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 second quarter ended June
30, 2016.
“Our team turned in strong operating results
across all key metrics, including sales growth and expense control,
yielding substantial Adjusted EBITDA and AFFO increases,” said
Lamar CEO Sean Reilly. “We are particularly pleased with the
performance of our digital platform, as revenue trends on both our
new units and our existing units were extremely encouraging.”
Second Quarter Highlights
- Same unit digital revenue increased 5.1%
- FFO increased $25.7 million
- AFFO increased $15.7 million
- Diluted AFFO per share increased 12.3%
Second Quarter ResultsLamar
reported net revenues of $387.5 million for the second quarter of
2016 versus $344.2 million for the second quarter of 2015, a 12.6%
increase. Operating income for the second quarter of 2016 was
$117.1 million as compared to $99.3 million for the same period in
2015. Lamar recognized net income of $81.9 million for the second
quarter of 2016 compared to net income of $59.4 million for same
period in 2015. Net income per basic and diluted share was $0.84
per share and $0.61 per share for the three months ended June 30,
2016 and 2015, respectively.
Adjusted EBITDA for the second quarter of 2016
was $176.4 million versus $155.4 million for the second quarter of
2015, an increase of 13.5%.
Cash flow provided by operating activities
increased 19.5% to $159.5 million for the three months ended June
30, 2016 as compared to the same period in 2015. Free cash flow for
the second quarter of 2016 was $112.1 million as compared to $101.2
million for the same period in 2015, a 10.8% increase.
For the second quarter of 2016, Funds From
Operations, or FFO, was $130.2 million versus $104.4 million for
the same period in 2015, an increase of 24.6%. Adjusted Funds From
Operations, or AFFO, for second quarter of 2016 was $133.7 million
compared to $118.0 million for the same period in 2015, a 13.3%
increase. Diluted AFFO per share increased 12.3% to $1.37 per share
for the three months ended June 30, 2016 as compared to $1.22 per
share for the same period in 2015.
Acquisition-Adjusted Three Months
Results Acquisition-adjusted net revenue for the second
quarter of 2016 increased 3.5% over Acquisition-adjusted net
revenue for the second quarter of 2015. Acquisition-adjusted EBITDA
increased 5.6% as compared to Acquisition-adjusted EBITDA for the
second quarter of 2015. Acquisition-adjusted net revenue and
Acquisition-adjusted EBITDA include adjustments to the 2015 period
for acquisitions and divestitures for the same time frame as
actually owned in the 2016 period. See “Reconciliation of Reported
Basis to Acquisition-Adjusted Results”, which provides
reconciliations to GAAP for Acquisition-adjusted measures.
Six Months ResultsLamar
reported net revenues of $726.1 million for the six months ended
June 30, 2016 versus $646.7 million for the same period in 2015, a
12.3% increase. Operating income for the six months ended June 30,
2016 was $203.9 million as compared to $166.6 million for the same
period in 2015. Lamar recognized net income of $133.2 million for
the six months ended June 30, 2016 as compared to net income of
$100.1 million for the same period in 2015. Net income per diluted
share was $1.36 and $1.04 per share for the six months ended June
30, 2016 and 2015, respectively. In addition, Adjusted EBITDA for
the six months ended June 30, 2016 was $306.6 million versus $273.9
million for the same period in 2015, an 11.9% increase.
Cash flow provided by operating activities
increased to $211.0 million for the six months ended June 30, 2016,
as compared to $188.2 million in the same period in 2015. Free cash
flow for the six months ended June 30, 2016 increased 16.1% to
$190.4 million as compared to $164.0 million for the same period in
2015.
For the six months ended June 30, 2016, FFO was
$218.1 million versus $189.0 million for the same period in 2015, a
15.4% increase. AFFO for the six months ended June 30, 2016 was
$226.0 million compared to $196.9 million for the same period in
2015, a 14.8% increase. Diluted AFFO per share increased to $2.32
per share for the six months ended June 30, 2016, as compared to
$2.05 per share in the comparable period in 2015, an increase of
13.2%.
LiquidityAs of June 30, 2016,
Lamar had $218.6 million in total liquidity that consisted of
$176.9 million available for borrowing under its revolving senior
credit facility and approximately $41.7 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 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, 2015, 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 non-controlling
interest.
