Company Quick10K Filing
Lamar Advertising
Price83.39 EPS3
Shares101 P/E31
MCap8,383 P/FCF20
Net Debt3,056 EBIT397
TEV11,439 TEV/EBIT29
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-01 Other Events, Exhibits
8-K 2020-08-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-08-17 Other Events, Exhibits
8-K 2020-08-17 Other Events
8-K 2020-08-17 Other Events, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-07-30 Other Events
8-K 2020-06-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-05-28
8-K 2020-05-28
8-K 2020-05-13
8-K 2020-05-11
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-02
8-K 2020-02-27
8-K 2020-02-20
8-K 2020-02-06
8-K 2020-02-06
8-K 2020-01-23
8-K 2020-01-21
8-K 2020-01-21
8-K 2019-12-02
8-K 2019-11-05
8-K 2019-08-22
8-K 2019-08-07
8-K 2019-05-30
8-K 2019-05-30
8-K 2019-05-30
8-K 2019-05-02
8-K 2019-02-28
8-K 2019-02-20
8-K 2019-02-01
8-K 2019-01-23
8-K 2019-01-23
8-K 2019-01-17
8-K 2019-01-09
8-K 2018-12-21
8-K 2018-12-18
8-K 2018-12-06
8-K 2018-11-30
8-K 2018-11-08
8-K 2018-08-23
8-K 2018-08-22
8-K 2018-08-08
8-K 2018-05-17
8-K 2018-05-17
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-03-16
8-K 2018-02-27
8-K 2018-02-22
8-K 2018-02-16

LAMR 10Q Quarterly Report

Part I - Financial Information
Item 1. - Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.2 lamr-ex102_170.htm
EX-10.3 lamr-ex103_152.htm
EX-31.1 lamr-ex311_8.htm
EX-31.2 lamr-ex312_6.htm
EX-32.1 lamr-ex321_7.htm

Lamar Advertising Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.50.40.30.20.10.02016201720182020
Rev, G Profit, Net Income
0.50.30.1-0.2-0.4-0.62012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2020

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)

 

 

Delaware

 

72-1449411

Delaware

 

72-1205791

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.001 par value

LAMR

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      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      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 filer

 

Accelerated 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 filer

 

Smaller 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  

Indicate by check mark whether Lamar Media Corp. is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes      No  

The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of July 31, 2020: 86,389,807  

The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of July 31, 2020: 14,420,085

The number of shares of Lamar Media Corp. common stock outstanding as of July 31, 2020: 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 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 novel coronavirus (COVID-19) 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 qualify as a REIT and 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, 2019 of the Company and Lamar Media (the “2019 Combined Form 10-K”), filed on February 20, 2020, as updated and supplemented in Part II, Item 1A of this Quarterly Report on Form 10-Q, 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

PART I — FINANCIAL INFORMATION

 

5

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

5

 

 

 

Lamar Advertising Company

 

 

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

 

5

Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2020 and 2019

 

6

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2020 and 2019

 

7-8

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

 

9

Notes to Condensed Consolidated Financial Statements

 

10-20

 

 

 

Lamar Media Corp.

 

 

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

 

21

Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2020 and 2019

 

22

Condensed Consolidated Statements of Stockholder’s Equity for the three and six months ended June 30, 2020 and 2019

 

23

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

 

24

Notes to Condensed Consolidated Financial Statements

 

25-33

 

 

 

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

34-52

 

 

 

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

ITEM 4. Controls and Procedures

 

54

 

 

 

PART II — OTHER INFORMATION

 

55

 

 

 

ITEM 1A. Risk Factors

 

55

 

 

 

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

56

 

 

 

ITEM 5. Other Information

 

56

 

 

 

ITEM 6. Exhibits

 

57-58

 

 

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)

 

 

 

June 30,

2020

 

 

December 31,

2019

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

177,093

 

 

$

26,188

 

Receivables, net of allowance for doubtful accounts of $17,661 and $13,185 in 2020 and

     2019, respectively

 

 

232,176

 

 

 

254,930

 

Other current assets

 

 

34,968

 

 

 

29,051

 

Total current assets

 

 

444,237

 

 

 

310,169

 

Property, plant and equipment

 

 

3,666,749

 

 

 

3,660,311

 

Less accumulated depreciation and amortization

 

 

(2,346,274

)

 

 

(2,311,196

)

Net property, plant and equipment

 

 

1,320,475

 

 

 

1,349,115

 

Operating lease right of use assets

 

 

1,292,917

 

 

 

1,320,779

 

Goodwill

 

 

1,912,161

 

 

 

1,912,274

 

Intangible assets

 

 

955,196

 

 

 

992,244

 

Other assets

 

 

56,595

 

 

 

56,574

 

Total assets

 

$

5,981,581

 

 

$

5,941,155

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

11,928

 

 

$

14,974

 

Current maturities of long-term debt, net of deferred financing costs of $0 and $6,081

     in 2020 and 2019, respectively

 

 

9,120

 

 

 

226,514

 

Current operating lease liabilities

 

 

173,835

 

 

 

196,841

 

Accrued expenses

 

 

73,071

 

 

 

107,225

 

