Lamar Advertising Co (LAMR) 2026 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，我們現在已請 Sean Reilly 與 Jay Johnson 加入會議。(接線員指示) 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，亦包括就任何向股東分配的金額與時點，以及一般經濟狀況（包括通膨壓力）對公司業務、財務狀況與營運結果之影響與效果的陳述。

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.

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 second quarter 2026 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents.

Lamar 已在公司 2026 年第二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's second quarter 2026 earnings release, which contains information 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 2026 年第二季財報新聞稿依據 Regulation G 載有若干非 GAAP 財務衡量指標之資訊，已於今晨以 Form 8-K 形式提交予 SEC，並可於 Lamar 網站 www.lamar.com 的投資人專區取得。

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

現在我想把電話會議交給 Sean Reilly。Reilly 先生，您可以開始了。

Thank you, Katie. Good morning all, and welcome to Lamar's Q2 2026 Earnings Call. Our business is in a terrific place right now.

謝謝你，Katie。各位早安，歡迎參加 Lamar 2026 年第二季財報電話會議。我們的業務目前處於非常好的狀態。

As our second quarter results demonstrate, advertisers clearly value our ability to connect them with their audiences and deliver messages that resonate.

正如我們第二季的結果所顯示，廣告主顯然重視我們連結其與受眾、並傳遞能引起共鳴訊息的能力。

We are meeting our customers where they are, including through our growing programmatic sales channel, and we're attracting new advertisers who appreciate out of home's NAC for standing out in today's increasingly fragmented media landscape.

我們在客戶所在之處與其相遇，包括透過我們持續成長的程式化（programmatic）銷售通路；同時，我們也吸引到新的廣告主，他們欣賞戶外媒體在當今愈發碎片化的媒體環境中，具備突顯存在感的 NAC。

The vibe out there is good. For the quarter, revenue and EBITDA growth once again exceeded our internal forecast, with increases in revenue across all business offerings, billboards, transit, airports and logos, and all regions and on both the local and national levels.

外部氛圍很好。就本季而言，營收與 EBITDA 成長再次超出我們的內部預測；在所有業務產品（看板、交通運輸、機場與 logos）以及所有地區、且在地方與全國層級，營收皆有所增加。

On an acquisition adjusted basis, consolidated revenue grew 6.1% in the second quarter, while EBITDA increased 7.3%, with a record EBITDA margin of 49.2% in the quarter.

以併購調整後口徑計算，第二季合併營收成長 6.1%，EBITDA 成長 7.3%，本季 EBITDA 利潤率創紀錄達 49.2%。

It was our highest rate of revenue growth since Q2 2022, and our 21st consecutive quarter of revenue growth overall.

這是自 2022 年第二季以來最高的營收成長率，也是我們連續第 21 個季度實現整體營收成長。

The momentum has carried into Q3 and pacing suggests year over year revenue growth rates for the balance of 2026 are likely to be in the same range as Q2.

這股動能延續至第三季，依目前進度來看，2026 年剩餘期間的年對年營收成長率很可能與第二季處於相近區間。

With that in mind, we have raised our guidance for full year AFFO to a range of $8.75 to $8.90 per share. At the midpoint, that would represent AFFO per share growth of approximately 7% over 2025.

基於此，我們將全年每股 AFFO 指引上調至 8.75 至 8.90 美元區間。以中位數計算，這代表 2026 年每股 AFFO 較 2025 年約成長 7%。

Additionally, management will be recommending a $0.05 increase in our quarterly dividend to $1.65 per share. Back to Q2. Categories of strength included service, political, retail and financial, while real estate and amusements were slightly weaker.

此外，管理層將建議把我們的季度股利提高 0.05 美元至每股 1.65 美元。回到第二季。表現強勁的類別包括服務、政治、零售與金融；而房地產與娛樂類別則略顯疲弱。

Service has been a reliable growth category for several years now, propelled by demand from attorneys. But in the second quarter, we also saw a surge in business from technology service providers, including those within the AI space.

服務類別多年來一直是可靠的成長類別，主要由律師需求所帶動。但在第二季，我們也看到來自科技服務供應商的業務大幅增加，其中包括 AI 領域的業者。

Political spend, meanwhile, increased more than $5 million year-over-year in Q2 and is running well ahead of 2024 levels. It will continue to be a tailwind in Q4.

同時，政治廣告支出在第二季年對年增加超過 500 萬美元，且明顯高於 2024 年的水準。它將在第四季持續成為順風。

About half the political dollars are being spent on our digital platform, which was the biggest driver of our overall growth in Q2.