- We define AFFO as FFO before (i) straight-line revenue and
expense; (ii) stock-based compensation expense;
(iii) non-cash tax expense (benefit); (iv) non-real
estate related depreciation and amortization; (v) amortization
of deferred financing and debt issuance 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 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 provide investors with a meaningful measure for
evaluating our period-over-period operating performance because
they eliminate 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 measure, have been included
herein.
Conference Call InformationA
conference call will be held to discuss the Company’s operating
results on Tuesday, August 9, 2016 at 8:00 a.m. central time.
Instructions for the conference call and Webcast are provided
below:
Conference Call
All Callers: |
1-334-323-0520 or
1-334-323-9871 |
Pass Code: |
Lamar |
Replay: |
1-334-323-0140 or
1-877-919-4059 |
Pass Code: |
28479077 |
|
Available through Tuesday, August 16, 2016 at
11:59 p.m. eastern time |
Live Webcast: |
www.lamar.com |
Webcast Replay: |
www.lamar.com |
|
Available through Tuesday, August 16, 2016 at
11:59 p.m. eastern time |
General Information
Founded in 1902, Lamar Advertising (Nasdaq:LAMR) is one of the
largest outdoor advertising companies in North America, with more
than 325,000 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 2,500 displays.
LAMAR ADVERTISING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(IN
THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
387,528 |
|
|
$ |
344,249 |
|
|
$ |
726,061 |
|
|
$ |
646,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (income) |
|
|
|
|
|
|
|
Direct advertising
expenses |
|
132,725 |
|
|
|
115,951 |
|
|
|
261,450 |
|
|
|
229,183 |
|
General and
administrative expenses |
|
63,287 |
|
|
|
57,616 |
|
|
|
127,717 |
|
|
|
114,143 |
|
Corporate
expenses |
|
15,124 |
|
|
|
15,316 |
|
|
|
30,311 |
|
|
|
29,485 |
|
Stock-based
compensation |
|
8,093 |
|
|
|
7,486 |
|
|
|
11,292 |
|
|
|
11,387 |
|
Depreciation and
amortization |
|
51,933 |
|
|
|
48,725 |
|
|
|
103,422 |
|
|
|
97,955 |
|
Gain on disposition of
assets |
|
(705 |
) |
|
|
(191 |
) |
|
|
(12,032 |
) |
|
|
(2,027 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
270,457 |
|
|
|
244,903 |
|
|
|
522,160 |
|
|
|
480,126 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
117,071 |
|
|
|
99,346 |
|
|
|
203,901 |
|
|
|
166,600 |
|
|
|
|
|
|
|
|
|
|
Other
(income) expense |
|
|
|
|
|
|
|
Interest income |
|
(3 |
) |
|
|
(24 |
) |
|
|
(4 |
) |
|
|
(26 |
) |
Loss on extinguishment
of debt |
|
56 |
|
|
|
— |
|
|
|
3,198 |
|
|
|
— |
|
Interest expense |
|
31,299 |
|
|
|
24,712 |
|
|
|
61,367 |
|
|
|
49,244 |
|
|
|
|
31,352 |
|
|
|
24,688 |
|
|
|
64,561 |
|
|
|
49,218 |
|
|
|
|
|
|
|
|
|
|
Income
before income tax expense |
|
85,719 |
|
|
|
74,658 |
|
|
|
139,340 |
|
|
|
117,382 |
|
Income tax
expense |
|
3,810 |
|
|
|
15,298 |
|
|
|
6,117 |
|
|
|
17,306 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
81,909 |
|
|
|
59,360 |
|
|
|
133,223 |
|
|
|
100,076 |
|
Preferred
stock dividends |
|
91 |
|
|
|
91 |
|
|
|
182 |
|
|
|
182 |
|
Net income
applicable to common stock |
$ |
81,818 |
|
|
$ |
59,269 |
|
|
