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

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 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 June 30, 2020

	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	164,644	$	44,905	$	234,188	$	—		$	443,737
Net property, plant and equipment		—		1,311,329		9,146		—			1,320,475
Operating lease right of use assets		—		1,271,821		21,096		—			1,292,917
Intangibles and goodwill, net		—		2,838,868		17,870		—			2,856,738
Other assets		4,157,051		225,091		10,393		(4,341,555	)		50,980
Total assets	$	4,321,695	$	5,692,014	$	292,693	$	(4,341,555	)	$	5,964,847
LIABILITIES AND STOCKHOLDER’S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	9,120	$	—	$	—		$	9,120
Current operating lease liabilities		—		168,390		5,445		—			173,835
Other current liabilities		33,062		158,005		13,470		—			204,537
Total current liabilities		33,062		335,515		18,915		—			387,492
Long-term debt		3,144,240		2,539		—		—			3,146,779
Operating lease liabilities		—		1,037,680		16,460		—			1,054,140
Other noncurrent liabilities		31,386		229,469		252,027		(249,453	)		263,429
Total liabilities		3,208,688		1,605,203		287,402		(249,453	)		4,851,840
Stockholder’s equity		1,113,007		4,086,811		5,291		(4,092,102	)		1,113,007
Total liabilities and stockholder’s equity	$	4,321,695	$	5,692,014	$	292,693	$	(4,341,555	)	$	5,964,847

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
Stockholder’s equity		1,169,531		4,127,190		8,224		(4,135,414	)		1,169,531
Total liabilities and stockholder’s equity	$	4,207,488	$	5,793,654	$	480,659	$	(4,557,380	)	$	5,924,421

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 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 June 30, 2020

	Lamar Media Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
	(unaudited)
Statement of Income
Net revenues	$	—		$	341,664		$	6,237		$	(249	)	$	347,652
Operating expenses
Direct advertising expenses (1)		—			128,485			5,823			(249	)		134,059
General and administrative expenses(1)		—			65,222			2,186			—			67,408
Corporate expenses(1)		—			16,521			124			—			16,645
Depreciation and amortization		—			63,545			453			—			63,998
(Gain) loss on disposition of assets		—			(1,070	)		55			—			(1,015	)
		—			272,703			8,641			(249	)		281,095
Operating income (loss)		—			68,961			(2,404	)		—			66,557
Equity in (earnings) loss of subsidiaries		(66,370	)		—			—			66,370			—
Loss on extinguishment of debt		5			—			—			—			5
Interest expense (income), net		34,831			(24	)		451			—			35,258
Income (loss) before income tax expense		31,534			68,985			(2,855	)		(66,370	)		31,294
Income tax expense (benefit)(2)		—			582			(822	)		—			(240	)
Net income (loss)	$	31,534		$	68,403		$	(2,033	)	$	(66,370	)	$	31,534
Statement of Comprehensive Income
Net income (loss)	$	31,534		$	68,403		$	(2,033	)	$	(66,370	)	$	31,534
Total other comprehensive income, net of tax		—			—			740			—			740
Total comprehensive income (loss)	$	31,534		$	68,403		$	(1,293	)	$	(66,370	)	$	32,274

(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 June 30, 2019

	Lamar Media Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
Statement of Income		(unaudited)
Net revenues	$	—		$	437,074		$	12,498	$	(830	)	$	448,742
Operating expenses
Direct advertising expenses(1)		—			140,108			7,112		(830	)		146,390
General and administrative expenses(1)		—			76,475			1,941		—			78,416
Corporate expenses(1)		—			18,274			311		—			18,585
Depreciation and amortization		—			61,031			662		—			61,693
(Gain) loss on disposition of assets		—			(550	)		13		—			(537	)
		—			295,338			10,039		(830	)		304,547
Operating income		—			141,736			2,459		—			144,195
Equity in (earnings) loss of subsidiaries		(155,336	)		—			—		155,336			—
Interest expense (income), net		36,851			(82	)		1,321		—			38,090
Income (loss) before income tax expense		118,485			141,818			1,138		(155,336	)		106,105
Income tax (benefit) expense(2)		—			(13,231	)		851		—			(12,380	)
Net income (loss)	$	118,485		$	155,049		$	287	$	(155,336	)	$	118,485
Statement of Comprehensive Income
Net income (loss)	$	118,485		$	155,049		$	287	$	(155,336	)	$	118,485
Total other comprehensive income, net of tax		—			—			287		—			287
Total comprehensive income (loss)	$	118,485		$	155,049		$	574	$	(155,336	)	$	118,772

