Lamar Advertising Co (LAMR) 2025 Q2 法說會逐字稿

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

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）在本次討論過程中，拉馬爾可能會對公司做出前瞻性陳述，包括有關其未來財務業績、戰略目標、計劃和目標的陳述，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 second 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 年第二季財報和最新的 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 second 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 年第二季度收益報告包含 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, Madison. Good morning all, and welcome to Lamar's second quarter 2025 earnings call. Our revenue growth accelerated in Q2 to 1.9% on a consolidated acquisition-adjusted basis with year-over-year increases on both the local and national levels and across billboards, airports, and logos. It was our 17th consecutive quarter of acquisition-adjusted revenue growth. EBITDA increased by 2% on an acquisition-adjusted basis with a slight improvement in margins versus Q2 of last year.

謝謝你，麥迪遜。大家早安，歡迎參加拉馬爾 2025 年第二季財報電話會議。我們第二季的營收成長加速至 1.9%（以合併收購調整後計算），無論是在地方還是國家層面，以及在廣告看板、機場和標誌方面，都實現了同比增長。這是我們連續第 17 個季度實現收購調整後營收成長。經收購調整後，EBITDA 成長了 2%，利潤率與去年第二季相比略有提高。

Reflecting on Q2 and on July, I would categorize the current operating environment is solid but not spectacular. We are seeing increased activity in the form of national RFPs and local proposals, but some advertisers continue to maintain a cautious approach. As you can tell from the headlines, there's still a lot of uncertainty in the air.

回顧第二季和七月的情況，我認為目前的經營環境穩健，但並不出色。我們看到全國性 RFP 和地方提案的活動有所增加，但一些廣告商仍然保持謹慎的態度。從頭條新聞中可以看出，仍然存在著許多不確定性。

Current pacing suggests acquisition-adjusted growth for the back half will likely be better than Q2 with Q3 growth ahead of Q4, where we are comping against the election-related political spend in Q4 of 2024. We are particularly cautious about October. As a result, back half growth, again, better than the first half is not quite as strong as our earlier expectations.

目前的節奏表明，下半年經收購調整後的成長可能會好於第二季度，第三季度的成長將領先於第四季度，我們將第四季度與 2024 年第四季的選舉相關政治支出進行比較。我們對十月尤其謹慎。因此，下半年的成長雖然比上半年更好，但不如我們之前的預期那麼強勁。

Consequently, as you saw, we have revised our guidance for full year AFFO per share to a range of $8.10 to $8.20. There are some non-operational factors in that revision, including some onetime expenses associated with our exit from the Vancouver transit contract, which will cost us a few pennies on AFFO. Jay will walk you through these numbers in a little more detail in a moment. As for the loss of the contract, Vancouver since COVID and until very recently was negative to the bottom line, so we are not necessarily sorry to see it go.

因此，如您所見，我們已將全年每股 AFFO 的預期調整至 8.10 至 8.20 加元之間。此次調整包含一些非營運因素，包括與我們退出溫哥華交通運輸合約相關的一些一次性支出，這將導致 AFFO 損失幾美分。傑伊稍後會向您更詳細地介紹這些數字。至於合約的損失，溫哥華自新冠疫情以來直到最近一直對底線產生負面影響，所以我們並不一定對它的損失感到遺憾。

In the meantime, back to Q2, categories of strength included services, building and construction, financial and insurance, while beverages, education, and telecom were weaker. As mentioned, local and national were both higher with programmatic up right around 10%.

同時，回到第二季度，表現強勁的類別包括服務業、建築業、金融和保險業，而飲料、教育和電信業則表現較弱。如上所述，地方和全國的廣告支出均有所增加，其中程序化廣告支出增加了約 10%。

It's been an active year on the M&A front. Through Q2, we had spent $87 million in cash on 20 acquisitions, including a deal that we expect to close this morning, bringing the year-to-date total to approximately $110 million in cash acquisitions.

