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Summarized Financial Information of Subsidiaries
 9 Months Ended
Sep. 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 September 30, 2021
Lamar
Media Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
ASSETS
Total current assets$84,528 $21,427 $263,978 $— $369,933 
Net property, plant and equipment— 1,277,082 14,155 — 1,291,237 
Operating lease right of use assets— 1,179,793 28,632 — 1,208,425 
Intangibles and goodwill, net— 2,808,322 17,485 — 2,825,807 
Other assets4,042,153 310,925 186,517 (4,432,772)106,823 
Total assets$4,126,681 $5,597,549 $510,767 $(4,432,772)$5,802,225 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $366 $174,359 $— $174,725 
Current operating lease liabilities— 167,067 7,592 — 174,659 
Other current liabilities22,086 216,543 11,034 — 249,663 
Total current liabilities22,086 383,976 192,985 — 599,047 
Long-term debt2,660,548 2,108 — — 2,662,656 
Operating lease liabilities— 958,770 19,171 — 977,941 
Other noncurrent liabilities211,205 289,459 291,032 (461,957)329,739 
Total liabilities2,893,839 1,634,313 503,188 (461,957)4,569,383 
Stockholder's equity1,232,842 3,963,236 7,579 (3,970,815)1,232,842 
Total liabilities and stockholder's equity$4,126,681 $5,597,549 $510,767 $(4,432,772)$5,802,225 
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
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar 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 assets3,912,122 258,433 132,448 (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 liabilities33,583 170,320 19,286 — 223,189 
Total current liabilities33,583 359,411 148,068 — 541,062 
Long-term debt2,761,705 2,377 — — 2,764,082 
Operating lease liabilities— 979,785 13,991 — 993,776 
Other noncurrent liabilities34,668 245,891 266,968 (264,584)282,943 
Total liabilities2,829,956 1,587,464 429,027 (264,584)4,581,863 
Stockholder's equity1,192,844 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)$5,774,707 
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended September 30, 2021
Lamar Media Corp.Guarantor SubsidiariesNon-
Guarantor Subsidiaries		EliminationsLamar Media Consolidated
Statement of Income(unaudited)
Net revenues$— $466,222 $11,216 $(544)$476,894 
Operating expenses (income)
Direct advertising expenses(1)
— 140,641 7,213 (544)147,310 
General and administrative expenses(1)
— 85,077 870 — 85,947 
Corporate expenses(1)
— 25,366 525 — 25,891 
Depreciation and amortization— 82,577 1,723 — 84,300 
Loss (gain) on disposition of assets— 115 (141)— (26)
— 333,776 10,190 (544)343,422 
Operating income (loss)— 132,446 1,026 — 133,472 
Equity in (earnings) loss of subsidiaries(132,727)— — 132,727 — 
Loss on extinguishment of debt— — — — — 
Interest expense (income), net25,753 (4)178 — 25,927 
Equity in earnings of investee— (1,141)— — (1,141)
Income (loss) before income tax expense (benefit)106,974 133,591 848 (132,727)108,686 
Income tax expense (benefit)(2)
— 1,943 (231)— 1,712 
Net income (loss)$106,974 $131,648 $1,079 $(132,727)$106,974 
Statement of Comprehensive Income
Net income (loss)$106,974 $131,648 $1,079 $(132,727)$106,974 
Total other comprehensive loss, net of tax— — (588)— (588)
Total comprehensive income (loss)$106,974 $131,648 $491 $(132,727)$106,386 
(1)    Caption is exclusive of depreciation and amortization.
