Group 1 - The Trump administration is in talks to potentially acquire a stake in Intel to support its domestic manufacturing efforts, particularly for a planned factory cluster in Ohio [2] - The film "浪浪山小妖怪" has surpassed previous Japanese animated films to become the highest-grossing 2D animated film in Chinese history [3] Group 2 - Keling AI has launched a new feature for its 2.1 model, enhancing video generation capabilities and addressing issues like abrupt transitions and insufficient text responses, making it suitable for professional creative scenarios [4] - Berkshire Hathaway has reduced its holdings in Apple and Bank of America while initiating positions in companies like UnitedHealth and Nucor [5][6] Group 3 - As of the end of July, the nationwide unsold commercial housing area in China has decreased for five consecutive months, totaling 76,486 million square meters, down by 462 million square meters from June [7] - At the World Humanoid Robot Sports Competition, Yushun's robot H1 won first and third place in the 1500-meter race, with the CEO expressing excitement for future 100-meter races [8] Group 4 - The American Bitcoin company, backed by the Trump family, is looking to acquire a Japanese listed company and expand into the Hong Kong market [9] - Samsung's market share in DRAM memory and smartphone display panels has declined, with DRAM dropping from 41.5% to 32.7% and smartphone displays from 50.1% to 39.9% [10] Group 5 - Customs authorities in Dongguan seized 1,992 counterfeit "Labubu" blind boxes, indicating significant infringement concerns [11] - IDC predicts that China's spending on generative AI-related network hardware will increase from 6.5 billion yuan in 2023 to 33 billion yuan by 2028 [12] Group 6 - Huawei has launched the MatePad 11.5 S, starting at 2,199 yuan, featuring a high-precision screen designed to reduce environmental interference [13] - The China Consumers Association has released a draft of the "Green Consumption Guide" to promote sustainable consumption practices among consumers [14]

Market Overview - The three major U.S. stock indices experienced fluctuations, with the Dow Jones up 0.06%, the Nasdaq down 0.24%, and the S&P 500 down 0.21% as of the report [1] - Chinese concept stocks saw significant gains, with iQIYI up over 7%, NIO up over 6%, and several others including Bilibili and Pinduoduo rising over 3% [1] - Meta Platforms (META) reached a historic high, with a market capitalization surpassing $2 trillion, marking it as the sixth U.S. company to achieve this milestone [1] - Chip stocks mostly declined, with Applied Materials dropping over 10% due to disappointing Q4 earnings outlook, while Intel rose over 4% amid reports of potential government investment [1] Federal Reserve and Economic Indicators - The St. Louis Fed President Alberto Musalem stated it is too early to determine if interest rates will be lowered in September [2] - The July Producer Price Index (PPI) rose by 0.9%, significantly exceeding market expectations and raising inflation concerns, which cooled down the Fed's rate cut expectations [2] Consumer Sentiment and Corporate Actions - A survey indicated that over 60% of Americans oppose former President Trump's tariff policies, with his overall approval rating at 38% [3] - There is a notable trend of American workers increasingly investing in stocks through their 401(k) accounts, reflecting a shift towards higher stock allocations [4] Investment Strategies and Trends - Berkshire Hathaway disclosed a reduction in its Apple holdings and revealed new investments in sectors such as healthcare, steel, and real estate during Q2 [4] - Major hedge funds have increased their investments in large tech companies, driven by unprecedented growth in the AI sector, while reducing exposure to aerospace, defense, and retail [7] - Retail investors are becoming a significant force in the market, with Goldman Sachs highlighting a resurgence in buying activity among retail investors in S&P 500 and Nasdaq stocks [8]

Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares, while also unveiling new investments in healthcare, steel, and real estate sectors [2][5]. Group 1: New Investments - Berkshire initiated positions in six new stocks during Q2, including UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allegion (ALLE) [2][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6]. Group 2: Reduction in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of about 6.67%, while still maintaining it as the largest holding [9]. - Additionally, Berkshire sold over 26.3 million shares of Bank of America, representing a reduction of approximately 4.17% [9]. Group 3: Market Reaction - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant after-hours gains, with increases exceeding 8% [3]. Group 4: Investment Strategy - The new investments are viewed as defensive positions with potential for valuation recovery, aligning with Buffett's investment philosophy of seeking companies with a "moat" [7].