$ |
133,041 |
|
|
$ |
99,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
0.84 |
|
|
$ |
0.61 |
|
|
$ |
1.37 |
|
|
$ |
1.04 |
|
Diluted earnings per
share |
$ |
0.84 |
|
|
$ |
0.61 |
|
|
$ |
1.36 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic |
|
97,121,619 |
|
|
|
96,405,105 |
|
|
|
96,956,535 |
|
|
|
96,056,912 |
|
- diluted |
|
97,731,467 |
|
|
|
96,482,919 |
|
|
|
97,523,379 |
|
|
|
96,115,587 |
|
OTHER DATA |
|
|
|
|
|
|
|
Free Cash
Flow Computation: |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
176,392 |
|
|
$ |
155,366 |
|
|
$ |
306,583 |
|
|
$ |
273,915 |
|
Interest,
net |
|
(30,017 |
) |
|
|
(23,522 |
) |
|
|
(58,702 |
) |
|
|
(46,894 |
) |
Current tax
expense |
|
(3,269 |
) |
|
|
(3,233 |
) |
|
|
(5,758 |
) |
|
|
(6,428 |
) |
Preferred
stock dividends |
|
(91 |
) |
|
|
(91 |
) |
|
|
(182 |
) |
|
|
(182 |
) |
Total
capital expenditures |
|
(30,894 |
) |
|
|
(27,324 |
) |
|
|
(51,513 |
) |
|
|
(56,365 |
) |
Free Cash Flow |
$ |
112,121 |
|
|
$ |
101,196 |
|
|
$ |
190,428 |
|
|
$ |
164,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
DATA (continued): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
|
|
December 31, |
|
Selected Balance Sheet
Data: |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
Cash and cash
equivalents |
|
|
|
|
$ |
41,737 |
|
|
$ |
22,327 |
|
Working capital |
|
|
|
|
$ |
94,974 |
|
|
$ |
44,902 |
|
Total assets |
|
|
|
|
$ |
3,912,521 |
|
|
$ |
3,363,744 |
|
Total debt, net of
deferred financing costs (including current maturities) |
|
|
|
|
$ |
2,392,677 |
|
|
$ |
1,891,450 |
|
Total stockholders’
equity |
|
|
|
|
$ |
1,039,731 |
|
|
$ |
1,021,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June, 30 |
|
Six months ended June 30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Selected Cash Flow
Data: |
|
|
|
|
|
|
|
Cash flows provided by
operating activities |
$ |
159,488 |
|
|
$ |
133,486 |
|
|
$ |
211,025 |
|
|
$ |
188,217 |
|
Cash flows used in
investing activities |
$ |
(33,360 |
) |
|
$ |
(65,807 |
) |
|
$ |
(550,913 |
) |
|
$ |
(110,077 |
) |
Cash flows (used in)
provided by financing activities |
$ |
(112,888 |
) |
|
$ |
(73,061 |
) |
|
$ |
358,115 |
|
|
$ |
(75,880 |
) |
|
|
|
|
|
|
|
|
SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS
OF NON-GAAP MEASURES (IN THOUSANDS)
|
Three months ended |
|
Six months ended |
|
June 30, |
|
June 30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Reconciliation of Free
Cash Flow to Cash Flows Provided by |
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
|
Cash flows provided by
operating activities |
$ |
159,488 |
|
|
$ |
133,486 |
|
|
$ |
211,025 |
|
|
$ |
188,217 |
|
Changes in operating
assets and liabilities |
|
(14,551 |
) |
|
|
(2,561 |
) |
|
|
34,638 |
|
|
|
36,362 |
|
Total capital
expenditures |
|
(30,894 |
) |
|
|
(27,324 |
) |
|
|
(51,513 |
) |
|
|
(56,365 |
) |
Preferred stock
dividends |
|
(91 |
) |
|
|
(91 |
) |
|
|
(182 |
) |
|
|
(182 |
) |
Other |
|
(1,831 |
) |
|
|
(2,314 |
) |
|
|
(3,540 |
) |
|
|
(3,986 |
) |
Free cash flow |
$ |
112,121 |
|
|
$ |
101,196 |
|
|
$ |
190,428 |
|
|
$ |
164,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to Net
Income: |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
