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, 2023.
"The first quarter unfolded largely as expected,
with steady local sales offsetting weakness on the national front,"
Lamar chief executive Sean Reilly said. "Looking ahead, while April
saw some slight softening in business activity, we remain confident
in the midpoint of our guidance because of the hard work our team
has done managing expenses."
First Quarter Highlights
- Net revenue increased 4.4%
- Adjusted EBITDA increased 3.5%
- Diluted AFFO per share decreased 6.0%
First Quarter Results
Lamar reported net revenues of $471.3 million
for the first quarter of 2023 versus $451.4 million for the first
quarter of 2022, a 4.4% increase. Operating income for the first
quarter of 2023 decreased $1.7 million to $118.8 million as
compared to $120.5 million for the same period in 2022. Lamar
recognized net income of $76.2 million for the first quarter of
2023 as compared to net income of $92.2 million for same period in
2022, a decrease of $16.0 million, primarily related to an increase
in interest expense of $14.7 million over the same period in 2022.
Net income per diluted share was $0.74 and $0.91 for the three
months ended March 31, 2023 and 2022, respectively.
Adjusted EBITDA for the first quarter of 2023
was $198.0 million versus $191.2 million for the first quarter of
2022, an increase of 3.5%.
Cash flow provided by operating activities was
$108.7 million for the three months ended March 31, 2023
versus $102.0 million for the first quarter of 2022, an increase of
$6.7 million. Free cash flow for the first quarter of 2023 was
$113.3 million as compared to $134.5 million for the same period in
2022, a 15.8% decrease.
For the first quarter of 2023, funds from
operations, or FFO, was $143.5 million versus $156.3 million for
the same period in 2022, a decrease of 8.2%. Adjusted funds from
operations, or AFFO, for the first quarter of 2023 was $144.1
million compared to $151.9 million for the same period in 2022, a
decrease of 5.2%. Diluted AFFO per share decreased 6.0% to $1.41
for the three months ended March 31, 2023 as compared to $1.50
for the same period in 2022.
Acquisition-Adjusted Three Months
Results
Acquisition-adjusted net revenue for the first
quarter of 2023 increased 1.5% over acquisition-adjusted net
revenue for the first quarter of 2022. Acquisition-adjusted EBITDA
for the first quarter of 2023 increased 0.8% as compared to
acquisition-adjusted EBITDA for the first quarter of 2022.
Acquisition-adjusted net revenue and acquisition-adjusted EBITDA
include adjustments to the 2022 period for acquisitions and
divestitures for the same time frame as actually owned in the 2023
period. See “Reconciliation of Reported Basis to
Acquisition-Adjusted Results”, which provides reconciliations to
GAAP for acquisition-adjusted measures.
Liquidity
As of March 31, 2023, Lamar had $663.0
million in total liquidity that consisted of $625.9 million
available for borrowing under its revolving senior credit facility,
$3.6 million under its Accounts Receivable Securitization Program
and $33.5 million in cash and cash equivalents. There were $115.0
million in borrowings outstanding under the Company’s revolving
credit facility and $234.8 million outstanding under the Accounts
Receivable Securitization Program as of the same date.
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, including inflationary
pressures 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, 2022, 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 investees,
stock-based compensation, depreciation and amortization, gain or
loss on disposition of assets, 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 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)
capitalized contract fulfillment costs, net; (iii) stock-based
compensation expense; (iv) non-cash portion of tax provision;
(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.
-
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 4, 2023 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: |
www.lamar.com/About/Investors/Presentations |
|
|
Webcast
Replay: |
www.lamar.com/About/Investors/Presentations |
|
Available through Thursday, May
11, 2023 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 approximately 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 over 4,500
displays.
