Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2024 Operating Results
Lamar Advertising Company (LAMR) reported its Q4 and full-year 2024 results. Q4 net revenue increased 4.3% to $579.6 million, though the company recorded a net loss of $1.0 million compared to net income of $149.3 million in Q4 2023. The loss was primarily due to a $159.7 million asset retirement obligation adjustment.
For full-year 2024, net revenue grew 4.6% to $2.21 billion, while net income decreased 26.9% to $362.9 million. Adjusted EBITDA rose 4.8% to $1.03 billion. The company's cash flow from operations increased by $90.0 million to $873.6 million.
Notable developments include T-Mobile's acquisition of Vistar Media, from which Lamar received $115.1 million for its 20% stake, with potential for an additional $15.1 million. For 2025, Lamar projects diluted AFFO per share between $8.13 and $8.28.
Lamar Advertising Company (LAMR) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. Nel quarto trimestre, i ricavi netti sono aumentati del 4,3% a $579,6 milioni, anche se l'azienda ha registrato una perdita netta di $1,0 milione rispetto a un utile netto di $149,3 milioni nel quarto trimestre del 2023. La perdita è stata principalmente dovuta a un aggiustamento dell'obbligo di ritiro delle attività di $159,7 milioni.
Per l'intero anno 2024, i ricavi netti sono cresciuti del 4,6% a $2,21 miliardi, mentre l'utile netto è diminuito del 26,9% a $362,9 milioni. L'EBITDA rettificato è aumentato del 4,8% a $1,03 miliardi. Il flusso di cassa dalle operazioni dell'azienda è aumentato di $90,0 milioni a $873,6 milioni.
Sviluppi notevoli includono l'acquisizione da parte di T-Mobile di Vistar Media, da cui Lamar ha ricevuto $115,1 milioni per la sua partecipazione del 20%, con la possibilità di ulteriori $15,1 milioni. Per il 2025, Lamar prevede un AFFO diluito per azione tra $8,13 e $8,28.
Lamar Advertising Company (LAMR) informó sobre sus resultados del cuarto trimestre y del año completo 2024. En el cuarto trimestre, los ingresos netos aumentaron un 4,3% a $579,6 millones, aunque la empresa registró una pérdida neta de $1,0 millón en comparación con una ganancia neta de $149,3 millones en el cuarto trimestre de 2023. La pérdida se debió principalmente a un ajuste de obligación de retiro de activos de $159,7 millones.
Para el año completo 2024, los ingresos netos crecieron un 4,6% a $2,21 mil millones, mientras que la ganancia neta disminuyó un 26,9% a $362,9 millones. El EBITDA ajustado aumentó un 4,8% a $1,03 mil millones. El flujo de caja de las operaciones de la empresa aumentó en $90,0 millones a $873,6 millones.
Desarrollos notables incluyen la adquisición de Vistar Media por parte de T-Mobile, de la cual Lamar recibió $115,1 millones por su participación del 20%, con potencial para un adicional de $15,1 millones. Para 2025, Lamar proyecta un AFFO diluido por acción entre $8,13 y $8,28.
라마 광고 회사 (LAMR)는 2024년 4분기 및 연간 실적을 보고했습니다. 4분기 순수익은 4.3% 증가하여 5억 7960만 달러에 달했으나, 회사는 2023년 4분기에 1억 4930만 달러의 순이익을 기록한 것에 비해 100만 달러의 순손실을 기록했습니다. 이 손실은 주로 1억 5970만 달러의 자산 퇴직 의무 조정 때문입니다.
2024년 전체 연도에 대해 순수익은 4.6% 증가하여 22억 1000만 달러에 이르렀고, 순이익은 26.9% 감소하여 3억 6290만 달러에 달했습니다. 조정된 EBITDA는 4.8% 증가하여 10억 3000만 달러가 되었습니다. 회사의 운영에서 발생한 현금 흐름은 9000만 달러 증가하여 8억 7360만 달러에 이르렀습니다.
주목할 만한 발전으로는 T-Mobile이 Vistar Media를 인수한 것이 있으며, 라마는 20% 지분에 대해 1억 1510만 달러를 받았고, 추가로 1510만 달러를 받을 가능성이 있습니다. 2025년을 위해 라마는 주당 희석된 AFFO를 8.13달러에서 8.28달러 사이로 예상하고 있습니다.