176,392 |
|
|
$ |
155,366 |
|
|
$ |
306,583 |
|
|
$ |
273,915 |
|
Less: |
|
|
|
|
|
|
|
Stock-based compensation |
|
8,093 |
|
|
|
7,486 |
|
|
|
11,292 |
|
|
|
11,387 |
|
Depreciation and amortization |
|
51,933 |
|
|
|
48,725 |
|
|
|
103,422 |
|
|
|
97,955 |
|
Gain on disposition of assets |
|
(705 |
) |
|
|
(191 |
) |
|
|
(12,032 |
) |
|
|
(2,027 |
) |
Operating Income |
|
117,071 |
|
|
|
99,346 |
|
|
|
203,901 |
|
|
|
166,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Interest income |
|
(3 |
) |
|
|
(24 |
) |
|
|
(4 |
) |
|
|
(26 |
) |
Loss on extinguishment of debt |
|
56 |
|
|
|
— |
|
|
|
3,198 |
|
|
|
— |
|
Interest expense |
|
31,299 |
|
|
|
24,712 |
|
|
|
61,367 |
|
|
|
49,244 |
|
Income tax expense |
|
3,810 |
|
|
|
15,298 |
|
|
|
6,117 |
|
|
|
17,306 |
|
Net income |
$ |
81,909 |
|
|
$ |
59,360 |
|
|
$ |
133,223 |
|
|
$ |
100,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditure
detail by category: |
|
|
|
|
|
|
|
Billboards - traditional |
$ |
16,498 |
|
|
$ |
6,880 |
|
|
$ |
23,372 |
|
|
$ |
12,689 |
|
Billboards - digital |
|
8,926 |
|
|
|
15,876 |
|
|
|
15,474 |
|
|
|
30,138 |
|
Logo |
|
1,830 |
|
|
|
2,105 |
|
|
|
3,261 |
|
|
|
5,047 |
|
Transit |
|
86 |
|
|
|
32 |
|
|
|
216 |
|
|
|
162 |
|
Land and buildings |
|
1,655 |
|
|
|
968 |
|
|
|
5,548 |
|
|
|
4,139 |
|
Operating equipment |
|
1,899 |
|
|
|
1,463 |
|
|
|
3,642 |
|
|
|
4,190 |
|
Total capital expenditures |
$ |
30,894 |
|
|
$ |
27,324 |
|
|
$ |
51,513 |
|
|
$ |
56,365 |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS
OF NON-GAAP MEASURES (IN THOUSANDS)
|
Three months ended June 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
% Change |
Reconciliation of Reported Basis
to Acquisition-Adjusted Results (a): |
|
|
|
|
|
Net revenue |
$ |
387,528 |
|
|
$ |
344,249 |
|
|
|
12.6 |
% |
Acquisitions and
divestitures |
|
— |
|
|
|
30,058 |
|
|
|
Acquisition-adjusted
results-net revenue |
$ |
387,528 |
|
|
$ |
374,307 |
|
|
|
3.5 |
% |
|
|
|
|
|
|
Reported direct
advertising and G&A expenses |
$ |
196,012 |
|
|
$ |
173,567 |
|
|
|
12.9 |
% |
Acquisitions and
divestitures |
|
— |
|
|
|
18,381 |
|
|
|
Acquisition-adjusted
results-direct advertising and G&A expenses |
$ |
196,012 |
|
|
$ |
191,948 |
|
|
|
2.1 |
% |
|
|
|
|
|
|
Outdoor operating
income |
$ |
191,516 |
|
|
$ |
170,682 |
|
|
|
12.2 |
% |
Acquisitions and
divestitures |
|
— |
|
|
|
11,677 |
|
|
|
Acquisition-adjusted
results-outdoor operating income |
$ |
191,516 |
|
|
$ |
182,359 |
|
|
|
5.0 |
% |
|
|
|
|
|
|
Reported corporate
expenses |
$ |
15,124 |
|
|
$ |
15,316 |
|
|
|
(1.3 |
%) |
Acquisitions and
divestitures |
|
— |
|
|
|
71 |
|
|
|
Acquisition-adjusted
results-corporate expenses |
$ |
15,124 |
|
|
$ |
15,387 |
|
|
|
(1.7 |
%) |
|
|
|
|
|
|
Adjusted EBITDA |
$ |
176,392 |
|
|
$ |
155,366 |
|
|
|
13.5 |
% |
Acquisitions and
divestitures |
|
— |
|
|
|
11,606 |
|
|
|
Acquisition-adjusted
EBITDA |
$ |
176,392 |
|
|
$ |
166,972 |
|
|
|
5.6 |
% |
|
|
|
|
|
|
(a) Acquisition-adjusted net revenue, direct
advertising and general and administrative expenses, outdoor
operating income, corporate expenses and EBITDA include adjustments
to 2015 for acquisitions and divestitures for the same time frame
as actually owned in 2016.