(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 Six Months Ended June 30, 2020

	Lamar Media Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
	(unaudited)
Statement of Income
Net revenues	$	—		$	738,295		$	16,689		$	(763	)	$	754,221
Operating expenses
Direct advertising expenses(1)		—			271,537			12,779			(763	)		283,553
General and administrative expenses(1)		—			145,750			3,862			—			149,612
Corporate expenses(1)		—			34,608			404			—			35,012
Depreciation and amortization		—			125,450			861			—			126,311
(Gain) loss on disposition of assets		—			(3,574	)		55			—			(3,519	)
		—			573,771			17,961			(763	)		590,969
Operating income (loss)		—			164,524			(1,272	)		—			163,252
Equity in (earnings) loss of subsidiaries		(160,584	)		—			—			160,584			—
Loss on extinguishment of debt		18,184			—			—			—			18,184
Interest expense (income), net		70,249			(59	)		1,431			—			71,621
Income (loss) before income tax expense		72,151			164,583			(2,703	)		(160,584	)		73,447
Income tax expense (benefit)(2)		—			1,924			(628	)		—			1,296
Net income (loss)	$	72,151		$	162,659		$	(2,075	)	$	(160,584	)	$	72,151
Statement of Comprehensive Income
Net income (loss)	$	72,151		$	162,659		$	(2,075	)	$	(160,584	)	$	72,151
Total other comprehensive loss, net of tax		—			—			(858	)		—			(858	)
Total comprehensive income (loss)	$	72,151		$	162,659		$	(2,933	)	$	(160,584	)	$	71,293

(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 Six Months Ended June 30, 2019

	Lamar Media Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
	(unaudited)
Statement of Income
Net revenues	$	—		$	811,655		$	23,024		$	(1,480	)	$	833,199
Operating expenses
Direct advertising expenses(1)		—			274,858			13,482			(1,480	)		286,860
General and administrative expenses(1)		—			154,132			3,577			—			157,709
Corporate expenses(1)		—			34,897			608			—			35,505
Depreciation and amortization		—			121,864			1,335			—			123,199
Gain on disposition of assets		—			(1,010	)		(4,151	)		—			(5,161	)
		—			584,741			14,851			(1,480	)		598,112
Operating income		—			226,914			8,173			—			235,087
Equity in (earnings) loss of subsidiaries		(242,710	)		—			—			242,710			—
Interest expense (income), net		72,863			(87	)		2,756			—			75,532
Income (loss) before income tax expense		169,847			227,001			5,417			(242,710	)		159,555
Income tax expense(2)		—			(12,612	)		2,320			—			(10,292	)
Net income (loss)	$	169,847		$	239,613		$	3,097		$	(242,710	)	$	169,847
Statement of Comprehensive Income
Net income (loss)	$	169,847		$	239,613		$	3,097		$	(242,710	)	$	169,847
Total other comprehensive income, net of tax		—			—			546			—			546
Total comprehensive income (loss)	$	169,847		$	239,613		$	3,643		$	(242,710	)	$	170,393

(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, 2019

	Lamar Media Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,709,691		$	46,804		$	(2,851	)	$	1,753,644
Operating expenses
Direct advertising expenses(1)		—			564,877			28,052			(2,851	)		590,078
General and administrative expenses(1)		—			310,813			7,567			—			318,380
Corporate expenses(1)		—			82,652			1,577			—			84,229
Depreciation and amortization		—			247,191			2,837			—			250,028
Gain on disposition of assets		—			(3,103	)		(4,138	)		—			(7,241	)
		—			1,202,430			35,895			(2,851	)		1,235,474
Operating income		—			507,261			10,909			—			518,170
Equity in (earnings) loss of subsidiaries		(517,516	)		—			—			517,516			—
Interest expense (income), net		144,976			(149	)		5,025			—			149,852
Income (loss) before income tax expense		372,540			507,410			5,884			(517,516	)		368,318
Income tax (benefit) expense(2)		—			(7,360	)		3,138			—			(4,222	)
Net income (loss)	$	372,540		$	514,770		$	2,746		$	(517,516	)	$	372,540
Statement of Comprehensive Income
Net income (loss)	$	372,540		$	514,770		$	2,746		$	(517,516	)	$	372,540
Total other comprehensive income, net of tax		—			—			673			—			673
Total comprehensive income (loss)	$	372,540		$	514,770		$	3,419		$	(517,516	)	$	373,213

