$LAMR
LAMAR ADVERTISING CO/NEW

2020 Q3 Form 10-Q Financial Statement

#000156459020051019 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $386.1M $457.8M $448.7M
YoY Change -15.66% 9.39% 6.89%
Cost Of Revenue $136.3M $148.8M $146.4M
YoY Change -8.42% 5.79% 3.98%
Gross Profit $249.8M $308.9M $302.4M
YoY Change -19.14% 11.21% 8.36%
Gross Profit Margin 64.7% 67.49% 67.38%
Selling, General & Admin $174.2M $201.0M $193.8M
YoY Change -13.33% 114.06% 115.81%
% of Gross Profit 69.74% 65.06% 64.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.20M $64.00M $61.70M
YoY Change -4.37% 16.15% 11.37%
% of Gross Profit 24.5% 20.72% 20.41%
Operating Expenses $235.5M $264.9M $255.5M
YoY Change -11.1% 77.79% 76.09%
Operating Profit $105.9M $141.4M $144.1M
YoY Change -25.16% 10.19% 6.19%
Interest Expense $35.07M $38.32M $38.32M
YoY Change -8.49% 20.32% 20.16%
% of Operating Profit 33.13% 27.09% 26.59%
Other Income/Expense, Net -$41.87M -$38.16M -$38.09M
YoY Change 9.74% 20.39% 19.93%
Pretax Income $63.98M $103.3M $106.0M
YoY Change -38.05% 6.85% 1.99%
Income Tax $1.224M $3.578M -$12.40M
% Of Pretax Income 1.91% 3.46% -11.7%
Net Earnings $62.76M $99.71M $118.4M
YoY Change -37.06% 6.01% 17.89%
Net Earnings / Revenue 16.25% 21.78% 26.38%
Basic Earnings Per Share $0.62 $0.99 $1.18
Diluted Earnings Per Share $0.62 $0.99 $1.18
COMMON SHARES
Basic Shares Outstanding 100.8M shares 100.3M 100.0M
Diluted Shares Outstanding 100.9M shares 100.5M 100.2M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.60M $23.30M $17.30M
YoY Change 194.42% 119.81% -11.73%
Cash & Equivalents $68.63M $23.29M $17.25M
Short-Term Investments
Other Short-Term Assets $25.41M $28.21M $35.62M
YoY Change -9.92% -77.84% -73.36%
Inventory
Prepaid Expenses
Receivables $225.7M $265.1M $249.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $319.8M $316.6M $302.2M
YoY Change 1.02% -13.49% -20.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.294B $1.341B $1.316B
YoY Change -3.46% 12.36% 10.37%
Goodwill $1.903B $1.883B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $57.30M $55.76M $53.52M
YoY Change 2.75% 2.7% -1.61%
Total Long-Term Assets $5.459B $5.615B $5.497B
YoY Change -2.79% 49.39% 47.05%
TOTAL ASSETS
Total Short-Term Assets $319.8M $316.6M $302.2M
Total Long-Term Assets $5.459B $5.615B $5.497B
Total Assets $5.778B $5.932B $5.799B
YoY Change -2.59% 43.81% 40.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.80M $17.94M $16.15M
YoY Change -39.8% -8.01% -14.54%
Accrued Expenses $252.8M $85.27M $79.67M
YoY Change 196.48% -16.89% -18.95%
Deferred Revenue $130.3M $126.5M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $131.1M $218.1M $209.7M
YoY Change -39.91% 716.87% 777.39%
Total Short-Term Liabilities $511.9M $620.2M $604.5M
YoY Change -17.46% 142.26% 134.29%
LONG-TERM LIABILITIES
Long-Term Debt $2.833B $2.836B $2.763B
YoY Change -0.09% 12.56% 8.73%
Other Long-Term Liabilities $34.02M $32.93M $32.72M
YoY Change 3.32% -86.83% -86.7%
Total Long-Term Liabilities $2.867B $2.869B $2.796B
YoY Change -0.05% 3.59% 0.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $511.9M $620.2M $604.5M
Total Long-Term Liabilities $2.867B $2.869B $2.796B
Total Liabilities $4.639B $4.764B $4.660B
YoY Change -2.61% 57.34% 52.96%
SHAREHOLDERS EQUITY
Retained Earnings -$775.5M -$714.6M -$717.8M
YoY Change 8.52%
Common Stock $1.959B $1.916B $1.891B
YoY Change 2.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $44.42M $34.09M $34.09M
YoY Change 30.28%
Treasury Stock Shares $614.9K $500.7K $500.7K
Shareholders Equity $1.139B $1.168B $1.139B
YoY Change
Total Liabilities & Shareholders Equity $5.778B $5.932B $5.799B
YoY Change -2.58% 43.81% 40.76%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $62.76M $99.71M $118.4M
YoY Change -37.06% 6.01% 17.89%
Depreciation, Depletion And Amortization $61.20M $64.00M $61.70M
YoY Change -4.37% 16.15% 11.37%
Cash From Operating Activities $150.8M $171.0M $176.3M
YoY Change -11.81% 10.82% 0.74%
INVESTING ACTIVITIES
Capital Expenditures -$8.300M -$37.10M -$34.60M
YoY Change -77.63% 24.92% 18.49%
Acquisitions
YoY Change
Other Investing Activities -$1.600M -$135.5M -$11.50M
YoY Change -98.82% 362.46% 248.48%
Cash From Investing Activities -$10.00M -$172.7M -$46.00M
YoY Change -94.21% 193.21% 41.54%
FINANCING ACTIVITIES
Cash Dividend Paid $50.42M $96.39M $96.04M
YoY Change -47.7% 6.89% 6.97%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -249.4M 7.800M -145.9M
YoY Change -3297.44% -107.48% 10.03%
NET CHANGE
Cash From Operating Activities 150.8M 171.0M 176.3M
Cash From Investing Activities -10.00M -172.7M -46.00M
Cash From Financing Activities -249.4M 7.800M -145.9M
Net Change In Cash -108.6M 6.100M -15.60M
YoY Change -1880.33% -168.54% -257.58%
FREE CASH FLOW
Cash From Operating Activities $150.8M $171.0M $176.3M
Capital Expenditures -$8.300M -$37.10M -$34.60M
Free Cash Flow $159.1M $208.1M $210.9M
YoY Change -23.55% 13.1% 3.28%

