534 | 158,499 | 72,151 |
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 120,033 | 31,534 | 158,499 | 72,151 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries | ||||
Net revenues | $ 436,984 | $ 341,664 | $ 800,596 | $ 738,295 |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses | $ 134,204 | $ 128,485 | $ 261,619 | $ 271,537 |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses | $ 74,063 | $ 65,222 | $ 146,014 | $ 145,750 |
Corporate expenses | 20,165 | 16,521 | 37,531 | 34,608 |
Depreciation and amortization | 60,017 | 63,545 | 120,083 | 125,450 |
Gain on disposition of assets | (1,474) | (1,070) | (1,889) | (3,574) |
Total operating expenses | 286,975 | 272,703 | 563,358 | 573,771 |
Operating income | 150,009 | 68,961 | 237,238 | 164,524 |
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 | |
Interest expense (income), net | (8) | (24) | (26) | (59) |
Income (loss) before income tax expense (benefit) | 150,017 | 68,985 | 237,264 | 164,583 |
Income tax expense (benefit) | 3,251 | 582 | 3,883 | 1,924 |
Net income | 146,766 | 68,403 | 233,381 | 162,659 |
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 146,766 | 68,403 | 233,381 | 162,659 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Net revenues | $ 8,411 | $ 6,237 | $ 16,110 | $ 16,689 |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses | $ 6,587 | $ 5,823 | $ 10,817 | $ 12,779 |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses | $ 1,456 | $ 2,186 | $ 2,154 | $ 3,862 |
Corporate expenses | 369 | 124 | 626 | 404 |
Depreciation and amortization | 605 | 453 | 1,288 | 861 |
Gain on disposition of assets | (7) | 55 | (7) | 55 |
Total operating expenses | 9,010 | 8,641 | 14,878 | 17,961 |
Operating income | (599) | (2,404) | 1,232 | (1,272) |
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 | |
Interest expense (income), net | 213 | 451 | 457 | 1,431 |
Income (loss) before income tax expense (benefit) | (812) | (2,855) | 775 | (2,703) |
Income tax expense (benefit) | (51) | (822) | 327 | (628) |
Net income | (761) | (2,033) | 448 | (2,075) |
Total other comprehensive income (loss), net of tax | 300 | 740 | 504 | (858) |
Total comprehensive income (loss) | (461) | (1,293) | 952 | (2,933) |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations | ||||
Net revenues | $ (343) | $ (249) | $ (773) | $ (763) |
Revenue, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
Operating expenses (income) | ||||
Direct advertising expenses | $ (343) | $ (249) | $ (773) | $ (763) |
Cost, Product and Service [Extensible List] | Advertising | Advertising | Advertising | Advertising |
General and administrative expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gain on disposition of assets | 0 | 0 | 0 | 0 |
Total operating expenses | (343) | (249) | (773) | (763) |
Operating income | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of subsidiaries | 146,005 | 66,370 | 233,829 | 160,584 |
Loss on extinguishment of debt | 0 | 0 | 0 | |
Interest expense (income), net | 0 | 0 | 0 | 0 |
Income (loss) before income tax expense (benefit) | (146,005) | (66,370) | (233,829) | (160,584) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net income | (146,005) | (66,370) | (233,829) | (160,584) |
Total other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | $ (146,005) | $ (66,370) | $ (233,829) | $ (160,584) |
Condensed Consolidating State_2
Condensed Consolidating Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ 285,257 | $ 210,677 |
Cash flows from investing activities: | ||
Acquisitions | (27,236) | (26,153) |
Capital expenditures | (41,416) | (36,274) |
Proceeds from disposition of assets and investments | 3,982 | 4,750 |
Net cash used in investing activities | (64,670) | (57,677) |
Cash flows from financing activities: | ||
Payments on revolving credit facility | (25,000) | (805,000) |
Principal payments on long-term debt | (190) | (182) |
Borrowings on long-term debt | 0 | 8,750 |
Principal payments on financing leases | (666) | 0 |
Proceeds received from note offering | 550,000 | 1,400,000 |
Redemption of senior notes | (668,688) | (519,139) |
Payments on accounts receivable securitization program | (32,500) | (175,000) |
Proceeds received from senior credit facility term loans | 0 | 598,500 |
Payments on senior credit facility term loans | 0 | (978,097) |
Proceeds received from accounts receivable securitization program | 32,500 | 0 |
Debt issuance costs | (8,498) | (30,112) |
Distributions to non-controlling interest | (49) | (882) |
Net cash used in financing activities | (273,643) | (1,903) |
Effect of exchange rate changes in cash and cash equivalents | 213 | (192) |
Net (decrease) increase in cash and cash equivalents | (52,843) | 150,905 |
Cash and cash equivalents at beginning of period | 121,569 | 26,188 |
Cash and cash equivalents at end of period | 68,726 | 177,093 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 269,129 | 182,753 |
Cash flows from investing activities: | ||
Acquisitions | (27,236) | (26,153) |
Capital expenditures | (41,416) | (36,274) |
Proceeds from disposition of assets and investments | 3,982 | 4,750 |
Net cash used in investing activities | (64,670) | (57,677) |
Cash flows from financing activities: | ||
Payments on revolving credit facility | (25,000) | (805,000) |
Principal payments on long-term debt | (190) | (182) |
Borrowings on long-term debt | 0 | 8,750 |
Principal payments on financing leases | (666) | 0 |
Proceeds received from note offering | 550,000 | 1,400,000 |
Redemption of senior notes | (668,688) | (519,139) |
Payments on accounts receivable securitization program | (32,500) | (175,000) |
Proceeds received from senior credit facility term loans | 0 | 598,500 |
Payments on senior credit facility term loans | 0 | (978,097) |
Proceeds received from accounts receivable securitization program | 32,500 | 0 |
Debt issuance costs | (8,498) | (30,112) |
Distributions to non-controlling interest | (49) | (882) |
Dividends (to) from parent | (157,409) | (161,208) |
Contributions from (to) parent | 27,985 | 33,391 |
Net cash used in financing activities | (257,515) | 26,021 |
Effect of exchange rate changes in cash and cash equivalents | 213 | (192) |
Net (decrease) increase in cash and cash equivalents | (52,843) | 150,905 |
Cash and cash equivalents at beginning of period | 121,069 | 25,688 |
Cash and cash equivalents at end of period | 68,226 | 176,593 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 269,129 | 182,753 |
Cash flows from investing activities: | ||
Acquisitions | (27,236) | (26,153) |
Capital expenditures | (41,416) | (36,274) |
Proceeds from disposition of assets and investments | 3,982 | 4,750 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash used in investing activities | (64,670) | (57,677) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 25,000 | 655,000 |
Payments on revolving credit facility | (25,000) | (805,000) |
Principal payments on long-term debt | (190) | (182) |
Borrowings on long-term debt | 8,750 | |
Principal payments on financing leases | (666) | |
Proceeds received from note offering | 550,000 | 1,400,000 |
Redemption of senior notes | (668,688) | (519,139) |
Payments on accounts receivable securitization program | (32,500) | (175,000) |
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 | 32,500 | |
Debt issuance costs | (8,498) | (30,112) |
Intercompany loan proceeds | 0 | 0 |
Distributions to non-controlling interest | (49) | (882) |
Dividends (to) from parent | (157,409) | (161,208) |
Contributions from (to) parent | 27,985 | 33,391 |
Net cash used in financing activities | (257,515) | 26,021 |
Effect of exchange rate changes in cash and cash equivalents | 213 | (192) |
Net (decrease) increase in cash and cash equivalents | (52,843) | 150,905 |
Cash and cash equivalents at beginning of period | 121,069 | 25,688 |
Cash and cash equivalents at end of period | 68,226 | 176,593 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 232,261 | 165,269 |
Cash flows from investing activities: | ||
Acquisitions | 0 | 577 |
Capital expenditures | 0 | 0 |
Proceeds from disposition of assets and investments | 0 | 0 |
Investment in subsidiaries | (27,236) | (26,730) |
(Increase) decrease in intercompany notes receivable | 1,562 | (181,089) |
Net cash used in investing activities | (25,674) | (207,242) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 25,000 | 655,000 |
Payments on revolving credit facility | (25,000) | (805,000) |
Principal payments on long-term debt | 0 | 0 |
