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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 264,776 $ 134,680
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 205,671 187,548
Stock-based compensation 22,540 11,046
Amortization included in interest expense 4,405 4,467
Gain on disposition of assets and investments (1,922) (4,823)
Loss on extinguishment of debt 21,604 25,235
Equity in earnings of investee (1,141) 0
Deferred tax expense (benefit) 1,178 (1,870)
Provision for doubtful accounts 2,711 9,442
(Increase) decrease in:    
Receivables (24,475) 19,253
Prepaid expenses (1,953) 1,002
Other assets (444) 2,110
(Decrease) increase in:    
Trade accounts payable (69) (186)
Accrued expenses 3,610 (11,597)
Operating lease liabilities (22,560) 625
Other liabilities 14,303 (15,475)
Net cash provided by operating activities 488,234 361,457
Cash flows from investing activities:    
Acquisitions (107,593) (28,747)
Capital expenditures (71,513) (44,633)
Payment for investments in equity securities (30,000) 0
Proceeds from disposition of assets and investments 5,761 5,699
Decrease in notes receivable 107 0
Net cash used in investing activities (203,238) (67,681)
Cash flows from financing activities:    
Cash used for purchase of treasury stock (5,787) (10,124)
Net proceeds from issuance of common stock 16,050 7,740
Principal payments on long-term debt (282) (273)
Borrowings on long-term debt 0 8,750
Principal payments on financing leases (998) 0
Payments on revolving credit facility (25,000) (805,000)
Proceeds received from revolving credit facility 25,000 725,000
Redemption of senior notes and senior subordinated notes (668,688) (1,058,596)
Proceeds received from note offering 550,000 1,549,250
Proceeds received from accounts receivable securitization program 120,000 122,500
Payments on accounts receivable securitization program (67,500) (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 (8,662) (32,667)
Distributions to non-controlling interest (82) (1,475)
Dividends/distributions (253,190) (201,772)
Net cash used in financing activities (319,139) (251,264)
Effect of exchange rate changes in cash and cash equivalents 143 (72)
Net (decrease) increase in cash and cash equivalents (34,000) 42,440
Cash and cash equivalents at beginning of period 121,569 26,188
Cash and cash equivalents at end of period 87,569 68,628
Supplemental disclosures of cash flow information:    
Cash paid for interest 87,729 115,999
Cash paid for foreign, state and federal income taxes 7,231 3,558
Payment for investments in equity securities (30,000) 0
LAMAR MEDIA CORP. AND SUBSIDIARIES    
Cash flows from operating activities:    
Net income 265,473 135,046
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 205,671 187,548
Stock-based compensation 22,540 11,046
Amortization included in interest expense 4,405 4,467
Gain on disposition of assets and investments (1,922) (4,823)
Loss on extinguishment of debt 21,604 25,235
Equity in earnings of investee (1,141) 0
Deferred tax expense (benefit) 1,178 (1,870)
Provision for doubtful accounts 2,711 9,442
(Increase) decrease in:    
Receivables (24,475) 19,253
Prepaid expenses (1,953) 1,002
Other assets (444) 2,110
(Decrease) increase in:    
Trade accounts payable (69) (186)
Accrued expenses 3,610 (11,597)
Operating lease liabilities (22,560) 625
Other liabilities (3,930) (44,865)
Net cash provided by operating activities 470,698 332,433
Cash flows from investing activities:    
Acquisitions (107,593) (28,747)
Capital expenditures (71,513) (44,633)
Payment for investments in equity securities (30,000) 0
Proceeds from disposition of assets and investments 5,761 5,699
Net cash used in investing activities (203,238) (67,681)
Cash flows from financing activities:    
Principal payments on long-term debt (282) (273)
Borrowings on long-term debt 0 8,750
Principal payments on financing leases (998) 0
Payments on revolving credit facility (25,000) (805,000)
Proceeds received from revolving credit facility 25,000 725,000
Redemption of senior notes and senior subordinated notes (668,688) (1,058,596)
Proceeds received from note offering 550,000 1,549,250
Proceeds received from accounts receivable securitization program 120,000 122,500
Payments on accounts receivable securitization program (67,500) (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 (8,662) (32,667)
Distributions to non-controlling interest (82) (1,475)
Contributions from (to) parent 33,312 36,492
Dividends To From Parent (258,703) (211,624)
Net cash used in financing activities (301,603) (222,240)
Effect of exchange rate changes in cash and cash equivalents 143 (72)
