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Summarized Financial Information of Subsidiaries | 9 Months Ended
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Sep. 30, 2020
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] |
Summarized Financial Information of Subsidiaries | 2. Summarized Financial Information of Subsidiaries Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Balance Sheet as of September 30, 2020 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
|  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total current assets |  | $ | 60,374 |  |  | $ | 27,270 |  |  | $ | 231,639 |  |  | $ | — |  |  | $ | 319,283 |
Net property, plant and equipment |  |  | — |  |  |  | 1,284,158 |  |  |  | 10,225 |  |  |  | — |  |  |  | 1,294,383 |
Operating lease right of use assets |  |  | — |  |  |  | 1,240,402 |  |  |  | 24,679 |  |  |  | — |  |  |  | 1,265,081 |
Intangibles and goodwill, net |  |  | — |  |  |  | 2,813,473 |  |  |  | 17,801 |  |  |  | — |  |  |  | 2,831,274 |
Other assets |  |  | 3,950,549 |  |  |  | 224,809 |  |  |  | 132,337 |  |  |  | (4,256,048 | ) |  |  | 51,647 |
Total assets |  | $ | 4,010,923 |  |  | $ | 5,590,112 |  |  | $ | 416,681 |  |  | $ | (4,256,048 | ) |  | $ | 5,761,668 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt |  | $ | — |  |  | $ | 9,124 |  |  | $ | 121,944 |  |  | $ | — |  |  | $ | 131,068 |
Current operating lease liabilities |  |  | — |  |  |  | 166,848 |  |  |  | 9,300 |  |  |  | — |  |  |  | 176,148 |
Other current liabilities |  |  | 19,326 |  |  |  | 163,890 |  |  |  | 14,873 |  |  |  | — |  |  |  | 198,089 |
Total current liabilities |  |  | 19,326 |  |  |  | 339,862 |  |  |  | 146,117 |  |  |  | — |  |  |  | 505,305 |
Long-term debt |  |  | 2,830,649 |  |  |  | 2,471 |  |  |  | — |  |  |  | — |  |  |  | 2,833,120 |
Operating lease liabilities |  |  | — |  |  |  | 1,018,197 |  |  |  | 14,338 |  |  |  | — |  |  |  | 1,032,535 |
Other noncurrent liabilities |  |  | 32,031 |  |  |  | 227,552 |  |  |  | 250,930 |  |  |  | (248,722 | ) |  |  | 261,791 |
Total liabilities |  |  | 2,882,006 |  |  |  | 1,588,082 |  |  |  | 411,385 |  |  |  | (248,722 | ) |  |  | 4,632,751 |
Stockholders’ equity |  |  | 1,128,917 |  |  |  | 4,002,030 |  |  |  | 5,296 |  |  |  | (4,007,326 | ) |  |  | 1,128,917 |
Total liabilities and stockholders’ equity |  | $ | 4,010,923 |  |  | $ | 5,590,112 |  |  | $ | 416,681 |  |  | $ | (4,256,048 | ) |  | $ | 5,761,668 |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Balance Sheet as of December 31, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total current assets |  | $ | 13,859 |  |  | $ | 53,756 |  |  | $ | 242,054 |  |  | $ | — |  |  | $ | 309,669 |
Net property, plant and equipment |  |  | — |  |  |  | 1,340,675 |  |  |  | 8,440 |  |  |  | — |  |  |  | 1,349,115 |
Operating lease right of use assets |  |  | — |  |  |  | 1,293,674 |  |  |  | 27,105 |  |  |  | — |  |  |  | 1,320,779 |
Intangibles and goodwill, net |  |  | — |  |  |  | 2,875,644 |  |  |  | 18,255 |  |  |  | — |  |  |  | 2,893,899 |
Other assets |  |  | 4,193,629 |  |  |  | 229,905 |  |  |  | 184,805 |  |  |  | (4,557,380 | ) |  |  | 50,959 |