Lamar Advertising Company (LAMR) a publié ses résultats pour le quatrième trimestre et l'année complète 2024. Au quatrième trimestre, les revenus nets ont augmenté de 4,3 % pour atteindre 579,6 millions de dollars, bien que l'entreprise ait enregistré une perte nette de 1,0 million de dollars par rapport à un bénéfice net de 149,3 millions de dollars au quatrième trimestre 2023. La perte était principalement due à un ajustement de l'obligation de retrait d'actifs de 159,7 millions de dollars.
Pour l'année complète 2024, les revenus nets ont augmenté de 4,6 % pour atteindre 2,21 milliards de dollars, tandis que le bénéfice net a diminué de 26,9 % pour atteindre 362,9 millions de dollars. L'EBITDA ajusté a augmenté de 4,8 % pour atteindre 1,03 milliard de dollars. Le flux de trésorerie provenant des opérations de l'entreprise a augmenté de 90,0 millions de dollars pour atteindre 873,6 millions de dollars.
Les développements notables incluent l'acquisition de Vistar Media par T-Mobile, dont Lamar a reçu 115,1 millions de dollars pour sa participation de 20 %, avec un potentiel supplémentaire de 15,1 millions de dollars. Pour 2025, Lamar prévoit un AFFO dilué par action entre 8,13 et 8,28 dollars.
Lamar Advertising Company (LAMR) hat ihre Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Im vierten Quartal stiegen die Nettoumsätze um 4,3% auf 579,6 Millionen Dollar, während das Unternehmen einen Nettoverlust von 1,0 Millionen Dollar verzeichnete, im Vergleich zu einem Nettogewinn von 149,3 Millionen Dollar im vierten Quartal 2023. Der Verlust war hauptsächlich auf eine Anpassung der Vermögensrückgabeverpflichtung in Höhe von 159,7 Millionen Dollar zurückzuführen.
Für das Gesamtjahr 2024 wuchsen die Nettoumsätze um 4,6% auf 2,21 Milliarden Dollar, während der Nettogewinn um 26,9% auf 362,9 Millionen Dollar sank. Das bereinigte EBITDA stieg um 4,8% auf 1,03 Milliarden Dollar. Der Cashflow aus den operativen Tätigkeiten des Unternehmens erhöhte sich um 90,0 Millionen Dollar auf 873,6 Millionen Dollar.
Bemerkenswerte Entwicklungen sind die Übernahme von Vistar Media durch T-Mobile, wofür Lamar 115,1 Millionen Dollar für seine 20% Beteiligung erhielt, mit der Möglichkeit, zusätzlich 15,1 Millionen Dollar zu erhalten. Für 2025 prognostiziert Lamar ein verwässertes AFFO pro Aktie zwischen 8,13 und 8,28 Dollar.
- Q4 net revenue increased 4.3% to $579.6 million
- Full-year 2024 revenue grew 4.6% to $2.21 billion
- Adjusted EBITDA increased 4.8% to $1.03 billion
- Free cash flow increased 16.1% to $735.9 million
- Received $115.1 million from Vistar Media stake sale
- Q4 net loss of $1.0 million vs $149.3 million profit in Q4 2023
- Full-year net income decreased 26.9% to $362.9 million
- Operating income decreased by $143.4 million to $532.0 million
- Additional $159.7 million expense from asset retirement obligation adjustment
Insights
Lamar Advertising's Q4 2024 results reveal a company executing well on its core business while managing strategic transitions. The 4.3% revenue growth to
The headline net loss of
A significant strategic development is the
The company's digital transformation continues with approximately 5,000 digital displays across North America, representing the largest digital billboard network in the United States. This digital presence, combined with traditional assets totaling over 360,000 displays, positions Lamar strongly in the evolving out-of-home advertising landscape.
Management's 2025 AFFO guidance of
Three Month Results
- Net revenue was
$579.6 million - Net loss was
$(1.0) million - Adjusted EBITDA was
$278.5 million
Twelve Month Results
- Net revenue was
$2.21 billion - Net income was
$362.9 million - Adjusted EBITDA was
$1.03 billion
BATON ROUGE, La., Feb. 20, 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 fourth quarter and year ended December 31, 2024.