約有一半的政治廣告預算投放在我們的數位平台上，而這也是第二季整體成長的最大驅動因素。

Our digital revenue increased 15.4% year-over-year and now constitutes a full one-third of our total billboard revenues.

我們的數位營收年對年成長 15.4%，目前已占我們看板總營收的整整三分之一。

On a same board basis, digital billboard revenue increased 6.5% year-over-year. Growth of more than 50% through our programmatic sales channel once again made it a bright spot, and programmatic accounted for approximately 10% of digital billboard revenue in the quarter.

以同板（same board）口徑計算，數位看板營收年對年成長 6.5%。透過我們的程式化銷售通路成長超過 50% 再次成為亮點；本季程式化約占數位看板營收的 10%。

Our national business was particularly strong, helped, of course, by the World Cup. On a consolidated basis, national and programmatic revenue increased nearly 16% in Q2, the sharpest increase since the COVID rebound in 2021.

我們的全國性業務特別強勁，當然也受惠於世界盃。以合併口徑計算，第二季全國性與程式化營收合計成長近 16%，為自 2021 年 COVID 反彈以來最陡峭的增幅。

Local and regional revenue, meanwhile, increased 3.4%. We have been active on the M&A front. Through June 30, we had spent more than $100 million on nearly 30 billboard acquisitions as well as on purchases of easements beneath our billboards.

同時，地方與區域營收成長 3.4%。我們在併購方面持續積極。截至 6 月 30 日，我們已在近 30 件看板收購案以及購買看板下方地役權上，投入超過 1 億美元。

We have a healthy pipeline of billboard deals and easements under LOI and should easily exceed $200 million in cash spend for the full year. Meanwhile, we expect to close our second upreit transaction in the coming weeks.

我們有充足的看板交易與地役權案源正在 LOI（意向書）階段，全年現金支出應可輕鬆超過 2 億美元。同時，我們預期將在未來幾週完成第二筆 UPREIT 交易。

All in all, I could not be more pleased with how the year is shaping up. I want to commend our team across Lamar land for their efforts so far in 2026 we have been busy.

總而言之，我對今年的發展態勢感到非常滿意。我要表揚 Lamar 各地團隊在 2026 年迄今的努力——我們一直非常忙碌。

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，請他帶各位看一些補充數字。

Thanks, Sean. Good morning, everyone, and thank you for joining us.

謝謝，Sean。各位早安，感謝各位加入我們。

We had a strong second quarter and are extremely pleased with our results, which exceeded internal expectations and consensus estimates across revenue, adjusted EBITDA and AFFO.

我們第二季表現強勁，對於結果感到非常滿意；在營收、調整後 EBITDA 與 AFFO 方面，均超出內部預期與市場一致預估。

The airport business continued to outperform with acquisition-adjusted revenue increasing 21.1% in Q2 versus last year, which was an acceleration from last quarter when airports grew a healthy 15.5%.

機場業務持續優於預期，以併購調整後口徑計算，第二季營收較去年成長 21.1%，相較於上一季機場業務健康成長 15.5% 而言，成長進一步加速。

Our billboard regions all experienced mid-single-digit top line growth, led by the Southwest and Atlantic, which were up 7.7% and 6.5%, respectively.

我們各看板區域的營收皆呈現中個位數成長，其中以西南與大西洋地區領先，分別成長 7.7% 與 6.5%。

In addition, the positive momentum continued in July with revenue increasing 6%, outpacing our original budget.

此外，正向動能在 7 月仍持續，營收成長 6%，超越我們原先的預算。

July's strong performance brings acquisition-adjusted revenue to 5.2% through the first seven months of the year, and we are optimistic about our booking pace for the balance of the third quarter as we approach midterm elections.

7 月的強勁表現使得今年前七個月的併購調整後營收成長達 5.2%；隨著我們接近期中選舉，我們對第三季剩餘期間的訂單進度感到樂觀。

Acquisition-adjusted consolidated expenses increased 5.1% in the second quarter, which grew 150 basis points more than anticipated, but driven by variable expenses tied to solid revenue growth in the second quarter.

第二季併購調整後的合併費用增加 5.1%，比預期多出 150 個基點，但主要是由第二季穩健營收成長所帶動的變動費用所致。

Adjusted EBITDA was $303.4 million compared to $278.4 million in 2025, an increase of 9% in the quarter and improving 7.3% on an acquisition-adjusted basis. This was the strongest growth we've seen since resurgence from the COVID-19 pandemic.

