Lamar Advertising Company Announces Second Quarter Ended June 30, 2024 Operating Results
Three Month Results
- Net revenue was $565.3 million
- Net income was $137.6 million
- Adjusted EBITDA was $271.6 million
Six Month Results
- Net revenue was $1.06 billion
- Net income was $216.1 million
- Adjusted EBITDA was $483.5 million
BATON ROUGE, La., Aug. 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 second quarter ended June 30, 2024.
“We delivered solid revenue growth in the second quarter, buoyed by continued strong demand from local and regional advertisers,” Lamar chief executive Sean Reilly said. “The revenue gain, combined with continued discipline on expenses, allowed us to produce adjusted EBITDA growth of nearly 7% and diluted AFFO per share growth of 9.5%. Also, we continue to pace at the top end of our previously provided guidance of $7.75 to $7.90 for full year diluted AFFO per share.”
Second Quarter Highlights
- Net revenue increased 4.5%
- Adjusted EBITDA increased 6.9%
- Diluted AFFO per share increased 9.5%
Second Quarter Results
Lamar reported net revenues of $565.3 million for the second quarter of 2024 versus $541.1 million for the second quarter of 2023, a 4.5% increase. Operating income for the second quarter of 2024 increased $7.4 million to $184.2 million as compared to $176.8 million for the same period in 2023. Lamar recognized net income of $137.6 million for the second quarter of 2024 as compared to net income of $130.9 million for the same period in 2023, an increase of $6.7 million. Net income per diluted share was $1.34 and $1.28 for the three months ended June 30, 2024 and 2023, respectively.
Adjusted EBITDA for the second quarter of 2024 was $271.6 million versus $253.9 million for the second quarter of 2023, an increase of 6.9%.
Cash flow provided by operating activities was $256.3 million for the three months ended June 30, 2024 versus $198.2 million for the second quarter of 2023, an increase of $58.2 million. Free cash flow for the second quarter of 2024 was $203.5 million as compared to $159.2 million for the same period in 2023, a 27.8% increase.
For the second quarter of 2024, funds from operations, or FFO, was $209.3 million versus $200.6 million for the same period in 2023, an increase of 4.3%. Adjusted funds from operations, or AFFO, for the second quarter of 2024 was $213.5 million compared to $194.4 million for the same period in 2023, an increase of 9.8%. Diluted AFFO per share increased 9.5% to $2.08 for the three months ended June 30, 2024 as compared to $1.90 for the same period in 2023.
Acquisition-Adjusted Three Months Results
Acquisition-adjusted net revenue for the second quarter of 2024 increased 3.9% over acquisition-adjusted net revenue for the second quarter of 2023. Acquisition-adjusted EBITDA for the second quarter of 2024 increased 6.3% as compared to acquisition-adjusted EBITDA for the second quarter of 2023. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2023 period for acquisitions and divestitures for the same time frame as actually owned in the 2024 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures.
Six Month Results
Lamar reported net revenues of $1.06 billion for the six months ended June 30, 2024 versus $1.01 billion for the six months ended June 30, 2023, a 5.0% increase. Operating income for the six months ended June 30, 2024 increased $13.2 million to $308.8 million as compared to $295.6 million for the same period in 2023. Lamar recognized net income of $216.1 million for the six months ended June 30, 2024 as compared to net income of $207.1 million for the same period in 2023, an increase of $9.0 million. Net income per diluted share was $2.10 and $2.02 for the six months ended June 30, 2024 and 2023, respectively.
Adjusted EBITDA for the six months ended June 30, 2024 was $483.5 million versus $451.9 million for the same period in 2023, an increase of 7.0%.
Cash flow provided by operating activities was $366.9 million for the six months ended June 30, 2024, an increase of $60.0 million as compared to the same period in 2023. Free cash flow for the six months ended June 30, 2024 was $342.2 million as compared to $272.5 million for the same period in 2023, a 25.6% increase.
For the six months ended June 30, 2024, funds from operations, or FFO, was $357.8 million versus $344.1 million for the same period in 2023, an increase of 4.0%. Adjusted funds from operations, or AFFO, for the six months ended June 30, 2024 was $371.8 million compared to $338.5 million for the same period in 2023, an increase of 9.8%. Diluted AFFO per share increased 9.3% to $3.63 for the six months ended June 30, 2024 as compared to $3.32 for the same period in 2023.
Liquidity
As of June 30, 2024, Lamar had $744.3 million in total liquidity that consisted of $666.4 million available for borrowing under its revolving senior credit facility and $77.9 million in cash and cash equivalents. There were $75.0 million in borrowings outstanding under the Company’s revolving credit facility and $250.0 million outstanding under the Accounts Receivable Securitization Program as of the same date.
Recent Developments
On July 31, 2024, Lamar Media paid in full its $350.0 million in Term A loans outstanding under our Senior Credit Facility. The Term A loans were repaid using a combination of borrowings under our revolving credit facility and cash on hand. Currently, the Company has $315.0 million in borrowings outstanding under the revolving credit facility.
On July 24, 2024, Lamar entered into an equity distribution or At-the-Market Offering agreement (the “ATM agreement”). Under the terms of the ATM Agreement, Lamar may, from time to time, issue and sell shares of its Class A common stock having an aggregate offering price of up to $400.0 million through the sales agents party to the ATM Agreement. The ATM Agreement replaces a prior equity distribution agreement with substantially similar terms between the Company and certain sales agents, which expired by its terms.
View more here
Source: Lamar Advertising
