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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 March 31, 2019

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: (225) 926-1000  

 

Securities registered pursuant to Section 12(b) of the Act:

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  

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

The number of shares of Lamar Advertising Company’s Class A common stock outstanding as of April 25, 2019: 85,567,889  

The number of shares of the Lamar Advertising Company’s Class B common stock outstanding as of April 25, 2019: 14,420,085

The number of shares of Lamar Media Corp. common stock outstanding as of April 25, 2019: 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 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 REIT’s or in the interpretation of those laws.

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.

2


 

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/A for the year ended December 31, 2018 of the Company and Lamar Media (the “2018 Combined Form 10-K/A”), filed on February 26, 2019 and as such risk factors may be updated or supplemented, from time to time, in our combined Quarterly Reports on Form 10-Q.

 

 

3


 

CONTENTS

 

 

 

Page

PART I — FINANCIAL INFORMATION

 

5

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

5

 

 

 

Lamar Advertising Company

 

 

Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018

 

5

Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2019 and 2018

 

6

Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2019 and 2018

 

7

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 and 2018

 

8

Notes to Condensed Consolidated Financial Statements

 

9-20

 

 

 

Lamar Media Corp.

 

 

Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018

 

21

Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2019 and 2018

 

22

Condensed Consolidated Statements of Stockholder’s Equity for the three months ended March 31, 2019 and 2018

 

23

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 and 2018

 

24

Notes to Condensed Consolidated Financial Statements

 

25-31

 

 

 

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

 

32-44

 

 

 

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

 

45

 

 

 

ITEM 4. Controls and Procedures

 

46

 

 

 

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

 

46-48

 

 

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)

 

 

 

March 31,

2019

 

 

December 31,

2018

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,828

 

 

$

21,494

 

Receivables, net of allowance for doubtful accounts of $13,166 and $11,161 in 2019 and

     2018, respectively

 

 

218,114

 

 

 

235,576

 

Prepaid lease and contract expenses

 

 

 

 

 

80,684

 

Other current assets

 

 

36,894

 

 

 

25,915

 

Total current assets

 

 

287,836

 

 

 

363,669

 

Property, plant and equipment

 

 

3,563,025

 

 

 

3,525,725

 

Less accumulated depreciation and amortization

 

 

(2,253,376

)

 

 

(2,230,677

)

Net property, plant and equipment

 

 

1,309,649

 

 

 

1,295,048

 

Operating lease right of use assets

 

 

1,292,438

 

 

 

 

Goodwill

 

 

1,876,356

 

 

 

1,919,386

 

Intangible assets

 

 

978,307

 

 

 

915,453

 

Other assets

 

 

49,958

 

 

 

51,085

 

Total assets

 

$

5,794,544

 

 

$

4,544,641

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

14,577

 

 

$

21,246

 

Current maturities of long-term debt, net of deferred financing costs of $5,966 and $5,245

     in 2019 and 2018, respectively

 

 

199,930

 

 

 

204,120

 

Current operating lease liabilities

 

 

174,345

 

 

 

 

Accrued expenses

 

 

61,053

 

 

 

122,467

 

Deferred income

 

 

101,312

 

 

 

107,202

 

Total current liabilities

 

 

551,217

 

 

 

455,035

 

Long-term debt, net of deferred financing costs of $22,730 and $20,619 in 2019 and 2018,

     respectively

 

 

2,826,624

 

 

 

2,684,568

 

Operating lease liabilities

 

 

1,029,663

 

 

 

 

Deferred income tax liabilities

 

 

20,622

 

 

 

20,734

 

Asset retirement obligation

 

 

224,019

 

 

 

222,989

 

Other liabilities

 

 

32,821

 

 

 

29,531

 

Total liabilities

 

 

4,684,966

 

 

 

3,412,857

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

     5,720 shares authorized; 5,720 shares issued and outstanding at 2019 and 2018

 

 

 

 

 

 

Class A common stock, par value $.001, 362,500,000 shares authorized; 86,068,627 and

