$LAMR
LAMAR ADVERTISING CO/NEW

2019 Q1 Form 10-Q Financial Statement

#000156459019015115 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $384.5M $361.0M
YoY Change 6.49% 4.23%
Cost Of Revenue $140.5M $138.3M
YoY Change 1.57% 4.93%
Gross Profit $244.0M $222.7M
YoY Change 9.54% 3.84%
Gross Profit Margin 63.46% 61.69%
Selling, General & Admin $190.8M $91.30M
YoY Change 108.98% 2.93%
% of Gross Profit 78.2% 40.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.50M $56.80M
YoY Change 8.27% 10.51%
% of Gross Profit 25.21% 25.5%
Operating Expenses $252.3M $148.2M
YoY Change 70.24% 5.78%
Operating Profit $90.78M $65.88M
YoY Change 37.8% -12.7%
Interest Expense $37.60M $33.58M
YoY Change 11.96% 6.66%
% of Operating Profit 41.41% 50.97%
Other Income/Expense, Net -$37.44M -$48.98M
YoY Change -23.56% 55.61%
Pretax Income $53.34M $16.90M
YoY Change 215.7% -61.59%
Income Tax $2.088M $1.844M
% Of Pretax Income 3.91% 10.91%
Net Earnings $51.25M $15.05M
YoY Change 240.51% -63.98%
Net Earnings / Revenue 13.33% 4.17%
Basic Earnings Per Share $0.51 $0.15
Diluted Earnings Per Share $0.51 $0.15
COMMON SHARES
Basic Shares Outstanding 99.71M 98.30M
Diluted Shares Outstanding 99.92M 98.73M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.80M $10.00M
YoY Change 228.0% -68.35%
Cash & Equivalents $32.83M $10.05M
Short-Term Investments
Other Short-Term Assets $36.90M $59.29M
YoY Change -37.77% -54.14%
Inventory
Prepaid Expenses
Receivables $218.1M $209.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $287.8M $356.0M
YoY Change -19.16% 1.63%
LONG-TERM ASSETS
Property, Plant & Equipment $2.602B $1.193B
YoY Change 118.13% 1.52%
Goodwill $1.737B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.00M $57.86M
YoY Change -13.58% 39.08%
Total Long-Term Assets $5.507B $3.759B
YoY Change 46.51% 5.15%
TOTAL ASSETS
Total Short-Term Assets $287.8M $356.0M
Total Long-Term Assets $5.507B $3.759B
Total Assets $5.795B $4.115B
YoY Change 40.83% 4.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.60M $19.18M
YoY Change -23.86% 5.36%
Accrued Expenses $61.05M $81.28M
YoY Change -24.88% -12.42%
Deferred Revenue $101.3M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $199.9M $23.98M
YoY Change 733.81% -39.3%
Total Short-Term Liabilities $551.2M $223.6M
YoY Change 146.53% -9.15%
LONG-TERM LIABILITIES
Long-Term Debt $2.827B $2.604B
YoY Change 8.55% 9.16%
Other Long-Term Liabilities $32.82M $30.86M
YoY Change 6.37% -87.11%
Total Long-Term Liabilities $2.859B $2.635B
YoY Change 8.52% 0.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $551.2M $223.6M
Total Long-Term Liabilities $2.859B $2.635B
Total Liabilities $4.685B $3.074B
YoY Change 52.39% 7.09%
SHAREHOLDERS EQUITY
Retained Earnings -$740.1M -$713.7M
YoY Change 3.7%
Common Stock $1.883B $1.778B
YoY Change 5.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.09M $25.41M
YoY Change 34.16%
Treasury Stock Shares $500.7K $388.9K
Shareholders Equity $1.110B $1.040B
YoY Change
Total Liabilities & Shareholders Equity $5.795B $4.115B
YoY Change 40.83% 4.84%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $51.25M $15.05M
YoY Change 240.51% -63.98%
Depreciation, Depletion And Amortization $61.50M $56.80M
YoY Change 8.27% 10.51%
Cash From Operating Activities $60.73M $40.77M
YoY Change 48.94% 18.18%
INVESTING ACTIVITIES
Capital Expenditures $25.95M $23.25M
YoY Change 11.61% 20.88%
Acquisitions $66.42M $6.637M
YoY Change 900.8% -62.67%
Other Investing Activities -$65.10M -$5.600M
YoY Change 1062.5% -65.43%
Cash From Investing Activities -$91.08M -$28.85M
YoY Change 215.65% -18.49%
FINANCING ACTIVITIES
Cash Dividend Paid $95.92M $171.1M
YoY Change -43.93%
Common Stock Issuance & Retirement, Net -$1.192M $138.0K
YoY Change -963.77% -103.51%
Debt Paid & Issued, Net $7.210M $5.703M
YoY Change 26.42% 1.39%
Cash From Financing Activities 41.58M -117.0M
YoY Change -135.53% 3557.72%
NET CHANGE
Cash From Operating Activities 60.73M 40.77M
Cash From Investing Activities -91.08M -28.85M
Cash From Financing Activities 41.58M -117.0M
Net Change In Cash 11.33M -105.4M
YoY Change -110.75% 2471.34%
FREE CASH FLOW
Cash From Operating Activities $60.73M $40.77M
Capital Expenditures $25.95M $23.25M
Free Cash Flow $34.78M $17.52M
YoY Change 98.49% 14.78%

