$LAMR
LAMAR ADVERTISING CO/NEW

2020 Q1 Form 10-Q Financial Statement

#000156459020022537 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $406.6M $384.5M
YoY Change 5.75% 6.49%
Cost Of Revenue $149.5M $140.5M
YoY Change 6.42% 1.57%
Gross Profit $257.1M $244.0M
YoY Change 5.36% 9.54%
Gross Profit Margin 63.23% 63.46%
Selling, General & Admin $198.5M $190.8M
YoY Change 4.04% 108.98%
% of Gross Profit 77.21% 78.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.30M $61.50M
YoY Change 1.3% 8.27%
% of Gross Profit 24.23% 25.21%
Operating Expenses $260.9M $252.3M
YoY Change 3.41% 70.24%
Operating Profit $96.57M $90.78M
YoY Change 6.38% 37.8%
Interest Expense $36.55M $37.60M
YoY Change -2.77% 11.96%
% of Operating Profit 37.85% 41.41%
Other Income/Expense, Net -$54.54M -$37.44M
YoY Change 45.67% -23.56%
Pretax Income $42.03M $53.34M
YoY Change -21.21% 215.7%
Income Tax $1.536M $2.088M
% Of Pretax Income 3.65% 3.91%
Net Earnings $40.49M $51.25M
YoY Change -20.99% 240.51%
Net Earnings / Revenue 9.96% 13.33%
Basic Earnings Per Share $0.40 $0.51
Diluted Earnings Per Share $0.40 $0.51
COMMON SHARES
Basic Shares Outstanding 100.6M shares 99.71M
Diluted Shares Outstanding 100.9M shares 99.92M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $496.6M $32.80M
YoY Change 1414.02% 228.0%
Cash & Equivalents $496.6M $32.83M
Short-Term Investments
Other Short-Term Assets $36.80M $36.90M
YoY Change -0.27% -37.77%
Inventory
Prepaid Expenses
Receivables $251.1M $218.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $784.6M $287.8M
YoY Change 172.62% -19.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.672B $2.602B
YoY Change 2.68% 118.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $53.30M $50.00M
YoY Change 6.6% -13.58%
Total Long-Term Assets $5.608B $5.507B
YoY Change 1.85% 46.51%
TOTAL ASSETS
Total Short-Term Assets $784.6M $287.8M
Total Long-Term Assets $5.608B $5.507B
Total Assets $6.393B $5.795B
YoY Change 10.33% 40.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.50M $14.60M
YoY Change -14.38% -23.86%
Accrued Expenses $234.0M $61.05M
YoY Change 283.27% -24.88%
Deferred Revenue $101.3M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $169.6M $199.9M
YoY Change -15.16% 733.81%
Total Short-Term Liabilities $538.9M $551.2M
YoY Change -2.23% 146.53%
LONG-TERM LIABILITIES
Long-Term Debt $3.382B $2.827B
YoY Change 19.65% 8.55%
Other Long-Term Liabilities $1.329B $32.82M
YoY Change 3948.32% 6.37%
Total Long-Term Liabilities $3.382B $2.859B
YoY Change 18.28% 8.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $538.9M $551.2M
Total Long-Term Liabilities $3.382B $2.859B
Total Liabilities $5.255B $4.685B
YoY Change 12.17% 52.39%
SHAREHOLDERS EQUITY
Retained Earnings -$740.1M
YoY Change 3.7%
Common Stock $1.883B
YoY Change 5.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.09M
YoY Change 34.16%
Treasury Stock Shares $500.7K
Shareholders Equity $1.138B $1.110B
YoY Change
Total Liabilities & Shareholders Equity $6.393B $5.795B
YoY Change 10.33% 40.83%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $40.49M $51.25M
YoY Change -20.99% 240.51%
Depreciation, Depletion And Amortization $62.30M $61.50M
YoY Change 1.3% 8.27%
Cash From Operating Activities $62.93M $60.73M
YoY Change 3.63% 48.94%
INVESTING ACTIVITIES
Capital Expenditures $25.71M $25.95M
YoY Change -0.93% 11.61%
Acquisitions $13.57M $66.42M
YoY Change -79.58% 900.8%
Other Investing Activities -$9.900M -$65.10M
YoY Change -84.79% 1062.5%
Cash From Investing Activities -$35.59M -$91.08M
YoY Change -60.92% 215.65%
FINANCING ACTIVITIES
Cash Dividend Paid $100.7M $95.92M
YoY Change 4.98% -43.93%
Common Stock Issuance & Retirement, Net $6.856M -$1.192M
YoY Change -675.17% -963.77%
Debt Paid & Issued, Net $89.00K $7.210M
YoY Change -98.77% 26.42%
Cash From Financing Activities $443.6M 41.58M
YoY Change 966.88% -135.53%
NET CHANGE
Cash From Operating Activities $62.93M 60.73M
Cash From Investing Activities -$35.59M -91.08M
Cash From Financing Activities $443.6M 41.58M
Net Change In Cash $470.5M 11.33M
YoY Change 4050.79% -110.75%
FREE CASH FLOW
Cash From Operating Activities $62.93M $60.73M
Capital Expenditures $25.71M $25.95M
Free Cash Flow $37.22M $34.78M
YoY Change 7.04% 98.49%

Facts In Submission

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CY2020Q1 us-gaap Use Of Estimates
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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><span style="font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(b)</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;font-style:italic;font-weight:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"> Use of estimates</p></td></tr></table></div> <p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expense during the reporting period.  These estimates take into account historical and forward looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the COVID-19 pandemic, based on available information to date.</p>
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LesseeOperatingLeaseLiabilityPaymentsDue
1705623000
CY2019Q4 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3147454000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2176264000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3142112000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2149868000
CY2020Q1 us-gaap Goodwill Gross
GoodwillGross
2165609000
CY2020Q1 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
2165810000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
461631000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1243992000
CY2020Q1 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.
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2479875
CY2020Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
62313000
CY2019Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
61506000
CY2020Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
226608000
CY2019Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
226137000
CY2020Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
180000
CY2020Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1098000
CY2020Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
807000
CY2020Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
111916000
CY2020Q1 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3392915000
CY2019Q4 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3389763000
CY2020Q1 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 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1.
CY2020Q1 lamr Maximum Holding Debt Ratio For Applicability Of Restriction On Transfer
MaximumHoldingDebtRatioForApplicabilityOfRestrictionOnTransfer
7.0
CY2020Q1 lamr Maximum Actual Holdings Debt Ratio
MaximumActualHoldingsDebtRatio
7.0
CY2020Q1 lamr Available Cumulative Credit
AvailableCumulativeCredit
2143395000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3590472000
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
38663000
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
3551809000
CY2020Q1 lamr Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
175828000
CY2020Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
6212000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
169616000
CY2020Q1 lamr Debt Instrument Carrying Amount Non Current
DebtInstrumentCarryingAmountNonCurrent
3414644000
CY2020Q1 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
32451000
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3382193000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3004532000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
24414000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
2980118000
CY2019Q4 lamr Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
232595000
CY2019Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
6081000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
226514000
CY2019Q4 lamr Debt Instrument Carrying Amount Non Current
DebtInstrumentCarryingAmountNonCurrent
2771937000
CY2019Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
18333000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2753604000
CY2020Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”).
CY2020Q1 us-gaap Line Of Credit
LineOfCredit
625000000
CY2020Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
3456133000
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3590472000
CY2020Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
3590472000
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
100687000
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.00
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
95915000
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.96
CY2020Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
91000
CY2019Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
91000
CY2020Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
15.95
CY2019Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
15.95

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