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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 10-Q
________________________________________________________
xQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
or
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 1-36756
__________________________________
Lamar Advertising Company
________________________________________________
Commission File Number 1-12407
________________________________________________
Lamar Media Corp.
(Exact name of registrants as specified in their charters)
__________________________________
Delaware47-0961620
Delaware72-1205791
(State or other jurisdiction of incorporation or organization)(I.R.S Employer Identification No.)
  
5321 Corporate Blvd., Baton Rouge, LA
70808
(Address of principal executive offices)(Zip Code)
Registrants’ telephone number, including area code: (225926-1000  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.001 par valueLAMR
The NASDAQ Stock Market, LLC
Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether each registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether Lamar Advertising Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨
Non-accelerated filer¨Smaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if Lamar Advertising Company has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether Lamar Media Corp. is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerxSmaller reporting company¨
Emerging growth company¨
If an emerging growth company, indicate by check mark if Lamar Media Corp. has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether Lamar Advertising Company is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x
Indicate by check mark whether Lamar Media Corp. is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ¨    No  x
The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of October 29, 2021: 86,819,395 
The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of October 29, 2021: 14,420,085
The number of shares of Lamar Media Corp. common stock outstanding as of October 29, 2021: 100
This combined Form 10-Q is separately filed by (i) Lamar Advertising Company and (ii) Lamar Media Corp. (which is a wholly owned subsidiary of Lamar Advertising Company). Lamar Media Corp. meets the conditions set forth in general instruction H(1) (a) and (b) of Form 10-Q and is, therefore, filing this form with the reduced disclosure format permitted by such instruction.



NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included in this report is forward-looking in nature within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This report uses terminology such as “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “may,” “will,” “should,” “estimates,” “predicts,” “potential,” “continue” and similar expressions to identify forward-looking statements. Examples of forward-looking statements in this report include statements about:
our future financial performance and condition;
our business plans, objectives, prospects, growth and operating strategies;
our future capital expenditures and level of acquisition activity;
market opportunities and competitive positions;
our future cash flows and expected cash requirements;
estimated risks;
our ability to maintain compliance with applicable covenants and restrictions included in Lamar Media’s senior credit facility, Accounts Receivable Securitization Program and the indentures relating to its outstanding notes;
stock price;
estimated future dividend distributions; and
our ability to remain qualified as a Real Estate Investment Trust (“REIT”).
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors, including but not limited to the following, any of which may cause the actual results, performance or achievements of Lamar Advertising Company (referred to herein as the “Company” or “Lamar Advertising”) or Lamar Media Corp. (referred to herein as “Lamar Media”) to differ materially from those expressed or implied by the forward-looking statements:
the state of the economy and financial markets generally and their effects on the markets in which we operate and the broader demand for advertising;
the magnitude of the impact of the COVID-19 pandemic on our operations and on general economic conditions;
the levels of expenditures on advertising in general and outdoor advertising in particular;
risks and uncertainties relating to our significant indebtedness;
the demand for outdoor advertising and its continued popularity as an advertising medium;
our need for, and ability to obtain, additional funding for acquisitions, operations and debt refinancing;
increased competition within the outdoor advertising industry;
the regulation of the outdoor advertising industry by federal, state and local governments;
our ability to renew expiring contracts at favorable rates;
the integration of businesses and assets that we acquire and our ability to recognize cost savings and operating efficiencies as a result of these acquisitions;
our ability to successfully implement our digital deployment strategy;
the market for our Class A common stock;
changes in accounting principles, policies or guidelines;
our ability to effectively mitigate the threat of and damages caused by hurricanes and other kinds of severe weather;
our ability to maintain our status as a REIT; and
changes in tax laws applicable to REITs or in the interpretation of those laws.
2


The forward-looking statements in this report are based on our current good faith beliefs, however, actual results may differ due to inaccurate assumptions, the factors listed above or other foreseeable or unforeseeable factors. Consequently, we cannot guarantee that any of the forward-looking statements will prove to be accurate. The forward-looking statements in this report speak only as of the date of this report, and Lamar Advertising and Lamar Media expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained in this report, except as required by law.
For a further description of these and other risks and uncertainties, the Company encourages you to read carefully Item 1A to the combined Annual Report on Form 10-K for the year ended December 31, 2020 of the Company and Lamar Media (the “2020 Combined Form 10-K”), filed on February 26, 2021, and as such risk factors may be further updated or supplemented, from time to time, in our future combined Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
3