Facts In Submission

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CY2018Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-297000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11334000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-105425000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21494000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
115471000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32828000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10046000
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
39840000
CY2018Q1 us-gaap Interest Paid Net
InterestPaidNet
49600000
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
2957000
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1490000
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.91
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
384457000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
361026000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
77350000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
17084000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
96733000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0484
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4391000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
157990000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
199181000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
173785000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
152240000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
129240000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
815928000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1628364000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
424356000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1204008000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
254866000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
188138000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
165642000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
144814000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
122814000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
819004000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date.
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
764700
CY2019Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
61506000
CY2018Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
56840000
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3041861000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2063554000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2950906000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2035453000
CY2019Q1 us-gaap Goodwill Gross
GoodwillGross
2129892000
CY2019Q1 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000
CY2018Q4 us-gaap Goodwill Gross
GoodwillGross
2172922000
CY2018Q4 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
22730000
CY2018Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
222989000
CY2019Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
856000
CY2019Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1229000
CY2019Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
1055000
CY2019Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
224019000
CY2019Q1 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3156464000
CY2018Q4 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3156061000
CY2019Q1 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.
CY2019Q1 lamr Maximum Holding Debt Ratio For Applicability Of Restriction On Transfer
MaximumHoldingDebtRatioForApplicabilityOfRestrictionOnTransfer
6.5
CY2019Q1 lamr Maximum Actual Holdings Debt Ratio
MaximumActualHoldingsDebtRatio
6.5
CY2019Q1 lamr Available Cumulative Credit
AvailableCumulativeCredit
1906944000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3055250000
CY2019Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
28696000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
3026554000
CY2019Q1 lamr Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
205896000
CY2019Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
5966000
CY2019Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
199930000
CY2019Q1 lamr Debt Instrument Carrying Amount Non Current
DebtInstrumentCarryingAmountNonCurrent
2849354000
CY2019Q1 us-gaap Dividends Cash
DividendsCash
95915000
CY2019Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2826624000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2914552000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
25864000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
2888688000
CY2018Q4 lamr Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
209365000
CY2018Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
5245000
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
204120000
CY2018Q4 lamr Debt Instrument Carrying Amount Non Current
DebtInstrumentCarryingAmountNonCurrent
2705187000
CY2018Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
20619000
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2684568000
CY2019Q1 lamr Line Of Credit Facility Additional Revolving Commitment
LineOfCreditFacilityAdditionalRevolvingCommitment
100000000
CY2019Q1 us-gaap Line Of Credit
LineOfCredit
180000000
CY2019Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
356893000
CY2019Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
3107410000
CY2019Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3055250000
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
3055250000
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.96
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
171076000
CY2018Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.74
CY2018Q1 us-gaap Dividends Cash
DividendsCash
89542000
CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.91
CY2017 us-gaap Dividends Cash
DividendsCash
81534000
CY2017 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.83
CY2019Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
91000
CY2019Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
15.95
CY2018Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
182000
CY2018Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
31.90

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