| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
372,111 | 305,232 | 317,676 | 298,809 | 262,570 | 253,518 | 40,139 | 7,890 | 6,858 | -40,102 | -58,038 | 2,162 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
250,028 | 225,261 | 211,104 | 204,958 | 191,433 | 258,435 | 300,579 | 296,083 | 299,639 | 312,703 | 336,725 | 331,654 |
Stock-based compensation | |||||||||||
29,647 | 29,443 | 9,599 | 28,560 | 25,890 | 24,120 | 24,936 | 14,466 | 11,650 | 17,839 | 12,462 | 9,005 |
Amortization included in interest expense | |||||||||||
5,365 | 4,920 | 5,120 | 5,333 | 4,682 | 4,777 | 14,667 | 17,741 | 18,517 | 16,934 | 19,442 | 16,137 |
Gain on disposition of assets and investments | |||||||||||
7,241 | -7,233 | 4,664 | 15,095 | 8,765 | 3,192 | 3,804 | 13,817 | 10,548 | 4,900 | 6,869 | 9,177 |
Other-than-temporary impairment of investment | |||||||||||
- | - | - | - | - | 4,069 | - | - | - | - | - | - |
Loss on extinguishment of debt | |||||||||||
- | -15,429 | -71 | -3,198 | - | -26,023 | -14,345 | -41,632 | -677 | -17,398 | 3,320 | - |
Deferred tax (benefit) expense | |||||||||||
-14,130 | 1,538 | 804 | -343 | 11,099 | -122,137 | 18,749 | 6,316 | 2,621 | -24,588 | -20,120 | 19,938 |
Provision for doubtful accounts | |||||||||||
10,608 | 7,985 | 6,762 | 6,870 | 6,506 | 5,947 | 6,034 | 5,484 | 7,591 | 8,736 | 12,663 | 14,365 |
Changes in operating assets and liabilities | |||||||||||
(Increase) decrease in: | |||||||||||
Receivables | |||||||||||
28,357 | 33,292 | 17,524 | 22,677 | 9,034 | 13,553 | 6,663 | 13,783 | 14,622 | 4,539 | 2,083 | 11,013 |
Prepaid expenses | |||||||||||
-275 | 5,433 | -309 | -1,320 | 575 | -524 | -788 | -1,903 | -1,201 | -2,581 | -5,959 | -599 |
Other assets | |||||||||||
11,257 | -2,828 | 8,410 | -5,462 | 4,475 | -662 | 4,970 | 2,876 | 1,863 | -30,723 | 15,064 | 19,243 |
Increase (decrease) in: | |||||||||||
Trade accounts payable | |||||||||||
700 | 1,366 | 309 | -746 | -458 | 1,076 | -89 | -127 | -489 | 2,460 | -4,383 | -4,452 |
Accrued expenses | |||||||||||
-1,597 | -6,292 | -9,508 | 10,245 | 3,335 | 8,273 | -6,371 | 2,259 | -630 | -275 | 9,676 | -21 |
Operating lease liabilities | |||||||||||
9,102 | - | - | - | - | - | - | - | - | - | - | - |
Other liabilities | |||||||||||
15,611 | 8,628 | -4,632 | -4,071 | -4,558 | 3,987 | -3,635 | 12,738 | -1,781 | -12,150 | 6,693 | -3,434 |
Net cash provided by operating activities | |||||||||||
630,865 | 564,846 | 507,016 | 521,823 | 477,650 | 452,529 | 394,705 | 375,909 | 318,821 | 322,820 | 293,743 | 346,520 |
Cash flows from investing activities: | |||||||||||
Acquisitions | |||||||||||
226,278 | 477,389 | 297,305 | 585,054 | 153,877 | 65,021 | 92,248 | 206,068 | 23,497 | 6,703 | 4,457 | 249,951 |
Capital expenditures | |||||||||||
140,956 | 117,638 | 109,329 | 107,612 | 110,425 | 107,573 | 105,650 | 105,570 | 107,070 | 43,452 | 38,815 | 198,070 |
Proceeds received from property insurance claims | |||||||||||
210 | 4,222 | - | - | - | - | - | - | - | - | - | - |
Proceeds from disposition of assets and investments | |||||||||||
5,438 | 6,648 | 6,053 | 11,662 | 10,429 | 4,135 | 6,869 | 8,117 | 13,146 | 8,435 | 14,065 | 10,335 |
Decrease in notes receivable | |||||||||||
448 | -9 | -515 | -21 | 7 | -4,462 | 840 | -122 | -166 | -240 | -168 | -267 |
Net cash (used in) provided by investing activities | |||||||||||
-362,034 | -584,148 | -400,066 | -680,983 | -253,880 | -163,997 | -191,869 | -303,399 | -117,255 | -41,480 | -29,039 | -437,419 |
Cash flows from financing activities: | |||||||||||
Tax deduction from options exercised | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 2,156 |
Cash used for purchase of treasury stock | |||||||||||
8,882 | 4,112 | 8,997 | 6,204 | 6,099 | 2,987 | 4,200 | 1,113 | 3,481 | 1,629 | 44 | 93,390 |
Net proceeds from issuance of common stock | |||||||||||
