Three Month Results
Lamar Advertising Company (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, 2017.
“Our third-quarter results came in slightly better
than anticipated, with revenue at the high end of our expectations
and tight control on expenses,” said CEO Sean Reilly. “In
addition, we weathered three major hurricanes with minimal damage
to our structures.”
Third Quarter Highlights
- Consolidated acquisition-adjusted expense growth was held to
0.4%
- AFFO increased 2.7%
- Closed 13 Acquisitions, $91.8 million cash purchase price
Third Quarter Results Lamar
reported net revenues of $399.3 million for the third quarter of
2017 versus $387.5 million for the third quarter of 2016, a 3.1%
increase. Operating income for the third quarter of 2017
increased $11.9 million to $131.7 million as compared to $119.8
million for the same period in 2016. Lamar recognized net
income of $96.3 million for the third quarter of 2017 compared to
net income of $85.1 million for same period in 2016. Net
income per diluted share increased 12.6% to $0.98 from $0.87 for
the three months ended September 30, 2017 and 2016,
respectively.
Adjusted EBITDA for the third quarter of 2017 was
$182.8 million versus $177.3 million for the third quarter of 2016,
an increase of 3.1%.
Cash flow provided by operating activities was
$125.9 million for the three months ended September 30, 2017, a
decrease of $0.9 million as compared to the same period in 2016.
Free cash flow for the third quarter of 2017 was $122.2
million as compared to $116.0 million for the same period in 2016,
a 5.4% increase.
For the third quarter of 2017, Funds From
Operations, or FFO, was $142.4 million versus $130.9 million for
the same period in 2016, an increase of 8.8%. Adjusted Funds From
Operations, or AFFO, for the third quarter of 2017 was $137.5
million compared to $134.0 million for the same period in 2016, an
increase of 2.7%. Diluted AFFO per share increased 2.2% to
$1.40 for the three months ended September 30, 2017 as compared to
$1.37 for the same period in 2016.
Acquisition-Adjusted Three Months
Results Acquisition-adjusted net revenue for the third
quarter of 2017 increased 1.0% over Acquisition-adjusted net
revenue for the third quarter of 2016. Acquisition-adjusted
EBITDA for the third quarter of 2017 increased 1.8% as compared to
Acquisition-adjusted EBITDA for the third quarter of 2016.
Acquisition-adjusted net revenue and Acquisition-adjusted EBITDA
include adjustments to the 2016 period for acquisitions and
divestitures for the same time frame as actually owned in the 2017
period. See “Reconciliation of Reported Basis to
Acquisition-Adjusted Results”, which provides reconciliations to
GAAP for Acquisition-adjusted measures.
Nine Months ResultsLamar reported
net revenues of $1.14 billion for the nine months ended September
30, 2017 versus $1.11 billion for the same period in 2016, a 2.6%
increase. Operating income for the nine months ended
September 30, 2017 was $335.4 million as compared to $323.7 million
for the same period in 2016. Lamar recognized net income of
$230.5 million for the nine months ended September 30, 2017 as
compared to net income of $218.3 million for the same period in
2016. Net income per diluted share increased 4.9% to $2.34
for the nine months ended September 30, 2017 as compared to $2.23
for the same period in 2016. In addition, Adjusted EBITDA for
the nine months ended September 30, 2017 was $493.0 million versus
$483.8 million for the same period in 2016, a 1.9% increase.
LiquidityAs of September 30, 2017,
Lamar had $376.3 million in total liquidity that consisted of
$346.9 million available for borrowing under its revolving senior
credit facility and approximately $29.4 million in cash and cash
equivalents.
Forward Looking StatementsThis
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; (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, 2016, as
supplemented by any risk factors contained in our Quarterly Reports
on Form 10-Q. 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
MeasuresThe 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 EBITDA (earnings before interest, taxes, depreciation and
amortization), Free Cash Flow, Funds From Operations (“FFO”),
Adjusted Funds From Operations (“AFFO”), Diluted AFFO per share,
Outdoor Operating Income and Acquisition-Adjusted Results.
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), gain (loss) on
extinguishment of debt and investments, stock-based compensation,
depreciation and amortization and gain or loss on disposition of
assets and investments.
