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

12 Months Ended

Dec. 31, 2016

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of December 31, 2016
	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
ASSETS
Total current assets	$	13,886	$	269,373	$	32,076	$	—		$	315,335
Net property, plant and equipment		—		1,161,205		21,510		—			1,182,715
Intangibles and goodwill, net		—		2,321,160		31,732		—			2,352,892
Other assets		3,453,161		10,379		116		(3,430,536	)		33,120
Total assets	$	3,467,047	$	3,762,117	$	85,434	$	(3,430,536	)	$	3,884,062
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	33,916	$	—	$	—	$	—		$	33,916
Other current liabilities		38,904		180,107		21,135		—			240,146
Total current liabilities		72,820		180,107		21,135		—			274,062
Long-term debt		2,315,267		—		—		—			2,315,267
Other noncurrent liabilities		22,574		215,198		53,909		(53,334	)		238,347
Total liabilities		2,410,661		395,305		75,044		(53,334	)		2,827,676
Stockholders’ equity		1,056,386		3,366,812		10,390		(3,377,202	)		1,056,386
Total liabilities and stockholders’ equity	$	3,467,047	$	3,762,117	$	85,434	$	(3,430,536	)	$	3,884,062

Condensed Consolidating Balance Sheet as of December 31, 2015
	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
ASSETS
Total current assets	$	6,086	$	245,685	$	29,461	$	—		$	281,232
Net property, plant and equipment		—		1,072,595		22,542		—			1,095,137
Intangibles and goodwill, net		—		1,904,096		34,765		—			1,938,861
Other assets		2,943,826		11,451		535		(2,923,702	)		32,110
Total assets	$	2,949,912	$	3,233,827	$	87,303	$	(2,923,702	)	$	3,347,340
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	16,509	$	—	$	—	$	—		$	16,509
Other current liabilities		29,268		163,955		22,618		—			215,841
Total current liabilities		45,777		163,955		22,618		—			232,350
Long-term debt		1,876,895		—		—		—			1,876,895
Other noncurrent liabilities		20,059		210,233		53,659		(53,037	)		230,914
Total liabilities		1,942,731		374,188		76,277		(53,037	)		2,340,159
Stockholders’ equity		1,007,181		2,859,639		11,026		(2,870,665	)		1,007,181
Total liabilities and stockholders’ equity	$	2,949,912	$	3,233,827	$	87,303	$	(2,923,702	)	$	3,347,340