(2)    The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended September 30, 2020
Lamar Media Corp.Guarantor SubsidiariesNon-
Guarantor Subsidiaries		EliminationsLamar Media Consoliated
Statement of Income(unaudited)
Net revenues$— $378,652 $7,825 $(367)$386,110 
Operating expenses (income)
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 debt7,051 — — — 7,051 
Interest expense (income), net34,823 (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 (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 Nine Months Ended September 30, 2021
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $1,266,818 $27,326 $(1,317)$1,292,827 
Operating expenses (income)
Direct advertising expenses (1)
— 402,260 18,030 (1,317)418,973 
General and administrative expenses (1)
— 231,091 3,024 — 234,115 
Corporate expenses (1)
— 62,897 1,151 — 64,048 
Depreciation and amortization— 202,660 3,011 — 205,671 
Gain on disposition of assets— (1,774)(148)— (1,922)
— 897,134 25,068 (1,317)920,885 
Operating income— 369,684 2,258 — 371,942 
Equity in (earnings) loss of subsidiaries(366,556)— — 366,556 — 
Loss on extinguishment of debt21,604 — — — 21,604 
Interest expense (income), net79,479 (30)635 — 80,084 
Equity in earnings of investee— (1,141)— — (1,141)
Income (loss) before income tax expense265,473 370,855 1,623 (366,556)271,395 
Income tax expense (2)
— 5,826 96 — 5,922 
Net income (loss)$265,473 $365,029 $1,527 $(366,556)$265,473 
Statement of Comprehensive Income
Net income (loss)$265,473 $365,029 $1,527 $(366,556)$265,473 
Total other comprehensive loss, net of tax— — (84)— (84)
Total comprehensive income (loss)$265,473 $365,029 $1,443 $(366,556)$265,389 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Nine Months Ended September 30, 2020
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $1,116,947 $24,514 $(1,130)$1,140,331 
Operating expenses (income)
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 debt25,235 — — — 25,235 
Interest expense (income), net105,072 (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 (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 Nine Months Ended September 30, 2021
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities$380,225 $584,251 $(26,729)$(467,049)$470,698 
Cash flows from investing activities:
Acquisitions— (107,593)— — (107,593)
Capital expenditures— (67,767)(3,746)— (71,513)
Payment for investments in equity securities— (30,000)— — (30,000)
Proceeds from disposition of assets and investments— 5,761 — — 5,761 
Decrease in notes receivable— 107 — — 107 
Investment in subsidiaries(107,593)— — 107,593 — 
Decrease (increase) in intercompany notes receivable53,515 — — (53,515)— 
Net cash (used in) provided by investing activities(54,078)(199,492)(3,746)54,078 (203,238)
Cash flows from financing activities:
Proceeds received from revolving credit facility25,000 — — — 25,000 
Payment on revolving credit facility(25,000)— — — (25,000)
Principal payments on long-term debt— (282)— — (282)
Principal payments on financing leases— (998)— — (998)
Proceeds received from note offering550,000 — — — 550,000 
Redemption of senior notes(668,688)— — — (668,688)
Payment on accounts receivable securitization program— — (67,500)— (67,500)
Proceeds received from accounts receivable securitization program— — 120,000 — 120,000 
Debt issuance costs(8,224)— (438)— (8,662)
Intercompany loan (payments) proceeds— (24,119)(29,396)53,515 — 
Distributions to non-controlling interest— — (82)— (82)
Dividends (to) from parent(258,703)(467,049)— 467,049 (258,703)
Contributions from (to) parent33,312 107,593 — (107,593)33,312 
Net cash (used in) provided by financing activities(352,303)(384,855)22,584 412,971 (301,603)
Effect of exchange rate changes in cash and cash equivalents— — 143 — 143 
Net decrease in cash and cash equivalents(26,156)(96)(7,748)— (34,000)
Cash and cash equivalents at beginning of period110,588 1,732 8,749 — 121,069 
Cash and cash equivalents at end of period$84,432 $1,636 $1,001 $— $87,069 
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		EliminationsLamar 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:
Acquisitions577 (29,324)— — (28,747)
Capital expenditures— (42,792)(1,841)— (44,633)
Proceeds from disposition of assets and investments— 5,699 — — 5,699 
Investment in subsidiaries(29,324)— — 29,324 — 
(Increase) decrease 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 facility725,000 — — — 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 offering1,549,250 — — — 1,549,250 
Payment on accounts receivable securitization program— — (175,000)— (175,000)
Proceeds received from accounts receivable securitization program— — 122,500 — 122,500 
Redemption of senior notes and senior subordinated notes(1,058,596)— — — (1,058,596)
Proceeds received from senior credit facility term loans598,500 — — — 598,500 
Payments on senior credit facility term loans(978,097)— — — (978,097)
Debt issuance costs(32,667)— — — (32,667)
Intercompany loan proceeds (payments)— 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) parent36,492 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 equivalents47,099 (7,416)2,757 — 42,440 
Cash and cash equivalents at beginning of period13,185 8,278 4,225 — 25,688 
Cash and cash equivalents at end of period$60,284 $862 $6,982 $— $68,128