- 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
gains or losses from the sale or disposal of real estate assets and
investments 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 revenue and
expense; (ii) stock-based compensation expense;
(iii) non-cash portion of tax provision; (iv) non-real
estate related depreciation and amortization; (v) amortization
of deferred financing costs; (vi) loss on extinguishment of
debt; (vii) non-recurring infrequent or unusual losses
(gains); (viii) less maintenance capital expenditures; and
(ix) 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, depreciation and
amortization and gain (loss) on disposition of assets.
- 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 assets or divested 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”.
Adjusted EBITDA, FFO, AFFO, Outdoor Operating
Income and Acquisition-Adjusted Results are not intended to replace
other performance measures determined in accordance with
GAAP. Free Cash Flow, FFO nor AFFO 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. Rather, Adjusted EBITDA, Free Cash Flow, FFO,
AFFO, Diluted AFFO per share, Outdoor Operating Income and
Acquisition-Adjusted Results 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 and Diluted AFFO per share
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
divestures, 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,
Outdoor Operating Income and Acquisition-Adjusted Results may not,
however, be fully comparable to similarly titled measures used by
other companies. Reconciliations of Adjusted EBITDA, FFO, AFFO,
Outdoor Operating Income and Acquisition-Adjusted Results to the
most directly comparable GAAP measures have been included
herein.
Conference Call InformationA
conference call will be held to discuss the Company’s operating
results on Monday, November 6, 2017 at 8:00 a.m. central
time. Instructions for the conference call and Webcast are
provided below:
Conference
Call |
|
|
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All
Callers: |
|
|
1-334-323-0520
or 1-334-323-9871 |
All
Callers: |
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Lamar |
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|
|
|
Replay: |
|
|
1-334-323-0140
or 1-877-919-4059 |
Passcode: |
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66755460 |
|
|
|
Available through
Monday, November 13, 2017 at 11:59 p.m. eastern time |
Live
Webcast: |
|
|
www.lamar.com |
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|
|
|
Webcast
Replay: |
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|
www.lamar.com |
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Available through
Monday, November 13, 2017 at 11:59 p.m. eastern time |
|
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Company Contact: |
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Buster Kantrow |
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Director of Investor
Relations |
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bkantrow@lamar.com |
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|
General InformationFounded in
1902, Lamar Advertising (Nasdaq:LAMR) is one of the largest outdoor
advertising companies in North America, with more than 340,000
displays across the United States, Canada and Puerto Rico. Lamar
offers advertisers a variety of billboard, interstate logo and
transit 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 over 2,700 displays.
|
LAMAR ADVERTISING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(UNAUDITED) |
