Lamar Advertising Co (LAMR) 2024 Q4 法說會逐字稿

Excuse me, everyone. We now have Sean Reilly and Jay Johnson in conference. (Operator Instructions)

各位，不好意思。現在我們有 Sean Reilly 和 Jay Johnson 參加會議。（操作員指令）

In the course of this discussion, Lamar may make forward-looking statements regarding the company, including statements about its future financial performance, strategic goals, plans, and objectives, including with respect to the amount and timing of any distributions to stockholders and the impacts and effects of general economic conditions, including inflationary pressures on the company's business, financial condition, and results of operations. All forward-looking statements involve risks, uncertainties, and contingencies, many of which are beyond Lamar's control, and which may cause actual results to differ materially from anticipated results.

在本次討論過程中，拉馬爾可能會對公司做出前瞻性陳述，包括關於公司未來財務業績、戰略目標、計劃和目標的陳述，包括關於向股東分配的金額和時間以及一般經濟狀況的影響和效果，包括通脹壓力對公司業務、財務狀況和經營業績的影響。所有前瞻性陳述都涉及風險、不確定性和意外事件，其中許多超出了拉馬爾的控制範圍，並且可能導致實際結果與預期結果有重大差異。

Lamar has identified important factors that could cause actual results to differ materially from those discussed in this call in the company's fourth-quarter 2024 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents.

拉馬爾 (Lamar) 已確定了一些重要因素，這些因素可能會導致實際結果與公司 2024 年第四季度收益報告和最新的 10-K 表年度報告中本次電話會議中討論的結果存在重大差異。拉馬爾請你參考那些文件。

Lamar's fourth-quarter 2024 earnings release, which contains information required by Regulation G regarding certain non-GAAP financial measures, was furnished to the SEC on a Form 8-K this morning and is available on the Investors section of Lamar's website, www.lamar.com.

Lamar 的 2024 年第四季度收益報告包含 G 條例要求的有關某些非 GAAP 財務指標的信息，已於今天上午以 8-K 表格形式提交給美國證券交易委員會 (SEC)，可在 Lamar 網站 www.lamar.com 的投資者部分查閱。

I would now like to turn the conference over to Mr. Sean Reilly. Please go ahead, sir.

現在我想將會議交給肖恩·賴利先生。先生，請繼續。

Thank you, Bo. Good morning, and welcome to Lamar's Q4 2024 Earnings Call. We ended 2024 on a positive note. Revenue growth accelerated from Q3, aided by political with local and programmatic again, leading the way. For the quarter, revenue was up 4.1% on an acquisition-adjusted basis compared to Q4 of 2023, with increases across all our lines of business, outdoor, logos, transit and airport.

謝謝你，博。早安，歡迎參加 Lamar 2024 年第四季財報電話會議。我們以積極的態度結束了 2024 年。在政治因素的推動下，營收成長從第三季開始加速，本地和程式化廣告再次引領潮流。本季度，經收購調整後的營收與 2023 年第四季相比成長了 4.1%，我們所有業務線（戶外、標誌、交通和機場）的營收均有所成長。

EBITDA grew 3.9% on the same acquisition-adjusted basis. As a result, we delivered full year AFFO of $7.99 per share $0.04 above the top end of the revised guidance range that we provided at the end of Q3 and $0.17 above the top end of our original guidance for 2024. For the full year, AFFO per share increased 7% and bolstered by acquisition-adjusted revenue growth of 4.2%, EBITDA growth of 4.5% and a slight improvement in our EBITDA margin to 46.8%, all of which allowed us to increase our distribution by 13%.

經相同收購調整後，EBITDA 成長 3.9%。因此，我們實現的全年 AFFO 為每股 7.99 美元，比我們在第三季度末提供的修訂指導範圍的最高端高出 0.04 美元，比我們最初對 2024 年的指導的最高端高出 0.17 美元。全年來看，每股 AFFO 成長 7%，得益於收購調整後營收成長 4.2%、EBITDA 成長 4.5% 以及 EBITDA 利潤率小幅提高至 46.8%，所有這些讓我們的分銷量增加了 13%。

As we think about 2025, we anticipate another year of growth. Local sales remain solid, and it feels like national is firming up after a couple of tough years. As you saw in the release, we are guiding to full year AFFO per share in the range of $8.13 to $8.28. Embedded within that guidance is an expectation for acquisition adjusted revenue growth in the range of 3%, with a similar percentage increase in operating expenses.

展望 2025 年，我們預期這將是另一個成長的一年。本地銷售依然穩健，而且感覺全國市場在經歷幾年的艱難時期後逐漸恢復強勁。正如您在新聞稿中看到的，我們預計全年每股 AFFO 在 8.13 美元至 8.28 美元之間。該指引預計收購調整後營收將成長 3% 左右，而營業費用也將有類似百分比的成長。

Year-over-year revenue growth will be more modest in the first quarter. Recall that we had an extra sales day last year due to the leap year, but our pacing show that growth is picking up as the year unfolds, and last night, we announced another significant increase in our dividend for 2025 to a run rate of $6.20 per share.

第一季的年收入成長將較為溫和。回想一下，去年由於閏年我們增加了一天銷售，但我們的節奏表明，隨著時間的推移，增長正在加快，昨晚，我們宣布 2025 年股息再次大幅增加至每股 6.20 美元。

Back to Q4. In addition to political, categories of strength included service, Buildings & Constructions and government and nonprofits, while health care and insurance were weaker.

回到 Q4。除政治外，實力較強的類別還包括服務、建築和施工、政府和非營利組織，而醫療保健和保險則較弱。

For the billboard business, both local and national/programmatic grew 3.5% for the quarter. Digital, of course, led the way in Q4, increasing nearly 8% versus the year earlier quarter including a 3.7% same-store growth with particular strength in programmatic, which was up nearly $3 million or 30%. That same-store growth, the best of any quarter in 2024 gives us confidence that it is the right decision to reaccelerate our rollout of new units -- new digital units in 2025 with the goal of deploying at least 350 new displays organically.

就廣告看板業務而言，本季本地和全國/程序化廣告看板業務均成長了 3.5%。當然，數位廣告在第四季度處於領先地位，比去年同期增長了近 8%，其中同店銷售額增長了 3.7%，程序化廣告尤其強勁，增長了近 300 萬美元，增幅為 30%。同店成長是 2024 年所有季度中最好的，這讓我們相信，重新加速推出新單位（2025 年推出新的數位單位）是正確的決定，目標是有機部署至少 350 個新顯示器。

We will, of course, also add digital displays through M&A as well in 2025. As you know, the market was relatively quiet in 2024, and we tempered our own activity as we focused on further improving our already strong balance sheet. We ultimately spent about $45 million in acquisitions in 2024. We anticipate a more active year in 2025. If I had to call it now, I would say count on about $150 million in deals that it could be even more than that.

當然，我們也將在 2025 年透過併購增加數位顯示器。如您所知，2024 年的市場相對平靜，我們控制了自己的活動，專注於進一步改善我們已經很強勁的資產負債表。我們最終在 2024 年花費了約 4500 萬美元進行收購。我們預計 2025 年將會更加活躍。如果我現在必須預測的話，我會說預計交易額約為 1.5 億美元，甚至可能更多。

Now we're more accustomed to being a buyer, not a seller in the M&A world. But as noted in the release, earlier this year, we divested our 20% interest in Vistar Media, the leading programmatic platform for out-of-home. We sold to T-Mobile as part of their acquisition of all of this star. It was a resoundingly successful investment for Lamar. We paid $30 million in 2021 for our 20% stake, and we received $115 million from T-Mobile earlier this month with $15 million more due once escrows are released.

如今，我們更習慣在併購領域中扮演買方而非賣方的角色。但正如新聞稿中所述，今年早些時候，我們剝離了在領先的戶外廣告程式化平台 Vistar Media 的 20% 股權。我們將這顆恆星的全部資產出售給了 T-Mobile，作為他們收購的一部分。對拉馬爾來說，這是一次非常成功的投資。我們在 2021 年支付了 3000 萬美元購買了 20% 的股份，本月早些時候我們從 T-Mobile 獲得了 1.15 億美元，託管解除後還將獲得 1500 萬美元。

I want to commend Ross Reilly, who led this Vistar investment for us. Jay will have more to say about our plans for the Vistar proceeds but I want to note that the decision by T-Mobile, one of the best known consumer brands and most sophisticated marketers around. To acquire Vistar is a testament to their faith in out-of-home is the powerful communications medium with a promising future. We are confident that they can utilize their data and market insights to take Vistar and programmatic out-of-home to new heights.

我要讚揚 Ross Reilly，他為我們領導了 Vistar 的投資。傑伊將會更多地談論我們對 Vistar 收益的計劃，但我想指出的是，這一決定是由 T-Mobile 做出的，它是全球最知名的消費品牌和最成熟的營銷商之一。收購 Vistar 證明了他們對戶外廣告是一種強大的、前景光明的傳播媒介的信心。我們相信，他們可以利用他們的數據和市場洞察力將 Vistar 和戶外廣告程式化推向新的高度。

Finally, before I turn it over to Jay, I want to thank everyone across Lamar land for their hard work and dedication in 2024. I can't say it enough. We have the best team in out-of-home, and I can't wait to see what more we will be able to accomplish together in 2025.

最後，在把麥克風交給傑伊之前，我想感謝拉馬爾土地上的每個人在 2024 年的辛勤工作和奉獻。我說得還不夠。我們擁有戶外廣告領域最好的團隊，我迫不及待想看看 2025 年還能共同達成什麼成就。

Jay?

傑伊？

Thanks, Sean. I couldn't agree with you more. Good morning, everyone, and thank you for joining us. We had a solid fourth quarter and are pleased with our results, which exceeded internal expectations across revenue, adjusted EBITDA and AFFO. Growth in AFFO continued in the fourth quarter.

謝謝，肖恩。我非常同意你的看法。大家早安，感謝大家的收看。我們在第四季表現穩健，對業績感到滿意，營收、調整後 EBITDA 和 AFFO 均超乎內部預期。第四季度，AFFO 持續成長。

Diluted AFFO per share increased 5.2% to $2.21 versus $2.10 in the fourth quarter of 2023. In addition, the company ended the year above the high end of our revised AFFO outlook, which we increased following both the first and third quarters last year. Despite growth in operating expenses, adjusted EBITDA margin for the quarter held strong at 48.1% and continues to exceed pre-COVID levels. Adjusted EBITDA for the quarter was $278.5 million, compared to $268.2 million in 2023, which was an increase of 3.9%. Free cash flow also improved in the quarter, growing 8.5% over Q4 2023.

每股攤薄 AFFO 成長 5.2% 至 2.21 美元，而 2023 年第四季為 2.10 美元。此外，該公司今年的 AFFO 預期超過了我們修訂後的 AFFO 預期的高位，我們在去年第一季和第三季之後都提高了該預期。儘管營業費用有所增長，但本季調整後的 EBITDA 利潤率仍保持強勁，達到 48.1%，並繼續超過疫情之前的水平。本季調整後 EBITDA 為 2.785 億美元，而 2023 年為 2.682 億美元，成長 3.9%。本季自由現金流也有所改善，較 2023 年第四季成長 8.5%。

In the quarter, depreciation and amortization expense increased $164.9 million, growing over 230%. This was primarily due to a revision in the cost estimate included in calculation of the company's asset retirement obligations, ARO.

本季度，折舊和攤提費用增加了 1.649 億美元，增幅超過 230%。這主要是由於公司資產退役義務ARO計算中包含的成本估算進行了修訂。

ARO accounts for Lamar's obligation to dismantle and remove over 71,000 billboard structures on lease plan and restore the sites to original condition. We test our ARO estimate annually and the cost to retire these assets has risen substantially, which led to an increase in our depreciation and amortization expense during the quarter. However, the expense is a noncash item and does not impact the company's adjusted EBITDA or AFFO.

ARO 表示，拉馬爾有義務拆除和移除租賃計畫中的超過 71,000 個廣告看板結構，並將場地恢復到原始狀態。我們每年都會測試我們的 ARO 估算，退役這些資產的成本大幅上升，導致本季的折舊和攤提費用增加。然而，這筆費用是非現金項目，不會影響公司的調整後 EBITDA 或 AFFO。

For the full year, acquisition-adjusted revenue increased 4.2% to $2.21 billion compared to $2.11 billion the prior year. Operating expenses grew approximately 4% against a difficult 2023 comparison in which acquisition-adjusted expenses increased only 1%. Adjusted EBITDA was $1.03 billion, which represents an increase of 4.5% on an acquisition-adjusted basis. Adjusted EBITDA margin was 46.8% for the full year, expanding 10 basis points versus a year ago. We were pleased to see margin hold steady given upward pressure on the expense side.

全年而言，收購調整後營收較上年的 21.1 億美元成長 4.2% 至 22.1 億美元。與 2023 年相比，營運費用增加了約 4%，而 2023 年收購調整後的費用僅增加了 1%。調整後的 EBITDA 為 10.3 億美元，以收購調整後計算成長了 4.5%。全年調整後 EBITDA 利潤率為 46.8%，較去年同期增加 10 個基點。儘管費用方面面臨上行壓力，我們很高興看到利潤率保持穩定。

The company ended 2024 with full year diluted AFFO of $7.99 per share, which was above the top end of our revised guidance. For the 12 months ended December 31, diluted AFFO per share increased 7% and compared to full year 2023. The acceleration in AFFO growth was driven by a strong top line, and we also benefited from the pause in short-term interest rate hikes. We faced significant interest rate headwinds in both 2022 and 2023 that subsided last year with cash interest remaining relatively flat in 2024.

截至 2024 年，該公司全年攤薄 AFFO 為每股 7.99 美元，高於我們修訂後指引最高的價值。截至 12 月 31 日的 12 個月，每股攤薄 AFFO 與 2023 年全年相比增長了 7%。AFFO 成長的加速得益於強勁的營收成長，同時我們也受惠於短期利率上調的暫停。我們在 2022 年和 2023 年都面臨巨大的利率阻力，但去年這一阻力有所減弱，2024 年現金利息保持相對穩定。

Local and regional sales accounted for approximately 78% of billboard revenue in Q4 and similar to the same period in 2023 and growing for the 15th consecutive quarter. In fact, the first quarter of 2021 was the last quarter in which we saw a year-over-year decline in local and regional sales. A COVID-impacted quarter in comparison to the pre-COVID period a year prior in 2020. This consistent performance exhibits the resilience of our core local advertising business and differentiates the company from our peer group.

本地和區域銷售額約佔第四季廣告看板收入的 78%，與 2023 年同期相似，且連續第 15 個季度成長。事實上，2021 年第一季是我們看到本地和區域銷售額同比下降的最後一個季度。與 2020 年前的新冠疫情之前相比，本季受到了新冠疫情的影響。這種穩定的表現體現了我們核心本地廣告業務的韌性，並使公司從同行中脫穎而出。

Moving to capital expenditures. Total spend for the quarter was approximately $43 million, including $16.3 million of maintenance CapEx. And for the full year, CapEx totaled $125.3 million with maintenance CapEx comprising $52 million. As for our balance sheet, we have a well-laddered debt maturity schedule with no maturities until the term loan B in 2027.

轉向資本支出。本季總支出約為 4,300 萬美元，其中包括 1,630 萬美元的維護資本支出。全年資本支出總計 1.253 億美元，其中維護資本支出 5,200 萬美元。至於我們的資產負債表，我們有一個完善的債務到期計劃，直到 2027 年的 B 類定期貸款之前都沒有到期。

Last year, we used a substantial amount of our cash flow after distribution to repay outstandings under the Term Loan A and reduced overall debt by $136 million. We currently have approximately $3 billion in total consolidated debt and our weighted average interest rate is 4.6%, with a weighted average debt maturity of 3.8 years. As defined in our credit facility, we ended the quarter with total leverage of 2.83x net debt to EBITDA which remains amongst the lowest level ever for the company. Our secured debt leverage was 0.82x at quarter end, and we are comfortably in compliance with both our total debt incurrence and secured debt maintenance debts against covenants of 7x and 4.5x, respectively.

去年，我們使用了大量分配後的現金流量來償還定期貸款 A 項下的未償還款項，並將總債務減少了 1.36 億美元。我們目前的合併債務總額約為 30 億美元，加權平均利率為 4.6%，加權平均債務期限為 3.8 年。依照我們的信貸安排定義，本季末我們的淨負債與 EBITDA 的總槓桿率為 2.83 倍，這仍是公司有史以來的最低水準。我們的有擔保債務槓桿率在季度末為 0.82 倍，並且我們輕鬆遵守了總債務發生額和有擔保債務維持債務的契約，分別為 7 倍和 4.5 倍。

As a result of the focus on our balance sheet, the company is well positioned to resume more normal acquisition activity with an investment capacity, well over $1 billion. In addition, we have the ability to deploy this capital while remaining at or below the high end of our total leverage range of 3.5 to 4x net debt to EBITDA.

由於我們專注於資產負債表，公司已做好準備，以超過 10 億美元的投資能力恢復更正常的收購活動。此外，我們有能力部署這筆資本，同時保持或低於我們的總槓桿率範圍的高端，即淨債務與 EBITDA 比率為 3.5 至 4 倍。

Our liquidity and access to capital remained strong as the company continues to enjoy access to both the debt and equity capital markets. As of December 31, we had just over $500 million in total liquidity comprised of $49.5 million of cash on hand and $457 million available under our revolver. As Sean mentioned, subsequent to quarter end, T-Mobile acquired 100% of Vistar Media, a company in which we had a 20% investment. Lamar received $115 million as consideration for the sale and we may receive an additional $15 million from escrow following certain post-closing conditions.

由於公司持續享有債務和股權資本市場的進入權，我們的流動性和資本取得能力依然強勁。截至 12 月 31 日，我們的總流動資金略高於 5 億美元，其中包括 4,950 萬美元的庫存現金和 4.57 億美元的循環信貸額度。正如 Sean 所提到的，在季度末之後，T-Mobile 收購了 Vistar Media 的 100% 股份，我們在該公司擁有 20% 的投資。拉馬爾獲得了 1.15 億美元的出售對價，我們還可能在滿足某些交易完成後的條件後從託管帳戶中獲得額外的 1500 萬美元。

Proceeds from the sale were used to repay outstandings under our revolving credit facility, and the current balance on our revolver is $119 million. The $130 million in total consideration is a return of over 4x our initial investment, and the company will recognize a taxable gain of approximately $100 million on the transaction. The Vistar investment was held within our taxable REIT subsidiary, and the gain is subject to federal and state income taxes prior to distribution to the REIT.

出售所得用於償還我們的循環信貸額度下的未償還債務，目前我們的循環信貸額度餘額為 1.19 億美元。1.3 億美元的總對價是我們初始投資的 4 倍多的回報，公司將在交易中確認約 1 億美元的應稅收益。Vistar 投資由我們應稅 REIT 子公司持有，其收益在分配給 REIT 之前需繳納聯邦和州所得稅。

As part of distributing funds to the REIT, we plan to use a portion of the cash after taxes to repay intercompany loans from the REIT to the TRS. We also intend to utilize additional tax deductions at the REIT, which will further reduce our taxable income. As a result, we currently estimate our distribution requirement associated with the Vistar sale to be in $15 million to $20 million range and will likely be distributed in the form of a special dividend at year-end. In this morning's press release, we provided full year AFFO guidance of $8.13 to $8.28 per share, reflecting AFFO growth of 1.8% to 3.6% over 2024.

作為向 REIT 分配資金的一部分，我們計劃使用部分稅後現金償還 REIT 向 TRS 的內部公司貸款。我們還打算利用房地產投資信託基金的額外稅收減免，這將進一步減少我們的應稅收入。因此，我們目前估計與 Vistar 出售相關的分配要求在 1500 萬至 2000 萬美元之間，並且可能在年底以特別股息的形式分配。在今天早上的新聞稿中，我們提供了全年 AFFO 指引：每股 8.13 美元至 8.28 美元，反映 2024 年 AFFO 成長率為 1.8% 至 3.6%。

At the midpoint of guidance, we expect top line growth of about 3%, and operating expenses should grow slower in 2024. As we did last year, we are assuming SOFR remains flat for purposes of cash interest and have included $152 million in our guidance. Our maintenance CapEx budget for the year is anticipated to be $60 million in 2025, which is $8 million more than last year. And finally, cash taxes are projected to come in at approximately $10 million.

在指引的中點，我們預期營收成長率約為 3%，而 2024 年營運費用的成長速度應該會放緩。與去年一樣，我們假設 SOFR 就現金利息而言保持不變，並在我們的指引中包含了 1.52 億美元。我們預計 2025 年的年度維護資本支出預算為 6,000 萬美元，比去年增加 800 萬美元。最後，現金稅預計約 1000 萬美元。

Yesterday, our Board of Directors approved a first quarter dividend of $1.55 per share and we expect to distribute a regular dividend of at least $6.20 per share in 2025. This excludes any required distribution resulting from the Vistar sale. On an annualized basis, the Q1 dividend represents a yield of 4.7% at yesterday's closing stock price. As a reminder, the company's dividend is based on taxable income subject to Board approval, and our dividend policy remains to distribute 100% of our taxable income. Again, we are pleased with our fourth quarter performance and the strong finish to 2024, and we look forward to executing on our strategy in 2025.

昨天，我們的董事會批准了第一季每股 1.55 美元的股息，我們預計 2025 年將派發每股至少 6.20 美元的定期股息。這不包括 Vistar 出售產生的任何所需分配。以年化計算，第一季股息殖利率以昨日收盤價計算為 4.7%。提醒一下，公司的股利是根據董事會批准的應稅收入而定，我們的股利政策仍然是分配 100％ 的應稅收入。再次，我們對第四季度的表現和 2024 年的強勁收官感到滿意，並期待在 2025 年執行我們的策略。

And I'll now turn the call back over to Sean.

現在我將把電話轉回給肖恩。

Thanks, Jay. I'll go through some of the familiar stats. I'll start with relative regional strength and weakness. Q4 was paced by our Northeast region, which came in at up 6.7% on the revenue side. Relative weakness.

謝謝，傑伊。我將介紹一些熟悉的統計數據。我先從各地區的相對優勢和劣勢開始。第四季度，東北地區營收成長 6.7%。相對弱勢。

Gulf Coast came in at up 3%. Interestingly, that is the complete inverse of what happened last year when the Gulf Coast paced the company and the Northeast was struggling a tad. On to political. Q4 political represented $14.5 million in our book for Q4. That compares to $2.9 million in Q4 of 2023.

墨西哥灣沿岸地區上漲了 3%。有趣的是，這與去年的情況完全相反，當時墨西哥灣沿岸地區引領了公司發展，東北地區則舉步維艱。談到政治。第四季的政治支出在我們的帳面上為 1,450 萬美元。相比之下，2023 年第四季的營收為 290 萬美元。

For the full year, political came in at $29.2 million, compared to 2023's $7.5 million. There's some unknowns as we think about replacing the impact of political, particularly in Q4, as I've said many times, political tends to break late. So we don't know how much of that $14.5 crowded out customers that otherwise would have bought the space. We also don't know how strong political is going to be this year. So that's a stay tuned in terms of our guidance.

就全年而言，政治支出為 2,920 萬美元，而 2023 年為 750 萬美元。當我們考慮取代政治影響時，存在一些未知因素，特別是在第四季度，正如我多次所說的，政治影響往往會在後期顯現。所以我們不知道這 14.5 美元擠佔了多少原本會購買該空間的顧客。我們也不知道今年的政治情勢會有多嚴峻。因此，請繼續關注我們的指導。

On to number of digital units. We concluded the year with 4,994 digital units in the air. As compared to last year's year-end number, which was 4,759 or an increase of 235. As I mentioned, we anticipate significantly ramping our digital deployment this year and our stretch goal is something in the neighborhood of 375, let's say, at least 350.

關於數字單位的數量。我們在年底時已擁有 4,994 個數位單元。與去年年末的 4,759 人相比，增加了 235 人。正如我所提到的，我們預計今年我們的數位化部署將大幅提升，我們的目標是達到 375 左右，至少 350。

Same-store revenue was a good story in Q4, up 3.7%, again, paced by programmatic, which was up a little north of 30%. For the year, same board digital revenue was up 2.8%. And programmatic was up a little over 48%. For 2025, we're budgeting programmatic to be up, give or take, mid-teens and we're off to a very good start with programmatic. Local, national, Q4 national represented 22.1% of our book, local regional was at 77.9%, that's 1% up for local over Q4 of 2023, 1% down for national.

第四季同店營收表現良好，成長 3.7%，這同樣是由程式化廣告推動的，成長略高於 30%。全年同期數位收入成長了 2.8%。程序化廣告成長略高於 48%。預計到 2025 年，程式化廣告的預算將達到約 15% 左右，而且我們在程式化廣告方面已經有了一個非常好的開始。本地、全國，第四季全國占我們帳面的 22.1%，本地地區佔 77.9%，比 2023 年第四季本地成長 1%，全國下降 1%。

Q4 though was a different story. National rebounded. Local regional was up 3.5% and national/programmatic was up 3.5%. As we move into Q1, as I mentioned, Q1 has got a difficult comp for us. It's not going to be up to the same degree as we anticipate the full year and national is give or take, flattish with sequential improvement, modest sequential improvement as we move through the year.

但第四季的情況則不同。全國反彈。地方區域性廣告上漲 3.5%，全國/程序性廣告上漲 3.5%。正如我所提到的那樣，當我們進入第一季時，第一季對我們來說是一個困難的時期。它不會達到我們預期全年的水平，全國範圍的水平也大致如此，持平但會連續改善，隨著一年的推移會持續適度改善。

Categories of relative strength, as I mentioned, service, Q4 up 10.7%, public service/government, up 13.7% and Building & Construction up 17.9% and categories of relative mention -- relative weakness, health care, down 6.6% and insurance down 5%.

正如我所提到的，相對強勢類別是服務業，第四季度上漲 10.7%，公共服務/政府上漲 13.7%，建築業上漲 17.9%，而相對弱勢類別是醫療保健下跌 6.6%，保險下跌 5%。

Well, that's it for our comments, we're happy to open it up for questions.

好吧，我們的評論就這些，我們很高興接受提問。

(Operator Instructions) Cameron McVeigh, Morgan Stanley.

（操作員指示） 摩根士丹利的卡梅倫麥克維 (Cameron McVeigh)。

Amex good to hear the national ad spend, it's perking up a bit. Curious if that's driven by any specific vertical or if it's more broad-based? And in your view, what may be driving the turnaround there? And then secondly, the 2025 AFFO guidance was a bit below Street estimates. It seems to be a function of lower expected net income.

美國運通很高興聽到全國廣告支出增加。好奇這是由任何特定的垂直行業推動的還是更廣泛的行業推動的？您認為，什麼因素可能會推動這項轉變？其次，2025 年 AFFO 指引略低於華爾街預期。這似乎是預期淨收入較低的結果。

And I believe you said you expect 3% acquisition-adjusted revenue growth in '25. Is that driving most of this? Or are you expecting higher cost anywhere, maybe ERP or corporate expenses? Any color there would be helpful. .

我相信您說過，預計 25 年收購調整後的營收將成長 3%。這是造成這現象的主要原因嗎？或者您預期某些方面的成本會更高，可能是 ERP 或公司費用？任何顏色都有幫助。。

Sure. So let's start with the AFFO question. So there are a couple of things that contributed last year that will not contribute this year. I would note we won't have the benefit of the Vistar net income this year that we had last year that contributed to AFFO growth. And we also have, as Jay mentioned, slightly higher maintenance CapEx that's going to be a slight headwind when it comes to AFFO growth.

當然。那麼讓我們從 AFFO 問題開始。因此，有些事情去年有所貢獻，但今年不會再有所貢獻。我要指出的是，我們今年不會從去年的 Vistar 淨收入中獲益，而這種淨收入有助於 AFFO 成長。而且正如傑伊所提到的，我們的維護資本支出也略高，這對 AFFO 成長來說會是一個輕微的阻力。

The elevated expenses, recall that we are in peak spend for our ERP conversion. So you're going to see, again, continued corporate growth and expenditures until we get through our conversion, which we anticipate around Q1 of next year. And as we move into '26 and '27, you're going to see corporate expenses decline pretty significantly.

費用增加，回想一下，我們 ERP 轉換的支出正處於高峰期。因此，您將再次看到企業成長和支出持續成長，直到我們完成轉換，我們預計轉換將發生在明年第一季左右。隨著我們進入26年和27年，你會看到企業開支大幅下降。

So yes, I think those are the primary ingredients in what's going on with AFFO growth and of course, the revenue guide. Q1 is going to be a little softer for us, and then we're going to accelerate as we move through the year. And then as I mentioned, Q4, right now, the pacings look quite nice, but we do have to work diligently to replace those political dollars.

所以是的，我認為這些是 AFFO 成長的主要因素，當然還有收入指南。對我們來說，第一季的業務會稍微疲軟一些，但隨著全年的發展，業務將會加速發展。正如我所提到的，第四季度，現在，節奏看起來相當不錯，但我們必須努力彌補這些政治資金。

Cameron, just to add a little bit of color there. Between CapEx and the loss of Vistar, it's about a $0.13 headwind. And then also, as you recall, we had some muted acquisition activity last year. So if you look at it on a pro forma actual basis, acquisitions are only adding about [20] basis points this year and in typical years, we would add a little more to FFO.

卡梅倫，只是想在這裡添加一點色彩。在資本支出和 Vistar 的損失之間，阻力約為 0.13 美元。而且，正如您所記得的，去年我們的收購活動比較平淡。因此，如果你以實際形式來看，今年的收購僅增加了約 [20] 個基點，而在典型年份，我們將為 FFO 增加更多一點。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

Sean, you noted, I think, $150 million of potential M&A this year. I don't know if you could speak a bit to the pipeline right now. Should we assume that figure comprises mostly small deals? Or is there anything kind of more sizable assumed in there? And then I guess you touched upon it in your prepared remarks, but just with T-Mobile, I don't know if you can talk to what that means for programmatic generally.

肖恩，我認為，你提到了今年的潛在併購金額為 1.5 億美元。我不知道您現在是否可以談談管道。我們是否應假設該數字主要由小額交易組成？或者其中是否存在更大規模的假設？然後我想您在準備好的發言中提到了這一點，但就 T-Mobile 而言，我不知道您是否可以談論這對程序化廣告來說意味著什麼。

Sure. So yes, the M&A pipeline, we put out the word last year that we wanted to focus on retiring the Term A. And when that word gets out from Lamar, folks that are thinking about selling, they say, okay, I'll wait. So that is happening. Folks that now know that we're active again are coming to market.

當然。是的，關於併購管道，我們去年就表示，我們希望集中精力淘汰 Term A。這就是正在發生的事情。現在知道我們再次活躍起來的人們紛紛湧入市場。

And it runs the gamut of deal sizes. There's some that are $2 million. There's many that are in the $5 million to $10 million. And then we've got a couple that are in that sort of $40 million or $50 million range that we hope to pry loose. So it's -- in that sense, it's a typical year of good Lamar tuck-in activity where we're being active and aggressive.

其涉及的交易規模多種多樣。有些價值高達200萬美元。其中很多都在500萬到1000萬美元之間。我們還有幾個價值在 4,000 萬美元或 5,000 萬美元左右的項目，希望能夠爭取到。所以從這個意義上來說，這是拉馬爾 (Lamar) 活動典型的好年份，我們積極主動，積極進取。

And then Vistar and T-Mobile, I'm really excited about it. T-Mobile is a very entrepreneurial company. They have an incredible brand. They understand marketing. They love out-of-home.

然後是 Vistar 和 T-Mobile，我對此感到非常興奮。T-Mobile 是一家非常具有創業精神的公司。他們擁有令人難以置信的品牌。他們懂行銷。他們喜歡戶外活動。

They actually have a small position in an out-of-home business that actually has screens. And I think as they looked at the landscape of what's going on with digital out-of-home and saw Vistar as the clear global leader, they jumped in and they were aggressive. And I think that only bodes well. They have unique insights into consumer behavior based on the data that they have access to by being one of the nation's premier cellular providers. And they also understand marketing.

他們實際上在擁有螢幕的戶外廣告業務中佔有一席之地。我認為，當他們看到數位戶外廣告的現狀並認為 Vistar 是當之無愧的全球領導者時，他們便積極參與其中。我認為這只是好兆頭。作為國內首屈一指的行動通訊服務供應商之一，他們利用所掌握的數據，對消費者行為有著獨到的見解。他們也懂行銷。

So I think it can only be good for the industry, which bodes well for us as the owner of the largest large-format digital network in the country.

所以我認為這對行業來說只能是好事，這對我們作為國內最大的大幅面數位網路的所有者來說更是一個好兆頭。

Daniel Osley, Wells Fargo.

富國銀行的丹尼爾·奧斯利。

When comparing your national growth to some of your peers, it looks like the recovery has lagged behind a bit. Can you help us unpack why that may be? And do you think there are any structural drivers behind the national weakness there?

當將貴國的成長速度與一些同行進行比較時，看起來復甦已經稍微落後了。您能幫我們解釋為什麼會這樣嗎？您認為該國國家實力弱的背後是否存在結構性因素？

Yes, Daniel, I think there's some truth to that. Part of it is the natural consequence of our footprint. National ad spend tends to be focused in the top 3 DMAs, particularly New York and L.A., where our footprint is not as robust as, say, OUTFRONT or Clear Channel. So that has a little bit to do with it. It is also driven by categories and how they recover.

是的，丹尼爾，我認為這是有道理的。其中一部分是我們足跡的自然結果。全國廣告支出往往集中在前三大 DMA，尤其是紐約和洛杉磯，在這些地方我們的覆蓋範圍不如 OUTFRONT 或 Clear Channel 那麼廣泛。所以這與此有一點關係。它也受到類別及其恢復方式的驅動。

In particular, when you look at the recovery of the entertainment category, movie category coming out of the strike in the prior year.

特別是當你看到娛樂類別、電影類別從去年的罷工中復甦時。

They tend to get much more of that business than we do. The entertainment category, in particular, focuses on L.A. And when you look particularly at OUTFRONT, they probably have the best distribution and outdoor footprint in L.A., and they tend to get more of those dollars.

他們往往比我們獲得更多的業務。娛樂類別特別關注洛杉磯。

That's helpful. And if I can sneak in a follow-up. On billboard yields, you've been running at pretty high occupancy rates across your board through the year. So I just wanted to hear how you view the pricing environment today and how you think about your ability to continue to drive price. .

這很有幫助。如果我可以偷偷進行後續行動。就廣告看板收益而言，你們全年的廣告看板佔用率都相當高。所以我只是想聽聽您如何看待今天的定價環境，以及您如何看待自己繼續推動價格的能力。。

Sure. Yes, that's the case, Daniel. Virtually all of the gains last year were driven by rate, and we anticipate that that's going to be the case this year. I would say, basically, we're at peak occupancy. And given that, we have to drive rate if we're going to hit our goals.

當然。是的，丹尼爾。去年幾乎所有的漲幅都是由利率推動的，我們預計今年的情況也將如此。我想說，基本上，我們正​​處於入住率高峰。有鑑於此，如果我們要實現目標，就必須提高速度。

(Operator Instructions) Lance Vitanza, TD Cowen.

（操作員指示） Lance Vitanza，TD Cowen。

I have two. The first is on CapEx. First question on CapEx. I think you mentioned 350 to 375 digital conversions this year. Did I hear that right? And in any case, could you give us a sense for the expected cadence of that spend. And I noticed on the total CapEx line in 2024, we saw this big uptick in 4Q.

我有兩個。第一個是資本支出。第一個問題是關於資本支出 (CapEx) 的。我記得您提到今年有 350 到 375 次數字轉換。我沒聽錯吧？無論如何，您能否讓我們了解一下預期的支出節奏？我注意到，在 2024 年的總資本支出線上，我們在第四季看到了大幅上漲。

Would you expect that pattern to repeat in 2025?

您認為這種模式會在 2025 年重演嗎？

I'm going to say that the cadence of spend on digital is probably going to be sort of ratable through the year. We don't see any sort of spikes in terms of that deployment. There are a few things that are going to cause our total CapEx to also increase this year. We've got some extraordinary CapEx in our logo division, which is hitting us this year. We are also -- we own something in the neighborhood of 130 buildings out there.

我要說的是，全年數位支出的節奏可能都是可以評估的。就部署而言，我們沒有看到任何激增。有一些因素會導致我們今年的總資本支出增加。我們的標誌部門有一些特別的資本支出，這在今年給我們帶來了巨大打擊。我們還在那裡擁有 130 棟建築。

And we have a little bit of extraordinary CapEx in building some new buildings and refurbishing some old ones. If I had to highlight anything that was sort of extraordinary, that would be it. And maybe Q4's elevated CapEx was related to hurricanes in Q3. So that might explain a little bit of the uptick in Q4 of last year.

我們在建造一些新建築和翻新一些舊建築方面有一些額外的資本支出。如果我必須強調某件非凡的事情，那就是它了。也許第四季資本支出的增加與第三季的颶風有關。這或許可以解釋去年第四季的一些上漲現象。

That's helpful. And then just back on the '25 guidance, the revenue, 3%. I'm trying to square that with some industry and trade sources, which are talking about more like 5% domestic out-of-home ad revenue spend growth this year. And you talk about having the best team in out-of-home, and I tend to agree. And yet if I compare your projected growth relative to what Magna Global and others are saying, it just seems very conservative.

這很有幫助。然後回顧 25 年的指引，收入為 3%。我試圖與一些行業和貿易消息來源達成一致，他們談論的是今年國內戶外廣告收入支出成長率更有可能為 5%。您談到擁有最好的戶外團隊，我傾向於同意。然而，如果我將您的預期成長與麥格納全球和其他公司的預測進行比較，您會發現它非常保守。

And I'm wondering how we square that circle. Do you think that just -- are the Magna estimates just too high?

我想問的是我們如何才能解決這個問題。您是否認為麥格納的估價過高了？

You could look to others, and they'll have a different number. You also need to keep in mind that they're looking at out-of-home very broadly defined. And there are some, for example, digital out-of-home screens that aren't in our portfolio that are being deployed very quickly. I would highlight the retail television networks that are popping up seemingly everywhere. So that's in their numbers, the recovery of cinema advertising is also in their number, which, again, that's not in our portfolio.

您可以看看其他人，他們會有不同的數字。您還需要記住，他們對戶外廣告的定義非常廣泛。還有一些，例如，數位戶外螢幕不在我們的產品組合中，但正在非常迅速地部署。我要強調的是那些似乎隨處可見的零售電視網絡。這是他們的數字，戲院廣告的復甦也在他們的數字中，但這不在我們的投資組合中。

So that explains some of it. it's sort of different portfolios. And then I would say also that, again, it depends on who you're looking at. The number that I've been circling around is total out-of-home up between 3.5% and 4%. And again, there's some portfolio differences as smaller screens recover, particularly, again, in sort of the transit space as well.

這解釋了其中的一些原因。這是不同類型的投資組合。然後我還要說，這取決於你在看誰。我一直在關注的數字是戶外旅遊總支出增加了 3.5% 到 4%。而且，隨著小螢幕的復甦，尤其是在運輸領域，投資組合也存在一些差異。

Ally Yaseen, Wolfe Research.

Ally Yaseen，沃爾夫研究公司。

This is just another follow-up on the deployment of new digital signs. So you have kind of your goal of 350, a stretch goal of 375. What would you guys think about as the largest number of digital signs you could see rolling out in a year? And what do you kind of consider the limiting factor for the pace of static digital conversions?

這只是部署新數位看板的另一個後續舉措。因此，您的目標是 350，延伸目標是 375。你們認為一年內推出的數位看板數量最多是多少？您認為靜態數位轉換速度的限制因素是什麼？

Ally, good question. We're pedal to the metal this year. So if we hit 375, we will have essentially deployed more in a given year than we have I think, ever. The gating issues are, number one, regulatory permitting. That takes time.

Ally，好問題。今年我們全力以赴。因此，如果我們達到 375 個，那麼我們在一年內部署的人數實際上將比以往任何時候都多。門控問題首先是監管許可。這需要時間。

It takes a lot of effort. We have to sit down with city leadership and make sure that they're comfortable with what we're doing and get fully permitted.

這需要付出很多努力。我們必須與市領導坐下來討論，確保他們對我們的所作所為感到滿意，並獲得完全許可。

And then these are construction projects. We have to retrofit the structure to make sure that it can hold the extra weight. We have to make sure there's no supply chain issues holding up, getting digital units from our vendors. And then the crews have to be there on time. The power has to get hooked up, all that stuff that is engaged in a construction project.

這些是建設項目。我們必須改造其結構以確保它能夠承受額外的重量。我們必須確保從供應商取得數位單元時不會出現供應鏈問題。然後工作人員必須準時到達。必須接通電源，以及參與建設項目的所有這些東西。

And so when you add it all up, if we hit 375, we will have had a good year.

所以，如果你把所有這些加起來，如果我們達到 375，那我們就會度過一個好年。

And there's no further questions at this time. So Mr. Reilly, I'd like to turn things back to you, sir, for any closing comments. .

目前沒有其他問題。所以，賴利先生，我想把話題轉回給您，先生，請您做最後評論。。

Well, great. Thank you all for your interest in Lamar, and we will talk again next quarter.

嗯，很棒。感謝大家對拉馬爾的關注，我們將在下個季度再次交談。

Thank you, Mr. Reilly. Again, ladies and gentlemen, that does conclude today's conference call. We'd like to thank you all so much for joining us and wish you all a great day. Goodbye.

謝謝你，賴利先生。女士們、先生們，今天的電話會議到此結束。我們非常感謝大家的加入我們，並祝福大家有個愉快的一天。再見。