調整後 EBITDA 為 3.034 億美元，較 2025 年的 2.784 億美元增加，本季增幅為 9%，以併購調整後口徑計算則成長 7.3%。這是自 COVID-19 疫情復甦以來我們所見到的最強勁成長。

Adjusted EBITDA margin expanded 110 basis points to 49.2%, the strongest margin in any quarter of the company's history. Adjusted funds from operations totaled $247.9 million in the second quarter compared to $225.3 million last year, an increase of 10.1%.

調整後 EBITDA 利潤率擴大 110 個基點至 49.2%，為公司歷史上任何季度中最強的利潤率。第二季調整後營運資金（AFFO）合計為 2.479 億美元，較去年同期的 2.253 億美元增加 10.1%。

The diluted AFFO per share grew 8.1% to $2.40 per share versus $2.22 in the second quarter of 2025. Local and regional sales grew for the 21st consecutive quarter and accounted for approximately 77% of billboard revenue in Q2.

稀釋後每股 AFFO 成長 8.1% 至每股 2.40 美元，對比 2025 年第二季的每股 2.22 美元。本地與區域銷售連續第 21 個季度成長，並在第二季約占看板收入的 77%。

It has been over five years since the portfolio last experienced a year-over-year decline in local and regional sales, which was due to COVID.

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超過五年，當時下滑係因 COVID 所致。

National sales performance was extremely robust and grew to represent 23% of our book, up from 18% last quarter.

全國性銷售表現極為強勁，成長至占我們業務組合的 23%，高於上季的 18%。

On the capital expenditure front, total spend for the quarter was $42.7 million, including $14.7 million of maintenance CapEx.

在資本支出方面，本季總支出為 4,270 萬美元，其中包含 1,470 萬美元的維護性資本支出。

And for the full year, we anticipate total CapEx of approximately $186 million with maintenance CapEx comprising $65 million.

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 6,500 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.

就資產負債表而言，我們的債務到期結構配置良好，在 2027 年 10 月應收帳款（AR）證券化到期前沒有到期項目，而高級票據則要到 2028 年 2 月才到期。若市場狀況仍然有利，我們很可能在今年稍晚延長該證券化安排。

The company currently has approximately $3.5 billion in total consolidated debt and our weighted average interest rate is 4.5% with a weighted average debt maturity of four years.

公司目前合併總負債約為 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四年。

As defined under our credit facility, we ended the quarter with total leverage of 2.9 times net debt-to-EBITDA, which remains amongst the lowest levels ever for the company.

依據我們信貸協議的定義，本季末總槓桿為淨負債對 EBITDA 的 2.9 倍，仍為公司歷史上最低水準之一。

Our secured debt leverage was 0.7 times at quarter end, and we are in compliance with both our total debt incurrence and secured debt maintenance test against covenants of 7 times and 4.5 times, respectively.

本季末擔保債務槓桿為 0.7 倍，且我們符合總負債新增限制與擔保債務維持測試兩項契約條款，門檻分別為 7 倍與 4.5 倍。

For the full year, we expect total leverage to hover around three turns with secured leverage coming in comfortably below 1 times net debt to EBITDA.

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。

In addition, our latest 12 month interest coverage through June 30 was 7.1 times adjusted EBITDA to cash interest, further demonstrating the strength of the company's balance sheet.

此外，截至 6 月 30 日的最近 12 個月利息保障倍數為調整後 EBITDA 對現金利息 7.1 倍，進一步展現公司資產負債表的強勁。

As Sean mentioned, M&A has been active thus far in 2026. We continue to benefit from an investment capacity well over $1 billion with 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.

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

Our liquidity and access to capital both remain strong. At quarter end, we had $720 million in total liquidity, comprised of $68 million of cash on hand and $652 million available under our revolver. The AR securitization was fully drawn with $250 million outstanding.

我們的流動性與資金取得能力仍然強勁。季末我們的總流動性為 7.20 億美元，其中包含 6,800 萬美元現金及循環信貸額度下可用的 6.52 億美元。AR 證券化已全數動用，未償餘額為 2.50 億美元。

Subsequent to quarter end, the company repaid $55 million on the revolving credit facility, and we currently have $35 million outstanding. In this morning's release, we revised our full year outlook and now expect diluted AFFO per share of $8.75 to $8.90, an increase of $0.22 at the midpoint.