今年是併購領域活躍的一年。截至第二季度，我們已花費 8,700 萬美元現金進行 20 項收購，其中包括一項預計於今天上午完成的交易，這使得年初至今的現金收購總額達到約 1.1 億美元。

In early July, meanwhile, we completed a milestone deal with the first ever UPREIT transaction in the billboard space. Our counterparty, Verde Outdoor contributed their billboards in the Southeast, Northeast, and Midwest to us. In return, we issued nearly 1.2 million units in our operating partnership subsidiary to Verde's owners. These units entitle them to the same cash distributions as common shareholders.

同時，7月初，我們完成了一項里程碑式的交易，這是廣告看板領域首筆 UPREIT 交易。我們的交易對手 Verde Outdoor 向我們貢獻了他們在東南部、東北部和中西部的廣告看板。作為回報，我們透過營運合作子公司向 Verde 的所有者發行了近 120 萬個單位。這些單位使他們有權獲得與普通股股東相同的現金分配。

Meanwhile, the tax on their gains will be deferred until the units are converted to cash or Lamar shares, a conversion that they trigger on their own timetable. On the day we issued the units, the stock was trading about $124 per share. But recall that we bought back 1.3 million shares earlier this year, which we did knowing this deal was coming and recognizing that we had an opportunity to lock the price of the units that we would issue, if you will, at an attractive price point, which was about $1.08 per share across the buyback.

同時，他們的所得稅將被推遲，直到這些單位轉換為現金或拉馬爾股票，他們按照自己的時間表觸發轉換。在我們發行這些單位的那天，股票交易價格約為每股 124 美元。但請記住，我們在今年稍早回購了 130 萬股股票，我們知道這筆交易即將到來，並且認識到我們有機會將我們將發行的單位價格鎖定在一個有吸引力的價格點，即整個回購期間每股約 1.08 美元。

The UPREIT is a really compelling option for sellers who like the outdoor business, but want to diversify their asset base in a tax-efficient manner, all the while enjoying income from our distributions. For that reason, we expect that it will be a tool that we will use again and again, and I want to thank Ernie Garcia and the rest of the Verde ownership group for blazing this path with us.

對於喜歡戶外業務但希望以節稅的方式實現資產基礎多樣化，同時享受我們分配的收入的賣家來說，UPREIT 是一個非常有吸引力的選擇。因此，我們期望它將成為我們反覆使用的工具，我要感謝 Ernie Garcia 和 Verde 所有權集團的其他成員與我們一起開闢這條道路。

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

接下來，我將把時間交給傑伊來向你們介紹這些數字。

Thanks, Sean. Good morning, everyone, and thank you for joining us. We experienced modest growth in our portfolio during the second quarter. Growth in AFFO continued, which was nice to see given AFFO grew almost 10% in Q2 a year ago.

謝謝，肖恩。大家早安，感謝大家的收看。我們的投資組合在第二季度實現了適度成長。AFFO 持續成長，考慮到去年第二季 AFFO 成長了近 10%，這是令人欣慰的。

In the second quarter, acquisition-adjusted revenue increased 1.9% from the same period last year, accelerating 80 basis points over the first quarter. Our billboard operations experienced low single-digit top line growth, while the company's airport and logos division significantly outpaced the broader portfolio, growing revenue 11.7% and 6.1%, respectively.

第二季度，收購調整後營收較去年同期成長1.9%，較第一季加速80個基點。我們的廣告看板業務實現了低個位數的收入成長，而公司的機場和標誌部門的收入成長明顯超過整體投資組合，分別成長了 11.7% 和 6.1%。

Acquisition-adjusted consolidated expenses also increased 1.9% in the second quarter, which was better than our internal expectations. We now expect operating expense growth for the full year to come in around 2.5% and on an acquisition-adjusted basis.

收購調整後的綜合費用在第二季也增加了 1.9%，優於我們的內部預期。我們現在預計全年營運費用成長率將在 2.5% 左右，並根據收購情況進行調整。

Adjusted EBITDA for the quarter was $278.4 million compared to $271.6 million in 2024, which was an increase of 2.5%. On an acquisition-adjusted basis, adjusted EBITDA increased 2%. Adjusted EBITDA margin for the quarter remained strong at 48.1%, one of the strongest second quarters in recent history.

