Lamar Advertising Co (LAMR) 2026 Q1 法說會逐字稿

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

不好意思，各位。我們現在請到 Sean Reilly 與 Jay Johnson 參與會議。（接線員指示）

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 distribution 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，Lamar 可能會就公司發表前瞻性陳述，包括關於其未來財務表現、策略目標、計畫與目標的陳述，其中也包括任何對股東分配的金額與時點，以及一般經濟狀況的影響與效果（包括通膨壓力）對公司業務、財務狀況與營運成果的影響。所有前瞻性陳述均涉及風險、不確定性與或有事項，其中許多超出 Lamar 的控制範圍，且可能導致實際結果與預期結果出現重大差異。

Lamar has identified important factors that could cause actual results to differ materially from those discussed in this call in the company's first quarter 2026 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents. Lamar's first quarter 2026 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 已在公司 2026 年第一季財報新聞稿及其最近一期 Form 10-K 年度報告中，指出可能導致實際結果與本次電話會議所討論內容出現重大差異的重要因素。Lamar 請您參閱上述文件。Lamar 的 2026 年第一季財報新聞稿（其中包含依據 Regulation G 對若干非 GAAP 財務衡量指標所要求揭露的資訊）已於今日上午以 Form 8-K 形式提交至 SEC，並可於 Lamar 網站投資人專區 www.lamar.com 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。Reilly 先生，您可以開始了。

Thank you, Katie. Good morning, all, and welcome to Lamar's Q1 2026 earnings call. The year is shaping up quite well for us. Our first quarter results exceeded our internal expectations on both the top and bottom lines with strength from both local and particularly national customers. And our forward bookings are very promising. We are pacing to the top end, if not above, the guidance that we previously provided for full-year AFFO per share. If that trend continues, we will need to revisit that guidance on the August call.

謝謝你，Katie。各位早安，歡迎參加 Lamar 2026 年第一季財報電話會議。今年對我們而言發展得相當不錯。我們第一季的結果在營收與獲利兩端都超出內部預期，來自本地客戶以及尤其是全國性客戶的需求都很強勁。而我們的前瞻預訂（forward bookings）也非常令人振奮。我們目前的進度正朝向先前所提供之全年每股 AFFO 指引的上緣前進，甚至可能高於該水準。若此趨勢持續，我們將需要在 8 月的電話會議上重新檢視該指引。

I am particularly encouraged by the momentum on the national side, which as you know, was bumpy through 2023 and 2024 before beginning to recover last year. For the first quarter, national revenue increased 5.8% versus the first quarter of 2025, with programmatic growing by nearly 25% to approximately USD11 million for the quarter. Ex-programmatic, national was up 4.1%. Pacings for the balance of 2026 are even stronger than that.

我特別受到全國性業務動能的鼓舞；如各位所知，該業務在 2023 與 2024 年期間較為顛簸，直到去年才開始復甦。第一季全國性營收較 2025 年第一季成長 5.8%，其中程式化（programmatic）成長近 25%，本季約為 1,100 萬美元。扣除程式化後，全國性營收成長 4.1%。而 2026 年剩餘期間的進度（pacing）甚至比這更強。

We are seeing increased spend from some long-time national customers as well as activity from new accounts and categories. What it tells me is that in an increasingly algorithm-driven world, out of home's ability to reach customers at scale with memorable messages at affordable prices is resonating with both big brands and local advertisers.

我們看到一些長期合作的全國性客戶增加投放支出，同時也有新客戶與新產業類別的活動。這告訴我，在一個越來越由演算法驅動的世界裡，戶外媒體以可負擔的價格、用令人印象深刻的訊息大規模觸及消費者的能力，正同時引起大型品牌與本地廣告主的共鳴。

Back to Q1, consolidated revenue increased 3.9% on an acquisition-adjusted basis with growth across all divisions, billboards, airports, transit, and logos, and across all of our regions. Our pacing suggests that revenue growth will accelerate into Q2.

