The following is a summary of the Lamar Advertising Company (LAMR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Lamar Advertising reported Q1 revenue growth of 5.3% on an acquisition-adjusted basis.

• EBITDA increase of 6.5% on the same acquisition-adjusted basis.

• The company raised its guidance for full year AFFO per share to a range of $7.75 to $7.90 per share.

• The bulk of the free cash flow will be used to pay off $350 million Term A loan.

• By the end of the year, total leverage is expected to be below 3x net debt to EBITDA.

• Diluted AFFO per share increased to $1.54 from $1.41 in Q1 2023.

Business Progress:

• Local sales strength and digital platform growth helped offset national ad spend weakness.

• Multiple industries exhibited significant growth, including services, restaurants, amusements, and building and construction.

• The company's new ERP system has gone live as part of the technology transformation initiative. Phase 2 is planned to commence in late Q2 or early Q3.

• The rate of political revenue growth was up nearly $3 million over Q1 2023 and is expected to remain a tailwind.

• National sales continue to be a challenge, while regional sales accounted for approximately 82% of billboard revenue in Q1.

• While M&A activity is expected to be quiet, the focus will be on balance sheet strengthening, with a more active period anticipated from 2025 onwards.

More details: Lamar Advertising Co IR

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