在季末之後，公司已償還循環信貸額度 5,500 萬美元，目前未償餘額為 3,500 萬美元。在今早的新聞稿中，我們上修全年展望，現預期稀釋後每股 AFFO 為 8.75 至 8.90 美元，中位數上調 0.22 美元。

Cash interest in our guidance totaled $155 million and assumes no change in short-term floating interest rates for the balance of the year.

我們指引中的現金利息合計為 1.55 億美元，並假設今年剩餘期間短期浮動利率不變。

As I touched on earlier, maintenance CapEx is budgeted for $65 million in 2026 and cash taxes are projected to come in around $12 million, which is slightly higher than our original expectations.

如我先前提到，2026 年維護性資本支出預算為 6,500 萬美元，現金稅預估約為 1,200 萬美元，略高於我們原先的預期。

And finally, our dividend. We paid a cash dividend of $1.60 per share in each of the first and second quarters.

最後是股利。我們在第一季與第二季各支付每股 1.60 美元的現金股利。

Management's recommendation for the third quarter will be to increase the dividend to $1.65 per share, and this recommendation is subject to Board approval, and we will communicate the Board's decision.

管理層對第三季的建議將是把股利提高至每股 1.65 美元；此建議仍須董事會核准，我們將對外溝通董事會的決議。

For the full year, we expect to distribute a regular dividend of at least $6.50 per share. The proposed $6.50 distribution results in a yield of 4.1% at yesterday's closing stock price.

就全年而言，我們預期將配發至少每股 6.50 美元的例行股利。以昨日收盤股價計算，擬議的每股 6.50 美元配發對應殖利率為 4.1%。

However, given our performance in Q1 and Q2 and expectations for the remainder of the year, it is likely that we will request approval for a special dividend at year-end.

然而，鑑於我們在第一季與第二季的表現以及對今年剩餘期間的預期，我們很可能會在年底提出特別股利的核准申請。

This is consistent with our practice in years past to ensure distribution of 100% of our taxable income. 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 on an annual basis.

這與我們過去年度的作法一致，以確保分配 100% 的應稅所得。提醒一下，公司股利係以應稅所得為基礎並須董事會核准；我們的股利政策仍為每年分配 100% 的應稅所得。

Again, we are pleased with an extremely strong start to the first half of the year as well as the momentum that has continued into the third quarter, and we look forward to executing on our strategy in the third and fourth quarters.

再次強調，我們對上半年極為強勁的開局以及延續至第三季的動能感到滿意，並期待在第三季與第四季落實我們的策略。

I will now turn the call back over to Sean.

我現在把電話交回給 Sean。

Thanks, Jay. I'll touch on some familiar metrics and then open it up for questions. While all regions are doing well, I'll give a special shout out to the Southwest and Atlantic regions, which are showing the best growth both in Q2 and year to date.

謝謝，Jay。我會簡要談一些熟悉的指標，然後開放提問。雖然各區域表現都很好，但我特別要稱讚西南與大西洋區域，這兩個區域在第二季及年初至今的成長表現最佳。

As mentioned, Q2 same board digital growth was 6.5%, while total digital revenue growth was 15.4% and digital now comprises 33.3% of total revenues.

如前所述，第二季同板數位成長為 6.5%，而數位總收入成長為 15.4%，數位目前占總收入的 33.3%。

And has been the case and as has been the case for some time now, the bulk of our growth in static has come from rate.

而且一直以來、並且在一段時間內皆是如此，我們靜態業務的成長主要來自價格（rate）。

For example, in our Marquee bulletin product, rate was up 3.7% in Q2. We ended Q2 with 5,730 digital units in operation, an increase of 177 units over year-end 2025.

例如，在我們的 Marquee bulletin 產品中，第二季價格上升 3.7%。第二季末我們共有 5,730 個數位單位在營運，較 2025 年底增加 177 個單位。

Also, as mentioned, national programmatic had an exceptional Q2, increasing nearly 16% and combined comprised 22.7% of our total book of business, while local and regional made up 77.3%. On top categories of business, services continues to set records, up 15.4% in Q2.

另外，如前所述，全國性程式化（programmatic）在第二季表現出色，成長近 16%，兩者合計占我們總業務量的 22.7%，而本地與區域占 77.3%。就主要業務類別而言，服務業持續創新高，第二季成長 15.4%。

We also saw strong growth from retail, up 6.5%; financial, up 9.7%; gaming up 9.2%, and building and construction up 10.2%.

