Summary of Lamar Advertising Company (LAMR) FY Conference Call - May 13, 2025 Company Overview - **Company**: Lamar Advertising Company (LAMR) - **Industry**: Advertising, specifically Out-of-Home (OOH) advertising Key Points and Arguments Market Conditions - The mood at the OAAA Industry Conference was constructive, with no signs of trouble in the market [1] - Q1 results showed organic growth of just over 1%, with business strong enough to maintain guidance [2][3] - 75% of revenue is already under contract, typical for this time of year [3] Financial Performance - The company expects to achieve its goals for the year, with organic growth outlook remaining around 3% [4][5] - The impact of events like the Super Bowl and leap year was material, particularly affecting the Southwest region, which saw a 1% decline [9][10] - Political advertising is expected to contribute approximately $15 million in the second half of the year [11] Economic Outlook - Historical performance during garden variety recessions indicates that Lamar typically holds the line on rates and experiences only minor occupancy declines [14][15] - Current pacings suggest a steady year ahead, with no significant downturn anticipated [15] Sector Insights - Local auto dealers are adapting to inventory issues by shifting advertising focus from new car sales to service promotions [16][18] - Retail advertising saw a 6% increase in Q1, but potential tariff impacts on inventory are being monitored closely [19] - Legal services remain a strong vertical, accounting for about 10% of revenue, with a stable customer base [21][22] Competitive Landscape - Lamar is gaining market share from local TV and radio, with a noted shift in advertising dollars towards billboards [24][27] - National advertising has been slightly underperforming, attributed to changes in agency strategies [28][29] Programmatic Advertising - Programmatic advertising is expected to exceed $50 million in 2025, with a 30% increase in Q1 [33] - The company is testing programmatic on the local side, driven by demand from more sophisticated local customers [37] Digital Conversion and CapEx - Lamar plans to convert over 350 boards to digital in 2025, with consistent returns historically between 25% to low 30% [45] - The pace of conversions is primarily governed by regulatory permitting [46] M&A Activity - The company has completed $70 million in acquisitions and expects to surpass $200 million this year, driven by pent-up demand [54] - Acquisitions typically yield high margins, with forward multiples expected to be in the 10 to 11 range post-synergies [56] Capital Allocation - Lamar is focused on digital conversions, acquisitions, and purchasing land under billboards, with a projected $20 million for easements this year [62][63] Share Repurchase Program - A $150 million share repurchase program was initiated to avoid dilution from acquisitions, executed at an average price of $108 [68][70] Transit and Airport Business - Transit revenue is stable, primarily from bus wraps, while airport business remains steady despite potential impacts from international travel [71][73] - Combined revenue from transit and airport operations is approximately $160 million, contributing around 15-17% EBITDA margins [74] Additional Important Insights - The company is navigating minor cost increases due to tariffs but does not anticipate significant supply chain issues [51][53] - The recent sale of a 20% stake in Vistar to T-Mobile is expected to enhance outdoor measurement and attribution capabilities [39][40] This summary encapsulates the key insights and financial outlook for Lamar Advertising Company as discussed in the conference call, highlighting the company's resilience and strategic focus in the advertising industry.

Clear Channel Outdoor (CCO) FY Conference Summary Company Overview - **Company**: Clear Channel Outdoor (CCO) - **Date of Conference**: May 13, 2025 - **Key Speakers**: Scott Wells (President and CEO), David Saylor (EVP and CFO) Key Points Industry and Company Strategy - Clear Channel Outdoor is at a pivotal moment after completing the sale of most of its international businesses, focusing exclusively on the U.S. market [4][5] - The company aims to continue its digital transformation, pay down debt, and develop new verticals for organic growth [6][8] - A zero-based budgeting process is being implemented to further reduce corporate expenses [7][53] Market Trends and Demand - The company reported healthy demand across its markets, with steady dialogues with local marketers despite global volatility [8][9] - Emerging verticals include AI and a resurgence in the insurance sector, particularly auto insurance, which had previously declined during COVID [9][10][15] - San Francisco's market recovery is expected to provide a tailwind for growth [10][12] Revenue Guidance and Visibility - The company has over 85% visibility into Q2 revenue and is on track with its full-year revenue guidance [11] - The MTA contract acquired at the end of the previous year is expected to drive revenue growth, although it comes with lower margins initially [12][49] Digital Transformation and Programmatic Advertising - Digital conversions remain a key growth driver, with internal rates of return (IRR) in the low 30s [40] - The company is balancing static and digital inventory while increasing programmatic advertising, which adds some volatility but also opportunities [42][45] Financial Performance and Cost Management - Clear Channel Outdoor has eliminated $35 million in annual corporate expenses following the divestiture of international operations [53] - The company is focused on reducing leverage and improving margins, with expectations for year-over-year margin increases despite initial lower margins from new contracts [52][66] Future Growth and Partnerships - The company is exploring creative structures for asset management and partnerships, including potential joint ventures and preferred equity arrangements [58][60] - Clear Channel Outdoor is considering options for REIT conversion, contingent on achieving appropriate leverage levels [67] Debt Management and Capital Markets - The company ended the quarter with approximately $400 million in cash and plans to use excess cash for debt repayment [62][65] - Clear Channel Outdoor is actively monitoring capital markets for opportunities to refinance upcoming debt maturities [70][73] Conclusion - Clear Channel Outdoor is strategically positioned for growth in the U.S. market, focusing on digital transformation, cost management, and leveraging new partnerships while navigating the complexities of the advertising landscape [4][6][58]

