The following is a summary of the Lamar Advertising Company (LAMR) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 2024 revenues grew by 3.9% on an acquisition-adjusted basis, with AFFO per share growth of 9.5%.

• EBITDA increased by 6.3% on an acquisition-adjusted basis, and adjusted EBITDA margin expanded to 48%.

• The company repaid a $350 million term loan, strengthening the balance sheet further.

• Lamar anticipates an AFFO per share range of $7.75 to $7.90 for the full year 2024.

• Anticipate low single-digit decline in national ad revenue in Q3, while expecting local sales to remain strong.

Business Progress:

• Strong performance in local sales and programmatic channels, especially with new customers in pharma and CPG.

• Continued revenue and EBITDA growth in billboard regions and a significant increase in airport business as air traffic reaches record levels.

• Digital platform revenue grew 2.6%, with digital forming 30.6% of the book in Q2.

Opportunities:

• Expect political advertising to potentially increase in Q4, historically a positive influence, not yet reflected in current projections.

• As the M&A market is anticipated to pick up entering 2025, Lamar is well-positioned with a strong balance sheet to capitalize on potential acquisition opportunities.

Risks:

• National advertising suffering a low single-digit decline; reliant on the stabilization and potential resurgence of national ad spending into 2025.

• Continued softness in healthcare and financial categories impacting national ad revenue growth.

More details: Lamar Advertising Co IR

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