我們也看到零售業強勁成長，上升 6.5%；金融業上升 9.7%；遊戲（gaming）上升 9.2%；建築與營造上升 10.2%。

Finally, political also continues to set records with political pacings for this year running significantly ahead of the 2024 cycle. '24 ended up with approximately $29 million in total political. I'll be disappointed if we don't reach low to mid 30s of millions this year.

最後，政治廣告也持續創新高，今年的政治廣告進度（pacing）明顯領先 2024 年選舉週期。2024 年最終政治廣告總額約為 2,900 萬美元。如果今年達不到 3,000 多萬到 3,500 萬美元的低至中段水準，我會感到失望。

Katie, I'll now open it up for questions.

Katie，我現在開放提問。

(Operator Instructions) Jonnathan Navarrete, TD Cowan.

(接線員指示) TD Cowan 的 Jonnathan Navarrete。

Thank you. Good morning. Could you help us separate what is already booked for the second half from what still depends on shorter lead time demand, and whether the strength is broad based across both the third and the fourth quarter?

謝謝。早安。你能否協助我們區分：下半年已經入帳（已預訂）的部分，與仍取決於較短交期需求的部分？另外，這股強勁是否在第三季與第四季都呈現廣泛分布？

The second question I have is, perhaps I heard wrong, but did you say that you guys are weeks away from completing the second upreit transaction? Thank you.

我第二個問題是，也許我聽錯了，但你們是否說距離完成第二筆 UPREIT 交易只剩幾週？謝謝。

I'll hit the second question first. We expect to close our second upreit transaction sometime next week. We're pleased with the reception we're getting out there to sellers that see that as a very attractive way to really join forces with Lamar, stay in the business, but also in a very tax efficient way, monetize their billboard assets.

我先回答第二個問題。我們預期在下週某個時間完成第二筆 UPREIT 交易的交割。我們對市場上賣方的反應感到滿意；他們認為這是一種非常具吸引力的方式，能真正與 Lamar 合作、繼續留在這個產業，同時也能以非常具稅務效率的方式將其看板資產變現。

We're encouraged by what we're seeing out there in terms of, again, receptivity for an upreit transaction. The first question was regarding bookings for the second half.

就我們目前看到的情況而言，我們對 UPREIT 交易的接受度（再度）感到鼓舞。第一個問題是關於下半年的預訂情況。

Yeah, for the second half, what's already booked versus what still depends on the shorter lead time demand, and whether you see the strength pretty equal in the third and fourth quarter.

對，下半年已經預訂的部分相較於仍取決於較短交期需求的部分各是多少？以及你們是否看到第三季與第四季的強勁程度大致相當？

Sure. We're booked to goal. We're booked at about 85% to 90%. We still have 10% to 15% left to sell in the period, for the period, to hit all of our goals. Pacings are strong. We feel good about it.

當然。我們的預訂已達到目標。目前大約已預訂 85% 到 90%。在該期間、為了達成所有目標，我們仍有 10% 到 15% 需要銷售。銷售進度（pacing）很強。我們感覺良好。

Okay. Perhaps one more question is just, how do you guys think about we should do an upreit transaction versus, I don't know, other forms of financing a transaction?

了解。也許再問一題：你們如何思考何時應該做 UPREIT 交易，而不是用其他形式來為交易融資？

What's the thought process like, what's the strategy like going forward? Do you see this becoming a more common occurrence for Lamar, or is this more like a one-off kind of special occasion?

你們的思考流程是什麼、未來策略是什麼？你們是否認為這會成為 Lamar 更常見的作法，還是比較像一次性的特殊情況？

We view it as, number one, we're always going to do transactions that are accretive to AFFO per share. That's rule number one, right? Any time we're issuing shares, we want to make sure that we do so accretively.

我們的看法是，第一，我們永遠只會做能提升每股 AFFO 的交易。這是第一條規則，對吧？任何時候我們發行股票，都要確保是具增益性的（accretive）。

We view it as another arrow in our arsenal to do attractive accretive acquisitions. It's really up to the seller. Again, it's a very attractive way for sellers in a very tax efficient manner to sell their inventory, yet also hitch their wagon to Lamar and enjoy the upside that we've delivered for folks that do upreit transactions with us. We do see it happening more and more, and we're getting more and more inbound queries from folks in the billboard business that want to explore it.