CONTENTS
Page
Lamar Advertising Company
7-8
10-21
Lamar Media Corp.
26-34
35-52

4

PART I — FINANCIAL INFORMATION
ITEM 1. — FINANCIAL STATEMENTS
LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
September 30,
2021
December 31,
2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$87,569 $121,569 
Receivables, net of allowance for doubtful accounts of $12,458 and $14,946 in 2021 and 2020, respectively
262,661 240,854 
Other current assets20,202 18,147 
Total current assets370,432 380,570 
Property, plant and equipment3,720,040 3,615,505 
Less accumulated depreciation and amortization(2,428,803)(2,333,656)
Net property, plant and equipment1,291,237 1,281,849 
Operating lease right of use assets1,208,425 1,222,013 
Financing lease right of use assets17,604 19,670 
Goodwill1,926,919 1,912,328 
Intangible assets, net909,508 914,446 
Other assets94,562 60,565 
Total assets$5,818,687 $5,791,441 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable$12,655 $12,017 
Current maturities of long-term debt, net of deferred financing costs of $641 and $445 in 2021 and 2020, respectively
174,725 122,434 
Current operating lease liabilities174,659 195,439 
Current financing lease liabilities1,331 1,331 
Accrued expenses114,194 105,288 
Deferred income128,991 111,363 
Total current liabilities606,555 547,872 
Long-term debt, net of deferred financing costs of $37,446 and $39,672 in 2021 and 2020, respectively
2,662,656 2,764,082 
Operating lease liabilities977,941 993,776 
Financing lease liabilities17,609 18,608 
Deferred income tax liabilities6,016 4,854 
Asset retirement obligation267,024 222,876 
Other liabilities39,090 36,605 
Total liabilities4,576,891 4,588,673 
Stockholders’ equity:
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2021 and 2020
  
Class A common stock, par value $0.001, 362,500,000 shares authorized; 87,505,031 and 87,111,327 shares issued at 2021 and 2020, respectively; 86,819,395 and 86,491,646 outstanding at 2021 and 2020, respectively
88 87 
Class B common stock, par value $0.001, 37,500,000 shares authorized, 14,420,085 shares issued and outstanding at 2021 and 2020
14 14 
Additional paid-in capital1,997,162 1,963,850 
Accumulated comprehensive income850 934 
Accumulated deficit(705,745)(717,331)
Cost of shares held in treasury, 685,636 and 619,681 shares at 2021 and 2020, respectively
(50,573)(44,786)
Stockholders’ equity1,241,796 1,202,768 
Total liabilities and stockholders’ equity$5,818,687 $5,791,441 
See accompanying notes to condensed consolidated financial statements.
5

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Statements of Income
Net revenues$476,894 $386,110 $1,292,827 $1,140,331 
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)147,310 136,309 418,973 419,862 
General and administrative expenses (exclusive of depreciation and amortization)85,946 66,749 234,429 216,361 
Corporate expenses (exclusive of depreciation and amortization)26,028 17,266 64,431 52,507 
Depreciation and amortization84,300 61,237 205,671 187,548 
Gain on disposition of assets(26)(1,304)(1,922)(4,823)
343,558 280,257 921,582 871,455 
Operating income133,336 105,853 371,245 268,876 
Other expense (income)
Loss on extinguishment of debt 7,051 21,604 25,235 
Interest income(198)(248)(554)(617)
Interest expense26,125 35,068 80,638 107,058 
Equity in earnings of investee(1,141) (1,141) 
24,786 41,871 100,547 131,676 
Income before income tax expense108,550 63,982 270,698 137,200 
Income tax expense1,712 1,224 5,922 2,520 
Net income106,838 62,758 264,776 134,680 
Cash dividends declared and paid on preferred stock91 91 273 273 
Net income applicable to common stock$106,747 $62,667 $264,503 $134,407 
Earnings per share:
Basic earnings per share$1.05 $0.62 $2.62 $1.33 
Diluted earnings per share$1.05 $0.62 $2.61 $1.33 
Cash dividends declared per share of common stock$1.00 $0.50 $2.50 $2.00 
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic101,195,158 100,812,570 101,097,124 100,722,859 
Weighted average common shares outstanding diluted101,401,754 100,924,981 101,298,444 100,860,870 
Statements of Comprehensive Income
Net income$106,838 $62,758 $264,776 $134,680 
Other comprehensive (loss) income
Foreign currency translation adjustments(588)330 (84)(528)
Comprehensive income$106,250 $63,088 $264,692 $134,152 
See accompanying notes to condensed consolidated financial statements.
6