     85,551,595 shares issued at 2019 and 2018, respectively; 85,567,889 and 85,162,692

    outstanding at 2019 and 2018, respectively

 

 

86

 

 

 

86

 

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

    14,420,085 shares issued and outstanding at 2019 and 2018

 

 

14

 

 

 

14

 

Additional paid-in capital

 

 

1,883,391

 

 

 

1,852,421

 

Accumulated comprehensive income

 

 

271

 

 

 

12

 

Accumulated deficit

 

 

(740,090

)

 

 

(695,337

)

Cost of shares held in treasury, 500,738 and 388,903 shares at 2019 and 2018,

     respectively

 

 

(34,094

)

 

 

(25,412

)

Stockholders’ equity

 

 

1,109,578

 

 

 

1,131,784

 

Total liabilities and stockholders’ equity

 

$

5,794,544

 

 

$

4,544,641

 

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

March 31,

 

 

 

2019

 

 

2018

 

Statements of Income

 

 

 

 

 

 

 

 

Net revenues

 

$

384,457

 

 

$

361,026

 

Operating expenses (income)

 

 

 

 

 

 

 

 

Direct advertising expenses (exclusive of depreciation and

   amortization)

 

 

140,470

 

 

 

138,293

 

General and administrative expenses (exclusive of depreciation

   and amortization)

 

 

79,293

 

 

 

70,208

 

Corporate expenses (exclusive of depreciation and

   amortization)

 

 

17,029

 

 

 

21,104

 

Depreciation and amortization

 

 

61,506

 

 

 

56,840

 

(Gain) loss on disposition of assets

 

 

(4,624

)

 

 

8,701

 

 

 

 

293,674

 

 

 

295,146

 

Operating income

 

 

90,783

 

 

 

65,880

 

Other expense (income)

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

15,429

 

Interest income

 

 

(153

)

 

 

(24

)

Interest expense

 

 

37,595

 

 

 

33,579

 

 

 

 

37,442

 

 

 

48,984

 

Income before income tax expense

 

 

53,341

 

 

 

16,896

 

Income tax expense

 

 

2,088

 

 

 

1,844

 

Net income

 

 

51,253

 

 

 

15,052

 

Cash dividends declared and paid on preferred stock

 

 

91

 

 

 

91

 

Net income applicable to common stock

 

$

51,162

 

 

$

14,961

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.51

 

 

$

0.15

 

Diluted earnings per share

 

$

0.51

 

 

$

0.15

 

Cash dividends declared per share of common stock

 

$

0.96

 

 

$

0.91

 

Weighted average common shares used in computing earnings

   per share:

 

 

 

 

 

 

 

 

Weighted average common shares outstanding basic

 

 

99,710,406

 

 

 

98,301,551

 

Weighted average common shares outstanding diluted

 

 

99,915,443

 

 

 

98,726,934

 

Statements of Comprehensive Income

 

 

 

 

 

 

 

 

Net income

 

$

51,253

 

 

$

15,052

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

259

 

 

 

(543

)

Comprehensive income

 

$

51,512

 

 

$

14,509

 

 

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, 2018

 

$

 

 

 

86

 

 

 

14

 

 

 

(25,412

)

 

 

1,852,421

 

 

 

12

 

 

 

(695,337

)

 

 

1,131,784

 

Non-cash compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,097

 

 

 

 

 

 

 

 

 

21,097

 

Exercise of 186,521 shares of stock

   options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,352

 

 

 

 

 

 

 

 

 

7,352

 

Issuance of shares of common stock

   through employee purchase plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,521

 

 

 

 

 

 

 

 

 

2,521

 

Purchase of 111,835 shares of

   treasury stock

 

 

 

 

 

 

 

 

 

 

 

(8,682

)

 

 

 

 

 

 

 

 

 

 

 

(8,682

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259

 

 

 

 

 

 

259

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,253

 

 

 

51,253

 

Dividends/distributions to common

   shareholders ($0.96 per common

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(95,915

)

 

 

(95,915

)

