(States or other jurisdictions of incorporation) | (Commission File Numbers) | (IRS Employer Identification Nos.) | ||||||||||||
(Address of principal executive offices and zip code) | ||||||||||||||
( (Registrants’ telephone number, including area code) | ||||||||||||||
N/A (Former name or former address, if change since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Emerging growth company |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File - (embedded within the Inline XBRL document). |
Date: | LAMAR ADVERTISING COMPANY | ||||||||||
By: | /s/ Jay L. Johnson | ||||||||||
Jay L. Johnson | |||||||||||
Executive Vice President, Chief Financial Officer, and Treasurer |
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 Thursday, August 10, 2023 at 11:59 p.m. eastern time | |||||
Company Contact: | Buster Kantrow | ||||
Director of Investor Relations | |||||
(225) 926-1000 | |||||
bkantrow@lamar.com |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net revenues | $ | 541,137 | $ | 517,852 | $ | 1,012,469 | $ | 969,240 | |||||||||||||||
Operating expenses (income) | |||||||||||||||||||||||
Direct advertising expenses | 172,543 | 167,360 | 340,301 | 324,186 | |||||||||||||||||||
General and administrative expenses | 88,309 | 84,210 | 169,191 | 165,973 | |||||||||||||||||||
Corporate expenses | 26,366 | 22,920 | 51,106 | 44,473 | |||||||||||||||||||
Stock-based compensation | 4,406 | 7,443 | 12,446 | 9,223 | |||||||||||||||||||
Capitalized contract fulfillment costs, net | (760) | (637) | (86) | 309 | |||||||||||||||||||
Transaction expenses | — | 3,676 | — | 3,676 | |||||||||||||||||||
Depreciation and amortization | 75,158 | 67,750 | 148,283 | 136,377 | |||||||||||||||||||
Gain on disposition of assets | (1,676) | (1,374) | (4,364) | (1,937) | |||||||||||||||||||
Total operating expense | 364,346 | 351,348 | 716,877 | 682,280 | |||||||||||||||||||
Operating income | 176,791 | 166,504 | 295,592 | 286,960 | |||||||||||||||||||
Other expense (income) | |||||||||||||||||||||||
Interest income | (477) | (279) | (938) | (494) | |||||||||||||||||||
Interest expense | 43,649 | 29,493 | 85,093 | 56,279 | |||||||||||||||||||
Equity in earnings of investee | (449) | (355) | (627) | (1,101) | |||||||||||||||||||
42,723 | 28,859 | 83,528 | 54,684 | ||||||||||||||||||||
Income before income tax expense | 134,068 | 137,645 | 212,064 | 232,276 | |||||||||||||||||||
Income tax expense | 3,180 | 3,440 | 4,978 | 5,920 | |||||||||||||||||||
Net income | 130,888 | 134,205 | 207,086 | 226,356 | |||||||||||||||||||
Earnings attributable to non-controlling interest | 268 | — | 425 | — | |||||||||||||||||||
Net income attributable to controlling interest | 130,620 | 134,205 | 206,661 | 226,356 | |||||||||||||||||||
Preferred stock dividends | 91 | 91 | 182 | 182 | |||||||||||||||||||
Net income applicable to common stock | $ | 130,529 | $ | 134,114 | $ | 206,479 | $ | 226,174 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic earnings per share | $ | 1.28 | $ | 1.32 | $ | 2.03 | $ | 2.23 | |||||||||||||||
Diluted earnings per share | $ | 1.28 | $ | 1.32 | $ | 2.02 | $ | 2.23 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 101,917,200 | 101,486,547 | 101,855,104 | 101,413,458 | |||||||||||||||||||
Diluted | 102,104,429 | 101,660,120 | 102,047,875 | 101,602,743 | |||||||||||||||||||
OTHER DATA | |||||||||||||||||||||||
Free Cash Flow Computation: | |||||||||||||||||||||||
Adjusted EBITDA | $ | 253,919 | $ | 243,362 | $ | 451,871 | $ | 434,608 | |||||||||||||||
Interest, net | (41,520) | (27,735) | (80,861) | (52,835) | |||||||||||||||||||
Current tax expense | (2,373) | (1,886) | (5,323) | (4,708) | |||||||||||||||||||
Preferred stock dividends | (91) | (91) | (182) | (182) | |||||||||||||||||||
