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

9 Months Ended

Sep. 30, 2019

Condensed Consolidating Balance Sheet

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, 2019
	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	13,918	$	49,344	$	252,791	$	—		$	316,053
Net property, plant and equipment		—		1,333,395		7,374		—			1,340,769
Operating lease right of use assets		—		1,268,434		27,878		—			1,296,312
Intangibles and goodwill, net		—		2,893,303		18,416		—			2,911,719
Other assets		4,243,934		249,595		184,805		(4,628,187	)		50,147
Total assets	$	4,257,852	$	5,794,071	$	491,264	$	(4,628,187	)	$	5,915,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	43,071	$	34	$	175,000	$	—		$	218,105
Other current liabilities		17,898		354,287		24,122		—			396,307
Total current liabilities		60,969		354,321		199,122		—			614,412
Long-term debt		2,835,653		43		—		—			2,835,696
Other noncurrent liabilities		204,384		1,256,732		284,368		(437,438	)		1,308,046
Total liabilities		3,101,006		1,611,096		483,490		(437,438	)		4,758,154
Stockholders’ equity		1,156,846		4,182,975		7,774		(4,190,749	)		1,156,846
Total liabilities and stockholders’ equity	$	4,257,852	$	5,794,071	$	491,264	$	(4,628,187	)	$	5,915,000

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, 2018
	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
ASSETS
Total current assets	$	4,653	$	121,549	$	236,967	$	—		$	363,169
Net property, plant and equipment		—		1,289,348		5,700		—			1,295,048
Intangibles and goodwill, net		—		2,804,915		19,304		—			2,824,219
Other assets		4,056,288		230,504		184,247		(4,425,589	)		45,450
Total assets	$	4,060,941	$	4,446,316	$	446,218	$	(4,425,589	)	$	4,527,886
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	29,086	$	34	$	175,000	$	—		$	204,120
Other current liabilities		27,067		204,103		14,578		—			245,748
Total current liabilities		56,153		204,137		189,578		—			449,868
Long-term debt		2,684,500		68		—		—			2,684,568
Other noncurrent liabilities		200,092		246,312		251,835		(424,985	)		273,254
Total liabilities		2,940,745		450,517		441,413		(424,985	)		3,407,690
Stockholders’ equity		1,120,196		3,995,799		4,805		(4,000,604	)		1,120,196
Total liabilities and stockholders’ equity	$	4,060,941	$	4,446,316	$	446,218	$	(4,425,589	)	$	4,527,886

Condensed Consolidating Statements of Income and Comprehensive Income

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 Three Months Ended September 30, 2018
	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	407,656		$	11,659		$	(817	)	$	418,498
Operating expenses
Direct advertising expenses (1)		—			134,863			6,522			(686	)		140,699
General and administrative expenses (1)		—			71,046			2,120			—			73,166
Corporate expenses (1)		—			20,252			415			—			20,667
Depreciation and amortization		—			53,956			1,133			—			55,089
Loss (gain) on disposition of assets		—			559			(152	)		—			407
		—			280,676			10,038			(686	)		290,028
Operating income (loss)		—			126,980			1,621			(131	)		128,470
Equity in (earnings) loss of subsidiaries		(126,015	)		—			—			126,015			—
Interest expense (income), net		31,850			(8	)		(18	)		(131	)		31,693
Income (loss) before income tax expense		94,165			126,988			1,639			(126,015	)		96,777
Income tax expense (2)		—			2,167			445			—			2,612
Net income (loss)	$	94,165		$	124,821		$	1,194		$	(126,015	)	$	94,165
Statement of Comprehensive Income
Net income (loss)	$	94,165		$	124,821		$	1,194		$	(126,015	)	$	94,165
Total other comprehensive income, net of tax		—			—			221			—			221
Total comprehensive income (loss)	$	94,165		$	124,821		$	1,415		$	(126,015	)	$	94,386
(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 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 Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2018
	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	1,164,039		$	37,880		$	(2,595	)	$	1,199,324
Operating expenses
Direct advertising expenses (1)		—			400,703			21,042			(1,969	)		419,776
General and administrative expenses (1)		—			206,522			6,538			—			213,060
Corporate expenses (1)		—			60,468			1,255			—			61,723
Depreciation and amortization		—			162,536			4,715			—			167,251
(Gain) loss on disposition of assets		—			(268	)		7,533			—			7,265
		—			829,961			41,083			(1,969	)		869,075
Operating income (loss)		—			334,078			(3,203	)		(626	)		330,249
Equity in (earnings) loss of subsidiaries		(322,592	)		—			—			322,592			—
Interest expense (income), net		97,320			(18	)		332			(626	)		97,008
Other expenses		15,429			—			—			—			15,429
Income (loss) before income tax expense		209,843			334,096			(3,535	)		(322,592	)		217,812
Income tax expense (2)		—			5,708			2,261			—			7,969
Net income (loss)	$	209,843		$	328,388		$	(5,796	)	$	(322,592	)	$	209,843
Statement of Comprehensive Income
Net income (loss)	$	209,843		$	328,388		$	(5,796	)	$	(322,592	)	$	209,843
Total other comprehensive loss, net of tax		—			—			(599	)		—			(599	)
Total comprehensive income (loss)	$	209,843		$	328,388		$	(6,395	)	$	(322,592	)	$	209,244
(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

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

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, 2018
	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	$	273,307		$	445,984		$	7,259		$	(383,263	)	$	343,287
Cash flows from investing activities:
Acquisitions		—			(48,141	)		—			—			(48,141	)
Capital expenditures		—			(78,944	)		(3,230	)		—			(82,174	)
Proceeds from disposition of assets		—			2,952			2,808			—			5,760
Proceeds received from insurance claims		—			—			4,222			—			4,222
Investment in subsidiaries		(60,424	)		—			—			60,424			—
Decrease (increase) in intercompany notes receivable		32,849			—			—			(32,849	)		—
Decrease in notes receivable		7			—			—			—			7
Net cash (used in) provided by investing activities		(27,568	)		(124,133	)		3,800			27,575			(120,326	)
Cash flows from financing activities:
Principal payments on long-term debt		(20,097	)		(22	)		—			—			(20,119	)
Payment on revolving credit facility		(368,000	)		—			—			—			(368,000	)
Proceeds received from revolving credit facility		275,000			—			—			—			275,000
Redemption of senior subordinated notes		(509,790	)		—			—			—			(509,790	)
Proceeds received from senior credit facility term loans		599,250			—			—			—			599,250
Debt issuance costs		(6,374	)		—			—			—			(6,374	)
Intercompany loan (payments) proceeds		—			—			(32,849	)		32,849			—
Distributions to non-controlling interest		—			—			(388	)		—			(388	)
Contributions from (to) parent		58,427			60,424			—			(60,424	)		58,427
Dividends (to) from parent		(355,147	)		(383,263	)		—			383,263			(355,147	)
Net cash (used in) provided by financing activities		(326,731	)		(322,861	)		(33,237	)		355,688			(327,141	)
Effect of exchange rate changes in cash and cash equivalents		—			—			(682	)		—			(682	)
Net (decrease) increase in cash and cash equivalents		(80,992	)		(1,010	)		(22,860	)		—			(104,862	)
Cash and cash equivalents at beginning of period		86,546			1,625			26,800			—			114,971
Cash and cash equivalents at end of period	$	5,554		$	615		$	3,940		$	—		$	10,109