$LAMR
LAMAR ADVERTISING CO/NEW

2018 Q2 Form 10-Q Financial Statement

#000095012318007632 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2016 Q4
Revenue $419.8M $397.1M $386.7M
YoY Change 5.72% 2.46% 8.64%
Cost Of Revenue $140.8M $135.1M $132.4M
YoY Change 4.23% 1.79% 7.73%
Gross Profit $279.0M $262.0M $254.3M
YoY Change 6.49% 2.83% 9.09%
Gross Profit Margin 66.46% 65.98% 65.76%
Selling, General & Admin $89.80M $82.70M $89.60M
YoY Change 8.59% -4.39% 8.21%
% of Gross Profit 32.18% 31.56% 35.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.40M $51.80M $52.30M
YoY Change 6.95% -0.19% 11.28%
% of Gross Profit 19.86% 19.77% 20.57%
Operating Expenses $145.1M $134.4M $141.8M
YoY Change 7.96% -2.89% 9.24%
Operating Profit $135.7M $128.2M $112.5M
YoY Change 5.87% 10.12% 8.91%
Interest Expense $31.89M $31.98M -$31.20M
YoY Change -0.27% -202.17% 27.35%
% of Operating Profit 23.5% 24.95% -27.73%
Other Income/Expense, Net -$31.76M -$32.05M
YoY Change -0.9%
Pretax Income $103.9M $96.13M $84.20M
YoY Change 8.13% 12.17% 4.86%
Income Tax $3.513M $3.733M $3.600M
% Of Pretax Income 3.38% 3.88% 4.28%
Net Earnings $100.4M $92.39M $80.50M
YoY Change 8.7% 12.81% 5.23%
Net Earnings / Revenue 23.92% 23.27% 20.82%
Basic Earnings Per Share $1.02 $0.94 $0.83
Diluted Earnings Per Share $1.02 $0.94 $0.81
COMMON SHARES
Basic Shares Outstanding 98.53M 97.94M
Diluted Shares Outstanding 98.83M 98.44M

