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Lamar Earnings Call Highlights

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Our Highlights of the Lamar Earnings Call 

Not getting too deep in the weeds
below find a link to and our summary highlights of
the Lamar Earnings Call from yesterday

Lamar Advertising Shared Q4 2019 Results in a Conference Call yesterday morning. If you are interested in reading the earnings call transcript. Seeking Alpha has it published it here⇒ Lamar Advertising Company REIT (LAMR) CEO Sean Reilly on Q4 2019 Results – Earnings Call 

The call was lead by Sean Reilly, CEO and Jay Johnson ,Treasurer and CFO

Highlights gleaned from the conference call.

Strong verticals for the fourth quarter included:
service, up 7%
hospitals, up 8%
amusement, entertainment and sports, up 7%
insurance, up 42%
financial, up 20%
Automotive was down 4%
Retail down 5% or $2.5 Million 

 

On Digital Displays:
Digital platform continues to perform well and provide good incremental growth. Same board performance up 4.6% for the full year. Digital platform same board was up 5.2%. 

3,542 digital faces total ‘in the air’ in 2019.  An increase of approximately 335 faces for the full year. 205 of  were new-builds and 130 were by acquisition. Lamar goal for 2020 is to pick up the pace a bit in new-build activity as we are shooting for approximately 250 new-build units in 2020.

$400 million in digital revenues across the platform. On a total revenue base of $1.75 billion.  approximate… 22%.

 

National and local sales:
the mix in Q4 was 75% local and 24% national/programmatic.
A word on programmatic and how it fits in to Lamar national numbers, programmatic is virtually all national, and so we are lumping them together for purposes of this type of reporting. And with that in mind, Q4 local grew 1.8% and national/programmatic grew 7.7%. For the full year, if you took local and national, they both grew basically plus 3% and plus 3%. That, by the way, is a billboard-only number, doesn’t include logos, transit and airports.

 

The Refinancings:
R
efinancings will result in over $60 million of amortization and cash interest savings, which can be redeployed to more accretive activities like acquisitions or converting static billboards to digital.


Revenue:
Full year, revenue increased 7.8% to $1.75 billion. Adjusted EBITDA was $784.9 million, which represented an 8.6% increase.

 

Acquisitions:
2019 was a solid year for Lamar as we successfully integrated the Fairway, Ashby Street and Mid-America acquisitions, adding nine new markets across the states of North and South Carolina, Georgia, Arkansas, Kansas, Illinois and Wisconsin to our nationwide footprint.

 

 

 

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