回到第一季，合併營收在收購調整後（acquisition-adjusted）成長 3.9%，所有事業部門皆有成長，包括看板（billboards）、機場（airports）、交通（transit）與標誌（logos），且我們所有區域皆呈現成長。我們的進度顯示，營收成長將在第二季加速。

For the quarter just completed, EBITDA grew by 5.2% on an acquisition-adjusted basis on a margin that improved by approximately 130 basis points versus the year earlier quarter. Categories of strength in Q1 included services, restaurants, gaming, political, and insurance, while education and telecom were a tad weaker.

就剛結束的季度而言，EBITDA 在收購調整後成長 5.2%，其利潤率較去年同期約提升 130 個基點。第一季表現較強的產業類別包括服務業、餐飲、博彩、政治與保險；教育與電信則稍弱一些。

In addition to national growth mentioned earlier, local grew 3%. Digital again led the way with revenues increasing 5% on a same-board basis and accounting for more than 30% of our revenue in the quarter. Rates on our analog bulletins and posters, meanwhile, showed a healthy growth of 3%.

除前述全國性成長外，本地業務成長 3%。數位業務再次領先，營收在同板（same-board）基礎上成長 5%，且本季占我們營收超過 30%。同時，我們的傳統（analog）大型看板（bulletins）與海報（posters）費率也呈現健康的 3% 成長。

On the M&A front, we are off to an active start. So far in 2026, we have completed 19 acquisitions for a total cash purchase price of USD80 million, and we have a solid pipeline working and potential for more accretive billboard deals.

在併購方面，我們今年開局相當積極。截至 2026 年目前為止，我們已完成 19 件收購，現金總收購價為 8,000 萬美元；同時我們也有穩健的案源管線在推進，並有機會進一步完成更多具增益（accretive）的看板交易。

Meanwhile, we have ramped up our efforts to secure easements beneath our best-performing locations, and we are optimistic about what we will be able to accomplish there in 2026. That's a great use of our capital, by the way. All in all, I could not be more pleased with how 2026 has begun.

同時，我們也加大力道，致力於取得我們表現最佳據點下方的地役權（easements），並對 2026 年能在此方面達成的成果感到樂觀。順帶一提，這是我們資本運用的一個很好的方向。總而言之，我對 2026 年的開局再滿意不過。

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

接下來，我把時間交給 Jay，請他帶各位看一些額外的數字。

Thanks, Sean. Good morning, everyone, and thank you for joining us. We had a solid first quarter and are extremely pleased with our results, which exceeded our own estimates across revenue, adjusted EBITDA and AFFO.

謝謝，Sean。各位早安，也感謝各位加入我們。我們第一季表現穩健，對於結果感到非常滿意；我們的營收、調整後 EBITDA 與 AFFO 均超出我們自己的預估。

The airport business led the way with acquisition-adjusted revenue increasing 15.5% in Q1 versus last year, followed by logos, which was up 6.3% in the quarter. Our billboard regions all experienced low to mid-single-digit top-line growth, driven by the Midwest and Atlantic, which were up 5.7% and 4.8%, respectively. In addition, the positive momentum continued in April, with revenue increasing 4.8%, outpacing our original budget. April's strong performance brings acquisition-adjusted revenue to 4.1% through the first four months of the year, and we are excited about our booking pace for the balance of the second quarter.

機場業務表現領先，第一季收購調整後營收較去年成長 15.5%，其次是標誌（logos），本季成長 6.3%。我們的看板各區域營收皆呈現低至中個位數的成長，其中以中西部與大西洋區帶動，分別成長 5.7% 與 4.8%。此外，正向動能在 4 月持續，營收成長 4.8%，超越我們原先的預算。4 月的強勁表現使得今年前四個月的收購調整後營收成長達到 4.1%，我們也對第二季剩餘期間的預訂進度感到振奮。

Acquisition-adjusted consolidated expenses increased 3% in the quarter, which was better than expected and should be in the 3% range for the full year. Adjusted EBITDA was USD226.3 million, compared to USD222 million in 2025, an increase of 7.7% in the quarter, improving 5.2% on an acquisition-adjusted basis. This was the strongest growth we've seen in almost two years.

