Lamar Advertising Company Announces First Quarter Ended March 31, 2025 Operating Results
Lamar Advertising Company (NASDAQ: LAMR) reported its Q1 2025 financial results, marking its 16th consecutive quarter of acquisition-adjusted revenue growth. Net revenues increased 1.5% to $505.4 million, while net income surged 77.4% to $139.2 million, primarily due to a $67.7 million gain from selling its Vistar Media stake. Adjusted EBITDA slightly decreased by 0.8% to $210.2 million.
The company's diluted AFFO per share rose 3.9% to $1.60. During Q1, Lamar repurchased 164,529 shares for $18.4 million, followed by an additional 1.2 million shares in April for $131.6 million, leaving $100 million remaining in its buyback program. The company maintains its previous full-year diluted AFFO guidance.
Lamar Advertising Company (NASDAQ: LAMR) ha comunicato i risultati finanziari del primo trimestre 2025, segnando il suo sedicesimo trimestre consecutivo di crescita dei ricavi rettificati per acquisizioni. I ricavi netti sono aumentati dell'1,5% raggiungendo 505,4 milioni di dollari, mentre l'utile netto è cresciuto del 77,4% a 139,2 milioni di dollari, principalmente grazie a una plusvalenza di 67,7 milioni di dollari derivante dalla vendita della partecipazione in Vistar Media. L'EBITDA rettificato è leggermente diminuito dello 0,8%, attestandosi a 210,2 milioni di dollari.
Il AFFO diluito per azione è aumentato del 3,9%, arrivando a 1,60 dollari. Nel primo trimestre, Lamar ha riacquistato 164.529 azioni per 18,4 milioni di dollari, seguiti da ulteriori 1,2 milioni di azioni ad aprile per 131,6 milioni di dollari, lasciando un residuo di 100 milioni di dollari nel programma di riacquisto azionario. La società conferma le previsioni precedenti sull'AFFO diluito per l'intero anno.
Lamar Advertising Company (NASDAQ: LAMR) informó sus resultados financieros del primer trimestre de 2025, marcando su decimosexto trimestre consecutivo de crecimiento en ingresos ajustados por adquisiciones. Los ingresos netos aumentaron un 1,5% hasta 505,4 millones de dólares, mientras que el ingreso neto se disparó un 77,4% hasta 139,2 millones de dólares, principalmente debido a una ganancia de 67,7 millones de dólares por la venta de su participación en Vistar Media. El EBITDA ajustado disminuyó ligeramente un 0,8%, situándose en 210,2 millones de dólares.
El AFFO diluido por acción de la compañía aumentó un 3,9%, alcanzando 1,60 dólares. Durante el primer trimestre, Lamar recompró 164,529 acciones por 18,4 millones de dólares, seguido de 1,2 millones adicionales en abril por 131,6 millones de dólares, dejando 100 millones de dólares restantes en su programa de recompra. La compañía mantiene su guía previa para el AFFO diluido anual.
Lamar Advertising Company (NASDAQ: LAMR)는 2025년 1분기 재무 결과를 발표하며 16분기 연속 인수 조정 수익 성장을 기록했습니다. 순수익은 1.5% 증가한 5억 5,040만 달러를 기록했고, 순이익은 Vistar Media 지분 매각에서 발생한 6,770만 달러의 이익 덕분에 77.4% 급증하여 1억 3,920만 달러에 달했습니다. 조정 EBITDA는 0.8% 소폭 감소하여 2억 1,020만 달러를 기록했습니다.
희석 조정 AFFO 주당순이익은 3.9% 증가한 1.60달러였습니다. 1분기 동안 Lamar는 1만 6,4529주를 1,840만 달러에 재매입했으며, 4월에는 추가로 120만 주를 1억 3,160만 달러에 매입해 잔여 재매입 프로그램은 1억 달러입니다. 회사는 연간 희석 조정 AFFO 가이던스를 유지하고 있습니다.
Lamar Advertising Company (NASDAQ : LAMR) a publié ses résultats financiers du premier trimestre 2025, marquant son 16e trimestre consécutif de croissance des revenus ajustés des acquisitions. Les revenus nets ont augmenté de 1,5 % pour atteindre 505,4 millions de dollars, tandis que le bénéfice net a bondi de 77,4 % à 139,2 millions de dollars, principalement grâce à un gain de 67,7 millions de dollars suite à la vente de sa participation dans Vistar Media. L'EBITDA ajusté a légèrement diminué de 0,8 %, s'établissant à 210,2 millions de dollars.
Le AFFO dilué par action de la société a augmenté de 3,9 % pour atteindre 1,60 dollar. Au cours du premier trimestre, Lamar a racheté 164 529 actions pour 18,4 millions de dollars, suivies de 1,2 million d'actions supplémentaires en avril pour 131,6 millions de dollars, laissant 100 millions de dollars restants dans son programme de rachat. La société maintient ses prévisions précédentes concernant l'AFFO dilué annuel.