Borrowings on long-term debt | 0 | |
Principal payments on financing leases | 0 | |
Proceeds received from note offering | 550,000 | 1,400,000 |
Redemption of senior notes | (668,688) | (519,139) |
Payments on accounts receivable securitization program | 0 | 0 |
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 | 0 | |
Debt issuance costs | (8,063) | (30,112) |
Intercompany loan proceeds | 0 | 0 |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | (157,409) | (161,208) |
Contributions from (to) parent | 27,985 | 33,391 |
Net cash used in financing activities | (256,175) | 193,335 |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (49,588) | 151,362 |
Cash and cash equivalents at beginning of period | 110,588 | 13,185 |
Cash and cash equivalents at end of period | 61,000 | 164,547 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 346,732 | 238,800 |
Cash flows from investing activities: | ||
Acquisitions | (27,236) | (26,730) |
Capital expenditures | (38,908) | (34,770) |
Proceeds from disposition of assets and investments | 3,982 | 4,750 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash used in investing activities | (62,162) | (56,750) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | 0 |
Principal payments on long-term debt | (190) | (182) |
Borrowings on long-term debt | 8,750 | |
Principal payments on financing leases | (666) | |
Proceeds received from note offering | 0 | 0 |
Redemption of senior notes | 0 | 0 |
Payments on accounts receivable securitization program | 0 | 0 |
Proceeds received from senior credit facility term loans | 0 | |
Payments on senior credit facility term loans | 0 | |
Proceeds received from accounts receivable securitization program | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany loan proceeds | (15,826) | 3,808 |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | (294,691) | (226,745) |
Contributions from (to) parent | 27,985 | 26,730 |
Net cash used in financing activities | (283,388) | (187,639) |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 1,182 | (5,589) |
Cash and cash equivalents at beginning of period | 1,732 | 8,278 |
Cash and cash equivalents at end of period | 2,914 | 2,689 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (15,922) | 5,429 |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | (2,508) | (1,504) |
Proceeds from disposition of assets and investments | 0 | 0 |
Investment in subsidiaries | 0 | 0 |
(Increase) decrease in intercompany notes receivable | 0 | 0 |
Net cash used in investing activities | (2,508) | (1,504) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Borrowings on long-term debt | 0 | |
Principal payments on financing leases | 0 | |
Proceeds received from note offering | 0 | 0 |
Redemption of senior notes | 0 | 0 |
Payments on accounts receivable securitization program | (32,500) | (175,000) |
Proceeds received from senior credit facility term loans | 0 | |
Payments on senior credit facility term loans | 0 | |
Proceeds received from accounts receivable securitization program | 32,500 | |
Debt issuance costs | (435) | 0 |
Intercompany loan proceeds | 14,264 | 177,281 |
Distributions to non-controlling interest | (49) | (882) |
Dividends (to) from parent | 0 | 0 |
Contributions from (to) parent | 0 | 0 |
Net cash used in financing activities | 13,780 | 1,399 |
Effect of exchange rate changes in cash and cash equivalents | 213 | (192) |
Net (decrease) increase in cash and cash equivalents | (4,437) | 5,132 |
Cash and cash equivalents at beginning of period | 8,749 | 4,225 |
Cash and cash equivalents at end of period | 4,312 | 9,357 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (293,942) | (226,745) |
Cash flows from investing activities: | ||
Acquisitions | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from disposition of assets and investments | 0 | 0 |
Investment in subsidiaries | 27,236 | 26,730 |
(Increase) decrease in intercompany notes receivable | (1,562) | 181,089 |
Net cash used in investing activities | 25,674 | 207,819 |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facility | 0 | 0 |
Payments on revolving credit facility | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Borrowings on long-term debt | 0 | |
Principal payments on financing leases | 0 | |
Proceeds received from note offering | 0 | 0 |
Redemption of senior notes | 0 | 0 |
Payments on accounts receivable securitization program | 0 | 0 |
Proceeds received from senior credit facility term loans | 0 | |
Payments on senior credit facility term loans | 0 | |
Proceeds received from accounts receivable securitization program | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany loan proceeds | 1,562 | (181,089) |
Distributions to non-controlling interest | 0 | 0 |
Dividends (to) from parent | 294,691 | 226,745 |
Contributions from (to) parent | (27,985) | (26,730) |
Net cash used in financing activities | 268,268 | 18,926 |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Significant Accounting Policies | Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2020 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Significant Accounting Policies | Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2020 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, and 14 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, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue . The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer. The following table presents our disaggregated revenue by source for the three and six months ended June 30, 2021 and 2020. Three Months Ended Six Months Ended 2021 2020 2021 2020 Billboard advertising $ 405,284 $ 312,095 $ 739,323 $ 667,400 Logo advertising 19,694 21,053 39,100 42,445 Transit advertising 20,074 14,504 37,510 44,376 Net revenues $ 445,052 $ 347,652 $ 815,933 $ 754,221 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases During the three months ended June 30, 2021 and 2020, we had operating lease costs of $72,880 and $78,331, respectively, and variable lease costs of $18,749 and $10,300, respectively. During the six months ended June 30, 2021 and 2020, we had operating lease costs of $145,350 and $158,734, respectively, and variable lease costs of $33,993 and $27,744, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). For the three months ended June 30, 2021 and 2020, we recorded a gain of $48 and a loss of $266, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. For the six months ended June 30, 2021 and 2020, we recorded a gain of $54 and a loss of $317, respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $170,619 and $161,460 were made reducing our operating lease liabilities for the six months ended June 30, 2021 and 2020, 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 $1,511 and $1,249 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended June 30, 2021 and 2020, respectively. We recorded $2,891 and $2,507 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the six months ended June 30, 2021 and 2020, respectively. Our operating leases have a weighted-average remaining lease term of 11.8 years. The weighted-average discount rate of our operating leases is 4.6%. Also, during the periods ended June 30, 2021 and 2020, we obtained $9,871 and $9,991, 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, 2021: 2021 $ 100,767 2022 202,240 2023 171,960 2024 152,575 2025 126,659 Thereafter 799,937 Total undiscounted operating lease payments 1,554,138 Less: Imputed interest (388,621) Total operating lease liabilities $ 1,165,517 During the three months ended June 30, 2021, $713 of amortization expense and $148 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2021, $1,426 of amortization expense and $298 of interest expense relating to our financing lease liabilities were recorded in depreciation and amortization and interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $666 were made reducing our financing lease liabilities for the six months ended June 30, 2021 and are included in cash flows used in financing activities in the Condensed Consolidated Statements of Cash Flows. We had no expenses relating to the financing lease liabilities for the six months ended June 30, 2020. Our financing leases have a weighted-average remaining lease term of 6.4 years and a weighted-average discount rate of 3.5%. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 17.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three 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 18,000 shares of its Class A common stock during the six months ended June 30, 2021. At June 30, 2021 a total of 2,328,935 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 86,490 shares on January 1, 2021 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, 2021: Shares Available for future purchases, January 1, 2021 369,771 Additional shares reserved under 2019 ESPP 86,490 Purchases (62,126) Available for future purchases, June 30, 2021 394,135 Performance-based stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2021 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2022. 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, 2021, the Company has recorded $6,858 as stock-based compensation expense related to performance-based awards. Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. The Company recorded $474 in stock-based compensation expense related to these awards for the six months ended June 30, 2021. |
