The following is a summary of the Lamar Advertising Company (LAMR) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Lamar Advertising reported Q4 revenue growth of 2.5% on an acquisition-adjusted basis and EBITDA growth of 5.1%.

• Q4 EBITDA margin stood at 48.2%.

• The company's AFFO per share for 2023 was $7.47, exceeding their revised guidance range, and is expected to increase by about 3.7% in 2024.

• Expenses remained flat in Q4 while acquisition-adjusted revenue increased by 2.5% compared to Q4 2022.

• Adjusted EBITDA for 2023 was $985.7 million, showing a year-on-year increase of 3.5%.

• AFFO for 2023 was $7.47 per share, 1.2% higher than 2022.

Business Progress:

• The company saw strong growth in the services, automotive, and amusement and entertainment categories.

• The momentum in programmatic is expected to continue in 2024.

• The company added a significant number of digital screens through acquisitions and conversions, completing 36 acquisitions in 2023 with a total purchase price of $139 million.

• For 2024, the plan is to use a significant portion of the free cash flow to pay down a $350 million term loan.

• Local and regional sales grew for the 11th consecutive quarter by 3.3%.

• Implementation of an ERP scheme for improving operational management is planned.

• The board approved a Q1 dividend of $1.30 per share, representing an annual dividend yield of 4.6%.

More details: Lamar Advertising Co IR

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