"Our revenue growth accelerated in the fourth quarter, aided by strength in political, local and programmatic. This allowed us to deliver full-year AFFO of
Fourth Quarter Highlights
- Net revenue increased
4.3% - Depreciation and amortization increased
233.9% - Net income decreased
100.7% - Adjusted EBITDA increased
3.9% - AFFO increased
5.4%
Fourth Quarter Results
Lamar reported net revenues of
Adjusted EBITDA for the fourth quarter of 2024 was
Cash flow provided by operating activities was
For the fourth quarter of 2024, funds from operations, or FFO, was
Acquisition-Adjusted Three Months Results
Acquisition-adjusted net revenue for the fourth quarter of 2024 increased
Twelve Month Results
Lamar reported net revenues of
Adjusted EBITDA for the twelve months ended December 31, 2024 was
Cash flow provided by operating activities was
For the twelve months ended December 31, 2024, funds from operations, or FFO, was
Liquidity
As of December 31, 2024, Lamar had
Recent Developments
On February 3, 2025, T-Mobile USA, Inc. acquired
Proceeds received from the Sale were used to repay a portion of the outstanding balance under the Company’s revolving credit facility. Currently the Company has
Guidance
We expect net income per diluted share for fiscal year 2025 to be between
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.
Use of Non-GAAP Financial Measures
The Company has presented the following measures that are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”): adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), free cash flow, funds from operations (“FFO”), adjusted funds from operations (“AFFO”), diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense. Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP. We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures.
Our Non-GAAP financial measures are determined as follows:
- We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net.
- Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues.
- Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures.
- We use the National Association of Real Estate Investment Trusts definition of FFO, which is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.
- We define AFFO as FFO before (i) straight-line revenue and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax provision; (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.
- Diluted AFFO per share is defined as AFFO divided by weighted average diluted common shares outstanding.
- Outdoor operating income is defined as operating income before corporate expenses, stock-based compensation, capitalized contract fulfillment costs, net, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets.
- Acquisition-adjusted results adjusts our net revenue, direct and general and administrative expenses, outdoor operating income, corporate expense and EBITDA for the prior period by adding to, or subtracting from, the corresponding revenue or expense generated by the acquired or divested assets before our acquisition or divestiture of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted results, therefore, we include revenue and expenses generated by assets that we did not own in the prior period but acquired in the current period. We refer to the amount of pre-acquisition revenue and expense generated by or subtracted from the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition-adjusted results”.
- Acquisition-adjusted consolidated expense adjusts our total operating expense to remove the impact of stock-based compensation, depreciation and amortization, transaction expenses, capitalized contract fulfillment costs, net, and loss (gain) on disposition of assets and investments. The prior period is also adjusted to include the expense generated by the acquired or divested assets before our acquisition or divestiture of such assets for the same time frame that those assets were owned in the current period.
Adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are not intended to replace other performance measures determined in accordance with GAAP. Free cash flow, FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Adjusted EBITDA, free cash flow, FFO, AFFO, diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are presented as we believe each is a useful indicator of our current operating performance. Specifically, we believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as it excludes the impact of depreciation and amortization, which may vary significantly among companies, depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO per share and acquisition-adjusted consolidated expense each provides investors with a meaningful measure for evaluating our period-over-period operating performance by eliminating items that are not operational in nature and reflect the impact on operations from trends in occupancy rates, operating costs, general and administrative expenses and interest costs; (4) acquisition-adjusted results is a supplement to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (5) free cash flow is an indicator of our ability to service debt and generate cash for acquisitions and other strategic investments; (6) outdoor operating income provides investors a measurement of our core results without the impact of fluctuations in stock-based compensation, depreciation and amortization and corporate expenses; and (7) each of our Non-GAAP measures provides investors with a measure for comparing our results of operations to those of other companies.
Our measurement of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense to the most directly comparable GAAP measures have been included herein.