本季調整後 EBITDA 為 2.784 億美元，而 2024 年為 2.716 億美元，成長 2.5%。在收購調整的基礎上，調整後的 EBITDA 成長了 2%。本季調整後的 EBITDA 利潤率保持強勁，達到 48.1%，是近年來最強勁的第二季度之一。

Adjusted funds from operations totaled $225.3 million in the second quarter compared to $213.5 million last year, an increase of 5.5%. Diluted AFFO per share increased 6.7% to $2.22 per share versus $2.08 per share in the second quarter of 2024.

第二季調整後的營運資金總額為 2.253 億美元，而去年同期為 2.135 億美元，成長 5.5%。每股稀釋 AFFO 成長 6.7% 至每股 2.22 美元，而 2024 年第二季為每股 2.08 美元。

Local and regional sales accounted for approximately 79% of the billboard revenue in Q2, growing for the 17th 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.

本地和區域銷售額約佔第二季廣告看板收入的 79%，連續第 17 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。

Subsequent to quarter end, on July 31, the contract between the company and TransLink in Vancouver, British Columbia matured and was terminated per terms of the agreement. While Vancouver Transit was a high revenue contract, with approximately $23.5 million expected for the full year across TransLink and an affiliated contract, the actual EBITDA contribution was budgeted for slightly less than $2 million, a margin of less than 10%.

季度結束後，即 7 月 31 日，公司與不列顛哥倫比亞省溫哥華的 TransLink 之間的合約到期並根據協議條款終止。雖然溫哥華捷運公司是一份高收入合同，預計全年透過 TransLink 和附屬合約的收入約為 2,350 萬美元，但實際 EBITDA 貢獻預算略低於 200 萬美元，利潤率不到 10%。

The Vancouver business has struggled to breakeven since COVID and only turned cash flow positive in the second half of last year. Our original guidance assumed renewal of the contract and the full year impact to AFFO is approximately $0.06 per share, driven primarily by severance costs associated with our Canadian employees.

自新冠疫情以來，溫哥華業務一直難以實現收支平衡，直到去年下半年才達到現金流為正。我們最初的指導假設續約，對 AFFO 的全年影響約為每股 0.06 美元，主要原因是與我們的加拿大員工相關的遣散費用。

On the capital expenditure front, total spend for the quarter was $38.2 million, including $13.3 million of maintenance CapEx. For the first half of the year, CapEx totaled $68.1 million, about a third of which was maintenance. And for the full year, we anticipate total CapEx of $180 million with maintenance comprising $60 million.

在資本支出方面，本季總支出為 3,820 萬美元，其中包括 1,330 萬美元的維護資本支出。今年上半年，資本支出總計 6,810 萬美元，其中約三分之一用於維護。我們預計全年總資本支出為 1.8 億美元，其中維護費用為 6,000 萬美元。

Moving to our balance sheet. We have a well-laddered 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 $3.4 billion in total consolidated debt and our weighted average interest rate was 4.7% with a weighted average debt maturity of 3.4 years.

前往我們的資產負債表。我們有一個精心設計的債務到期計劃，直到 2027 年 2 月的定期貸款 B 到期，然後是同年 10 月底的公司應收帳款證券化。截至季末，我們的合併債務總額約為 34 億美元，加權平均利率為 4.7%，加權平均債務期限為 3.4 年。

We ended the quarter with total leverage of 2.95 times net debt-to-EBITDA as defined under our credit facility, which remains amongst the lowest level ever for the company. Our secured debt leverage was 0.95 times, and we're comfortably in compliance with both our total debt incurrence and secured debt maintenance test against covenants of 7 times and 4.5 times, respectively. 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.

本季末，我們的總槓桿率為信貸安排下淨債務與 EBITDA 比率的 2.95 倍，這仍然是公司有史以來的最低水平。我們的擔保債務槓桿率為 0.95 倍，並且我們能夠輕鬆滿足總債務發生率和擔保債務維持率測試的契約要求，分別為 7 倍和 4.5 倍。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。

Our LTM interest coverage through June 30, improved to 6.8 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. The healthy coverage exemplifies the strength of our balance sheet and the ability to service our debt.