Cautionary Statement Regarding Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "could," "would," "may," "might," "will," "should," "seeks," "likely," "intends," "plans," "projects," "predicts," "estimates," "forecast" or "an ...

Financial Performance - Revenues for the first quarter of 2025 were reported at $390.7 million, a decrease of $17.8 million or 4.4% compared to the same period in 2024 [5][19] - Operating income was $13.9 million, slightly down from $14.0 million in the prior year [2][35] - Net loss attributable to OUTFRONT Media Inc. was $20.6 million, a decrease of $6.6 million or 24.3% from the previous year [19][35] - Adjusted OIBDA was $64.2 million, down $2.3 million or 3.5% year-over-year [8][35] - Funds From Operations (FFO) attributable to OUTFRONT Media Inc. increased to $26.5 million, up $4.2 million or 18.8% from the prior year [20] - Adjusted FFO (AFFO) was $23.9 million, an increase of $0.7 million or 3.0% compared to the same period in 2024 [21] Segment Performance - Billboard segment revenues were $310.7 million, a decrease of $3.2 million or 1.0% year-over-year, impacted by lost billboards [9][12] - Transit segment revenues increased to $77.7 million, up $2.0 million or 2.6% compared to the previous year, driven by higher average revenue per display [12][13] - Other segment revenues fell to $2.3 million, a decrease of $16.6 million or 87.8%, primarily due to the impact of the sale of the Canadian Business [14] Expenses and Costs - Total operating expenses decreased by $17.4 million or 7.3% to $221.3 million, mainly due to lower variable property lease expenses [6][35] - Selling, General and Administrative (SG&A) expenses increased by $4.2 million or 3.8% to $114.7 million, attributed to higher compensation-related expenses [7][35] - Interest expense decreased to $36.0 million from $41.4 million in the prior year, reflecting a lower average debt balance and interest rates [17] Cash Flow and Capital Expenditures - Net cash flow from operating activities was $33.6 million, an increase of $3.0 million or 9.8% compared to the same prior-year period [22] - Total capital expenditures decreased by $1.2 million or 6.5% to $17.2 million [22] Dividends and Shareholder Returns - The company announced a quarterly dividend of $0.30 per share, payable on June 30, 2025 [23] Balance Sheet and Liquidity - As of March 31, 2025, the company had unrestricted cash of $30.5 million and $494.8 million available under its revolving credit facility [24] - Total indebtedness was reported at $2.6 billion, with a mix of term loans and senior notes [24]

Lamar Advertising Company (LAMR) Q1 2025 Earnings Call May 08, 2025 09:00 AM ET Company Participants Sean Reilly - President and CEOJay L. Johnson - EVP and CFODaniel Osley - Vice President, Equity Research Conference Call Participants Cameron McVeigh - AnalystJason Bazinet - AnalystDavid Karnovsky - Senior Research AnalystNone - Analyst Operator Excuse me, everyone. We now have Sean Reilly and Jay Johnson in conference. Please be aware that each of your lines is in a listen only mode. At the conclusion of ...

Three Month Results - Net revenues were $505.4 million- Net income was $139.2 million- Adjusted EBITDA was $210.2 million BATON ROUGE, La., May 08, 2025 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the first quarter ended March 31, 2025. "We delivered our 16th consecutive quarter of acquisition-adjusted revenue growth, aided by increases in loc ...

Wall Street analysts expect Outfront Media (OUT) to post quarterly earnings of $0.15 per share in its upcoming report, which indicates a year-over-year increase of 7.1%. Revenues are expected to be $396.65 million, down 2.9% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe. Ahead of a company's earnings disclosure, it ...

Q1 2025 – Business review Paris, May 06th, 2025 – JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, published today this report for the three months ended March 31st, 2025. FIRST QUARTER 2025: BUSINESS HIGHLIGHTS Key contracts wins Rest of the World In February, JCDecaux SE announced that JCDecaux ATA Saudi has been awarded a 10-year exclusive advertising concession for King Fahd International Airport in Dammam, as well as for the Al-Ahsa International Airport, and ...

Founded in 1902, Lamar Advertising Company (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 360,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of- home inventory, Lamar is proud to offer its customers the largest network of digital b ...

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]