Depreciation and Amortization
Depreciation and Amortization | 6 Months Ended |
Jun. 30, 2021 | |
Depreciation, Depletion and Amortization [Abstract] | |
Depreciation and Amortization | Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Condensed Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three Months Ended Six Months Ended 2021 2020 2021 2020 Direct advertising expenses $ 56,276 $ 60,142 $ 112,748 $ 118,839 General and administrative expenses 1,163 1,151 2,270 2,432 Corporate expenses 3,183 2,705 6,353 5,040 $ 60,622 $ 63,998 $ 121,371 $ 126,311 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following is a summary of intangible assets at June 30, 2021 and December 31, 2020: Estimated June 30, 2021 December 31, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 648,088 $ 574,844 $ 645,739 $ 563,135 Non-competition agreements 3—15 66,488 64,784 66,156 64,647 Site locations 15 2,429,550 1,636,461 2,412,745 1,593,805 Other 2—15 50,120 39,012 50,018 38,625 $ 3,194,246 $ 2,315,101 $ 3,174,658 $ 2,260,212 Unamortizable intangible assets: Goodwill $ 2,165,935 $ 253,536 $ 2,165,864 $ 253,536 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Company’s asset retirement obligations include the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations: Balance at December 31, 2020 $ 222,876 Additions to asset retirement obligations 926 Accretion expense 2,029 Liabilities settled (1,955) Balance at June 30, 2021 $ 223,876 |
Distribution Restrictions
Distribution Restrictions | 6 Months Ended |
Jun. 30, 2021 | |
Distribution Restrictions [Abstract] | |
Distribution Restrictions | Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of June 30, 2021 and December 31, 2020, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,755,580 and $3,625,712, respectively. As of June 30, 2021, 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, 2021, 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, 2021, 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 $2,526,060. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareThe calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and six months ended June 30, 2021 or 2020. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consists of the following at June 30, 2021 and December 31, 2020: June 30, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 598,592 $ 10,438 $ 588,154 Accounts Receivable Securitization Program 122,500 673 121,827 3 3/4% Senior Notes 600,000 7,538 592,462 3 5/8% Senior Notes 550,000 7,775 542,225 4% Senior Notes 549,319 7,569 541,750 4 7/8% Senior Notes 400,000 5,304 394,696 Other notes with various rates and terms 2,567 — 2,567 2,822,978 39,297 2,783,681 Less current maturities (122,868) (673) (122,195) Long-term debt, excluding current maturities $ 2,700,110 $ 38,624 $ 2,661,486 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 Senior Credit Facility On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”). The 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 borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. As a result of refinancing our credit facility the Company incurred a loss on debt extinguishment of $5,608 for the six months ended June 30, 2020. The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility. As of June 30, 2021, 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 $14,434 in letters of credit outstanding as of June 30, 2021 resulting in $735,566 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025. The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: • dispose of assets; • incur or repay debt; • create liens; • make investments; and • pay dividends. The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented. Accounts Receivable Securitization Program On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) maturing on December 17, 2021 (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program. Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty. On June 30, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Third Amendment (the “Third Amendment”) to the Receivables Financing Agreement. The Third Amendment increased the maximum three month average Delinquency Ratio, Dilution Ratio and Days’ Sales Outstanding to 11.00% (from 8.00%), 7.00% (from 4.00%) and 75 days (from 65 days), respectively, for each of the months of June, July and August 2020. The Third Amendment did not modify any other financial covenant. Additionally, the Third Amendment established a new Minimum Funding Threshold, which requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On October 23, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Fourth Amendment (the “Fourth Amendment”) to the Receivables Financing Agreement. The Fourth Amendment increased the maximum three month average Delinquency Ratio generally to 13.00% (and up to 16.00% for up to two additional periods upon written notice from Lamar Media), and increased the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. Additionally, the Fourth Amendment increased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 70.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On May 24, 2021, Lamar Media and the Special Purpose Subsidiaries entered into the Fifth Amendment (the "Fifth Amendment") to the Receivables Financing Agreement. The Fifth Amendment extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2024. Additionally, the Fifth Amendment decreased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, provided that the Minimum Funding Threshold shall be zero on any day that is a Minimum Funding Threshold Holiday which, as amended, provides for an annual holiday from the requirement of up to sixty days per year. The Fifth Amendment also provides for updated LIBOR replacement procedures. As of June 30, 2021 there was $122,500 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had an additional $52,500 available for borrowing under the Accounts Receivable Securitization Program as of June 30, 2021. 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, 2021. The Accounts Receivable Securitization Program will mature on July 21, 2024. Lamar Media may amend the facility to extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources. The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows. 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Original 5 3/4% Notes”). The institutional private placement on January 28, 2016 resulted in net proceeds to Lamar Media of approximately $394,500. On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4% Notes (the “Additional 5 3/4% Notes", and together with the Original 5 3/4% Notes, the "5 3/4% Notes”). Other than with respect to the date of issuance, issue price and CUSIP number, the Additional 5 3/4% Notes have the same terms as the Original 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500. On February 3, 2021, Lamar Media redeemed in full all $650,000 aggregate principal amount 5 3/4% Notes. The 5 3/4% Notes redemption was completed using the proceeds received from the 3 5/8% Notes offering completed on January 22, 2021 (as described below), together with cash on hand and borrowings under the revolving credit facility and Accounts Receivable Securitization Program. The 5 3/4% Notes were redeemed at a redemption price equal to 102.875% of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date. During the six months ended June 30, 2021, the Company recorded a loss on debt extinguishment of approximately $21,604 related to the note redemption, of which $18,700 was in cash. 4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4% Notes, at any time and from time to time, at a price equal to 104% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 3/4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500. Lamar Media may redeem up to 40% of the aggregate principal amount of 3 3/4% Notes, at any time and from time to time, at a price equal to 103.75% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 3 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2023, Lamar Media may redeem some or all of the 3 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 4 7/8% Senior Notes On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 5/8% Senior Notes On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the “3 5/8% Notes”). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500. Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. Debt Repurchase Program |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsAt June 30, 2021 and December 31, 2020, 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 $2,829,942 which exceeds the carrying amount of $2,822,978 as of June 30, 2021. 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, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing specific exceptions to the general principles in Topic 740 - Income Taxes. This guidance is effective for years beginning after December 15, 2020. The Company adopted this guidance on January 1, 2021 and the impact of the adoption is not material to the Company's consolidated financial statements. |
Dividends_Distributions
Dividends/Distributions | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Dividends/Distributions | Dividends/DistributionsDuring the three months ended June 30, 2021 and 2020, the Company declared and paid cash distributions in an aggregate amount of $75,874 or $0.75 per share and $50,396 or $0.50 per share, respectively. During the six months ended June 30, 2021 and 2020, the Company declared and paid cash distributions in an aggregate amount of $151,692 or $1.50 per share and $151,083 or $1.50 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of 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, 2021 and 2020, 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 for each period, respectively. |
Information about Geographic Ar
Information about Geographic Areas | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $10,617 and $11,022 for the six months ended June 30, 2021 and 2020, respectively. Net carrying value of long-lived assets located in foreign countries totaled $10,345 and $8,727 as of June 30, 2021 and December 31, 2020, respectively. All other revenues from external customers and long-lived assets relate to domestic operations. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 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. Under the terms of the Sales Agreement, the Company could have, from time to time, issued and sold shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the sales agents party thereto as either agents or principals. The Sales Agreement expired by its terms on May 1, 2021 and as of that date, 842,412 shares of our Class A common stock were sold under the Sales Agreement. On June 21, 2021, the Company entered into a new equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or directly through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of June 30, 2021, no shares of our Class A common stock have been sold under the 2021 Sales Agreement and accordingly $400,000 remained available to be sold under the 2021 Sales Agreement as of June 30, 2021. 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. There were no shares issued under this shelf registration during the six months ended June 30, 2021 and the year ended December 31, 2020. In anticipation of the upcoming expiration of the existing shelf registration statement in August 2021, on June 21, 2021, the Company filed a new automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock on similar terms as the prior registration statement. During the six months ended June 30, 2021, the Company did not issue any shares under this shelf registration. 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, 2021. |
Summarized Financial Informatio
Summarized Financial Information of Subsidiaries | 6 Months Ended |
Jun. 30, 2021 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Summarized Financial Information of Subsidiaries | Summarized Financial Information of SubsidiariesSeparate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of June 30, 2021 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 61,090 $ 26,228 $ 260,375 $ — $ 347,693 Net property, plant and equipment — 1,250,719 14,775 — 1,265,494 Operating lease right of use assets — 1,195,378 32,176 — 1,227,554 Intangibles and goodwill, net — 2,763,265 17,659 — 2,780,924 Other assets 4,012,691 271,447 145,032 (4,352,000) 77,170 Total assets $ 4,073,781 $ 5,507,037 $ 470,017 $ (4,352,000) $ 5,698,835 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 368 $ 121,827 $ — $ 122,195 Current operating lease liabilities — 167,070 9,361 — 176,431 Other current liabilities 22,168 201,234 15,467 — 238,869 Total current liabilities 22,168 368,672 146,655 — 537,495 Long-term debt 2,659,287 2,199 — — 2,661,486 Operating lease liabilities — 965,682 23,404 — 989,086 Other noncurrent liabilities 169,903 246,895 292,870 (421,323) 288,345 Total liabilities 2,851,358 1,583,448 462,929 (421,323) 4,476,412 Stockholder's equity 1,222,423 3,923,589 7,088 (3,930,677) 1,222,423 Total liabilities and stockholder's equity $ 4,073,781 $ 5,507,037 $ 470,017 $ (4,352,000) $ 5,698,835 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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 110,678 $ 19,471 $ 249,921 $ — $ 380,070 Net property, plant and equipment — 1,268,765 13,084 — 1,281,849 Operating lease right of use assets — 1,200,115 21,898 — 1,222,013 Intangibles and goodwill, net — 2,798,343 17,812 — 2,816,155 Other assets 3,912,122 258,433 132,448 (4,228,383) 74,620 Total assets $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 379 $ 122,055 $ — $ 122,434 Current operating lease liabilities — 188,712 6,727 — 195,439 Other current liabilities 33,583 170,320 19,286 — 223,189 Total current liabilities 33,583 359,411 148,068 — 541,062 Long-term debt 2,761,705 2,377 — — 2,764,082 Operating lease liabilities — 979,785 13,991 — 993,776 Other noncurrent liabilities 34,668 245,891 266,968 (264,584) 282,943 Total liabilities 2,829,956 1,587,464 429,027 (264,584) 4,581,863 Stockholder's equity 1,192,844 3,957,663 6,136 (3,963,799) 1,192,844 Total liabilities and stockholder's equity $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 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, 2021 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 436,984 $ 8,411 $ (343) $ 445,052 Operating expenses (income) Direct advertising expenses (1) — 134,204 6,587 (343) 140,448 General and administrative expenses (1) — 74,063 1,456 — 75,519 Corporate expenses (1) — 20,165 369 — 20,534 Depreciation and amortization — 60,017 605 — 60,622 Gain on disposition of assets — (1,474) (7) — (1,481) — 286,975 9,010 (343) 295,642 Operating income (loss) — 150,009 (599) — 149,410 Equity in (earnings) loss of subsidiaries (146,005) — — 146,005 — Interest expense (income), net 25,972 (8) 213 — 26,177 Income (loss) before income tax expense (benefit) 120,033 150,017 (812) (146,005) 123,233 Income tax expense (benefit) (2) — 3,251 (51) — 3,200 Net income (loss) $ 120,033 $ 146,766 $ (761) $ (146,005) $ 120,033 Statement of Comprehensive Income Net income (loss) $ 120,033 $ 146,766 $ (761) $ (146,005) $ 120,033 Total other comprehensive income, net of tax — — 300 — 300 Total comprehensive income (loss) $ 120,033 $ 146,766 $ (461) $ (146,005) $ 120,333 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consoliated Statement of Income (unaudited) Net revenues $ — $ 341,664 $ 6,237 $ (249) $ 347,652 Operating expenses (income) 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 (benefit) 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 (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 800,596 $ 16,110 $ (773) $ 815,933 Operating expenses (income) Direct advertising expenses (1) — 261,619 10,817 (773) 271,663 General and administrative expenses (1) — 146,014 2,154 — 148,168 Corporate expenses (1) — 37,531 626 — 38,157 Depreciation and amortization — 120,083 1,288 — 121,371 Gain on disposition of assets — (1,889) (7) — (1,896) — 563,358 14,878 (773) 577,463 Operating income — 237,238 1,232 — 238,470 Equity in (earnings) loss