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Summarized Financial Information of Subsidiaries
 6 Months Ended
Jun. 30, 2022
LAMAR MEDIA CORP. AND SUBSIDIARIES  
Condensed Income Statements, Captions [Line Items]  
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 June 30, 2022
Lamar
Media Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
(unaudited)
ASSETS
Total current assets$71,880 $58,903 $308,803 $— $439,586 
Net property, plant and equipment— 1,361,206 16,241 — 1,377,447 
Operating lease right of use assets— 1,221,285 23,107 — 1,244,392 
Intangibles and goodwill, net— 3,086,061 17,151 — 3,103,212 
Other assets4,453,353 341,254 251,459 (4,945,409)100,657 
Total assets$4,525,233 $6,068,709 $616,761 $(4,945,409)$6,265,294 
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt$— $368 $239,328 $— $239,696 
Current operating lease liabilities— 172,062 7,629 — 179,691 
Other current liabilities22,190 224,804 16,602 — 263,596 
Total current liabilities22,190 397,234 263,559 — 682,983 
Long-term debt2,999,639 1,828 — — 3,001,467 
Operating lease liabilities— 997,889 14,540 — 1,012,429 
Other noncurrent liabilities271,652 300,693 335,051 (570,733)336,663 
Total liabilities3,293,481 1,697,644 613,150 (570,733)5,033,542 
Stockholder's equity1,231,752 4,371,065 3,611 (4,374,676)1,231,752 
Total liabilities and stockholder's equity$4,525,233 $6,068,709 $616,761 $(4,945,409)$6,265,294 
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)$6,031,031 
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Six Months Ended June 30, 2022
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $950,116 $19,306 $(182)$969,240 
Operating expenses (income)
Direct advertising expenses(1)
— 310,004 14,673 (182)324,495 
General and administrative expenses(1)
— 170,158 3,584 — 173,742 
Corporate expenses(1)
— 47,689 1,668 — 49,357 
Depreciation and amortization— 134,591 1,786 — 136,377 
Gain on disposition of assets— (1,937)— — (1,937)
— 660,505 21,711 (182)682,034 
Operating income (loss)— 289,611 (2,405)— 287,206 
Equity in (earnings) loss of subsidiaries(281,394)— — 281,394 — 
Interest expense (income), net54,792 (100)1,093 — 55,785 
Equity in earnings of investee— (1,101)— — (1,101)
Income (loss) before income tax expense (benefit)226,602 290,812 (3,498)(281,394)232,522 
Income tax expense (benefit)(2)
— 6,145 (225)— 5,920 
Net income (loss)$226,602 $284,667 $(3,273)$(281,394)$226,602 
Statement of Comprehensive Income
Net income (loss)$226,602 $284,667 $(3,273)$(281,394)$226,602 
Total other comprehensive loss, net of tax— — (369)— (369)
Total comprehensive income (loss)$226,602 $284,667 $(3,642)$(281,394)$226,233 
(1)Caption is exclusive of depreciation and amortization.