Net (decrease) increase in cash and cash equivalents (34,000) 42,440
Cash and cash equivalents at beginning of period 121,069 25,688
Cash and cash equivalents at end of period 87,069 68,128
Supplemental disclosures of cash flow information:    
Cash paid for interest 87,729 115,999
Cash paid for foreign, state and federal income taxes 7,231 3,558
Payment for investments in equity securities (30,000) 0
LAMAR MEDIA CORP. AND SUBSIDIARIES    
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 205,671 187,548
Gain on disposition of assets and investments (1,922) (4,823)
Loss on extinguishment of debt 21,604 25,235
Equity in earnings of investee 1,141  
(Decrease) increase in:    
Net cash provided by operating activities 470,698 332,433
Cash flows from investing activities:    
Acquisitions (107,593) (28,747)
Capital expenditures (71,513) (44,633)
Payment for investments in equity securities (30,000)  
Proceeds from disposition of assets and investments 5,761 5,699
Decrease in notes receivable 107  
Net cash used in investing activities (203,238) (67,681)
Cash flows from financing activities:    
Principal payments on long-term debt (282) (273)
Borrowings on long-term debt   8,750
Principal payments on financing leases (998)  
Payments on revolving credit facility (25,000) (805,000)
Proceeds received from revolving credit facility 25,000  
Redemption of senior notes and senior subordinated notes (668,688) (1,058,596)
Proceeds received from note offering 550,000 1,549,250
Proceeds received from accounts receivable securitization program 120,000 122,500
Payments on accounts receivable securitization program (67,500) (175,000)
Proceeds received from senior credit facility term loans   598,500
Payments on senior credit facility term loans   (978,097)
Debt issuance costs (8,662) (32,667)
Distributions to non-controlling interest (82) (1,475)
Contributions from (to) parent 33,312 36,492
Dividends To From Parent (258,703) (211,624)
Net cash used in financing activities (301,603) (222,240)
Effect of exchange rate changes in cash and cash equivalents 143 (72)
Net (decrease) increase in cash and cash equivalents (34,000) 42,440
Cash and cash equivalents at beginning of period 121,069 25,688
Cash and cash equivalents at end of period 87,069 68,128
Supplemental disclosures of cash flow information:    
Payment for investments in equity securities (30,000)  
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities    
Cash flows from investing activities:    
Payment for investments in equity securities 0  
Supplemental disclosures of cash flow information:    
Payment for investments in equity securities 0  
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations    
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 0 0
Gain on disposition of assets and investments 0 0
Loss on extinguishment of debt 0 0
Equity in earnings of investee 0  
(Decrease) increase in:    
Net cash provided by operating activities (467,049) (419,181)
Cash flows from investing activities:    
Acquisitions 0 0
Capital expenditures 0 0
Proceeds from disposition of assets and investments 0 0
Decrease in notes receivable 0  
Net cash used in investing activities 54,078 87,131
Cash flows from financing activities:    
Principal payments on long-term debt 0 0
Borrowings on long-term debt   0
Principal payments on financing leases 0  
Payments on revolving credit facility 0 0
Proceeds received from revolving credit facility 0  
Redemption of senior notes and senior subordinated notes 0 0
Proceeds received from note offering 0 0
Proceeds received from accounts receivable securitization program 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
Debt issuance costs 0 0
Distributions to non-controlling interest 0 0
Contributions from (to) parent (107,593) (29,324)
Dividends To From Parent 467,049 419,181
Net cash used in financing activities 412,971 332,050
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
LAMAR MEDIA CORP. AND SUBSIDIARIES | Lamar Media | Reportable Legal Entities    
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 0 0
Gain on disposition of assets and investments 0 0
Loss on extinguishment of debt 21,604 25,235
Equity in earnings of investee 0  
(Decrease) increase in:    
Net cash provided by operating activities 380,225 310,395
Cash flows from investing activities:    
Acquisitions 0 577
Capital expenditures 0 0
Payment for investments in equity securities 0  
Proceeds from disposition of assets and investments 0 0
Decrease in notes receivable 0  
Net cash used in investing activities (54,078) (86,554)
Cash flows from financing activities:    
Principal payments on long-term debt 0 0