LAMAR ADVERTISING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(UNAUDITED) |
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE
DATA) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Net revenues |
$ |
471,332 |
|
|
$ |
451,388 |
|
Operating expenses
(income) |
|
|
|
Direct advertising expenses |
|
167,758 |
|
|
|
156,826 |
|
General and administrative expenses |
|
80,882 |
|
|
|
81,763 |
|
Corporate expenses |
|
24,740 |
|
|
|
21,553 |
|
Stock-based compensation |
|
8,040 |
|
|
|
1,780 |
|
Capitalized contract fulfillment costs, net |
|
674 |
|
|
|
946 |
|
Depreciation and amortization |
|
73,125 |
|
|
|
68,627 |
|
Gain on disposition of assets |
|
(2,688 |
) |
|
|
(563 |
) |
Total operating expense |
|
352,531 |
|
|
|
330,932 |
|
Operating income |
|
118,801 |
|
|
|
120,456 |
|
Other expense (income) |
|
|
|
Interest income |
|
(461 |
) |
|
|
(215 |
) |
Interest expense |
|
41,444 |
|
|
|
26,786 |
|
Equity in earnings of investee |
|
(178 |
) |
|
|
(746 |
) |
|
|
40,805 |
|
|
|
25,825 |
|
Income before income tax
expense |
|
77,996 |
|
|
|
94,631 |
|
Income tax expense |
|
1,798 |
|
|
|
2,480 |
|
Net income |
|
76,198 |
|
|
|
92,151 |
|
Earnings attributable to
non-controlling interest |
|
157 |
|
|
|
— |
|
Net income attributable to
controlling interest |
|
76,041 |
|
|
|
92,151 |
|
Preferred stock dividends |
|
91 |
|
|
|
91 |
|
Net income applicable to
common stock |
$ |
75,950 |
|
|
$ |
92,060 |
|
Earnings per share: |
|
|
|
Basic earnings per share |
$ |
0.75 |
|
|
$ |
0.91 |
|
Diluted earnings per share |
$ |
0.74 |
|
|
$ |
0.91 |
|
Weighted average common shares
outstanding: |
|
|
|
Basic |
|
101,792,317 |
|
|
|
101,339,558 |
|
Diluted |
|
101,963,563 |
|
|
|
101,540,213 |
|
OTHER
DATA |
|
|
|
Free Cash Flow
Computation: |
|
|
|
Adjusted EBITDA |
$ |
197,952 |
|
|
$ |
191,246 |
|
Interest, net |
|
(39,341 |
) |
|
|
(25,100 |
) |
Current tax expense |
|
(2,950 |
) |
|
|
(2,822 |
) |
Preferred stock dividends |
|
(91 |
) |
|
|
(91 |
) |
Total capital
expenditures |
|
(42,285 |
) |
|
|
(28,759 |
) |
Free cash flow |
$ |
113,285 |
|
|
$ |
134,474 |
|
SUPPLEMENTAL SCHEDULES |
|
SELECTED BALANCE SHEET AND CASH FLOW DATA |
(IN THOUSANDS) |
|
|
March 31,2023 |
|
December 31,2022 |
Selected Balance Sheet
Data: |
|
|
|
Cash and cash equivalents |
$ |
33,522 |
|
|
$ |
52,619 |
|
Working capital deficit |
$ |
(321,540 |
) |
|
$ |
(361,485 |
) |
Total assets |
$ |
6,441,785 |
|
|
$ |
6,475,214 |
|
Total debt, net of deferred
financing costs (including current maturities) |
$ |
3,369,129 |
|
|
$ |
3,312,805 |
|
Total stockholders’
equity |
$ |
1,160,687 |
|
|
$ |
1,195,374 |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Selected Cash Flow Data: |
|
|
|
Cash flows provided by
operating activities |
$ |
108,712 |
|
|
$ |
102,038 |
|
Cash flows used in investing
activities |
$ |
52,664 |
|
|
$ |
83,342 |
|
Cash flows used in financing
activities |
$ |
75,155 |
|
|
$ |
2,713 |
|
SUPPLEMENTAL SCHEDULES |
UNAUDITED RECONCILIATIONS OF NON-GAAP
MEASURES |
(IN THOUSANDS) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Cash Flows
Provided by Operating Activities to Free Cash Flow: |
|
|
|
