Lamar Advertising Company Announces Third Quarter Ended September 30, 2024 Operating Results
Lamar Advertising Company (LAMR) reported strong third quarter 2024 results with net revenues of $564.1 million, up 4.0% year-over-year. Net income increased 5.3% to $147.8 million, while Adjusted EBITDA grew 2.1% to $271.2 million. The company showed particular strength in local and programmatic sales, with Q4 revenue growth pacing ahead of Q3. Based on these results, Lamar raised its full-year guidance for diluted AFFO to $7.85-$7.95 per share, with consolidated EBITDA margins expected around 47%.
Lamar Advertising Company (LAMR) ha riportato risultati solidi per il terzo trimestre del 2024, con entrate nette di 564,1 milioni di dollari, in aumento del 4,0% rispetto all'anno precedente. Il reddito netto è aumentato del 5,3% a 147,8 milioni di dollari, mentre l'EBITDA rettificato è cresciuto del 2,1% a 271,2 milioni di dollari. L'azienda ha mostrato una particolare forza nelle vendite locali e programmatiche, con la crescita dei ricavi del quarto trimestre che supera quella del terzo trimestre. Basandosi su questi risultati, Lamar ha aumentato le previsioni per l'intero anno per l'AFFO diluito a 7,85-7,95 dollari per azione, con margini di EBITDA consolidati attesi intorno al 47%.
Lamar Advertising Company (LAMR) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos netos de 564,1 millones de dólares, un aumento del 4,0% en comparación con el año anterior. Los ingresos netos aumentaron un 5,3% hasta 147,8 millones de dólares, mientras que el EBITDA ajustado creció un 2,1% hasta 271,2 millones de dólares. La empresa mostró una fortaleza particular en las ventas locales y programáticas, con el crecimiento de ingresos del cuarto trimestre superando al del tercer trimestre. Basado en estos resultados, Lamar elevó su guía para el año completo para el AFFO diluido a 7,85-7,95 dólares por acción, con márgenes de EBITDA consolidados esperados en torno al 47%.
라마르 광고 회사 (LAMR)는 2024년 3분기 실적을 발표했으며, 순수익은 5억 6410만 달러로 전년 대비 4.0% 증가했습니다. 순이익은 5.3% 증가한 1억 4780만 달러로 증가했으며, 조정된 EBITDA는 2.1% 증가하여 2억 7120만 달러에 이릅니다. 회사는 지역 및 프로그래매틱 판매에서 특히 강세를 보였으며, 4분기 매출 성장은 3분기를 초과했습니다. 이러한 결과를 바탕으로 라마르는 희석된 AFFO에 대한 연간 가이드를 주당 7.85-7.95달러로 상향 조정했으며, 통합 EBITDA 마진은 약 47%로 예상하고 있습니다.
Lamar Advertising Company (LAMR) a annoncé de solides résultats pour le troisième trimestre 2024, avec des revenus nets de 564,1 millions de dollars, en hausse de 4,0 % par rapport à l'année précédente. Le revenu net a augmenté de 5,3 % pour atteindre 147,8 millions de dollars, tandis que l'EBITDA ajusté a crû de 2,1 % pour atteindre 271,2 millions de dollars. L'entreprise a montré une force particulière dans les ventes locales et programmatiques, la croissance des revenus du quatrième trimestre dépassant celle du troisième trimestre. Sur la base de ces résultats, Lamar a relevé ses prévisions pour l'ensemble de l'année concernant l'AFFO dilué entre 7,85 et 7,95 dollars par action, avec une marge d'EBITDA consolidée prévue autour de 47 %.