44,262 | 62,662 | 26,684 | 23,082 | 28,399 | 20,615 | 20,893 | 13,855 | 5,457 | 10,160 | 4,840 | 11,182 |
Principal payments on long term debt | |||||||||||
34,471 | 27,328 | 16,993 | 21,118 | 15,468 | 11,750 | 33,051 | 311,275 | - | - | - | - |
Payments on revolving credit facility | |||||||||||
625,000 | 481,000 | 477,000 | 403,000 | 282,000 | 410,000 | 34,000 | 15,000 | - | - | - | - |
Proceeds received from revolving credit facility | |||||||||||
495,000 | 563,000 | 495,000 | 483,000 | 317,000 | 325,000 | 184,000 | 15,000 | - | - | - | - |
Redemption of senior subordinated notes | |||||||||||
- | - | - | - | - | 415,752 | 360,383 | 861,019 | 47,187 | 389,647 | - | - |
Proceeds received from note offering | |||||||||||
255,000 | - | - | 400,000 | - | 510,000 | - | 1,035,000 | - | 400,000 | - | - |
Redemption of senior subordinated notes | |||||||||||
- | 509,790 | - | - | - | - | - | - | - | - | - | - |
Payments under credit agreement | |||||||||||
- | - | - | - | - | - | - | - | -213,866 | -290,309 | -198,701 | -29,412 |
Proceeds received from senior credit facility term loans | |||||||||||
- | 599,250 | 450,000 | 300,000 | - | 300,000 | - | 100,000 | - | 5,360 | 314,927 | 140,000 |
Payments on senior credit facility term loans | |||||||||||
- | - | 247,500 | 300,000 | - | 352,106 | - | - | - | - | - | - |
Proceeds received from accounts receivable securitization program | |||||||||||
9,000 | 175,000 | - | - | - | - | - | - | - | - | - | - |
Payments on accounts receivable securitization program | |||||||||||
9,000 | - | - | - | - | - | - | - | - | - | - | - |
Payments on convertible notes | |||||||||||
- | - | - | - | - | - | - | - | - | 3,402 | 269,087 | - |
Debt issuance costs | |||||||||||
4,463 | 7,616 | 4,941 | 9,467 | - | 17,441 | 89 | 22,500 | - | 32,597 | 19,919 | 169 |
Distributions to non-controlling interest | |||||||||||
621 | 541 | 693 | 420 | 1,130 | 1,094 | - | - | - | - | - | - |
Dividends/distributions | |||||||||||
385,182 | 443,088 | 244,201 | 293,965 | 265,510 | 238,800 | 365 | 365 | 365 | 365 | 365 | 365 |
Net cash (used in) provided by financing activities | |||||||||||
-264,357 | -73,563 | -28,641 | 171,908 | -224,808 | -294,315 | -227,195 | -47,417 | -259,442 | -302,429 | -168,349 | 30,002 |
Effect of exchange rate changes in cash and cash equivalents | |||||||||||
220 | -1,112 | 1,632 | 455 | -2,670 | -1,394 | -1,340 | 315 | -300 | 515 | 1,759 | -1,012 |
Net increase in cash and cash equivalents | |||||||||||
4,694 | -93,977 | 79,941 | 13,203 | -3,708 | -7,177 | -25,699 | 25,408 | -58,176 | -20,574 | 98,114 | -61,909 |
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | |||||||||||
139,585 | 136,711 | 123,213 | 108,719 | 93,765 | 94,646 | 140,048 | 143,589 | 153,800 | 176,427 | 169,703 | 149,417 |
Cash paid for foreign, state and federal income taxes | |||||||||||
14,449 | 8,563 | 12,640 | 14,167 | 10,786 | 12,754 | 4,096 | 2,392 | 2,651 | 3,496 | 3,314 | 3,933 |
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | |||||||||||
Net income | |||||||||||
372,540 | 305,631 | 318,058 | 299,181 | - | - | - | - | - | - | - | - |
Depreciation and amortization | |||||||||||
250,028 | 225,261 | 211,104 | 204,958 | - | - | - | - | - | - | - | - |
Stock-based compensation | |||||||||||
29,647 | 29,443 | 9,599 | 28,560 | - | - | - | - | - | - | - | - |
Amortization included in interest expense | |||||||||||
5,365 | 4,920 | 5,120 | 5,333 | - | - | - | - | - | - | - | - |
Gain on disposition of assets and investments | |||||||||||
7,241 | -7,233 | 4,664 | 15,095 | - | - | - | - | - | - | - | - |
Loss on extinguishment of debt | |||||||||||
- | -15,429 | -71 | -3,198 | - | - | - | - | - | - | - | - |
Deferred tax (benefit) expense | |||||||||||
-14,130 | 1,538 | 804 | -343 | - | - | - | - | - | - | - | - |
Provision for doubtful accounts | |||||||||||