Deferred income

 

 

125,908

 

 

 

127,254

 

Total current liabilities

 

 

393,862

 

 

 

672,808

 

Long-term debt, net of deferred financing costs of $43,115 and $18,333 in 2020 and 2019,

     respectively

 

 

3,146,779

 

 

 

2,753,604

 

Operating lease liabilities

 

 

1,054,140

 

 

 

1,068,181

 

Deferred income tax liabilities

 

 

4,406

 

 

 

5,713

 

Asset retirement obligation

 

 

224,945

 

 

 

226,137

 

Other liabilities

 

 

34,078

 

 

 

34,406

 

Total liabilities

 

 

4,858,210

 

 

 

4,760,849

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Series AA preferred stock, par value $.001, $63.80 cumulative dividends,

     5,720 shares authorized; 5,720 shares issued and outstanding at 2020 and 2019

 

 

 

 

 

 

Class A common stock, par value $.001, 362,500,000 shares authorized; 87,004,721 and

     86,596,498 shares issued at 2020 and 2019, respectively; 86,389,807 and 86,093,300

    outstanding at 2020 and 2019, respectively

 

 

87

 

 

 

87

 

Class B common stock, par value $.001, 37,500,000 shares authorized,

    14,420,085 shares issued and outstanding at 2020 and 2019

 

 

14

 

 

 

14

 

Additional paid-in capital

 

 

1,955,612

 

 

 

1,922,222

 

Accumulated comprehensive (loss) income

 

 

(173

)

 

 

685

 

Accumulated deficit

 

 

(787,751

)

 

 

(708,408

)

Cost of shares held in treasury, 614,914 and 503,198 shares at 2020 and 2019,

     respectively

 

 

(44,418

)

 

 

(34,294

)

Stockholders’ equity

 

 

1,123,371

 

 

 

1,180,306

 

Total liabilities and stockholders’ equity

 

$

5,981,581

 

 

$

5,941,155

 

 

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

June 30,

 

 

Six months ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

347,652

 

 

$

448,742

 

 

$

754,221

 

 

$

833,199

 

Operating expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct advertising expenses (exclusive of depreciation and

   amortization)

 

 

134,059

 

 

 

146,390

 

 

 

283,553

 

 

 

286,860

 

General and administrative expenses (exclusive of depreciation

   and amortization)

 

 

67,408

 

 

 

78,416

 

 

 

149,612

 

 

 

157,709

 

Corporate expenses (exclusive of depreciation and

   amortization)

 

 

16,750

 

 

 

18,674

 

 

 

35,241

 

 

 

35,703

 

Depreciation and amortization

 

 

63,998

 

 

 

61,693

 

 

 

126,311

 

 

 

123,199

 

Gain on disposition of assets

 

 

(1,015

)

 

 

(537

)

 

 

(3,519

)

 

 

(5,161

)

 

 

 

281,200

 

 

 

304,636

 

 

 

591,198

 

 

 

598,310

 

Operating income

 

 

66,452

 

 

 

144,106

 

 

 

163,023

 

 

 

234,889

 

Other expense (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

5

 

 

 

 

 

 

18,184

 

 

 

 

Interest income

 

 

(179

)

 

 

(232

)

 

 

(369

)

 

 

(385

)

Interest expense

 

 

35,437

 

 

 

38,322

 

 

 

71,990

 

 

 

75,917

 

 

 

 

35,263

 

 

 

38,090

 

 

 

89,805

 

 

 

75,532

 

Income before income tax expense

 

 

31,189

 

 

 

106,016

 

 

 

73,218

 

 

 

159,357

 

Income tax (benefit) expense

 

 

(240

)

 

 

(12,380

)

 

 

1,296

 

 

 

(10,292

)

Net income

 

 

31,429

 

 

 

118,396

 

 

 

71,922

 

 

 

169,649

 

Cash dividends declared and paid on preferred stock

 

 

91

 

 

 

91

 

 

 

182

 

 

 

182

 

Net income applicable to common stock

 

$

31,338

 

 

$

118,305

 

 

$

71,740

 

 

$

169,467

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.31

 

 

$

1.18

 

 

$

0.71

 

 

$

1.70

 

Diluted earnings per share

 

$

0.31

 

 

$

1.18

 

 

$

0.71

 

 

$

1.69

 

Cash dividends declared per share of common stock

 

$

0.50

 

 

$

0.96

 

 

$

1.50

 

 

$

1.92

 

Weighted average common shares used in computing earnings

   per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding basic

 

 

100,765,681

 

 

 

100,012,827

 

 

 

100,677,510

 

 

 

99,862,452

 

Weighted average common shares outstanding diluted

 

 

100,861,881

 

 

 

100,222,082

 

 

 

100,818,347

 

 

 

100,058,054

 

Statements of Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

31,429

 

 

$

118,396

 

 

$

71,922

 

 

$

169,649

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

740

 

 

 

287

 

 

 

(858

)

 

 

546

 

Comprehensive income

 

$

32,169

 

 

$

118,683

 

 

$

71,064

 

 

$

170,195

 

 

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 (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 272,813 shares of

   common stock through

   performance 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)