Total assets |  | $ | 4,207,488 |  |  | $ | 5,793,654 |  |  | $ | 480,659 |  |  | $ | (4,557,380 | ) |  | $ | 5,924,421 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt |  | $ | 51,480 |  |  | $ | 34 |  |  | $ | 175,000 |  |  | $ | — |  |  | $ | 226,514 |
Current operating lease liabilities |  |  | — |  |  |  | 189,071 |  |  |  | 7,770 |  |  |  | — |  |  |  | 196,841 |
Other current liabilities |  |  | 26,960 |  |  |  | 196,689 |  |  |  | 19,845 |  |  |  | — |  |  |  | 243,494 |
Total current liabilities |  |  | 78,440 |  |  |  | 385,794 |  |  |  | 202,615 |  |  |  | — |  |  |  | 666,849 |
Long-term debt |  |  | 2,753,570 |  |  |  | 34 |  |  |  | — |  |  |  | — |  |  |  | 2,753,604 |
Operating lease liabilities |  |  | — |  |  |  | 1,049,220 |  |  |  | 18,961 |  |  |  | — |  |  |  | 1,068,181 |
Other noncurrent liabilities |  |  | 205,947 |  |  |  | 231,416 |  |  |  | 250,859 |  |  |  | (421,966 | ) |  |  | 266,256 |
Total liabilities |  |  | 3,037,957 |  |  |  | 1,666,464 |  |  |  | 472,435 |  |  |  | (421,966 | ) |  |  | 4,754,890 |
Stockholder’s equity |  |  | 1,169,531 |  |  |  | 4,127,190 |  |  |  | 8,224 |  |  |  | (4,135,414 | ) |  |  | 1,169,531 |
Total liabilities and stockholder’s equity |  | $ | 4,207,488 |  |  | $ | 5,793,654 |  |  | $ | 480,659 |  |  | $ | (4,557,380 | ) |  | $ | 5,924,421 |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2020 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 378,652 |  |  | $ | 7,825 |  |  | $ | (367 | ) |  | $ | 386,110 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 130,496 |  |  |  | 6,180 |  |  |  | (367 | ) |  |  | 136,309 |
General and administrative expenses (1) |  |  | — |  |  |  | 65,340 |  |  |  | 1,409 |  |  |  | — |  |  |  | 66,749 |
Corporate expenses (1) |  |  | — |  |  |  | 16,918 |  |  |  | 211 |  |  |  | — |  |  |  | 17,129 |
Depreciation and amortization |  |  | — |  |  |  | 60,751 |  |  |  | 486 |  |  |  | — |  |  |  | 61,237 |
Gain on disposition of assets |  |  | — |  |  |  | (1,304 | ) |  |  | — |  |  |  | — |  |  |  | (1,304 | )
|  |  | — |  |  |  | 272,201 |  |  |  | 8,286 |  |  |  | (367 | ) |  |  | 280,120 |
Operating income (loss) |  |  | — |  |  |  | 106,451 |  |  |  | (461 | ) |  |  | — |  |  |  | 105,990 |
Equity in (earnings) loss of subsidiaries |  |  | (104,769 | ) |  |  | — |  |  |  | — |  |  |  | 104,769 |  |  |  | — |
Loss on extinguishment of debt |  |  | 7,051 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,051 |
Interest expense (income), net |  |  | 34,823 |  |  |  | (92 | ) |  |  | 89 |  |  |  | — |  |  |  | 34,820 |
Income (loss) before income tax expense (benefit) |  |  | 62,895 |  |  |  | 106,543 |  |  |  | (550 | ) |  |  | (104,769 | ) |  |  | 64,119 |
Income tax expense (benefit) (2) |  |  | — |  |  |  | 1,449 |  |  |  | (225 | ) |  |  | — |  |  |  | 1,224 |
Net income (loss) |  | $ | 62,895 |  |  | $ | 105,094 |  |  | $ | (325 | ) |  | $ | (104,769 | ) |  | $ | 62,895 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 62,895 |  |  | $ | 105,094 |  |  | $ | (325 | ) |  | $ | (104,769 | ) |  | $ | 62,895 |
Total other comprehensive income, net of tax |  |  | — |  |  |  | — |  |  |  | 330 |  |  |  | — |  |  |  | 330 |
