Lamar Advertising Company Announces First Quarter Ended March 31, 2025 Operating Results

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]