第一季收購調整後合併費用成長 3%，優於預期，且全年應可維持在約 3% 的區間。調整後 EBITDA 為 2.263 億美元，相較 2025 年的 2.22 億美元，本季增加 7.7%；在收購調整後基礎上成長 5.2%。這是我們近兩年來所見到的最強成長。

Adjusted EBITDA margin expanded 130 basis points over a year ago to 42.9%. Adjusted funds from operations totaled USD177.5 million in the first quarter compared to USD164.3 million last year, an increase of 8%. Diluted AFFO per share grew 7.5% to USD1.72 per share versus USD1.60 in the first quarter of 2025.

調整後 EBITDA 利潤率較一年前擴張 130 個基點至 42.9%。第一季調整後營運資金（Adjusted funds from operations）合計 1.775 億美元，較去年 1.643 億美元增加 8%。稀釋後每股 AFFO 成長 7.5% 至每股 1.72 美元，相較 2025 年第一季的每股 1.60 美元。

Local and regional sales accounted for approximately 82% of billboard revenue in Q1, growing for the 20th consecutive quarter. In fact, it has been five years since the portfolio last experienced a year-over-year decline in local and regional sales, which was due to COVID.

第一季看板營收中，本地與區域銷售約占 82%，並已連續第 20 個季度成長。事實上，自投資組合上一次出現本地與區域銷售年對年下滑以來，已經過了五年；當時下滑是由 COVID 所致。

On the capital expenditure front, total spend for the quarter was USD33.1 million, including USD9.3 million of maintenance CapEx. And for the full year, we anticipate total CapEx of approximately USD186 million, with maintenance CapEx comprising USD64 million.

在資本支出方面，本季總支出為3,310萬美元，其中包含930萬美元的維護性資本支出（maintenance CapEx）。而就全年而言，我們預期總資本支出約為1.86億美元，其中維護性資本支出為6,400萬美元。

As for our balance sheet, we have a well-laddered debt maturity schedule with no maturities until the AR securitization in October 2027 and no senior notes maturity until February 2028. We will likely extend the securitization later this year, assuming market conditions remain favorable.

至於我們的資產負債表，我們的債務到期結構分布良好，在2027年10月應收帳款（AR）證券化到期之前沒有到期項目，而在2028年2月之前也沒有優先票據到期。我們很可能會在今年稍晚延長該證券化安排，前提是市場狀況仍然有利。

The company currently has approximately USD3.5 billion in total consolidated debt and our weighted average interest rate is 4.5% with a weighted average debt maturity of 4.3 years. As defined under our credit facility, we ended the quarter with total leverage of 3 times net debt-to-EBITDA, which remains amongst the lowest level ever for the company. Our secured debt leverage was 0.7 times at quarter end, and we're in compliance with both our total debt incurrence and secured debt maintenance tests against covenants of 7 times and 4.5 times, respectively.

公司目前合併總債務約為35億美元，我們的加權平均利率為4.5%，加權平均債務到期年限為4.3年。依照我們信貸融資協議的定義，本季結束時總槓桿為淨負債對EBITDA的3倍，仍為公司歷史上最低水準之一。季末我們的擔保債務槓桿為0.7倍，且我們符合總債務新增（incurrence）與擔保債務維持（maintenance）測試，分別對應契約限制（covenants）為7倍與4.5倍。

For the full year, we expect total leverage to hover around 3 turns with secured leverage coming in comfortably below one times net debt to EBITDA. In addition, our LTM interest coverage through March 31 was 7 times adjusted EBITDA to cash interest, further demonstrating the strength of the company's balance sheet.

就全年而言，我們預期總槓桿將維持在約3倍左右，而擔保槓桿將明顯低於淨負債對EBITDA的1倍。此外，截至3月31日的過去十二個月（LTM）利息保障倍數為調整後EBITDA對現金利息的7倍，進一步展現公司資產負債表的強健。

As Sean mentioned, M&A has been active thus far in 2026. We continue to benefit from an investment capacity well over USD1 billion with 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.