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)
Series AA
PREF
Stock
Class A
CMN
Stock
Class B
CMN
Stock
Treasury
Stock
Add’l
Paid in
Capital
Accumulated Comprehensive
Income
Accumulated
Deficit
Total
Balance, December 31, 2020$ $87 $14 $(44,786)$1,963,850 $934 $(717,331)$1,202,768 
Non-cash compensation— — — — 1,060 — — 1,060 
Issuance of 149,000 shares of common stock through stock awards
— — — — 13,376 — — 13,376 
Exercise of 82,101 shares of stock options
— — — — 5,224 — — 5,224 
Issuance of 31,824 shares of common stock through employee purchase plan
— — — — 2,172 — — 2,172 
Purchase of 65,290 shares of treasury stock
— — — (5,717)— — — (5,717)
Foreign currency translation— — — — — 204 — 204 
Net income— — — — — — 38,329 38,329 
Dividends/distributions to common shareholders ($0.75 per common share)
— — — — — — (75,818)(75,818)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, March 31, 2021$ $87 $14 $(50,503)$1,985,682 $1,138 $(754,911)$1,181,507 
Non-cash compensation— — — — 917 — — 917 
Issuance of 4,685 shares of common stock through stock awards
— — — — 594 — — 594 
Exercise of 38,265 shares of stock options
— — — — 2,575 — — 2,575 
Issuance of 30,302 shares of common stock through employee purchase plan
— — — — 2,068 — — 2,068 
Foreign currency translation— — — — — 300 — 300 
Net income— — — — — — 119,609 119,609 
Dividends/distributions to common shareholders ($0.75 per common share)
— — — — — — (75,874)(75,874)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, June 30, 2021$ $87 $14 $(50,503)$1,991,836 $1,438 $(711,267)$1,231,605 
Non-cash compensation— — — — 1,128 — — 1,128 
Issuance of 5,300 shares of common stock through stock awards
— — — — 188 — — 188 
Exercise of 26,880 shares of stock options
— — — 1,748 — — 1,749 
Issuance of shares 25,347 of common stock through employee purchase plan
— — — — 2,262 — — 2,262 
Purchase of 665 shares of treasury stock
— — — (70)— — — (70)
Foreign currency translation— — — — — (588)— (588)
Net income— — — — — — 106,838 106,838 
Dividends/distributions to common shareholders ($1.00 per common share)
— — — — — — (101,225)(101,225)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, September 30, 2021$ $88 $14 $(50,573)$1,997,162 $850 $(705,745)$1,241,796 
See accompanying notes to condensed consolidated financial statements
7