Lamar Advertising Company (NASDAQ: LAMR) meldete seine Finanzergebnisse für das erste Quartal 2025 und verzeichnete damit das 16. Quartal in Folge mit akquisitionsbereinigtem Umsatzwachstum. Die Nettoumsätze stiegen um 1,5 % auf 505,4 Millionen US-Dollar, während der Nettogewinn um 77,4 % auf 139,2 Millionen US-Dollar anstieg, hauptsächlich aufgrund eines Gewinns von 67,7 Millionen US-Dollar aus dem Verkauf der Beteiligung an Vistar Media. Das bereinigte EBITDA sank leicht um 0,8 % auf 210,2 Millionen US-Dollar.
Der verwässerte AFFO je Aktie des Unternehmens stieg um 3,9 % auf 1,60 US-Dollar. Im ersten Quartal kaufte Lamar 164.529 Aktien für 18,4 Millionen US-Dollar zurück, gefolgt von weiteren 1,2 Millionen Aktien im April für 131,6 Millionen US-Dollar, womit im Rückkaufprogramm noch 100 Millionen US-Dollar verbleiben. Das Unternehmen bestätigt seine bisherige Prognose für den verwässerten AFFO für das Gesamtjahr.
- Net income increased significantly by 77.4% to $139.2 million
- 16th consecutive quarter of acquisition-adjusted revenue growth
- Net revenues grew 1.5% to $505.4 million
- Diluted AFFO per share increased 3.9% to $1.60
- Strong share repurchase program execution with $150 million spent at $108.06 per share
- Adjusted EBITDA decreased 0.8% to $210.2 million
- Free cash flow declined 12.7% to $121.1 million
- Acquisition-adjusted EBITDA decreased 1.0%
Insights
Lamar's Q1 shows modest revenue growth and AFFO improvements, but declining operational efficiency metrics balanced by one-time gains from Vistar sale.
Lamar Advertising reported mixed Q1 2025 results that paint a nuanced picture for investors. While the company achieved its 16th consecutive quarter of acquisition-adjusted revenue growth with net revenues increasing
This dramatic profit increase primarily stems from a
From a cash flow perspective, results were similarly mixed. Operating cash flow improved to
For REIT investors focused on funds from operations metrics, the news was more positive. AFFO increased
Lamar's capital allocation strategy shows significant share repurchase activity, with
Management's reaffirmation of previously provided full-year diluted AFFO guidance suggests these results align with internal expectations despite the slight operational efficiency declines.
Three Month Results
- Net revenues were
- Net income was
- Adjusted EBITDA was
BATON ROUGE, La., May 08, 2025 (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 first quarter ended March 31, 2025.
"We delivered our 16th consecutive quarter of acquisition-adjusted revenue growth, aided by increases in local and programmatic," Lamar chief executive Sean Reilly said. "Based on pacings, we remain on track to reach our previously provided guidance for full-year diluted AFFO per share."
First Quarter Highlights
- Net revenues increased
- Net income increased
- Adjusted EBITDA decreased
- AFFO increased
First Quarter Results
Lamar reported net revenues of
Adjusted EBITDA for the first quarter of 2025 was
Cash flow provided by operating activities was
For the first quarter of 2025, funds from operations, or FFO, was
Acquisition-Adjusted Three Months Results
Acquisition-adjusted net revenue for the first quarter of 2025 increased
Liquidity
As of March 31, 2025, Lamar had
Recent Developments
During the first quarter of 2025, the Company repurchased 164,529 shares of its Class A common stock outstanding for a total purchase price of
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, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions; (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, 2024, 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 and investments.
- 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 Thursday, May 8, 2025 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: | ir.lamar.com |
| Webcast Replay: | ir.lamar.com |
| Available through Thursday, May 15, 2025 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 363,000 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 approximately 5,100 displays.
| LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net revenues | $ | 505,430 | $ | 498,150 | |||
| Operating expenses (income) | |||||||
| Direct advertising expenses | 179,622 | 175,829 | |||||
| General and administrative expenses | 89,201 | 83,095 | |||||
| Corporate expenses | 26,386 | 27,304 | |||||
| Stock-based compensation | 10,577 | 14,466 | |||||
| Capitalized contract fulfillment costs, net | 375 | (184 | ) | ||||
| Depreciation and amortization | 77,821 | 75,228 | |||||
| Gain on disposition of assets and investments | (69,785 | ) | (2,188 | ) | |||
| Total operating expense | 314,197 | 373,550 | |||||
| Operating income | 191,233 | 124,600 | |||||
| Other expense (income) | |||||||
| Interest income | (492 | ) | (467 | ) | |||
| Interest expense | 38,332 | 44,487 | |||||
| Equity in (earnings) loss of investee | (380 | ) | 559 | ||||
| 37,460 | 44,579 | ||||||
| Income before income tax expense | 153,773 | 80,021 | |||||
| Income tax expense | 14,544 | 1,522 | |||||
| Net income | 139,229 | 78,499 | |||||
| Net income attributable to non-controlling interest | 474 | 275 | |||||
| Net income attributable to controlling interest | 138,755 | 78,224 | |||||
| Preferred stock dividends | 91 | 91 | |||||
| Net income applicable to common stock | $ | 138,664 | $ | 78,133 | |||
| Earnings per share: | |||||||
| Basic earnings per share | $ | 1.35 | $ | 0.77 | |||
| Diluted earnings per share | $ | 1.35 | $ | 0.76 | |||
| Weighted average common shares outstanding: | |||||||
| Basic | 102,437,911 | 102,115,159 | |||||
| Diluted | 102,797,307 | 102,447,333 | |||||
| OTHER DATA | |||||||
| Free Cash Flow Computation: | |||||||
| Adjusted EBITDA | $ | 210,221 | $ | 211,922 | |||
| Interest, net | (36,317 | ) | (42,389 | ) | |||
| Current tax expense | (22,812 | ) | (1,276 | ) | |||
| Preferred stock dividends | (91 | ) | (91 | ) | |||
| Total capital expenditures | (29,887 | ) | (29,482 | ) | |||
| Free cash flow | $ | 121,114 | $ | 138,684 | |||
| SUPPLEMENTAL SCHEDULES SELECTED BALANCE SHEET AND CASH FLOW DATA (IN THOUSANDS) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| (Unaudited) | |||||||
| Selected Balance Sheet Data: | |||||||
| Cash and cash equivalents | $ | 36,117 | $ | 49,461 | |||
| Working capital deficit | $ | (311,976 | ) | $ | (353,206 | ) | |
| Total assets | $ | 6,547,175 | $ | 6,586,549 | |||
| Total debt, net of deferred financing costs (including current maturities) | $ | 3,187,785 | $ | 3,210,864 | |||
| Total stockholders’ equity | $ | 1,031,570 | $ | 1,048,020 | |||
| Three Months Ended March 31, | ||||||
| 2025 | 2024 | |||||
| (Unaudited) | ||||||
| Selected Cash Flow Data: | ||||||
| Cash flows provided by operating activities | $ | 127,745 | $ | 110,562 | ||
| Cash flows provided by (used in) investing activities | $ | 65,426 | $ | (45,016 | ) | |
| Cash flows used in financing activities | $ | 206,522 | $ | 73,626 | ||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Reconciliation of Cash Flows Provided By Operating Activities to Free Cash Flow: | |||||||
| Cash flows provided by operating activities | $ | 127,745 | $ | 110,562 | |||
| Changes in operating assets and liabilities | 24,167 | 58,191 | |||||
| Total capital expenditures | (29,887 | ) | (29,482 | ) | |||
| Preferred stock dividends | (91 | ) | (91 | ) | |||
| Capitalized contract fulfillment costs, net | 375 | (184 | ) | ||||
| Other | (1,195 | ) | (312 | ) | |||
| Free cash flow | $ | 121,114 | $ | 138,684 | |||
| Reconciliation of Net Income to Adjusted EBITDA: | |||||||
| Net income | $ | 139,229 | $ | 78,499 | |||
| Interest income | (492 | ) | (467 | ) | |||
| Interest expense | 38,332 | 44,487 | |||||
| Equity in (earnings) loss of investee | (380 | ) | 559 | ||||
| Income tax expense | 14,544 | 1,522 | |||||
| Operating income | 191,233 | 124,600 | |||||
| Stock-based compensation | 10,577 | 14,466 | |||||
| Capitalized contract fulfillment costs, net | 375 | (184 | ) | ||||
| Depreciation and amortization | 77,821 | 75,228 | |||||
| Gain on disposition of assets and investments | (69,785 | ) | (2,188 | ) | |||
| Adjusted EBITDA | $ | 210,221 | $ | 211,922 | |||
| Capital expenditure detail by category: | |||||||
| Billboards - traditional | $ | 6,046 | $ | 7,148 | |||
| Billboards - digital | 16,076 | 13,413 | |||||
| Logo | 2,606 | 1,336 | |||||
| Transit | 588 | 351 | |||||
| Land and buildings | 310 | 2,316 | |||||
| Operating equipment | 4,261 | 4,918 | |||||