Conference Call Information
A conference call will be held to discuss the Company’s operating results on Thursday, February 20, 2025 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below:
Conference Call
| All Callers: | 1-800-420-1271 or 1-785-424-1634 |
| Passcode: | 63104 |
| Live Webcast: | ir.lamar.com |
| Webcast Replay: | ir.lamar.com |
| Available through Thursday, February 27, 2025 at 11:59 p.m. eastern time | |
| Company Contact: | Buster Kantrow |
| Director of Investor Relations | |
| (225) 926-1000 | |
| bkantrow@lamar.com | |
General Information
Founded in 1902, Lamar Advertising (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 billboards in the United States with approximately 5,000 displays.
| LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenues | $ | 579,567 | $ | 555,909 | $ | 2,207,103 | $ | 2,110,987 | |||||||
| Operating expenses (income) | |||||||||||||||
| Direct advertising expenses | 186,191 | 181,501 | 728,192 | 697,107 | |||||||||||
| General and administrative expenses | 89,687 | 84,398 | 343,227 | 332,790 | |||||||||||
| Corporate expenses | 25,166 | 21,846 | 102,526 | 95,366 | |||||||||||
| Stock-based compensation | 6,812 | 6,287 | 44,525 | 22,649 | |||||||||||
| Capitalized contract fulfillment costs, net | 189 | (105 | ) | (317 | ) | (308 | ) | ||||||||
| Depreciation and amortization | 235,436 | 70,504 | 462,967 | 293,423 | |||||||||||
| Gain on disposition of assets | (571 | ) | (231 | ) | (6,057 | ) | (5,474 | ) | |||||||
| Total operating expense | 542,910 | 364,200 | 1,675,063 | 1,435,553 | |||||||||||
| Operating income | 36,657 | 191,709 | 532,040 | 675,434 | |||||||||||
| Other expense (income) | |||||||||||||||
| Loss on extinguishment of debt | — | — | 270 | 115 | |||||||||||
| Interest income | (614 | ) | (556 | ) | (2,315 | ) | (2,115 | ) | |||||||
| Interest expense | 39,948 | 44,349 | 171,709 | 174,512 | |||||||||||
| Equity in earnings of investee | (3,007 | ) | (2,370 | ) | (5,094 | ) | (3,696 | ) | |||||||
| 36,327 | 41,423 | 164,570 | 168,816 | ||||||||||||
| Income before income tax expense | 330 | 150,286 | 367,470 | 506,618 | |||||||||||
| Income tax expense | 1,306 | 961 | 4,531 | 9,782 | |||||||||||
| Net (loss) income | (976 | ) | 149,325 | 362,939 | 496,836 | ||||||||||
| Earnings attributable to non-controlling interest | 223 | 240 | 1,072 | 1,073 | |||||||||||
| Net (loss) income attributable to controlling interest | (1,199 | ) | 149,085 | 361,867 | 495,763 | ||||||||||
| Preferred stock dividends | 92 | 92 | 365 | 365 | |||||||||||
| Net (loss) income applicable to common stock | $ | (1,291 | ) | $ | 148,993 | $ | 361,502 | $ | 495,398 | ||||||
| Earnings per share: | |||||||||||||||
| Basic (loss) earnings per share | $ | (0.01 | ) | $ | 1.46 | $ | 3.54 | $ | 4.86 | ||||||
| Diluted (loss) earnings per share | $ | (0.01 | ) | $ | 1.46 | $ | 3.52 | $ | 4.85 | ||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 102,362,530 | 102,008,382 | 102,258,760 | 101,920,268 | |||||||||||
| Diluted | 102,641,605 | 102,166,907 | 102,561,151 | 102,106,647 | |||||||||||
| OTHER DATA | |||||||||||||||
| Free Cash Flow Computation: | |||||||||||||||
| Adjusted EBITDA | $ | 278,523 | $ | 268,164 | $ | 1,033,158 | $ | 985,724 | |||||||
| Interest, net | (37,832 | ) | (42,175 | ) | (163,062 | ) | (165,859 | ) | |||||||
| Current tax (expense) benefit | (1,985 | ) | 513 | (8,567 | ) | (7,398 | ) | ||||||||
| Preferred stock dividends | (92 | ) | (92 | ) | (365 | ) | (365 | ) | |||||||
| Total capital expenditures | (43,014 | ) | (46,119 | ) | (125,284 | ) | (178,271 | ) | |||||||
