2020 Q4 Form 10-K Financial Statement

#000156459021009276 Filed on February 26, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $428.5M $462.7M $457.8M
YoY Change -7.38% 8.12% 9.39%
Cost Of Revenue $47.10M $53.50M $148.8M
YoY Change -11.96% -62.35% 5.79%
Gross Profit $381.4M $409.2M $308.9M
YoY Change -6.79% 43.18% 11.21%
Gross Profit Margin 89.0% 88.45% 67.49%
Selling, General & Admin $180.6M $206.8M $201.0M
YoY Change -12.67% 112.76% 114.06%
% of Gross Profit 47.35% 50.54% 65.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.80M $62.80M $64.00M
YoY Change 1.59% 8.28% 16.15%
% of Gross Profit 16.73% 15.35% 20.72%
Operating Expenses $244.4M $269.6M $264.9M
YoY Change -9.35% 73.71% 77.79%
Operating Profit $137.0M $139.6M $141.4M
YoY Change -1.86% 6.89% 10.19%
Interest Expense -$30.40M -$36.20M $38.32M
YoY Change -16.02% 12.42% 20.32%
% of Operating Profit -22.19% -25.93% 27.09%
Other Income/Expense, Net -$38.16M
YoY Change 20.39%
Pretax Income $110.8M $105.2M $103.3M
YoY Change 5.32% 6.91% 6.85%
Income Tax $2.100M $2.500M $3.578M
% Of Pretax Income 1.9% 2.38% 3.46%
Net Earnings $108.7M $102.8M $99.71M
YoY Change 5.74% 7.42% 6.01%
Net Earnings / Revenue 25.37% 22.22% 21.78%
Basic Earnings Per Share $1.08 $1.02 $0.99
Diluted Earnings Per Share $1.08 $1.02 $0.99
COMMON SHARES
Basic Shares Outstanding 100.3M
Diluted Shares Outstanding 100.5M

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.6M $26.20M $23.30M
YoY Change 364.12% 21.86% 119.81%
Cash & Equivalents $121.6M $26.19M $23.29M
Short-Term Investments
Other Short-Term Assets $18.15M $29.05M $28.21M
YoY Change -37.53% 12.1% -77.84%
Inventory
Prepaid Expenses
Receivables $240.9M $254.9M $265.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $380.6M $310.2M $316.6M
YoY Change 22.7% -14.71% -13.49%
LONG-TERM ASSETS
Property, Plant & Equipment $1.282B $1.349B $1.341B
YoY Change -4.99% 4.17% 12.36%
Goodwill $1.912B $1.912B $1.903B
YoY Change 0.0% -0.37%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.57M $56.57M $55.76M
YoY Change 7.05% 10.74% 2.7%
Total Long-Term Assets $5.411B $5.631B $5.615B
YoY Change -3.91% 34.68% 49.39%
TOTAL ASSETS
Total Short-Term Assets $380.6M $310.2M $316.6M
Total Long-Term Assets $5.411B $5.631B $5.615B
Total Assets $5.791B $5.941B $5.932B
YoY Change -2.52% 30.73% 43.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.02M $14.97M $17.94M
YoY Change -19.75% -29.52% -8.01%
Accrued Expenses $105.3M $107.2M $85.27M
YoY Change -1.81% -12.45% -16.89%
Deferred Revenue $111.4M $127.3M $130.3M
YoY Change -12.49% 18.7%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $122.4M $226.5M $218.1M
YoY Change -45.95% 10.97% 716.87%
Total Short-Term Liabilities $547.9M $672.8M $620.2M
YoY Change -18.57% 47.86% 142.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.764B $2.754B $2.836B
YoY Change 0.38% 2.57% 12.56%
Other Long-Term Liabilities $36.61M $34.41M $32.93M
YoY Change 6.39% 16.51% -86.83%
Total Long-Term Liabilities $2.801B $2.788B $2.869B
YoY Change 0.45% 2.72% 3.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $547.9M $672.8M $620.2M
Total Long-Term Liabilities $2.801B $2.788B $2.869B
Total Liabilities $4.589B $4.761B $4.764B
YoY Change -3.62% 39.5% 57.34%
SHAREHOLDERS EQUITY
Retained Earnings -$717.3M -$708.4M -$714.6M
YoY Change 1.26% 1.88%
Common Stock $1.964B $1.922B $1.916B
YoY Change 2.17% 3.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $44.79M $34.29M $34.09M
YoY Change 30.59% 34.95%