Condensed Consolidating Statements of Income and Comprehensive Income

Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2016
	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,450,997		$	53,190		$	(3,893	)	$	1,500,294
Operating expenses
Direct advertising expenses (1)		—			497,011			31,197			(2,611	)		525,597
General and administrative expenses (1)		—			259,152			10,271			—			269,423
Corporate expenses (1)		—			74,587			1,407			—			75,994
Depreciation and amortization		—			197,117			7,841			—			204,958
(Gain) loss on disposition of assets		—			(15,365	)		270			—			(15,095	)
		—			1,012,502			50,986			(2,611	)		1,060,877
Operating income (loss)		—			438,495			2,204			(1,282	)		439,417
Equity in (earnings) loss of subsidiaries		(426,053	)		—			—			426,053			—
Interest expense (income), net		123,674			(6	)		1,296			(1,282	)		123,682
Other expenses		3,198			—			—			—			3,198
Income (loss) before income tax expense		299,181			438,501			908			(426,053	)		312,537
Income tax expense (2)		—			11,258			2,098			—			13,356
Net income (loss)	$	299,181		$	427,243		$	(1,190	)	$	(426,053	)	$	299,181
Statement of Comprehensive Income
Net income (loss)	$	299,181		$	427,243		$	(1,190	)	$	(426,053	)	$	299,181
Total other comprehensive income, net of tax		—			—			554			—			554
Total comprehensive income (loss)	$	299,181		$	427,243		$	(636	)	$	(426,053	)	$	299,735
(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, 2015
	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,302,770		$	54,045		$	(3,419	)	$	1,353,396
Operating expenses
Direct advertising expenses (1)		—			446,765			29,325			(2,330	)		473,760
General and administrative expenses (1)		—			231,914			10,268			—			242,182
Corporate expenses (1)		—			69,721			1,705			—			71,426
Depreciation and amortization		—			183,757			7,676			—			191,433
Gain on disposition of assets		—			(8,765	)		—			—			(8,765	)
		—			923,392			48,974			(2,330	)		970,036
Operating income (loss)		—			379,378			5,071			(1,089	)		383,360
Equity in (earnings) loss of subsidiaries		(361,330	)		—			—			361,330			—
Interest expense (income), net		98,427			(33	)		1,094			(1,089	)		98,399
Income (loss) before income tax expense		262,903			379,411			3,977			(361,330	)		284,961
Income tax expense(2)		—			8,256			13,802			—			22,058
Net income (loss)	$	262,903		$	371,155		$	(9,825	)	$	(361,330	)	$	262,903
Statement of Comprehensive Income
Net income (loss)	$	262,903		$	371,155		$	(9,825	)	$	(361,330	)	$	262,903
Total other comprehensive loss, net of tax		—			—			(3,632	)		—			(3,632	)
Total comprehensive income (loss)	$	262,903		$	371,155		$	(13,457	)	$	(361,330	)	$	259,271
(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, 2014
	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,240,324		$	51,070		$	(4,334	)	$	1,287,060
Operating expenses
Direct advertising expenses (1)		—			427,945			27,570			(2,246	)		453,269
General and administrative expenses (1)		—			220,497			10,303			—			230,800
Corporate expenses (1)		—			67,154			1,579			—			68,733
Depreciation and amortization		—			249,655			8,780			—			258,435
Gain on disposition of assets		—			(3,192	)		—			—			(3,192	)
		—			962,059			48,232			(2,246	)		1,008,045
Operating income (loss)		—			278,265			2,838			(2,088	)		279,015
Equity in (earnings) loss of subsidiaries		(454,138	)		—			—			454,138			—
Interest expense (income), net		105,234			(101	)		2,107			(2,088	)		105,152
Other expenses (income)		61,869			—			(31,777	)		—			30,092
Income (loss) before income tax expense		287,035			278,366			32,508			(454,138	)		143,771
Income tax (benefit) expense(2)		—			(143,743	)		479			—			(143,264	)
Net income (loss)	$	287,035		$	422,109		$	32,029		$	(454,138	)	$	287,035
Statement of Comprehensive Income
Net income (loss)	$	287,035		$	422,109		$	32,029		$	(454,138	)	$	287,035
Total other comprehensive loss, net of tax		—			—			(1,413	)		—			(1,413	)
Total comprehensive income (loss)	$	287,035		$	422,109		$	30,616		$	(454,138	)	$	285,622
(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, 2016
	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	$	394,215		$	597,948		$	7,526		$	(504,423	)	$	495,266
Cash flows from investing activities:
Acquisitions		—			(585,054	)		—			—			(585,054	)
Capital expenditures		—			(104,440	)		(3,172	)		—			(107,612	)
Proceeds from disposition of assets and investments		—			11,662			—			—			11,662
Investment in subsidiaries		(585,054	)		—			—			585,054			—
(Increase) decrease in intercompany notes receivable		(260	)		—			—			260			—
Decrease in notes receivable		21			—			—			—			21
Net cash (used in) provided by investing activities		(585,293	)		(677,832	)		(3,172	)		585,314			(680,983	)
Cash flows from financing activities:
Principal payments on long-term debt		(21,118	)		—			—			—			(21,118	)
Payment on revolving credit facility		(403,000	)		—			—			—			(403,000	)
Proceeds received from revolving credit facility		483,000			—			—			—			483,000
Proceeds received from note offering		400,000			—			—			—			400,000
Payment on senior credit facility		(300,000	)		—			—			—			(300,000	)
Proceeds received from senior credit facility		300,000			—			—			—			300,000
Debt issuance costs		(9,467	)		—			—			—			(9,467	)
Intercompany loan proceeds (payments)		—			—			260			(260	)		—
Distributions to non-controlling interest		—			—			(420	)		—			(420	)
Contributions from (to) parent		49,274			585,054			—			(585,054	)		49,274
Dividends (to) from parent		(299,804	)		(504,423	)		—			504,423			(299,804	)
Net cash provided by (used in) financing activities		198,885			80,631			(160	)		(80,891	)		198,465
Effect of exchange rate changes in cash and cash equivalents		—			—			455			—			455
Net increase in cash and cash equivalents		7,807			747			4,649			—			13,203
Cash and cash equivalents at beginning of period		4,955			454			16,418			—			21,827
Cash and cash equivalents at end of period	$	12,762		$	1,201		$	21,067		$	—		$	35,030