Core Insights - Berkshire Hathaway, led by Warren Buffett, has resumed selling its largest holding, Apple, and has further reduced its stake in Bank of America while making significant investments in UnitedHealth and revealing new positions in Nucor and two real estate stocks [1][8][12]. Investment Actions - In Q2, Berkshire purchased approximately 5.04 million shares of UnitedHealth, with a market value of about $1.57 billion, making it the 18th largest holding [2][15]. - The "mystery" holding Nucor Steel was revealed, with Berkshire acquiring 6.61 million shares valued at over $857 million, ranking as the 25th largest holding [3][5]. - Berkshire also bought around 7.05 million shares of Lennar, valued at approximately $780 million, and over 1.48 million shares of D.R. Horton, valued at about $191 million [6][7]. Reductions in Holdings - Berkshire reduced its Apple holdings by 20 million shares, a decrease of 6.67%, bringing its total to approximately 280 million shares, with a market value reduction of $4.1 billion [8][10]. - The stake in Bank of America was cut by about 26.31 million shares, a 4.71% decrease, with a market value reduction of $1.24 billion [11][12]. - Berkshire completely exited its position in T-Mobile, selling 3.88 million shares [13]. Portfolio Composition - By the end of Q2, Apple's holding represented 22.31% of Berkshire's portfolio, while Bank of America accounted for 11.12% [10][11]. - Chevron was the only stock among the top ten holdings to see an increase, with Berkshire adding 3.45 million shares, although its percentage of the portfolio decreased from 7.69% to 6.79% due to a decline in stock price [19]. Market Reactions - Following the disclosure of Berkshire's investment in UnitedHealth, the stock price surged over 9% in after-hours trading [16].

Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares, while introducing new positions in healthcare, steel, and real estate sectors [1][4][6]. Group 1: New Positions - Berkshire initiated new positions in six stocks: UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allege (ALLE) [1][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6][8]. - Specific share purchases included over 5 million shares of UnitedHealth valued at about $1.57 billion, over 6.6 million shares of Nucor Steel valued at approximately $860 million, and over 7 million shares of Lennar valued at around $780 million [6][8]. Group 2: Reductions in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of approximately 6.67%, while still maintaining it as the largest holding [11][12]. - The company also sold over 26 million shares of Bank of America, representing a reduction of about 4.17% [11][12]. - Other notable reductions included selling shares in Charter Communications and completely exiting T-Mobile US [11][14]. Group 3: Market Reaction - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant after-hours gains, with increases exceeding 8% [2].

Core Viewpoint - Berkshire Hathaway reduced its holdings in Apple and Bank of America during the second quarter, while initiating positions in UnitedHealth, Nucor Steel, as well as real estate stock Lennar and outdoor advertising company Lamar Advertising Company [1] Group 1 - Berkshire Hathaway's divestment included significant stakes in Apple and Bank of America [1] - New investments were made in UnitedHealth and Nucor Steel, indicating a shift in investment strategy [1] - The company also entered positions in Lennar and Lamar Advertising Company, diversifying its portfolio further [1]

Group 1 - Lamar Advertising Company (NASDAQ: LAMR) has seen a modest performance over the past year, with a gain of 2% alongside its dividend [1] - Ongoing concerns regarding the advertising market have negatively impacted the shares of Lamar Advertising [1]

Core Insights - Lamar Advertising Company (LAMR) reported second-quarter 2025 adjusted funds from operations (AFFO) per share of $2.22, exceeding the Zacks Consensus Estimate of $2.15 and up from $2.08 in the prior-year quarter [1][9] - Quarterly net revenues reached $579.3 million, reflecting a year-over-year increase of 2.5%, but fell short of the consensus estimate of $581.9 million [2][9] Financial Performance - Operating income for the quarter was $197.7 million, a 7.3% increase from $184.2 million in the same period last year [3] - Adjusted EBITDA rose 2.5% to $278.4 million, while acquisition-adjusted net revenues climbed 1.9% year over year [3] - Direct advertising expenses increased by 2% to $187.2 million, and general and administrative expenses rose by 2.8% to $86.7 million [4] Cash Flow and Liquidity - Free cash flow decreased by 2.2% year over year to $199.1 million [4] - Cash flow from operating activities for the three months ended June 30, 2025, was $229.5 million, compared to $127.7 million in the previous quarter [5] - As of June 30, 2025, total liquidity was $363 million, including $307.3 million available for borrowing and $55.7 million in cash [6] 2025 Outlook - LAMR revised its 2025 AFFO per share guidance to a range of $8.10 to $8.20, compared to the previous range of $8.13 to $8.28, with the Zacks Consensus Estimate currently at $8.19 [7] Market Sentiment - Despite the positive earnings report, shares of LAMR fell by 4% during the initial hours of trading, likely due to higher expenses impacting investor sentiment [2][9]

