Lamar Advertising Company【LAMR】株式ニュース

Lamar Advertising Company Announces First Quarter Ended March 31, 2020 Operating Results
6:00 AM ET, 05/07/2020 - GlobeNewswire

Three Month Results
Net revenue increased 5.8% to $406.6 millionNet income was $40.5 millionAdjusted EBITDA increased 9.4% to $159.8 million
Three Month Acquisition-Adjusted Results
Acquisition-adjusted net revenue increased 4.4%Acquisition-adjusted EBITDA increased 8.7%
BATON ROUGE, La., May 07, 2020 (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 first quarter ended March 31, 2020.

"As our first quarter results indicate, we were off to a strong start to 2020. Then, of course, the coronavirus pandemic adversely affected us and our customers in late March and through April. We have used that time to prepare the company for the downturn and ensure we emerge even stronger on the other side," said CEO Sean Reilly. "While we do not yet have sufficient visibility to reissue guidance for 2020, I am encouraged by several signs we are seeing. First, traffic is rebounding rapidly across the vast majority of our markets. Second, business activity has picked up. Cancellations have slowed, and we’ve begun to write new business again. And finally, while it is clear that a few of our verticals will remain challenged, we are optimistic based on our conversations with customers that many categories will rebound soon."

“Meanwhile, I’ve never been prouder of the out-of-home industry, as we’ve donated unprecedented amounts of our inventory in communities across the country to support front-line health-care workers and first responders and to encourage safe practices. I’ve also never been prouder of the people of Lamar as they continue to selflessly support each other, our clients and our communities through these challenging times.”

COVID-19 Updates
Our audience is the driving public, and in markets representing approximately 80% of our 2019 billboard revenues, travel activity is back to at least 75% of last year’s average.1April 2020 acquisition-adjusted net revenues were down approximately 20% from April 2019.Our liquidity position is strong. We ended the first quarter with approximately $497 million of cash on hand and $112 million in additional revolver capacity.Categories showing signs of renewed activity include services, quick service restaurants, health care, financial institutions, education and beer/wine.We presently anticipate that full year 2020 acquisition-adjusted consolidated expenses will be approximately 5% lower than in 2019. Acquisition-adjusted consolidated expenses were down approximately 6% in April 2020 compared to April 2019.We have reduced our total 2020 capital expenditure budget from an expected $130 million to approximately $58 million.We anticipate announcing our plans for the Q2 2020 dividend distribution at the end of May.We intend to reissue 2020 AFFO guidance with our Q2 2020 earnings release in August.
First Quarter Results

Lamar reported net revenues of $406.6 million for the first quarter of 2020 versus $384.5 million for the first quarter of 2019, a 5.8% increase. Operating income for the first quarter of 2020 increased $5.8 million to $96.6 million as compared to $90.8 million for the same period in 2019. Lamar recognized net income of $40.5 million for the first quarter of 2020 as compared to net income of $51.3 million for same period in 2019, a decrease of $10.8 million, due to the $18.2 million loss on debt extinguishment related to the prepayment of Lamar Media’s 5 3/8% Senior Notes due 2024 and Term Loan A under its senior credit facility. Net income per diluted share was $0.40 and $0.51 for the three months ended March 31, 2020 and 2019, respectively.

1 Source: Geopath data

Adjusted EBITDA for the first quarter of 2020 was $159.8 million versus $146.1 million for the first quarter of 2019, an increase of 9.4%.

Cash flow provided by operating activities was $62.9 million for the three months ended March 31, 2020, an increase of $2.2 million as compared to the same period in 2019. Free cash flow for the first quarter of 2020 was $97.1 million as compared to $82.7 million for the same period in 2019, a 17.4% increase.

For the first quarter of 2020, funds from operations, or FFO, was $97.6 million versus $105.0 million for the same period in 2019, a decrease of 7.1% which was impacted by the loss on extinguishment of debt. Adjusted funds from operations, or AFFO, for the first quarter of 2020 was $113.3 million compared to $98.9 million for the same period in 2019, an increase of 14.5%. Diluted AFFO per share increased 13.1% to $1.12 for the three months ended March 31, 2020 as compared to $0.99 for the same period in 2019.

Acquisition-Adjusted Three Months Results

Acquisition-adjusted net revenue for the first quarter of 2020 increased 4.4% over acquisition-adjusted net revenue for the first quarter of 2019. Acquisition-adjusted EBITDA for the first quarter of 2020 increased 8.7% as compared to acquisition-adjusted EBITDA for the first quarter of 2019. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2019 period for acquisitions and divestitures for the same time frame as actually owned in the 2020 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures.

Liquidity

As of March 31, 2020, Lamar had $608.5 million in total liquidity that consisted of $111.9 million available for borrowing under its revolving senior credit facility and approximately $496.6 million in cash and cash equivalents.

Recent Developments

On February 6, 2020, Lamar Media completed a $2.35 billion refinancing transaction involving (i) the issuance of an additional $1.00 billion in aggregate principal amount of new senior notes, consisting of $600.0 million in aggregate principal amount of 3 3/4% Senior Notes due 2028 and $400.0 million in aggregate principal amount of 4% Senior Notes due 2030 and (ii) the amendment and restatement of its senior credit facility. The Fourth Amended and Restated Credit Agreement consists of (i) a new 5-year $750.0 million senior secured revolving credit facility, (ii) a new 7-year $600.0 million Term B loan facility and (iii) an incremental facility pursuant to which Lamar Media may re quest additional term loan tranches or increase its revolving credit facility subject to certain conditions and lender approval.

Proceeds from the refinancing transactions, after the payment of fees and expenses, were used to (1) redeem on February 20, 2020 all $510.0 million of the 5 3/8% Senior Notes due 2024 and (2) repay amounts outstanding under the Third Amended and Restated Senior Credit Agreement, including the existing Term Loan A and Term Loan B thereunder.

Lamar is actively monitoring the effects of the COVID-19 pandemic on our business and the business of our advertisers. In response to the virus’s effect on the overall economy and Lamar, as disclosed previously, we have withdrawn our full-year 2020 financial guidance. In addition, the Company has taken the following measures in response to the COVID-19 pandemic:
Borrowed $535 million under its revolving credit facility. The Company had remaining availability of approximately $112 million.Sharply curtailed spending on capital projects, including new digital displays. We anticipate our capital expenditures for 2020 to be approximately $58 million.Suspended its acquisition activity.Instituted a hiring freeze.Initiated discussions with many billboard ground lessors about amending their agreements to reduce future fixed lease expenses and amending payment terms from annual prepayment to monthly payments.Engaged in conversations with our airport and transit franchise partners about temporary relief from current and future annual contractual guarantees.
As previously disclosed on April 2, 2020, Lamar’s Board of Directors is continuing to evaluate our dividend plans for the remainder of 2020.

The Company has also been able to utilize portions of the CARES Act enacted on March 27, 2020, which included an allowance for delaying employer portions of payroll taxes, as well as additional benefits for maintaining our workforce during state issued “stay-at-home” orders.

We will continue to actively monitor the situation and may take further actions to alter our business operations as may be required by federal, state or local authorities, or that we determine are in the best interest of our employees, customers, partners and shareholders