Lamar Advertising Co (LAMR) 2025 Q3 法說會逐字稿

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

各位，不好意思，現在肖恩·萊利和傑伊·約翰遜正在開會。（操作說明）

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，包括對公司未來財務業績、戰略目標、計劃和目的的陳述，包括對向股東分配任何款項的金額和時間以及一般經濟狀況（包括通貨膨脹壓力）對公司業務、財務狀況和經營業績的影響和作用的陳述。所有前瞻性陳述都涉及風險、不確定性和突發事件，其中許多是 Lamar 無法控制的，並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 third quarter 2025 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents. Lamar's third quarter 2025 earnings release, which contains information regarding 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 已確定了一些重要因素，這些因素可能導致實際結果與本次電話會議中討論的結果存在重大差異，這些因素將在公司 2025 年第三季度收益報告和最新的 10-K 表格年度報告中列出。拉馬爾要你參考那些文件。Lamar 於今天上午以 8-K 表格的形式向美國證券交易委員會提交了 2025 年第三季度收益報告，其中包含有關某些非 GAAP 財務指標的 G 條例信息，該報告可在 Lamar 網站 www.lamar.com 的投資者關係部分查閱。

I would now like to turn the conference over to Sean Riley. Mr. Riley, you may begin.

現在我將把會議交給肖恩·萊利。萊利先生，你可以開始了。

Thank you, Katie. Good morning, all, and welcome to Lamar's Q3 2025 earnings call. For the third quarter, we delivered solid operating results, with consolidated revenue growth improving to 2.9% on an acquisition-adjusted basis, led by national slash programmatic, which had its strongest period of growth since Q2 of 2022. On the local level, a cautious vibe still prevails, and as a result, Q3 looked a lot like the rest of 2025 has, with year-over-year growth in the low single digits.

謝謝你，凱蒂。各位早安，歡迎參加 Lamar 2025 年第三季財報電話會議。第三季度，我們取得了穩健的經營業績，經收購調整後，合併收入增長改善至 2.9%，這主要得益於全國/程序化廣告業務的增長，該業務實現了自 2022 年第二季度以來最強勁的增長。在本地層面，謹慎的氣氛依然盛行，因此，第三季與 2025 年的其他季度非常相似，同比增速僅為個位數。

As we noted in the release, we are pacing to reach our previously provided guidance for full year AFFO per share. That is despite difficult political comps in October, which we knew would be a headwind. Our pacings for November and December are encouraging, as are our conversations thus far with customers about 2026, which for a variety of reasons we believe sets up to be a good year. So far, our pacings bear that optimism out.

正如我們在新聞稿中提到的，我們正朝著先前給出的全年調整後營運資金（AFFO）每股盈餘預期目標穩步邁進。儘管十月份的政治局勢嚴峻，我們知道這將是一個不利因素，但情況依然如此。11 月和 12 月的銷售進度令人鼓舞，我們目前與客戶就 2026 年進行的對話也同樣令人鼓舞，出於各種原因，我們認為 2026 年將是好年景。到目前為止，我們的進展速度也印證了這種樂觀情緒。

Back to Q3. Categories of strength included services, healthcare and financial, while beverages and real estate were weaker, as was our government slash nonprofit category, which has been hampered by some of the uncertainty emanating from Washington, D.C. National and programmatic led the way, with growth of 5.5%, while local was plus 1.6%. Insurance was very strong, and we benefited from our largest ever pharmaceutical buy, which launched towards the back end of Q3 and extends through most of Q4 and includes both analog and digital inventory. Our experience with that campaign has provided valuable insights into the data that we need to deliver to help pharma customers make their buying decisions, and we are hopeful that pharma will continue to be a growth vertical for us.