(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, 2018

	Lamar Media Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,579,619		$	50,352		$	(2,749	)	$	1,627,222
Operating expenses
Direct advertising expenses(1)		—			537,269			27,307			(2,728	)		561,848
General and administrative expenses(1)		—			280,874			8,554			—			289,428
Corporate expenses(1)		—			80,861			1,636			—			82,497
Depreciation and amortization		—			219,341			5,920			—			225,261
(Gain) loss on disposition of assets		—			(576	)		7,809			—			7,233
		—			1,117,769			51,226			(2,728	)		1,166,267
Operating income (loss)		—			461,850			(874	)		(21	)		460,955
Equity in (earnings) loss of subsidiaries		(450,791	)		—			—			450,791			—
Interest expense (income), net		129,731			(99	)		(413	)		(21	)		129,198
Other expenses		15,429			—			—			—			15,429
Income (loss) before income tax expense		305,631			461,949			(461	)		(450,791	)		316,328
Income tax expense(2)		—			7,879			2,818			—			10,697
Net income (loss)	$	305,631		$	454,070		$	(3,279	)	$	(450,791	)	$	305,631
Statement of Comprehensive Income
Net income (loss)	$	305,631		$	454,070		$	(3,279	)	$	(450,791	)	$	305,631
Total other comprehensive loss, net of tax		—			—			(1,290	)		—			(1,290	)
Total comprehensive income (loss)	$	305,631		$	454,070		$	(4,569	)	$	(450,791	)	$	304,341

(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, 2017

	Lamar Media Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income
Net revenues	$	—		$	1,494,275		$	51,332		$	(4,347	)	$	1,541,260
Operating expenses
Direct advertising expenses(1)		—			512,247			31,277			(2,644	)		540,880
General and administrative expenses(1)		—			266,798			9,431			—			276,229
Corporate expenses(1)		—			60,830			1,132			—			61,962
Depreciation and amortization		—			201,424			9,680			—			211,104
(Gain) loss on disposition of assets		—			(5,704	)		1,040			—			(4,664	)
		—			1,035,595			52,560			(2,644	)		1,085,511
Operating income (loss)		—			458,680			(1,228	)		(1,703	)		455,749
Equity in (earnings) loss of subsidiaries		(446,520	)		—			—			446,520			—
Interest expense (income), net		128,391			(5	)		1,707			(1,703	)		128,390
Other expenses		71			—			—			—			71
Income (loss) before income tax expense		318,058			458,685			(2,935	)		(446,520	)		327,288
Income tax expense(2)		—			7,069			2,161			—			9,230
Net income (loss)	$	318,058		$	451,616		$	(5,096	)	$	(446,520	)	$	318,058
Statement of Comprehensive Income
Net income (loss)	$	318,058		$	451,616		$	(5,096	)	$	(446,520	)	$	318,058
Total other comprehensive income, net of tax		—			—			1,926			—			1,926
Total comprehensive income (loss)	$	318,058		$	451,616		$	(3,170	)	$	(446,520	)	$	319,984

(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 Six Months Ended June 30, 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	$	165,269		$	238,800		$	5,429		$	(226,745	)	$	182,753
Cash flows from investing activities:
Acquisitions		577			(26,730	)		—			—			(26,153	)
Capital expenditures		—			(34,770	)		(1,504	)		—			(36,274	)
Proceeds from disposition of assets and investments		—			4,750			—			—			4,750
Investment in subsidiaries		(26,730	)		—			—			26,730			—
(Increase) decrease in intercompany notes receivable		(181,089	)		—			—			181,089			—
Net cash (used in) provided by investing activities		(207,242	)		(56,750	)		(1,504	)		207,819			(57,677	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		655,000			—			—			—			655,000
Payment on revolving credit facility		(805,000	)		—			—			—			(805,000	)
Principal payments on long term debt		—			(182	)		—			—			(182	)
Borrowings on long term debt		—			8,750			—			—			8,750
Proceeds received from note offering		1,400,000			—			—			—			1,400,000
Payment on accounts receivable securitization program		—			—			(175,000	)		—			(175,000	)
Redemption on 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		(30,112	)		—			—			—			(30,112	)
Intercompany loan proceeds		—			3,808			177,281			(181,089	)		—
Distributions to non-controlling interest		—			—			(882	)		—			(882	)
Dividends (to) from parent		(161,208	)		(226,745	)		—			226,745			(161,208	)
Contributions from (to) parent		33,391			26,730			—			(26,730	)		33,391
Net cash provided by (used in) financing activities		193,335			(187,639	)		1,399			18,926			26,021
Effect of exchange rate changes in cash and cash equivalents		—			—			(192	)		—			(192	)
Net increase (decrease) in cash and cash equivalents		151,362			(5,589	)		5,132			—			150,905
Cash and cash equivalents at beginning of period		13,185			8,278			4,225			—			25,688
Cash and cash equivalents at end of period	$	164,547		$	2,689		$	9,357		$	—		$	176,593