Balance Sheet

Concept 2018 Q2 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.60M $42.90M $35.50M
YoY Change -54.31% 2.88% 59.19%
Cash & Equivalents $19.59M $42.88M $35.53M
Short-Term Investments
Other Short-Term Assets $133.7M $123.5M $39.97M
YoY Change 8.26% 194.3% 1.93%
Inventory
Prepaid Expenses $48.82M
Receivables $228.4M $218.9M $189.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $381.7M $385.3M $314.3M
YoY Change -0.93% 5.95% 11.54%
LONG-TERM ASSETS
Property, Plant & Equipment $1.193B $1.177B $1.183B
YoY Change 1.37% -0.42% 8.0%
Goodwill $1.726B
YoY Change 11.62%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.40M $41.90M $38.41M
YoY Change 29.83% 8.83% 2.7%
Total Long-Term Assets $3.738B $3.561B $3.585B
YoY Change 4.98% 0.34% 16.31%
TOTAL ASSETS
Total Short-Term Assets $381.7M $385.3M $314.3M
Total Long-Term Assets $3.738B $3.561B $3.585B
Total Assets $4.120B $3.946B $3.899B
YoY Change 4.41% 0.86% 15.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.90M $18.00M $17.65M
YoY Change 5.0% -2.17% 1.15%
Accrued Expenses $98.30M $110.3M $134.4M
YoY Change -10.88% -2.99% 16.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $23.90M $17.50M $33.92M
YoY Change 36.57% -25.21% 105.44%
Total Short-Term Liabilities $258.0M $260.6M $277.3M
YoY Change -1.0% -3.01% 17.1%
LONG-TERM LIABILITIES
Long-Term Debt $2.541B $2.374B $2.315B
YoY Change 7.02% 0.22% 23.48%
Other Long-Term Liabilities $246.1M $239.8M $25.60M
YoY Change 2.63% 964.88% 13.12%
Total Long-Term Liabilities $2.787B $2.614B $2.341B
YoY Change 6.61% 11508.86% 23.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $258.0M $260.6M $277.3M
Total Long-Term Liabilities $2.787B $2.614B $2.341B
Total Liabilities $3.047B $2.875B $2.829B
YoY Change 5.97% 0.08% 20.77%
SHAREHOLDERS EQUITY
Retained Earnings -$631.0M
YoY Change -0.76%
Common Stock $1.713B
YoY Change 2.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.30M
YoY Change 101.72%
Treasury Stock Shares $216.1K
Shareholders Equity $1.074B $1.071B $1.070B
YoY Change
Total Liabilities & Shareholders Equity $4.120B $3.946B $3.899B
YoY Change 4.41% 0.86% 15.91%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income $100.4M $92.39M $80.50M
YoY Change 8.7% 12.81% 5.23%
Depreciation, Depletion And Amortization $55.40M $51.80M $52.30M
YoY Change 6.95% -0.19% 11.28%
Cash From Operating Activities $175.0M $160.3M $184.0M
YoY Change 9.17% 0.5% 12.06%
INVESTING ACTIVITIES
Capital Expenditures -$29.20M -$28.60M -$28.80M
YoY Change 2.1% -7.44% -2.7%
Acquisitions
YoY Change
Other Investing Activities -$3.300M -$9.300M -$55.10M
YoY Change -64.52% 272.0% 93.33%
Cash From Investing Activities -$32.50M -$38.00M -$83.90M
YoY Change -14.47% 14.11% 44.16%
FINANCING ACTIVITIES
Cash Dividend Paid $89.78M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -132.6M -111.6M -101.6M
YoY Change 18.82% -1.15% -9.37%
NET CHANGE
Cash From Operating Activities 175.0M 160.3M 184.0M
Cash From Investing Activities -32.50M -38.00M -83.90M
Cash From Financing Activities -132.6M -111.6M -101.6M
Net Change In Cash 9.900M 10.70M -1.500M
YoY Change -7.48% -19.55% -75.41%
FREE CASH FLOW
Cash From Operating Activities $175.0M $160.3M $184.0M
Capital Expenditures -$29.20M -$28.60M -$28.80M
Free Cash Flow $204.2M $188.9M $212.8M
YoY Change 8.1% -0.79% 9.8%

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us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
2261000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
2293000
CY2018Q2 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
2987145000
CY2017Q4 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
2975593000
lamr Description Of Provisions On Senior Credit Facility Transfers To Parent Company Subject To Additional Restrictions
DescriptionOfProvisionsOnSeniorCreditFacilityTransfersToParentCompanySubjectToAdditionalRestrictions
(i) the total debt ratio is less than 6.5 to 1 and (ii) the secured debt ratio does not exceed 3.5 to 1.
CY2018Q2 lamr Maximum Holding Debt Ratio For Applicability Of Restriction On Transfer
MaximumHoldingDebtRatioForApplicabilityOfRestrictionOnTransfer
6.5
CY2018Q2 lamr Maximum Actual Holdings Debt Ratio
MaximumActualHoldingsDebtRatio
6.5
CY2018Q2 lamr Available Cumulative Credit
AvailableCumulativeCredit
1737624000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2018Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2591916000
CY2018Q2 lamr Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
28732000
CY2018Q2 lamr Debt Instrument Carrying Amount Non Current
DebtInstrumentCarryingAmountNonCurrent
2563184000
CY2018Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
27016000
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2585409000
CY2017Q4 lamr Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
22797000
CY2017Q4 lamr Debt Instrument Carrying Amount Non Current
DebtInstrumentCarryingAmountNonCurrent
2562612000
CY2017Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
28719000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
2556690000
CY2018Q2 us-gaap Line Of Credit
LineOfCredit
118000000
CY2018Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
319026000
CY2018Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2614655000
CY2018Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2591916000
CY2018Q2 us-gaap Dividends Cash
DividendsCash
89783000
CY2018Q2 lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
15.95
CY2017Q2 lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
15.95
lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
47.85
lamr Preferred Stock Dividend Shares
PreferredStockDividendShares
31.90

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