回到第三季。服務、醫療保健和金融是表現強勁的行業，而飲料和房地產行業則較為疲軟，政府/非營利組織行業也受到華盛頓特區一些不確定性的影響。國家和專案行銷引領成長，增幅達 5.5%，而本地行銷增幅為 1.6%。保險業表現非常強勁，我們受益於有史以來規模最大的藥品採購，該採購於第三季末啟動，一直持續到第四季度的大部分時間，其中包括類比和數位庫存。我們從那次活動中獲得的經驗，讓我們對需要提供哪些數據來幫助製藥客戶做出購買決策有了寶貴的了解，我們希望製藥業將繼續成為我們的成長點。

As we have discussed before, national can be a bit lumpy, and we had a lot of political that came our way through national channels in Q4 of 2024. As a result, national is likely to be flattish in Q4 2025. Ex-political, however, national should be up nicely in Q4, and we do like what we're hearing about 2026 from national buyers. Our digital platform continues to be very popular with both local and national advertisers. For the quarter, digital billing grew 5%, including 3.4% on the same store basis, and represents today about 31% of our billboard billing.

正如我們之前討論過的，國家層面的事情可能會有些混亂，2024 年第四季度，我們透過國家管道收到了很多政治訊息。因此，2025 年第四季全國經濟可能保持穩定。然而，拋開政治因素不談，全國市場在第四季應該會有不錯的成長，我們對全國買家對 2026 年的預期也比較樂觀。我們的數位平台持續受到本地和全國廣告商的歡迎。本季度，數位帳單成長了 5%，其中同店交易成長了 3.4%，目前約占我們廣告看板帳單的 31%。

We now have more than 5,400 digital billboard faces across 155 Lamar markets. On the M&A front, the integration of the Verde assets, which we acquired in an up-brief transaction in early July, the first ever in the out-of-home space, is going very well. We closed another 18 purchases for nearly $47 million in Q3, bringing the year-to-date cash spend to nearly $134 million at the end of September. For the full year acquisition spend, excluding Verde, it's likely to be north of $175 million. Including Verde, we'll end the year spending plus or minus $300 million on accretive transactions.

目前，我們在 Lamar 的 155 個市場擁有超過 5400 個數位廣告看板。在併購方面，我們於 7 月初透過快速交易收購了 Verde 的資產，這是戶外廣告領域的首例此類交易，目前整合工作進展非常順利。第三季我們又完成了 18 筆交易，金額近 4,700 萬美元，截至 9 月底，今年迄今的現金支出已接近 1.34 億美元。如果不包括 Verde，全年收購支出可能會超過 1.75 億美元。包括 Verde 在內，我們今年底在增值交易上的支出將達到或低於 3 億美元。

Overall, I'm pleased with how resilient the business is proving to be in a period of fairly significant macroeconomic uncertainty, and I am confident that we will finish 2025 successfully and carry momentum into 2026. With that, I will turn it over to Jay to walk you through more numbers, including our successful capital market transactions at the end of Q3. Jay?

總的來說，我對公司在宏觀經濟不確定性較大的時期所展現出的韌性感到滿意，並且我有信心我們將成功完成 2025 年，並​​將這種勢頭延續到 2026 年。接下來，我將把麥克風交給傑伊，讓他為大家介紹更多數據，包括我們在第三季末成功的資本市場交易。傑伊？

Thanks, Sean. Good morning, everyone, and thank you for joining us. We continue to experience positive momentum in our portfolio during the third quarter. Acquisition adjusted revenue increased 2.9% from the same period last year, accelerating 100 basis points over the second quarter. Our billboard regions all grew in the low single-digit range led by the Atlantic and Northeast, which improved 3.8% and 3.3% respectively.

謝謝你，肖恩。各位早安，感謝各位的參與。第三季度，我們的投資組合持續保持積極的成長動能。經收購調整後的營收比去年同期成長了 2.9%，比第二季加快了 100 個基點。我們的廣告看板投放區域均實現了個位數低成長，其中大西洋沿岸地區和東北地區分別成長了 3.8% 和 3.3%。

Our airport and logos divisions also outpaced the broader portfolio, with airport growing 5.8%, followed by logos, which increased 5.2%. Acquisition adjusted operating expenses increased 3.7% in the third quarter, including one-time severance costs associated with termination of our Vancouver transit contract on July 31, as well as increased costs from phase two of our technology implementation.

我們的機場和標誌部門也超過了整體業務組合的成長速度，其中機場成長了 5.8%，其次是標誌，成長了 5.2%。第三季度，經收購調整後的營運費用增加了 3.7%，其中包括與 7 月 31 日終止溫哥華交通合約相關的一次性遣散費，以及技術實施第二階段增加的成本。

These items accounted for approximately 125 basis points of expense growth over the comparable period in 2024 and were both included in our revised guidance in August. We still anticipate four-year acquisition adjusted operating expense growth in the 2.5% to 2.75% range.

