Lamar(US:LAMR)2025-11-06 11:55Financial Performance - Net revenues for Q3 2025 were $585.5 million, a 3.8% increase from $564.1 million in Q3 2024[4] - Net income for Q3 2025 was $144.1 million, a decrease of 2.5% from $147.8 million in Q3 2024[4][8] - Adjusted EBITDA for Q3 2025 was $280.8 million, reflecting a 3.5% increase from $271.2 million in Q3 2024[5][8] - Funds from operations (FFO) for Q3 2025 were $219.3 million, up 2.5% from $214.0 million in Q3 2024[6] - Adjusted funds from operations (AFFO) for Q3 2025 were $226.5 million, an increase of 2.6% compared to $220.7 million in Q3 2024[6] - For the nine months ended September 30, 2025, net revenues were $1.67 billion, a 2.6% increase from $1.63 billion in the same period of 2024[11] - Net income for the nine months ended September 30, 2025, was $438.3 million, a 20.4% increase from $363.9 million in the same period of 2024, primarily due to a $68.6 million gain from the sale of equity interest in Vistar Media[11] - Acquisition-adjusted net revenue for Q3 2025 increased 2.9% compared to Q3 2024, while acquisition-adjusted EBITDA rose 2.0%[10] - Net revenues for Q3 2025 were $585,541,000, an increase of 3.4% compared to $564,135,000 in Q3 2024[26] - Operating income for Q3 2025 was $189,084,000, slightly up from $186,556,000 in Q3 2024, reflecting a growth of 0.8%[26] - Net income for Q3 2025 decreased by 2.5% to $144,075 compared to $147,822 in Q3 2024, while net income for the nine months increased by 20.4% to $438,320 from $363,915[33] - Outdoor operating income for Q3 2025 was $307,808, a 4.2% increase from $295,307 in Q3 2024[33] Cash Flow and Liquidity - As of September 30, 2025, total liquidity was $834.2 million, including $742.2 million available for borrowing under the revolving credit facility[14] - The company completed a private placement of $400.0 million in Senior Notes due 2033, resulting in net proceeds of approximately $393.5 million[16] - Free cash flow for the nine months ended September 30, 2025, was $509,408,000, compared to $540,280,000 for the same period in 2024, a decrease of 5.7%[30] - Cash flows provided by operating activities for Q3 2025 were $235,657,000, up from $227,393,000 in Q3 2024, a growth of 3.3%[28] Assets and Liabilities - Total assets increased to $6,823,302,000 as of September 30, 2025, up from $6,586,549,000 at the end of 2024, representing a growth of 3.6%[28] - Total debt as of September 30, 2025, was $3,348,697,000, an increase from $3,210,864,000 at the end of 2024, reflecting a rise of 4.3%[28] Operational Metrics - Total operating expenses for Q3 2025 were $396,457, a 5.0% increase from $377,579 in Q3 2024[35] - Acquisition-adjusted consolidated expense for the nine months ended September 30, 2025, was $900,908, a 2.7% increase from $877,269 in the same period of 2024[35] Shareholder Metrics - The weighted average diluted shares outstanding for Q3 2025 were 101,309,203, compared to 102,617,515 in Q3 2024, a decrease of 1.3%[26] - Diluted AFFO per share for Q3 2025 was $2.20, up from $2.15 in Q3 2024[37] Other Notable Information - The company has the largest network of digital billboards in the U.S. with over 5,400 displays, enhancing its market presence[24] - The company reported a loss on extinguishment of debt of $2,012 for Q3 2025, consistent with the previous year[37]