Borrowings on long-term debt   0
Principal payments on financing leases 0  
Payments on revolving credit facility (25,000) (805,000)
Proceeds received from revolving credit facility 25,000  
Redemption of senior notes and senior subordinated notes (668,688) (1,058,596)
Proceeds received from note offering 550,000 1,549,250
Proceeds received from accounts receivable securitization program 0 0
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)
Debt issuance costs (8,224) (32,667)
Distributions to non-controlling interest 0 0
Contributions from (to) parent 33,312 36,492
Dividends To From Parent (258,703) (211,624)
Net cash used in financing activities (352,303) (176,742)
Effect of exchange rate changes in cash and cash equivalents 0 0
Net (decrease) increase in cash and cash equivalents (26,156) 47,099
Cash and cash equivalents at beginning of period 110,588 13,185
Cash and cash equivalents at end of period 84,432 60,284
Supplemental disclosures of cash flow information:    
Payment for investments in equity securities 0  
LAMAR MEDIA CORP. AND SUBSIDIARIES | Guarantor Subsidiaries | Reportable Legal Entities    
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 202,660 186,201
Gain on disposition of assets and investments (1,774) (4,878)
Loss on extinguishment of debt 0 0
Equity in earnings of investee 1,141  
(Decrease) increase in:    
Net cash provided by operating activities 584,251 436,270
Cash flows from investing activities:    
Acquisitions (107,593) (29,324)
Capital expenditures (67,767) (42,792)
Payment for investments in equity securities (30,000)  
Proceeds from disposition of assets and investments 5,761 5,699
Decrease in notes receivable 107  
Net cash used in investing activities (199,492) (66,417)
Cash flows from financing activities:    
Principal payments on long-term debt (282) (273)
Borrowings on long-term debt   8,750
Principal payments on financing leases (998)  
Payments on revolving credit facility 0 0
Proceeds received from revolving credit facility 0  
Redemption of senior notes and senior subordinated notes 0 0
Proceeds received from note offering 0 0
Proceeds received from accounts receivable securitization program 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
Debt issuance costs 0 0
Distributions to non-controlling interest 0 0
Contributions from (to) parent 107,593 29,324
Dividends To From Parent (467,049) (419,181)
Net cash used in financing activities (384,855) (377,269)
Effect of exchange rate changes in cash and cash equivalents 0 0
Net (decrease) increase in cash and cash equivalents (96) (7,416)
Cash and cash equivalents at beginning of period 1,732 8,278
Cash and cash equivalents at end of period 1,636 862
Supplemental disclosures of cash flow information:    
Payment for investments in equity securities (30,000)  
LAMAR MEDIA CORP. AND SUBSIDIARIES | Non-Guarantor Subsidiaries | Reportable Legal Entities    
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,011 1,347
Gain on disposition of assets and investments (148) 55
Loss on extinguishment of debt 0 0
Equity in earnings of investee 0  
(Decrease) increase in:    
Net cash provided by operating activities (26,729) 4,949
Cash flows from investing activities:    
Acquisitions 0 0
Capital expenditures (3,746) (1,841)
Payment for investments in equity securities 0  
Proceeds from disposition of assets and investments 0 0
Decrease in notes receivable 0  
Net cash used in investing activities (3,746) (1,841)
Cash flows from financing activities:    
Principal payments on long-term debt 0 0
Borrowings on long-term debt   0
Principal payments on financing leases 0  
Payments on revolving credit facility 0 0
Proceeds received from revolving credit facility 0  
Redemption of senior notes and senior subordinated notes 0 0
Proceeds received from note offering 0 0
Proceeds received from accounts receivable securitization program 120,000 122,500
Payments on accounts receivable securitization program (67,500) (175,000)
Proceeds received from senior credit facility term loans   0
Payments on senior credit facility term loans   0
Debt issuance costs (438) 0
Distributions to non-controlling interest (82) (1,475)
Contributions from (to) parent 0 0
Dividends To From Parent 0 0
Net cash used in financing activities 22,584 (279)
Effect of exchange rate changes in cash and cash equivalents 143 (72)
Net (decrease) increase in cash and cash equivalents (7,748) 2,757
Cash and cash equivalents at beginning of period 8,749 4,225
Cash and cash equivalents at end of period 1,001 $ 6,982
Supplemental disclosures of cash flow information:    
Payment for investments in equity securities $ 0