我們把它視為我們工具箱中的另一支箭，用來進行具吸引力且具增益性的併購。這其實取決於賣方。再說一次，對賣方而言，這是一種非常具吸引力、且在稅務上非常有效率的方式來出售其資產組合，同時也能把車子綁在 Lamar 身上，享受我們為與我們進行 UPREIT 交易的夥伴所帶來的上行空間。我們確實看到它會越來越常發生，而且我們也收到越來越多來自看板產業人士的主動詢問，希望探索這種方式。

Got it, thank you.

了解，謝謝。

Alexi Filipov, JPMorgan.

JPMorgan 的 Alexi Filipov。

Yes, good morning. Thank you very much. Sean, your called out revenue was up almost 5% acquisition adjusted in April on the prior call, and the second result came in much stronger at 6%. Can you help us unpack the monthly cadence through May to June and what are you seeing so far in July and August?

是的，早安。非常感謝。Sean，你在上次電話會議提到，4 月在剔除併購影響後的營收成長接近 5%，而第二季實際結果更強、達到 6%。你能否協助我們拆解 5 月到 6 月的月度走勢？以及目前在 7 月與 8 月你們看到什麼？

With the guidance upgrade, what's the underlying organic growth that you assume for the full year? I think you started with 3.6% in February, what's the number that you have in mind right now?

在上調財測指引後，你們對全年假設的基礎有機成長率是多少？我記得你們 2 月起始是 3.6%，那你們現在心中的數字是多少？

The final one on upreit, is it fair to expect a similar size to Verde? Do you include this deal in your new guidance? Thank you.

最後一題關於 UPREIT：是否可以合理預期規模會與 Verde 類似？你們在新的指引中是否已納入這筆交易？謝謝。

Last question first. No, this is a smaller upreit transaction. It's in the sort of mid 30s ish. At the end of the day, we're encouraged to actually be able to roll out an upreit transaction with a smaller asset size. It means we can do more of them.

先回答最後一題。不，這是一筆較小的 UPREIT 交易。規模大概在 3,000 多萬美元左右。歸根結底，我們其實很受鼓舞，因為我們能以較小的資產規模來推動 UPREIT 交易。這代表我們可以做更多筆。

I'm not going to guide to a specific pro forma growth number for the year, but it'll be north of five ish, right? If you just pencil out what we laid out there in terms of the rest of the year looking much like Q2, you'll get to that arithmetic. Same board digital is a bright spot.

我不會針對全年提供一個特定的備考（pro forma）成長數字指引，但會在 5% 以上左右，對吧？如果你把我們對今年剩餘期間的描述（看起來很像第二季）代入計算，你就會得到那個算術結果。同板數位（same board digital）是一個亮點。

I would encourage that you hold us accountable to same board digital growing faster than the static base. We're deploying a lot of capital to grow that platform.

我鼓勵你們用同板數位的成長速度必須快於靜態（static）基礎盤來檢視我們。我們正在投入大量資本來擴張那個平台。

If it's not showing same board growth, then we have to question whether or not it's capital well spent. Right now we're extremely encouraged. We are putting up digitals as fast as we can.

如果沒有呈現同板成長，那我們就必須質疑這些資本是否花得值得。目前我們非常受鼓舞。我們正以最快速度架設數位看板。

Well, Alexia, in terms of the cadence on top line growth in Q2, we just saw an acceleration in each month. We were at 4.8% in April. We went to about 5.5% in May. June was 8% top line growth. That's how you saw the acceleration go from 5% to 6% for the quarter. It was an excellent quarter.

Alexia，至於第二季營收成長的節奏，我們看到每個月都在加速。4 月是 4.8%。5 月約 5.5%。6 月營收年增 8%。這就是為什麼你看到整季從 5% 加速到 6%。這是一個非常出色的季度。

Great. If I may, to follow up on costs, I think acquisition adjusted expenses were up 5% in second quarter, which is above your roughly 3% full year expense growth framework. Is there anything specific to this quarter, or we shall expect higher expense growth in the back half of the year?

很好。如果可以的話，我想追問成本：我認為第二季在剔除併購影響後的費用年增 5%，高於你們全年約 3% 的費用成長框架。這季是否有任何一次性因素？或者我們應該預期下半年費用成長會更高？

No, Alexia, if you look at expense growth, we grew 5.1%. About 150 basis points of that was all tied to variable expenses like revenue share leases or sales commissions that were tied to solid top line growth. It was a positive from our perspective.

不，Alexia，如果你看費用成長，我們是成長 5.1%。其中約 150 個基點都與變動費用有關，例如與營收分成的租賃費或銷售佣金，這些都與強勁的營收成長連動。從我們的角度看，這是正面的。

For the full year, because we are outpacing the three and a half that we saw at top line, we're going to be closer to the mid. You're probably going to see expense growth in the four range because of that.