截至 6 月 30 日，我們的 LTM 利息覆蓋率提高至調整後 EBITDA 與現金利息的 6.8 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。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。

As a result of the focus on our balance sheet, the company is well positioned, and we have resumed more normal acquisition activity with an investment capacity over $1 billion. 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 times to 4 times net debt to EBITDA.

由於我們關注資產負債表，公司處於有利地位，我們已恢復更正常的收購活動，投資能力超過 10 億美元。此外，我們有能力部署這筆資本，同時保持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 倍至 4 倍。

Our liquidity and access to capital remains strong as the company continues to enjoy access to both the debt and equity capital markets. As of June 30, we had $363 million in total liquidity, comprised of approximately $56 million of cash on hand and $307 million available under our revolving credit facility. We ended the quarter with $434 million outstanding on the revolver and the company's AR securitization was fully drawn with a balance of $250 million.

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 6 月 30 日，我們的總流動資金為 3.63 億美元，其中包括約 5,600 萬美元的現金和 3.07 億美元的循環信貸額度。本季末，循環信貸未償還金額為 4.34 億美元，公司的應收帳款證券化已全部提取，餘額為 2.5 億美元。

This morning, we revised our full year guidance and now expect AFFO to finish the year between $8.10 and $8.20 per diluted share, a reduction of $0.055 from the prior range at the midpoint. Cash interest in our revised guidance totaled $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.

今天上午，我們修改了全年預期，目前預計 AFFO 全年每股攤薄收益將在 8.10 美元至 8.20 美元之間，比之前的中點範圍減少 0.055 美元。我們修訂後的指引中的現金利息總額為 1.52 億美元，並假設 SOFR 在今年餘下時間內保持不變。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 both the first and second quarters. Management's recommendation will be to declare a cash dividend of $1.55 per share for the third quarter as well. This recommendation is subject to Board approval, and we will communicate the Board's decision.

最後，是我們的股利。我們在第一季和第二季均支付了每股 1.55 美元的現金股利。管理階層建議第三季也派發每股 1.55 美元的現金股利。該建議需經董事會批准，我們將傳達董事會的決定。

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. Again, we are pleased with our financial position and strong balance sheet, which should help mitigate any uncertainty that arises in the broader economic environment.

公司的股利政策仍是分配100％的應稅所得。就全年而言，我們仍預計派發每股至少 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。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出現的任何不確定性。

I will now turn the call back over to Sean.

我現在將把電話轉回給肖恩。

Thank you, Jay. Before I open it up for questions, I'll add a little color to some familiar metrics that we discuss every quarter. Regions of relative strength included Central region and the Midwest region. Regions of relative weakness have included the Atlantic region and the Gulf Coast region. I mentioned caution around our October. In those geographies of relative strength, we have been more successful in replacing political business. In weaker regions, it's been a little tougher.

謝謝你，傑伊。在回答問題之前，我將對我們每季討論的一些熟悉的指標進行一些補充說明。相對實力較強的地區包括中部地區和中西部地區。相對疲軟的地區包括大西洋地區和墨西哥灣沿岸地區。我曾提到在十月要謹慎行事。在那些實力相對雄厚的地區，我們在取代政治業務方面取得了更大的成功。在實力較弱的地區，情況就更困難一些。

We ended Q2 with 5,255 digital units in the air, an increase of 152 over Q1. While we struggled a little bit with same board digital in the first half, it seems to have strengthened as we move into the back half of the year. Our current expectation is to end the year having added 325 to 350 new digital units.

我們在第二季結束時擁有 5,255 個數位單元，比第一季增加了 152 個。雖然上半年我們在同板數位業務方面遇到了一些困難，但進入下半年，情況似乎有所改善。我們目前的預期是今年底將新增 325 至 350 個數位單元。

As I mentioned, we grew both local and national business in Q2. Local regional grew 1.7% on the billboard side, national programmatic grew 0.5% on the billboard side. Of note, we believe national/programmatic will be up 2.5% to 3% in Q3. So it's nice to see that rebound. Also regarding Q3, we have 91% of our expectations for total revenue already booked with 88% of our expectations for full year revenue already booked.

