Core Insights - Lamar Advertising Company reported net revenues of $505.4 million for Q1 2025, reflecting a 1.5% increase from $498.2 million in Q1 2024 [2][20] - Net income surged by 77.4% to $139.2 million, primarily due to a $67.7 million gain from the sale of equity interest in Vistar Media [2][19] - Adjusted EBITDA slightly decreased by 0.8% to $210.2 million compared to $211.9 million in the same quarter last year [3][30] Financial Performance - The company achieved an operating income of $191.2 million, up from $124.6 million in Q1 2024, marking a significant increase of $66.6 million [2][20] - Funds from operations (FFO) rose by 5.1% to $156.1 million, while adjusted funds from operations (AFFO) increased by 3.8% to $164.3 million [5][30] - Free cash flow for Q1 2025 was reported at $121.1 million, down 12.7% from $138.7 million in Q1 2024, attributed to a current tax expense related to the Vistar sale [4][30] Acquisition-Adjusted Results - Acquisition-adjusted net revenue for Q1 2025 increased by 1.1% compared to the same period in 2024 [6] - Acquisition-adjusted EBITDA decreased by 1.0% year-over-year [6] Liquidity and Capital Management - As of March 31, 2025, Lamar had total liquidity of $491.3 million, including $455.2 million available for borrowing [7] - The company repurchased 164,529 shares for $18.4 million in Q1 2025 and an additional 1,223,562 shares for $131.6 million in April 2025, totaling $150.0 million under its stock repurchase program [9] Operational Highlights - The company continues to experience acquisition-adjusted revenue growth for the 16th consecutive quarter, driven by local and programmatic advertising [2] - The total number of displays operated by Lamar exceeds 363,000 across North America, with a significant digital billboard network [18]

Core Viewpoint - Lamar Advertising Company has acquired Premier Outdoor Media's assets, enhancing its presence in the Northeast Corridor and expanding its digital out-of-home (OOH) advertising capabilities [1][3][4]. Company Overview - Lamar Advertising Company is a leader in the OOH advertising industry, operating over 360,000 displays across North America, including approximately 5,000 digital billboards, making it the largest digital OOH network in the United States [4]. - Premier Outdoor Media, founded in 2018, became the largest independent digital OOH network in the Philadelphia Designated Market Area, growing its digital display count by over 500% under the leadership of Dominick Vastino and Sean Corbett [2][4]. Strategic Acquisition - The acquisition adds nearly 200 billboard faces, including 45 digital units, in key markets such as New Jersey, Delaware, Maryland, Pennsylvania, and New York, reinforcing Lamar's competitive edge in densely populated areas [1][3]. - Sean Reilly, CEO of Lamar, emphasized that this acquisition aligns with the company's strategy of adding high-quality, REIT-qualified assets to its portfolio [3]. Market Position and Growth Strategy - The transaction reflects Lamar's focus on scaling its digital OOH capabilities and acquiring regionally dominant networks that align with its REIT structure [4]. - As digital OOH continues to grow faster than traditional media, Lamar's expanded presence in the Northeast positions it to capture increasing advertiser demand [5]. Financial Outlook - Lamar is scheduled to report its first-quarter 2025 results on May 8, 2025, with the Zacks Consensus Estimate for funds from operations (FFO) per share at $1.54 on revenues of $508.9 million [5].

