Lamar Advertising (LAMR) came out with quarterly funds from operations (FFO) of $1.54 per share, beating the Zacks Consensus Estimate of $1.52 per share. This compares to FFO of $1.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.32%. A quarter ago, it was expected that this outdoor and transit advertising company would post FFO of $1.95 per share when it actually produced FFO of $2.10, delivering a surprise of 7.69%.Over the l ...

[Operating Results and Corporate Overview](index=1&type=section&id=Operating%20Results%20and%20Corporate%20Overview) [First Quarter 2024 Operating Results](index=1&type=section&id=First%20Quarter%202024%20Operating%20Results) Lamar Advertising reported strong first-quarter 2024 results that surpassed internal expectations, driven by robust local sales and a return to same-store growth in digital. Net revenue increased by 5.7% to $498.2 million, and Adjusted EBITDA grew by 7.1% to $211.9 million. Diluted Adjusted Funds From Operations (AFFO) per share saw a significant increase of 9.2% to $1.54, prompting the company to raise its full-year guidance - The company's Q1 results exceeded internal expectations, with notable strength in local sales and a return to same-store growth in the digital segment[3](index=3&type=chunk) Q1 2024 Key Financial Metrics (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Revenues | $498.2 million | $471.3 million | 5.7% | | Operating Income | $124.6 million | $118.8 million | 4.9% | | Net Income | $78.5 million | $76.2 million | 3.0% | | Adjusted EBITDA | $211.9 million | $198.0 million | 7.1% | | Free Cash Flow | $138.7 million | $113.3 million | 22.4% | | Diluted AFFO per share | $1.54 | $1.41 | 9.2% | - On an acquisition-adjusted basis, which normalizes for the impact of acquisitions and divestitures, net revenue increased by **5.3%** and Adjusted EBITDA increased by **6.5%** year-over-year[7](index=7&type=chunk) [Liquidity and Financial Position](index=2&type=section&id=Liquidity%20and%20Financial%20Position) As of March 31, 2024, Lamar maintained a strong liquidity position with $634.8 million in total liquidity, composed primarily of availability under its revolving senior credit facility, supplemented by cash and cash equivalents Liquidity as of March 31, 2024 | Component | Amount | | :--- | :--- | | Available under revolving credit facility | $598.4 million | | Cash and cash equivalents | $36.4 million | | **Total Liquidity** | **$634.8 million** | - As of the quarter-end, the company had **$143.0 million** in borrowings outstanding under its revolving credit facility and **$235.7 million** outstanding under its Accounts Receivable Securitization Program[9](index=9&type=chunk) [Revised Full-Year 2024 Guidance](index=2&type=section&id=Revised%20Full-Year%202024%20Guidance) Following the strong first-quarter performance, the company raised its full-year 2024 guidance, anticipating diluted AFFO per share to be in the range of $7.75 to $7.90 Updated Full-Year 2024 Guidance | Metric | Low Estimate | High Estimate | | :--- | :--- | :--- | | Net Income per Diluted Share | $4.95 | $5.01 | | Diluted AFFO per Share | $7.75 | $7.90 | [Company and Investor Information](index=4&type=section&id=Company%20and%20Investor%20Information) Lamar Advertising, founded in 1902, is a leading outdoor advertising company in North America with over 360,000 displays, including the largest network of digital billboards in the U.S. The company held a conference call on May 2, 2024, to discuss its Q1 results - Lamar operates over **360,000 displays** across the U.S. and Canada, including approximately **4,800 digital billboards**, serving both local and national advertisers[18](index=18&type=chunk) Conference Call Details | Item | Details | | :--- | :--- | | Date | Thursday, May 2, 2024 | | Time | 8:00 a.m. Central Time | | Phone | 1-800-420-1271 or 1-785-424-1634 | | Passcode | 63104 | [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the first quarter of 2024, Lamar's net revenues were $498.2 million, an increase from $471.3 million in the prior-year period. Operating income rose to $124.6 million, and net income applicable to common stock was $78.1 million, resulting in diluted earnings per share of $0.76 Q1 2024 Condensed Consolidated Statements of Income (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net revenues | $498.2 | $471.3 | | Total operating expense | $373.6 | $352.5 | | **Operating income** | **$124.6** | **$118.8** | | Income before income tax expense | $80.0 | $78.0 | | **Net income** | **$78.5** | **$76.2** | | Net income applicable to common stock | $78.1 | $76.0 | | **Diluted earnings