這些項目導致 2024 年同期支出成長約 125 個基點，並且都已納入我們 8 月修訂的業績指引中。我們仍預期未來四年經收購調整後的營運費用成長率將在 2.5% 至 2.75% 之間。

Adjusted EBITDA for the quarter is $280.8 million, compared to $271.2 million in 2024, which was an increase of 3.5%. On an acquisition-adjusted basis, adjusted EBITDA increased 2%. Despite the growth in operating expenses, adjusted EBITDA margin for the quarter remained strong at 48%, essentially flat year over year. Adjusted funds from operations totaled $226.5 million in the third quarter, compared to $220.7 million last year, an increase of 2.6%.

本季調整後 EBITDA 為 2.808 億美元，而 2024 年為 2.712 億美元，成長了 3.5%。經收購調整後，調整後的 EBITDA 成長了 2%。儘管營運費用有所增長，但本季調整後的 EBITDA 利潤率仍保持在 48% 的強勁水平，與去年同期基本持平。第三季經調整後的營運資金總額為 2.265 億美元，而去年同期為 2.207 億美元，成長了 2.6%。

Diluted AFFO per share increased 2.3% to $2.20 versus $2.15 in the third quarter of 2024. Local and regional sales accounted for approximately 78% of billboard revenue in Q3, growing for the 18th 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.

稀釋後每股AFFO成長2.3%至2.20美元，而2024年第三季為2.15美元。第三季度，本地和區域銷售額約佔廣告看板收入的 78%，連續第 18 個季度實現成長。2021 年第一季是受新冠疫情影響的季度，也是我們看到本地和區域銷售額較去年同期下降的最後一個季度。

This consistent performance exhibits the resilience of our core local advertising business and differentiates the company from our peer group. On the capital expenditure front, total spend for the quarter was approximately $50 million, including $13.9 million of maintenance CapEx. Through the first three quarters of the year, CapEx totaled $118 million, $37 million of which was maintenance. And for the full year, we anticipate total CapEx of $180 million, with maintenance comprising $60 million.

這種持續穩定的業績展現了我們核心本地廣告業務的韌性，使公司在同業中脫穎而出。在資本支出方面，本季總支出約為 5,000 萬美元，其中包括 1,390 萬美元的維護資本支出。今年前三個季度，資本支出總計 1.18 億美元，其中 3,700 萬美元用於維護。預計全年資本支出總額為 1.8 億美元，其中維護費用為 6,000 萬美元。

We ended the quarter with total leverage of three 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 improved to 0.65 times, and we're comfortably in compliance with both our total debt incurrence and secured debt maintenance test against covenants of seven times and 4.5 times, respectively.

本季末，根據我們的信貸安排，淨債務與 EBITDA 的總槓桿率為三倍，這仍然是該公司有史以來最低的水平之一。我們的擔保債務槓桿率改善至 0.65 倍，我們完全符合債務總額增加和擔保債務維持測試的要求，分別達到 7 倍和 4.5 倍的契約要求。

For the full year, we expect total leverage to remain at three times, with secured leverage consistent as well below 1 times net debt to EBITDA. Lamar continues to enjoy access to both the debt and equity capital markets. During the quarter, we took significant steps to further improve our industry-leading balance sheet, raising a total of $1.1 billion. With the positive market backdrop, we opportunistically refinanced the company's $600 million term loan B due February of 2027, which was our nearest term maturity.

我們預計全年總槓桿率將保持在 3 倍，其中擔保槓桿率將遠低於淨債務與 EBITDA 的 1 倍。拉馬爾繼續享有債務和股權資本市場的融資管道。本季度，我們採取了重大措施，進一步改善了我們領先業界的資產負債表，共籌集了 11 億美元。在積極的市場背景下，我們抓住機會對公司 2027 年 2 月到期的 6 億美元 B 類定期貸款進行了再融資，這是我們最近的到期日。

The offering was well received, and given the demand, we upsized the transaction to $700 million. In addition, we were able to maintain a spread of 150 basis points over SOFR, which remains the lowest-priced term loan bid in the market. Following the successful launch of the term loan, we accessed the high-yield bond market with a new $400 million senior notes offering.

