Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]

12 Months Ended

Dec. 31, 2020

Condensed Consolidating Balance Sheet as of December 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated

ASSETS
Total current assets	$	110,678	$	19,471	$	249,921	$	—		$	380,070
Net property, plant and equipment		—		1,268,765		13,084		—			1,281,849
Operating lease right of use assets		—		1,200,115		21,898		—			1,222,013
Intangibles and goodwill, net		—		2,798,343		17,812		—			2,816,155
Other assets		3,912,122		258,433		132,448		(4,228,383	)		74,620
Total assets	$	4,022,800	$	5,545,127	$	435,163	$	(4,228,383	)	$	5,774,707
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	379	$	122,055	$	—		$	122,434
Current operating lease liabilties		—		188,712		6,727		—			195,439
Other current liabilities		33,583		170,320		19,286		—			223,189
Total current liabilities		33,583		359,411		148,068		—			541,062
Long-term debt		2,761,705		2,377		—		—			2,764,082
Operating lease liabilities		—		979,785		13,991		—			993,776
Other noncurrent liabilities		34,668		245,891		266,968		(264,584	)		282,943
Total liabilities		2,829,956		1,587,464		429,027		(264,584	)		4,581,863
Stockholders’ equity		1,192,844		3,957,663		6,136		(3,963,799	)		1,192,844
Total liabilities and stockholders’ equity	$	4,022,800	$	5,545,127	$	435,163	$	(4,228,383	)	$	5,774,707

Condensed Consolidating Balance Sheet as of December 31, 2019


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated

ASSETS
Total current assets	$	13,859	$	53,756	$	242,054	$	—		$	309,669
Net property, plant and equipment		—		1,340,675		8,440		—			1,349,115
Operating lease right of use assets		—		1,293,674		27,105		—			1,320,779
Intangibles and goodwill, net		—		2,875,644		18,255		—			2,893,899
Other assets		4,193,629		229,905		184,805		(4,557,380	)		50,959
Total assets	$	4,207,488	$	5,793,654	$	480,659	$	(4,557,380	)	$	5,924,421
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	51,480	$	34	$	175,000	$	—		$	226,514
Current operating lease liabilities		—		189,071		7,770		—			196,841
Other current liabilities		26,960		196,689		19,845		—			243,494
Total current liabilities		78,440		385,794		202,615		—			666,849
Long-term debt		2,753,570		34		—		—			2,753,604
Operating lease liabilities		—		1,049,220		18,961		—			1,068,181
Other noncurrent liabilities		205,947		231,416		250,859		(421,966	)		266,256
Total liabilities		3,037,957		1,666,464		472,435		(421,966	)		4,754,890
Stockholders’ equity		1,169,531		4,127,190		8,224		(4,135,414	)		1,169,531
Total liabilities and stockholders’ equity	$	4,207,488	$	5,793,654	$	480,659	$	(4,557,380	)	$	5,924,421

Condensed Consolidating Statements of Income and Comprehensive Income

Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2020


	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,536,534		$	33,965		$	(1,643	)	$	1,568,856
Operating expenses
Direct advertising expenses ⁽¹⁾		—			533,803			25,501			(1,643	)		557,661
General and administrative expenses ⁽¹⁾		—			281,293			6,581			—			287,874
Corporate expenses ⁽¹⁾		—			69,478			979			—			70,457
Depreciation and amortization		—			249,299			1,997			—			251,296
(Gain) loss on disposition of assets		—			(9,036	)		10			—			(9,026	)
		—			1,124,837			35,068			(1,643	)		1,158,262
Operating income		—			411,697			(1,103	)		—			410,594
Loss on debt extinguishment		25,235			—			—			—			25,235
Equity in (earnings) loss of subsidiaries		(404,332	)		—			—			404,332			—
Interest expense (income), net		135,224			(175	)		1,777			—			136,826
Income (loss) before income tax expense		243,873			411,872			(2,880	)		(404,332	)		248,533
Income tax expense (benefit)⁽²⁾		—			5,203			(543	)		—			4,660
Net income (loss)	$	243,873		$	406,669		$	(2,337	)	$	(404,332	)	$	243,873

Statement of Comprehensive Income
Net income (loss)	$	243,873		$	406,669		$	(2,337	)	$	(404,332	)	$	243,873
Total other comprehensive income, net of tax		—			—			249			—			249
Total comprehensive income (loss)	$	243,873		$	406,669		$	(2,088	)	$	(404,332	)	$	244,122

(1) Caption is exclusive of depreciation and amortization.
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2019