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
$ |
399,345 |
|
|
$ |
387,516 |
|
|
$ |
1,142,785 |
|
|
$ |
1,113,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (income) |
|
|
|
|
|
|
|
|
Direct advertising
expenses |
|
134,977 |
|
|
|
131,778 |
|
|
|
401,896 |
|
|
|
393,228 |
|
|
General and
administrative expenses |
|
66,588 |
|
|
|
64,087 |
|
|
|
200,160 |
|
|
|
191,804 |
|
|
Corporate
expenses |
|
14,983 |
|
|
|
14,401 |
|
|
|
47,683 |
|
|
|
44,712 |
|
|
Stock-based
compensation |
|
2,017 |
|
|
|
8,358 |
|
|
|
7,060 |
|
|
|
19,650 |
|
|
Depreciation and
amortization |
|
51,796 |
|
|
|
49,307 |
|
|
|
155,003 |
|
|
|
152,729 |
|
|
Gain on disposition of
assets |
|
(2,734 |
) |
|
|
(189 |
) |
|
|
(4,377 |
) |
|
|
(12,221 |
) |
|
|
|
267,627 |
|
|
|
267,742 |
|
|
|
807,425 |
|
|
|
789,902 |
|
|
Operating income |
|
131,718 |
|
|
|
119,774 |
|
|
|
335,360 |
|
|
|
323,675 |
|
|
|
|
|
|
|
|
|
|
Other
(income) expense |
|
|
|
|
|
|
|
|
Interest income |
|
(2 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
|
Loss on extinguishment
of debt |
|
— |
|
|
|
— |
|
|
|
71 |
|
|
|
3,198 |
|
|
Interest expense |
|
32,064 |
|
|
|
31,102 |
|
|
|
95,526 |
|
|
|
92,469 |
|
|
|
|
2,062 |
|
|
|
31,100 |
|
|
|
95,591 |
|
|
|
95,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income tax expense |
|
99,656 |
|
|
|
88,674 |
|
|
|
239,769 |
|
|
|
228,014 |
|
Income tax
expense |
|
3,325 |
|
|
|
3,613 |
|
|
|
9,257 |
|
|
|
9,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
96,331 |
|
|
|
85,061 |
|
|
|
230,512 |
|
|
|
218,284 |
|
Preferred
stock dividends |
|
91 |
|
|
|
91 |
|
|
|
273 |
|
|
|
273 |
|
Net income
applicable to common stock |
$ |
96,240 |
|
|
$ |
84,970 |
|
|
$ |
230,239 |
|
|
$ |
218,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.98 |
|
|
$ |
0.87 |
|
|
$ |
2.35 |
|
|
$ |
2.25 |
|
Diluted earnings per share |
$ |
0.98 |
|
|
$ |
0.87 |
|
|
$ |
2.34 |
|
|
$ |
2.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic |
|
98,044,523 |
|
|
|
97,254,125 |
|
|
|
97,855,642 |
|
|
|
97,056,456 |
|
- diluted |
|
98,490,277 |
|
|
|
97,881,878 |
|
|
|
98,340,248 |
|
|
|
97,631,606 |
|
|
|
|
|
|
|
|
|
OTHER DATA |
|
|
|
|
|
|
|
Free Cash
Flow Computation: |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
182,797 |
|
|
$ |
177,250 |
|
|
$ |
493,046 |
|
|
$ |
483,833 |
|
Interest,
net |
|
(30,819 |
) |
|
|
(29,768 |
) |
|
|
(91,654 |
) |
|
|
(88,470 |
) |
Current tax
expense |
|
(3,096 |
) |
|
|
(4,122 |
) |
|
|
(8,998 |
) |
|
|
(9,880 |
) |
Preferred
stock dividends |
|
(91 |
) |
|
|
(91 |
) |
|
|
(273 |
) |
|
|
(273 |
) |
Total
capital expenditures |
|
(26,610 |
) |
|
|
(27,312 |
) |
|
|
(74,446 |
) |
|
|
(78,825 |
) |
Free Cash
Flow |
$ |
122,181 |
|
|
$ |
115,957 |
|
|
$ |
317,675 |
|
|
$ |
306,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DATA
(continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
Selected Balance Sheet
Data: |
|
|
|
|
2017 |
|
2016 |
Cash and cash
equivalents |
|
|
|
|
$ |
29,419 |
|
|
$ |
35,530 |
|
Working capital |
|
|
|
|
$ |
131,823 |
|
|
$ |
36,929 |
|
Total assets |
|
|
|
|
$ |
4,003,230 |
|
|
$ |
3,898,884 |
|
Total debt, net of
deferred financing costs (including current maturities) |
|
|
|
|
$ |
2,449,429 |
|
|
$ |
2,349,183 |
|
Total stockholders’
equity |
|
|
|
|
$ |
1,090,526 |
|
|
$ |
1,069,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Selected Cash Flow
Data: |
|
|
|
|
|
|
|
Cash flows provided by
operating activities |
$ |
125,885 |
|
|
$ |
126,801 |
|
|
$ |
320,638 |
|
|
$ |
337,826 |
|
Cash flows used in