此次發行反應良好，鑑於市場需求，我們將交易規模擴大至 7 億美元。此外，我們能夠保持比 SOFR 高出 150 個基點的利差，這仍然是市場上價格最低的定期貸款報價。在定期貸款成功推出後，我們透過發行新的 4 億美元優先票據進入了高收益債券市場。

The bond deal was oversubscribed, allowing us to achieve the lowest-ever spread to treasuries for an eight-year in the high-yield market with a coupon of 5.38%. We are extremely pleased with both capital markets' transactions, which extend our maturity profile and significantly enhance liquidity. Excess proceeds were used to repay outstandings under the company's revolving credit facility and AR securitization. As of September 30, we had $834 million in total liquidity, comprised of approximately $22 million of cash on hand $742 million available under our revolving credit facility and $70 million available on the AR securitization. At quarter end, there were no borrowings outstanding on the revolver and $180 million outstanding under the AR securitization program.

該債券發行獲得超額認購，使我們得以在高收益債券市場實現八年期國債有史以來最低的利差，票面利率為 5.38%。我們對資本市場的這兩項交易都非常滿意，這兩筆交易延長了我們的到期期限，並顯著提高了流動性。超額收益用於償還公司循環信貸額度和應收帳款證券化項下的未償債務。截至 9 月 30 日，我們總共擁有 8.34 億美元的流動資金，其中包括約 2,200 萬美元的現金、7.42 億美元的循環信貸額度以及 7,000 萬美元的應收帳款證券化資金。截至季末，循環信貸項下沒有未償還的借款，AR證券化計畫項下有1.8億美元未償還。

We had approximately $3.4 billion in total consolidated debt and our weighted average interest rate was 4.6% with a weighted average debt maturity of approximately five years. As a result of the focus on our balance sheet, the company is well positioned 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 target leverage range of 3.5 to 4 times net debt to EBITDA. This morning, we affirmed our four-year guidance and expect AFSO to finish the year between $8.10 and $8.20 per diluted share. Cash interest in our guidance totals $152 million and assumes SOFR remains flat for the balance of the year.

我們合併債務總額約為 34 億美元，加權平均利率為 4.6%，加權平均債務期限約為五年。由於我們專注於資產負債表，公司目前擁有超過 10 億美元的投資能力，處於有利地位。此外，我們有能力在維持淨負債與 EBITDA 比率 3.5 至 4 倍的目標槓桿率範圍上限或以下的情況下部署這筆資金。今天上午，我們重申了我們四年來的業績指引，預計 AFSO 今年每股攤薄收益將在 8.10 美元至 8.20 美元之間。根據我們的指導，現金利息總額為 1.52 億美元，並假設 SOFR 在今年剩餘時間內保持不變。

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. And finally, our dividend. We paid a cash dividend of $1.55 per share in each of the first three quarters this year. Management's recommendation will be to declare a regular cash dividend of $1.55 per share for the fourth quarter as well.

正如我之前提到的，維護資本支出預算為 6000 萬美元，預計現金稅款約為 1000 萬美元，這還不包括與處置我們在 VISTAR 媒體的權益相關的任何稅款。最後，是我們的股利。今年前三個季度，我們每季都派發了每股 1.55 美元的現金股利。管理階層建議第四季也派發每股 1.55 美元的常規現金股利。

This recommendation is subject to Board approval, and we will communicate the Board's decision next month. The company's dividend policy remains to distribute 100% of our taxable income, and for the full year, we expect to distribute a regular dividend of $6.20 per share, excluding any required distribution resulting from the VSTAR sale. Again, we are pleased with our financial position and strong balance sheet, which we view as an asset and competitive advantage in the out-of-home industry.

該建議尚需董事會批准，我們將於下個月公佈董事會的決定。公司股息政策仍為分配 100% 的應稅收入，預計全年將派發每股 6.20 美元的常規股息，不包括因 VSTAR 出售而產生的任何必要分配。再次重申，我們對自身的財務狀況和強勁的資產負債表感到滿意，我們認為這是戶外廣告產業的資產和競爭優勢。

I will now turn the call back over to Sean.