Cash flows provided by
operating activities |
$ |
108,712 |
|
|
$ |
102,038 |
|
Changes in operating assets
and liabilities |
|
47,672 |
|
|
|
60,301 |
|
Total capital
expenditures |
|
(42,285 |
) |
|
|
(28,759 |
) |
Preferred stock dividends |
|
(91 |
) |
|
|
(91 |
) |
Capitalized contract
fulfillment costs, net |
|
674 |
|
|
|
946 |
|
Other |
|
(1,397 |
) |
|
|
39 |
|
Free cash flow |
$ |
113,285 |
|
|
$ |
134,474 |
|
|
|
|
|
Reconciliation of Net Income
to Adjusted EBITDA: |
|
|
|
Net income |
$ |
76,198 |
|
|
$ |
92,151 |
|
Interest income |
|
(461 |
) |
|
|
(215 |
) |
Interest expense |
|
41,444 |
|
|
|
26,786 |
|
Equity in earnings of investee |
|
(178 |
) |
|
|
(746 |
) |
Income tax expense |
|
1,798 |
|
|
|
2,480 |
|
Operating income |
|
118,801 |
|
|
|
120,456 |
|
Stock-based compensation |
|
8,040 |
|
|
|
1,780 |
|
Capitalized contract fulfillment costs, net |
|
674 |
|
|
|
946 |
|
Depreciation and amortization |
|
73,125 |
|
|
|
68,627 |
|
Gain on disposition of assets |
|
(2,688 |
) |
|
|
(563 |
) |
Adjusted EBITDA |
$ |
197,952 |
|
|
$ |
191,246 |
|
|
|
|
|
Capital expenditure detail by
category: |
|
|
|
Billboards - traditional |
$ |
13,538 |
|
|
$ |
8,132 |
|
Billboards - digital |
|
17,432 |
|
|
|
13,336 |
|
Logo |
|
3,140 |
|
|
|
2,408 |
|
Transit |
|
719 |
|
|
|
490 |
|
Land and buildings |
|
4,174 |
|
|
|
1,489 |
|
Operating equipment |
|
3,282 |
|
|
|
2,904 |
|
Total capital expenditures |
$ |
42,285 |
|
|
$ |
28,759 |
|
SUPPLEMENTAL SCHEDULES |
|
UNAUDITED RECONCILIATIONS OF NON-GAAP
MEASURES |
(IN THOUSANDS) |
|
|
|
Three Months EndedMarch 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Reconciliation of Reported
Basis to Acquisition-Adjusted Results(a): |
|
|
|
|
|
|
Net revenue |
|
$ |
471,332 |
|
|
$ |
451,388 |
|
|
4.4 |
% |
Acquisitions and
divestitures |
|
|
— |
|
|
|
12,949 |
|
|
|
Acquisition-adjusted net
revenue |
|
$ |
471,332 |
|
|
$ |
464,337 |
|
|
1.5 |
% |
Reported direct advertising
and G&A expenses |
|
$ |
248,640 |
|
|
$ |
238,589 |
|
|
4.2 |
% |
Acquisitions and
divestitures |
|
|
— |
|
|
|
7,900 |
|
|
|
Acquisition-adjusted direct
advertising and G&A expenses |
|
$ |
248,640 |
|
|
$ |
246,489 |
|
|
0.9 |
% |
Outdoor operating income |
|
$ |
222,692 |
|
|
$ |
212,799 |
|
|
4.6 |
% |
Acquisition and
divestitures |
|
|
— |
|
|
|
5,049 |
|
|
|
Acquisition-adjusted outdoor
operating income |
|
$ |
222,692 |
|
|
$ |
217,848 |
|
|
2.2 |
% |
Reported corporate
expense |
|
$ |
24,740 |
|
|
$ |
21,553 |
|
|
14.8 |
% |
Acquisitions and
divestitures |
|
|
— |
|
|
|
— |
|
|
|
Acquisition-adjusted corporate
expenses |
|
$ |
24,740 |
|
|
$ |
21,553 |
|
|
14.8 |
% |
Adjusted EBITDA |
|
$ |
197,952 |
|
|
$ |
191,246 |
|
|
3.5 |
% |
Acquisitions and
divestitures |
|
|
— |
|
|
|
5,049 |
|
|
|
Acquisition-adjusted
EBITDA |
|
$ |
197,952 |
|
|
$ |
196,295 |
|
|
0.8 |
% |
(a) |
|
Acquisition-adjusted net revenue, direct advertising and general
and administrative expenses, outdoor operating income, corporate
expenses and EBITDA include adjustments to 2022 for acquisitions
and divestitures for the same time frame as actually owned in
2023. |
SUPPLEMENTAL SCHEDULES |