| Free cash flow | $ | 195,600 | $ | 180,291 | $ | 735,880 | $ | 633,831 | |||||||
| SUPPLEMENTAL SCHEDULES SELECTED BALANCE SHEET AND CASH FLOW DATA (IN THOUSANDS) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Selected Balance Sheet Data: | ||||||||
| Cash and cash equivalents | $ | 49,461 | $ | 44,605 | ||||
| Working capital deficit | $ | (353,206 | ) | $ | (340,711 | ) | ||
| Total assets | $ | 6,586,549 | $ | 6,563,622 | ||||
| Total debt, net of deferred financing costs (including current maturities) | $ | 3,210,864 | $ | 3,341,127 | ||||
| Total stockholders’ equity | $ | 1,048,020 | $ | 1,216,788 | ||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Selected Cash Flow Data: | |||||||||||||
| Cash flows provided by operating activities | $ | 279,313 | $ | 254,193 | $ | 873,610 | $ | 783,613 | |||||
| Cash flows used in investing activities | $ | 56,860 | $ | 64,194 | $ | 164,906 | $ | 310,119 | |||||
| Cash flows used in financing activities | $ | 202,203 | $ | 184,899 | $ | 703,425 | $ | 481,635 | |||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow: | |||||||||||||||
| Cash flows provided by operating activities | $ | 279,313 | $ | 254,193 | $ | 873,610 | $ | 783,613 | |||||||
| Changes in operating assets and liabilities | (36,918 | ) | (23,458 | ) | (2,994 | ) | 41,899 | ||||||||
| Total capital expenditures | (43,014 | ) | (46,119 | ) | (125,284 | ) | (178,271 | ) | |||||||
| Preferred stock dividends | (92 | ) | (92 | ) | (365 | ) | (365 | ) | |||||||
| Capitalized contract fulfillment costs, net | 189 | (105 | ) | (317 | ) | (308 | ) | ||||||||
| Other | (3,878 | ) | (4,128 | ) | (8,770 | ) | (12,737 | ) | |||||||
| Free cash flow | $ | 195,600 | $ | 180,291 | $ | 735,880 | $ | 633,831 | |||||||
| Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||||||
| Net (loss) income | $ | (976 | ) | $ | 149,325 | $ | 362,939 | $ | 496,836 | ||||||
| Loss on extinguishment of debt | — | — | 270 | 115 | |||||||||||
| Interest income | (614 | ) | (556 | ) | (2,315 | ) | (2,115 | ) | |||||||
| Interest expense | 39,948 | 44,349 | 171,709 | 174,512 | |||||||||||
| Equity in earnings of investee | (3,007 | ) | (2,370 | ) | (5,094 | ) | (3,696 | ) | |||||||
| Income tax expense | 1,306 | 961 | 4,531 | 9,782 | |||||||||||
| Operating income | 36,657 | 191,709 | 532,040 | 675,434 | |||||||||||
| Stock-based compensation | 6,812 | 6,287 | 44,525 | 22,649 | |||||||||||
| Capitalized contract fulfillment costs, net | 189 | (105 | ) | (317 | ) | (308 | ) | ||||||||
| Depreciation and amortization | 235,436 | 70,504 | 462,967 | 293,423 | |||||||||||
| Gain on disposition of assets | (571 | ) | (231 | ) | (6,057 | ) | (5,474 | ) | |||||||
| Adjusted EBITDA | $ | 278,523 | $ | 268,164 | $ | 1,033,158 | $ | 985,724 | |||||||
| Capital expenditure detail by category: | |||||||||||||||
| Billboards - traditional | $ | 10,005 | $ | 14,346 | $ | 28,490 | $ | 54,965 | |||||||
| Billboards - digital | 21,386 | 15,937 | 60,697 | 75,535 | |||||||||||
| Logo | 5,127 | 2,540 | 11,371 | 12,039 | |||||||||||
| Transit | 883 | 1,205 | 2,626 | 3,595 | |||||||||||
| Land and buildings | 1,376 | 5,709 | 7,324 | 15,494 | |||||||||||
| Operating equipment | 4,237 | 6,382 | 14,776 | 16,643 | |||||||||||
| Total capital expenditures | $ | 43,014 | $ | 46,119 | $ | 125,284 | $ | 178,271 | |||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | ||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||
| Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): | ||||||||||||||||||
| Net revenue | $ | 579,567 | $ | 555,909 | 4.3 | % | $ | 2,207,103 | $ | 2,110,987 | 4.6 | % | ||||||
| Acquisitions and divestitures | — | 734 | — | 6,986 | ||||||||||||||