現在我將把通話轉回給肖恩。

Thanks, Jay. I will cover some familiar key performance metrics, and then we'll open it up. On the billboard side, our static inventory grew quarter over quarter approximately 2%, while, as I mentioned, digital grew a tad over 5%.

謝謝你，傑伊。我將介紹一些常見的關鍵績效指標，然後我們再展開討論。在廣告看板方面，我們的靜態廣告庫存環比增長約 2%，而正如我所提到的，數位廣告庫存增長略高於 5%。

As for political, Q3 this year was $2.7 million versus $6.1 million for last year's Q3. Full year to date political, this year has been $7.4 million compared to $29.2 million year to date in 2024. By the way, 2024, as I mentioned, $29.2 million, that was over $7.5 million for 2023, indicating that we certainly will have political as a tailwind in 2026 as opposed to a headwind that it represented this year. A quick word on October in political.

至於政治方面，今年第三季為 270 萬美元，去年第三季為 610 萬美元。今年迄今的政治支出為 740 萬美元，而 2024 年迄今的政治支出為 2,920 萬美元。順便一提，正如我所提到的，2024 年的預算為 2,920 萬美元，比 2023 年的預算高出 750 萬美元，這表明 2026 年政治因素肯定會成為我們的順風，而不是像今年那樣逆風。簡要談談十月份的政治情勢。

Last year, we did over 11 million in political in the month of October. We replaced all but about 3.5 million of that. Next political, October grew 2.9% year over year, month over month. As we mentioned, for several quarters now, our pro forma increases are being driven primarily by rate. Also, in terms of digital units in the air, we ended Q3 with 5,442 digital units in operation, an increase of approximately 450 year to date over last year to date. This includes acquired units. Also, as I mentioned, same board digital revenue grew 3.4%. Q over Q.

去年10月份，我們在政治廣告的收入超過1,100萬美元。我們更換了除約350萬個以外的所有零件。Next political，10 月年增 2.9%，季增 2.9%。正如我們之前提到的，近幾個季度以來，我們的預期成長主要受利率驅動。此外，就空中數位設備而言，我們第三季末共有 5,442 架數位設備投入運營，比去年同期增加了約 450 架。這包括收購的單位。另外，正如我之前提到的，同行業數位收入成長了 3.4%。Q 超過 Q。

Local-national split, approximately 78% was local and 22% national in Q3. Growth for local was 1.6% and growth for national was 5.5%. Programmatic grew a little over 13% in Q3. I don't usually tick off individual customers, but I do believe that an impressive list of accounts really are indicative of how we're feeling about national year over year and going into 2026. The top five accounts in terms of increases in their spend with us in Q3 are as follows, Geico, Progressive Insurance, JPMorgan Chase, Coca-Cola, and Johnson & Johnson. Again, that list of blue-chip customers, I believe, points to our optimism going into 2026.

第三季度，本地產品佔比約 78%，全國產品佔比約 22%。本地成長率為 1.6%，全國成長率為 5.5%。第三季程序化廣告成長略高於 13%。我通常不會對個別客戶進行批評，但我相信，令人印象深刻的客戶名單確實能反映出我們對國家逐年發展以及展望 2026 年的感受。第三季在我們這裡消費量成長最多的前五名客戶分別是：Geico、Progressive Insurance、摩根大通、可口可樂和強生。再次強調，我相信，這份藍籌客戶名單顯示我們對 2026 年充滿信心。

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

那麼，凱蒂，我們現在開始接受提問。

(Operator Instructions) Cameron McVeigh, Morgan Stanley.

（操作說明）卡梅倫‧麥克維，摩根士丹利。

Sean and Jay. How are you doing?

肖恩和傑伊。你好嗎？

Hey Cameron.

嘿，卡梅倫。

I was curious, as you look ahead into 2026, how you're thinking about the growth opportunity and what you see for your business as the primary growth drivers next year. And then secondly, also curious how you're thinking about the M&A environment and if we should expect another acquisitive year ahead.