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Lamar Advertising Company and its subsidiary for the quarter ended June 30, 2025 [Lamar Advertising Company Financial Statements](index=6&type=section&id=Lamar%20Advertising%20Company%20Financial%20Statements) Lamar Advertising Company reported total assets of **$6.67 billion** and net income of **$294.2 million** for the six months ended June 30, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands of USD) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $457,538 | $425,268 | | **Net property, plant and equipment** | $1,606,639 | $1,600,809 | | **Total assets** | **$6,673,968** | **$6,586,549** | | **Total current liabilities** | $782,662 | $778,474 | | **Long-term debt, net** | $3,113,788 | $2,961,058 | | **Total liabilities** | $5,767,085 | $5,538,529 | | **Total stockholders' equity** | $906,883 | $1,048,020 | Condensed Consolidated Statements of Income Highlights (in thousands of USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net revenues** | $579,311 | $565,251 | $1,084,741 | $1,063,401 | | **Operating income** | $197,681 | $184,227 | $388,914 | $308,827 | | **Net income** | $155,016 | $137,594 | $294,245 | $216,093 | | **Diluted EPS** | $1.52 | $1.34 | $2.87 | $2.10 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands of USD) | Cash Flow Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $357,232 | $366,904 | | **Net cash used in investing activities** | ($33,776) | ($76,661) | | **Net cash used in financing activities** | ($317,469) | ($256,744) | | **Net increase in cash and cash equivalents** | $6,265 | $33,327 | [Notes to Condensed Consolidated Financial Statements (Lamar Advertising Company)](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Lamar%20Advertising%20Company)) Notes detail key accounting policies, the **$115.1 million** Vistar Media sale, and **$150.0 million** in stock repurchases Disaggregated Revenue by Source (in thousands of USD) | Revenue Source | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Billboard advertising** | $512,317 | $502,144 | $957,214 | $941,529 | | **Logo advertising** | $23,251 | $21,517 | $44,889 | $42,259 | | **Transit advertising** | $43,743 | $41,590 | $82,638 | $79,613 | | **Total Net revenues** | **$579,311** | **$565,251** | **$1,084,741** | **$1,063,401** | - On February 3, 2025, the company sold its 20% minority interest in Vistar Media, Inc. for **$115.1 million** in cash, recognizing a gain of **$67.8 million**; an additional **$15.1 million** may be received from escrow[97](index=97&type=chunk) - During the six months ended June 30, 2025, the company repurchased **1,388,091 shares** of Class A common stock for **$150.0 million**, increasing the total authorized amount under the repurchase program to **$400.0 million**[108](index=108&type=chunk) - Subsequent to the quarter end, on July 2, 2025, the company acquired the assets of Verde Outdoor, including over **1,500 billboard faces**, in exchange for **1,187,500 Common Units** of Lamar LP[116](index=116&type=chunk) [Lamar Media Corp. Financial Statements](index=28&type=section&id=Lamar%20Media%20Corp.%20Financial%20Statements) Lamar Media Corp. reported total assets of **$6.66 billion** and net income of **$294.5 million** for the six months ended June 30, 2025 Lamar Media Corp. Condensed Consolidated Balance Sheet Highlights (in thousands of USD) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | $6,657,224 | $6,569,807 | | **Total liabilities** | $5,755,980 | $5,527,868 | | **Total stockholder's equity** | $901,244 | $1,041,939 | Lamar Media Corp. Condensed Consolidated Statements of Income Highlights (in thousands of USD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net revenues** | $1,084,741 | $1,063,401 | | **Operating income** | $389,173 | $309,146 | | **Net income** | $294,504 | $216,412 | [Notes to Condensed Consolidated Financial Statements (Lamar Media Corp.)](index=32&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Lamar%20Media%20Corp.)) Lamar Media Corp. notes are consistent with the parent company, providing summarized financial information for debt agreement compliance - Most notes to the financial statements are omitted as they are substantially equivalent to those provided for the parent company, Lamar Advertising Company[130](index=130&type=chunk) - Summarized financial information for Lamar Media, its subsidiary guarantors, and non-guarantor subsidiaries is presented as required by its publicly issued notes, for which the subsidiaries provide full and unconditional guarantees[131](index=131&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results