Total capital expenditures | (50,722) | (47,043) | (93,007) | (75,802) | |||||||||||||||||||
Free cash flow | $ | 159,213 | $ | 166,607 | $ | 272,498 | $ | 301,081 |
June 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
Selected Balance Sheet Data: | |||||||||||
Cash and cash equivalents | $ | 47,779 | $ | 52,619 | |||||||
Working capital deficit | $ | (293,017) | $ | (361,485) | |||||||
Total assets | $ | 6,521,044 | $ | 6,475,214 | |||||||
Total debt, net of deferred financing costs (including current maturities) | $ | 3,388,786 | $ | 3,312,805 | |||||||
Total stockholders’ equity | $ | 1,170,494 | $ | 1,195,374 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Selected Cash Flow Data: | |||||||||||||||||||||||
Cash flows provided by operating activities | $ | 198,162 | $ | 210,592 | $ | 306,874 | $ | 312,630 | |||||||||||||||
Cash flows used in investing activities | $ | 77,345 | $ | 225,036 | $ | 130,009 | $ | 308,378 | |||||||||||||||
Cash flows used in financing activities | $ | 106,626 | $ | 9,570 | $ | 181,781 | $ | 12,283 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow: | |||||||||||||||||||||||
Cash flows provided by operating activities | $ | 198,162 | $ | 210,592 | $ | 306,874 | $ | 312,630 | |||||||||||||||
Changes in operating assets and liabilities | 16,785 | 4,517 | 64,457 | 64,818 | |||||||||||||||||||
Total capital expenditures | (50,722) | (47,043) | (93,007) | (75,802) | |||||||||||||||||||
Preferred stock dividends | (91) | (91) | (182) | (182) | |||||||||||||||||||
Capitalized contract fulfillment costs, net | (760) | (637) | (86) | 309 | |||||||||||||||||||
Transaction expenses | — | 3,676 | — | 3,676 | |||||||||||||||||||
Other | (4,161) | (4,407) | (5,558) | (4,368) | |||||||||||||||||||
Free cash flow | $ | 159,213 | $ | 166,607 | $ | 272,498 | $ | 301,081 | |||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||||||||||||||
Net income | $ | 130,888 | $ | 134,205 | $ | 207,086 | $ | 226,356 | |||||||||||||||
Interest income | (477) | (279) | (938) | (494) | |||||||||||||||||||
Interest expense | 43,649 | 29,493 | 85,093 | 56,279 | |||||||||||||||||||
Equity in earnings of investee | (449) | (355) | (627) | (1,101) | |||||||||||||||||||
Income tax expense | 3,180 | 3,440 | 4,978 | 5,920 | |||||||||||||||||||
Operating income | 176,791 | 166,504 | 295,592 | 286,960 | |||||||||||||||||||
Stock-based compensation | 4,406 | 7,443 | 12,446 | 9,223 | |||||||||||||||||||
Capitalized contract fulfillment costs, net | (760) | (637) | (86) | 309 | |||||||||||||||||||
Transaction expenses | — | 3,676 | — | 3,676 | |||||||||||||||||||
Depreciation and amortization | 75,158 | 67,750 | 148,283 | 136,377 | |||||||||||||||||||
Gain on disposition of assets | (1,676) | (1,374) | (4,364) | (1,937) | |||||||||||||||||||
Adjusted EBITDA | $ | 253,919 | $ | 243,362 | $ | 451,871 | $ | 434,608 | |||||||||||||||
Capital expenditure detail by category: | |||||||||||||||||||||||
Billboards - traditional | $ | 15,423 | $ | 10,091 | $ | 28,961 | $ | 18,223 | |||||||||||||||
Billboards - digital | 24,109 | 28,618 | 41,541 | 41,954 | |||||||||||||||||||
Logo | 3,991 | 3,595 | 7,131 | 6,003 | |||||||||||||||||||
Transit | 670 | 1,714 | 1,389 | 2,204 | |||||||||||||||||||
Land and buildings | 3,517 | 1,146 | 7,691 | 2,635 | |||||||||||||||||||
Operating equipment | 3,012 | 1,879 | 6,294 | 4,783 | |||||||||||||||||||
Total capital expenditures | $ | 50,722 | $ | 47,043 | $ | 93,007 | $ | 75,802 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): | |||||||||||||||||||||||||||||||||||
Net revenue | $ | 541,137 | $ | 517,852 | 4.5 | % | $ | 1,012,469 | $ | 969,240 | 4.5 | % | |||||||||||||||||||||||
Acquisitions and divestitures | — | 9,024 | — | 21,973 | |||||||||||||||||||||||||||||||