per share** | **$0.76** | **$0.74** | [Selected Balance Sheet and Cash Flow Data](index=6&type=section&id=Selected%20Balance%20Sheet%20and%20Cash%20Flow%20Data) As of March 31, 2024, Lamar reported total assets of $6.53 billion and total debt of $3.40 billion. For the first quarter, cash flows from operating activities were $110.6 million, a slight increase from the prior year Selected Balance Sheet Data (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $36.4 | $44.6 | | Total assets | $6,525.1 | $6,563.6 | | Total debt, net | $3,401.3 | $3,341.1 | | Total stockholders' equity | $1,183.6 | $1,216.8 | Selected Cash Flow Data (in millions) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Cash flows provided by operating activities | $110.6 | $108.7 | | Cash flows used in investing activities | $45.0 | $52.7 | | Cash flows used in financing activities | $73.6 | $75.2 | [Non-GAAP Measures and Reconciliations](index=2&type=section&id=Non-GAAP%20Measures%20and%20Reconciliations) [Overview of Non-GAAP Financial Measures](index=2&type=section&id=Overview%20of%20Non-GAAP%20Financial%20Measures) The company utilizes several non-GAAP financial measures to evaluate performance, including Adjusted EBITDA, Free Cash Flow, Funds from Operations (FFO), and Adjusted Funds from Operations (AFFO). Management believes these metrics provide useful supplemental information for investors by excluding non-operational items and offering a clearer view of core operating results and period-over-period performance - Key non-GAAP measures used by management include Adjusted EBITDA, Free Cash Flow, FFO, and AFFO to assess operating performance[12](index=12&type=chunk) - AFFO is calculated by starting with FFO and adjusting for items such as straight-line revenue, stock-based compensation, non-real estate depreciation, and maintenance capital expenditures[13](index=13&type=chunk)[14](index=14&type=chunk) [Key Reconciliations](index=7&type=section&id=Key%20Reconciliations) The report provides detailed reconciliations for its non-GAAP measures. For Q1 2024, Net Income of $78.5 million was reconciled to Adjusted EBITDA of $211.9 million. Total capital expenditures for the quarter were $29.5 million, a decrease from $42.3 million in Q1 2023, with digital billboards representing the largest category of investment Reconciliation of Net Income to Adjusted EBITDA (Q1 2024, in millions) | Line Item | Amount | | :--- | :--- | | Net income | $78.5 | | Interest expense, net & other | $44.6 | | Income tax expense | $1.5 | | **Operating income** | **$124.6** | | Stock-based compensation | $14.5 | | Depreciation and amortization | $75.2 | | Other adjustments | ($2.4) | | **Adjusted EBITDA** | **$211.9** | Capital Expenditure Detail (in millions) | Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Billboards - traditional | $7.1 | $13.5 | | Billboards - digital | $13.4 | $17.4 | | Logo | $1.3 | $3.1 | | **Total capital expenditures** | **$29.5** | **$42.3** | Reconciliation of Reported to Acquisition-Adjusted Results (Q1 2024 vs Q1 2023) | Metric | Reported % Change | Acquisition-Adjusted % Change | | :--- | :--- | :--- | | Net Revenue | 5.7% | 5.3% | | Outdoor Operating Income | 7.4% | 6.9% | | Adjusted EBITDA | 7.1% | 6.5% | [Reconciliation of REIT Measures (FFO & AFFO)](index=11&type=section&id=Reconciliation%20of%20REIT%20Measures%20%28FFO%20%26%20AFFO%29) For Q1 2024, Funds from Operations (FFO) increased 3.5% to $148.5 million. After further adjustments for items like stock-based compensation and maintenance capital expenditures, Adjusted Funds from Operations (AFFO) rose 9.8% to $158.2 million, or $1.54 per diluted share Reconciliation to FFO and AFFO (Q1 2024 vs Q1 2023, in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $78.5 | $76.2 | | D&A related to real estate | $71.7 | $70.4 | | Other adjustments | ($1.7) | ($3.1) | | **Funds from operations (FFO)** | **$148.5** | **$143.5** | | Adjustments (Stock comp, capex, etc.) | $9.7 | $0.6 | | **Adjusted funds from operations (AFFO)** | **$158.2** | **$144.1** | | **Diluted AFFO per share** | **$1.54** | **$1.41** |

Image caption: A Vistar Media campaign running on a Lamar Advertising Company DOOH billboard NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Vistar Media, the leading global provider of technology solutions for out-of-home (OOH) media, today announced that Lamar Advertising Company, one of the largest outdoor advertising companies in the world, selected Vistar's content management software (CMS), Cortex, to power its network of digital out-of-home (DOOH) billboards across the U.S. The agreement follows a part ...