10,608 | 7,985 | 6,762 | 6,870 | - | - | - | - | - | - | - | - |
Receivables | |||||||||||
28,357 | 33,292 | 17,524 | 22,677 | - | - | - | - | - | - | - | - |
Prepaid expenses | |||||||||||
-275 | 5,433 | -309 | -1,320 | - | - | - | - | - | - | - | - |
Other assets | |||||||||||
11,257 | -3,270 | 8,410 | -5,462 | - | - | - | - | - | - | - | - |
Trade accounts payable | |||||||||||
700 | 1,366 | 309 | -746 | - | - | - | - | - | - | - | - |
Accrued expenses | |||||||||||
-1,597 | -6,292 | -9,416 | 10,245 | - | - | - | - | - | - | - | - |
Operating lease liabilities | |||||||||||
9,102 | - | - | - | - | - | - | - | - | - | - | - |
Other liabilities | |||||||||||
-10,743 | -19,974 | -27,882 | -31,000 | - | - | - | - | - | - | - | - |
Net cash provided by operating activities | |||||||||||
604,940 | 537,085 | 484,240 | 495,266 | - | - | - | - | - | - | - | - |
Acquisitions | |||||||||||
226,278 | 477,389 | 297,305 | 585,054 | - | - | - | - | - | - | - | - |
Capital expenditures | |||||||||||
140,956 | 117,638 | 109,329 | 107,612 | - | - | - | - | - | - | - | - |
Proceeds received from property insurance claims | |||||||||||
210 | 4,222 | - | - | - | - | - | - | - | - | - | - |
Proceeds from disposition of assets and investments | |||||||||||
5,438 | 6,648 | 6,053 | 11,662 | - | - | - | - | - | - | - | - |
Decrease in notes receivable | |||||||||||
448 | -9 | -515 | -21 | - | - | - | - | - | - | - | - |
Net cash (used in) provided by investing activities | |||||||||||
-362,034 | -584,148 | -400,066 | -680,983 | - | - | - | - | - | - | - | - |
Principal payments on long term debt | |||||||||||
34,471 | 27,328 | 16,993 | 21,118 | - | - | - | - | - | - | - | - |
Payments on revolving credit facility | |||||||||||
625,000 | 481,000 | 477,000 | 403,000 | - | - | - | - | - | - | - | - |
Proceeds received from revolving credit facility | |||||||||||
495,000 | 563,000 | 495,000 | 483,000 | - | - | - | - | - | - | - | - |
Proceeds received from note offering | |||||||||||
255,000 | - | - | 400,000 | - | - | - | - | - | - | - | - |
Redemption of senior subordinated notes | |||||||||||
- | 509,790 | - | - | - | - | - | - | - | - | - | - |
Proceeds received from senior credit facility term loans | |||||||||||
- | 599,250 | 450,000 | 300,000 | - | - | - | - | - | - | - | - |
Payments on senior credit facility term loans | |||||||||||
- | - | 247,500 | 300,000 | - | - | - | - | - | - | - | - |
Proceeds received from accounts receivable securitization program | |||||||||||
9,000 | 175,000 | - | - | - | - | - | - | - | - | - | - |
Payments on accounts receivable securitization program | |||||||||||
9,000 | - | - | - | - | - | - | - | - | - | - | - |
Debt issuance costs | |||||||||||
4,463 | 7,616 | 4,941 | 9,467 | - | - | - | - | - | - | - | - |
Distributions to non-controlling interest | |||||||||||
621 | 541 | 693 | 420 | - | - | - | - | - | - | - | - |
Contributions from parent | |||||||||||
69,822 | 89,967 | 49,187 | 49,274 | - | - | - | - | - | - | - | - |
Dividend to parent | |||||||||||
393,700 | 446,744 | 252,925 | 299,804 | - | - | - | - | - | - | - | - |
Principal payments on long-term debt | |||||||||||
34,471 | 27,328 | 16,993 | 21,118 | - | - | - | - | - | - | - | - |
Net cash (used in) provided by financing activities | |||||||||||
-238,433 | -45,802 | -5,865 | 198,465 | - | - | - | - | - | - | - | - |
Effect of exchange rate changes in cash and cash equivalents | |||||||||||
221 | -1,112 | 1,632 | 455 | - | - | - | - | - | - | - | - |
Net increase in cash and cash equivalents | |||||||||||
4,694 | -93,977 | 79,941 | 13,203 | - | - | - | - | - | - | - | - |
Cash paid for interest | |||||||||||
139,585 | 136,711 | 123,213 | 108,719 | - | - | - | - | - | - | - | - |
Cash paid for foreign, state and federal income taxes | |||||||||||
14,449 | 8,563 | 12,640 | 14,167 | - | - | - | - | - | - | - | - |