(States or other jurisdictions of incorporation) | (Commission File Numbers) | (IRS Employer Identification Nos.) | ||||||||||||
(Address of principal executive offices and zip code) | ||||||||||||||
( (Registrants’ telephone number, including area code) | ||||||||||||||
N/A (Former name or former address, if change since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Emerging growth company |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File - (embedded within the Inline XBRL document). |
Date: | LAMAR ADVERTISING COMPANY | ||||||||||
By: | /s/ Jay L. Johnson | ||||||||||
Jay L. Johnson | |||||||||||
Executive Vice President, Chief Financial Officer, and Treasurer |
All Callers: | 1-800-420-1271 or 1-785-424-1634 | ||||
Passcode: | 63104 | ||||
Live Webcast: | www.lamar.com/About/Investors/Presentations | ||||
Webcast Replay: | www.lamar.com/About/Investors/Presentations | ||||
Available through Thursday, May 9, 2024 at 11:59 p.m. eastern time | |||||
Company Contact: | Buster Kantrow | ||||
Director of Investor Relations | |||||
(225) 926-1000 | |||||
bkantrow@lamar.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net revenues | $ | 498,150 | $ | 471,332 | |||||||
Operating expenses (income) | |||||||||||
Direct advertising expenses | 175,829 | 167,758 | |||||||||
General and administrative expenses | 83,095 | 80,882 | |||||||||
Corporate expenses | 27,304 | 24,740 | |||||||||
Stock-based compensation | 14,466 | 8,040 | |||||||||
Capitalized contract fulfillment costs, net | (184) | 674 | |||||||||
Depreciation and amortization | 75,228 | 73,125 | |||||||||
Gain on disposition of assets | (2,188) | (2,688) | |||||||||
Total operating expense | 373,550 | 352,531 | |||||||||
Operating income | 124,600 | 118,801 | |||||||||
Other expense (income) | |||||||||||
Interest income | (467) | (461) | |||||||||
Interest expense | 44,487 | 41,444 | |||||||||
Equity in loss (earnings) of investee | 559 | (178) | |||||||||
44,579 | 40,805 | ||||||||||
Income before income tax expense | 80,021 | 77,996 | |||||||||
Income tax expense | 1,522 | 1,798 | |||||||||
Net income | 78,499 | 76,198 | |||||||||
Net income attributable to non-controlling interest | 275 | 157 | |||||||||
Net income attributable to controlling interest | 78,224 | 76,041 | |||||||||
Preferred stock dividends | 91 | 91 | |||||||||
Net income applicable to common stock | $ | 78,133 | $ | 75,950 | |||||||
Earnings per share: | |||||||||||
Basic earnings per share | $ | 0.77 | $ | 0.75 | |||||||
Diluted earnings per share | $ | 0.76 | $ | 0.74 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 102,115,159 | 101,792,317 | |||||||||
Diluted | 102,447,333 | 101,963,563 | |||||||||
OTHER DATA | |||||||||||
Free Cash Flow Computation: | |||||||||||
Adjusted EBITDA | $ | 211,922 | $ | 197,952 | |||||||
Interest, net | (42,389) | (39,341) | |||||||||
Current tax expense | (1,276) | (2,950) | |||||||||
Preferred stock dividends | (91) | (91) | |||||||||
Total capital expenditures | (29,482) | (42,285) | |||||||||
Free cash flow | $ | 138,684 | $ | 113,285 |
March 31, 2024 | December 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
Selected Balance Sheet Data: | |||||||||||
Cash and cash equivalents | $ | 36,405 | $ | 44,605 | |||||||
Working capital deficit | $ | (616,535) | $ | (340,711) | |||||||
Total assets | $ | 6,525,067 | $ | 6,563,622 | |||||||
Total debt, net of deferred financing costs (including current maturities) | $ | 3,401,336 | $ | 3,341,127 | |||||||
Total stockholders’ equity | $ | 1,183,637 | $ | 1,216,788 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(Unaudited) | |||||||||||
Selected Cash Flow Data: | |||||||||||
Cash flows provided by operating activities | $ | 110,562 | $ | 108,712 | |||||||