Dividends ($15.95 per preferred

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(91

)

 

 

(91

)

Balance, March 31, 2019

 

$

 

 

 

86

 

 

 

14

 

 

 

(34,094

)

 

 

1,883,391

 

 

 

271

 

 

 

(740,090

)

 

 

1,109,578

 

 

 

 

 

 

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, 2017

 

$

 

 

 

84

 

 

 

14

 

 

 

(21,300

)

 

 

1,762,499

 

 

 

1,302

 

 

 

(639,106

)

 

 

1,103,493

 

Non-cash compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,968

 

 

 

 

 

 

 

 

 

11,968

 

Exercise of 54,480 shares of stock

   options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,836

 

 

 

 

 

 

 

 

 

1,836

 

Issuance of shares of common stock

   through employee purchase plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,138

 

 

 

 

 

 

 

 

 

2,138

 

Purchase of 57,619 shares of

   treasury stock

 

 

 

 

 

 

 

 

 

 

 

(4,112

)

 

 

 

 

 

 

 

 

 

 

 

(4,112

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(543

)

 

 

 

 

 

(543

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,052

 

 

 

15,052

 

Dividends/distributions to common

   shareholders ($0.91 per common

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(89,542

)

 

 

(89,542

)

Dividends ($15.95 per preferred

   share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(91

)

 

 

(91

)

Balance, March 31, 2018

 

$

 

 

 

84

 

 

 

14

 

 

 

(25,412

)

 

 

1,778,441

 

 

 

759

 

 

 

(713,687

)

 

 

1,040,199

 

 

7


 

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands) 

 

 

 

Three months ended

March 31,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

51,253

 

 

$

15,052

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

61,506

 

 

 

56,840

 

Stock-based compensation

 

 

2,233

 

 

 

7,514

 

Amortization included in interest expense

 

 

1,332

 

 

 

1,242

 

(Gain) loss on disposition of assets and investments

 

 

(4,624

)

 

 

8,701

 

Loss on extinguishment of debt

 

 

 

 

 

15,429

 

Deferred tax expense (benefit)

 

 

792

 

 

 

(87

)

Provision for doubtful accounts

 

 

2,403

 

 

 

2,206

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Decrease (increase) in:

 

 

 

 

 

 

 

 

Receivables

 

 

15,198

 

 

 

(9,876

)

Prepaid expenses

 

 

20,835

 

 

 

(26,968

)

Other assets

 

 

(14,393

)

 

 

(7,542

)

Increase (decrease) in:

 

 

 

 

 

 

 

 

Trade accounts payable

 

 

1,303

 

 

 

944

 

Accrued expenses

 

 

(41,210

)

 

 

(27,682

)

Operating lease liabilities

 

 

(29,207

)

 

 

 

Other liabilities

 

 

(6,695

)

 

 

4,999

 

Net cash provided by operating activities

 

 

60,726

 

 

 

40,772

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Acquisitions

 

 

(66,423

)

 

 

(6,637

)

Capital expenditures

 

 

(25,951

)

 

 

(23,252

)

Proceeds received from insurance claims

 

 

 

 

 

790

 

Proceeds from disposition of assets and investments

 

 

1,297

 

 

 

244

 

Decrease in notes receivable

 

 

2

 

 

 

2

 

Net cash used in investing activities

 

 

(91,075

)

 

 

(28,853

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Cash used for purchase of treasury stock

 

 

(8,682

)

 

 

(4,112

)

Net proceeds from issuance of common stock

 

 

9,874

 

 

 

3,974

 

Principal payments on long term debt

 

 

(7,210

)

 

 

(5,703

)

Payments on revolving credit facility

 

 

(255,000

)

 

 

(135,000

)

Proceeds received from revolving credit facility

 

 

155,000

 

 

 

112,000

 

Proceeds received from note offering

 

 

255,000

 

 

 

 

Redemption of senior subordinated notes

 

 

 

 

 

(509,790

)

Proceeds received from senior credit facility Term B loan