正如我所提到的，我們在第二季度實現了本地和全國業務的成長。地方區域廣告看板廣告成長了 1.7%，全國性廣告看板廣告成長了 0.5%。值得注意的是，我們認為第三季全國/程序化廣告將成長 2.5% 至 3%。所以看到這種反彈真是令人欣喜。另外，關於第三季度，我們已實現預期總營收的 91%，已達到預期全年營收的 88%。

Finally, I mentioned some categories of relative strength. That would be service, up 8.2% in Q2; financial, up 11% in Q2; building and construction, up 16.3% in Q2; and insurance, that's nice to see, up 22% in Q2. Categories of relative weakness included, as I mentioned, education down 3.8%; beverages down 16%; and telecom down 17%.

最後，我提到了一些相對強度的類別。其中包括服務業，第二季成長 8.2%；金融業，第二季成長 11%；建築業，第二季成長 16.3%；保險業，令人欣喜的是，第二季成長 22%。正如我所提到的，相對疲軟的類別包括教育下降 3.8%；飲料下降 16%；電信下降 17%。

With that, Madison, we can open it up for questions.

麥迪遜，這樣我們就可以開始提問了。

(Operator Instructions)

（操作員指示）

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

Good morning, Sean. Good morning, Jay.

早安，肖恩。早安，傑伊。

Good morning, Cameron.

早上好，卡梅倫。

I was curious if you could maybe further quantify what the updated guidance implies for top-line growth for the year, maybe just visibility trending into the back half now?

我很好奇，您是否可以進一步量化更新後的指引對今年營收成長意味著什麼，也許只是現在下半年的趨勢可見度？

And then secondly, Sean, if you could remind us the quarterly political comp, how much political revenue you might expect this quarter? And any commentary on your ability to replace these sales? And maybe just ask another way, how is pricing trending for the boards that were political ads last year now that you're selling to other verticals, that would be helpful. Thank you.

其次，肖恩，如果您能提醒我們季度政治收入，您預計本季的政治收入有多少？您對於替代這些銷售的能力有何評論？也許換一種方式問，去年作為政治廣告的廣告看板現在向其他垂直行業銷售，其定價趨勢如何，這將會很有幫助。謝謝。

So as a general comment, rate is hanging in there quite nicely for example, for our static bulletin product, Q2 rate was up 4%. So that's, again, good to see. Some of that, of course, is a business that was previously occupied by political customers.

因此，作為一般評論，利率保持得相當好，例如，對於我們的靜態公告產品，第二季利率上漲了 4%。所以，再次看到這一點，真是令人高興。當然，其中一些業務以前是由政治客戶佔據的。

The comp for Q3 in terms of political is not quite as much as what we need to do for October and Q4. Q3 is going to come in, we think, pretty nicely. Again, we're cautious about that October comp, and it's substantial. It's in the tens of millions.

從政治角度來看，第三季的補償不如十月和第四季的補償那麼多。我們認為，第三季將會表現得相當不錯。再次強調，我們對十月份的業績保持謹慎，而且幅度相當大。數以千萬計。

So Cameron, from a comp perspective, Q3, the political headwind is about 100 basis points, and it's about 200 basis points in Q4. In the second half of last year, we put about [$20 million] of political on the book. So it's a pretty decent.

因此，卡梅倫，從比較角度來看，第三季的政治逆風約為 100 個基點，第四季約為 200 個基點。去年下半年，我們為這本書投入了約 2,000 萬美元的政治資金。所以這是相當不錯的。

Thank you.

謝謝。

Camera, anything else?

相機，還有其他東西嗎？

No, that's helpful. Appreciate it.

不，這很有幫助。非常感謝。

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

Thanks. I just had two questions. When I was reading your release, it implied that the reduction in the AFFO guidance was really a function of maybe the macro improving, but not as much as you anticipated. But when I listen to what Jay said, it came across as the entire AFFO reduction is really just related to the Vancouver exit. So I don't know if I misinterpreted something, but if you could clarify that. That's my first question. And then second -- yeah, my second question is -- no, no, go.