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share and per share data)
Series AA
PREF
Stock
Class A
CMN
Stock
Class B
CMN
Stock
Treasury
Stock
Add’l
Paid in
Capital
Accumulated
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Balance, December 31, 2019$ $87 $14 $(34,294)$1,922,222 $685 $(708,408)$1,180,306 
Non-cash compensation— — — — 1,261 — — 1,261 
Issuance of 279,116 shares of common stock through stock awards
— — — — 24,956 — — 24,956 
Exercise of 14,609 shares of stock options
— — — — 652 — — 652 
Issuance of 58,734 shares of common stock through employee purchase plan
— — — — 2,560 — — 2,560 
Purchase of 110,520 shares of treasury stock
— — — (10,068)— — — (10,068)
Foreign currency translation— — — — — (1,598)— (1,598)
Net income— — — — — — 40,493 40,493 
Dividends/distributions to common shareholders ($1.00 per common share)
— — — — — — (100,687)(100,687)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, March 31, 2020$ $87 $14 $(44,362)$1,951,651 $(913)$(768,693)$1,137,784 
Non-cash compensation— — — — 916 — — 916 
Issuance of 11,008 shares of common stock through stock awards
— — — — 609 — — 609 
Exercise of 13,642 shares of stock options
— — — — 671 — — 671 
Issuance of 31,114 shares of common stock through employee purchase plan
— — — — 1,765 — — 1,765 
Purchase of 1,196 shares of treasury stock
— — — (56)— — — (56)
Foreign currency translation— — — — — 740 — 740 
Net income— — — — — — 31,429 31,429 
Dividends/distributions to common shareholders ($0.50 per common share)
— — — — — — (50,396)(50,396)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, June 30, 2020$ $87 $14 $(44,418)$1,955,612 $(173)$(787,751)$1,123,371 
Non-cash compensation— — — — 1,011 — — 1,011 
Exercise of 6,455 shares of stock options
— — — — 307 — — 307 
Issuance of shares 31,705 of common stock through employee purchase plan
— — — — 1,783 — — 1,783 
Foreign currency translation— — — — — 330 — 330 
Net income— — — — — — 62,758 62,758 
Dividends/distributions to common shareholders ($0.50 per common share)
— — — — — — (50,416)(50,416)
Dividends ($15.95 per preferred share)
— — — — — — (91)(91)
Balance, September 30, 2020$ 87 14 (44,418)1,958,713 157 (775,500)$1,139,053 
See accompanying notes to condensed consolidated financial statements
8

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
20212020
Cash flows from operating activities:
Net income$264,776 $134,680 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization205,671 187,548 
Stock-based compensation22,540 11,046 
Amortization included in interest expense4,405 4,467 
Gain on disposition of assets and investments(1,922)(4,823)
Loss on extinguishment of debt21,604 25,235 
Equity in earnings of investee(1,141) 
Deferred tax expense (benefit)1,178 (1,870)
Provision for doubtful accounts2,711 9,442 
Changes in operating assets and liabilities
(Increase) decrease in:
Receivables(24,475)19,253 
Prepaid expenses(1,953)1,002 
Other assets(444)2,110 
(Decrease) increase in:
Trade accounts payable(69)(186)
Accrued expenses3,610 (11,597)
Operating lease liabilities(22,560)625 
Other liabilities14,303 (15,475)
Net cash provided by operating activities488,234 361,457 
Cash flows from investing activities:
Acquisitions(107,593)(28,747)
Capital expenditures(71,513)(44,633)
Payment for investments in equity securities(30,000) 
Proceeds from disposition of assets and investments5,761 5,699 
Decrease in notes receivable107  
Net cash used in investing activities(203,238)(67,681)
Cash flows from financing activities:
Cash used for purchase of treasury stock(5,787)(10,124)
Net proceeds from issuance of common stock16,050 7,740 
Principal payments on long-term debt(282)(273)
Borrowings on long-term debt 8,750 
Principal payments on financing leases(998) 
Payments on revolving credit facility(25,000)(805,000)
Proceeds received from revolving credit facility25,000 725,000 
Redemption of senior notes and senior subordinated notes(668,688)(1,058,596)
Proceeds received from note offering550,000 1,549,250 
Proceeds received from accounts receivable securitization program120,000 122,500 
Payments on accounts receivable securitization program(67,500)(175,000)
Proceeds received from senior credit facility term loans 598,500 
Payments on senior credit facility term loans (978,097)
Debt issuance costs(8,662)(32,667)
Distributions to non-controlling interest(82)(1,475)
Dividends/distributions(253,190)(201,772)
Net cash used in financing activities(319,139)(251,264)
Effect of exchange rate changes in cash and cash equivalents143 (72)
Net (decrease) increase in cash and cash equivalents(34,000)42,440 
Cash and cash equivalents at beginning of period121,569 26,188 
Cash and cash equivalents at end of period$87,569 $68,628 
Supplemental disclosures of cash flow information:
Cash paid for interest$87,729 $115,999 
Cash paid for foreign, state and federal income taxes$7,231 $3,558 
See accompanying notes to condensed consolidated financial statements.
9

LAMAR ADVERTISING COMPANY
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In thousands, except share and per share data)

1. Significant Accounting Policies
The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2020 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
2. Revenues
Advertising revenues:  The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue. The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income.
Other revenues:  Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week.
Arrangements with multiple performance obligations: