Lamar Advertising Co (LAMR) 2025 Q1 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。（操作員指示）

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.

在本次討論過程中，拉馬爾可能會對公司做出前瞻性陳述，包括有關公司未來財務業績、戰略目標、計劃和目的的陳述，包括有關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。

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. Lamar has identified important factors that could cause actual results to differ materially from those discussed in this call in the company's first-quarter 2025 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents.

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，並可能導致實際結果與預期結果有重大差異。拉馬爾已經確定了一些重要因素，這些因素可能導致實際結果與公司 2025 年第一季財報和最新的 10-K 表年度報告中討論的結果有重大差異。拉馬爾請你參考這些文件。

Lamar's first-quarter 2025 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 2025 年第一季度收益報告包含 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 Sean Reilly. Mr. Reilly, you may begin.

現在我想將會議交給 Sean Reilly。賴利先生，你可以開始了。

Thank you, Reisa. Good morning all, and welcome to Lamar's Q1 2025 earnings call. In the first quarter, we delivered our 16th consecutive quarter of acquisition adjusted revenue growth, with an increase of 1.1%. Both local and programmatic revenue were higher, while national was slightly down year-over-year.

謝謝你，Reisa。大家早安，歡迎參加 Lamar 2025 年第一季財報電話會議。第一季度，我們實現了連續第 16 個季度的收購調整後營收成長，增幅為 1.1%。本地和程序化收入均增加，而全國收入較去年同期略有下降。

Recall it, Q1 2024 had an extra day of revenue due to leap year, and the 2024 Super Bowl was in Las Vegas, our largest airport market and one of our largest billboard markets. With those headwinds in mind, revenue growth for Q1 2025 came in about as we had anticipated.

回想一下，由於閏年，2024 年第一季的收入增加了一天，而 2024 年超級盃在拉斯維加斯舉行，這是我們最大的機場市場和最大的廣告看板市場之一。考慮到這些不利因素，2025 年第一季的營收成長與我們預期的差不多。

As noted in the release, we are still pacing to reach our previously provided guidance for full year AFFO per share. We are obviously keeping a close eye on the broader economy, but out of home has historically proven to be a resilient medium in times of uncertainty, and we are not seeing any cancellations or hearing anything from local or national customers that suggests we're headed for trouble.

正如新聞稿中指出的那樣，我們仍在努力實現先前提供的全年每股 AFFO 指引。我們顯然在密切關注整體經濟形勢，但歷史經驗證明，戶外廣告在充滿不確定性的時期是一種具有韌性的媒介，而且我們沒有看到任何取消預訂的情況，也沒有聽到任何來自本地或全國客戶的消息表明我們正面臨麻煩。

To the contrary, I just returned from our Industry Conference in Boston. And our larger agency customers are telling us that it is steady as she goes.

相反，我剛從波士頓的行業會議回來。我們的大型代理客戶告訴我們，她的表現非常穩定。

Okay, back to Q1. Categories of strength included services, retail, construction, and oil and gas. While gaming, restaurants, and amusement showed relative weakness. Local regional sales were up about 1%, while national was down slightly as mentioned.

好的，回到問題 1。實力雄厚的類別包括服務業、零售業、建築業以及石油和天然氣。而博彩、餐飲、娛樂等行業則表現相對疲軟。當地區域銷售額成長了約 1%，而全國銷售額如前所述略有下降。

Programmatic was again a bright spot, with year-over-year increases of about $2 million, which translated into nearly 30% growth. Overall, digital billboard revenue was up 4%, and accounted for approximately 30% of our billboard revenue. On the same board basis, digital was slightly up.

程式化廣告再次成為亮點，年增約 200 萬美元，增幅接近 30%。整體而言，數位廣告看板收入成長了 4%，約占我們廣告看板收入的 30%。在同樣的主機板基礎上，數字略有上升。

On the M&A front, we have been busy. In Q1, we closed 10 deals for about $22 million. We have since closed several more, including the acquisition of a nice portfolio with a good digital footprint in the northeast last week. Our year-to-date spend is now north of $70 million. And based on our pipeline, I'm confident that we will exceed the $150 million in spend that we projected in February.

在併購方面，我們一直很忙。第一季度，我們完成了 10 筆交易，總額約 2,200 萬美元。此後，我們又完成了幾筆交易，包括上週收購了東北地區擁有良好數位足蹟的優秀投資組合。我們今年迄今的支出已超過 7,000 萬美元。根據我們的計劃，我相信我們的支出將超過 2 月預計的 1.5 億美元。

Finally, as you saw on the release, we have repurchased $150 million of our stock at an average price a little over $108. This effort began in March and concluded through a 10b5-1 program in April. Our decision to do this is evidence of our conviction that out of home has never been stronger. And that at Lamar, we are particularly well positioned from a product, market portfolio and balance sheet perspective to build on our industry leadership status.

最後，正如您在新聞稿中看到的，我們以略高於 108 美元的平均價格回購了價值 1.5 億美元的股票。這項工作於 3 月開始，並於 4 月透過 10b5-1 計畫結束。我們做出這個決定證明了我們的信念：戶外廣告從未如此強大。在拉馬爾，我們從產品、市場組合和資產負債表的角度來看，處於特別有利的位置，可以鞏固我們的產業領導地位。

With that, I will turn it over to Jay to walk through the numbers. Jay?

說完這些，我將把問題交給傑伊來解釋這些數字。傑伊？

Thanks, Sean. Good morning, everyone, and thank you for joining us. Our first quarter results exceeded internal expectations across revenue, adjusted EBITDA and AFFO. Growth in the AFFO continued in the first quarter, which was nice to see, given AFFO grew almost 10% in Q1 a year ago.

謝謝，肖恩。大家早安，感謝大家的收看。我們第一季的業績在營收、調整後 EBITDA 和 AFFO 方面均超出了內部預期。第一季 AFFO 繼續成長，這是令人欣喜的，因為去年第一季 AFFO 成長了近 10%。

Acquisition adjusted revenue increased 1.1% from the same period last year, following a very strong first quarter in 2024 when pro forma revenue growth came in north of 5%. Our billboard regions experienced low single digit top line growth, with the exception of the Southwest, which was essentially flat year-over-year.

繼 2024 年第一季表現強勁（預期營收成長率超過 5%）後，收購調整後營收較去年同期成長 1.1%。我們的廣告看板地區均經歷了低個位數的收入成長，但西南地區除外，該地區的收入與去年同期基本持平。

The company's airport and logos divisions outpace the broader portfolio, growing revenue 2.8% and 2.3% respectively. Acquisition adjusted consolidated expenses increased 2.6% in the first quarter, which was slightly better than anticipated and should be in the 3% range for the full year.

該公司的機場和標誌部門成長速度超過整體業務組合，營收分別成長 2.8% 和 2.3%。第一季收購調整後的綜合費用成長了 2.6%，略好於預期，全年預期成長在 3% 左右。

Adjusted EBITDA was $210.2 million, compared to $211.9 million in 2024, declining 80 basis points in the quarter. Adjusted EBITDA decreased 1% on an acquisition adjusted basis, while adjusted EBITDA margin remained strong at approximately 41.6%.

調整後的 EBITDA 為 2.102 億美元，而 2024 年為 2.119 億美元，本季下降了 80 個基點。調整後的 EBITDA 在收購調整基礎上下降了 1%，而調整後的 EBITDA 利潤率仍保持強勁，約為 41.6%。

Adjusted funds from operations totaled $164.3 million in the first quarter, compared to $158.2 million last year, an increase of 3.8%. Diluted AFFO per share grew 3.9% to $1.60 per share versus $1.54 in the first quarter of 2024.

第一季調整後營運資金總額為 1.643 億美元，去年同期為 1.582 億美元，成長 3.8%。每股稀釋 AFFO 成長 3.9% 至每股 1.60 美元，而 2024 年第一季為 1.54 美元。

Local and regional sales accounted for approximately 82% of billboard revenue in Q1, growing for the 16th consecutive quarter. Q1 of 2021, a COVID impacted quarter, was the last in which we saw a year-over-year decline in local and regional sales. This consistent performance exhibits the resilience of our core local advertising business and differentiates the company from our peer group.

本地和區域銷售額佔第一季廣告看板收入的約 82%，連續第 16 個季度成長。2021 年第一季是受新冠疫情影響的一個季度，也是我們最後一次看到本地和區域銷售較去年同期下降。這種持續的表現展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。

On the capital expenditure front, total spend for the quarter was $29.9 million, including $9.4 million of maintenance CapEx. And for the full year, we anticipate total CapEx of approximately $195 million, with maintenance comprising $60 million.

在資本支出方面，本季總支出為 2,990 萬美元，其中包括 940 萬美元的維護資本支出。我們預計全年總資本支出約為 1.95 億美元，其中維護費用為 6,000 萬美元。

Moving to our balance sheet, we have a well lattered debt maturity schedule, with no maturities until the Term Loan B in February 2027, followed by the company's AR securitization later that year in October. At quarter end, we had approximately $3.2 billion in total consolidated debt, and our weighted average interest rate was 4.6%, with a weighted average debt maturity of 3.6 years.

轉到我們的資產負債表，我們有一個精心設計的債務到期時間表，直到 2027 年 2 月的定期貸款 B 才到期，隨後是該公司在當年 10 月底的應收帳款證券化。截至季末，我們的合併債務總額約為 32 億美元，加權平均利率為 4.6%，加權平均債務期限為 3.6 年。

We ended the quarter with total leverage of 2.85 times net debt to EBITDA as defined on our credit facility, which remains amongst the lowest level ever for the company. Our secured debt leverage was 0.83 times, and we're comfortably in compliance with both our total debt incurrences and secured debt maintenance tests against covenants of 7 times and 4.5 times respectively.

本季結束時，我們的總槓桿率為淨債務與信貸額度定義的 EBITDA 比率為 2.85 倍，這仍然是該公司有史以來的最低水平。我們的擔保債務槓桿率為 0.83 倍，並且我們能夠輕鬆滿足總債務發生率和擔保債務維持測試的契約要求，分別為 7 倍和 4.5 倍。

For the full year, we expect total leverage at or below 3 times, with secured leverage consistent as well at or below 1 times net debt to EBITDA. Our LTM interest coverage through March 31 was 6.6 times adjusted EBITDA to cash interest. While we do not have an interest coverage covenant in any of our debt agreements, we do monitor this important financial metric.

我們預計全年總槓桿率將等於或低於 3 倍，擔保槓桿率也將等於或低於淨債務與 EBITDA 比率的 1 倍。截至 3 月 31 日，我們的 LTM 利息覆蓋率為調整後 EBITDA 現金利息的 6.6 倍。雖然我們的任何債務協議中都沒有利息覆蓋契約，但我們確實監控這項重要的財務指標。

The healthy coverage exemplifies the strength of our balance sheet and the ability to service our debt. As a result of the focus on our balance sheet, the company is well positioned and we resume more normal acquisition activity, with an investment capacity well over $1 billion.

健康的覆蓋範圍反映了我們資產負債表的實力和償還債務的能力。由於我們關注資產負債表，公司處於有利地位，我們恢復了更正常的收購活動，投資能力遠超 10 億美元。

In addition, we have the ability to deploy this capital while remaining at or below the high end of our target leverage range of 3.5 to 4 times net debt to EBITDA. Our liquidity and access to capital remains strong as the company continues to enjoy access to both the debt and equity capital markets.

此外，我們有能力部署這些資本，同時保持在或低於我們的目標槓桿範圍的高端，即淨債務與 EBITDA 比率的 3.5 至 4 倍。由於公司持續享有債務和股權資本市場的進入機會，我們的流動性和資本取得能力依然強勁。

As of March 31, we had just over $490 million in total liquidity, comprised of $36.1 million of cash on hand, and $455 million available under our revolving credit facility. We ended the quarter with $286 million outstanding on the revolver, and $223.5 million drawn on the company's AR securitization.

截至 3 月 31 日，我們的總流動資金略高於 4.9 億美元，其中包括 3,610 萬美元的現金和 4.55 億美元的循環信貸額度。本季結束時，我們的循環信貸未償還餘額為 2.86 億美元，而公司的應收帳款證券化已提取 2.235 億美元。

As Sean mentioned, we began taking advantage of dislocation in the capital markets during March, with repurchases of our Class A common stock and continued into April. To date, we have repurchased 1.39 million shares at approximately $108 per share.

正如肖恩所提到的，我們從 3 月開始利用資本市場的混亂，回購 A 類普通股，並持續到 4 月。迄今為止，我們已以每股約 108 美元的價格回購了 139 萬股。

The repurchases are accretive to AFFO, with returns well in excess of the company's cost of capital. We have $100 million remaining under the share repurchase program, but plan to seek Board approval to increase that authorization back to its historical $250 million level.

回購將為 AFFO 帶來增值，其回報遠遠超過公司的資本成本。我們的股票回購計畫剩餘 1 億美元，但計畫尋求董事會批准，將該授權金額增加至歷史水準 2.5 億美元。

In this morning's release, we affirmed our full year AFFO guidance of $8.13 to $8.28 per share. Cash interest in our guidance totals $152 million, and assumes SOFR remains flat for the balance of the year. As I touched on earlier, maintenance CapEx is budgeted for $60 million, and cash taxes are projected to come in around $10 million, which excludes any taxes related to disposition of our interest in Vistar Media earlier this year.

在今天早上的發布中，我們確認了全年 AFFO 指導價為每股 8.13 美元至 8.28 美元。我們指引中的現金利息總額為 1.52 億美元，並假設 SOFR 在當年餘額中保持不變。正如我之前提到的，維護資本支出預算為 6000 萬美元，現金稅預計約為 1000 萬美元，這還不包括今年早些時候處置我們在 Vistar Media 的權益所產生的任何稅款。

And finally, our dividend. We paid a cash dividend of $1.55 per share in the first quarter. Management's recommendation at the upcoming Board meeting will be to declare a cash dividend of $1.55 per share for the second quarter as well. This recommendation is subject to Board approval, and we will communicate the Board's decision following the Board of Directors meeting later this month.

最後，是我們的股利。我們在第一季支付了每股 1.55 美元的現金股利。管理層在即將召開的董事會會議上的建議是宣布第二季每股派發 1.55 美元的現金股利。該建議需經董事會批准，我們將在本月稍後的董事會會議後通報董事會的決定。

The company's dividend policy remains to distribute 100% of our taxable income, and for the full year, we still expect to distribute a regular dividend of at least $6.20 per share, excluding any required distribution resulting from the Vistar sale.

該公司的股息政策仍然是分配 100% 的應稅收入，並且全年我們仍預計分配每股至少 6.20 美元的定期股息，但不包括 Vistar 出售產生的任何強制分配。

Again, we're pleased with our financial position and strong balance sheet, which should help mitigate any uncertainty that could arise in the broader economic environment. I will now turn the call back over to Sean.

再次，我們對我們的財務狀況和強勁的資產負債表感到滿意，這應該有助於減輕更廣泛的經濟環境中可能出現的任何不確定性。我現在將電話轉回給肖恩。

Thank you, Jay. I will cover some familiar earnings metrics and then open it up for questions. In terms of relative regional strength and weakness, our central and midwest regions showed relative strength in Q1. While our southwest region, which of course includes Las Vegas, and our Gulf Coast region showed relative weakness.

謝謝你，傑伊。我將介紹一些熟悉的收益指標，然後回答問題。從區域相對優勢和劣勢來看，我們的中部和中西部地區在第一季表現相對強勁。而我們的西南部（當然包括拉斯維加斯）和墨西哥灣沿岸地區則表現相對較弱。

As I already mentioned, programmatic grew almost 30% in Q1, and it continues to perform well as we move into Q2. Digital overall also continues to perform well as we move through Q2. In terms of sales mix for Q1, 82% was local, regional, while 18% was national programmatic.

正如我已經提到的，程序化廣告在第一季成長了近 30%，並且在進入第二季後繼續表現良好。隨著第二季的到來，數位化整體表現也持續良好。從第一季的銷售組合來看，82% 為本地和區域性銷售，而 18% 為全國性程式化銷售。

I mentioned categories of relative strength. Those included services, which was up 11% in Q1, retail up 6%, building and construction up 15%. Categories of relative weakness included restaurants down 4%, and gaming down 9%.

我提到了相對強度的類別。其中包括服務業（第一季成長 11%）、零售業成長 6%、建築業成長 15%。相對疲軟的類別包括餐飲業下跌 4%、博彩業下跌 9%。

With that, let's open it up for questions.

好了，讓我們開始提問吧。

(Operator Instructions) Cameron McVeigh, Morgan Stanley.

（操作員指示）摩根士丹利的卡梅倫·麥克維。

Hey, good morning.

嘿，早安。

Hey Cameron.

嘿，卡梅倫。

Wanted to ask if you're still expecting the 3% organic revenue growth for the year. And maybe how you would expect the quarters to trend based off your current visibility. And then secondly, in your view, Sean, what do you think is causing the national softness this quarter or was that all comp related? Thanks.

想問一下您是否仍預計今年的有機收入成長率為 3%。也許您根據當前的可見性可以預測季度趨勢如何。其次，肖恩，您認為是什麼原因導致了本季全國經濟的疲軟，或者這是否與同行業有關？謝謝。

So, just a little color on our pacings and where we are today relative to that goal that you mentioned of being up approximately 3% for, let's call it, the midpoint of the range ish. Right now we are 75% booked to that goal, as we sit today. So the visibility is pretty good. It's not perfect, but I'd say that's pretty good. That's pretty much on par with where we would be every year about this time.

因此，只需對我們的步伐和我們今天的狀況進行一點說明，相對於您提到的目標，即上漲約 3%，我們稱之為範圍的中點。截至目前，我們已經完成了該目標的 75%。所以可見度相當好。它並不完美，但我認為它已經相當不錯了。這與我們每年這個時候的情況基本一致。

The national weaknesses, it's been with us for a little bit. Fortunately, as programmatic grows, which is a national piece of our book, it kind of makes up for some of that national weakness. You've heard me say it before. Some of it's just some large customers that have changed their buying habits. I've pointed out insurance.

國家弱點，伴隨我們已經有一段時間了。幸運的是，隨著程式化廣告的發展（這是我們書中的全國性部分），它在某種程度上彌補了國家的一些弱點。你以前聽我說過。其中一些只是一些大客戶改變了他們的購買習慣。我已經指出了保險。

As I mentioned in my comments, the conference we had in Boston was actually very bullish, and I came away from it feeling better about how national was going to perform as we move through the year.

正如我在評論中提到的那樣，我們在波士頓舉行的會議實際上非常樂觀，會議結束後，我對全國在今年的表現感到更加樂觀。

Got it. Thank you.

知道了。謝謝。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

Thanks. I guess I can't think of too many times in the past where investors are quite convinced we're going to go on an economic slowdown, and every company that reports, including yours, indicates that there is no weakness going on.

謝謝。我想，我想不出過去有多少次投資人確信經濟將會放緩，而包括貴公司在內的每家公司發布的報告都顯示經濟並未出現疲軟跡象。

So my question is, does this period of time can you draw any analogies to what this feels like in terms of the disconnect between investors and what you're seeing on the ground? And if investors are indeed right, what's the early sort of indicator that you get? Is it cancellations or is it more nuanced than that? Thanks.

所以我的問題是，您是否可以就投資者與您在實際中看到的情況之間的脫節這段時期的感受做出類比？如果投資者確實是對的，那麼您得到的早期指標是什麼？這是取消嗎？還是比這更微妙？謝謝。

Yeah, I think you've heard me say this before. Typically it's our shorter cycle sale that could be the canary in the coal mine. So we look at how digital, which is our shortest cycle sale, is performing, how it's performing relative to the overall footprint. And the news there is solid. So that gives us some confidence, as we sit today.

是的，我想你以前聽過我這麼說。通常，我們的短週期銷售可能是煤礦中的金絲雀。因此，我們會關注數位化（即我們週期最短的銷售）的表現，以及它相對於整體足跡的表現。那裡的消息很可靠。因此，這給了我們今天一些信心。

There was a moment in time and, I guess it was -- I can't remember whether it was '24 or '23 where everybody -- I can't remember when we were last together and we were talking about recession. And the questions I was getting was, well, how do your verticals -- how do they perform when you go into a recession.

我想，有那麼一刻——我不記得那是 24 年還是 23 年，當時每個人——我不記得我們上次在一起談論經濟衰退是什麼時候了。我得到的問題是，當經濟陷入衰退時，你的垂直產業表現如何。

And of course, I'm still getting those questions. Except now they're more like how do your verticals perform when you have a tariff war, which I've never been through a tariff war, but right now, again, it's all I can say is it's basically steady as she goes.

當然，我仍然在思考這些問題。但現在他們更像是在關稅戰中你的垂直行業表現如何，我從來沒有經歷過關稅戰，但是現在，我只能說，隨著關稅戰的進行，情況基本上是穩定的。

That's great. Yeah. Can I just ask one follow-up question?

那太棒了。是的。我可以再問一個後續問題嗎？

Sure.

當然。

Maybe I'm wrong about this, but I feel like the sort of legal vertical has become far more prominent today than it was in the past, is that a fair characterization?

也許我錯了，但我覺得這種法律垂直性在今天比過去更突出，這是一個公平的描述嗎？

Yeah, absolutely. So we break it out as services, and that category is approximately 20% of our book and legal services makes up approximately 50% of that. So legal services have grown to give or take 10% of our book.

是的，絕對是如此。因此，我們將其分為服務類，該類別約占我們帳簿的 20%，而法律服務約佔其中的 50%。因此，法律服務已成長至占我們帳面價值的 10% 左右。

They're very -- I'll say this about our lawyer friends. They are very savvy in the way they use our medium. They're very good at it. They're very good at buying in the right places and buying in bulk. They keep their presence up all year, and it's working for them.

他們非常——我想這樣評價我們的律師朋友。他們非常精明地使用我們的媒介。他們非常擅長這個。他們非常擅長在正確的地方購買並大量購買。他們全年都保持著活躍狀態，這對他們很有幫助。

That's great. Thank you for the color.

那太棒了。謝謝你的顏色。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Alright, thanks. Sean I know that you're busy on the M&A front. I just wanted to see if you could kind of dig into the landscape a bit, what type of deals are available at the moment. And I don't know if you can frame how to think about the inorganic contribution to revenue growth, should you execute on that full $150 million.

好的，謝謝。肖恩，我知道你在併購方面很忙。我只是想看看您是否可以深入了解目前的情況，有哪些類型的交易。我不知道您是否可以設想一下，如果您執行全部 1.5 億美元，無機收入對收入成長的貢獻會如何。

And then can you just update us on the expectation for expense growth for the year, I think last time you framed it around 3%. Thanks.

然後您能否向我們介紹今年的支出成長預期，我記得上次您將其定為 3% 左右。謝謝。

Yeah, so we're still pacing around that 3% expense growth right there. Yeah, pretty much there. I think we're going to be well north of $200 million in acquisition activity by the time we close out this year. We've got one that I can't mention on the phone call right now, but we're really excited about over here.

是的，所以我們仍然在 3% 的支出成長範圍內徘徊。是的，差不多就是這樣。我認為，到今年年底，我們的收購金額將遠遠超過 2 億美元。我們有一個現在我不能在電話中提及的事情，但我們對此感到非常興奮。

So yeah, it's going to be a good contributor, and I think we'll be able to give you more color on the inorganic contribution in August.

是的，它將是一個很好的貢獻者，我認為我們將能夠在八月為您提供更多關於無機貢獻的資訊。

Thanks.

謝謝。

Daniel Osley, Wells Fargo.

富國銀行的丹尼爾·奧斯利。

Thanks, good morning.

謝謝，早安。

Good morning.

早安.

So following up on your commentary on national, what are some of the ways that you can address the continued weakness there outside of general programmatic growth. And then how should we think about the pace of digital conversion throughout the remainder of the year?

那麼，根據您對國家的評論，除了一般的項目增長之外，您還可以採取哪些方法來解決那裡持續存在的疲軟問題。那麼，我們該如何看待今年剩餘時間數位轉型的步伐呢？

On the digital conversion question, we're still pacing to meet our goals some something north of $350 million deployments. National has been a bit of a quandary for us. It's -- we sometimes big customers, there can be a turnover in a CMO, and they want to make a change, and so they'll pull out their out of home spend and maybe go to digital.

關於數位化轉換問題，我們仍在努力實現 3.5 億美元以上的部署目標。國家對我們來說有點為難。有時，我們的大客戶可能會出現首席行銷長的變動，他們想要做出改變，因此他們會撤出戶外支出，並可能轉向數位化。

But it works the other way too. For example, I had a great visit with the CMO of Cracker Barrel at the Boston Conference. And they seem to have successfully turned the corner on their business, and are telling us that they're going to pluck up a little bit on their buy.

但反過來也一樣。例如，我在波士頓會議上與 Cracker Barrel 的首席行銷長進行了一次愉快的會面。他們的業務似乎已成功扭轉局面，並告訴我們他們將在收購方面稍微加強。

So it can ebb and flow, as you've probably heard me say many times. The local dollar tends to be very steady and the national dollar tends to be a little more fickle. But at the end of the day, it's been my experience that if you smooth out the cycles, they grow at roughly the same pace.

因此，它會有起有落，正如你可能聽我說過很多次的那樣。當地貨幣趨於穩定，而本國貨幣則較為變動。但最終，根據我的經驗，如果你平滑週期，它們就會以大致相同的速度成長。

Thank you.

謝謝。

(Operator Instructions) Jonnathan Navarrete, TD Cowen.

（操作員指示）Jonnathan Navarrete，TD Cowen。

Hey, good morning.

嘿，早安。

Hey Jonnathan.

嘿，喬納森。

Okay. So you kept your 2025 AFFO per share guidance unchanged despite repurchasing approximately 1.4 million shares through April. Does this imply that your absolute AFFO dollar expectations have declined, or is there another offset that I'm not considering?

好的。因此，儘管截至 4 月已回購約 140 萬股，但您仍維持 2025 年每股 AFFO 指引不變。這是否意味著您的絕對 AFFO 美元預期已經下降，或者是否存在我沒有考慮到的其他抵消因素？

You got a little garbled on the last part of that question, but I'll let Jay hit the AFFO per share.

您對這個問題的最後一部分有點困惑，但我會讓傑伊來計算每股 AFFO。

Good morning, Jonnathan. We repurchased those shares late in the quarter. And just from a conservative perspective, we haven't included that in the full year guide. So we still anticipate that even outside of those share repurchases that we would be affirming AFFO guidance.

早安，喬納森。我們在本季末回購了這些股票。而且僅從保守的角度來看，我們還沒有將其納入全年指南中。因此，我們仍然預計，即使在這些股票回購之外，我們也會確認 AFFO 指導。

Okay. All right, thanks. The second one is, although revenue increased year-over-year, even though it dip slightly, can you provide any additional color on the primary drivers of this expense growth during the quarter, and specify if there were any notable one-time items that we should model going forward?

好的。好的，謝謝。第二個問題是，儘管收入同比增長，但即使略有下降，您能否提供有關本季度費用增長的主要驅動因素的更多細節，並具體說明是否有任何值得注意的一次性項目值得我們在未來建模？

Yeah, I'll let Jay hit that one as well. But keep in mind we are going through an enterprise conversion that has elevated expenses here at corporate. But Jay, you want to hit that?

是的，我也會讓傑伊打那個。但請記住，我們正在經歷企業轉型，這會增加公司的費用。但是傑伊，你想打那個嗎？

And there were a couple of things, Jonnathan that were -- what I would call sort of one-time on the sales commission's front, we ran a sales contest to kind of make up for some of the headwinds in Q1, so that was kind of elevated.

喬納森，有幾件事——我稱之為銷售佣金方面的一次性活動，我們舉辦了一場銷售競賽，以彌補第一季的一些不利因素，因此這有點高估了。

Health insurance continues to be an elevated cost, and I think you're hearing that from most corporates. And then we had some one-time expenses that came through in Q1 in a couple of our outdoor regions that we don't expect to continue going forward. We did beat our expectations in Q1, and again, for the full year, we still anticipate acquisition adjusted consolidated expenses to come in around 3% as budgeted.

健康保險的成本仍然很高，我想大多數公司都這麼說。然後，我們在第一季在幾個戶外區域產生了一些一次性費用，我們預計這些費用不會繼續持續下去。我們在第一季的表現確實超出了預期，而且就全年而言，我們仍然預計收購調整後的合併費用將達到預算的 3% 左右。

Got it. And just on my last one, so we have some detail on the Premier Outdoor asset acquisition. Could you give us some more color on the asset profiles of the 10 acquisitions that you did during the first quarter? Thank you.

知道了。這是我的最後一則訊息，我們對 Premier Outdoor 資產收購有一些詳細的介紹。您能否向我們詳細介紹第一季進行的 10 項收購的資產狀況？謝謝。

Sure. It's the same old fill in that activity that you're familiar with. These are very predictable acquisitions. They're not large in and of themselves, but they add up to be quite accretive as we move through the year. I like to qualify -- characterize them as high quality requalified assets that are within our existing footprint.

當然。這和您熟悉的填寫活動是一樣的。這些都是非常可預見的收購。這些金額本身並不大，但隨著時間的推移，它們會累積起來，產生相當大的增值作用。我喜歡將它們描述為我們現有業務範圍內的高品質再認證資產。

Jonnathan, you still there?

喬納森，你還在嗎？

Yes, I am. Thank you for the response.

我是。謝謝您的回覆。

It appears we have no further questions at this time. I'll turn the program back to Sean Reilly for closing remarks.

目前看來我們沒有其他問題。我將把節目交還給 Sean Reilly 進行結束語。

Well, thank you all for listening. And we look forward to visiting again, come August.

好的，謝謝大家的聆聽。我們期待八月再次來訪。

This does conclude today's program. Thank you for your participation, and you may disconnect at any time.

今天的節目到此結束。感謝您的參與，您可以隨時斷開連線。