Core Points - Lamar Advertising Company has declared a quarterly cash dividend of $1.30 per share, payable on June 28, 2024, to stockholders of record on June 17, 2024 [1] - The company expects total quarterly distributions to stockholders in 2024 to be at least $5.20 per common share, subject to board approval [1] Company Overview - Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, operating over 360,000 displays across the United States and Canada [3] - The company provides a variety of advertising formats, including billboards, interstate logos, transit, and airport advertising, catering to both local businesses and national brands [3] - Lamar boasts the largest network of digital billboards in the United States, with approximately 4,800 displays [3]

Core Viewpoint - Lamar Advertising Company has declared a quarterly cash dividend of $1.30 per share, payable on June 28, 2024, to stockholders of record on June 17, 2024, with expected total distributions for 2024 to be at least $5.20 per common share [1] Company Overview - Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, operating over 360,000 displays across the United States and Canada [3] - The company provides a variety of advertising formats, including billboards, interstate logos, transit, and airport advertising, catering to both local businesses and national brands [3] - Lamar boasts the largest network of digital billboards in the United States, with approximately 4,800 displays [3]

Shares of Lamar Advertising (LAMR) have risen 14.6% over the past three months compared with the industry’s growth of 1.9%.The impressive footprint of outdoor advertising assets, the unmatched logo sign business, a diversified tenant base across various sectors and a focus on local businesses are tailwinds for Lamar.Moreover, the estimate revision trend for 2024 funds from operations (FFO) per share indicates a favorable outlook for this Zacks Rank #2 (Buy) company as it has been revised 3.7% northward over ...

BATON ROUGE, La., May 08, 2024 (GLOBE NEWSWIRE) -- Lamar Advertising Company (NASDAQ:LAMR) today announced that Sean Reilly, CEO of Lamar Advertising Company, is scheduled to participate in a question-and-answer session at the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference on Wednesday, May 22, 2024 at approximately 8:00 a.m. ET. The session will be carried live via audio webcast at the Company's website, www.lamar.com, and will be archived for 30 days. About Lamar Advertisin ...

Lamar Advertising (LAMR) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The powe ...

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 March 31, 2024 For the transition period from to Commission File Number 1-36756 __________________________________ Lamar Advertising Company ________________________________________________ Commission File Number 1-12 ...

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 ...