Cash flows used in investing activities | $ | 45,016 | $ | 52,664 | |||||||
Cash flows used in financing activities | $ | 73,626 | $ | 75,155 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow: | |||||||||||
Cash flows provided by operating activities | $ | 110,562 | $ | 108,712 | |||||||
Changes in operating assets and liabilities | 58,191 | 47,672 | |||||||||
Total capital expenditures | (29,482) | (42,285) | |||||||||
Preferred stock dividends | (91) | (91) | |||||||||
Capitalized contract fulfillment costs, net | (184) | 674 | |||||||||
Other | (312) | (1,397) | |||||||||
Free cash flow | $ | 138,684 | $ | 113,285 | |||||||
Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||
Net income | $ | 78,499 | $ | 76,198 | |||||||
Interest income | (467) | (461) | |||||||||
Interest expense | 44,487 | 41,444 | |||||||||
Equity in loss (earnings) of investee | 559 | (178) | |||||||||
Income tax expense | 1,522 | 1,798 | |||||||||
Operating income | 124,600 | 118,801 | |||||||||
Stock-based compensation | 14,466 | 8,040 | |||||||||
Capitalized contract fulfillment costs, net | (184) | 674 | |||||||||
Depreciation and amortization | 75,228 | 73,125 | |||||||||
Gain on disposition of assets | (2,188) | (2,688) | |||||||||
Adjusted EBITDA | $ | 211,922 | $ | 197,952 | |||||||
Capital expenditure detail by category: | |||||||||||
Billboards - traditional | $ | 7,148 | $ | 13,538 | |||||||
Billboards - digital | 13,413 | 17,432 | |||||||||
Logo | 1,336 | 3,140 | |||||||||
Transit | 351 | 719 | |||||||||
Land and buildings | 2,316 | 4,174 | |||||||||
Operating equipment | 4,918 | 3,282 | |||||||||
Total capital expenditures | $ | 29,482 | $ | 42,285 |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): | |||||||||||||||||
Net revenue | $ | 498,150 | $ | 471,332 | 5.7 | % | |||||||||||
Acquisitions and divestitures | — | 1,694 | |||||||||||||||
Acquisition-adjusted net revenue | 498,150 | 473,026 | 5.3 | % | |||||||||||||
Reported direct advertising and G&A expenses | 258,924 | 248,640 | 4.1 | % | |||||||||||||
Acquisitions and divestitures | — | 592 | |||||||||||||||
Acquisition-adjusted direct advertising and G&A expenses | 258,924 | 249,232 | 3.9 | % | |||||||||||||
Outdoor operating income | 239,226 | 222,692 | 7.4 | % | |||||||||||||
Acquisition and divestitures | — | 1,102 | |||||||||||||||
Acquisition-adjusted outdoor operating income | 239,226 | 223,794 | 6.9 | % | |||||||||||||
Reported corporate expense | 27,304 | 24,740 | 10.4 | % | |||||||||||||
Acquisitions and divestitures | — | 66 | |||||||||||||||
Acquisition-adjusted corporate expenses | 27,304 | 24,806 | 10.1 | % | |||||||||||||
Adjusted EBITDA | 211,922 | 197,952 | 7.1 | % | |||||||||||||
Acquisitions and divestitures | — | 1,036 | |||||||||||||||
Acquisition-adjusted EBITDA | $ | 211,922 | $ | 198,988 | 6.5 | % |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
Reconciliation of Net Income to Outdoor Operating Income: | |||||||||||||||||
Net income | $ | 78,499 | $ | 76,198 | 3.0 | % | |||||||||||
Interest expense, net | 44,020 | 40,983 | |||||||||||||||
Equity in loss (earnings) of investee | 559 | (178) | |||||||||||||||
Income tax expense | 1,522 | 1,798 | |||||||||||||||
Operating income | 124,600 | 118,801 | 4.9 | % | |||||||||||||
Corporate expenses | 27,304 | 24,740 | |||||||||||||||
Stock-based compensation | 14,466 | 8,040 | |||||||||||||||
Capitalized contract fulfillment costs, net | (184) | 674 | |||||||||||||||
Depreciation and amortization | 75,228 | 73,125 | |||||||||||||||
Gain on disposition of assets | (2,188) | (2,688) | |||||||||||||||
Outdoor operating income | $ | 239,226 | $ | 222,692 | 7.4 | % |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
Reconciliation of Total Operating Expense to Acquisition-Adjusted Consolidated Expense: | |||||||||||||||||