Total comprehensive income (loss) |  | $ | 62,895 |  |  | $ | 105,094 |  |  | $ | 5 |  |  | $ | (104,769 | ) |  | $ | 63,225 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 446,838 |  |  | $ | 11,539 |  |  | $ | (591 | ) |  | $ | 457,786 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 142,412 |  |  |  | 7,025 |  |  |  | (591 | ) |  |  | 148,846 |
General and administrative expenses (1) |  |  | — |  |  |  | 78,470 |  |  |  | 2,091 |  |  |  | — |  |  |  | 80,561 |
Corporate expenses (1) |  |  | — |  |  |  | 22,645 |  |  |  | 417 |  |  |  | — |  |  |  | 23,062 |
Depreciation and amortization |  |  | — |  |  |  | 63,033 |  |  |  | 918 |  |  |  | — |  |  |  | 63,951 |
Gain on disposition of assets |  |  | — |  |  |  | (185 | ) |  |  | (14 | ) |  |  | — |  |  |  | (199 | )
|  |  | — |  |  |  | 306,375 |  |  |  | 10,437 |  |  |  | (591 | ) |  |  | 316,221 |
Operating income |  |  | — |  |  |  | 140,463 |  |  |  | 1,102 |  |  |  | — |  |  |  | 141,565 |
Equity in (earnings) loss of subsidiaries |  |  | (136,714 | ) |  |  | — |  |  |  | — |  |  |  | 136,714 |  |  |  | — |
Interest expense (income), net |  |  | 36,882 |  |  |  | (7 | ) |  |  | 1,280 |  |  |  | — |  |  |  | 38,155 |
Income (loss) before income tax expense |  |  | 99,832 |  |  |  | 140,470 |  |  |  | (178 | ) |  |  | (136,714 | ) |  |  | 103,410 |
Income tax expense (2) |  |  | — |  |  |  | 3,255 |  |  |  | 323 |  |  |  | — |  |  |  | 3,578 |
Net income (loss) |  | $ | 99,832 |  |  | $ | 137,215 |  |  | $ | (501 | ) |  | $ | (136,714 | ) |  | $ | 99,832 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 99,832 |  |  | $ | 137,215 |  |  | $ | (501 | ) |  | $ | (136,714 | ) |  | $ | 99,832 |
Total other comprehensive loss, net of tax |  |  | — |  |  |  | — |  |  |  | (174 | ) |  |  | — |  |  |  | (174 | )
Total comprehensive income (loss) |  | $ | 99,832 |  |  | $ | 137,215 |  |  | $ | (675 | ) |  | $ | (136,714 | ) |  | $ | 99,658 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2020 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 1,116,947 |  |  | $ | 24,514 |  |  | $ | (1,130 | ) |  | $ | 1,140,331 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 402,033 |  |  |  | 18,959 |  |  |  | (1,130 | ) |  |  | 419,862 |
General and administrative expenses (1) |  |  | — |  |  |  | 211,090 |  |  |  | 5,271 |  |  |  | — |  |  |  | 216,361 |
Corporate expenses (1) |  |  | — |  |  |  | 51,526 |  |  |  | 615 |  |  |  | — |  |  |  | 52,141 |
Depreciation and amortization |  |  | — |  |  |  | 186,201 |  |  |  | 1,347 |  |  |  | — |  |  |  | 187,548 |
(Gain) loss on disposition of assets |  |  | — |  |  |  | (4,878 | ) |  |  | 55 |  |  |  | — |  |  |  | (4,823 | )
|  |  | — |  |  |  | 845,972 |  |  |  | 26,247 |  |  |  | (1,130 | ) |  |  | 871,089 |
Operating income (loss) |  |  | — |  |  |  | 270,975 |  |  |  | (1,733 | ) |  |  | — |  |  |  | 269,242 |
Equity in (earnings) loss of subsidiaries |  |  | (265,353 | ) |  |  | — |  |  |  | — |  |  |  | 265,353 |  |  |  | — |
Loss on extinguishment of debt |  |  | 25,235 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,235 |