謝謝。我只有兩個問題。當我閱讀您的新聞稿時，它暗示 AFFO 指導的減少實際上可能是宏觀改善的結果，但沒有您預期的那麼多。但當我聽傑伊說的話時，我發現整個 AFFO 削減實際上只與溫哥華退出有關。所以我不知道我是否誤解了什麼，但你能澄清一下嗎？這是我的第一個問題。然後第二個——是的，我的第二個問題是——不，不，去吧。

That's a good question, and I'm going to answer it with -- it's a little bit of both. Some of it is decidedly a little softer operations. And then a chunk of it is definitely related to Vancouver. I'll let Jay also add a little color.

這是個好問題，我的回答是──兩者都有一點。其中一些顯然是較為溫和的操作。其中很大一部分肯定與溫哥華有關。我會讓傑伊也添加一點顏色。

So Jason, there are a lot of ins and outs in this quarter. I would point to the headwinds being just the slower operating performance on the top line, but also Vancouver. And mitigating that, we do have acquisitions. Verde was a pretty sizable acquisition for us as well as the additional cash acquisitions we've done throughout the year.

所以傑森，本季有很多細節。我想指出的不利因素不僅是營業收入的經營績效放緩，還有溫哥華的經營績效放緩。為了緩解這一問題，我們確實進行了收購。對我們來說，Verde 是一筆相當大的收購，也是我們全年進行的額外現金收購。

And then finally, the share repurchase that we did largely in Q2 also gave us a bit of a tailwind. But net-net, the reduction at the midpoint is about the same as the impact on Vancouver, but there are lots of ins and outs that kind of get you to that.

最後，我們在第二季進行的股票回購也為我們帶來了一些順風。但淨額方面，中點的減少量與對溫哥華的影響大致相同，但有許多細節可以讓你達到這一點。

Okay. Perfect. And then I just had a question on this UPREIT structure. And you can correct me if I'm wrong. I sort of think of the outdoor business in the US, maybe a third of it is still sort of held in private hands. And is your sense that this could sort of accelerate the cadence of M&A, because there's a lot of families that own a handful of billboards that want to defer those taxes and now you have a mechanism to engage with them without being constrained by the amount of cash that you generate and not constrained by the sellers unwillingness to accept cash because they don't want to pay taxes. Like is this a big deal? Like is this going to alter the contour or cadence of M&A over the next five years?

好的。完美的。然後我對這個 UPREIT 結構有一個疑問。如果我錯了，你可以糾正我。我認為美國的戶外業務大概有三分之一仍掌握在私人手中。您是否認為這可能會加速併購的節奏，因為有很多家庭擁有少量廣告牌，他們希望推遲繳納這些稅款，現在您有了一種與他們接觸的機制，而不受您產生的現金數額的限制，也不受賣家因不想納稅而不願接受現金的限制。這有什麼大不了的嗎？這是否會改變未來五年併購的輪廓或節奏？

Yeah, we think it is a big deal. After we announced the Verde transaction with a very sophisticated family office seller in the Garcia family, there were a lot of inbound calls. And our -- the broker community is telling us that people are very interested and that they want to better understand it and some of them, we believe, will find it quite attractive. Jay, do you want to add anything?

是的，我們認為這是一件大事。在我們與加西亞家族中一位非常老練的家族辦公室賣家宣布 Verde 交易後，我們接到了很多電話。我們的經紀人社群告訴我們，人們非常感興趣，他們希望更好地了解它，我們相信其中一些人會發現它非常有吸引力。傑伊，你還有什麼要補充嗎？

I think that's right. It's a very favorable structure. It's one in which when you have long-held assets with a low basis, it really can be a benefit and really a win-win for both the sellers and (inaudible). So we're cautiously optimistic that it will (inaudible) the activity.

