2022 Q1 Form 10-Q Financial Statement

#000162828022012480 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $451.4M $370.9M
YoY Change 21.71% -8.78%
Cost Of Revenue $157.8M $131.2M
YoY Change 20.24% -12.23%
Gross Profit $293.6M $239.7M
YoY Change 22.51% -6.77%
Gross Profit Margin 65.05% 64.62%
Selling, General & Admin $193.1M $178.1M
YoY Change 8.43% -10.28%
% of Gross Profit 65.77% 74.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.63M $60.70M
YoY Change 13.06% -2.57%
% of Gross Profit 23.37% 25.33%
Operating Expenses $261.7M $238.9M
YoY Change 9.56% -8.43%
Operating Profit $120.5M $88.92M
YoY Change 35.46% -7.92%
Interest Expense $26.79M $28.15M
YoY Change -4.86% -22.98%
% of Operating Profit 22.24% 31.66%
Other Income/Expense, Net -$25.83M -$49.58M
YoY Change -47.92% -9.09%
Pretax Income $94.63M $39.34M
YoY Change 140.55% -6.4%
Income Tax $2.480M $1.010M
% Of Pretax Income 2.62% 2.57%
Net Earnings $92.15M $38.33M
YoY Change 140.42% -5.34%
Net Earnings / Revenue 20.42% 10.33%
Basic Earnings Per Share $0.91 $0.38
Diluted Earnings Per Share $0.91 $0.38
COMMON SHARES
Basic Shares Outstanding 101.3M shares 101.0M shares
Diluted Shares Outstanding 101.5M shares 101.1M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.9M $43.00M
YoY Change 169.48% -91.34%
Cash & Equivalents $115.9M $43.05M
Short-Term Investments
Other Short-Term Assets $36.13M $25.70M
YoY Change 40.56% -30.16%
Inventory
Prepaid Expenses
Receivables $255.6M $218.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $407.6M $287.4M
YoY Change 41.86% -63.38%
LONG-TERM ASSETS
Property, Plant & Equipment $1.341B $1.269B
YoY Change 5.74% -52.52%
Goodwill $1.936B $1.912B
YoY Change 1.26%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $94.18M $61.56M
YoY Change 52.99% 15.5%
Total Long-Term Assets $5.686B $5.363B
YoY Change 6.02% -4.37%
TOTAL ASSETS
Total Short-Term Assets $407.6M $287.4M
Total Long-Term Assets $5.686B $5.363B
Total Assets $6.094B $5.650B
YoY Change 7.85% -11.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.01M $11.38M
YoY Change 14.27% -8.94%
Accrued Expenses $84.87M $72.37M
YoY Change 17.27% -69.07%
Deferred Revenue $131.4M $113.5M
YoY Change 15.78%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $174.8M $155.0M
YoY Change 12.77% -8.59%
Total Short-Term Liabilities $571.7M $516.4M
YoY Change 10.7% -4.17%
LONG-TERM LIABILITIES
Long-Term Debt $2.955B $2.685B
YoY Change 10.06% -20.61%
Other Long-Term Liabilities $38.94M $38.37M
YoY Change 1.48% -97.11%
Total Long-Term Liabilities $2.994B $2.723B
YoY Change 9.94% -19.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $571.7M $516.4M
Total Long-Term Liabilities $2.994B $2.723B
Total Liabilities $4.870B $4.469B
YoY Change 8.97% -14.96%
SHAREHOLDERS EQUITY
Retained Earnings -$754.0M -$754.9M
YoY Change -0.13%
Common Stock $2.038B $1.986B
YoY Change 2.63%
Preferred Stock
YoY Change
Treasury Stock (at cost) $61.30M $50.50M
YoY Change 21.37%
Treasury Stock Shares 783.1K shares 685.0K shares
Shareholders Equity $1.224B $1.182B
YoY Change
Total Liabilities & Shareholders Equity $6.094B $5.650B
YoY Change 7.85% -11.61%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $92.15M $38.33M
YoY Change 140.42% -5.34%
Depreciation, Depletion And Amortization $68.63M $60.70M
YoY Change 13.06% -2.57%
Cash From Operating Activities $102.0M $83.32M
YoY Change 22.47% 32.39%
INVESTING ACTIVITIES
Capital Expenditures $28.76M $16.33M
YoY Change 76.09% -36.47%
Acquisitions $55.29M $3.333M
YoY Change 1558.96% -75.43%
Other Investing Activities -$54.58M -$1.500M
YoY Change 3538.87% -84.85%
Cash From Investing Activities -$83.34M -$17.82M
YoY Change 367.61% -49.92%
FINANCING ACTIVITIES
Cash Dividend Paid $111.6M $75.82M
YoY Change 47.2% -24.7%
Common Stock Issuance & Retirement, Net $5.549M -$1.679M
YoY Change -430.49% -124.49%
Debt Paid & Issued, Net $92.00K $96.00K
YoY Change -4.17% 7.87%
Cash From Financing Activities -$2.713M -$144.1M
YoY Change -98.12% -132.48%
NET CHANGE
Cash From Operating Activities $102.0M $83.32M
Cash From Investing Activities -$83.34M -$17.82M
Cash From Financing Activities -$2.713M -$144.1M
Net Change In Cash $16.09M -$78.52M
YoY Change -120.49% -116.69%
FREE CASH FLOW
Cash From Operating Activities $102.0M $83.32M
Capital Expenditures $28.76M $16.33M
Free Cash Flow $73.28M $66.99M
YoY Change 9.39% 79.96%

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CY2021Q1 us-gaap Gain Loss On Disposition Of Assets1
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415000 USD
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0 USD
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GainsLossesOnExtinguishmentOfDebt
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746000 USD
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IncomeLossFromEquityMethodInvestments
0 USD
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DeferredIncomeTaxExpenseBenefit
-342000 USD
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1020000 USD
CY2022Q1 us-gaap Provision For Doubtful Accounts
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-39000 USD
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-371000 USD
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-14394000 USD
CY2021Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-22691000 USD
CY2022Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
5537000 USD
CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1408000 USD
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
8265000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
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5438000 USD