就全年而言，因為我們的營收成長正在超過先前看到的 3.5% 左右，所以費用成長會更接近中段水準。你們可能會看到費用成長落在 4% 左右，原因就是如此。

Thank you so much.

非常感謝。

Cameron McVeigh, Morgan Stanley.

Morgan Stanley 的 Cameron McVeigh。

Hi, guys. Thank you. Good morning. Just from a high level, Sean, I'm curious why you think you're seeing such strength recently, both at Lamar and in what we're seeing across the industry.

嗨，各位。謝謝。早安。從較高層次來看，Sean，我很好奇你認為為什麼最近會看到這麼強的動能，不論是在 Lamar，或是我們在整個產業中所看到的情況。

Do you think you're taking share from other mediums? Is this the AI industry advertising more? Is it more political? I'm just curious your high-level thoughts on how you see it.

你認為你們正在從其他媒體分食市占嗎？這是否代表 AI 產業的廣告投放增加？是否更偏政治性？我只是好奇你從高層次怎麼看待這件事。

I think there is something secular going on in terms of what's happening to our competitors out there in other local media. For example, what's going on clearly with radio, what's going on with print, and what is increasingly going on with local network affiliate television.

我認為，就我們在其他地方性媒體的競爭對手所發生的情況而言，確實有一些長期結構性的變化正在發生。例如，廣播顯然正在發生的事、平面媒體正在發生的事，以及地方聯播網附屬電視台愈來愈明顯正在發生的事。

Some of that is coming our way as they experience a drop in their audience. Some of their spend is coming our way. What we're also increasingly hearing from advertisers, and I think you're hearing this from our peers at Outfront and Clear Channel as well.

其中一部分會流向我們，因為他們的受眾正在下滑。他們的一部分支出也會流向我們。我們也愈來愈常從廣告主那裡聽到——我想你也從我們在 Outfront 和 Clear Channel 的同業那裡聽到同樣的說法。

Digital ad spend, while it's still the gorilla in the room, there is some disaffection with what's going on in the sort of what many people believe is the vast wasteland of what's going on with the panoply of digital product out there.

數位廣告支出雖然仍是房間裡的大猩猩，但對於許多人所認為、在各式各樣數位產品所構成的「廣大荒原」中正在發生的情況，確實出現了一些不滿情緒。

Some advertisers are coming to us in the out of home world because they know exactly what they're getting. There's no bot fraud. There's no chance that they're going to show up in a place that they don't want to be.

有些廣告主轉向我們這個戶外媒體（out of home）領域，因為他們清楚知道自己買到的是什麼。沒有機器人詐欺。也不會有廣告出現在他們不希望出現的地方的風險。

They're increasingly getting comfortable with our ability to track results when they spend with us. It's all good out there for out of home. You heard this from Outfront yesterday. You saw it in the Clear Channel numbers. A rising tide is lifting all boats because we're feeling it as well.

他們也愈來愈能接受我們在他們投放我們媒體時追蹤成效的能力。對戶外媒體而言，外部環境一切都很正面。你昨天也從 Outfront 聽到了。你也在 Clear Channel 的數字裡看到了。水漲船高、帶動所有人，因為我們也同樣感受到了。

Got it. No, that's great. Just secondly, Sean and Jay, I'd be curious what the latest is on your cost savings initiatives. Is this the year we might see the 48% margins?

了解。不，這很好。第二個問題，Sean 和 Jay，我想了解你們成本節省計畫的最新進展。今年有機會看到 48% 的利潤率嗎？

We're gonna be close. I don't know that we're gonna get all the way to 48%, but we will set a record, and we should be at least a point better than last year. We've successfully gone through Phase 1 of our enterprise software and upgrades, mostly back office and financial, and with some savings accompanying those efforts. We're somewhat hitting the pause button on Phase 2.

我們會很接近。我不確定能不能完全達到 48%，但我們會創下紀錄，而且應該至少比去年再好 1 個百分點。我們已成功完成企業軟體與升級計畫的第一階段，主要是後台與財務端，並且伴隨著一些節省成效。第二階段我們會稍微按下暫停鍵。

We've had some wins that are gonna result in some cost savings in out years. As you're hearing from other companies, the sands are shifting around software deployment and options for functionality.