Company Overview - Lamar Advertising Company, founded in 1902, is one of the largest outdoor advertising companies in North America with over 360,000 displays across the United States and Canada [2] - The company offers a variety of advertising formats including billboard, interstate logo, transit, and airport advertising, catering to both local businesses and national brands [2] - Lamar operates the largest network of digital billboards in the United States, with approximately 5,000 displays [2] Upcoming Event - Sean Reilly, CEO of Lamar Advertising Company, is scheduled to participate in a question-and-answer session at the 53rd Annual J.P. Morgan Global Technology, Media and Communications Conference on May 13, 2025, at approximately 4:30 pm EST [1] - The session will be available via live audio webcast on the company's website and will be archived for 30 days [1]

Core Insights - Premier Outdoor Media has divested its out-of-home advertising assets to Lamar Advertising Company, although financial terms were not disclosed [1] - Premier, founded in 2018, significantly increased its digital display count by over 500%, establishing itself as the largest independent digital OOH network in the Philadelphia DMA [2] - The acquisition adds nearly 200 billboard faces, including 45 digital units, to Lamar's portfolio across key markets in New Jersey, Delaware, Maryland, Pennsylvania, and New York [3] Company Overview - Premier Outdoor Media was established through Caruth Capital Partners' acquisition of Jersey Premier Outdoor Media, LLC, with leadership from Dominick Vastino and Sean Corbett [2] - Lamar Advertising Company, founded in 1902, is one of the largest outdoor advertising companies in North America, operating over 360,000 displays across the U.S. and Canada [5] Strategic Implications - The acquisition enhances Lamar's position in the greater Philadelphia and New York markets and aligns with its strategy of adding high-quality, REIT-qualified assets [3] - Premier's leadership expressed confidence in Lamar's ability to continue delivering exceptional service to clients following the acquisition [3]

BATON ROUGE, La., April 14, 2025 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR) will release its first quarter ended March 31, 2025 earnings report before the market opens on Thursday, May 8, 2025. Lamar will host a conference call on Thursday, May 8, 2025 at 8:00 a.m. (Central time) to discuss the Company’s results and answer questions relating to company operations. Instructions for dialing into Lamar’s conference call are provided below: All Callers:1-800-420-1271 or 1-785-424-1634 Passcod ...

Lamar Advertising (LAMR) shares rallied 11.1% in the last trading session to close at $113.68. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.3% loss over the past four weeks.The increased investor optimism in the stock can be attributed to President Donald Trump’s recent announcement to put a 90-day pause on the reciprocal tariff for most countries.This outdoor and transit advertising company is expected ...

iREIT+HOYA Capital is the premier income-focused investing service on Seeking Alpha. Our focus is on income-producing asset classes that offer the opportunity for sustainable portfolio income , diversification , and inflation hedging . Get started with a Free Two-Week Trial and take a look at our top ideas across our exclusive income-focused portfolios.It’s hard to argue against the notion that you can have diversified reach across the economy with just REITs. After all, REITs are involved in retail, hospit ...

Shares of the Lamar Advertising Company (NASDAQ: LAMR ) have been a moderate performer over the past year, rising 13%. Shares have trended lower since October as elevated interest rates have weighed on real estate shares. Additionally, disappointing results andOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an ar ...

Lamar Advertising Company (LAMR) reported fourth-quarter 2024 adjusted funds from operations (AFFO) per share of $2.21, which met the Zacks Consensus Estimate. The figure also compared favorably with the prior-year quarter's tally of $2.10.See the Zacks Earnings Calendar to stay ahead of market-making news.Results reflect year-over-year growth in the top line. However, higher direct advertising and general and administrative expenses during the quarter acted as a dampener. Shares of the company were 7.3% do ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Lamar Advertising, a leading U.S. outdoor advertising REIT, operates billboard, logo sign, and transit segments, emphasizing local sales and digital investment [Company Operations](index=7&type=section&id=Company%20Operations) Company operations are segmented into billboard, logo sign, and transit advertising, with digital billboards and state-contracted logo signs being key revenue drivers - As of December 31, 2024, the company operated approximately **159,000 billboard displays**. Digital billboards, numbering around **5,000**, generated approximately **32% of the total billboard advertising net revenue**[35](index=35&type=chunk)[40](index=40&type=chunk) - Lamar is the largest provider of logo sign services in the