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OFFON

LAMAR ADVERTISING COMPANY (REIT)

(LAMR)
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Lamar Advertising REIT : March 31, 2021 10Q

05/04/2021 | 05:43pm EDT

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 March 31, 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)

__________________________________

Delaware

47-0961620

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: (225) 926-1000

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 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 filer

x

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

x

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 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 April 30, 2021: 86,689,531

The number of shares of the Lamar Advertising Company's Class B common stock outstanding as of April 30, 2021: 14,420,085

The number of shares of Lamar Media Corp. common stock outstanding as of April 30, 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 novel coronavirus (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

PART I - FINANCIAL INFORMATION

5

ITEM 1. FINANCIAL STATEMENTS

5

Lamar Advertising Company

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

5

Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March

31, 2021 and 2020

6

Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2021 and

2020

7

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

8

Notes to Condensed Consolidated Financial Statements

9-19

Lamar Media Corp.

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

20

Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March

31, 2021 and 2020

21

Condensed Consolidated Statements of Stockholder's Equity for the three months ended March 31, 2021 and

2020

22

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

23

Notes to Condensed Consolidated Financial Statements

24-30

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

31-44

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

45

ITEM 4. Controls and Procedures

45

PART II - OTHER INFORMATION

46

ITEM 1A. Risk Factors

46

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

46

ITEM 5. Other Information

46

ITEM 6. Exhibits

47

4

Table of Contents

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)

March 31,

December 31,

2021

2020

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

43,046

$

121,569

Receivables, net of allowance for doubtful accounts of $13,438 and $14,946 in 2021 and 2020, respectively

218,603

240,854

Other current assets

25,702

18,147

Total current assets

287,351

380,570

Property, plant and equipment

3,621,869

3,615,505

Less accumulated depreciation and amortization

(2,353,189)

(2,333,656)

Net property, plant and equipment

1,268,680

1,281,849

Operating lease right of use assets

1,213,933

1,222,013

Financing lease right of use assets

19,030

19,670

Goodwill

1,912,359

1,912,328

Intangible assets, net

887,585

914,446

Other assets

61,559

60,565

Total assets

$

5,650,497

$

5,791,441

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Trade accounts payable

$

11,382

$

12,017

Current maturities of long-term debt, net of deferred financing costs of $333 and $445 in 2021 and 2020,

155,039

122,434

respectively

Current operating lease liabilities

162,861

195,439

Current financing lease liabilities

1,331

1,331

Accrued expenses

72,368

105,288

Deferred income

113,454

111,363

Total current liabilities

516,435

547,872

Long-term debt, net of deferred financing costs of $39,912 and $39,672 in 2021 and 2020, respectively

2,685,085

2,764,082

Operating lease liabilities

984,117

993,776

Financing lease liabilities

18,275

18,608

Deferred income tax liabilities

3,819

4,854

Asset retirement obligation

222,891

222,876

Other liabilities

38,368

36,605

Total liabilities

4,468,990

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; 87,374,252 and 87,111,327 shares

issued at 2021 and 2020, respectively; 86,689,281 and 86,491,646 outstanding at 2021 and 2020,

87

87

respectively

Class B common stock, par value $0.001, 37,500,000 shares authorized, 14,420,085 shares issued and

14

14

outstanding at 2021 and 2020

Additional paid-in capital

1,985,682

1,963,850

Accumulated comprehensive income

1,138

934

Accumulated deficit

(754,911)

(717,331)

Cost of shares held in treasury, 684,971 and 619,681 shares at 2021 and 2020, respectively

(50,503)

(44,786)

Stockholders' equity

1,181,507

1,202,768

Total liabilities and stockholders' equity

$

5,650,497

$

5,791,441

See accompanying notes to condensed consolidated financial statements.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Lamar Advertising Company published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 21:42:07 UTC.


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Financials (USD)
Sales 2021 1 681 M - -
Net income 2021 326 M - -
Net Debt 2021 2 677 M - -
P/E ratio 2021 34,0x
Yield 2021 2,89%
Capitalization 10 504 M 10 504 M -
EV / Sales 2021 7,84x
EV / Sales 2022 7,49x
Nbr of Employees 3 300
Free-Float 84,2%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 4
Average target price 103,25 $
Last Close Price 103,89 $
Spread / Highest target 10,7%
Spread / Average Target -0,62%
Spread / Lowest Target -15,3%
EPS Revisions
Managers and Directors
NameTitle
Sean Eugene Reilly President & Chief Executive Officer
Jay L. Johnson Chief Financial Officer, Treasurer & Executive VP
Kevin P. Reilly Executive Chairman
Micky Vint Executive Vice President-Operations
John E. Koerner Independent Director