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, 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	$	158,778		$	287,842		$	(2,208	)	$	(230,068	)	$	214,344
Cash flows from investing activities:
Acquisitions		—			(78,141	)		—			—			(78,141	)
Capital expenditures		—			(59,193	)		(1,367	)		—			(60,560	)
Proceeds from disposition of assets and investments		—			2,100			—			—			2,100
Proceeds received from insurance claims		(78,141	)		—			—			78,141			—
Investment in subsidiaries		5,161			—			—			(5,161	)		—
Increase in intercompany notes receivable		(127	)		(417	)		—			—			(544	)
Net cash (used in) provided by investing activities		(73,107	)		(135,651	)		(1,367	)		72,980			(137,145	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		220,000			—			—			—			220,000
Payment on revolving credit facility		(375,000	)		—			—			—			(375,000	)
Principal payments on long-term debt		(14,421	)		—			—			—			(14,421	)
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		(4,435	)		—			—			—			(4,435	)
Intercompany loan proceeds		—			(8,461	)		3,300			5,161			—
Distributions to non-controlling interest		—			—			(285	)		—			(285	)
Dividends (to) from parent		(200,636	)		(230,068	)		—			230,068			(200,636	)
Contributions from (to) parent		38,135			78,141			—			(78,141	)		38,135
Net cash (used in) provided by financing activities		(81,357	)		(160,388	)		3,015			157,088			(81,642	)
Effect of exchange rate changes in cash and cash equivalents		—			—			203			—			203
Net increase (decrease) in cash and cash equivalents		4,314			(8,197	)		(357	)		—			(4,240	)
Cash and cash equivalents at beginning of period		4,029			11,655			5,310			—			20,994
Cash and cash equivalents at end of period	$	8,343		$	3,458		$	4,953		$	—		$	16,754

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019

	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	$	469,907		$	738,030		$	6,660		$	(609,657	)	$	604,940
Cash flows from investing activities:
Capital expenditures		—			(136,696	)		(4,260	)		—			(140,956	)
Acquisitions		—			(226,278	)		—			—			(226,278	)
Proceeds from disposition of assets and investments		—			5,438			—			—			5,438
Proceeds received from insurance claims		—			210			—			—			210
Investment in subsidiaries		(226,278	)		—			—			226,278			—
Decrease in intercompany notes receivable		3,787			—			—			(3,787	)		—
Increase in notes receivable		(448	)		—			—			—			(448	)
Net cash (used in) provided by investing activities		(222,939	)		(357,326	)		(4,260	)		222,491			(362,034	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		495,000			—			—			—			495,000
Payment on revolving credit facility		(625,000	)		—			—			—			(625,000	)
Principal payments on long-term debt		(34,471	)		—			—			—			(34,471	)
Proceeds received from accounts receivable securitization program		—			—			9,000			—			9,000
Payments on accounts receivable securitization program		—			—			(9,000	)		—			(9,000	)
Debt issuance costs		(4,463	)		—			—			—			(4,463	)
Proceeds received from note offering		255,000			—			—			—			255,000
Intercompany loan proceeds (payments)		—			(702	)		(3,085	)		3,787			—
Distributions to non-controlling interest		—			—			(621	)		—			(621	)
Dividends (to) from parent		(393,700	)		(609,657	)		—			609,657			(393,700	)
Contributions from (to) parent		69,822			226,278			—			(226,278	)		69,822
Net cash (used in) provided by financing activities		(237,812	)		(384,081	)		(3,706	)		387,166			(238,433	)
Effect of exchange rate changes in cash and cash equivalents		—			—			221			—			221
Net increase in cash and cash equivalents		9,156			(3,377	)		(1,085	)		—			4,694
Cash and cash equivalents at beginning of period		4,029			11,655			5,310			—			20,994
Cash and cash equivalents at end of period	$	13,185		$	8,278		$	4,225		$	—		$	25,688