Lamar Advertising Company (LAMR) berichtete über starke Ergebnisse im dritten Quartal 2024 mit Nettoeinnahmen von 564,1 Millionen Dollar, was einer Steigerung von 4,0% im Vergleich zum Vorjahr entspricht. Der Nettogewinn stieg um 5,3% auf 147,8 Millionen Dollar, während Adjusted EBITDA um 2,1% auf 271,2 Millionen Dollar wuchs. Das Unternehmen zeigte besondere Stärke im lokalen und programmatischen Verkauf, wobei das Umsatzwachstum im vierten Quartal das des dritten Quartals übertraf. Basierend auf diesen Ergebnissen hat Lamar seine Jahresprognose für das verwässerte AFFO auf 7,85-7,95 Dollar pro Aktie angehoben, wobei die konsolidierten EBITDA-Margen voraussichtlich bei etwa 47% liegen werden.
- Net revenues increased 4.0% to $564.1 million in Q3 2024
- Net income grew 5.3% to $147.8 million
- Free cash flow increased 9.4% to $198.1 million
- AFFO increased 5.7% to $220.7 million
- Raised full-year AFFO guidance to $7.85-$7.95 per share
- Operating income decreased by $1.6 million to $186.6 million in Q3
- Expenses were slightly elevated in Q3
Insights
Strong Q3 performance from Lamar Advertising with notable improvements across key metrics. Net revenues increased
Particularly impressive is the
Local and programmatic sales strength, combined with Q4 revenue growth pacing ahead of Q3, suggests positive momentum heading into year-end. The extension of the Accounts Receivable Securitization Program to 2027 provides additional financial flexibility.
Three Month Results
• Net revenues was
• Net income was
• Adjusted EBITDA was
Nine Month Results
• Net revenues was
• Net income was
• Adjusted EBITDA was
BATON ROUGE, La., Nov. 08, 2024 (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 third quarter ended September 30, 2024.
“Our third quarter results came in largely as expected, with particular strength in local and programmatic sales. Expenses were slightly elevated but as we move through Q4, we see that correcting and see full year consolidated EBITDA margins coming in right around
Third Quarter Highlights
• Net revenues increased
• Net income increased
• Adjusted EBITDA increased
• AFFO increased
Third Quarter Results
Lamar reported net revenues of
Adjusted EBITDA for the third quarter of 2024 was
Cash flow provided by operating activities was
For the third quarter of 2024, funds from operations, or FFO, was
Acquisition-Adjusted Three Months Results
Acquisition-adjusted net revenue for the third quarter of 2024 increased
Nine Month Results
Lamar reported net revenues of
Adjusted EBITDA for the nine months ended September 30, 2024 was
Cash flow provided by operating activities was
For the nine months ended September 30, 2024, funds from operations, or FFO, was
Liquidity
As of September 30, 2024, Lamar had
Recent Developments
On October 15, 2024, the Company amended its Accounts Receivable Securitization Program to extend the Program’s maturity date from July 21, 2025 to October 15, 2027, with a springing maturity date under certain conditions. All other significant terms and conditions were unchanged.
Revised Guidance
We are updating our 2024 guidance issued in May 2024. We now expect net income per diluted share for fiscal year 2024 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 investments 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 income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (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 Friday, November 8, 2024 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: | www.lamar.com/About/Investors/Presentations |
| Webcast Replay: | www.lamar.com/About/Investors/Presentations |
| Available through Friday, November 15, 2024 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 over 4,800 displays.
| LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenues | $ | 564,135 | $ | 542,609 | $ | 1,627,536 | $ | 1,555,078 | |||||||
| Operating expenses (income) | |||||||||||||||
| Direct advertising expenses | 182,717 | 175,305 | 542,001 | 515,606 | |||||||||||
| General and administrative expenses | 86,111 | 79,201 | 253,540 | 248,392 | |||||||||||
| Corporate expenses | 24,148 | 22,414 | 77,360 | 73,520 | |||||||||||
| Stock-based compensation | 12,097 | 3,916 | 37,713 | 16,362 | |||||||||||
| Capitalized contract fulfillment costs, net | (132 | ) | (117 | ) | (506 | ) | (203 | ) | |||||||
| Depreciation and amortization | 75,112 | 74,636 | 227,531 | 222,919 | |||||||||||
| Gain on disposition of assets | (2,474 | ) | (879 | ) | (5,486 | ) | (5,243 | ) | |||||||
| Total operating expense | 377,579 | 354,476 | 1,132,153 | 1,071,353 | |||||||||||
| Operating income | 186,556 | 188,133 | 495,383 | 483,725 | |||||||||||
| Other expense (income) | |||||||||||||||
| Loss on extinguishment of debt | 270 | 115 | 270 | 115 | |||||||||||
| Interest income | (662 | ) | (621 | ) | (1,701 | ) | (1,559 | ) | |||||||
| Interest expense | 42,937 | 45,070 | 131,761 | 130,163 | |||||||||||
| Equity in earnings of investee | (2,642 | ) | (699 | ) | (2,087 | ) | (1,326 | ) | |||||||
| 39,903 | 43,865 | 128,243 | 127,393 | ||||||||||||
| Income before income tax (benefit) expense | 146,653 | 144,268 | 367,140 | 356,332 | |||||||||||
| Income tax (benefit) expense | (1,169 | ) | 3,843 | 3,225 | 8,821 | ||||||||||
| Net income | 147,822 | 140,425 | 363,915 | 347,511 | |||||||||||
| Net income attributable to non-controlling interest | 346 | 408 | 849 | 833 | |||||||||||
| Net income attributable to controlling interest | 147,476 | 140,017 | 363,066 | 346,678 | |||||||||||
| Preferred stock dividends | 91 | 91 | 273 | 273 | |||||||||||
| Net income applicable to common stock | $ | 147,385 | $ | 139,926 | $ | 362,793 | $ | 346,405 | |||||||
| Earnings per share: | |||||||||||||||
| Basic earnings per share | $ | 1.44 | $ | 1.37 | $ | 3.55 | $ | 3.40 | |||||||
| Diluted earnings per share | $ | 1.44 | $ | 1.37 | $ | 3.54 | $ | 3.39 | |||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 102,307,059 | 101,960,356 | 102,223,918 | 101,890,573 | |||||||||||
| Diluted | 102,617,515 | 102,130,614 | 102,547,490 | 102,085,016 | |||||||||||
| OTHER DATA | |||||||||||||||
| Free Cash Flow Computation: | |||||||||||||||
| Adjusted EBITDA | $ | 271,159 | $ | 265,689 | $ | 754,635 | $ | 717,560 | |||||||
| Interest, net | (40,716 | ) | (42,823 | ) | (125,230 | ) | (123,684 | ) | |||||||
| Current tax expense | (2,124 | ) | (2,588 | ) | (6,582 | ) | (7,911 | ) | |||||||
| Preferred stock dividends | (91 | ) | (91 | ) | (273 | ) | (273 | ) | |||||||
| Total capital expenditures | (30,140 | ) | (39,145 | ) | (82,270 | ) | (132,152 | ) | |||||||
| Free cash flow | $ | 198,088 | $ | 181,042 | $ | 540,280 | $ | 453,540 | |||||||
| SUPPLEMENTAL SCHEDULES SELECTED BALANCE SHEET AND CASH FLOW DATA (IN THOUSANDS) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| (Unaudited) | |||||||
| Selected Balance Sheet Data: | |||||||
| Cash and cash equivalents | $ | 29,510 | $ | 44,605 | |||
| Working capital deficit | $ | (326,410 | ) | $ | (340,711 | ) | |
| Total assets | $ | 6,520,068 | $ | 6,563,622 | |||
| Total debt, net of deferred financing costs (including current maturities) | $ | 3,245,706 | $ | 3,341,127 | |||
| Total stockholders’ equity | $ | 1,212,945 | $ | 1,216,788 | |||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| (Unaudited) | |||||||||||
| Selected Cash Flow Data: | |||||||||||
| Cash flows provided by operating activities | $ | 227,393 | $ | 222,546 | $ | 594,297 | $ | 529,420 | |||
| Cash flows used in investing activities | $ | 31,385 | $ | 115,916 | $ | 108,046 | $ | 245,925 | |||
| Cash flows used in financing activities | $ | 244,478 | $ | 114,955 | $ | 501,222 | $ | 296,736 | |||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow: | |||||||||||||||
| Cash flows provided by operating activities | $ | 227,393 | $ | 222,546 | $ | 594,297 | $ | 529,420 | |||||||
| Changes in operating assets and liabilities | 4,307 | 900 | 33,924 | 65,357 | |||||||||||
| Total capital expenditures | (30,140 | ) | (39,145 | ) | (82,270 | ) | (132,152 | ) | |||||||
| Preferred stock dividends | (91 | ) | (91 | ) | (273 | ) | (273 | ) | |||||||
| Capitalized contract fulfillment costs, net | (132 | ) | (117 | ) | (506 | ) | (203 | ) | |||||||
| Other | (3,249 | ) | (3,051 | ) | (4,892 | ) | (8,609 | ) | |||||||
| Free cash flow | $ | 198,088 | $ | 181,042 | $ | 540,280 | $ | 453,540 | |||||||
| Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||||||
| Net income | $ | 147,822 | $ | 140,425 | $ | 363,915 | $ | 347,511 | |||||||
| Loss on extinguishment of debt | 270 | 115 | 270 | 115 | |||||||||||
| Interest income | (662 | ) | (621 | ) | (1,701 | ) | (1,559 | ) | |||||||
| Interest expense | 42,937 | 45,070 | 131,761 | 130,163 | |||||||||||
| Equity in earnings of investee | (2,642 | ) | (699 | ) | (2,087 | ) | (1,326 | ) | |||||||
| Income tax (benefit) expense | (1,169 | ) | 3,843 | 3,225 | 8,821 | ||||||||||
| Operating income | 186,556 | 188,133 | 495,383 | 483,725 | |||||||||||
| Stock-based compensation | 12,097 | 3,916 | 37,713 | 16,362 | |||||||||||
| Capitalized contract fulfillment costs, net | (132 | ) | (117 | ) | (506 | ) | (203 | ) | |||||||
| Depreciation and amortization | 75,112 | 74,636 | 227,531 | 222,919 | |||||||||||
| Gain on disposition of assets | (2,474 | ) | (879 | ) | (5,486 | ) | (5,243 | ) | |||||||
| Adjusted EBITDA | $ | 271,159 | $ | 265,689 | $ | 754,635 | $ | 717,560 | |||||||
| Capital expenditure detail by category: | |||||||||||||||
| Billboards - traditional | $ | 7,472 | $ | 11,658 | $ | 18,485 | $ | 40,619 | |||||||
| Billboards - digital | 14,703 | 18,057 | 39,311 | 59,598 | |||||||||||
| Logo | 3,108 | 2,368 | 6,244 | 9,499 | |||||||||||
| Transit | 358 | 1,001 | 1,743 | 2,390 | |||||||||||
| Land and buildings | 1,268 | 2,094 | 5,948 | 9,785 | |||||||||||
| Operating equipment | 3,231 | 3,967 | 10,539 | 10,261 | |||||||||||
| Total capital expenditures | $ | 30,140 | $ | 39,145 | $ | 82,270 | $ | 132,152 | |||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
| Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): | |||||||||||||||
| Net revenue | $ | 564,135 | $ | 542,609 | $ | 1,627,536 | $ | 1,555,078 | |||||||
| Acquisitions and divestitures | — | 1,835 | — | 6,252 | |||||||||||
| Acquisition-adjusted net revenue | 564,135 | 544,444 | 1,627,536 | 1,561,330 | |||||||||||
| Reported direct advertising and G&A expenses | 268,828 | 254,506 | 795,541 | 763,998 | |||||||||||
| Acquisitions and divestitures | — | 1,025 | — | 2,673 | |||||||||||
| Acquisition-adjusted direct advertising and G&A expenses | 268,828 | 255,531 | 795,541 | 766,671 | |||||||||||
| Outdoor operating income | 295,307 | 288,103 | 831,995 | 791,080 | |||||||||||
| Acquisition and divestitures | — | 810 | — | 3,579 | |||||||||||
| Acquisition-adjusted outdoor operating income | 295,307 | 288,913 | 831,995 | 794,659 | |||||||||||
| Reported corporate expense | 24,148 | 22,414 | 77,360 | 73,520 | |||||||||||
| Acquisitions and divestitures | — | 65 | — | 197 | |||||||||||
| Acquisition-adjusted corporate expenses | 24,148 | 22,479 | 77,360 | 73,717 | |||||||||||
| Adjusted EBITDA | 271,159 | 265,689 | 754,635 | 717,560 | |||||||||||
| Acquisitions and divestitures | — | 745 | — | 3,382 | |||||||||||
| Acquisition-adjusted EBITDA | $ | 271,159 | $ | 266,434 | $ | 754,635 | $ | 720,942 | |||||||
(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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||
| Reconciliation of Net Income to Outdoor Operating Income: | |||||||||||||||||||
| Net income | $ | 147,822 | $ | 140,425 | $ | 363,915 | $ | 347,511 | |||||||||||
| Loss on extinguishment of debt | 270 | 115 | 270 | 115 | |||||||||||||||
| Interest expense, net | 42,275 | 44,449 | 130,060 | 128,604 | |||||||||||||||
| Equity in earnings of investee | (2,642 | ) | (699 | ) | (2,087 | ) | (1,326 | ) | |||||||||||
| Income tax (benefit) expense | (1,169 | ) | 3,843 | 3,225 | 8,821 | ||||||||||||||
| Operating income | 186,556 | 188,133 | (0.8)% | 495,383 | 483,725 | ||||||||||||||
| Corporate expenses | 24,148 | 22,414 | 77,360 | 73,520 | |||||||||||||||
| Stock-based compensation | 12,097 | 3,916 | 37,713 | 16,362 | |||||||||||||||
| Capitalized contract fulfillment costs, net | (132 | ) | (117 | ) | (506 | ) | (203 | ) | |||||||||||
| Depreciation and amortization | 75,112 | 74,636 | 227,531 | 222,919 | |||||||||||||||
| Gain on disposition of assets | (2,474 | ) | (879 | ) | (5,486 | ) | (5,243 | ) | |||||||||||
| Outdoor operating income | $ | 295,307 | $ | 288,103 | $ | 831,995 | $ | 791,080 | |||||||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||
| Reconciliation of Total Operating Expense to Acquisition-Adjusted Consolidated Expense: | |||||||||||||||||||
| Total operating expense | $ | 377,579 | $ | 354,476 | $ | 1,132,153 | $ | 1,071,353 | |||||||||||
| Gain on disposition of assets | 2,474 | 879 | 5,486 | 5,243 | |||||||||||||||
| Depreciation and amortization | (75,112 | ) | (74,636 | ) | (227,531 | ) | (222,919 | ) | |||||||||||
| Capitalized contract fulfillment costs, net | 132 | 117 | 506 | 203 | |||||||||||||||
| Stock-based compensation | (12,097 | ) | (3,916 | ) | (37,713 | ) | (16,362 | ) | |||||||||||
| Acquisitions and divestitures | — | 1,090 | — | 2,870 | |||||||||||||||
| Acquisition-adjusted consolidated expense | $ | 292,976 | $ | 278,010 | $ | 872,901 | $ | 840,388 | |||||||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Adjusted Funds from Operations: | |||||||||||||||