Interest expense (income), net |  |  | 105,072 |  |  |  | (151 | ) |  |  | 1,520 |  |  |  | — |  |  |  | 106,441 |
Income (loss) before income tax expense (benefit) |  |  | 135,046 |  |  |  | 271,126 |  |  |  | (3,253 | ) |  |  | (265,353 | ) |  |  | 137,566 |
Income tax expense (benefit) (2) |  |  | — |  |  |  | 3,373 |  |  |  | (853 | ) |  |  | — |  |  |  | 2,520 |
Net income (loss) |  | $ | 135,046 |  |  | $ | 267,753 |  |  | $ | (2,400 | ) |  | $ | (265,353 | ) |  | $ | 135,046 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 135,046 |  |  | $ | 267,753 |  |  | $ | (2,400 | ) |  | $ | (265,353 | ) |  | $ | 135,046 |
Total other comprehensive loss, net of tax |  |  | — |  |  |  | — |  |  |  | (528 | ) |  |  | — |  |  |  | (528 | )
Total comprehensive income (loss) |  | $ | 135,046 |  |  | $ | 267,753 |  |  | $ | (2,928 | ) |  | $ | (265,353 | ) |  | $ | 134,518 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 1,258,493 |  |  | $ | 34,563 |  |  | $ | (2,071 | ) |  | $ | 1,290,985 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 417,271 |  |  |  | 20,506 |  |  |  | (2,071 | ) |  |  | 435,706 |
General and administrative expenses (1) |  |  | — |  |  |  | 232,602 |  |  |  | 5,668 |  |  |  | — |  |  |  | 238,270 |
Corporate expenses (1) |  |  | — |  |  |  | 57,542 |  |  |  | 1,025 |  |  |  | — |  |  |  | 58,567 |
Depreciation and amortization |  |  | — |  |  |  | 184,897 |  |  |  | 2,253 |  |  |  | — |  |  |  | 187,150 |
Gain on disposition of assets |  |  | — |  |  |  | (1,195 | ) |  |  | (4,165 | ) |  |  | — |  |  |  | (5,360 | )
|  |  | — |  |  |  | 891,117 |  |  |  | 25,287 |  |  |  | (2,071 | ) |  |  | 914,333 |
Operating income |  |  | — |  |  |  | 367,376 |  |  |  | 9,276 |  |  |  | — |  |  |  | 376,652 |
Equity in (earnings) loss of subsidiaries |  |  | (379,424 | ) |  |  | — |  |  |  | — |  |  |  | 379,424 |  |  |  | — |
Interest expense (income), net |  |  | 109,745 |  |  |  | (94 | ) |  |  | 4,036 |  |  |  | — |  |  |  | 113,687 |
Income (loss) before income tax (benefit) expense |  |  | 269,679 |  |  |  | 367,470 |  |  |  | 5,240 |  |  |  | (379,424 | ) |  |  | 262,965 |
Income tax (benefit) expense (2) |  |  | — |  |  |  | (9,357 | ) |  |  | 2,643 |  |  |  | — |  |  |  | (6,714 | )
Net income (loss) |  | $ | 269,679 |  |  | $ | 376,827 |  |  | $ | 2,597 |  |  | $ | (379,424 | ) |  | $ | 269,679 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 269,679 |  |  | $ | 376,827 |  |  | $ | 2,597 |  |  | $ | (379,424 | ) |  | $ | 269,679 |
Total other comprehensive income, net of tax |  |  | — |  |  |  | — |  |  |  | 372 |  |  |  | — |  |  |  | 372 |
Total comprehensive income (loss) |  | $ | 269,679 |  |  | $ | 376,827 |  |  | $ | 2,969 |  |  | $ | (379,424 | ) |  | $ | 270,051 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2020 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
|  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | 310,395 |  |  | $ | 436,270 |  |  | $ | 4,949 |  |  | $ | (419,181 | ) |  | $ | 332,433 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  |  | 577 |  |  |  | (29,324 | ) |  |  | — |  |  |  | — |  |  |  | (28,747 | )
Capital expenditures |  |  | — |  |  |  | (42,792 | ) |  |  | (1,841 | ) |  |  | — |  |  |  | (44,633 | )