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-1496000 USD
CY2022Q1 lamr Increase Decrease In Operating Lease Liabilities
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-30786000 USD
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-1147000 USD
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-22500000 USD
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
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-22182000 USD
CY2021Q1 lamr Increase Decrease In Operating Lease Liabilities
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-34250000 USD
CY2022Q1 us-gaap Increase Decrease In Other Operating Liabilities
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-6111000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1130000 USD
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55293000 USD
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3333000 USD
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28759000 USD
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16332000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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710000 USD
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1842000 USD
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96000 USD
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333000 USD
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FinanceLeasePrincipalPayments
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50000000 USD
CY2021Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
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165000000 USD
CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000 USD
CY2022Q1 lamr Redemption Of Senior Notes And Senior Subordinated Notes
RedemptionOfSeniorNotesAndSeniorSubordinatedNotes
0 USD
CY2021Q1 lamr Redemption Of Senior Notes And Senior Subordinated Notes
RedemptionOfSeniorNotesAndSeniorSubordinatedNotes
668688000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
550000000 USD
CY2022Q1 us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
0 USD
CY2021Q1 us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
32500000 USD
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
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8067000 USD
CY2022Q1 us-gaap Payments Of Distributions To Affiliates
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46000 USD
CY2021Q1 us-gaap Payments Of Distributions To Affiliates
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24000 USD
CY2022Q1 us-gaap Payments Of Ordinary Dividends
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CY2021Q1 us-gaap Payments Of Ordinary Dividends
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
107000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
70000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
16090000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-78523000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
99788000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
121569000 USD
CY2021Q1 us-gaap Operating Lease Cost
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CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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370881000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
115878000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43046000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 us-gaap Income Taxes Paid
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3716000 USD
CY2021Q1 us-gaap Income Taxes Paid
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1429000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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451388000 USD
CY2022Q1 us-gaap Operating Lease Cost
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12204000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
10868000 USD
CY2022Q1 us-gaap Operating Lease Payments
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106014000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y3M18D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3767000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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141871000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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189079000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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169388000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
144150000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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120694000 USD
CY2022Q1 lamr Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
805744000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1570926000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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397248000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1173678000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
713000 USD
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
140000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
713000 USD
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
150000 USD
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
333000 USD
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
483000 USD
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M12D
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.031
CY2022Q1 lamr Non Lease Transit Payments
NonLeaseTransitPayments
17278000 USD
CY2021Q1 lamr Non Lease Transit Payments
NonLeaseTransitPayments