Lamar Advertising Company (NASDAQ:LAMR) Q4 2023 Earnings Conference Call February 23, 2024 9:00 AM ET Company Participants Sean Reilly - President and CEO Jay Johnson - Treasurer and CFO Conference Call Participants Cameron McVeigh - Morgan Stanley Jason Bazinet - Citi Richard Choe - JPMorgan Operator Excuse me, everyone, we now have Sean Reilly and Jay Johnson in conference. [Operator Instructions] In the course of this discussion, Lamar may make forward-looking statements regarding the company, including ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ Form 10-K __________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ¨ 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 _______ ...

5321 Corporate Boulevard Baton Rouge, LA 70808 Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2023 Operating Results Three Month Results Twelve Month Results For the fourth quarter of 2023, funds from operations, or FFO, was $213.7 million versus $195.2 million for the same period in 2022, an increase of 9.5%. Adjusted funds from operations, or AFFO, for the fourth quarter of 2023 was $215.0 million compared to $194.5 million for the same period in 2022, an increase of 10.5%. ...

FORM 10-Q ________________________________________________________ x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION or Washington, D.C. 20549 __________________________________ ¨ 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 __________________________________ Lama ...

Financial Data and Key Metrics Changes - Revenue for Q2 2023 showed growth across all business segments, but a slowdown in activity was observed as the company entered Q3, leading to a revised revenue outlook for the second half of the year [4][5] - Adjusted funds from operations (AFFO) decreased by 1.2% year-over-year to $194.4 million, with cash interest increasing by $13.8 million compared to Q2 2022 [19] - Adjusted EBITDA for Q2 2023 was $253.9 million, an increase of 4.3% from the previous year, with an adjusted EBITDA margin of 46.9% [38] Business Line Data and Key Metrics Changes - The service category saw a strong increase of over 16%, while weaker categories included gaming (down over 4%), real estate (down over 9%), and insurance (down almost 21%) [5][46] - Digital revenue accounted for 30% of total revenue in Q2, with same-store sales down 1% for the quarter but up 3% for June [6] Market Data and Key Metrics Changes - Local revenue increased by 2.4% in Q2, while national revenue rose by 1.4%, excluding programmatic impacts [35] - The Northeast and Midwest regions contracted year-over-year due to their exposure to national advertising, while the Atlantic region and Gulf Coast saw good growth [7][35] Company Strategy and Development Direction - The company is focusing on expense control, with acquisition-adjusted expense growth expected to be around 1.5% for the full year [17][23] - The acquisition pipeline has moderated, with total CapEx for the year anticipated to be $185 million, including $63 million for maintenance [9][42] Management's Comments on Operating Environment and Future Outlook - Management noted a general softening in the advertising environment, affecting both local and national levels, but does not classify it as a recession [28] - The company revised its full-year AFFO guidance to a range of $7.13 to $7.28 per share, with revenue growth expectations adjusted to approximately 2% [17][22] Other Important Information - The company has a well-laddered debt maturity schedule, with no fixed income maturities until 2028, and a total liquidity of approximately $661 million at the end of the quarter [10][11] - A cash dividend of $1.25 per share was paid in Q2, with a recommendation for the same amount for Q3, subject to Board approval [42][43] Q&A Session Summary Question: What is the outlook for local business given the current economic environment? - Management described the current situation as a general softening rather than a recession, with customers showing hesitancy [28] Question: How significant is the amusement and entertainment category, and could strikes impact it? - This category represents a little over 5% of the business, primarily related to roadside attractions rather than major theatrical releases [29] Question: What are the new expectations for top-line growth for the year? - The new expectation is approximately 2% for the year, with organic growth being flat [66] Question: Could the hesitancy in local spending change if the economy improves? - Management anticipates that if the macroeconomic environment strengthens, local performance could improve [55] Question: What is the impact of programmatic advertising on revenue? - Programmatic advertising has been disappointing, expected to decline by 11% to 12% for the full year, affecting overall revenue growth [45]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q ________________________________________________________ x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 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 Adv ...

Lamar Advertising Company (NASDAQ:LAMR) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Sean Reilly - Chief Executive Officer Jay Johnson - Executive Vice President and Chief Financial Officer Conference Call Participants Jason Bazinet - Citi Cameron McVeigh - Morgan Stanley Richard Choe - JPMorgan Operator Please standby, your program is about to begin. Excuse me, everyone, we now have Sean Reilly and Jay Johnson in conference. Please be aware that each of your lines is in a li ...