如Sean所提，2026年迄今併購（M&A）活動相當活躍。我們持續受惠於超過10億美元的投資能力，並可在部署該資本的同時，將槓桿維持在我們目標槓桿區間（淨負債對EBITDA 3.5至4倍）的上緣或以下。

Our liquidity and access to capital both remain strong. As of March 31, we had just over USD700 million in total liquidity, comprised of USD39.3 million of cash on hand and USD662.2 million available under our revolver. The company's AR securitization had USD242.1 million outstanding at quarter end. Subsequent to quarter end, the company repaid USD40 million on the revolving credit facility, and we currently have USD40 million outstanding. Also, the AR securitization is now fully drawn at USD250 million.

我們的流動性與資金取得能力仍然強勁。截至3月31日，我們的總流動性略高於7億美元，其中包括3,930萬美元的手頭現金，以及循環信貸（revolver）項下可用額度6.622億美元。公司之應收帳款（AR）證券化在季末未償餘額為2.421億美元。季後，公司已在循環信貸融資下償還4,000萬美元，目前未償餘額為4,000萬美元。此外，AR證券化目前已全數動用至2.5億美元。

In this morning's release, we affirmed our full-year AFFO guidance of USD8.50 to USD8.70 per share. Cash interest in our guidance totals USD154 million and assumes no change in short-term floating interest rates for the balance of the year. As I touched on earlier, maintenance CapEx is budgeted for USD64 million in 2026, and cash taxes are projected to come in around USD11.5 million, which is slightly higher than our original expectations.

在今早的新聞稿中，我們重申全年AFFO指引為每股8.50至8.70美元。指引中的現金利息合計為1.54億美元，並假設今年剩餘期間短期浮動利率不變。如我先前提到，2026年的維護性資本支出預算為6,400萬美元，而現金稅金預估約為1,150萬美元，略高於我們原先的預期。

And finally, our dividend, we paid a cash dividend of USD1.60 per share in the first quarter. Management's recommendation at the upcoming Board meeting will be to declare a cash dividend of USD1.60 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.

最後是股利方面，我們在第一季支付了每股1.60美元的現金股利。管理層在即將召開的董事會會議上將建議同樣宣告第二季每股1.60美元的現金股利。此建議仍須經董事會核准，我們將在本月稍晚董事會會議後對外公布董事會決議。

For the full year, we still expect to distribute a regular dividend of at least USD6.40 per share. On an annualized basis, the second quarter proposed dividend represents a yield of 4.5% at yesterday's closing stock price.

就全年而言，我們仍預期將發放至少每股6.40美元的例行股利。以年化計算，第二季擬議股利按昨日收盤股價計算之殖利率為4.5%。

Given the outperformance in Q1 and expectations for Q2, it is likely management will request that the Board approve increasing the dividend in the back half of the year. However, and 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.

鑑於第一季表現優於預期以及對第二季的展望，管理層很可能會在下半年請求董事會核准提高股利。不過提醒一下，公司股利係以應稅所得為基礎，並須經董事會核准；我們的股利政策仍為分配100%的應稅所得。

Again, we're pleased with a strong start to the beginning of the year as well as the momentum that has continued into the second quarter, and we look forward to executing on our strategy throughout 2026. I'll now turn the call back over to Sean.

再次強調，我們對今年開局的強勁表現以及延續至第二季的動能感到滿意，並期待在2026年持續落實我們的策略。接下來我把電話交回給Sean。

Thank you, Jay. And as Jay mentioned, the strongest region in Q1 was our Midwest region with pro forma revenue growth up 5. The region showing relative weakness was our Gulf Coast region, with revenues up 1%. I would note that looking forward, all regions are pacing well at up mid-single digits.

