Lamar Advertising Company Announces Second Quarter 2019 Operating Results

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BATON ROUGE, La., Aug. 07, 2019 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2019.

“While June finished up a little softer than we anticipated, we are seeing stronger pacings in the back half of 2019 and are maintaining our previously provided guidance for full year AFFO per share,” said CEO Sean Reilly.  “In addition, the acquisition pipeline remains robust with over $200 million in outdoor assets purchased so far this year.”

Adjusted EBITDA for the second quarter of 2019 was $207.9 million versus $195.8 million for the second quarter of 2018, an increase of 6.2%.

Cash flow provided by operating activities was $176.3 million for the three months ended June 30, 2019, an increase of       $1.3 million as compared to the same period in 2018.  Free cash flow for the second quarter of 2019 remained consistent with the same period in 2018 at $132.9 million.

For the second quarter of 2019, Funds From Operations, or FFO, was $159.3 million versus $150.9 million for the same period in 2018, an increase of 5.5%.   Adjusted Funds From Operations, or AFFO, for the second quarter of 2019 was                       $154.1 million compared to $150.5 million for the same period in 2018, an increase of 2.4%.   Diluted AFFO per share increased 1.3% to $1.54 for the three months ended June 30, 2019 as compared to $1.52 for the same period in 2018.

Cash flow provided by operating activities increased to $237.0 million for the six months ended June 30, 2019, as compared to $215.8 million in the same period in 2018. Free cash flow for the six months ended June 30, 2019        increased 0.6% to $215.6 million as compared to $214.3 million for the same period in 2018.

For the six months ended June 30, 2019, FFO was $264.3 million versus $229.6 million for the same period in 2018,         a 15.1% increase.  AFFO for the six months ended June 30, 2019 was $253.0 million compared to $246.9 million for the same period in 2018, a 2.5% increase.  Diluted AFFO per share increased to $2.53 for the six months ended June 30, 2019, as compared to $2.50 in the same period in 2018, an increase of 1.2%.

Adjusted EBITDA, FFO, AFFO, Diluted AFFO per share, Outdoor Operating Income and Acquisition-Adjusted Results 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 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 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, 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, Diluted AFFO per share, Outdoor Operating Income and Acquisition-Adjusted Results to the most directly comparable GAAP measures have been included herein.

Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 360,000 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 3,400 displays. LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS)

SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS)

(a) Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2018 for acquisitions and divestitures for the same time frame as actually owned in 2019. 

(b) Does not include a $2,600 reduction of expense due to impact of ASC 842 for lease accounting.

SUPPLEMENTAL SCHEDULESUNAUDITED REIT MEASURESAND RECONCILIATIONS TO GAAP MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

Adjusted Funds From Operations:

 

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Globe Newswire: 11:00 GMT Wednesday 7th August 2019

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