|
|
Three months ended June 30, |
|
|
|
2016 |
|
|
|
2015 |
|
Reconciliation of Outdoor
Operating Income to Operating Income: |
|
|
|
|
Outdoor Operating
Income |
|
$ |
191,516 |
|
|
$ |
170,682 |
|
Less: Corporate
expenses |
|
|
15,124 |
|
|
|
15,316 |
|
Stock-based compensation |
|
|
8,093 |
|
|
|
7,486 |
|
Depreciation and amortization |
|
|
51,933 |
|
|
|
48,725 |
|
Plus: Gain on
disposition of assets |
|
|
705 |
|
|
|
191 |
|
Operating Income |
|
$ |
117,071 |
|
|
$ |
99,346 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL SCHEDULESUNAUDITED REIT MEASURESAND
RECONCILIATIONS TO GAAP MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER
SHARE DATA)
Adjusted Funds From Operations:
|
Three months ended |
Six months ended |
|
June 30, |
June
30, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
81,909 |
|
|
$ |
59,360 |
|
|
$ |
133,223 |
|
|
$ |
100,076 |
|
Depreciation and amortization
related to real estate |
|
48,300 |
|
|
|
44,963 |
|
|
|
96,067 |
|
|
|
90,377 |
|
Gain from disposition of real
estate assets and investments |
|
(207 |
) |
|
|
(57 |
) |
|
|
(11,474 |
) |
|
|
(1,799 |
) |
Adjustment for unconsolidated
affiliates and non-controlling interest |
|
170 |
|
|
|
183 |
|
|
|
266 |
|
|
|
350 |
|
Funds From
Operations |
$ |
130,172 |
|
|
$ |
104,449 |
|
|
$ |
218,082 |
|
|
$ |
189,004 |
|
|
|
|
|
|
|
|
|
Straight-line expense |
|
327 |
|
|
|
239 |
|
|
|
277 |
|
|
|
203 |
|
Stock-based compensation
expense |
|
8,093 |
|
|
|
7,486 |
|
|
|
11,292 |
|
|
|
11,387 |
|
Non-cash portion of tax
provision |
|
541 |
|
|
|
12,065 |
|
|
|
359 |
|
|
|
10,878 |
|
Non-real estate related
depreciation and amortization |
|
3,633 |
|
|
|
3,762 |
|
|
|
7,355 |
|
|
|
7,578 |
|
Amortization of deferred financing
costs |
|
1,279 |
|
|
|
1,166 |
|
|
|
2,661 |
|
|
|
2,324 |
|
Loss on extinguishment of debt |
|
56 |
|
|
|
— |
|
|
|
3,198 |
|
|
|
— |
|
Capitalized
expenditures—maintenance |
|
(10,245 |
) |
|
|
(10,980 |
) |
|
|
(16,937 |
) |
|
|
(24,136 |
) |
Adjustment for unconsolidated
affiliates and non-controlling interest |
|
(170 |
) |
|
|
(183 |
) |
|
|
(266 |
) |
|
|
(350 |
) |
|
|
|
|
|
|
|
|
Adjusted Funds
From Operations |
$ |
133,686 |
|
|
$ |
118,004 |
|
|
$ |
226,021 |
|
|
$ |
196,888 |
|
|
|
|
|
|
|
|
|
Divided by weighted
average diluted common shares outstanding |
|
97,731,467 |
|
|
|
96,482,919 |
|
|
|
97,523,379 |
|
|
|
96,115,587 |
|
Diluted AFFO per
share |
$ |
1.37 |
|
|
$ |
1.22 |
|
|
$ |
2.32 |
|
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Contact:
Buster Kantrow
Director of Investor Relations
(225) 926-1000
bkantrow@lamar.com
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