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

3 Months Ended

Mar. 31, 2020

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 March 31, 2020
	Lamar Media Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	487,176		$	54,532	$	242,377	$	—		$	784,085
Net property, plant and equipment		—			1,334,725		8,947		—			1,343,672
Operating lease right of use assets		—			1,304,978		23,187		—			1,328,165
Intangibles and goodwill, net		—			2,854,750		17,894		—			2,872,644
Other assets		4,244,398			229,672		185,052		(4,611,422	)		47,700
Total assets	$	4,731,574		$	5,778,657	$	477,457	$	(4,611,422	)	$	6,376,266
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	(5,418	)	$	34	$	175,000	$	—		$	169,616
Current operating lease liabilities		—			165,770		6,409		—			172,179
Other current liabilities		24,927			155,846		10,189		—			190,962
Total current liabilities		19,509			321,650		191,598		—			532,757
Long-term debt		3,382,167			26		—		—			3,382,193
Operating lease liabilities		—			1,054,692		17,121		—			1,071,813
Other noncurrent liabilities		202,674			231,041		262,154		(433,590	)		262,279
Total liabilities		3,604,350			1,607,409		470,873		(433,590	)		5,249,042
Stockholders’ equity		1,127,224			4,171,248		6,584		(4,177,832	)		1,127,224
Total liabilities and stockholders’ equity	$	4,731,574		$	5,778,657	$	477,457	$	(4,611,422	)	$	6,376,266

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, 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

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 March 31, 2020
	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	396,631		$	10,452		$	(514	)	$	406,569
Operating expenses
Direct advertising expenses (1)		—			143,052			6,956			(514	)		149,494
General and administrative expenses (1)		—			80,528			1,676			—			82,204
Corporate expenses (1)		—			18,087			280			—			18,367
Depreciation and amortization		—			61,905			408			—			62,313
Gain on disposition of assets		—			(2,504	)		—			—			(2,504	)
		—			301,068			9,320			(514	)		309,874
Operating income		—			95,563			1,132			—			96,695
Equity in (earnings) loss of subsidiaries		(94,214	)		—			—			94,214			—
Loss on extinguishment of debt		18,179			—			—			—			18,179
Interest expense (income), net		35,418			(35	)		980			—			36,363
Income (loss) before income tax expense		40,617			95,598			152			(94,214	)		42,153
Income tax expense (2)		—			1,342			194			—			1,536
Net income (loss)	$	40,617		$	94,256		$	(42	)	$	(94,214	)	$	40,617
Statement of Comprehensive Income
Net income (loss)	$	40,617		$	94,256		$	(42	)	$	(94,214	)	$	40,617
Total other comprehensive loss, net of tax		—			—			(1,598	)		—			(1,598	)
Total comprehensive income (loss)	$	40,617		$	94,256		$	(1,640	)	$	(94,214	)	$	39,019
(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 March 31, 2019
	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	374,581		$	10,526		$	(650	)	$	384,457
Operating expenses
Direct advertising expenses (1)		—			134,750			6,370			(650	)		140,470
General and administrative expenses (1)		—			77,657			1,636			—			79,293
Corporate expenses (1)		—			16,623			297			—			16,920
Depreciation and amortization		—			60,833			673			—			61,506
Gain on disposition of assets		—			(460	)		(4,164	)		—			(4,624	)
		—			289,403			4,812			(650	)		293,565
Operating income		—			85,178			5,714			—			90,892
Equity in (earnings) loss of subsidiaries		(87,374	)		—			—			87,374			—
Interest expense (income), net		36,012			(5	)		1,435			—			37,442
Income (loss) before income tax expense		51,362			85,183			4,279			(87,374	)		53,450
Income tax expense (2)		—			619			1,469			—			2,088
Net income (loss)	$	51,362		$	84,564		$	2,810		$	(87,374	)	$	51,362
Statement of Comprehensive Income
Net income (loss)	$	51,362		$	84,564		$	2,810		$	(87,374	)	$	51,362
Total other comprehensive income, net of tax		—			—			259			—			259
Total comprehensive income (loss)	$	51,362		$	84,564		$	3,069		$	(87,374	)	$	51,621
(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 Three Months Ended March 31, 2020
	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	$	24,222		$	82,135		$	(5,970	)	$	(63,763	)	$	36,624
Cash flows from investing activities:
Acquisitions		—			(13,565	)		—			—			(13,565	)
Capital expenditures		—			(24,531	)		(1,178	)		—			(25,709	)
Proceeds from disposition of assets and investments		—			3,686			—			—			3,686
Investment in subsidiaries		(13,565	)		—			—			13,565			—
(Increase) decrease in intercompany notes receivable		(8,155	)		—			—			8,155			—
Net cash (used in) provided by investing activities		(21,720	)		(34,410	)		(1,178	)		21,720			(35,588	)
Cash flows from financing activities:
Principal payments on long-term debt		(81	)		(8	)		—			—			(89	)
Payment on revolving credit facility		(180,000	)		—			—			—			(180,000	)
Proceeds received from revolving credit facility		655,000			—			—			—			655,000
Proceeds received from note offering		1,000,000			—			—			—			1,000,000
Redemption of senior subordinated notes		(519,139	)		—			—			—			(519,139	)
Proceeds received from senior credit facility term loans		598,500												598,500
Payments on senior credit facility term loans		(978,097	)											(978,097	)
Debt issuance costs		(24,042	)		—			—			—			(24,042	)
Intercompany loan (payments) proceeds		—			(3,436	)		11,591			(8,155	)		—
Distributions to non-controlling interest		—			—			(860	)		—			(860	)
Dividends (to) from parent		(110,755	)		(63,763	)		—			63,763			(110,755	)
Contributions from (to) parent		29,429			13,565			—			(13,565	)		29,429
Net cash provided by (used in) financing activities		470,815			(53,642	)		10,731			42,043			469,947
Effect of exchange rate changes in cash and cash equivalents		—			—			(532	)		—			(532	)
Net increase (decrease) in cash and cash equivalents		473,317			(5,917	)		3,051			—			470,451
Cash and cash equivalents at beginning of period		13,185			8,278			4,225			—			25,688
Cash and cash equivalents at end of period	$	486,502		$	2,361		$	7,276		$	—		$	496,139