Acquisition-adjusted net revenue | 541,137 | 526,876 | 2.7 | % | 1,012,469 | 991,213 | 2.1 | % | |||||||||||||||||||||||||||
Reported direct advertising and G&A expenses | 260,852 | 251,570 | 3.7 | % | 509,492 | 490,159 | 3.9 | % | |||||||||||||||||||||||||||
Acquisitions and divestitures | — | 5,634 | — | 13,534 | |||||||||||||||||||||||||||||||
Acquisition-adjusted direct advertising and G&A expenses | 260,852 | 257,204 | 1.4 | % | 509,492 | 503,693 | 1.2 | % | |||||||||||||||||||||||||||
Outdoor operating income | 280,285 | 266,282 | 5.3 | % | 502,977 | 479,081 | 5.0 | % | |||||||||||||||||||||||||||
Acquisition and divestitures | — | 3,390 | — | 8,439 | |||||||||||||||||||||||||||||||
Acquisition-adjusted outdoor operating income | 280,285 | 269,672 | 3.9 | % | 502,977 | 487,520 | 3.2 | % | |||||||||||||||||||||||||||
Reported corporate expense | 26,366 | 22,920 | 15.0 | % | 51,106 | 44,473 | 14.9 | % | |||||||||||||||||||||||||||
Acquisitions and divestitures | — | — | — | — | |||||||||||||||||||||||||||||||
Acquisition-adjusted corporate expenses | 26,366 | 22,920 | 15.0 | % | 51,106 | 44,473 | 14.9 | % | |||||||||||||||||||||||||||
Adjusted EBITDA | 253,919 | 243,362 | 4.3 | % | 451,871 | 434,608 | 4.0 | % | |||||||||||||||||||||||||||
Acquisitions and divestitures | — | 3,390 | — | 8,439 | |||||||||||||||||||||||||||||||
Acquisition-adjusted EBITDA | $ | 253,919 | $ | 246,752 | 2.9 | % | $ | 451,871 | $ | 443,047 | 2.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Reconciliation of Net Income to Outdoor Operating Income: | |||||||||||||||||||||||||||||||||||
Net income | $ | 130,888 | $ | 134,205 | (2.5) | % | $ | 207,086 | $ | 226,356 | (8.5) | % | |||||||||||||||||||||||
Interest expense, net | 43,172 | 29,214 | 84,155 | 55,785 | |||||||||||||||||||||||||||||||
Equity in earnings of investee | (449) | (355) | (627) | (1,101) | |||||||||||||||||||||||||||||||
Income tax expense | 3,180 | 3,440 | 4,978 | 5,920 | |||||||||||||||||||||||||||||||
Operating income | 176,791 | 166,504 | 6.2 | % | 295,592 | 286,960 | 3.0 | % | |||||||||||||||||||||||||||
Corporate expenses | 26,366 | 22,920 | 51,106 | 44,473 | |||||||||||||||||||||||||||||||
Stock-based compensation | 4,406 | 7,443 | 12,446 | 9,223 | |||||||||||||||||||||||||||||||
Capitalized contract fulfillment costs, net | (760) | (637) | (86) | 309 | |||||||||||||||||||||||||||||||
Transaction expenses | — | 3,676 | — | 3,676 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 75,158 | 67,750 | 148,283 | 136,377 | |||||||||||||||||||||||||||||||
Gain on disposition of assets | (1,676) | (1,374) | (4,364) | (1,937) | |||||||||||||||||||||||||||||||
Outdoor operating income | $ | 280,285 | $ | 266,282 | 5.3 | % | $ | 502,977 | $ | 479,081 | 5.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Reconciliation of Total Operating Expense to Acquisition-Adjusted Consolidated Expense: | |||||||||||||||||||||||||||||||||||
Total operating expense | $ | 364,346 | $ | 351,348 | 3.7 | % | $ | 716,877 | $ | 682,280 | 5.1 | % | |||||||||||||||||||||||
Gain on disposition of assets | 1,676 | 1,374 | 4,364 | 1,937 | |||||||||||||||||||||||||||||||
Depreciation and amortization | (75,158) | (67,750) | (148,283) | (136,377) | |||||||||||||||||||||||||||||||
Transaction expenses | — | (3,676) | — | (3,676) | |||||||||||||||||||||||||||||||
Capitalized contract fulfillment costs, net | 760 | 637 | 86 | (309) | |||||||||||||||||||||||||||||||
Stock-based compensation | (4,406) | (7,443) | (12,446) | (9,223) | |||||||||||||||||||||||||||||||
Acquisitions and divestitures | — | 5,634 | — | 13,534 | |||||||||||||||||||||||||||||||