4376000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2116522 shares
CY2022Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
68627000 USD
CY2021Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
60749000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3464831000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2403440000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3416914000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2371737000 USD
CY2022Q1 us-gaap Goodwill Gross
GoodwillGross
2190001000 USD
CY2022Q1 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000 USD
CY2021Q4 us-gaap Goodwill Gross
GoodwillGross
2189962000 USD
CY2021Q4 lamr Goodwill Accumulated Amortization
GoodwillAccumulatedAmortization
253536000 USD
CY2021Q4 us-gaap Asset Retirement Obligations Noncurrent
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269367000 USD
CY2022Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
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619000 USD
CY2022Q1 us-gaap Asset Retirement Obligation Revision Of Estimate
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3524000 USD
CY2022Q1 us-gaap Asset Retirement Obligation Accretion Expense
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1085000 USD
CY2022Q1 us-gaap Asset Retirement Obligation Liabilities Settled
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739000 USD
CY2022Q1 us-gaap Asset Retirement Obligations Noncurrent
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273856000 USD
CY2022Q1 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3959823000 USD
CY2021Q4 lamr Balance Of Permitted Transfers To Parent Company
BalanceOfPermittedTransfersToParentCompany
3921979000 USD
CY2022Q1 lamr Maximum Holding Debt Ratio For Applicability Of Restriction On Transfer
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7.0
CY2022Q1 lamr Maximum Actual Holdings Debt Ratio
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7.0
CY2022Q1 lamr Available Cumulative Credit
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2710302000 USD
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2022Q1 us-gaap Debt Instrument Carrying Amount
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3165445000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
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35471000 USD
CY2022Q1 lamr Long Term Debt Net Of Deferred Financing Costs
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3129974000 USD
CY2022Q1 lamr Debt Instrument Carrying Amount Current
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175364000 USD
CY2022Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
528000 USD
CY2022Q1 us-gaap Long Term Debt Current
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174836000 USD
CY2022Q1 lamr Debt Instrument Carrying Amount Non Current
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CY2022Q1 us-gaap Deferred Finance Costs Noncurrent Net
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34943000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
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2955138000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
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3050454000 USD
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36859000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
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2838817000 USD
CY2022Q1 us-gaap Line Of Credit
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290000000 USD
CY2021Q4 lamr Long Term Debt Net Of Deferred Financing Costs
LongTermDebtNetOfDeferredFinancingCosts
3013595000 USD
CY2021Q4 lamr Debt Instrument Carrying Amount Current
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175363000 USD
CY2021Q4 us-gaap Deferred Finance Costs Current Net
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585000 USD
CY2021Q4 us-gaap Long Term Debt Current
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174778000 USD
CY2021Q4 lamr Debt Instrument Carrying Amount Non Current
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CY2021Q4 us-gaap Deferred Finance Costs Noncurrent Net
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36274000 USD
CY2022Q1 us-gaap Debt Instrument Fair Value
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3054157000 USD
CY2022Q1 us-gaap Debt Instrument Face Amount
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3165445000 USD
CY2022Q1 us-gaap Income Loss From Equity Method Investments
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746000 USD
CY2022Q1 us-gaap Dividends Cash
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111602000 USD
CY2022Q1 us-gaap Payments Of Dividends
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111602000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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1.10
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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1.10
CY2021Q1 us-gaap Payments Of Dividends
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75818000 USD
CY2021Q1 us-gaap Dividends Cash
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75818000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
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0.75
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.75
CY2022Q1 us-gaap Dividends Preferred Stock Cash
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91000 USD
CY2022Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
15.95

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