investing activities |
$ |
(117,669 |
) |
|
$ |
(46,172 |
) |
|
$ |
(191,029 |
) |
|
$ |
(597,085 |
) |
Cash flows (used in)
provided by financing activities |
$ |
(22,650 |
) |
|
$ |
(84,619 |
) |
|
$ |
(137,487 |
) |
|
$ |
273,496 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES |
(IN THOUSANDS) |
|
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Reconciliation of
Cash Flows Provided by Operating Activities |
|
|
|
|
|
|
|
to Free
Cash Flow: |
|
|
|
|
|
|
|
Cash flows provided by
operating activities |
$ |
125,885 |
|
|
$ |
126,801 |
|
|
$ |
320,638 |
|
|
$ |
337,826 |
|
Changes in operating
assets and liabilities |
|
25,610 |
|
|
|
18,850 |
|
|
|
77,765 |
|
|
|
53,488 |
|
Total capital
expenditures |
|
(26,610 |
) |
|
|
(27,312 |
) |
|
|
(74,446 |
) |
|
|
(78,825 |
) |
Preferred stock
dividends |
|
(91 |
) |
|
|
(91 |
) |
|
|
(273 |
) |
|
|
(273 |
) |
Other |
|
(2,613 |
) |
|
|
(2,291 |
) |
|
|
(6,009 |
) |
|
|
(5,831 |
) |
Free cash
flow |
$ |
122,181 |
|
|
$ |
115,957 |
|
|
$ |
317,675 |
|
|
$ |
306,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted EBITDA: |
|
|
|
|
|
|
|
Net Income |
$ |
96,331 |
|
|
$ |
85,061 |
|
|
$ |
230,512 |
|
|
$ |
218,284 |
|
Interest
income |
|
(2 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
71 |
|
|
|
3,198 |
|
Interest
expense |
|
32,064 |
|
|
|
31,102 |
|
|
|
95,526 |
|
|
|
92,469 |
|
Income
tax expense |
|
3,325 |
|
|
|
3,613 |
|
|
|
9,257 |
|
|
|
9,730 |
|
Operating Income |
|
131,718 |
|
|
|
119,774 |
|
|
|
335,360 |
|
|
|
323,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
2,017 |
|
|
|
8,358 |
|
|
|
7,060 |
|
|
|
19,650 |
|
Depreciation and amortization |
|
51,796 |
|
|
|
49,307 |
|
|
|
155,003 |
|
|
|
152,729 |
|
Gain on
disposition of assets |
|
(2,734 |
) |
|
|
(189 |
) |
|
|
(4,377 |
) |
|
|
(12,221 |
) |
Adjusted EBITDA |
$ |
182,797 |
|
|
$ |
177,250 |
|
|
$ |
493,046 |
|
|
$ |
483,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditure
detail by category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Billboards -
traditional |
$ |
10,161 |
|
|
$ |
10,950 |
|
|
$ |
23,700 |
|
|
$ |
34,322 |
|
Billboards -
digital |
|
8,605 |
|
|
|
9,283 |
|
|
|
29,568 |
|
|
|
24,757 |
|
Logo |
|
2,498 |
|
|
|
2,160 |
|
|
|
6,409 |
|
|
|
5,421 |
|
Transit |
|
290 |
|
|
|
387 |
|
|
|
578 |
|
|
|
603 |
|
Land and buildings |
|
3,682 |
|
|
|
2,956 |
|
|
|
8,196 |
|
|
|
8,504 |
|
Operating
equipment |
|
1,374 |
|
|
|
1,576 |
|
|
|
5,995 |
|
|
|
5,218 |
|
Total
capital expenditures |
$ |
26,610 |
|
|
$ |
27,312 |
|
|
$ |
74,446 |
|
|
$ |
78,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES |
(IN THOUSANDS) |
|
|
Three months endedSeptember 30, |
|
|
2017 |
|
2016 |
|
% Change |
Reconciliation of
Reported Basis to Acquisition-Adjusted Results (a): |
|
|
|
|
|
Net revenue |
$ |
399,345 |
|
$ |
387,516 |
|
3.1 |
% |
Acquisitions and
divestitures |
|
— |
|
|
7,736 |
|
|
Acquisition-adjusted
results-net revenue |
$ |
399,345 |
|
$ |
395,252 |
|
1.0 |
% |
|
|
|
|
|
|
Reported direct
advertising and G&A expenses |
$ |
201,565 |
|
$ |
195,865 |
|
2.9 |
% |
Acquisitions and
divestitures |
|
— |
|
|
5,441 |
|
|
Acquisition-adjusted
results-direct advertising and G&A expenses |
$ |
201,565 |
|
$ |
201,306 |
|
0.1 |
% |
|
|
|
|
|
|
Outdoor operating
income |
$ |
197,780 |
|
$ |
191,651 |
|
3.2 |
% |
Acquisitions and
divestitures |
|
— |
|
|
2,295 |
|
|
Acquisition-adjusted
results-outdoor operating income |
$ |
197,780 |
|
$ |
193,946 |
|
2.0 |
% |
|
|
|
|
|
|
Reported corporate
expenses |
$ |
14,983 |
|
$ |
14,401 |
|
4.0 |
% |
