Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

LAMAR ADVERTISING COMPANY

(LAMR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

September 30, 2021 10Q

11/03/2021 | 12:45pm EST

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 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)

__________________________________

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 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

PART I - FINANCIAL INFORMATION

5

ITEM 1. FINANCIAL STATEMENTS

5

Lamar Advertising Company

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

5

Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months

ended September 30, 2021 and 2020

6

Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September

30, 2021 and 2020

7-8

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

9

Notes to Condensed Consolidated Financial Statements

10-21

Lamar Media Corp.

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

22

Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months

ended September 30, 2021 and 2020

23

Condensed Consolidated Statements of Stockholder's Equity for the three and nine months ended September

30, 2021 and 2020

24

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

25

Notes to Condensed Consolidated Financial Statements

26-34

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

35-52

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

53

ITEM 4. Controls and Procedures

53

PART II - OTHER INFORMATION

54

ITEM 1A. Risk Factors

54

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

54

ITEM 5. Other Information

54

ITEM 6. Exhibits

55

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)

September 30,

December 31,

2021

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 assets

20,202

18,147

Total current assets

370,432

380,570

Property, plant and equipment

3,720,040

3,615,505

Less accumulated depreciation and amortization

(2,428,803)

(2,333,656)

Net property, plant and equipment

1,291,237

1,281,849

Operating lease right of use assets

1,208,425

1,222,013

Financing lease right of use assets

17,604

19,670

Goodwill

1,926,919

1,912,328

Intangible assets, net

909,508

914,446

Other assets

94,562

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,

174,725

122,434

respectively

Current operating lease liabilities

174,659

195,439

Current financing lease liabilities

1,331

1,331

Accrued expenses

114,194

105,288

Deferred income

128,991

111,363

Total current liabilities

606,555

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 liabilities

977,941

993,776

Financing lease liabilities

17,609

18,608

Deferred income tax liabilities

6,016

4,854

Asset retirement obligation

267,024

222,876

Other liabilities

39,090

36,605

Total liabilities

4,576,891

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,

88

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

1,997,162

1,963,850

Accumulated comprehensive income

850

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' equity

1,241,796

1,202,768

Total liabilities and stockholders' equity

$

5,818,687

$

5,791,441

See accompanying notes to condensed consolidated financial statements.

5

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 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 17:44:02 UTC.


ę Publicnow 2021
All news about LAMAR ADVERTISING COMPANY
2021INSIDER SELL : Lamar Advertising
MT
2021LAMAR ADVERTISING COMPANY : Ex-dividend day for
FA
2021REIT Returns to Moderate After Record-Breaking 2021 as Deals Accelerate, Morgan Stanley..
MT
2021LAMAR ADVERTISING : Announces Cash Dividends on Common Stock - Form 8-K
PU
2021LAMAR ADVERTISING CO/NEW : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
2021Lamar Maintains Quarterly Cash Dividend at $1 a Share, Announces Special Cash Dividend ..
MT
2021Lamar Advertising Company AnnouncesáCash Dividends on Common Stock
AQ
2021Lamar Advertising Company Declares Quarterly Cash Dividend, Payable on December 30, 202..
CI
2021Lamar Advertising Company Declares A Special Cash Dividend , Payable on December 30, 20..
CI
2021Lamar Buys Outdoor Advertising Company Colossal Media For Undisclosed Sum
MT
More news
Analyst Recommendations on LAMAR ADVERTISING COMPANY
More recommendations
Financials (USD)
Sales 2021 1 770 M - -
Net income 2021 384 M - -
Net Debt 2021 2 777 M - -
P/E ratio 2021 28,9x
Yield 2021 3,20%
Capitalization 11 084 M 11 084 M -
EV / Sales 2021 7,83x
EV / Sales 2022 7,20x
Nbr of Employees 3 300
Free-Float -
Chart LAMAR ADVERTISING COMPANY
Duration : Period :
Lamar Advertising Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends LAMAR ADVERTISING COMPANY
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Last Close Price 109,48 $
Average target price 125,25 $
Spread / Average Target 14,4%
EPS Revisions
Managers and Directors
Sean Eugene Reilly President & Chief Executive Officer
Jay L. Johnson Chief Financial Officer, Treasurer & Executive VP
Kevin P. Reilly Executive Chairman
Sukhvinder Singh Senior Vice President-Technology & Innovation
Micky Vint Executive Vice President-Operations
Sector and Competitors
1st jan.Capi. (M$)
LAMAR ADVERTISING COMPANY-8.31%11 084
AMERICAN TOWER CORPORATION-14.87%113 398
CROWN CASTLE INTERNATIONAL CORP.-12.24%79 175
SBA COMMUNICATIONS CORPORATION-16.19%34 944
CYRUSONE INC.-0.57%11 558
QTS REALTY TRUST, INC.26.02%6 012