謝謝你，Jay。正如Jay提到的，第一季表現最強的區域是我們的中西部（Midwest）地區，備考（pro forma）營收成長上升5%。相對較弱的區域是墨西哥灣沿岸（Gulf Coast）地區，營收上升1%。我也要指出，展望未來，各區域目前的進度都不錯，約為中個位數百分比的成長。

Also of note, and as mentioned by Jay, our airports division was particularly strong, up 15.5%, and our logos division came in up 6.3%. Also, as mentioned, same-board digital was up 5%, and digital constituted almost 31% of our billboard billing in Q1. We ended Q1 with 5,657 digital faces, an increase of 104 over the year-end 2025.

另外值得一提的是，如Jay所說，我們的機場事業部門表現特別強勁，成長15.5%，而我們的標誌（logos）事業部門成長6.3%。同樣如前所述，同板（same-board）數位成長5%，且第一季數位占我們看板（billboard）開立帳單金額的近31%。第一季結束時我們共有5,657個數位版面（digital faces），較2025年年底增加104個。

As we have said on many of our recent calls, our pro forma revenue growth was mostly driven by rate on our static units and overall same-board yield on our digital units. It also bears repeating that national/programmatic sales growth was a solid 5.8%. This was aided by programmatic's strong showing of 25% quarter-over-quarter growth. As of May 1, we were 75% booked to our total revenue goal for the year. That's the strongest laid-down bookings that we've seen since COVID.

如同我們在近期多次電話會議中所說，我們的備考營收成長主要由靜態（static）看板的價格（rate）以及數位看板的整體同板收益率（same-board yield）所帶動。也值得再次強調的是，全國／程式化（national/programmatic）銷售成長穩健，達5.8%。這也受惠於程式化業務季對季成長25%的強勁表現。截至5月1日，我們已達成全年總營收目標的75%預訂（booked）。這是自COVID以來我們見到最強的既定預訂（laid-down bookings）。

I've already mentioned categories of relative strength and weakness. To that, I would add that all of our top 10 verticals are healthy and happy. There are ebbs and flows, of course, but collectively, our top 10, which generates 75% of our revenues in Q1, were up 5.4%. Finally, political this year is pacing well ahead of where it was in 2024 and should continue to be a nice tailwind.

我已提過相對強勢與弱勢的類別。補充一點，我們前十大垂直產業（verticals）都維持健康且表現良好。當然會有起伏，但整體而言，我們前十大客群在第一季貢獻了75%的營收，合計成長5.4%。最後，今年政治廣告的進度明顯領先2024年，並應會持續成為有利的順風（tailwind）。

With that, Katie, I will open it up to questions.

接下來，Katie，我開放提問。

(Operator Instructions) Cameron McVeigh, Morgan Stanley.

（接線員指示）Morgan Stanley的Cameron McVeigh。

Thanks. Good morning, Sean and Jay.

謝謝。早安，Sean和Jay。

Hey, Cameron.

嗨，Cameron。

Curious if you could give a -- you've mentioned, but a high-level broader view on your view of the macro and any notable verticals that are driving this strength, the national ad market. And I know you said you expect revenue to accelerate into the second quarter. But just curious at this point, if you'd expect that strength to continue over the course of the year from what you can tell and how that cadence might look?

想請教你能否提供一個——你們已經提過——更高層次、較廣泛的觀點，談談你們對總體環境（macro）的看法，以及有哪些值得注意的垂直產業正在帶動全國廣告市場的強勁表現。我也知道你說過你們預期營收在第二季會加速成長。但我想了解的是，就你目前所見，你是否預期這股強勢能在今年其餘時間持續，以及其成長節奏大概會是如何？

Sure. Last question first, Q2, Q3, Q4 are all looking very good, Cameron. And pacing, I would call roughly the same pro forma revenue growth.

當然。先回答最後一個問題，Q2、Q3、Q4 看起來都非常不錯，Cameron。至於節奏，我會說大致上是相同的備考（pro forma）營收成長。

And regarding the first part of the question, it's really across the board. That's why I mentioned that if you look at all of our top 10 verticals, they're all doing well. There are going to be ebbs and flows through the course of the year and across years, but that top 10, as I mentioned, was up 5.4%. So yes, we're seeing health across the board.