	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,709,691		$	46,804		$	(2,851	)	$	1,753,644
Operating expenses
Direct advertising expenses ⁽¹⁾		—			564,877			28,052			(2,851	)		590,078
General and administrative expenses ⁽¹⁾		—			310,813			7,567			—			318,380
Corporate expenses ⁽¹⁾		—			82,652			1,577			—			84,229
Depreciation and amortization		—			247,191			2,837			—			250,028
Gain on disposition of assets		—			(3,103	)		(4,138	)		—			(7,241	)
		—			1,202,430			35,895			(2,851	)		1,235,474
Operating income		—			507,261			10,909			—			518,170
Equity in (earnings) loss of subsidiaries		(517,516	)		—			—			517,516			—
Interest expense (income), net		144,976			(149	)		5,025			—			149,852
Income (loss) before income tax expense		372,540			507,410			5,884			(517,516	)		368,318
Income tax (benefit) expense ⁽²⁾		—			(7,360	)		3,138			—			(4,222	)
Net income (loss)	$	372,540		$	514,770		$	2,746		$	(517,516	)	$	372,540

Statement of Comprehensive Income
Net income (loss)	$	372,540		$	514,770		$	2,746		$	(517,516	)	$	372,540
Total other comprehensive income, net of tax		—			—			673			—			673
Total comprehensive income (loss)	$	372,540		$	514,770		$	3,419		$	(517,516	)	$	373,213

(1) Caption is exclusive of depreciation and amortization.
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2018


	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,579,619		$	50,352		$	(2,749	)	$	1,627,222
Operating expenses
Direct advertising expenses ⁽¹⁾		—			537,269			27,307			(2,728	)		561,848
General and administrative expenses ⁽¹⁾		—			280,874			8,554			—			289,428
Corporate expenses ⁽¹⁾		—			80,861			1,636			—			82,497
Depreciation and amortization		—			219,341			5,920			—			225,261
(Gain) loss on disposition of assets		—			(576	)		7,809			—			7,233
		—			1,117,769			51,226			(2,728	)		1,166,267
Operating income (loss)		—			461,850			(874	)		(21	)		460,955
Equity in (earnings) loss of subsidiaries		(450,791	)		—			—			450,791			—
Interest expense (income), net		129,731			(99	)		(413	)		(21	)		129,198
Other expenses		15,429			—			—			—			15,429
Income (loss) before income tax expense		305,631			461,949			(461	)		(450,791	)		316,328
Income tax expense ⁽²⁾		—			7,879			2,818			—			10,697
Net income (loss)	$	305,631		$	454,070		$	(3,279	)	$	(450,791	)	$	305,631

Statement of Comprehensive Income
Net income (loss)	$	305,631		$	454,070		$	(3,279	)	$	(450,791	)	$	305,631
Total other comprehensive loss, net of tax		—			—			(1,290	)		—			(1,290	)
Total comprehensive income (loss)	$	305,631		$	454,070		$	(4,569	)	$	(450,791	)	$	304,341

(1) Caption is exclusive of depreciation and amortization.
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2020


	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated

Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	495,872		$	668,673		$	(5,639	)	$	(619,877	)	$	539,029
Cash flows from investing activities:
Capital expenditures		—			(56,772	)		(5,500	)		—			(62,272	)
Acquisitions		577			(46,161	)		—			—			(45,584	)
Proceeds from disposition of assets and investments		—			10,968			—			—			10,968
Investment in subsidiaries		(46,161	)		—			—			46,161			—
Increease in intercompany notes receivable		(60,183	)		—			—			60,183			—
Increase in notes receivable		—			—			—			—			—
Net cash (used in) provided by investing activities		(105,767	)		(91,965	)		(5,500	)		106,344			(96,888	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		725,000			—			—			—			725,000
Payment on revolving credit facility		(875,000	)		—			—			—			(875,000	)
Principal payments on long term debt		—			(9,112	)		—			—			(9,112	)
Borrowings on long term debt		—			8,750			—			—			8,750
Proceeds received from note offering		1,549,250			—			—			—			1,549,250
Redemption of senior notes and senior subordinated notes		(1,058,596	)		—			—			—			(1,058,596	)
Proceeds received from senior credit facility term loans		598,500			—			—			—			598,500
Payments on senior credit facility term loans		(978,097	)		—			—			—			(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		(32,950	)		—			—			—			(32,950	)
Intercompany loan proceeds		—			(9,176	)		69,359			(60,183	)		—
Distributions to non-controlling interest		—			—			(1,509	)		—			(1,509	)
Dividends (to) from parent		(262,437	)		(619,877	)		—			619,877			(262,437	)
Contributions from (to) parent		41,628			46,161			—			(46,161	)		41,628
Net cash (used in) provided by financing activities		(292,702	)		(583,254	)		15,350			513,533			(347,073	)
Effect of exchange rate changes in cash and cash equivalents		—			—			313			—			313
Net increase in cash and cash equivalents		97,403			(6,546	)		4,524			—			95,381
Cash and cash equivalents at beginning of period		13,185			8,278			4,225			—			25,688
Cash and cash equivalents at end of period	$	110,588		$	1,732		$	8,749		$	—		$	121,069