我認為那是對的。這是一個非常有利的結構。當你長期持有低基數資產時，這對賣方和買方來說確實是一種好處，是一種雙贏。（聽不清楚）。因此，我們謹慎樂觀地認為它將（聽不清楚）開展活動。

Can I just ask one follow-up on that? What was it that prevented sort of the UPREIT sort of flavor, if you will, or that structure from being put in over the last, I don't know, what has it been 11 years since you've been in REIT, what is that caused this to happen now?

我可以就此再問一個問題嗎？如果你願意的話，是什麼阻礙了 UPREIT 的某種風格，或者說是什麼阻礙了這種結構的建立，我不知道，自從你進入 REIT 以來已經 11 年了，是什麼導致了現在這種情況的發生？

We really began exploring it about four years ago, was it, Jay? And we've got some accounting and legal advice. And I don't know if we announced this, but we spent about $1 million doing the conversion about four years ago in anticipation of transaction breaking.

我們實際上大約在四年前就開始探索它了，是嗎，傑伊？我們也提供了一些會計和法律建議。我不知道我們是否宣布過這一點，但大約四年前，我們花費了大約 100 萬美元進行轉換，以防交易中斷。

We had -- we came very close about 1.5 years ago to pulling off an UPREIT transaction for a variety of reasons. That one didn't quite come together. But this one has and the word is now out.

大約一年半前，由於各種原因，我們幾乎完成了 UPREIT 交易。那個還沒有完全融合。但這一次，消息已經傳開了。

I think, Jason, just looking historically, when we originally converted to a REIT, not to push the envelope and make sure that the conversion was approved, I think the team here decided not to pursue the UPREIT structure. And having gone through a conversion once we were looking at a deal, we made the decision to say, let's go ahead and do it because it's a heavy lift. I mean, it took us six months to do the conversion.

傑森，我認為，從歷史上看，當我們最初轉換為房地產投資信託基金 (REIT) 時，為了不突破界限並確保轉換獲得批准，我認為這裡的團隊決定不採用 UPREIT 結構。當我們考慮達成交易時，我們經歷了一次轉變，我們決定說，讓我們繼續做下去，因為這是一項艱鉅的任務。我的意思是，我們花了六個月的時間來完成轉換。

So we decided to do it, and we're pleased that we finally got a transaction done. And now that the market is seeing the benefit, I think sellers will seek to understand the product more and hopefully will lead to more deals.

所以我們決定這麼做，並且很高興最終完成了交易。現在市場已經看到了好處，我認為賣家將會更了解產品，並希望能促成更多的交易。

That's great. Thank you.

那太棒了。謝謝。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Hey, thank you, Sean, transit results appear to becoming better across outdoor firms, including yours. I'm kind of interested in why you think in this cautious macro period that airports and transit are kind of holding up better? And then maybe just separate from the UPREIT conversation, can you just update on the pipeline for M&A generally? And is there anything assumed in the guide past the Verde? Thank you.

嘿，謝謝你，肖恩，包括你們在內的戶外公司的運輸業績似乎都變得更好了。我有點感興趣的是，為什麼您認為在這個謹慎的宏觀時期，機場和交通運輸會表現得更好？那麼也許除了 UPREIT 對話之外，您能否更新一下併購管道的整體情況？那麼，在 Verde 之後的指南中還有什麼假設嗎？謝謝。

So nothing in the guide assumed past Verde, but Verde is baked in to the guide. So we feel like on the airport side, airports are just performing very strongly. You've seen that in Clear Channel's results. We're experiencing the same thing. There's been a tremendous rebound in air travel. And actually, growth in our airport division is pacing the company right now.

因此，指南中沒有任何內容假設 Verde 已經過時，但 Verde 已經融入指南中。因此，我們感覺機場方面的表現非常強勁。您已經在 Clear Channel 的結果中看到了這一點。我們正在經歷同樣的事情。航空旅行出現了大幅反彈。事實上，我們機場部門的成長正在引領公司的發展。

On the transit side, keep in mind, our transit is a little bit different than what you would see with, say, an upfront. Typically, what we're doing is wrapping buses so that the audience is not the actual ridership of the transit trains. It's -- the audience is actually people in and around the communities that see the buses as they roll around.