of operations for Lamar Advertising and Lamar Media, focusing on Q2 2025 performance and liquidity [Lamar Advertising Company MD&A](index=36&type=section&id=Lamar%20Advertising%20Company%20MD%26A) Lamar Advertising's MD&A highlights **2.0% revenue growth**, strong operating income from asset dispositions, and **$363.0 million** in liquidity Six-Month Performance Comparison (YTD 2025 vs YTD 2024) (in millions of USD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $1,080 | $1,060 | +2.0% | | **Operating Income** | $388.9 | $308.8 | +26.0% | | **Net Income** | $294.2 | $216.1 | +36.2% | | **Adjusted EBITDA** | $488.6 | $483.5 | +1.1% | | **AFFO** | $389.6 | $371.8 | +4.8% | Three-Month Performance Comparison (Q2 2025 vs Q2 2024) (in millions of USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $579.3 | $565.3 | +2.5% | | **Operating Income** | $197.7 | $184.2 | +7.3% | | **Net Income** | $155.0 | $137.6 | +12.7% | | **Adjusted EBITDA** | $278.4 | $271.6 | +2.5% | | **AFFO** | $225.3 | $213.5 | +5.5% | - The company maintains total liquidity of **$363.0 million** as of June 30, 2025, comprising **$55.7 million** in cash and **$307.3 million** available under its revolving credit facility[194](index=194&type=chunk) - Key uses of cash in the first six months of 2025 included **$68.1 million** in capital expenditures, **$87.1 million** for acquisitions, and **$150.0 million** for stock repurchases[228](index=228&type=chunk)[231](index=231&type=chunk) [Lamar Media Corp. MD&A](index=54&type=section&id=Lamar%20Media%20Corp.%20MD%26A) Lamar Media's MD&A mirrors the parent, showing **2.0% revenue growth** and **1.0% Adjusted EBITDA increase** for the six-month period Lamar Media Six-Month Performance (YTD 2025 vs YTD 2024) (in millions of USD) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $1,080 | $1,060 | +2.0% | | **Operating Income** | $389.2 | $309.1 | +25.9% | | **Net Income** | $294.5 | $216.4 | +36.1% | | **Adjusted EBITDA** | $488.9 | $483.8 | +1.0% | | **AFFO** | $389.8 | $372.1 | +4.8% | Lamar Media Three-Month Performance (Q2 2025 vs Q2 2024) (in millions of USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenues** | $579.3 | $565.3 | +2.5% | | **Operating Income** | $197.8 | $184.4 | +7.3% | | **Net Income** | $155.2 | $137.8 | +12.6% | | **Adjusted EBITDA** | $278.5 | $271.7 | +2.5% | | **AFFO** | $225.4 | $213.7 | +5.5% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from **$1.28 billion** in variable-rate debt, with a 200 basis point increase raising interest expense by **$11.3 million** - As of June 30, 2025, the company had approximately **$1.28 billion** in variable-rate debt, representing **37.9%** of its total outstanding long-term debt[275](index=275&type=chunk) - A hypothetical **200 basis point (2.0%)** increase in interest rates would have increased interest expense by an estimated **$11.3 million** for the six months ended June 30, 2025[275](index=275&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective[277](index=277&type=chunk) - No material changes to internal control over financial reporting were identified during the last fiscal quarter[278](index=278&type=chunk) PART II — OTHER INFORMATION [Item 1A. Risk Factors](index=64&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the filing of its 2024 Annual Report on Form 10-K - There have been no material changes to the company's risk factors since the filing of its 2024 Form 10-K[279](index=279&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1,223,562 shares** in Q2 2025, increasing the repurchase program authorization to **$400 million** Share Repurchases for Q2 2025 (in USD) | Period | Total Shares Purchased | Average Price Paid Per Share | Dollar Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | April 2025 | 1,223,562 | $107.52 | $100,000,000 | | May 2025 | — | — | $250,000,000 | | June 2025 | — | — | $250,000,000 | | **Total Q2** | **1,223,562** | **$107.52** | **$250,000,000** | - On May 15, 2025, the Board of Directors increased the stock repurchase program authorization by **$150.0 million**, bringing the total to **$400.0 million**[280](index=280&type=chunk) [Item 5. Other Information](index=64&type=section&id=ITEM%205.%20Other%20Information) No information is reported under this item for the current period - None[281](index=281&type=chunk) [Item 6. Exhibits](index=65&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, CEO/CFO certifications, and XBRL data - Lists exhibits filed with the report, including CEO/CFO certifications (Sections 302 and 906) and XBRL data files[282](index=282&type=chunk)