(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
LAMAR MEDIA CORP.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income
for the Six Months Ended June 30, 2021
Lamar Media
Corp.		Guarantor
Subsidiaries		Non-
Guarantor
Subsidiaries		EliminationsLamar Media
Consolidated
Statement of Income(unaudited)
Net revenues$— $800,596 $16,110 $(773)$815,933 
Operating expenses (income)
Direct advertising expenses(1)
— 261,619 10,817 (773)271,663 
General and administrative expenses(1)
— 146,014 2,154 — 148,168 
Corporate expenses(1)
— 37,531 626 — 38,157 
Depreciation and amortization— 120,083 1,288 — 121,371 
Gain on disposition of assets— (1,889)(7)— (1,896)
— 563,358 14,878 (773)577,463 
Operating income— 237,238 1,232 — 238,470 
Equity in (earnings) loss of subsidiaries(233,829)— — 233,829 — 
Loss on extinguishment of debt21,604 — — — 21,604 
Interest expense (income), net53,726 (26)457 — 54,157 
Income (loss) before income tax expense158,499 237,264 775 (233,829)162,709 
Income tax expense(2)
— 3,883 327 — 4,210 
Net income (loss)$158,499 $233,381 $448 $(233,829)$158,499 
Statement of Comprehensive Income
Net income (loss)$158,499 $233,381 $448 $(233,829)$158,499 
Total other comprehensive income, net of tax— — 504 — 504 
Total comprehensive income (loss)$158,499 $233,381 $952 $(233,829)$159,003 
(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 Six Months Ended June 30, 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$201,763 $364,272 $(33,150)$(253,565)$279,320 
Cash flows from investing activities:
Acquisitions— (234,292)— — (234,292)
Capital expenditures— (73,562)(2,240)— (75,802)
Proceeds from disposition of assets and investments— 1,716 — — 1,716 
Investment in subsidiaries(234,292)— — 234,292 — 
Decrease (increase) in intercompany notes receivable56,117 — — (56,117)— 
Net cash (used in) provided by investing activities(178,175)(306,138)(2,240)178,175 (308,378)
Cash flows from financing activities:
Proceeds received from revolving credit facility400,000 — — — 400,000 
Payment on revolving credit facility(240,000)— — — (240,000)
Principal payments on long-term debt— (182)— — (182)
Principal payments on financing leases— (666)— — (666)
Proceeds received from accounts receivable securitization program— — 65,000 — 65,000 
Debt issuance costs— — (200)— (200)
Intercompany loan (payments) proceeds— (33,387)(22,730)56,117 — 
Distributions to non-controlling interest— — (98)— (98)
Dividends (to) from parent(243,856)(253,565)— 253,565 (243,856)
Contributions from (to) parent41,029 234,292 — (234,292)41,029 
Net cash (used in) provided by financing activities(42,827)(53,508)41,972 75,390 21,027 
Effect of exchange rate changes in cash and cash equivalents— — (71)— (71)
Net (decrease) increase in cash and cash equivalents(19,239)4,626 6,511 — (8,102)
Cash and cash equivalents at beginning of period91,023 3,494 4,771 — 99,288 
Cash and cash equivalents at end of period$71,784 $8,120 $11,282 $— $91,186 
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 Six Months Ended June 30, 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$232,261 $346,732 $(15,922)$(293,942)$269,129 
Cash flows from investing activities:
Acquisitions— (27,236)— — (27,236)
Capital expenditures— (38,908)(2,508)— (41,416)
Proceeds from disposition of assets and investments— 3,982 — — 3,982 
Investment in subsidiaries(27,236)— — 27,236 — 
Decrease (increase) in intercompany notes receivable1,562 — — (1,562)— 
Net cash (used in) provided by investing activities(25,674)(62,162)(2,508)25,674 (64,670)
Cash flows from financing activities:
Proceeds received from revolving credit facility25,000 — — — 25,000 
Payment on revolving credit facility(25,000)— — — (25,000)
Principal payments on long-term debt— (190)— — (190)
Principal payments on financing leases— (666)— — (666)
Proceeds received from note offering550,000 — — — 550,000 
Payment on accounts receivable securitization program— — (32,500)— (32,500)
Proceeds received from accounts receivable securitization program— — 32,500 — 32,500 
Redemption of senior notes(668,688)— — — (668,688)
Debt issuance costs(8,063)— (435)— (8,498)
Intercompany loan (payments) proceeds— (15,826)14,264 1,562 — 
Distributions to non-controlling interest— — (49)— (49)
Dividends (to) from parent(157,409)(294,691)— 294,691 (157,409)
Contributions from (to) parent27,985 27,985 — (27,985)27,985 
Net cash (used in) provided by financing activities(256,175)(283,388)13,780 268,268 (257,515)
Effect of exchange rate changes in cash and cash equivalents— — 213 — 213 
Net (decrease) increase in cash and cash equivalents(49,588)1,182 (4,437)— (52,843)
Cash and cash equivalents at beginning of period110,588 1,732 8,749 — 121,069 
Cash and cash equivalents at end of period$61,000 $2,914 $4,312 $— $68,226