在運輸方面，請記住，我們的運送方式與您所看到的，例如預付款，略有不同。通常，我們的做法是包裹公車，這樣觀眾就不是公車的實際乘客。觀眾實際上是社區內和周圍的人們，他們看到公車在周圍行駛。

It's a slightly different business. It had a different recovery profile in terms of coming back. We mentioned Vancouver in this call. Vancouver is really one of the only transit operations that we had that kind of looked like the New York MTA, the actual audience was the ridership of the trains, and that's why it took longer for it to recover. So I think you'll see in those -- in that sort of differential rate of growth for our transit versus what you're hearing from the other guys is that differential rate of recovery from COVID, if that makes sense.

這是一項略有不同的業務。從迴歸的角度來看，它有著不同的恢復情況。我們在這通電話中提到了溫哥華。溫哥華實際上是我們唯一一個看起來像紐約大都會運輸署 (MTA) 的交通運營城市，其實際受眾是火車的乘客，這就是為什麼它需要更長時間才能恢復的原因。因此，我認為您會看到——我們的交通運輸成長率與您從其他人那裡聽到的相比，是從 COVID 中恢復的差異率，如果這說得通的話。

Yeah, thanks.

是的，謝謝。

(Operator Instructions)

（操作員指示）

Daniel Osley, Wells Fargo.

富國銀行的丹尼爾·奧斯利。

Thanks. Maybe sticking with the M&A theme. Can you remind us on the typical timeline to get acquired assets integrated into your sales motion? And then how quickly are you able to start realizing synergies on the cost side? Thanks.

謝謝。也許會堅持併購主題。您能否提醒我們將收購的資產整合到銷售計畫中的典型時間表？那麼，您多快能夠開始實現成本方面的綜效？謝謝。

So it depends on whether or not it's a fill-in acquisition for a new market acquisition for us, David. Verde was a little bit of both. When it to fill-in, the expense synergies happen extremely quickly. Typically on a fill-in deal, we're just buying billboard structures, billboard permits, advertising contracts, and ground leases. And we don't need the people or the trucks or the buildings and the like.

所以這取決於這對我們來說是否是新市場收購的填補性收購，大衛。Verde 兼具兩者的優點。當它填補時，費用協同效應發生得非常快。通常，在填補交易中，我們只是購買廣告看板結構、廣告看板許可證、廣告合約和土地租賃。我們不需要人、卡車、建築物等等。

So on the expense side, it happens very quickly if it's 100% fill-in. The magic on the revenue side takes a little longer because, number one, we have to live with contracts in place that the previous owners had. And then once we -- those contracts roll off, typically, there's a little bit of magic on the top as well.

因此，從費用方面來看，如果 100% 填補，那麼費用就會很快增加。收入方面的奇蹟需要更長的時間，因為首先，我們必須遵守前任所有者簽訂的合約。然後，一旦我們——這些合約到期，通常也會出現一些神奇的事情。

That's helpful. And then maybe as a quick follow-up, what are you assuming in the second half of the year as the headwind from the exit of the Vancouver contract?

這很有幫助。然後也許作為一個快速的後續問題，您認為下半年溫哥華合約退出將帶來什麼不利因素？

So for the full year, it's about $0.06, and that's comprised of primarily severance costs, $0.04 of that is severance. Only about $0.02 for the full year. And so approximately about 1p in the back half is related to operations, the loss of cash flow from the contract.

因此，全年約為 0.06 美元，主要包括遣散費，其中 0.04 美元是遣散費。全年僅需約 0.02 美元。因此，後半部大約有 1 便士與營運有關，即合約現金流的損失。

Got it. Thank you.

知道了。謝謝。

Thank you. And it appears that we have no further questions at this time. I will now turn the call back to Sean for closing remarks.

謝謝。目前看來我們沒有其他問題了。現在我將把電話轉回給肖恩，請他作結束語。

Thank you, Madison, and thank you all for your interest in Lamar. I look forward to visiting again on the Q3 call later this year. Thank you all.

謝謝你，麥迪遜，也謝謝大家對拉馬爾的關注。我期待在今年稍後的第三季電話會議上再次拜訪。謝謝大家。

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

謝謝。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。