Lamar Advertising Company Announces Third Quarter Ended September 30, 2022 Operating Results
Three Month Results
- Net revenue was $527.4 million
- Net income was $146.2 million
- Adjusted EBITDA was $251.2 million
Nine Month Results
- Net revenue was $1.50 billion
- Net income was $372.5 million
- Adjusted EBITDA was $685.8 million
Baton Rouge, LA – November 4, 2022 – 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, 2022.
“With acquisition-adjusted revenue growth at 6%, we were encouraged by our third-quarter revenue performance, particularly in light of the uncertain economic environment,” Lamar chief executive Sean Reilly said. “We expect our expense growth to continue to normalize in the fourth quarter and into 2023, and based on current pacings, we are tracking to the top of our previously provided guidance range for full-year diluted AFFO per share.”
Third Quarter Highlights
- Net revenue increased 10.6%
- Operating income increased 35.7%
- Adjusted EBITDA increased 8.9%
- Diluted AFFO per share increased 6.8%
Third Quarter Results
Lamar reported net revenues of $527.4 million for the third quarter of 2022 versus $476.9 million for the third quarter of 2021, a 10.6% increase. Operating income for the third quarter of 2022 increased $47.7 million to $181.0 million as compared to $133.3 million for the same period in 2021. Lamar recognized net income of $146.2 million for the third quarter of 2022 as compared to net income of $106.8 million for same period in 2021, an increase of $39.4 million. Net income per diluted share was $1.44 and $1.05 for the three months ended September 30, 2022 and 2021, respectively.
Adjusted EBITDA for the third quarter of 2022 was $251.2 million versus $230.7 million for the third quarter of 2021, an increase of 8.9%.
Cash flow provided by operating activities was $224.5 million for the three months ended September 30, 2022 versus $203.0 million for the third quarter of 2021, an increase of $21.5 million. Free cash flow for the third quarter of 2022 was $176.0 million as compared to $173.7 million for the same period in 2021, a 1.3% increase.
For the third quarter of 2022, funds from operations, or FFO, was $207.9 million versus $187.6 million for the same period in 2021, an increase of 10.8%. Adjusted funds from operations, or AFFO, for the third quarter of 2022 was $206.4 million compared to $192.5 million for the same period in 2021, an increase of 7.2%. Diluted AFFO per share increased 6.8% to $2.03 for the three months ended September 30, 2022 as compared to $1.90 for the same period in 2021.
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