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us-gaap Increase Decrease In Notes Receivables
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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lamr Redemption Of Senior Notes And Senior Subordinated Notes
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2020Q3 lamr Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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us-gaap Impairment Of Long Lived Assets Held For Use
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0
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1620095000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
411412000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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us-gaap Use Of Estimates
UseOfEstimates
<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:0pt;margin-top:18pt;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:0pt;margin-top:18pt;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:0pt;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>
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
386110000
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1140331000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1290985000
CY2020Q3 us-gaap Operating Lease Cost
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OperatingLeaseCost
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CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
19030000
us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Operating Lease Payments
OperatingLeasePayments
234400000
us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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25250000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
57705000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
209158000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
180743000
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.
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2443063
CY2020Q3 us-gaap Depreciation Amortization And Accretion Net
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CY2019Q3 us-gaap Depreciation Amortization And Accretion Net
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us-gaap Depreciation Amortization And Accretion Net
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us-gaap Depreciation Amortization And Accretion Net
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CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
2149868000
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GoodwillGross
2165746000
CY2020Q3 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
2165810000
CY2019Q4 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000
CY2019Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
226137000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
477000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
3091000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
5766000
CY2020Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
223939000
CY2020Q3 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3505265000
CY2019Q4 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3389763000
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.
CY2020Q3 lamr Maximum Holding Debt Ratio For Applicability Of Restriction On Transfer
MaximumHoldingDebtRatioForApplicabilityOfRestrictionOnTransfer
7.0
CY2020Q3 lamr Maximum Actual Holdings Debt Ratio
MaximumActualHoldingsDebtRatio
7.0
CY2020Q3 lamr Available Cumulative Credit
AvailableCumulativeCredit
2255744000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0
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
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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DeferredFinanceCostsNet
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2964188000
CY2020Q3 lamr Debt Instrument Carrying Amount Current
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CY2020Q3 us-gaap Deferred Finance Costs Current Net
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CY2020Q3 us-gaap Long Term Debt Current
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CY2020Q3 lamr Debt Instrument Carrying Amount Non Current
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CY2020Q3 us-gaap Deferred Finance Costs Noncurrent Net
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CY2020Q3 us-gaap Long Term Debt Noncurrent
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CY2019Q4 us-gaap Debt Instrument Carrying Amount
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CY2019Q4 us-gaap Deferred Finance Costs Net
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CY2019Q4 lamr Long Term Debt Net Of Deferred Financing Costs
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CY2019Q4 lamr Debt Instrument Carrying Amount Current
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CY2019Q4 us-gaap Deferred Finance Costs Current Net
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2020Q2 us-gaap Dividends Preferred Stock
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CY2020Q2 us-gaap Stockholders Equity
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CY2020Q3 us-gaap Dividends Preferred Stock Cash
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CY2019Q3 us-gaap Dividends Preferred Stock Cash
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CY2019Q4 us-gaap Long Term Debt Current
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226514000
CY2019Q4 lamr Debt Instrument Carrying Amount Non Current
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CY2019Q4 us-gaap Deferred Finance Costs Noncurrent Net
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18333000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2753604000
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”).
CY2020Q3 us-gaap Line Of Credit
LineOfCredit
70000000
CY2020Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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CY2020Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
3023177000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3005567000
CY2020Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
3005567000
CY2020Q3 us-gaap Payments Of Dividends
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50416000
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.50
CY2019Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
96390000
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.96
us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.00
us-gaap Payments Of Dividends
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288344000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.88
CY2020Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
15.95
CY2019Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
15.95
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
273000
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
273000
us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
47.85
us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
47.85
CY2019Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
85379
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2338726000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100210143
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
1180306000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1261000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1525000

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