Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2022 Operating Results
- Net revenue was $535.5 million
- Net income was $66.1 million
- Adjusted EBITDA was $252.3 million
- Net revenue was $2.03 billion
- Net income was $438.6 million
- Adjusted EBITDA was $938.1 million
Baton Rouge, LA – February 24, 2023 – 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, 2022.
“We delivered solid financial results for the fourth quarter, with strong local sales offsetting weakening demand from national customers. This allowed us to exceed the top end of our guidance range for full-year diluted AFFO per share,” Lamar chief executive Sean Reilly said. “For 2023, we anticipate solid revenue growth and moderating expense growth. With interest expense as a meaningful headwind, we anticipate full-year diluted AFFO per share of $7.40 to $7.55.”
Fourth Quarter Highlights
- Net revenue increased 8.3%
- Adjusted EBITDA increased 9.4%
- Diluted AFFO per share increased 7.3%
Fourth Quarter Results
Lamar reported net revenues of $535.5 million for the fourth quarter of 2022 versus $494.6 million for the fourth quarter of 2021, an 8.3% increase. Operating income for the fourth quarter of 2022 decreased $39.9 million to $110.1 million as compared to $149.9 million for the same period in 2021. Lamar recognized net income of $66.1 million for the fourth quarter of 2022 as compared to net income of $123.3 million for same period in 2021, a decrease of $57.2 million. Net income per diluted share was $0.65 and $1.21 for the three months ended December 31, 2022 and 2021, respectively.
Adjusted EBITDA for the fourth quarter of 2022 was $252.3 million versus $230.7 million for the fourth quarter of 2021, an increase of 9.4%.
Cash flow provided by operating activities was $244.5 million for the three months ended December 31, 2022 versus $246.2 million for the fourth quarter of 2021, a decrease of $1.7 million. Free cash flow for the fourth quarter of 2022 was $159.3 million as compared to $149.0 million for the same period in 2021, a 6.9% increase.
For the fourth quarter of 2022, funds from operations, or FFO, was $195.2 million versus $183.6 million for the same period in 2021, an increase of 6.3%. Adjusted funds from operations, or AFFO, for the fourth quarter of 2022 was $194.5 million compared to $180.7 million for the same period in 2021, an increase of 7.7%. Diluted AFFO per share increased 7.3% to $1.91 for the three months ended December 31, 2022 as compared to $1.78 for the same period in 2021.
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