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2015
	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	$	348,116		$	537,763		$	9,434		$	(441,892	)	$	453,421
Cash flows from investing activities:
Acquisitions		—			(145,865	)		(8,012	)		—			(153,877	)
Capital expenditures		—			(106,126	)		(4,299	)		—			(110,425	)
Proceeds from disposition of assets and investments		—			10,429			—			—			10,429
Investment in subsidiaries		(153,877	)		—			—			153,877			—
(Increase) decrease in intercompany notes receivable		(717	)		—			—			717			—
Decrease (increase) in notes receivable		193			(200	)		—			—			(7	)
Net cash (used in) provided by investing activities		(154,401	)		(241,762	)		(12,311	)		154,594			(253,880	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		317,000			—			—			—			317,000
Payment on revolving credit facility		(282,000	)		—			—			—			(282,000	)
Principal payments on long-term debt		(15,468	)		—			—			—			(15,468	)
Intercompany loan proceeds (payments)		—			—			717			(717	)		—
Distributions to non-controlling interest		—			—			(1,130	)		—			(1,130	)
Dividends (to) from parent		(271,244	)		(441,892	)		—			441,892			(271,244	)
Contributions from (to) parent		52,263			145,865			8,012			(153,877	)		52,263
Net cash (used in) provided by financing activities		(199,449	)		(296,027	)		7,599			287,298			(200,579	)
Effect of exchange rate changes in cash and cash equivalents		—			—			(2,670	)		—			(2,670	)
Net (decrease) increase in cash and cash equivalents		(5,734	)		(26	)		2,052			—			(3,708	)
Cash and cash equivalents at beginning of period		10,689			480			14,366			—			25,535
Cash and cash equivalents at end of period	$	4,955		$	454		$	16,418		$	—		$	21,827

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2014
	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	$	335,043		$	526,987		$	5,214		$	(432,664	)	$	434,580
Cash flows from investing activities:
Acquisitions		—			(65,021	)		—			—			(65,021	)
Capital expenditures		—			(104,976	)		(2,597	)		—			(107,573	)
Proceeds from disposition of assets and investments		—			4,135			—			—			4,135
Investment in subsidiaries		(65,021	)		—			—			65,021			—
(Increase) decrease in intercompany notes receivable		(17,034	)		—			—			17,034			—
Decrease in notes receivable		10			4,452			—			—			4,462
Net cash (used in) provided by investing activities		(82,045	)		(161,410	)		(2,597	)		82,055			(163,997	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		325,000			—			—			—			325,000
Payment on revolving credit facility		(410,000	)		—			—			—			(410,000	)
Principal payments on long-term debt		(11,750	)		—			—			—			(11,750	)
Proceeds received from senior credit facility		300,000			—			—			—			300,000
Debt issuance costs		(17,442	)		—			—			—			(17,442	)
Proceeds received from note offering		510,000			—			—			—			510,000
Payment on senior subordinated notes		(415,752	)		—			—			—			(415,752	)
Payment on senior credit facility		(328,856	)		—			(23,250	)		—			(352,106	)
Intercompany loan proceeds (payments)		—			—			17,034			(17,034	)		—
Distributions to non-controlling interest		—			—			(1,094	)		—			(1,094	)
Dividends (to) from parent		(241,422	)		(432,664	)		—			432,664			(241,422	)
Contributions from (to) parent		38,201			65,021			—			(65,021	)		38,201
Net cash (used in) provided by financing activities		(252,021	)		(367,643	)		(7,310	)		350,609			(276,365	)
Effect of exchange rate changes in cash and cash equivalents		—			—			(1,395	)		—			(1,395	)
Net increase (decrease) in cash and cash equivalents		977			(2,066	)		(6,088	)		—			(7,177	)
Cash and cash equivalents at beginning of period		9,712			2,546			20,454			—			32,712
Cash and cash equivalents at end of period	$	10,689		$	480		$	14,366		$	—		$	25,535