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2018

	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	$	430,896		$	689,718		$	(17,143	)	$	(566,386	)	$	537,085
Cash flows from investing activities:
Acquisitions		—			(477,389	)		—			—			(477,389	)
Capital expenditures		—			(113,259	)		(4,379	)		—			(117,638	)
Proceeds from disposition of assets and investments		—			3,839			2,809			—			6,648
Proceeds received from insurance claims		—			—			4,222			—			4,222
Investment in subsidiaries		(498,226	)		—			—			498,226			—
Decrease in intercompany notes receivable		30,034			—			—			(30,034	)		—
Decrease in notes receivable		9			—			—			—			9
Net cash (used in) provided by investing activities		(468,183	)		(586,809	)		2,652			468,192			(584,148	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		563,000			—			—			—			563,000
Payment on revolving credit facility		(481,000	)		—			—			—			(481,000	)
Principal payments on long-term debt		(27,297	)		(31	)		—			—			(27,328	)
Proceeds received from senior credit facility term loans		599,250			—			—			—			599,250
Proceeds received from accounts receivable securitization program		—			—			175,000			—			175,000
Debt issuance costs		(7,616	)		—			—			—			(7,616	)
Redemption on senior subordinated notes		(509,790	)		—			—			—			(509,790	)
Intercompany loan proceeds (payments)		175,000			(24,688	)		(180,346	)		30,034			—
Distributions to non-controlling interest		—			—			(541	)		—			(541	)
Contributions from (to) parent		89,967			498,226			—			(498,226	)		89,967
Dividends (to) from parent		(446,744	)		(566,386	)		—			566,386			(446,744	)
Net cash (used in) provided by financing activities		(45,230	)		(92,879	)		(5,887	)		98,194			(45,802	)
Effect of exchange rate changes in cash and cash equivalents		—			—			(1,112	)		—			(1,112	)
Net increase in cash and cash equivalents		(82,517	)		10,030			(21,490	)		—			(93,977	)
Cash and cash equivalents at beginning of period		86,546			1,625			26,800			—			114,971
Cash and cash equivalents at end of period	$	4,029		$	11,655		$	5,310		$	—		$	20,994

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2017

	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	$	383,370		$	602,504		$	2,174		$	(503,808	)	$	484,240
Cash flows from investing activities:
Acquisitions		3,750			(298,901	)		(2,154	)		—			(297,305	)
Capital expenditures		—			(104,325	)		(5,004	)		—			(109,329	)
Proceeds from disposition of assets and investments		—			6,053			—			—			6,053
Investment in subsidiaries		(301,055	)		—			—			301,055			—
(Increase) decrease in intercompany notes receivable		(7,624	)		—			—			7,624			—
Decrease in notes receivable		515			—			—			—			515
Net cash (used in) provided by investing activities		(304,414	)		(397,173	)		(7,158	)		308,679			(400,066	)
Cash flows from financing activities:
Principal payments on long-term debt		(16,993	)		—			—			—			(16,993	)
Payment on revolving credit facility		(477,000	)		—			—			—			(477,000	)
Proceeds received from revolving credit facility		495,000			—			—			—			495,000
Payment on senior credit facility		(247,500	)		—			—			—			(247,500	)
Proceeds received from senior credit facility		450,000			—			—			—			450,000
Debt issuance costs		(4,941	)		—			—			—			(4,941	)
Intercompany loan proceeds (payments)		—			—			7,624			(7,624	)		—
Distributions to non-controlling interest		—			—			(693	)		—			(693	)
Contributions from (to) parent		49,187			298,901			2,154			(301,055	)		49,187
Dividends (to) from parent		(252,925	)		(503,808	)		—			503,808			(252,925	)
Net cash (used in) provided by financing activities		(5,172	)		(204,907	)		9,085			195,129			(5,865	)
Effect of exchange rate changes in cash and cash equivalents		—			—			1,632			—			1,632
Net increase in cash and cash equivalents		73,784			424			5,733			—			79,941
Cash and cash equivalents at beginning of period		12,762			1,201			21,067			—			35,030
Cash and cash equivalents at end of period	$	86,546		$	1,625		$	26,800		$	—		$	114,971