| Total capital expenditures | $ | 29,887 | $ | 29,482 | |||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | % Change | ||||||
| Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): | ||||||||
| Net revenue | $ | 505,430 | $ | 498,150 | ||||
| Acquisitions and divestitures | — | 1,890 | ||||||
| Acquisition-adjusted net revenue | 505,430 | 500,040 | ||||||
| Reported direct advertising and G&A expenses | 268,823 | 258,924 | ||||||
| Acquisitions and divestitures | — | 1,572 | ||||||
| Acquisition-adjusted direct advertising and G&A expenses | 268,823 | 260,496 | ||||||
| Outdoor operating income | 236,607 | 239,226 | (1.1) % | |||||
| Acquisition and divestitures | — | 318 | ||||||
| Acquisition-adjusted outdoor operating income | 236,607 | 239,544 | (1.2) % | |||||
| Reported corporate expense | 26,386 | 27,304 | (3.4) % | |||||
| Acquisitions and divestitures | — | — | ||||||
| Acquisition-adjusted corporate expenses | 26,386 | 27,304 | (3.4) % | |||||
| Adjusted EBITDA | 210,221 | 211,922 | (0.8) % | |||||
| Acquisitions and divestitures | — | 318 | ||||||
| Acquisition-adjusted EBITDA | $ | 210,221 | $ | 212,240 | (1.0) % | |||
| (a) | Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2024 for acquisitions and divestitures for the same time frame as actually owned in 2025. |
| Three Months Ended March 31, | ||||||||||
| 2025 | 2024 | % Change | ||||||||
| Reconciliation of Net Income to Outdoor Operating Income: | ||||||||||
| Net income | $ | 139,229 | $ | 78,499 | ||||||
| Interest expense, net | 37,840 | 44,020 | ||||||||
| Equity in (earnings) loss of investee | (380 | ) | 559 | |||||||
| Income tax expense | 14,544 | 1,522 | ||||||||
| Operating income | 191,233 | 124,600 | ||||||||
| Corporate expenses | 26,386 | 27,304 | ||||||||
| Stock-based compensation | 10,577 | 14,466 | ||||||||
| Capitalized contract fulfillment costs, net | 375 | (184 | ) | |||||||
| Depreciation and amortization | 77,821 | 75,228 | ||||||||
| Gain on disposition of assets and investments | (69,785 | ) | (2,188 | ) | ||||||
| Outdoor operating income | $ | 236,607 | $ | 239,226 | (1.1) % | |||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | ||||||||||
| Three Months Ended March 31, | ||||||||||
| 2025 | 2024 | % Change | ||||||||
| Reconciliation of Total Operating Expenses to Acquisition-Adjusted Consolidated Expense: | ||||||||||
| Total operating expenses | $ | 314,197 | $ | 373,550 | (15.9)% | |||||
| Gain on disposition of assets and investments | 69,785 | 2,188 | ||||||||
| Depreciation and amortization | (77,821 | ) | (75,228 | ) | ||||||
| Capitalized contract fulfillment costs, net | (375 | ) | 184 | |||||||
| Stock-based compensation | (10,577 | ) | (14,466 | ) | ||||||
| Acquisitions and divestitures | — | 1,572 | ||||||||
| Acquisition-adjusted consolidated expense | $ | 295,209 | $ | 287,800 | ||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Adjusted Funds from Operations: | |||||||
| Net income | $ | 139,229 | $ | 78,499 | |||
| Depreciation and amortization related to real estate | 73,636 | 71,729 | |||||
| Gain from sale or disposal of real estate and investments, net of tax | (56,597 | ) | (2,094 | ) | |||
| Adjustments for unconsolidated affiliates and non-controlling interest | (126 | ) | 372 | ||||
| Funds from operations | $ | 156,142 | $ | 148,506 | |||
| Straight-line expense | 1,009 | 1,273 | |||||
| Capitalized contract fulfillment costs, net | 375 | (184 | ) | ||||
| Stock-based compensation expense | 10,577 | 14,466 | |||||
| Non-cash portion of tax provision | (244 | ) | 246 | ||||
| Non-real estate related depreciation and amortization | 4,185 | 3,498 | |||||
| Amortization of deferred financing costs | 1,523 | 1,631 | |||||
| Capitalized expenditures-maintenance | (9,385 | ) | (10,827 | ) | |||
| Adjustments for unconsolidated affiliates and non-controlling interest | 126 | (372 | ) | ||||
| Adjusted funds from operations | $ | 164,308 | $ | 158,237 | |||
| Divided by weighted average diluted common shares outstanding | 102,797,307 | 102,447,333 | |||||
| Diluted AFFO per share | $ | 1.60 | $ | 1.54 | |||
FAQ
What were Lamar Advertising's (LAMR) key financial results for Q1 2025?
How much did LAMR spend on share repurchases in Q1 2025 and April 2025?
What caused the significant increase in Lamar's Q1 2025 net income?
What is Lamar's current liquidity position as of March 31, 2025?
How much remains in LAMR's share repurchase authorization?