Acquisition-adjusted consolidated expense | $ | 287,218 | $ | 280,124 | 2.5 | % | $ | 560,598 | $ | 548,166 | 2.3 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Adjusted Funds from Operations: | |||||||||||||||||||||||
Net income | $ | 130,888 | $ | 134,205 | $ | 207,086 | $ | 226,356 | |||||||||||||||
Depreciation and amortization related to real estate | 72,056 | 64,549 | 142,406 | 130,075 | |||||||||||||||||||
Gain from sale or disposal of real estate, net of tax | (1,587) | (1,319) | (4,307) | (1,773) | |||||||||||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (717) | 124 | (1,052) | (771) | |||||||||||||||||||
Funds from operations | $ | 200,640 | $ | 197,559 | $ | 344,133 | $ | 353,887 | |||||||||||||||
Straight-line expense | 1,383 | 1,228 | 2,340 | 2,143 | |||||||||||||||||||
Capitalized contract fulfillment costs, net | (760) | (637) | (86) | 309 | |||||||||||||||||||
Stock-based compensation expense | 4,406 | 7,443 | 12,446 | 9,223 | |||||||||||||||||||
Non-cash portion of tax provision | 807 | 1,554 | (345) | 1,212 | |||||||||||||||||||
Non-real estate related depreciation and amortization | 3,102 | 3,202 | 5,877 | 6,303 | |||||||||||||||||||
Amortization of deferred financing costs | 1,652 | 1,479 | 3,294 | 2,950 | |||||||||||||||||||
Transaction expenses | — | 3,676 | — | 3,676 | |||||||||||||||||||
Capitalized expenditures-maintenance | (17,548) | (18,488) | (30,240) | (31,673) | |||||||||||||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 717 | (124) | 1,052 | 771 | |||||||||||||||||||
Adjusted funds from operations | $ | 194,399 | $ | 196,892 | $ | 338,471 | $ | 348,801 | |||||||||||||||
Divided by weighted average diluted common shares outstanding | 102,104,429 | 101,660,120 | 102,047,875 | 101,602,743 | |||||||||||||||||||
Diluted AFFO per share | $ | 1.90 | $ | 1.94 | $ | 3.32 | $ | 3.43 |
Year ended December 31, 2023 | |||||||||||
Low | High | ||||||||||
Net income | $ | 482,400 | $ | 490,000 | |||||||
Depreciation and amortization related to real estate | 278,000 | 278,000 | |||||||||
Gain from sale or disposal of real estate, net of tax | (7,000) | (7,000) | |||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | (1,700) | (1,700) | |||||||||
Funds from operations | $ | 751,700 | $ | 759,300 | |||||||
Straight-line expense | 4,200 | 4,200 | |||||||||
Capitalized contract fulfillment costs, net | 500 | 500 | |||||||||
Stock-based compensation expense | 12,000 | 20,000 | |||||||||
Non-cash portion of tax provision | 2,400 | 2,400 | |||||||||
Non-real estate related depreciation and amortization | 12,000 | 12,000 | |||||||||
Amortization of deferred financing costs | 6,600 | 6,600 | |||||||||
Capitalized expenditures-maintenance | (63,000) | (63,000) | |||||||||
Adjustments for unconsolidated affiliates and non-controlling interest | 1,700 | 1,700 | |||||||||
Adjusted funds from operations | $ | 728,100 | $ | 743,700 | |||||||
Weighted average diluted common shares outstanding | 102,150,000 | 102,150,000 | |||||||||
Diluted earnings per share | $ | 4.72 | $ | 4.80 | |||||||
Diluted AFFO per share | $ | 7.13 | $ | 7.28 |
Cover |
Aug. 03, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 03, 2023 |
Entity Registrant Name | LAMAR ADVERTISING CO/NEW |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36756 |
Entity Tax Identification Number | 47-0961620 |
Entity Address, Postal Zip Code | 70808 |
Entity Address, State or Province | LA |
Entity Address, City or Town | Baton Rouge |
Entity Address, Address Line One | 5321 Corporate Blvd. |
Local Phone Number | 926-1000 |
City Area Code | 225 |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common stock, $0.001 par value |
Trading Symbol | LAMR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Amendment Flag | false |
Entity Central Index Key | 0001090425 |
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