U.S., operating **23 of the 26 privatized state logo contracts**. As of December 31, 2024, **four of its 24 logo sign contracts are subject to renewal or expiration in 2025**[44](index=44&type=chunk)[47](index=47&type=chunk) - The company operates approximately **47,500 transit advertising displays** in over **80 markets**. Contracts are typically with local municipalities and airport authorities for terms of **3-10 years**[50](index=50&type=chunk) [Advertising Tenants](index=11&type=section&id=Advertising%20Tenants) The company's diverse tenant base ensures no single client dominates, with top industries like Services, Health Care, and Restaurants collectively contributing **72% of billboard advertising net revenues** Top Billboard Advertising Industries by Revenue (FY 2024) | Category | Percentage of Net Billboard Advertising Revenues | | :--- | :--- | | Service | 17% | | Health Care | 10% | | Restaurants | 9% | | Retailers | 8% | | Automotive | 5% | | Amusement/Attractions | 5% | | Gaming | 4% | | Financial — Banks, Credit Unions | 4% | | Education | 4% | | **Total from Top Industries** | **72%** | [Human Capital Resources](index=13&type=section&id=Human%20Capital%20Resources) Lamar employs over 3,500 people, emphasizing employee development and diversity, with local account executives and management averaging 12 years of tenure - As of December 31, 2024, the workforce was approximately **37% female**, and **18% of employees identified as minorities**. At the executive level, **33% of named executive officers were minorities**, and **33% of the Board of Directors was female**[79](index=79&type=chunk) - The company has a small unionized workforce of approximately **100 employees** and reports a favorable relationship, with no history of strikes or work stoppages[75](index=75&type=chunk) Advertising Display Portfolio as of December 31, 2024 | Display Type | Count | States/Provinces | Source Chunks | | :--- | :--- | :--- | :--- | | **Billboards** | ~159,000 | 45 states and Canada | [19] | | - *Digital Billboards* | ~5,000 | 43 states and Canada | [20] | | **Logo Signs** | >138,200 | 23 states and Ontario, Canada | [21] | | **Transit Displays** | ~47,500 | 23 states and Canada | [22] | - The company reorganized into an Umbrella Partnership Real Estate Investment Trust (UPREIT) structure in 2022, which allows property owners to contribute appreciated properties on a tax-deferred basis[24](index=24&type=chunk) - Key operating strategies include: - **Local Focus:** Approximately **79% of outdoor net revenues** in 2024 came from local advertising, supported by about **975 local account executives** - **Internal Growth:** Focus on improving occupancy rates and increasing advertising rates in existing markets - **Capital Investment:** Invested approximately **$1.24 billion** in capital expenditures since January 1, 2015, to upgrade and construct displays - **Digital & Programmatic:** Reinvesting in digital technology (**$60.7 million** in 2024) and growing the programmatic out-of-home channel, which currently represents **2% of the outdoor business**[26](index=26&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks across capital structure, business operations, industry dynamics, and REIT status, including substantial debt, acquisition challenges, economic sensitivity, and REIT compliance [Risks Related to Our Capital Structure](index=14&type=section&id=Risks%20Related%20to%20Our%20Capital%20Structure) Significant indebtedness of **$3.21 billion** limits operational flexibility and financing, while the Reilly family's **62% voting power** allows control over major corporate decisions - As of December 31, 2024, Lamar Media had approximately **$3.21 billion of total debt outstanding**, with the ability to incur substantially more debt under its existing agreements[84](index=84&type=chunk) - The Reilly family and their affiliates hold approximately **62% of the voting power** of Lamar Advertising's outstanding capital stock, giving them control over the election of the board and the outcome of any corporate transaction requiring stockholder approval[94](index=94&type=chunk) [Risks Related to Our Business](index=17&type=section&id=Risks%20Related%20to%20Our%20Business) Business risks include acquisition strategy challenges, goodwill impairment, contract renewal dependencies, uninsured losses, and realizing benefits from digital technology investments - The company's growth strategy relies on acquisitions, with approximately **$45.4 million spent in 2024**. This strategy faces risks such as a dwindling pool of suitable candidates and increased competition for assets[97](index=97&type=chunk)[98](index=98&type=chunk) - A significant portion of revenue is dependent on contracts that require periodic renewal. In 2024, approximately **4% of revenues came from state-awarded logo sign contracts** and **8% from transit advertising contracts**[100](index=100&type=chunk)[102](index=102&type=chunk) [Risks Related to Our Industry](index=19&type=section&id=Risks%20Related%20to%20Our%20Industry) Industry risks include advertising spending sensitivity to economic conditions, intense competition, and extensive government regulation, which restricts