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Summarized Financial Information of Subsidiaries
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022
Lamar
Media Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
ASSETS
Total current assets$103,252 $35,374 $268,520 $— $407,146 
Net property, plant and equipment— 1,325,360 16,109 — 1,341,469 
Operating lease right of use assets— 1,211,240 25,298 — 1,236,538 
Intangibles and goodwill, net— 2,969,913 17,324 — 2,987,237 
Other assets4,298,050 307,704 187,029 (4,687,772)105,011 
Total assets$4,401,302 $5,849,591 $514,280 $(4,687,772)$6,077,401 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $364 $174,472 $— $174,836 
Current operating lease liabilities— 158,610 7,665 — 166,275 
Other current liabilities21,946 189,363 11,301 — 222,610 
Total current liabilities21,946 348,337 193,438 — 563,721 
Long-term debt2,953,216 1,922 — — 2,955,138 
Operating lease liabilities— 991,095 16,308 — 1,007,403 
Other noncurrent liabilities210,793 296,568 298,184 (469,753)335,792 
Total liabilities3,185,955 1,637,922 507,930 (469,753)4,862,054 
Stockholder's equity1,215,347 4,211,669 6,350 (4,218,019)1,215,347 
Total liabilities and stockholder's equity$4,401,302 $5,849,591 $514,280 $(4,687,772)$6,077,401 
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, 2021
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
ASSETS
Total current assets$91,119 $29,379 $267,609 $— $388,107 
Net property, plant and equipment— 1,321,526 15,748 — 1,337,274 
Operating lease right of use assets— 1,198,934 25,738 — 1,224,672 
Intangibles and goodwill, net— 2,953,600 17,383 — 2,970,983 
Other assets4,188,436 311,046 187,044 (4,576,531)109,995 
Total assets$4,279,555 $5,814,485 $513,522 $(4,576,531)$6,031,031 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $363 $174,415 $— $174,778 
Current operating lease liabilities— 190,748 7,538 — 198,286 
Other current liabilities22,009 246,030 14,142 — 282,181 
Total current liabilities22,009 437,141 196,095 — 655,245 
Long-term debt2,836,801 2,016 — — 2,838,817 
Operating lease liabilities— 977,463 17,893 — 995,356 
Other noncurrent liabilities212,399 292,194 292,281 (463,607)333,267 
Total liabilities3,071,209 1,708,814 506,269 (463,607)4,822,685 
Stockholder's equity1,208,346 4,105,671 7,253 (4,112,924)1,208,346 
Total liabilities and stockholder's equity$4,279,555 $5,814,485 $513,522 $(4,576,531)$6,031,031 
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended March 31, 2022
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $442,528 $9,095 $(235)$451,388 
Operating expenses (income)
Direct advertising expenses (1)
— 150,853 7,154 (235)157,772 
General and administrative expenses (1)
— 81,298 1,786 — 83,084 
Corporate expenses (1)
— 21,615 261 — 21,876 
Depreciation and amortization— 67,788 839 — 68,627 
Gain on disposition of assets— (563)— — (563)
— 320,991 10,040 (235)330,796 
Operating income— 121,537 (945)— 120,592 
Equity in (earnings) loss of subsidiaries(118,524)— — 118,524 — 
Interest expense (income), net26,237 (21)355 — 26,571 
Equity in earnings of investee— (746)— — (746)
Income (loss) before income tax expense (benefit)92,287 122,304 (1,300)(118,524)94,767 
Income tax expense (benefit) (2)
— 2,563 (83)— 2,480 
Net income (loss)$92,287 $119,741 $(1,217)$(118,524)$92,287 
Statement of Comprehensive Income
Net income (loss)$92,287 $119,741 $(1,217)$(118,524)$92,287 
Total other comprehensive income, net of tax— — 314 — 314 
Total comprehensive income (loss)$92,287 $119,741 $(903)$(118,524)$92,601 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Three Months Ended March 31, 2021
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $363,612 $7,699 $(430)$370,881 
Operating expenses (income)
Direct advertising expenses (1)
— 127,415 4,230 (430)131,215 
General and administrative expenses (1)
— 71,951 698 — 72,649 
Corporate expenses (1)
— 17,366 257 — 17,623 
Depreciation and amortization— 60,066 683 — 60,749 
Gain on disposition of assets— (415)— — (415)
— 276,383 5,868 (430)281,821 
Operating income— 87,229 1,831 — 89,060 
Equity in (earnings) loss of subsidiaries(87,824)— — 87,824 — 
Loss on extinguishment of debt21,604 — — — 21,604 
Interest expense (income), net27,754 (18)244 — 27,980 
Income (loss) before income tax expense38,466 87,247 1,587 (87,824)39,476 
Income tax expense (2)
— 632 378 — 1,010 
Net income (loss)$38,466 $86,615 $1,209 $(87,824)$38,466 
Statement of Comprehensive Income
Net income (loss)$38,466 $86,615 $1,209 $(87,824)$38,466 
Total other comprehensive income, net of tax— — 204 — 204 
Total comprehensive income (loss)$38,466 $86,615 $1,413 $(87,824)$38,670 
(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 Statement of Cash Flows for the Three Months Ended March 31, 2022
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$44,116 $97,816 $(2,500)$(69,036)$70,396 
Cash flows from investing activities:
Acquisitions— (55,293)— — (55,293)
Capital expenditures— (27,851)(908)— (28,759)
Proceeds from disposition of assets and investments— 710 — — 710 
Investment in subsidiaries(55,293)— — 55,293 — 
(Increase) decrease in intercompany notes receivable(6,090)— — 6,090 — 
Net cash (used in) provided by investing activities(61,383)(82,434)(908)61,383 (83,342)
Cash flows from financing activities:
Proceeds received from revolving credit facility165,000 — — — 165,000 
Payment on revolving credit facility(50,000)— — — (50,000)
Principal payments on long-term debt— (92)— — (92)
Principal payments on financing leases— (333)— — (333)
Intercompany loan (payments) proceeds— 94 5,996 (6,090)— 
Distributions to non-controlling interest— — (46)— (46)
Dividends (to) from parent(122,047)(69,036)— 69,036 (122,047)
Contributions from (to) parent36,447 55,293 — (55,293)36,447 
Net cash provided by (used in) financing activities29,400 (14,074)5,950 7,653 28,929 
Effect of exchange rate changes in cash and cash equivalents— — 107 — 107 
Net decrease in cash and cash equivalents12,133 1,308 2,649 — 16,090 
Cash and cash equivalents at beginning of period91,023 3,494 4,771 — 99,288 
Cash and cash equivalents at end of period$103,156 $4,802 $7,420 $— $115,378 
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, 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$61,766 $102,064 $9,919 $(104,957)$68,792 
Cash flows from investing activities:
Acquisitions— (3,333)— — (3,333)
Capital expenditures— (15,294)(1,038)— (16,332)
Proceeds from disposition of assets and investments— 1,842 — — 1,842 
Investment in subsidiaries(3,333)— — 3,333 — 
Decrease (increase) in intercompany notes receivable30,604 — — (30,604)— 
Net cash provided by (used in) investing activities27,271 (16,785)(1,038)(27,271)(17,823)
Cash flows from financing activities:
Proceeds received from revolving credit facility25,000 — — — 25,000 
Principal payments on long-term debt— (96)— — (96)
Principal payments on financing leases— (483)— — (483)
Proceeds received from note offering550,000 — — — 550,000 
Redemption of senior notes(668,688)— — — (668,688)
Proceeds received from senior credit facility term loans— — 32,500 — 32,500 
Debt issuance costs(8,067)— — — (8,067)
Intercompany loan proceeds (payments)— 16,770 (47,374)30,604 — 
Distributions to non-controlling interest— — (24)— (24)
Dividends (to) from parent(81,535)(104,957)— 104,957 (81,535)
Contributions from (to) parent21,831 3,333 — (3,333)21,831 
Net cash (used in) provided by financing activities(161,459)(85,433)(14,898)132,228 (129,562)
Effect of exchange rate changes in cash and cash equivalents— — 70 — 70 
Net decrease in cash and cash equivalents(72,422)(154)(5,947)— (78,523)
Cash and cash equivalents at beginning of period110,588 1,732 8,749 — 121,069 
Cash and cash equivalents at end of period$38,166 $1,578 $2,802 $— $42,546