Proceeds from disposition of assets |  |  | — |  |  |  | 5,699 |  |  |  | — |  |  |  | — |  |  |  | 5,699 |
Investment in subsidiaries |  |  | (29,324 | ) |  |  | — |  |  |  | — |  |  |  | 29,324 |  |  |  | — |
Increase in intercompany notes receivable |  |  | (57,807 | ) |  |  | — |  |  |  | — |  |  |  | 57,807 |  |  |  | — |
Net cash (used in) provided by investing activities |  |  | (86,554 | ) |  |  | (66,417 | ) |  |  | (1,841 | ) |  |  | 87,131 |  |  |  | (67,681 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds received from revolving credit facility |  |  | 725,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 725,000 |
Payment on revolving credit facility |  |  | (805,000 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (805,000 | )
Principal payments on long term debt |  |  | — |  |  |  | (273 | ) |  |  | — |  |  |  | — |  |  |  | (273 | )
Borrowings on long term debt |  |  | — |  |  |  | 8,750 |  |  |  | — |  |  |  | — |  |  |  | 8,750 |
Proceeds received from note offering |  |  | 1,549,250 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,549,250 |
Redemption of senior notes and senior subordinated notes |  |  | (1,058,596 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,058,596 | )
Proceeds received from senior credit facility term loans |  |  | 598,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 598,500 |
Payments on senior credit facility term loans |  |  | (978,097 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (978,097 | )
Payment on accounts receivable securitization program |  |  | — |  |  |  | — |  |  |  | (175,000 | ) |  |  | — |  |  |  | (175,000 | )
Proceeds received from accounts receivable securitization program |  |  | — |  |  |  | — |  |  |  | 122,500 |  |  |  | — |  |  |  | 122,500 |
Debt issuance costs |  |  | (32,667 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (32,667 | )
Intercompany loan proceeds |  |  | — |  |  |  | 4,111 |  |  |  | 53,696 |  |  |  | (57,807 | ) |  |  | — |
Distributions to non-controlling interest |  |  | — |  |  |  | — |  |  |  | (1,475 | ) |  |  | — |  |  |  | (1,475 | )
Dividends (to) from parent |  |  | (211,624 | ) |  |  | (419,181 | ) |  |  | — |  |  |  | 419,181 |  |  |  | (211,624 | )
Contributions from (to) parent |  |  | 36,492 |  |  |  | 29,324 |  |  |  | — |  |  |  | (29,324 | ) |  |  | 36,492 |
Net cash (used in) provided by financing activities |  |  | (176,742 | ) |  |  | (377,269 | ) |  |  | (279 | ) |  |  | 332,050 |  |  |  | (222,240 | )
Effect of exchange rate changes in cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (72 | ) |  |  | — |  |  |  | (72 | )
Net increase (decrease) in cash and cash equivalents |  |  | 47,099 |  |  |  | (7,416 | ) |  |  | 2,757 |  |  |  | — |  |  |  | 42,440 |
Cash and cash equivalents at beginning of period |  |  | 13,185 |  |  |  | 8,278 |  |  |  | 4,225 |  |  |  | — |  |  |  | 25,688 |
Cash and cash equivalents at end of period |  | $ | 60,284 |  |  | $ | 862 |  |  | $ | 6,982 |  |  | $ | — |  |  | $ | 68,128 |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non- Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