| Acquisition-adjusted net revenue | $ | 579,567 | $ | 556,643 | 4.1 | % | $ | 2,207,103 | $ | 2,117,973 | 4.2 | % | ||||||
| Reported direct advertising and G&A expenses | $ | 275,878 | $ | 265,899 | 3.8 | % | $ | 1,071,419 | $ | 1,029,897 | 4.0 | % | ||||||
| Acquisitions and divestitures | — | 824 | — | 3,496 | ||||||||||||||
| Acquisition-adjusted direct advertising and G&A expenses | $ | 275,878 | $ | 266,723 | 3.4 | % | $ | 1,071,419 | $ | 1,033,393 | 3.7 | % | ||||||
| Outdoor operating income | $ | 303,689 | $ | 290,010 | 4.7 | % | $ | 1,135,684 | $ | 1,081,090 | 5.0 | % | ||||||
| Acquisition and divestitures | — | (90 | ) | — | 3,490 | |||||||||||||
| Acquisition-adjusted outdoor operating income | $ | 303,689 | $ | 289,920 | 4.7 | % | $ | 1,135,684 | $ | 1,084,580 | 4.7 | % | ||||||
| Reported corporate expense | $ | 25,166 | $ | 21,846 | 15.2 | % | $ | 102,526 | $ | 95,366 | 7.5 | % | ||||||
| Acquisitions and divestitures | — | 67 | — | 264 | ||||||||||||||
| Acquisition-adjusted corporate expenses | $ | 25,166 | $ | 21,913 | 14.8 | % | $ | 102,526 | $ | 95,630 | 7.2 | % | ||||||
| Adjusted EBITDA | $ | 278,523 | $ | 268,164 | 3.9 | % | $ | 1,033,158 | $ | 985,724 | 4.8 | % | ||||||
| Acquisitions and divestitures | — | (157 | ) | — | 3,226 | |||||||||||||
| Acquisition-adjusted EBITDA | $ | 278,523 | $ | 268,007 | 3.9 | % | $ | 1,033,158 | $ | 988,950 | 4.5 | % | ||||||
(a) Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2023 for acquisitions and divestitures for the same time frame as actually owned in 2024.
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||
| Reconciliation of Net Income to Outdoor Operating Income: | |||||||||||||||||||||
| Net (loss) income | $ | (976 | ) | $ | 149,325 | (100.7 | )% | $ | 362,939 | $ | 496,836 | (26.9 | )% | ||||||||
| Loss on extinguishment of debt | — | — | 270 | 115 | |||||||||||||||||
| Interest expense, net | 39,334 | 43,793 | 169,394 | 172,397 | |||||||||||||||||
| Equity in earnings of investee | (3,007 | ) | (2,370 | ) | (5,094 | ) | (3,696 | ) | |||||||||||||
| Income tax expense | 1,306 | 961 | 4,531 | 9,782 | |||||||||||||||||
| Operating income | 36,657 | 191,709 | (80.9 | )% | 532,040 | 675,434 | (21.2 | )% | |||||||||||||
| Corporate expenses | 25,166 | 21,846 | 102,526 | 95,366 | |||||||||||||||||
| Stock-based compensation | 6,812 | 6,287 | 44,525 | 22,649 | |||||||||||||||||
| Capitalized contract fulfillment costs, net | 189 | (105 | ) | (317 | ) | (308 | ) | ||||||||||||||
| Depreciation and amortization | 235,436 | 70,504 | 462,967 | 293,423 | |||||||||||||||||
| Gain on disposition of assets | (571 | ) | (231 | ) | (6,057 | ) | (5,474 | ) | |||||||||||||
| Outdoor operating income | $ | 303,689 | $ | 290,010 | 4.7 | % | $ | 1,135,684 | $ | 1,081,090 | 5.0 | % | |||||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||
| Reconciliation of Total Operating Expense to Acquisition-Adjusted Consolidated Expense: | |||||||||||||||||||||
| Total operating expense | $ | 542,910 | $ | 364,200 | 49.1 | % | $ | 1,675,063 | $ | 1,435,553 | 16.7 | % | |||||||||
| Gain on disposition of assets | 571 | 231 | 6,057 | 5,474 | |||||||||||||||||
| Depreciation and amortization | (235,436 | ) | (70,504 | ) | (462,967 | ) | (293,423 | ) | |||||||||||||
| Capitalized contract fulfillment costs, net | (189 | ) | 105 | 317 | 308 | ||||||||||||||||
| Stock-based compensation | (6,812 | ) | (6,287 | ) | (44,525 | ) | (22,649 | ) | |||||||||||||
| Acquisitions and divestitures | — | 891 | — | 3,760 | |||||||||||||||||