of subsidiaries (233,829) — — 233,829 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 53,726 (26) 457 — 54,157 Income (loss) before income tax expense 158,499 237,264 775 (233,829) 162,709 Income tax expense (2) — 3,883 327 — 4,210 Net income (loss) $ 158,499 $ 233,381 $ 448 $ (233,829) $ 158,499 Statement of Comprehensive Income Net income (loss) $ 158,499 $ 233,381 $ 448 $ (233,829) $ 158,499 Total other comprehensive income, net of tax — — 504 — 504 Total comprehensive income (loss) $ 158,499 $ 233,381 $ 952 $ (233,829) $ 159,003 (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 Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 738,295 $ 16,689 $ (763) $ 754,221 Operating expenses (income) 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 (benefit) 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 (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 232,261 $ 346,732 $ (15,922) $ (293,942) $ 269,129 Cash flows from investing activities: Acquisitions — (27,236) — — (27,236) Capital expenditures — (38,908) (2,508) — (41,416) Proceeds from disposition of assets and investments — 3,982 — — 3,982 Investment in subsidiaries (27,236) — — 27,236 — Decrease (increase) in intercompany notes receivable 1,562 — — (1,562) — Net cash (used in) provided by investing activities (25,674) (62,162) (2,508) 25,674 (64,670) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Payment on revolving credit facility (25,000) — — — (25,000) Principal payments on long-term debt — (190) — — (190) Principal payments on financing leases — (666) — — (666) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Payment on accounts receivable securitization program — — (32,500) — (32,500) Proceeds received from accounts receivable securitization program — — 32,500 — 32,500 Debt issuance costs (8,063) — (435) — (8,498) Intercompany loan (payments) proceeds — (15,826) 14,264 1,562 — Distributions to non-controlling interest — — (49) — (49) Dividends (to) from parent (157,409) (294,691) — 294,691 (157,409) Contributions from (to) parent 27,985 27,985 — (27,985) 27,985 Net cash (used in) provided by financing activities (256,175) (283,388) 13,780 268,268 (257,515) Effect of exchange rate changes in cash and cash equivalents — — 213 — 213 Net (decrease) increase in cash and cash equivalents (49,588) 1,182 (4,437) — (52,843) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 61,000 $ 2,914 $ 4,312 $ — $ 68,226 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 Guarantor Non- Eliminations Lamar Media (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 of 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 (payments) — 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 |
Significant Accounting (Policie
Significant Accounting (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Subsequent Events | Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
Advertising Revenues, Other Revenues, Arrangements with Multiple Performance Obligations, Deferred Revenues, Practical Expedients and Exemptions | Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue . The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expenses (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer. |
Fair Value of Financial Instruments | At June 30, 2021 and December 31, 2020, 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 $2,829,942 which exceeds the carrying amount of $2,822,978 as of June 30, 2021. 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 | In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing specific exceptions to the general principles in Topic 740 - Income Taxes. This guidance is effective for years beginning after December 15, 2020. The Company adopted this guidance on January 1, 2021 and the impact of the adoption is not material to the Company's consolidated financial statements. |
Dividends And Distributions | The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Revenue | The following table presents our disaggregated revenue by source for the three and six months ended June 30, 2021 and 2020. Three Months Ended Six Months Ended 2021 2020 2021 2020 Billboard advertising $ 405,284 $ 312,095 $ 739,323 $ 667,400 Logo advertising 19,694 21,053 39,100 42,445 Transit advertising 20,074 14,504 37,510 44,376 Net revenues $ 445,052 $ 347,652 $ 815,933 $ 754,221 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021: 2021 $ 100,767 2022 202,240 2023 171,960 2024 152,575 2025 126,659 Thereafter 799,937 Total undiscounted operating lease payments 1,554,138 Less: Imputed interest (388,621) Total operating lease liabilities $ 1,165,517 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of ESPP Share Activity | The following is a summary of 2019 ESPP share activity for the six months ended June 30, 2021: Shares Available for future purchases, January 1, 2021 369,771 Additional shares reserved under 2019 ESPP 86,490 Purchases (62,126) Available for future purchases, June 30, 2021 394,135 |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Depreciation, Depletion and Amortization [Abstract] | |
Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income | The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three Months Ended Six Months Ended 2021 2020 2021 2020 Direct advertising expenses $ 56,276 $ 60,142 $ 112,748 $ 118,839 General and administrative expenses 1,163 1,151 2,270 2,432 Corporate expenses 3,183 2,705 6,353 5,040 $ 60,622 $ 63,998 $ 121,371 $ 126,311 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets at June 30, 2021 and December 31, 2020: Estimated June 30, 2021 December 31, 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable intangible assets: Customer lists and contracts 7—10 $ 648,088 $ 574,844 $ 645,739 $ 563,135 Non-competition agreements 3—15 66,488 64,784 66,156 64,647 Site locations 15 2,429,550 1,636,461 2,412,745 1,593,805 Other 2—15 50,120 39,012 50,018 38,625 $ 3,194,246 $ 2,315,101 $ 3,174,658 $ 2,260,212 Unamortizable intangible assets: Goodwill $ 2,165,935 $ 253,536 $ 2,165,864 $ 253,536 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 $ 222,876 Additions to asset retirement obligations 926 Accretion expense 2,029 Liabilities settled (1,955) Balance at June 30, 2021 $ 223,876 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following at June 30, 2021 and December 31, 2020: June 30, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 598,592 $ 10,438 $ 588,154 Accounts Receivable Securitization Program 122,500 673 121,827 3 3/4% Senior Notes 600,000 7,538 592,462 3 5/8% Senior Notes 550,000 7,775 542,225 4% Senior Notes 549,319 7,569 541,750 4 7/8% Senior Notes 400,000 5,304 394,696 Other notes with various rates and terms 2,567 — 2,567 2,822,978 39,297 2,783,681 Less current maturities (122,868) (673) (122,195) Long-term debt, excluding current maturities $ 2,700,110 $ 38,624 $ 2,661,486 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 |
Summarized Financial Informat_2
Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 Lamar Guarantor Non- Eliminations Lamar Media (unaudited) ASSETS Total current assets $ 61,090 $ 26,228 $ 260,375 $ — $ 347,693 Net property, plant and equipment — 1,250,719 14,775 — 1,265,494 Operating lease right of use assets — 1,195,378 32,176 — 1,227,554 Intangibles and goodwill, net — 2,763,265 17,659 — 2,780,924 Other assets 4,012,691 271,447 145,032 (4,352,000) 77,170 Total assets $ 4,073,781 $ 5,507,037 $ 470,017 $ (4,352,000) $ 5,698,835 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 368 $ 121,827 $ — $ 122,195 Current operating lease liabilities — 167,070 9,361 — 176,431 Other current liabilities 22,168 201,234 15,467 — 238,869 Total current liabilities 22,168 368,672 146,655 — 537,495 Long-term debt 2,659,287 2,199 — — 2,661,486 Operating lease liabilities — 965,682 23,404 — 989,086 Other noncurrent liabilities 169,903 246,895 292,870 (421,323) 288,345 Total liabilities 2,851,358 1,583,448 462,929 (421,323) 4,476,412 Stockholder's equity 1,222,423 3,923,589 7,088 (3,930,677) 1,222,423 Total liabilities and stockholder's equity $ 4,073,781 $ 5,507,037 $ 470,017 $ (4,352,000) $ 5,698,835 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, 2020 Lamar Media Guarantor Non- Eliminations Lamar Media ASSETS Total current assets $ 110,678 $ 19,471 $ 249,921 $ — $ 380,070 Net property, plant and equipment — 1,268,765 13,084 — 1,281,849 Operating lease right of use assets — 1,200,115 21,898 — 1,222,013 Intangibles and goodwill, net — 2,798,343 17,812 — 2,816,155 Other assets 3,912,122 258,433 132,448 (4,228,383) 74,620 Total assets $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 379 $ 122,055 $ — $ 122,434 Current operating lease liabilities — 188,712 6,727 — 195,439 Other current liabilities 33,583 170,320 19,286 — 223,189 Total current liabilities 33,583 359,411 148,068 — 541,062 Long-term debt 2,761,705 2,377 — — 2,764,082 Operating lease liabilities — 979,785 13,991 — 993,776 Other noncurrent liabilities 34,668 245,891 266,968 (264,584) 282,943 Total liabilities 2,829,956 1,587,464 429,027 (264,584) 4,581,863 Stockholder's equity 1,192,844 3,957,663 6,136 (3,963,799) 1,192,844 Total liabilities and stockholder's equity $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 |