我很好奇，展望 2026 年，您是如何看待成長機會的，以及您認為明年貴公司的主要成長動力是什麼。其次，我也很好奇您如何看待併購環境，以及我們是否應該預期未來一年又將是併購活躍的一年。

Thanks. Yeah, Cameron. Regarding the acquisition activity, yeah, we do feel good. We feel like this has been a great year. When we look into 2026 and the momentum from the approximately $300 million we spent this year, that's certainly a growth driver for AFFO per share, right? Other growth drivers are just our pacings, our are stronger, markedly stronger, as we peer into 2026, you know, this day in 2025.

謝謝。對，卡梅隆。關於收購活動，是的，我們感覺良好。我們覺得今年是非常棒的一年。展望 2026 年，考慮到我們今年投入的約 3 億美元所帶來的成長勢頭，這無疑會成為每股調整後營運資金 (AFFO) 的成長動力，對吧？其他成長動力只是我們的步伐，我們的步伐更強勁，明顯更強，當我們展望 2026 年時，你知道，就在 2025 年的今天。

Last year on the same day, as we were looking into 2025, you know, patients were good, but not near the strength that we're seeing going into next year. And then of course, as I mentioned, we'll have political as a tailwind. And, you know, that makes a difference. So, you know, for all those reasons, 2026, the setup is real good.

去年同一天，當我們展望 2025 年時，你知道，患者情況良好，但遠不及我們明年看到的這種強勁勢頭。當然，正如我之前提到的，政治因素也會對我們有利。你知道，這很重要。所以，你知道，基於所有這些原因，2026 年的情況非常好。

Great. And then I also just wanted to ask about potential AI company related advertising exposure. Has that been an influence on the national growth we saw at all this quarter? And is that something, maybe an opportunity going forward?

偉大的。另外，我還想問一下與人工智慧公司相關的潛在廣告曝光問題。這是否對本季我們看到的全國經濟成長產生了影響？這是否意味著未來發展的一個機會？

So as Jay mentioned, and we've talked about for several quarters now, we are going through a pretty extensive enterprise conversion. That is setting us up to realize the benefits of AI in 2027. We'll finish the conversion about halfway through next year. And of course, you know, that's going to have a lot of benefits. It's going to have some efficiency benefits.

正如 Jay 所提到的，而且我們已經討論過好幾個季度了，我們正在經歷一次相當廣泛的企業轉型。這將使我們能夠在 2027 年實現人工智慧帶來的益處。我們將在明年年中左右完成轉換工作。當然，你知道，這會帶來很多好處。它將帶來一些效率上的好處。

It's also going to, you know, once all the consultants leave the building, we won't have that additional OpEx and CapEx spend that we've had the last several quarters. You know, in terms of AI driving our business, you know, without speculating too much, I can say with some confidence that AI is certainly good at two things. Number one is words, and number two is pictures. And when you think about what we do in the out-of-home space, that's what it is. It's words and pictures. So it can't help but help us.

你知道，一旦所有顧問都離開公司，我們就不會再像過去幾季那樣有額外的營運支出和資本支出了。你知道，就人工智慧推動我們業務發展而言，雖然不能過多推測，但我可以比較有信心地說，人工智慧肯定擅長兩件事。第一種是文字，第二種是圖片。當你思考我們在戶外領域所做的事情時，你會發現這就是它的本質。它由文字和圖片組成。所以它肯定對我們有幫助。

Great, thank you.

太好了，謝謝。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

I also had I think a simple question on 2026 other than the political tailwinds that you called out. Am I right that the benefit you'll get next year from the Verde acquisition is about the same size as the headwind you'll see from the Vancouver exit, like those two offset each other? So it's just a clean year other than the political tailwinds?

除了你提到的政治利好因素之外，關於 2026 年，我還有一個簡單的問題。我理解的對嗎？明年您從收購 Verde 中獲得的收益與從退出溫哥華業務中遇到的不利影響大致相同，就像這兩者相互抵消一樣？除了政治上的順風之外，今年一切都很平靜嗎？

That's a good observation, Jason, and you're directionally correct. Now, when we report same store growth, we will adjust for the loss of Vancouver and the addition of Bear Day. So your pro forma numbers are going to be clean. But you're right in terms of absolute revenue expectations for 2026. It's a pretty decent offset.