UNAUDITED RECONCILIATIONS OF NON-GAAP
MEASURES |
(IN THOUSANDS) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Reconciliation of Net Income
to Outdoor Operating Income: |
|
|
|
|
|
Net income |
$ |
76,198 |
|
|
$ |
92,151 |
|
|
(17.3 |
)% |
Interest expense, net |
|
40,983 |
|
|
|
26,571 |
|
|
|
Equity in earnings of investee |
|
(178 |
) |
|
|
(746 |
) |
|
|
Income tax expense |
|
1,798 |
|
|
|
2,480 |
|
|
|
Operating income |
|
118,801 |
|
|
|
120,456 |
|
|
(1.4 |
)% |
Corporate expenses |
|
24,740 |
|
|
|
21,553 |
|
|
|
Stock-based compensation |
|
8,040 |
|
|
|
1,780 |
|
|
|
Capitalized contract fulfillment costs, net |
|
674 |
|
|
|
946 |
|
|
|
Depreciation and amortization |
|
73,125 |
|
|
|
68,627 |
|
|
|
Gain on disposition of assets |
|
(2,688 |
) |
|
|
(563 |
) |
|
|
Outdoor operating income |
$ |
222,692 |
|
|
$ |
212,799 |
|
|
4.6 |
% |
SUPPLEMENTAL SCHEDULES |
UNAUDITED RECONCILIATIONS OF NON-GAAP
MEASURES |
(IN THOUSANDS) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Reconciliation of Total
Operating Expense to Acquisition-Adjusted Consolidated
Expense: |
|
|
|
|
|
Total operating expense |
$ |
352,531 |
|
|
$ |
330,932 |
|
|
6.5 |
% |
Gain on disposition of assets |
|
2,688 |
|
|
|
563 |
|
|
|
Depreciation and amortization |
|
(73,125 |
) |
|
|
(68,627 |
) |
|
|
Capitalized contract fulfillment costs, net |
|
(674 |
) |
|
|
(946 |
) |
|
|
Stock-based compensation |
|
(8,040 |
) |
|
|
(1,780 |
) |
|
|
Acquisitions and divestitures |
|
— |
|
|
|
7,900 |
|
|
|
Acquisition-adjusted
consolidated expense |
$ |
273,380 |
|
|
$ |
268,042 |
|
|
2.0 |
% |
SUPPLEMENTAL SCHEDULES |
UNAUDITED REIT MEASURES |
AND RECONCILIATIONS TO GAAP MEASURES |
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE
DATA) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Adjusted Funds from
Operations: |
|
|
|
Net income |
$ |
76,198 |
|
|
$ |
92,151 |
|
Depreciation and amortization related to real estate |
|
70,350 |
|
|
|
65,526 |
|
Gain from sale or disposal of real estate, net of tax |
|
(2,720 |
) |
|
|
(454 |
) |
Adjustments for unconsolidated affiliates and non-controlling
interest |
|
(335 |
) |
|
|
(895 |
) |
Funds from operations |
$ |
143,493 |
|
|
$ |
156,328 |
|
Straight-line expense |
|
957 |
|
|
|
915 |
|
Capitalized contract fulfillment costs, net |
|
674 |
|
|
|
946 |
|
Stock-based compensation expense |
|
8,040 |
|
|
|
1,780 |
|
Non-cash portion of tax provision |
|
(1,152 |
) |
|
|
(342 |
) |
Non-real estate related depreciation and amortization |
|
2,775 |
|
|
|
3,101 |
|
Amortization of deferred financing costs |
|
1,642 |
|
|
|
1,471 |
|
Capitalized expenditures-maintenance |
|
(12,692 |
) |
|
|
(13,185 |
) |
Adjustments for unconsolidated affiliates and non-controlling
interest |
|
335 |
|
|
|
895 |
|
Adjusted funds from
operations |
$ |
144,072 |
|
|
$ |
151,909 |
|
Divided by weighted average diluted common shares outstanding |
|
101,963,563 |
|
|
|
101,540,213 |
|
Diluted AFFO per share |
$ |
1.41 |
|
|
$ |
1.50 |
|
Lamar Advertising (NASDAQ:LAMR)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Lamar Advertising (NASDAQ:LAMR)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024