Treasury Stock Shares 619.7K shares $503.2K $500.7K
Shareholders Equity $1.203B $1.180B $1.168B
YoY Change
Total Liabilities & Shareholders Equity $5.791B $5.941B $5.932B
YoY Change -2.52% 30.73% 43.81%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $108.7M $102.8M $99.71M
YoY Change 5.74% 7.42% 6.01%
Depreciation, Depletion And Amortization $63.80M $62.80M $64.00M
YoY Change 1.59% 8.28% 16.15%
Cash From Operating Activities $208.4M $222.9M $171.0M
YoY Change -6.51% 14.48% 10.82%
INVESTING ACTIVITIES
Capital Expenditures -$17.70M -$43.30M -$37.10M
YoY Change -59.12% 22.32% 24.92%
Acquisitions
YoY Change
Other Investing Activities -$11.60M -$9.000M -$135.5M
YoY Change 28.89% -97.9% 362.46%
Cash From Investing Activities -$29.20M -$52.20M -$172.7M
YoY Change -44.06% -88.75% 193.21%
FINANCING ACTIVITIES
Cash Dividend Paid $96.39M
YoY Change 6.89%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.6M -167.9M 7.800M
YoY Change -24.6% -159.9% -107.48%
NET CHANGE
Cash From Operating Activities 208.4M 222.9M 171.0M
Cash From Investing Activities -29.20M -52.20M -172.7M
Cash From Financing Activities -126.6M -167.9M 7.800M
Net Change In Cash 52.60M 2.800M 6.100M
YoY Change 1778.57% -75.0% -168.54%
FREE CASH FLOW
Cash From Operating Activities $208.4M $222.9M $171.0M
Capital Expenditures -$17.70M -$43.30M -$37.10M
Free Cash Flow $226.1M $266.2M $208.1M
YoY Change -15.06% 15.69% 13.1%

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CY2020Q4 lamr Number Of States In Which Entity Operates With Transit Advertising Business
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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3633000
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4758000
CY2020 lamr Percentage Net Income Available For Dividend Distribution
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0
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">(r) Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;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 of America 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 expenses during the reporting period. Actual results could differ from those estimates.</p>
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CY2019 lamr Base Operating Lease Cost
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q4 us-gaap Finance Lease Liability
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CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2020Q4 lamr Share Based Compensation Arrangement By Share Based Payment Award Accrued Liabilities
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CY2019Q4 lamr Share Based Compensation Arrangement By Share Based Payment Award Accrued Liabilities
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CY2019Q4 us-gaap Accrued Liabilities Current
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226514000
CY2020Q1 us-gaap Debt Instrument Description
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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”).
CY2020Q4 us-gaap Line Of Credit
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CY2020Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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12679000
CY2020Q4 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
4515000
CY2020Q4 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3625712000
CY2019Q4 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3389763000
CY2020 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.