|  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | 289,262 |  |  | $ | 510,514 |  |  | $ | (11,358 | ) |  | $ | (404,210 | ) |  | $ | 384,208 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  |  | — |  |  |  | (214,559 | ) |  |  | — |  |  |  | — |  |  |  | (214,559 | )
Capital expenditures |  |  | — |  |  |  | (94,820 | ) |  |  | (2,860 | ) |  |  | — |  |  |  | (97,680 | )
Proceeds from disposition of assets |  |  | — |  |  |  | 2,658 |  |  |  | — |  |  |  | — |  |  |  | 2,658 |
Proceeds received from insurance claims |  |  | — |  |  |  | 210 |  |  |  | — |  |  |  | — |  |  |  | 210 |
Investment in subsidiaries |  |  | (214,559 | ) |  |  | — |  |  |  | — |  |  |  | 214,559 |  |  |  | — |
Decrease in intercompany notes receivable |  |  | 7,236 |  |  |  | — |  |  |  | — |  |  |  | (7,236 | ) |  |  | — |
Increase in notes receivable |  |  | (448 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (448 | )
Net cash (used in) provided by investing activities |  |  | (207,771 | ) |  |  | (306,511 | ) |  |  | (2,860 | ) |  |  | 207,323 |  |  |  | (309,819 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds received from revolving credit facility |  |  | 430,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 430,000 |
Payment on revolving credit facility |  |  | (495,000 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (495,000 | )
Principal payments on long-term debt |  |  | (24,421 | ) |  |  | (25 | ) |  |  | — |  |  |  | — |  |  |  | (24,446 | )
Proceeds received from note offering |  |  | 255,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 255,000 |
Payment on accounts receivable securitization program |  |  | — |  |  |  | — |  |  |  | (9,000 | ) |  |  | — |  |  |  | (9,000 | )
Proceeds received from accounts receivable securitization program |  |  | — |  |  |  | — |  |  |  | 9,000 |  |  |  | — |  |  |  | 9,000 |
Debt issuance costs |  |  | (4,454 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,454 | )
Intercompany loan proceeds |  |  | — |  |  |  | (19,641 | ) |  |  | 12,405 |  |  |  | 7,236 |  |  |  | — |
Distributions to non-controlling interest |  |  | — |  |  |  | — |  |  |  | (439 | ) |  |  | — |  |  |  | (439 | )
Dividends (to) from parent |  |  | (297,027 | ) |  |  | (404,210 | ) |  |  | — |  |  |  | 404,210 |  |  |  | (297,027 | )
Contributions from (to) parent |  |  | 63,626 |  |  |  | 214,559 |  |  |  | — |  |  |  | (214,559 | ) |  |  | 63,626 |
Net cash (used in) provided by financing activities |  |  | (72,276 | ) |  |  | (209,317 | ) |  |  | 11,966 |  |  |  | 196,887 |  |  |  | (72,740 | )
Effect of exchange rate changes in cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 144 |  |  |  | — |  |  |  | 144 |
Net increase (decrease) in cash and cash equivalents |  |  | 9,215 |  |  |  | (5,314 | ) |  |  | (2,108 | ) |  |  | — |  |  |  | 1,793 |
Cash and cash equivalents at beginning of period |  |  | 4,029 |  |  |  | 11,655 |  |  |  | 5,310 |  |  |  | — |  |  |  | 20,994 |
Cash and cash equivalents at end of period |  | $ | 13,244 |  |  | $ | 6,341 |  |  | $ | 3,202 |  |  | $ | — |  |  | $ | 22,787 |

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