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Lamar Advertising Company Announces First Quarter

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Three Month Results

  • Net revenue was $370.9 million
  • Net income was $38.3 million
  • Adjusted EBITDA was $152.4 million

Baton Rouge, LA – May 4, 2021 – 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 first quarter ended March 31, 2021.

“The advertising rebound is well underway,” Lamar chief executive Sean Reilly said. “Both local and national sales activity have accelerated, with digital showing particular strength. In fact, bookings in March and April for the rest of 2021 handily exceeded bookings in the same months of 2019 for the rest of that year. As a result, we are raising our previously provided guidance for full year diluted AFFO per share to a range of $5.40 to $5.60.”

First Quarter Highlights

  • Total operating expenses decreased 9.0%
  • Adjusted EBITDA margin of 41.1%
  • Free cash flow increased 10.6%
  • Diluted AFFO per share increased 2.7%

First Quarter Results
Lamar reported net revenues of $370.9 million for the first quarter of 2021 versus $406.6 million for the first quarter of 2020, an 8.8% decrease. Operating income for the first quarter of 2021 decreased $7.6 million to $88.9 million as compared to $96.6 million for the same period in 2020. Lamar recognized net income of $38.3 million for the first quarter of 2021 as compared to net income of $40.5 million for same period in 2020, a decrease of $2.2 million.  Net income per diluted share was $0.38 and $0.40 for the three months ended March 31, 2021 and 2020, respectively.

Adjusted EBITDA for the first quarter of 2021 was $152.4 million versus $159.8 million for the first quarter of 2020, a decrease of 4.6%.

Cash flow provided by operating activities was $83.3 million for the three months ended March 31, 2021, an increase of $20.4 million as compared to the same period in 2020.  Free cash flow for the first quarter of 2021 was $107.4 million as compared to $97.1 million for the same period in 2020, a 10.6% increase.

For the first quarter of 2021, funds from operations, or FFO, was $96.1 million versus $97.6 million for the same period in 2020, a decrease of 1.5%. Adjusted funds from operations, or AFFO, for the first quarter of 2021 was $116.7 million compared to $113.3 million for the same period in 2020, an increase of 3.0%. Diluted AFFO per share increased 2.7% to $1.15 for the three months ended March 31, 2021 as compared to $1.12 for the same period in 2020.

Acquisition-Adjusted Three Months Results
Acquisition-adjusted net revenue for the first quarter of 2021 decreased 8.2% over acquisition-adjusted net revenue for the first quarter of 2020. Acquisition-adjusted EBITDA for the first quarter of 2021 decreased 4.5% as compared to acquisition-adjusted EBITDA for the first quarter of 2020.  Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2020 period for acquisitions and divestitures for the same time frame as actually owned in the 2021 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures.

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Source: Lamar Advertising

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