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019


	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated

Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	469,907		$	738,030		$	6,660		$	(609,657	)	$	604,940
Cash flows from investing activities:
Capital expenditures		—			(136,696	)		(4,260	)		—			(140,956	)
Acquisitions		—			(226,278	)		—			—			(226,278	)
Proceeds from disposition of assets and investments		—			5,438			—			—			5,438
Proceeds received from insurance claims		—			210			—			—			210
Investment in subsidiaries		(226,278	)		—			—			226,278			—
Decrease in intercompany notes receivable		3,787			—			—			(3,787	)		—
Increase in notes receivable		(448	)		—			—			—			(448	)
Net cash (used in) provided by investing activities		(222,939	)		(357,326	)		(4,260	)		222,491			(362,034	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		495,000			—			—			—			495,000
Payment on revolving credit facility		(625,000	)		—			—			—			(625,000	)
Principal payments on long-term debt		(34,471	)		—			—			—			(34,471	)
Proceeds received from accounts receivable securitization program		—			—			9,000			—			9,000
Payments on accounts receivable securitization program		—			—			(9,000	)		—			(9,000	)
Debt issuance costs		(4,463	)		—			—			—			(4,463	)
Proceeds received from note offering		255,000			—			—			—			255,000
Intercompany loan proceeds (payments)		—			(702	)		(3,085	)		3,787			—
Distributions to non-controlling interest		—			—			(621	)		—			(621	)
Dividends (to) from parent		(393,700	)		(609,657	)		—			609,657			(393,700	)
Contributions from (to) parent		69,822			226,278			—			(226,278	)		69,822
Net cash (used in) provided by financing activities		(237,812	)		(384,081	)		(3,706	)		387,166			(238,433	)
Effect of exchange rate changes in cash and cash equivalents		—			—			221			—			221
Net increase in cash and cash equivalents		9,156			(3,377	)		(1,085	)		—			4,694
Cash and cash equivalents at beginning of period		4,029			11,655			5,310			—			20,994
Cash and cash equivalents at end of period	$	13,185		$	8,278		$	4,225		$	—		$	25,688

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2018


	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated

Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	430,896		$	689,718		$	(17,143	)	$	(566,386	)	$	537,085
Cash flows from investing activities:
Acquisitions		—			(477,389	)		—			—			(477,389	)
Capital expenditures		—			(113,259	)		(4,379	)		—			(117,638	)
Proceeds from disposition of assets and investments		—			3,839			2,809			—			6,648
Proceeds received from insurance claims		—			—			4,222			—			4,222
Investment in subsidiaries		(498,226	)		—			—			498,226			—
Decrease in intercompany notes receivable		30,034			—			—			(30,034	)		—
Decrease in notes receivable		9			—			—			—			9
Net cash (used in) provided by investing activities		(468,183	)		(586,809	)		2,652			468,192			(584,148	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		563,000			—			—			—			563,000
Payment on revolving credit facility		(481,000	)		—			—			—			(481,000	)
Principal payments on long-term debt		(27,297	)		(31	)		—			—			(27,328	)
Proceeds received from senior credit facility term loans		599,250			—			—			—			599,250
Proceeds received from accounts receivable securitization program		—			—			175,000			—			175,000
Debt issuance costs		(7,616	)		—			—			—			(7,616	)
Redemption on senior subordinated notes		(509,790	)		—			—			—			(509,790	)
Intercompany loan proceeds (payments)		175,000			(24,688	)		(180,346	)		30,034			—
Distributions to non-controlling interest		—			—			(541	)		—			(541	)
Contributions from (to) parent		89,967			498,226			—			(498,226	)		89,967
Dividends (to) from parent		(446,744	)		(566,386	)		—			566,386			(446,744	)
Net cash (used in) provided by financing activities		(45,230	)		(92,879	)		(5,887	)		98,194			(45,802	)
Effect of exchange rate changes in cash and cash equivalents		—			—			(1,112	)		—			(1,112	)
Net increase in cash and cash equivalents		(82,517	)		10,030			(21,490	)		—			(93,977	)
Cash and cash equivalents at beginning of period		86,546			1,625			26,800			—			114,971
Cash and cash equivalents at end of period	$	4,029		$	11,655		$	5,310		$	—		$	20,994