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, 2021 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 436,984 $ 8,411 $ (343) $ 445,052 Operating expenses (income) Direct advertising expenses (1) — 134,204 6,587 (343) 140,448 General and administrative expenses (1) — 74,063 1,456 — 75,519 Corporate expenses (1) — 20,165 369 — 20,534 Depreciation and amortization — 60,017 605 — 60,622 Gain on disposition of assets — (1,474) (7) — (1,481) — 286,975 9,010 (343) 295,642 Operating income (loss) — 150,009 (599) — 149,410 Equity in (earnings) loss of subsidiaries (146,005) — — 146,005 — Interest expense (income), net 25,972 (8) 213 — 26,177 Income (loss) before income tax expense (benefit) 120,033 150,017 (812) (146,005) 123,233 Income tax expense (benefit) (2) — 3,251 (51) — 3,200 Net income (loss) $ 120,033 $ 146,766 $ (761) $ (146,005) $ 120,033 Statement of Comprehensive Income Net income (loss) $ 120,033 $ 146,766 $ (761) $ (146,005) $ 120,033 Total other comprehensive income, net of tax — — 300 — 300 Total comprehensive income (loss) $ 120,033 $ 146,766 $ (461) $ (146,005) $ 120,333 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Eliminations Lamar Media Consoliated Statement of Income (unaudited) Net revenues $ — $ 341,664 $ 6,237 $ (249) $ 347,652 Operating expenses (income) 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 (benefit) 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 (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 800,596 $ 16,110 $ (773) $ 815,933 Operating expenses (income) Direct advertising expenses (1) — 261,619 10,817 (773) 271,663 General and administrative expenses (1) — 146,014 2,154 — 148,168 Corporate expenses (1) — 37,531 626 — 38,157 Depreciation and amortization — 120,083 1,288 — 121,371 Gain on disposition of assets — (1,889) (7) — (1,896) — 563,358 14,878 (773) 577,463 Operating income — 237,238 1,232 — 238,470 Equity in (earnings) loss of subsidiaries (233,829) — — 233,829 — Loss on extinguishment of debt 21,604 — — — 21,604 Interest expense (income), net 53,726 (26) 457 — 54,157 Income (loss) before income tax expense 158,499 237,264 775 (233,829) 162,709 Income tax expense (2) — 3,883 327 — 4,210 Net income (loss) $ 158,499 $ 233,381 $ 448 $ (233,829) $ 158,499 Statement of Comprehensive Income Net income (loss) $ 158,499 $ 233,381 $ 448 $ (233,829) $ 158,499 Total other comprehensive income, net of tax — — 504 — 504 Total comprehensive income (loss) $ 158,499 $ 233,381 $ 952 $ (233,829) $ 159,003 (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 Guarantor Non- Eliminations Lamar Media Statement of Income (unaudited) Net revenues $ — $ 738,295 $ 16,689 $ (763) $ 754,221 Operating expenses (income) 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 (benefit) 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 (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
Condensed Consolidating Statements of Cash Flows | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2021 Lamar Media Guarantor Non- Eliminations Lamar Media (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 232,261 $ 346,732 $ (15,922) $ (293,942) $ 269,129 Cash flows from investing activities: Acquisitions — (27,236) — — (27,236) Capital expenditures — (38,908) (2,508) — (41,416) Proceeds from disposition of assets and investments — 3,982 — — 3,982 Investment in subsidiaries (27,236) — — 27,236 — Decrease (increase) in intercompany notes receivable 1,562 — — (1,562) — Net cash (used in) provided by investing activities (25,674) (62,162) (2,508) 25,674 (64,670) Cash flows from financing activities: Proceeds received from revolving credit facility 25,000 — — — 25,000 Payment on revolving credit facility (25,000) — — — (25,000) Principal payments on long-term debt — (190) — — (190) Principal payments on financing leases — (666) — — (666) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes (668,688) — — — (668,688) Payment on accounts receivable securitization program — — (32,500) — (32,500) Proceeds received from accounts receivable securitization program — — 32,500 — 32,500 Debt issuance costs (8,063) — (435) — (8,498) Intercompany loan (payments) proceeds — (15,826) 14,264 1,562 — Distributions to non-controlling interest — — (49) — (49) Dividends (to) from parent (157,409) (294,691) — 294,691 (157,409) Contributions from (to) parent 27,985 27,985 — (27,985) 27,985 Net cash (used in) provided by financing activities (256,175) (283,388) 13,780 268,268 (257,515) Effect of exchange rate changes in cash and cash equivalents — — 213 — 213 Net (decrease) increase in cash and cash equivalents (49,588) 1,182 (4,437) — (52,843) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 61,000 $ 2,914 $ 4,312 $ — $ 68,226 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 Guarantor Non- Eliminations Lamar Media (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 of 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 (payments) — 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 |
Revenues - Disaggregation Reven
Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 445,052 | $ 347,652 | $ 815,933 | $ 754,221 |
Billboard advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 405,284 | 312,095 | 739,323 | 667,400 |
Logo advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 19,694 | 21,053 | 39,100 | 42,445 |
Transit advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 20,074 | $ 14,504 | $ 37,510 | $ 44,376 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease, cost | $ 72,880 | $ 78,331 | $ 145,350 | $ 158,734 |
Variable lease, cost | 18,749 | 10,300 | 33,993 | 27,744 |
Gain (loss) on disposition of assets | 1,481 | 1,015 | 1,896 | 3,519 |
Operating lease, cash payments | 170,619 | 161,460 | ||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 140,448 | 134,059 | $ 271,663 | 283,553 |
Operating lease, weighted average remaining lease term | 11 years 9 months 18 days | 11 years 9 months 18 days | ||
Operating lease, weighted average discount rate | 4.60% | 4.60% | ||
Leased assets obtained in exchange for operating lease liability | $ 9,871 | 9,991 | ||
Amortization expense | $ 713 | 1,426 | ||
Interest expense | $ 148 | 298 | ||
Principal payments on financing leases | $ 666 | 0 | ||
Weighted-average remaining lease term | 6 years 4 months 24 days | 6 years 4 months 24 days | ||
Weighted-average discount rate | 3.50% | 3.50% | ||
Advertising | ||||
Lessee, Lease, Description [Line Items] | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | $ 1,511 | 1,249 | $ 2,891 | 2,507 |
Termination of Lease Agreements | ||||
Lessee, Lease, Description [Line Items] | ||||
Gain (loss) on disposition of assets | $ 48 | $ (266) | $ 54 | $ (317) |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 100,767 |
2022 | 202,240 |
2023 | 171,960 |
2024 | 152,575 |
2025 | 126,659 |
Thereafter | 799,937 |
Total undiscounted operating lease payments | 1,554,138 |
Less: Imputed interest | (388,621) |
Total operating lease liabilities | $ 1,165,517 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2021 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant (in shares) | 2,328,935 | |
Common Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted (in shares) | 18,000 | |
1996 Equity Incentive Plan | ||
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 | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of awards of target number of share | 0.00% | |
1996 Equity Incentive Plan | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of awards of target number of share | 100.00% | |
2019 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares reserved (in shares) | 86,490 | |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration date of options granted under equity incentive plan | 10 years | |