| Net income | $ | 147,822 | $ | 140,425 | $ | 363,915 | $ | 347,511 | |||||||
| Depreciation and amortization related to real estate | 71,310 | 71,519 | 215,432 | 213,925 | |||||||||||
| Gain from sale or disposal of real estate, net of tax | (2,440 | ) | (806 | ) | (5,260 | ) | (5,113 | ) | |||||||
| Adjustments for unconsolidated affiliates and non-controlling interest | (2,739 | ) | (1,107 | ) | (2,355 | ) | (2,159 | ) | |||||||
| Funds from operations | $ | 213,953 | $ | 210,031 | $ | 571,732 | $ | 554,164 | |||||||
| Straight-line expense | 971 | 1,136 | 3,038 | 3,476 | |||||||||||
| Capitalized contract fulfillment costs, net | (132 | ) | (117 | ) | (506 | ) | (203 | ) | |||||||
| Stock-based compensation expense | 12,097 | 3,916 | 37,713 | 16,362 | |||||||||||
| Non-cash portion of tax provision | (3,293 | ) | 1,255 | (3,357 | ) | 910 | |||||||||
| Non-real estate related depreciation and amortization | 3,801 | 3,117 | 12,098 | 8,994 | |||||||||||
| Amortization of deferred financing costs | 1,559 | 1,626 | 4,830 | 4,920 | |||||||||||
| Loss on extinguishment of debt | 270 | 115 | 270 | 115 | |||||||||||
| Capitalized expenditures-maintenance | (11,269 | ) | (13,402 | ) | (35,723 | ) | (43,642 | ) | |||||||
| Adjustments for unconsolidated affiliates and non-controlling interest | 2,739 | 1,107 | 2,355 | 2,159 | |||||||||||
| Adjusted funds from operations | $ | 220,696 | $ | 208,784 | $ | 592,450 | $ | 547,255 | |||||||
| Divided by weighted average diluted common shares outstanding | 102,617,515 | 102,130,614 | 102,547,490 | 102,085,016 | |||||||||||
| Diluted AFFO per share | $ | 2.15 | $ | 2.04 | $ | 5.78 | $ | 5.36 | |||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||
| Revised projected 2024 Adjusted Funds From Operations: | |||||||
| Year ended December 31, 2024 | |||||||
| Low | High | ||||||
| Net income | $ | 510,330 | $ | 512,330 | |||
| Depreciation and amortization related to real estate | 288,000 | 288,000 | |||||
| Gain from sale or disposal of real estate, net of tax | (6,000 | ) | (6,000 | ) | |||
| Adjustments for unconsolidated affiliates and non-controlling interest | (3,000 | ) | (5,500 | ) | |||
| Funds from operations | $ | 789,330 | $ | 788,830 | |||
| Straight-line expense | 4,200 | 4,200 | |||||
| Capitalized contract fulfillment costs, net | 500 | 500 | |||||
| Stock-based compensation expense | 45,000 | 53,000 | |||||
| Non-cash portion of tax provision | (5,000 | ) | (5,000 | ) | |||
| Non-real estate related depreciation and amortization | 12,000 | 12,000 | |||||
| Amortization of deferred financing costs | 6,400 | 6,400 | |||||
| Loss on extinguishment of debt | 270 | 270 | |||||
| Capitalized expenditures-maintenance | (50,000 | ) | (50,000 | ) | |||
| Adjustments for unconsolidated affiliates and non-controlling interest | 3,000 | 5,500 | |||||
| Adjusted funds from operations | $ | 805,700 | $ | 815,700 | |||
| Weighted average diluted common shares outstanding | 102,600,000 | 102,600,000 | |||||
| Diluted earnings per share | $ | 4.97 | $ | 4.99 | |||
| Diluted AFFO per share | $ | 7.85 | $ | 7.95 | |||
The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of November 8, 2024. 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
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