傑森，你的觀察很到位，方向也正確。現在，當我們報告同店成長時，我們會對溫哥華的損失和熊日的增加進行調整。所以你的預測數據會很準確。但就 2026 年的絕對收入預期而言，你是對的。這是一個相當不錯的偏移量。

The only thing I would add there, Jason, you're correct on the top line. But if you recall, the Vancouver contract, while high revenue, had relatively low EBITDA contribution. I think it was below 10%. So you should see better flow through from the Verde transaction than you would from Vancouver.

傑森，我唯一要補充的是，你說的第一點是對的。但如果你還記得的話，溫哥華的合約雖然收入很高，但其 EBITDA 貢獻相對較低。我認為低於10%。因此，Verde 交易的資金周轉速度應該比溫哥華交易更快。

Yes, significantly better flow through.

是的，流量明顯改善。

Understood. Makes sense. Thank you.

明白了。有道理。謝謝。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Hey, thank you. Sean, with auto insurance, your comments are consistent with clear from this morning and wanted to see if you could expand on what's going on with the vertical and whether you think the strength here is sustainable, just given that the category has been choppy over the past few years. Can you just remind us how to think about political specifically during the midterm cycle and how that might compare to your prior presidential result? Thank you.

嘿，謝謝。肖恩，關於汽車保險，你的評論與今天早上的情況一致，我想看看你是否能詳細說明一下這個垂直領域的情況，以及你認為目前的強勁勢頭是否可持續，因為這個領域在過去幾年裡一直波動不定。您能否提醒我們一下，在中期選舉週期中，我們應該如何看待政治，以及這與您之前的總統選舉結果有何不同？謝謝。

Yeah, let me hit the political first because I think it is instructive on what an off presidential does. Okay, so in 2022, over 2021, in 2022 we did approximately 21 million in political. And that's year to date, right? So that doesn't include Q4 of those years. And in 2021, we did 7.9. So that's sort of your order of magnitude and should give you a little bit of feel for it.

是的，我想先談談政治方面，因為我認為這有助於了解一位非總統候選人會做些什麼。好的，所以在 2022 年，比 2021 年，我們在政治領域完成了大約 2,100 萬美元。這是今年迄今的數據，對吧？所以這不包括那些年份的第四季。2021 年，我們做到了 7.9。這大概就是數量級，應該能讓你對它有個大致的了解。

Look, on insurance, here's what's most gratifying from my point of view. Several quarters back, the auto category and insurance, they were having trouble with their own actuarial results. And so they pulled back. And what's gratifying when you see a large customer pull back for whatever reason it is, it's gratifying to see them come back in because that means it's not the medium that they were concerned about.

就保險而言，從我的角度來看，最令人滿意的是以下幾點。幾個季度前，汽車和保險業的精算結果出現了問題。於是他們撤退了。當看到大客戶因為某種原因撤回訂單時，最令人欣慰的是看到他們重新回來，因為這意味著他們擔心的並不是媒介本身。

It was sort of their own internal calculations around their own business and how they're feeling about their business. So that's number one. And I would say that also the programmatic channel has become very enticing for both of those customers. They buy across both static and digital. However, a lot of their spend is coming through the programmatic channel.

這其實是他們內部對自身業務以及對自身業務感受的一種考量。這是第一點。而且我認為，程序化管道對這兩類客戶都變得非常有吸引力。他們既購買實體商品，也購買數位商品。然而，他們的許多支出都是透過程序化管道進行的。

Jonathan Navarrete, TD Cowen.

喬納森·納瓦雷特，TD Cowen。

Hey, thank you. I'm curious to see how you guys are thinking about demand for the World Cup in 2026. I know that JCPOA experienced some good bumps there when they had the Euro 2024. So just wondering how you guys are thinking about that.

嘿，謝謝。我很想知道你們是如何看待2026年世界盃的需求的。我知道，在籌辦2024年歐洲盃期間，伊核協議經歷了一些波折。所以我想知道你們對此有什麼看法。

We're feeling very good about it, actually. I didn't make it a talking point, but when you add political to that mix of the World Cup, that gives us a lot of optimism around how 2026 is going to shape up, for sure.

我們對此感覺非常好。我沒有把這當作討論的重點，但是當你把政治因素融入世界盃的氛圍中時，這肯定會讓我們對 2026 年世界盃的走向充滿樂觀。

Great. So I guess the second quarter also sees a nice bump there. And just the last question, can you remind us, what is the potential distribution for the Vista? So can we expect it to be all cash if there is distribution in stock? Like how can we see this coming back to shareholders?