Total operating expense | $ | 373,550 | $ | 352,531 | 6.0 | % | |||||||||||
Gain on disposition of assets | 2,188 | 2,688 | |||||||||||||||
Depreciation and amortization | (75,228) | (73,125) | |||||||||||||||
Capitalized contract fulfillment costs, net | 184 | (674) | |||||||||||||||
Stock-based compensation | (14,466) | (8,040) | |||||||||||||||
Acquisitions and divestitures | — | 658 | |||||||||||||||
Acquisition-adjusted consolidated expense | $ | 286,228 | $ | 274,038 | 4.4 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Adjusted Funds from Operations: | |||||||||||
Net income | $ | 78,499 | $ | 76,198 | |||||||
Depreciation and amortization related to real estate | 71,729 | 70,350 | |||||||||
Gain from sale or disposal of real estate, net of tax | (2,094) | (2,720) | |||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 372 | (335) | |||||||||
Funds from operations | $ | 148,506 | $ | 143,493 | |||||||
Straight-line expense | 1,273 | 957 | |||||||||
Capitalized contract fulfillment costs, net | (184) | 674 | |||||||||
Stock-based compensation expense | 14,466 | 8,040 | |||||||||
Non-cash portion of tax provision | 246 | (1,152) | |||||||||
Non-real estate related depreciation and amortization | 3,498 | 2,775 | |||||||||
Amortization of deferred financing costs | 1,631 | 1,642 | |||||||||
Capitalized expenditures-maintenance | (10,827) | (12,692) | |||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (372) | 335 | |||||||||
Adjusted funds from operations | $ | 158,237 | $ | 144,072 | |||||||
Divided by weighted average diluted common shares outstanding | 102,447,333 | 101,963,563 | |||||||||
Diluted AFFO per share | $ | 1.54 | $ | 1.41 |
Year ended December 31, 2024 | |||||||||||
Low | High | ||||||||||
Net income | $ | 508,185 | $ | 514,185 | |||||||
Depreciation and amortization related to real estate | 288,000 | 288,000 | |||||||||
Gain from sale or disposal of real estate, net of tax | (5,000) | (5,000) | |||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (4,500) | (4,500) | |||||||||
Funds from operations | $ | 786,685 | $ | 792,685 | |||||||
Straight-line expense | 4,200 | 4,200 | |||||||||
Capitalized contract fulfillment costs, net | 500 | 500 | |||||||||
Stock-based compensation expense | 30,000 | 40,000 | |||||||||
Non-cash portion of tax provision | 500 | 500 | |||||||||
Non-real estate related depreciation and amortization | 12,000 | 12,000 | |||||||||
Amortization of deferred financing costs | 6,200 | 6,200 | |||||||||
Loss on extinguishment of debt | 315 | 315 | |||||||||
Capitalized expenditures-maintenance | (50,000) | (50,000) | |||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 4,500 | 4,500 | |||||||||
Adjusted funds from operations | $ | 794,900 | $ | 810,900 | |||||||
Weighted average diluted common shares outstanding | 102,600,000 | 102,600,000 | |||||||||
Diluted earnings per share | $ | 4.95 | $ | 5.01 | |||||||
Diluted AFFO per share | $ | 7.75 | $ | 7.90 |
Cover |
Nov. 02, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 02, 2024 |
Entity Registrant Name | LAMAR ADVERTISING CO/NEW |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36756 |
Entity Tax Identification Number | 47-0961620 |
Entity Address, Postal Zip Code | 70808 |
Entity Address, State or Province | LA |
Entity Address, City or Town | Baton Rouge |
Entity Address, Address Line One | 5321 Corporate Blvd. |
Local Phone Number | 926-1000 |
City Area Code | 225 |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common stock, $0.001 par value |
Trading Symbol | LAMR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Amendment Flag | false |
Entity Central Index Key | 0001090425 |
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