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 Three Months Ended March 31, 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	$	20,980		$	53,074		$	16,079		$	(50,594	)	$	39,539
Cash flows from investing activities:
Acquisitions		—			(66,423	)		—			—			(66,423	)
Capital expenditures		—			(25,413	)		(538	)		—			(25,951	)
Proceeds from disposition of assets and investments		—			1,297			—			—			1,297
Investment in subsidiaries		(66,423	)		—			—			66,423			—
(Increase) decrease in intercompany notes receivable		(10,470	)		—			—			10,470			—
Decrease in notes receivable		2			—			—			—			2
Net cash (used in) provided by investing activities		(76,891	)		(90,539	)		(538	)		76,893			(91,075	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		155,000			—			—			—			155,000
Payment on revolving credit facility		(255,000	)		—			—			—			(255,000	)
Principal payments on long-term debt		(7,210	)		—			—			—			(7,210	)
Proceeds from note offering		255,000			—			—			—			255,000
Payments on accounts receivable securitization program		—			—			(7,000	)		—			(7,000	)
Debt issuance costs		(4,256	)		—			—			—			(4,256	)
Intercompany loan (payments) proceeds		(7,000	)		24,186			(6,716	)		(10,470	)		—
Distributions to non-controlling interest		—			—			(137	)		—			(137	)
Dividends (to) from parent		(104,597	)		(50,594	)		—			50,594			(104,597	)
Contributions from (to) parent		30,970			66,423			—			(66,423	)		30,970
Net cash provided by (used in) financing activities		62,907			40,015			(13,853	)		(26,299	)		62,770
Effect of exchange rate changes in cash and cash equivalents		—			—			100			—			100
Net increase in cash and cash equivalents		6,996			2,550			1,788			—			11,334
Cash and cash equivalents at beginning of period		4,029			11,655			5,310			—			20,994
Cash and cash equivalents at end of period	$	11,025		$	14,205		$	7,098		$	—		$	32,328