Financial Data and Key Metrics Changes - Revenue growth accelerated in Q2 to 1.9% on a consolidated acquisition adjusted basis, marking the seventeenth consecutive quarter of acquisition adjusted revenue growth [4][10] - EBITDA increased by 2% on an acquisition adjusted basis, with a slight improvement in margins compared to Q2 of the previous year [4] - Adjusted funds from operations (AFFO) totaled $225.3 million in Q2, an increase of 5.5% from $213.5 million in the previous year [12] - Diluted AFFO per share increased by 6.7% to $2.22 per share compared to $2.08 per share in the previous year [12] - The company revised its full year AFFO per share guidance to a range of $8.1 to $8.2, a reduction of $0.55 from the prior range [6][17] Business Line Data and Key Metrics Changes - Billboard operations experienced low single-digit top line growth, while the airport and logos division significantly outpaced the broader portfolio, growing revenue by 11.76% and 6.1% respectively [11] - Local and regional sales accounted for approximately 79% of billboard revenue in Q2, continuing to grow for the seventeenth consecutive quarter [12] - Programmatic advertising increased by around 10% [7] Market Data and Key Metrics Changes - Categories of strength included services (up 8.2%), financial (up 11%), building and construction (up 16.3%), and insurance (up 22%) [20] - Weaker categories included education (down 3.8%), beverages (down 16%), and telecom (down 17%) [20] Company Strategy and Development Direction - The company is focusing on acquisitions, having spent $87 million on 20 acquisitions through Q2, with a total year-to-date cash acquisition amount of approximately $110 million [7] - The company completed a milestone UPREIT transaction, which is expected to be a tool for future acquisitions [8][39] - The management expressed optimism about the potential for increased M&A activity due to the favorable UPREIT structure [39][41] Management Comments on Operating Environment and Future Outlook - The current operating environment is described as solid but not spectacular, with increased activity in national RFPs and local proposals [5] - Management is cautious about October due to potential headwinds from political advertising [5][30] - The company expects back half growth to be better than the first half but not as strong as earlier expectations [6] Other Important Information - The company ended Q2 with approximately $3.4 billion in total consolidated debt and a weighted average interest rate of 4.7% [14] - Total leverage was 2.95 times net debt to EBITDA, among the lowest levels ever for the company [15] - The company paid a cash dividend of $1.55 per share in both the first and second quarters, with a recommendation to declare the same for the third quarter [18][19] Q&A Session Summary Question: Can you quantify the updated guidance for top line growth and visibility into the back half? - Management indicated that Q3 political headwind is about 100 basis points and about 200 basis points in Q4, with a significant amount of political revenue from the previous year to replace [28][31] Question: Clarification on the reduction in AFFO guidance? - Management clarified that the reduction is due to both slower operational performance and the exit from the Vancouver contract [34][36] Question: Will the UPREIT structure accelerate M&A activity? - Management believes it will be a significant factor in increasing M&A activity, as it provides a tax-efficient option for sellers [39][41] Question: Why are airport and transit results holding up better? - Management noted that airports are experiencing strong growth due to a rebound in air travel, while transit operations have a different recovery profile [46][48] Question: Timeline for integrating acquired assets? - Integration timelines vary; expense synergies happen quickly for fill-in acquisitions, while revenue synergies take longer due to existing contracts [50][51]