至於問題的第一部分，確實是全面性的。這也是我提到的原因：如果你看我們前 10 大垂直產業，它們的表現都很好。年度內以及跨年度都會有起伏，但如我所說，前 10 大合計成長了 5.4%。所以是的，我們看到的是全面性的健康表現。

That's great, and just one follow-up. Sean, I'm curious how you're thinking about the upcoming tailwinds including the World Cup and the midterms if your views have changed or evolved around the sizing of those?

這很棒，另外追問一個。Sean，我很好奇你如何看待即將到來的利多，包括世界盃以及期中選舉，你對這些因素的規模評估是否有改變或演進？

So I think you know the World Cup is that basically is in our book and it's done and it's contracted for, and I'd say in general, that's helping our national. And it's coming in, give or take, where we expect it.

我想你知道，世界盃基本上已經在我們的訂單簿裡了，已經完成並且簽約了。整體而言，我會說這對我們的全國業務有所幫助。而且實際進來的量大致符合我們的預期。

I think the surprise, Cameron, is how strong political is. We were, I think, understandably a little bit conservative on our guide to that when we opened up, began the year, because it's a midterm year, not a presidential year. But we are pacing well ahead of 2024, the presidential year. Assuming that continues, that will be the first time that's ever happened.

我想令人意外的是政治廣告有多強，Cameron。我們在年初提出指引時，我想可以理解地稍微保守一些，因為這是期中選舉年，不是總統大選年。但我們目前的進度（pacing）遠遠領先 2024 年那個總統大選年。若這樣的趨勢持續下去，這將會是史上第一次發生。

Great. Thank you, Sean.

很好。謝謝你，Sean。

Daniel Osley, Wells Fargo.

Daniel Osley，富國銀行（Wells Fargo）。

Thank you. Beyond revenue coming in ahead of your expectations, were there any other contributors to the margin strength that you saw in Q1? And then maybe as a follow-up, how should we think about your margin expansion for the full year compared to '25, especially given your commentary around easements? Thanks.

謝謝。除了營收高於你們的預期之外，Q1 你們看到的毛利率（margin）強勁還有其他貢獻因素嗎？另外追問一下，對於全年而言，尤其考量你們提到的「緩解因素（easements）」評論，我們應該如何看待你們今年相較於 2025 年的毛利率擴張？謝謝。

Good question. So there are a couple of factors in there. Obviously, revenue growth helps. Recall that we lost that Vancouver franchise last year. That was essentially a no-margin business. So that is now out of our portfolio, and that has contributed somewhat.

好問題。這裡面有幾個因素。顯然，營收成長有幫助。回想一下，我們去年失去了溫哥華那個特許經營權。那基本上是一個幾乎沒有毛利的業務。所以現在它已經不在我們的組合裡了，這也帶來了一些貢獻。

When we layer in acquisitions, and we did quite a few of them last year, those come in at a margin contribution of approximately 65%, so that also obviously is helping. Now, we're going to lap some of that activity as we go into the back half. But I would anticipate, and I would be disappointed if we don't have at least a full point -- percentage point of margin expansion for the full year. Last year, it was 46.7%, and I'm looking for something in the 47.7% range for the full year this year.

當我們把併購納入考量——而我們去年做了不少——這些併購的毛利率貢獻大約是 65%，所以這當然也有幫助。接下來進入下半年，我們會開始面臨部分活動的年對年比較基期（lap）。但我預期，而且如果全年沒有至少整整 1 個百分點的毛利率擴張，我會感到失望。去年是 46.7%，我今年全年希望大約在 47.7% 左右。

Great. Thank you.

很好。謝謝。

(Operator Instructions) (inaudible), JPMorgan.

（接線員指示）（聽不清），摩根大通（JPMorgan）。

Good morning. Thank you. Can you discuss monthly dynamic through the quarter? You talked about massive 6% revenue growth in December with demand cooling off in January, February. Did you witness acceleration in March or the overall bid this quarter is largely explained by that strong momentum at the beginning of the quarter? And how much of the bid was national versus local? Thank you.