Options | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Options | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
Performance Based Compensation | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to performance based compensation agreements | $ 6,858 | |
Restricted Stock | Non-employee Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to performance based compensation agreements | $ 474 | |
Restricted Stock | Percentage of awards vesting on grant date | Non-employee Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of awards vesting on grant date | 50.00% | |
Restricted Stock | Percentage of Awards Vesting On Last Day of Each Directors Term | Non-employee Director | ||
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% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - shares | Jan. 01, 2021 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Available for future purchases, March 31, 2021 (in shares) | 2,328,935 | |
2019 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares reserved (in shares) | 86,490 | |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Available for future purchases, January 1, 2021 (in shares) | 369,771 | 369,771 |
Purchases (in shares) | (62,126) | |
Available for future purchases, March 31, 2021 (in shares) | 394,135 | |
Employee Stock Purchase Plan | 2019 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares reserved (in shares) | 86,490 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 60,622 | $ 63,998 | $ 121,371 | $ 126,311 |
Direct advertising expenses | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 56,276 | 60,142 | 112,748 | 118,839 |
General and administrative expenses | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 1,163 | 1,151 | 2,270 | 2,432 |
Corporate expenses | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 3,183 | $ 2,705 | $ 6,353 | $ 5,040 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,194,246 | $ 3,174,658 |
Accumulated Amortization | 2,315,101 | 2,260,212 |
Goodwill gross carrying amount | 2,165,935 | 2,165,864 |
Goodwill accumulated amortization | 253,536 | 253,536 |
Customer lists and contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 648,088 | 645,739 |
Accumulated Amortization | $ 574,844 | 563,135 |
Customer lists and contracts | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 7 years | |
Customer lists and contracts | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 10 years | |
Non-competition agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 66,488 | 66,156 |
Accumulated Amortization | $ 64,784 | 64,647 |
Non-competition agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 3 years | |
Non-competition agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Site locations | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,429,550 | 2,412,745 |
Accumulated Amortization | $ 1,636,461 | 1,593,805 |
Site locations | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 50,120 | 50,018 |
Accumulated Amortization | $ 39,012 | $ 38,625 |
Other | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 2 years | |
Other | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years |
Asset Retirement Obligations -
Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Beginning Balance | $ 222,876 |
Additions to asset retirement obligations | 926 |
Accretion expense | 2,029 |
Liabilities settled | (1,955) |
Ending Balance | $ 223,876 |
Distribution Restrictions (Deta
Distribution Restrictions (Detail) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||
Balance of permitted transfers to parent company | $ 3,755,580 | $ 3,625,712 |
Debt ratio | 7 | |
Debt ratio related to actual position on senior credit facility | 7 | |
Available cumulative credit | $ 2,526,060 | |
Secured Debt | Maximum | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 | |
Secured Debt | Maximum | LAMAR MEDIA CORP | ||
Debt Instrument [Line Items] | ||
Secured debt ratio | 4.5 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares) | 0 | 0 | 0 | 0 |
Long-term Debt - Long-Term Debt
Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Aug. 19, 2020 | Feb. 06, 2020 | Jan. 28, 2016 |
Debt Instrument [Line Items] | |||||
Debt | $ 2,822,978 | $ 2,926,633 | |||
Debt, Less current maturities | (122,868) | (122,879) | |||
Debt, excluding current maturities | 2,700,110 | 2,803,754 | |||
Deferred financing costs | 39,297 | 40,117 | |||
Deferred financing costs, Less current maturities | (673) | (445) | |||
Deferred financing costs, excluding current maturities | 38,624 | 39,672 | |||
Debt, net of deferred financing costs | 2,783,681 | 2,886,516 | |||
Debt, net of deferred financing costs, Less current maturities | (122,195) | (122,434) | |||
Debt, net of deferred financing costs, excluding current maturities | 2,661,486 | 2,764,082 | |||
Senior Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt | 598,592 | 598,466 | |||
Deferred financing costs | 10,438 | 11,569 | |||
Debt, net of deferred financing costs | 588,154 | 586,897 | |||
Accounts Receivable Securitization Program | |||||
Debt Instrument [Line Items] | |||||
Debt | 122,500 | 122,500 | |||
Deferred financing costs | 673 | 445 | |||
Debt, net of deferred financing costs | 121,827 | 122,055 | |||
3 3/4% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | 600,000 | 600,000 | |||
Deferred financing costs | 7,538 | 8,031 | |||
Debt, net of deferred financing costs | $ 592,462 | $ 591,969 | |||
Stated interest rate | 3.75% | 3.75% | 3.75% | ||
3 5/8% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 550,000 | ||||
Deferred financing costs | 7,775 | ||||
Debt, net of deferred financing costs | $ 542,225 | ||||
Stated interest rate | 3.625% | ||||
4% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 549,319 | $ 549,280 | |||
Deferred financing costs | 7,569 | 7,911 | |||
Debt, net of deferred financing costs | $ 541,750 | $ 541,369 | |||
Stated interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |
4 7/8% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 400,000 | $ 400,000 | |||
Deferred financing costs | 5,304 | 5,586 | |||
Debt, net of deferred financing costs | $ 394,696 | $ 394,414 | |||
Stated interest rate | 4.875% | 4.875% | |||
5 3/4% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 653,631 | ||||
Deferred financing costs | 6,575 | ||||
Debt, net of deferred financing costs | $ 647,056 | ||||
Stated interest rate | 5.75% | 5.75% | |||
Other Notes with Various Rates and Terms | |||||
Debt Instrument [Line Items] | |||||
Debt | $ 2,567 | $ 2,756 | |||
Deferred financing costs | 0 | 0 | |||
Debt, net of deferred financing costs | $ 2,567 | $ 2,756 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | May 24, 2021 | Feb. 03, 2021 | Jan. 22, 2021 | Oct. 23, 2020 | Aug. 19, 2020 | Jun. 30, 2020 | May 13, 2020 | Feb. 06, 2020 | Feb. 01, 2019 | Jan. 28, 2016 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 16, 2020 | Dec. 18, 2018 |
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds received from term B loans | $ 0 | $ 598,500,000 | |||||||||||||||
Loss on extinguishment of debt | $ 0 | $ 5,000 | 21,604,000 | $ 18,184,000 | |||||||||||||
Aggregate principal amount of debt issued | 2,822,978,000 | 2,822,978,000 | |||||||||||||||
Debt instrument outstanding amount | $ 2,822,978,000 | $ 2,822,978,000 | $ 2,926,633,000 | ||||||||||||||
4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||||
Debt instrument outstanding amount | $ 549,319,000 | $ 549,319,000 | $ 549,280,000 | ||||||||||||||
Redemption period | 120 days | ||||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||||
Accounts Receivable Securitization Program | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Aggregate principal amount of debt issued | $ 175,000,000 | ||||||||||||||||
Increase in delinquency ratio | 11.00% | 11.00% | 11.00% | ||||||||||||||
Delinquency ratio | 8.00% | 8.00% | 8.00% | ||||||||||||||
Increase in dilution ratio | 7.00% | 7.00% | 7.00% | ||||||||||||||
Dilution ratio | 4.00% | 4.00% | 4.00% | ||||||||||||||
Increase in days sales outstanding | 75 days | ||||||||||||||||
Number of days sales outstanding | 65 days | ||||||||||||||||
Percentage of commitment to maintain minimum borrowings | 50.00% | 70.00% | 50.00% | ||||||||||||||
Delinquency ratio | 13.00% | ||||||||||||||||
Dilution ratio | 5.00% | ||||||||||||||||
Debt instrument outstanding amount | $ 122,500,000 | 122,500,000 | $ 122,500,000 | ||||||||||||||
5 3/4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 5.75% | 5.75% | |||||||||||||||
Loss on extinguishment of debt | 21,604,000 | ||||||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | ||||||||||||||||
