Lamar(US:LAMR)2025-11-06 16:07Revenue Performance - Net revenues increased by $42.7 million or 2.6% to $1.67 billion for the nine months ended September 30, 2025, compared to $1.63 billion for the same period in 2024[174]. - Billboard net revenues contributed an increase of $37.9 million, transit net revenues increased by $0.8 million, and logo net revenues increased by $4.1 million over the same period in 2024[174]. - Net revenues for the three months ended September 30, 2025, increased by $21.4 million, or 3.8%, to $585.5 million compared to $564.1 million in 2024[190]. - Net revenues for the three months ended September 30, 2025, increased by 3.8% to $585.5 million from $564.1 million in 2024, driven by a $22.2 million increase in billboard net revenues[273]. Operating Income and Expenses - Total operating expenses increased by $16.1 million, or 1.8%, to $926.2 million for the nine months ended September 30, 2025, from $910.1 million for the same period in 2024[176]. - Operating income increased by $82.6 million to $578.0 million for the nine months ended September 30, 2025, compared to $495.4 million for the same period in 2024[178]. - Operating income for the three months ended September 30, 2025, increased by $2.5 million to $189.1 million compared to $186.6 million in 2024[194]. - Total operating expenses for the three months ended September 30, 2025, increased by $7.4 million, or 2.4%, to $312.3 million compared to $304.9 million in 2024[192]. Net Income - Net income for the nine months ended September 30, 2025, was $438.3 million, compared to $363.9 million for the same period in 2024[182]. - Net income for the nine months ended September 30, 2025, increased by $74.4 million, or 20.4%, to $438.3 million compared to $363.9 million in 2024[185]. - Net income for the three months ended September 30, 2025, was $144.1 million, a decrease of 2.5% from $147.8 million in 2024[206]. - Net income for the nine months ended September 30, 2025, increased by 20.4% to $438.7 million compared to $364.3 million for the same period in 2024[272]. Cash Flow and Capital Expenditures - Cash provided by operating activities for the nine months ended September 30, 2025, was $592.9 million, slightly down from $594.3 million in 2024[210]. - Cash flows used in investing activities increased to $128.1 million for the nine months ended September 30, 2025, compared to $108.0 million for the same period in 2024[252]. - Total capital expenditures for the nine months ended September 30, 2025, were $117.9 million, compared to $82.3 million for the same period in 2024[165]. - Capital expenditures for the nine months ended September 30, 2025, were approximately $117.9 million, with an anticipated total of $180.0 million for the year[243]. Debt and Interest Expense - Interest expense decreased by $11.5 million to $120.2 million for the nine months ended September 30, 2025, due to repayment of Term A loans and a decrease in interest rates[179]. - Interest expense decreased by $1.7 million for the three months ended September 30, 2025, to $41.2 million, primarily due to lower interest rates[195]. - As of September 30, 2025, the company had approximately $878.3 million in outstanding indebtedness under its senior credit facility and Accounts Receivable Securitization Program, representing about 26.0% of its long-term debt[292]. - The aggregate interest expense for 2025 related to these borrowings was $50.2 million, with a weighted average interest rate of 5.7%[292]. Dividends and Share Repurchase - The Company declared a quarterly cash dividend of $1.55 per share on multiple occasions in 2025, with expected aggregate quarterly distributions of at least $6.20 per share for the year[244]. - The Board of Directors authorized a stock repurchase program of up to $400.0 million, with $150.0 million added on May 15, 2025[246]. Acquisitions and Investments - The company completed multiple acquisitions for a total cash purchase price of approximately $133.9 million during the nine months ended September 30, 2025[164]. - The Company recognized a gain on disposition of assets and investments of $76.1 million, primarily from the sale of equity interest in Vistar Media, Inc.[178]. Adjusted Metrics - Adjusted EBITDA for the nine months ended September 30, 2025, rose 2.0% to $769.4 million, primarily due to a $29.3 million increase in gross margin[188]. - Billboard adjusted EBITDA for the nine months ended September 30, 2025, increased by $20.4 million to $815.7 million, while other adjusted EBITDA decreased by $2.5 million[186]. - Adjusted EBITDA for the three months ended September 30, 2025, increased by 3.5% to $280.8 million, driven by a $16.4 million increase in gross margin[201]. - AFFO for the nine months ended September 30, 2025, increased by 4.0% to $616.1 million compared to $592.5 million in 2024[189].