早安。謝謝。你能談談本季各月份的動態嗎？你提到 12 月營收成長高達 6%，但 1 月、2 月需求降溫。3 月你們有看到加速嗎？還是說本季整體的優於預期主要是由季初的強勁動能所解釋？另外，本季優於預期的部分有多少來自全國、多少來自地方？謝謝。

So on the second part of the question, I would say national was the surprise that led to the beat. Clearly, we had some large buys from some large customers that were not contracted for when we last spoke but now are on the books and contributed nicely. And also, political came in better and continues to come in better than we anticipated at the beginning of the year.

就問題的第二部分，我會說帶來優於預期的驚喜主要來自全國業務。很明顯地，我們有一些來自大型客戶的大額採購，在我們上次通話時尚未簽約，但現在已經入帳，並帶來不錯的貢獻。此外，政治廣告的表現也優於預期，而且持續優於我們年初的預估。

And in general, to the tone of the question, we're seeing the book build nicely as we look at our pacings for the rest of the year. I would anticipate that by the time we get to the August call, as I mentioned in my prepared remarks, we'll be looking at -- hopefully revising that guidance upward as we go through the year.

整體而言，呼應你問題的語氣，當我們看今年剩餘期間的進度（pacing）時，我們看到訂單簿建立得很不錯。我預期到 8 月那通電話時，正如我在事先準備的發言中提到的，我們將會——希望——在年度進行中上修指引。

Can I ask one more?

我可以再問一個嗎？

Sure.

當然。

Last year, you talked about a deep pipeline of private targets across various size ranges and where the UPREIT transaction was clearly well received. So with this talk where it is today, we would expect you to be very interested to do such deals. Are you seeing some interest in the UPREIT structure today?

去年你們談到在不同規模區間有很深的私人標的管線，而且 UPREIT 交易顯然反應很好。以目前這樣的市場環境來看，我們會預期你們對做這類交易很有興趣。你們現在有看到市場對 UPREIT 架構的興趣嗎？

Good question. Yes, we are. We've had several inbound inquiries and we're hopeful that we can get a couple of deals done this year. And it's a very attractive structure for sellers. It's very tax efficient. And of course, they get to hitch their wagon to Lamar, diversify their exposure to out of home, and we've been a good bet so far.

好問題。有的。我們收到好幾個主動洽詢（inbound inquiries），也希望今年能完成幾筆交易。這對賣方來說是非常有吸引力的架構，稅務效率很高。而且他們也能搭上 Lamar 的順風車，分散其戶外媒體（out of home）的曝險；到目前為止，我們一直是個不錯的選擇。

Great. And can you remind what's embedded in the full-year guidance for AFFO with respect to acquisitions that you have completed in the first quarter of our idea?

很好。你能提醒一下，在全年 AFFO 指引中，對於你們在第一季已完成的併購，內含了哪些假設或影響嗎？

When we guide to AFFO, I'll punt that over to Jay for a second. But when we guide to AFFO per share, we don't anticipate layering in acquisitions.

我們在提供 AFFO 指引時，我先把這個問題交給 Jay 回答一下。不過當我們提供每股 AFFO 指引時，我們不預期會把併購再額外疊加進去。

And so, if you think about acquisitions from a top-line pro forma growth, it's probably adding 20 to 25 basis points this year from an actual versus pro forma.

因此，如果你從營收端的備考（pro forma）成長來看，併購在今年大概會讓「實際」相對於「備考」增加約 20 到 25 個基點。

Thank you.

謝謝。

Thank you. This concludes our Q&A session. I'll now turn the call back over to Sean Reilly for any final or closing remarks.

謝謝。問答環節到此結束。接下來我把電話交回給 Sean Reilly，請他做最後或結語發言。

Well, thank you, all, for your interest in Lamar and for joining us on the call. And we look forward to another good call in August.

好的，謝謝各位對 Lamar 的關注，也謝謝各位參與本次電話會議。我們期待 8 月再進行一次良好的電話會議。

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

謝謝。今天的會議到此結束。感謝各位的時間與參與。各位現在可以掛線。