CY2020Q4 lamr Maximum Holding Debt Ratio For Applicability Of Restriction On Transfer
MaximumHoldingDebtRatioForApplicabilityOfRestrictionOnTransfer
7.0
CY2020Q4 lamr Maximum Actual Holdings Debt Ratio
MaximumActualHoldingsDebtRatio
7.0
CY2020Q4 lamr Available Cumulative Credit
AvailableCumulativeCredit
2376192000
CY2020Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2979266000
CY2020Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2926633000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2926633000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
406569000
CY2020Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
347652000
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
386110000
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
428525000
CY2020Q1 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
257075000
CY2020Q2 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
213593000
CY2020Q3 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
249801000
CY2020Q4 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
290726000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40402000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31338000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
62667000
CY2020Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
108614000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.62
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.08
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
384457000
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
448742000
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
457786000
CY2019Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
462659000
CY2019Q1 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
243987000
CY2019Q2 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
302352000
CY2019Q3 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
308940000
CY2019Q4 lamr Advertising Revenue Net Of Direct Expenses
AdvertisingRevenueNetOfDirectExpenses
308287000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
51162000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
118305000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
99618000
CY2019Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
102661000
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.18
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.99
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.02
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.18
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.99
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.02
CY2019 us-gaap Real Estate Improvements
RealEstateImprovements
25025000
CY2020 srt Sec Schedule Iii Real Estate Number Of Units
SECScheduleIIIRealEstateNumberOfUnits
354571
CY2020Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
0
CY2020Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
0
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
3293778000
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2192700000
CY2020 lamr Real Estate And Accumulated Depreciation Date Of Construction One
RealEstateAndAccumulatedDepreciationDateOfConstructionOne
Various
CY2020 lamr Real Estate And Accumulated Depreciation Date Acquired One
RealEstateAndAccumulatedDepreciationDateAcquiredOne
Various
CY2020 lamr Number Of Single Asset Contribution On Gross Carrying Amount
NumberOfSingleAssetContributionOnGrossCarryingAmount
0
CY2020 lamr Percentage Of Asset Contribution On Gross Carrying Amount
PercentageOfAssetContributionOnGrossCarryingAmount
0.05
CY2017Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
3074046000
CY2020 lamr Real Estate Capital Expenditure On Advertisement Displays
RealEstateCapitalExpenditureOnAdvertisementDisplays
21598000
CY2019 lamr Real Estate Capital Expenditure On Advertisement Displays
RealEstateCapitalExpenditureOnAdvertisementDisplays
59604000
CY2018 lamr Real Estate Capital Expenditure On Advertisement Displays
RealEstateCapitalExpenditureOnAdvertisementDisplays
54151000
CY2020 us-gaap Real Estate Improvements
RealEstateImprovements
13021000
CY2018 us-gaap Real Estate Improvements
RealEstateImprovements
12781000
CY2020 us-gaap Real Estate Other Additions
RealEstateOtherAdditions
12631000
CY2019 us-gaap Real Estate Other Additions
RealEstateOtherAdditions
36354000
CY2018 us-gaap Real Estate Other Additions
RealEstateOtherAdditions
34758000
CY2020 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
8980000
CY2019 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
22965000
CY2018 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
15368000
CY2020 lamr Real Estate Acquisitions Advertising Displays
RealEstateAcquisitionsAdvertisingDisplays
4446000
CY2019 lamr Real Estate Acquisitions Advertising Displays
RealEstateAcquisitionsAdvertisingDisplays
23589000
CY2018 lamr Real Estate Acquisitions Advertising Displays
RealEstateAcquisitionsAdvertisingDisplays
82617000
CY2020 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
100906000
CY2019 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
35320000
CY2018 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
70494000
CY2020 lamr Real Estate Foreign Exchange
RealEstateForeignExchange
-418000
CY2019 lamr Real Estate Foreign Exchange
RealEstateForeignExchange
61000
CY2018 lamr Real Estate Foreign Exchange
RealEstateForeignExchange
1793000
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
3293778000
CY2019Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
3333590000
CY2018Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
3201434000
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2166579000
CY2018Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2082335000
CY2017Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2025251000
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
111049000
CY2019 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
111531000
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
106700000
CY2020 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
85267000
CY2019 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
27890000
CY2018 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
48488000
CY2020 lamr Real Estate Accumulated Depreciation Foreign Exchange
RealEstateAccumulatedDepreciationForeignExchange
-339000
CY2019 lamr Real Estate Accumulated Depreciation Foreign Exchange
RealEstateAccumulatedDepreciationForeignExchange
-603000
CY2018 lamr Real Estate Accumulated Depreciation Foreign Exchange
RealEstateAccumulatedDepreciationForeignExchange
1128000
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2192700000
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2166579000
CY2018Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2082335000
CY2020 lamr Non Cash Financing Activity Related To Financing Lease Liabilities
NonCashFinancingActivityRelatedToFinancingLeaseLiabilities
19891000
CY2019 lamr Non Cash Financing Transaction
NonCashFinancingTransaction
0
CY2018 lamr Non Cash Financing Transaction
NonCashFinancingTransaction
0

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