Debt instrument outstanding amount | $ 653,631,000 | ||||||||||||||||
Net proceeds form the issuance of debt | $ 394,500,000 | ||||||||||||||||
Principal amount redeemed | $ 650,000,000 | ||||||||||||||||
Percentage of principal amount redeemed | 102.875% | ||||||||||||||||
Loss on debt extinguishment on cash | $ 18,700,000 | ||||||||||||||||
3 3/4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | 3.75% | |||||||||||||
Debt instrument outstanding amount | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | ||||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||||
Redeemed percentage of aggregate principal amount | 103.75% | ||||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||||
4 7/8% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 4.875% | 4.875% | 4.875% | ||||||||||||||
Debt instrument outstanding amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||||
Redeemed percentage of aggregate principal amount | 104.875% | ||||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||||
3 5/8% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 3.625% | 3.625% | |||||||||||||||
Debt instrument outstanding amount | $ 550,000,000 | $ 550,000,000 | |||||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||||
Redeemed percentage of aggregate principal amount | 103.625% | ||||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||||
Redemption period | 120 days | ||||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||||
Prior to February 15, 2023 | 4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | ||||||||||||||||
Redeemed percentage of aggregate principal amount | 104.00% | ||||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | ||||||||||||||||
Prior to February 15, 2023 | 3 3/4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||||
Prior to February 15, 2023 | 4 7/8% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | ||||||||||||||||
Prior to February 15, 2023 | 3 5/8% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||||
Prior to February 15, 2025 | 4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | ||||||||||||||||
Private Placement | 4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 4.00% | 4.00% | |||||||||||||||
Aggregate principal amount of debt issued | $ 150,000,000 | $ 400,000,000 | |||||||||||||||
Net proceeds form the issuance of debt | $ 146,900,000 | $ 395,000,000 | |||||||||||||||
Private Placement | 5 3/4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 5.75% | ||||||||||||||||
Aggregate principal amount of debt issued | $ 250,000,000 | ||||||||||||||||
Net proceeds form the issuance of debt | $ 251,500,000 | ||||||||||||||||
Private Placement | 3 3/4% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 3.75% | ||||||||||||||||
Aggregate principal amount of debt issued | $ 600,000,000 | ||||||||||||||||
Net proceeds form the issuance of debt | $ 592,500,000 | ||||||||||||||||
Redemption period | 120 days | ||||||||||||||||
Private Placement | 4 7/8% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate | 4.875% | ||||||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | ||||||||||||||||
Net proceeds form the issuance of debt | $ 395,000,000 | ||||||||||||||||
Redemption period | 120 days | ||||||||||||||||
Private Placement | 3 5/8% Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds received from term B loans | $ 542,500,000 | ||||||||||||||||
Stated interest rate | 3.625% | ||||||||||||||||
Aggregate principal amount of debt issued | $ 550,000,000 | ||||||||||||||||
Letter of Credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letter of credit outstanding balance | 14,434,000 | 14,434,000 | |||||||||||||||
For Up To Two Additional Periods | Accounts Receivable Securitization Program | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Delinquency ratio | 16.00% | ||||||||||||||||
Debt Instrument Repurchase Program | Senior or Senior Subordinated Notes and other Indebtedness | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt repurchase program, authorized amount | $ 250,000,000 | ||||||||||||||||
Debt instrument repurchased under the program | 0 | 0 | |||||||||||||||
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds received from term B loans | 0 | $ 598,500,000 | |||||||||||||||
Loss on extinguishment of debt | 0 | $ 5,000 | 21,604,000 | 18,184,000 | |||||||||||||
LAMAR MEDIA CORP. AND SUBSIDIARIES | Accounts Receivable Securitization Program | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Available borrowing on accounts receivable securitization | 52,500,000 | 52,500,000 | |||||||||||||||
Senior Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loss on extinguishment of debt | $ 5,608,000 | ||||||||||||||||
Senior Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing limit of incremental loan facility | $ 750,000,000 | ||||||||||||||||
Term B Loan Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing limit of incremental loan facility | 600,000,000 | ||||||||||||||||
Proceeds received from term B loans | $ 600,000,000 | ||||||||||||||||
Term B Loan Facility | LIBO Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Adjusted base rate | 1.50% | ||||||||||||||||
Term B Loan Facility | Base Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Adjusted base rate | 0.50% | ||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Outstanding revolving credit facility | 0 | 0 | |||||||||||||||
Remaining borrowing capacity under revolving credit facility | $ 735,566,000 | $ 735,566,000 | |||||||||||||||
Revolving Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Secured debt ratio | 4.50 | ||||||||||||||||
Revolving Credit Facility | LIBO Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Secured debt ratio | 3.25 | ||||||||||||||||
Adjusted base rate | 1.50% | ||||||||||||||||
Ratio of indebtedness to net capital minimum | 1 | ||||||||||||||||
Revolving Credit Facility | LIBO Rate | Debt Ratio Less Than Three Point Two Five | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Adjusted base rate | 1.25% | ||||||||||||||||
Revolving Credit Facility | Base Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Secured debt ratio | 3.25 | ||||||||||||||||
Adjusted base rate | 0.50% | ||||||||||||||||
Ratio of indebtedness to net capital minimum | 1 | ||||||||||||||||
Revolving Credit Facility | Base Rate | Debt Ratio Less Than Three Point Two Five | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Adjusted base rate | 0.25% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Estimated fair value of Long-term debt (including current maturities) | $ 2,829,942 |
Gross amount of company's long term debt | $ 2,822,978 |
Dividends_Distributions (Detail
Dividends/Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||||
Distributions paid | $ 75,874 | $ 50,396 | $ 151,692 | $ 151,083 |
Dividends declared | $ 75,874 | $ 50,396 | $ 151,692 | $ 151,083 |
Cash dividends declared per share of common stock (in dollars per share) | $ 0.75 | $ 0.50 | $ 1.50 | $ 1.50 |
Dividends paid (in dollars per share) | $ 0.75 | $ 0.50 | $ 1.50 | $ 1.50 |
Dividends paid | $ 91 | $ 182 | $ 91 | $ 182 |
Distributions paid, preferred stockholders, per share | $ 15.95 | $ 31.90 | $ 15.95 | $ 31.90 |
Information about Geographic _2
Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net carrying value of long lived assets | $ 10,345 | $ 8,727 | |
External Customers | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from external customers | $ 10,617 | $ 11,022 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | May 01, 2021 | Jun. 21, 2021 | Mar. 16, 2020 | May 01, 2018 |
Shelf Registration | |||||||
Class of Stock [Line Items] | |||||||
Common stock shares issued for cash (in shares) | 0 | 0 | |||||
Common Class A | Stock Repurchase Program | |||||||
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 | ||||||
Sales Agreement | Common Class A | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares sold (in shares) | 842,412 | ||||||
2021 Sales Agreement | Common Class A | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares sold (in shares) | 0 | ||||||
Common stock, shares available to be sold | $ 400,000,000 | $ 400,000,000 | |||||
Maximum | Sales Agreement | Common Class A | |||||||
Class of Stock [Line Items] | |||||||
Aggregate offering price of common stock issuable | $ 400,000,000 | ||||||
Maximum | 2021 Sales Agreement | Common Class A | |||||||
Class of Stock [Line Items] | |||||||
Aggregate offering price of common stock issuable | $ 400,000 |