偉大的。所以我覺得第二季也會有不錯的成長。最後一個問題，您能否提醒我們一下，Vista 的潛在通路是什麼？如果以股票形式進行分配，我們可以預期所有款項都將以現金支付嗎？我們如何才能看到這些收益最終惠及股東？

Sure, sure. It'll be all cash as we've done in previous years where we've issued a special cash distribution at the end of the year. And we'll do that in Q4 on December 31 alongside our regular cash dividend. And right now we anticipate that's going to be around $0.25 you know, give or take a penny, depending on how the performance comes in in November and December.

當然，當然。和往年一樣，我們將全部以現金形式發放，並在年底進行特別現金分紅。我們將在第四季度，也就是 12 月 31 日，與常規現金股利一起派發。目前我們預期股價將在 0.25 美元左右，上下浮動一美分，取決於 11 月和 12 月的股價表現。

Daniel Osley, Wells Fargo.

丹尼爾‧奧斯利，富國銀行。

Thanks. Good morning. Hey, Daniel. Sean. Hey. Sean, you noted an impressive list of national customers increasing their spend with Lamar. Can you further unpack the inflection you're seeing on national and your confidence that the national turnaround is sustainable?

謝謝。早安.嘿，丹尼爾。肖恩。嘿。肖恩，你提到了一份令人印象深刻的全國性客戶名單，這些客戶都在增加對 Lamar 的支出。您能否進一步闡述您觀察到的全國性轉變趨勢，以及您對全國經濟復甦能否持續的信心？

So in addition to what we're hearing from those large national accounts that I rattled off, conversations around 2026 and plans for 2026 from national accounts in general feels better. Good momentum, ex-political in the back half of this year is going to carry in, we believe, carry over into 2026. The vibe feels better going into next year at this time this year than it felt this time last year coming into 2025.

所以，除了我剛才提到的那些大型全國性客戶所表達的觀點之外，關於 2026 年的討論以及全國性客戶對 2026 年的計劃總體上感覺更好了。我們相信，今年下半年良好的政治動能將延續到 2026 年。今年這個時候，人們對明年的展望感覺比去年這個時候展望2025年時要好得多。

That's helpful. And as a quick follow-up, your transit segment continues to perform nicely. Just given the strength of airports advertising across the industry, do you expect to bid on any additional RFPs on the airport side? Thanks.

那很有幫助。另外，您的公共交通部分繼續表現良好。鑑於機場在整個行業中的廣告力度，您是否計劃參與機場方面的其他招標項目？謝謝。

A great question. As I've said several times, when you think about Lamar and transit and airports, think about a large portfolio of small and middle market transit and airport contracts. So yes, we will continue to pursue airports in the sort of middle market arena, sort of outside the top 20 DMAs. Clear Channel is dominant in that top 20 DMA space for airports. They do a great job. And we kind of specialize in the smaller middle market airport space. And it has been a good strong growth for us, a growth vehicle for us.

問得好。正如我多次說過的那樣，當你想到拉馬爾、交通和機場時，想想大量的中小市場交通和機場合約。所以，是的，我們將繼續在中端市場領域，也就是排名前 20 的 DMA 區域之外，尋找機場。Clear Channel 在機場市場排名前 20 的 DMA 區域佔據主導地位。他們做得很好。我們主要專注於規模較小的中型機場市場。這對我們來說是一次強勁的成長，也是我們發展壯大的動力。

Thank you. At this time, this concludes our Q&A session. I'll now turn the meeting back over to Sean Riley for any final or closing remarks?

謝謝。問答環節到此結束。現在我將會議交還給肖恩·萊利，請他作最後總結或閉幕致詞。

Well, thank you all for your interest in Lamar, and we certainly look forward to visiting in February 2026. That's it, Katie. Thanks.

非常感謝大家對拉馬爾的關注，我們非常期待在 2026 年 2 月到訪。就這樣，凱蒂。謝謝。

Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect, and thank you.

謝謝。今天的會議到此結束。感謝您抽空參與。現在您可以斷開連接了，謝謝。