expansion and may require billboard removal - Advertising spending is highly sensitive to economic changes, and a decline in general advertising expenditures could significantly depress company revenues[111](index=111&type=chunk)[115](index=115&type=chunk) - The outdoor advertising industry is subject to significant regulation at federal, state, and local levels, which can restrict expansion and may require the removal of existing billboards[116](index=116&type=chunk)[117](index=117&type=chunk) [Risks Related to Our Status as a REIT](index=22&type=section&id=Risks%20Related%20to%20Our%20Status%20as%20a%20REIT) Maintaining REIT status involves complex tax rules; failure would result in corporate taxation and reduced cash, while the **90% distribution requirement** may limit retained earnings or necessitate borrowing - If the company fails to qualify as a REIT, it would be taxed as a corporation and could not re-elect REIT status for four years, which would substantially reduce cash available for distributions[126](index=126&type=chunk) - To maintain REIT status, the company must distribute at least **90% of its REIT taxable income annually**. This requirement may necessitate borrowing funds or selling assets to fund distributions, increasing leverage[132](index=132&type=chunk)[135](index=135&type=chunk) [Cybersecurity](index=25&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity risks through an enterprise risk management process, involving a dedicated information security team, proactive assessments, and board oversight - The cybersecurity program is overseen by the Senior Vice President of Technology and Innovation and the Vice President of Network Infrastructure and Cyber Strategy[151](index=151&type=chunk) - While no material financial losses from cyber-attacks have occurred to date, the company acknowledges that risks and exposures are expected to remain high due to the evolving nature of threats[150](index=150&type=chunk) [Properties](index=25&type=section&id=Item%202.%20Properties) The company's real estate portfolio includes headquarters, owned and leased operating facilities, and approximately **71,500 leased advertising sites** with an annualized lease expense of **$334.5 million** in 2024 - As of December 31, 2024, the company leased approximately **71,500 outdoor sites** for its advertising structures, representing an annualized lease expense of about **$334.5 million**, or **17% of billboard advertising net revenues**[153](index=153&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Lamar's Class A common stock trades on NASDAQ, while Class B is privately held; as a REIT, the company must distribute **90% of taxable income**, and a **$250.0 million** stock repurchase program was extended with no repurchases made - The Board of Directors authorized a repurchase program for up to **$250.0 million of Class A common stock**, which has been extended through March 31, 2026. No shares were repurchased under this program as of December 31, 2024[161](index=161&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Lamar Advertising and Lamar Media's FY2024 financial condition and results, covering revenue, expenses, segment performance, non-GAAP measures, liquidity, and capital resources [Lamar Advertising Company - Results of Operations](index=30&type=section&id=Lamar%20Advertising%20Company%20-%20Results%20of%20Operations) In FY2024, net revenues grew **4.6% to $2.21 billion**, but operating income decreased by **$143.4 million** to **$532.0 million** due to a **$169.5 million** increase in depreciation, resulting in net income of **$362.9 million** Financial Performance Summary (FY 2024 vs. FY 2023) | Metric | 2024 (in millions) | 2023 (in millions) | Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $2,207.1 | $2,111.0 | +$96.1 | +4.6% | | **Operating Income** | $532.0 | $675.4 | -$143.4 | -21.2% | | **Net Income** | $362.9 | $496.8 | -$133.9 | -26.9% | - The primary driver for the decrease in operating income was a **$169.5 million increase in depreciation and amortization**, resulting from a revised cost estimate for asset retirement obligations[181](index=181&type=chunk) Key Performance Indicators (Non-GAAP) | Metric | 2024 (in millions) | 2023 (in millions) | Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Adjusted EBITDA** | $1,033.1 | $985.7 | +$47.4 | +4.8% | | **FFO** | $798.4 | $767.9 | +$30.5 | +4.0% | | **AFFO** | $819.0 | $762.3 | +$56.7 | +7.4% | [Lamar Advertising Company - Liquidity and Capital Resources](index=33&type=section&id=Lamar%20Advertising%20Company%20-%20Liquidity%20and%20Capital%20Resources) As of December 31, 2024, total liquidity was **$506.7 million**, with cash from operations at **$873.6 million**; key cash uses included **$125.3 million** in capital expenditures, **$45.4 million** for acquisitions, and **$578.8 million** in dividends - Total liquidity as of December 31, 2024, was **$506.7 million**, consisting of **$49.5 million in cash** and **$457.2 million available under the revolving credit facility**[193](index=193&type=chunk) Capital Expenditures (FY 2024) | Category | Amount (in millions) | | :--- | :--- | | Growth | $63.5 | | Maintenance | $52.0 | | Other