| Acquisition-adjusted consolidated expense | $ | 301,044 | $ | 288,636 | 4.3 | % | $ | 1,173,945 | $ | 1,129,023 | 4.0 | % | |||||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Adjusted Funds from Operations: | |||||||||||||||
| Net (loss) income | $ | (976 | ) | $ | 149,325 | $ | 362,939 | $ | 496,836 | ||||||
| Depreciation and amortization related to real estate | 231,412 | 67,101 | 446,844 | 281,026 | |||||||||||
| Gain from sale or disposal of real estate, net of tax | (524 | ) | (88 | ) | (5,784 | ) | (5,201 | ) | |||||||
| Adjustments for unconsolidated affiliates and non-controlling interest | (3,226 | ) | (2,610 | ) | (5,581 | ) | (4,769 | ) | |||||||
| Funds from operations | $ | 226,686 | $ | 213,728 | $ | 798,418 | $ | 767,892 | |||||||
| Straight-line expense | 1,041 | 1,182 | 4,079 | 4,658 | |||||||||||
| Capitalized contract fulfillment costs, net | 189 | (105 | ) | (317 | ) | (308 | ) | ||||||||
| Stock-based compensation expense | 6,812 | 6,287 | 44,525 | 22,649 | |||||||||||
| Non-cash portion of tax provision | (679 | ) | 1,474 | (4,036 | ) | 2,384 | |||||||||
| Non-real estate related depreciation and amortization | 4,025 | 3,403 | 16,123 | 12,397 | |||||||||||
| Amortization of deferred financing costs | 1,502 | 1,618 | 6,332 | 6,538 | |||||||||||
| Loss on extinguishment of debt | — | — | 270 | 115 | |||||||||||
| Capitalized expenditures-maintenance | (16,263 | ) | (15,178 | ) | (51,986 | ) | (58,820 | ) | |||||||
| Adjustments for unconsolidated affiliates and non-controlling interest | 3,226 | 2,610 | 5,581 | 4,769 | |||||||||||
| Adjusted funds from operations | $ | 226,539 | $ | 215,019 | $ | 818,989 | $ | 762,274 | |||||||
| Divided by weighted average diluted common shares outstanding | 102,641,605 | 102,166,907 | 102,561,151 | 102,106,647 | |||||||||||
| Diluted AFFO per share | $ | 2.21 | $ | 2.10 | $ | 7.99 | $ | 7.47 | |||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | ||||||||
| Projected 2025 Adjusted Funds From Operations: | ||||||||
| Year ended December 31, 2025 | ||||||||
| Low | High | |||||||
| Net income | $ | 618,900 | $ | 624,900 | ||||
| Depreciation and amortization related to real estate | 293,000 | 293,000 | ||||||
| Gain from sale or disposal of real estate and investments, net of tax | (64,600 | ) | (64,600 | ) | ||||
| Adjustment for unconsolidated affiliates and non-controlling interest | (1,500 | ) | (1,500 | ) | ||||
| Funds From Operations | $ | 845,800 | $ | 851,800 | ||||
| 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 | (3,000 | ) | (3,000 | ) | ||||
| Non-real estate related depreciation and amortization | 12,000 | 12,000 | ||||||
| Amortization of deferred financing costs | 6,200 | 6,200 | ||||||
| Capitalized expenditures—maintenance | (60,000 | ) | (60,000 | ) | ||||
| Adjustment for unconsolidated affiliates and non-controlling interest | 1,500 | 1,500 | ||||||
| Adjusted Funds From Operations | $ | 837,200 | $ | 853,200 | ||||
| Weighted average diluted shares outstanding | 103,000,000 | 103,000,000 | ||||||
| Diluted earnings per share | $ | 6.01 | $ | 6.07 | ||||
| Diluted AFFO per share | $ | 8.13 | $ | 8.28 | ||||
The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of February 2025. Actual results may differ materially from these estimates as a result of various factors, and we refer to the cautionary language regarding “forward-looking statements” included in the press release when considering this information.
FAQ
What was LAMR's Q4 2024 revenue and how did it compare to 2023?
Why did LAMR report a net loss in Q4 2024?
How much did LAMR receive from the Vistar Media sale to T-Mobile?
What is LAMR's AFFO guidance for 2025?
How did LAMR's full-year 2024 performance compare to 2023?
