XML 26 R13.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows (Subsidiary) - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 388,090,000 $ 243,386,000 $ 372,111,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 271,294,000 251,296,000 250,028,000
Stock-based compensation 37,368,000 18,772,000 29,647,000
Amortization included in interest expense 5,877,000 5,909,000 5,365,000
Gain on disposition of assets (2,115,000) (9,026,000) (7,241,000)
Loss on extinguishment of debt 21,604,000 25,235,000 0
Equity in earnings of investee (3,384,000) 0 0
Deferred income tax expense (benefit) 1,574,000 (797,000) (14,130,000)
Provision for doubtful accounts 4,527,000 12,729,000 10,608,000
(Increase) decrease in:      
Receivables (24,684,000) 1,287,000 (28,357,000)
Prepaid expenses (5,493,000) 591,000 275,000
Other assets 5,030,000 7,629,000 (11,257,000)
Increase (decrease) in:      
Trade accounts payable 1,308,000 841,000 700,000
Accrued expenses 9,553,000 10,052,000 (1,597,000)
Operating lease liabilities 3,819,000 24,549,000 9,102,000
Other liabilities 20,049,000 (22,580,000) 15,611,000
Cash flows provided by operating activities 734,417,000 569,873,000 630,865,000
Cash flows from investing activities:      
Capital expenditures (126,090,000) (62,272,000) (140,956,000)
Acquisitions (312,257,000) (45,584,000) (226,278,000)
Payment for investments in equity securities (30,000,000) 0 0
Decrease (increase) in notes receivable 107,000 0  
Decrease (increase) in notes receivable     (448,000)
Proceeds received from property insurance claims 0 0 210,000
Proceeds from disposition of assets and investments 6,480,000 10,968,000 5,438,000
Cash flows used in investing activities (461,760,000) (96,888,000) (362,034,000)
Cash flows from financing activities:      
Proceeds received from revolving credit facility 200,000,000 725,000,000 495,000,000
Payments on revolving credit facility (25,000,000) (875,000,000) (625,000,000)
Principal payments on long-term debt (378,000) (9,112,000) (34,471,000)
Borrowings on long-term debt 0 8,750,000 0
Principal payments on financing leases (1,331,000) 0 0
Proceeds received from senior credit facility term loans 0 598,500,000 0
Proceeds received from accounts receivable securitization program 180,000,000 122,500,000 9,000,000
Payments on accounts receivable securitization program (127,500,000) (175,000,000) (9,000,000)
Debt issuance costs (8,823,000) (32,950,000) (4,463,000)
Proceeds received from note offering 550,000,000 1,549,250,000 255,000,000
Redemption of senior notes and senior subordinated notes (668,688,000) (1,058,596,000) 0
Payments on senior credit facility term loans 0 (978,097,000) 0
Distributions to non-controlling interest (601,000) (1,509,000) (621,000)
Cash flows used in financing activities (294,519,000) (377,917,000) (264,357,000)
Effect of exchange rate changes in cash and cash equivalents 81,000 313,000 220,000
Net (decrease) increase in cash and cash equivalents (21,781,000) 95,381,000 4,694,000
Cash and cash equivalents at beginning of period 121,569,000 26,188,000 21,494,000
Cash and cash equivalents at end of period 99,788,000 121,569,000 26,188,000
Supplemental disclosures of cash flow information:      
Cash paid for interest 112,080,000 130,864,000 139,585,000
Cash paid for state and federal income taxes 8,388,000 4,033,000 14,449,000
LAMAR MEDIA CORP. AND SUBSIDIARIES      
Cash flows from operating activities:      
Net income 388,908,000 243,873,000 372,540,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 271,294,000 251,296,000 250,028,000
Stock-based compensation 37,368,000 18,772,000 29,647,000
Amortization included in interest expense 5,877,000 5,909,000 5,365,000
Gain on disposition of assets (2,115,000) (9,026,000) (7,241,000)
Loss on extinguishment of debt 21,604,000 25,235,000 0
Equity in earnings of investee (3,384,000) 0 0
Deferred income tax expense (benefit) 1,574,000 (797,000) (14,130,000)
Provision for doubtful accounts 4,527,000 12,729,000 10,608,000
(Increase) decrease in:      
Receivables (24,684,000) 1,287,000 (28,357,000)
Prepaid expenses (5,493,000) 591,000 275,000
Other assets 5,030,000 7,629,000 (11,257,000)
Increase (decrease) in:      
Trade accounts payable 1,308,000 841,000 700,000
Accrued expenses 9,553,000 10,052,000 (1,597,000)
Operating lease liabilities 3,819,000 24,549,000 9,102,000
Other liabilities 360,000 (53,911,000) (10,743,000)
Cash flows provided by operating activities 715,546,000 539,029,000 604,940,000
Cash flows from investing activities:      
Capital expenditures (126,090,000) (62,272,000) (140,956,000)
Acquisitions (312,257,000) (45,584,000) (226,278,000)
Payment for investments in equity securities (30,000,000) 0 0
Decrease (increase) in notes receivable 107,000 0  
Decrease (increase) in notes receivable     (448,000)
Proceeds received from property insurance claims 0 0 210,000
Proceeds from disposition of assets and investments 6,480,000 10,968,000 5,438,000
Cash flows used in investing activities (461,760,000) (96,888,000) (362,034,000)
Cash flows from financing activities:      
Proceeds received from revolving credit facility 200,000,000 725,000,000 495,000,000
Payments on revolving credit facility (25,000,000) (875,000,000) (625,000,000)
Principal payments on long-term debt (378,000) (9,112,000) (34,471,000)
Borrowings on long-term debt 0 8,750,000 0
Principal payments on financing leases (1,331,000) 0 0
Proceeds received from senior credit facility term loans 0 598,500,000 0
Proceeds received from accounts receivable securitization program 180,000,000 122,500,000 9,000,000
Payments on accounts receivable securitization program (127,500,000) (175,000,000) (9,000,000)
Debt issuance costs (8,823,000) (32,950,000) (4,463,000)
Proceeds received from note offering 550,000,000 1,549,250,000 255,000,000
Redemption of senior notes and senior subordinated notes (668,688,000) (1,058,596,000) 0
Payments on senior credit facility term loans 0 (978,097,000) 0
Distributions to non-controlling interest (601,000) (1,509,000) (621,000)
Dividends to parent (410,875,000) (262,437,000) (393,700,000)
Contributions from parent 37,548,000 41,628,000 69,822,000
Cash flows used in financing activities (275,648,000) (347,073,000) (238,433,000)
Effect of exchange rate changes in cash and cash equivalents 81,000 313,000 221,000
Net (decrease) increase in cash and cash equivalents (21,781,000) 95,381,000 4,694,000
Cash and cash equivalents at beginning of period 121,069,000 25,688,000 20,994,000
Cash and cash equivalents at end of period 99,288,000 121,069,000 25,688,000
Supplemental disclosures of cash flow information:      
Cash paid for interest 112,080,000 130,864,000 139,585,000
Cash paid for state and federal income taxes $ 8,388,000 $ 4,033,000 $ 14,449,000