non-recurring | $9.8 | | **Total** | **$125.3** | - During 2024, the company completed **24 acquisitions** for a total of **$45.4 million** and paid dividends of **$5.65 per share**, totaling **$578.8 million**[234](index=234&type=chunk)[235](index=235&type=chunk) - On July 31, 2024, Lamar Media fully repaid its **$350.0 million in Term A loans** using borrowings from its revolving credit facility and cash on hand[229](index=229&type=chunk) [Lamar Media - Results of Operations](index=41&type=section&id=Lamar%20Media%20-%20Results%20of%20Operations) Lamar Media's FY2024 results mirrored its parent, with net revenues growing **4.6% to $2.21 billion**, but operating income decreased to **$532.6 million** due to higher depreciation, resulting in net income of **$363.5 million** Lamar Media Financial Performance (FY 2024 vs. FY 2023) | Metric | 2024 (in millions) | 2023 (in millions) | Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $2,207.1 | $2,111.0 | +$96.1 | +4.6% | | **Operating Income** | $532.6 | $675.9 | -$143.3 | -21.2% | | **Net Income** | $363.5 | $497.3 | -$133.8 | -26.9% | Lamar Media Key Performance Indicators (Non-GAAP) | Metric | 2024 (in millions) | 2023 (in millions) | Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Adjusted EBITDA** | $1,033.6 | $986.2 | +$47.5 | +4.8% | | **FFO** | $799.0 | $768.4 | +$30.6 | +4.0% | | **AFFO** | $819.6 | $762.8 | +$56.8 | +7.4% | [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risk from interest rate fluctuations on its variable-rate debt, with **$1.13 billion (35.0%)** subject to variable rates, where a **200 basis point increase** would raise 2024 interest expense by **$23.8 million** - At year-end 2024, approximately **$1.13 billion (35.0%)** of the company's long-term debt was subject to variable interest rates[271](index=271&type=chunk) - A **200 basis point increase** in interest rates would have resulted in an estimated **$23.8 million increase in interest expense** for fiscal year 2024[271](index=271&type=chunk) [Financial Statements](index=45&type=section&id=Item%208.%20Financial%20Statements) This section presents the consolidated financial statements for Lamar Advertising and Lamar Media, including independent auditor reports, balance sheets, income statements, equity statements, cash flow statements, and detailed notes [Lamar Advertising Company Financial Statements](index=45&type=section&id=Lamar%20Advertising%20Company%20Financial%20Statements) Presents Lamar Advertising Company's audited consolidated financial statements for FY2024, with total assets of **$6.59 billion** and net income of **$362.9 million** Consolidated Balance Sheet Highlights (December 31, 2024) | Account | Amount (in thousands) | | :--- | :--- | | Total Current Assets | $425,268 | | Net Property, Plant and Equipment | $1,600,809 | | Goodwill | $2,035,082 | | **Total Assets** | **$6,586,549** | | Total Current Liabilities | $778,474 | | Long-term Debt (net) | $2,961,058 | | **Total Liabilities** | **$5,538,529** | | **Total Stockholders' Equity** | **$1,048,020** | Consolidated Statement of Income (Year Ended December 31, 2024) | Account | Amount (in thousands) | | :--- | :--- | | Net Revenues | $2,207,103 | | Operating Income | $532,040 | | Income Before Income Tax | $367,470 | | **Net Income** | **$362,939** | | **Diluted EPS** | **$3.52** | [Lamar Media Corp. Financial Statements](index=83&type=section&id=Lamar%20Media%20Corp.%20Financial%20Statements) Presents Lamar Media Corp.'s audited consolidated financial statements for FY2024, with total assets of **$6.57 billion** and net income of **$363.5 million** Consolidated Balance Sheet Highlights (December 31, 2024) | Account | Amount (in thousands) | | :--- | :--- | | Total Assets | $6,569,807 | | Total Liabilities | $5,527,868 | | Total Stockholder's Equity | $1,041,939 | Consolidated Statement of Income (Year Ended December 31, 2024) | Account | Amount (in thousands) | | :--- | :--- | | Net Revenues | $2,207,103 | | Operating Income | $532,608 | | **Net Income** | **$363,507** | [Controls and Procedures](index=101&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material changes identified during the fourth quarter - Management concluded that both disclosure controls and procedures and internal control over financial reporting were effective as of the end of the fiscal year[583](index=583&type=chunk)[584](index=584&type=chunk) Part III [Directors, Compensation, Security Ownership, and Accountant Fees](index=103&type=section&id=Item%2010%2C%2011%2C%2012%2C%2013%2C%2014) Information for Items 10-14, covering directors, compensation, security ownership, related party transactions, and accounting fees, is incorporated by reference from the forthcoming 2025 Proxy Statement - Detailed information regarding corporate governance, executive compensation, and security ownership is not included directly in this 10-K but is incorporated by reference from the forthcoming 2025 Proxy Statement[594](index=594&type=chunk)[596](index=596&type=chunk)[597](index=597&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=104&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Annual Report, with a full list provided in the Exhibit Index