Acquisitions and
divestitures |
|
— |
|
|
— |
|
|
Acquisition-adjusted
results-corporate expenses |
$ |
14,983 |
|
$ |
14,401 |
|
4.0 |
% |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
182,797 |
|
$ |
177,250 |
|
3.1 |
% |
Acquisitions and
divestitures |
|
— |
|
|
2,295 |
|
|
Acquisition-adjusted
results-EBITDA |
$ |
182,797 |
|
$ |
179,545 |
|
1.8 |
% |
|
|
|
|
|
|
(a)
Acquisition-adjusted net revenue, direct advertising and general
and administrative expenses, outdoor operating income, corporate
expenses and EBITDA include adjustments to 2016 for acquisitions
and divestitures for the same time frame as actually owned in
2017. |
|
|
|
Three months ended September 30, |
|
|
2017 |
|
2016 |
Reconciliation of
Net Income to Outdoor Operating Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
96,331 |
|
|
$ |
85,061 |
|
Interest
income |
|
|
(2 |
) |
|
|
(2 |
) |
Interest
expense |
|
|
32,064 |
|
|
|
31,102 |
|
Income
tax expense |
|
|
3,325 |
|
|
|
3,613 |
|
Operating Income |
|
|
131,718 |
|
|
|
119,774 |
|
|
|
|
|
|
|
|
|
|
Corporate
expenses |
|
|
14,983 |
|
|
|
14,401 |
|
Stock-based compensation |
|
|
2,017 |
|
|
|
8,358 |
|
Depreciation and amortization |
|
|
51,796 |
|
|
|
49,307 |
|
Gain on
disposition of assets |
|
|
(2,734 |
) |
|
|
(189 |
) |
Outdoor Operating
Income |
|
$ |
197,780 |
|
|
$ |
191,651 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED REIT MEASURES |
AND RECONCILIATIONS TO GAAP MEASURES |
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) |
|
Adjusted
Funds From Operations: |
|
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net income |
$ |
96,331 |
|
|
$ |
85,061 |
|
|
$ |
230,512 |
|
|
$ |
218,284 |
|
Depreciation and amortization related to real estate |
|
48,613 |
|
|
|
46,327 |
|
|
|
145,999 |
|
|
|
142,394 |
|
Gain from
disposition of real estate assets and investments |
|
(2,707 |
) |
|
|
(546 |
) |
|
|
(4,114 |
) |
|
|
(12,020 |
) |
Adjustment for unconsolidated affiliates and non-controlling
interest |
|
190 |
|
|
|
52 |
|
|
|
580 |
|
|
|
318 |
|
Funds From
Operations |
$ |
142,427 |
|
|
$ |
130,894 |
|
|
$ |
372,977 |
|
|
$ |
348,976 |
|
|
|
|
|
|
|
|
|
Straight-line (income) expense |
|
(287 |
) |
|
|
(46 |
) |
|
|
(382 |
) |
|
|
231 |
|
Stock-based compensation expense |
|
2,017 |
|
|
|
8,358 |
|
|
|
7,060 |
|
|
|
19,650 |
|
Non-cash
portion of tax provision |
|
229 |
|
|
|
(509 |
) |
|
|
259 |
|
|
|
(150 |
) |
Non-real
estate related depreciation and amortization |
|
3,183 |
|
|
|
2,980 |
|
|
|
9,004 |
|
|
|
10,335 |
|
Amortization of deferred financing costs |
|
1,243 |
|
|
|
1,332 |
|
|
|
3,866 |
|
|
|
3,993 |
|
Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
71 |
|
|
|
3,198 |
|
Capitalized expenditures—maintenance |
|
(11,082 |
) |
|
|
(9,005 |
) |
|
|
(31,760 |
) |
|
|
(25,942 |
) |
Adjustment for unconsolidated affiliates and non-controlling
interest |
|
(190 |
) |
|
|
(52 |
) |
|
|
(580 |
) |
|
|
(318 |
) |
|
|
|
|
|
|
|
|
Adjusted Funds From
Operations |
$ |
137,540 |
|
|
$ |
133,952 |
|
|
$ |
360,515 |
|
|
$ |
359,973 |
|
|
|
|
|
|
|
|
|
Divided by weighted
average diluted common shares outstanding |
|
98,490,277 |
|
|
|
97,881,878 |
|
|
|
98,340,248 |
|
|
|
97,631,606 |
|
Diluted AFFO per
share |
$ |
1.40 |
|
|
$ |
1.37 |
|
|
$ |
3.67 |
|
|
$ |
3.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lamar Advertising (NASDAQ:LAMR)
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From Feb 2024 to Mar 2024
Lamar Advertising (NASDAQ:LAMR)
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From Mar 2023 to Mar 2024