我們已經有一些成果，將在未來年度帶來一些成本節省。正如你從其他公司聽到的，軟體部署以及功能選項的情勢正在變動。

We're evaluating those things, and what we're seeing out there are some more elegant and more cost-effective ways to get the functionality we're looking for. On some of those cost savings, it's a stay tuned. Maybe not a get to 48% this year, but quite possibly in 2027 or 2028. I would say probably.

我們正在評估這些事情，而我們看到市場上有一些更精巧、也更具成本效益的方式，能取得我們想要的功能。至於其中一些成本節省，還請拭目以待。今年也許達不到 48%，但很可能在 2027 或 2028 年達成。我會說大概是這樣。

(Operator Instructions) Steven Cahall, Wells Fargo.

（接線員指示）Steven Cahall，富國銀行。

Thanks. I was wondering if we could go 1 level deeper into that acceleration you saw through the second quarter.

謝謝。我想知道我們是否可以就你們在第二季看到的加速成長再深入一層。

I know there was a lot of sports going on at that time, it sounds like your pacings continued to improve. Were there particular categories of strength that you see persisting into the back half and maybe even into 2027?

我知道當時有很多體育賽事，聽起來你們的接單進度（pacing）也持續改善。你們是否看到某些強勢的品類，會延續到下半年，甚至可能延續到 2027 年？

I'm curious if AI, which has become obviously a much bigger sector, is showing up as a bigger advertiser as well. Just on your M&A plans, I was wondering how you're thinking about valuations in the marketplace right now. It seems like one of your competitors is gonna have a better balance sheet than it has historically. Sector multiples are a little higher. Just wondering, how competitive that market looks for valuations. Thanks.

我也好奇，AI 顯然已成為更大的產業部門，是否也開始以更大的廣告主身分出現。另外關於你們的併購（M&A）計畫，我想了解你們目前如何看待市場上的估值。看起來你們其中一個競爭對手的資產負債表將比過去更強。產業倍數也略高一些。想請教在估值層面，這個市場看起來競爭有多激烈。謝謝。

Sure. I'll hit the second question first. We do basically three types of acquisitions. There are ones that are 100% fill-in in our existing footprint. We have, by far and away, the largest footprint nationwide of any operator.

好的。我先回答第二個問題。我們基本上做三種類型的收購。其中一種是 100% 在我們既有版圖內的補強型收購。我們在全國的版圖規模遠遠大於任何一家同業。

For many of these transactions that we do that are sort of cookie-cutter fill-in transactions, we're the highest and best buyer, and sometimes we're the only buyer, and we just sit down and meet with a seller and we get to yes. Some of them are actually not competitive processes.

對於我們做的許多這類有點像制式化的補強型交易，我們是出價最高、也最適合的買家；有時候我們甚至是唯一的買家，我們就坐下來和賣方談，談到達成共識。其中一些其實並不是競標流程。

As the transactions get larger, more parties come to the table, and there is more of a competitive dynamic. Sometimes those transactions are in DMAs where we don't already have operations, and that can attract some attention. We just remain disciplined and we have our valuation metrics and we stick to them.

當交易規模變大時，會有更多參與方上桌，競爭態勢也會更明顯。有時候這些交易位於我們尚未營運的 DMA（指定市場區域），因此會吸引一些關注。我們仍然保持紀律，有我們的估值指標，並且堅持遵守。

Regarding the other two publics, it's interesting. Their footprints are different. Oftentimes they're shopping in places we're not, just given their geographical profile. We run into them sometimes and sometimes we don't. I would describe it as we're frenemies when it comes to that.

至於另外兩家上市同業，這點很有意思。他們的版圖不同。很多時候，基於他們的地理分布，他們會在一些我們不會去看的地方尋找標的。我們有時會遇到他們，有時不會。我會形容在這方面我們算是亦敵亦友（frenemies）。

We're gonna win our fair share, as will they. Business, as I mentioned, services is a pretty big catch basin, and it's just growing really fast. We saw the advent of telecom and technology services, particularly in the AI space, augment that whole category of business.

我們會拿下我們應得的一部分，他們也會。如我提到的，商業（business）——我指的是服務——是一個相當大的「集水盆」，而且成長非常快。我們看到電信與科技服務的興起，特別是在 AI 領域，進一步擴大了整個商業類別。

That's been a good thing to see. Don't forget political. We've got nice political tailwinds that we're enjoying this year. It has been somewhat unusual to have a mid cycle outpace a presidential cycle, but that's what's going on in 2026 over 2024.

看到這點是件好事。別忘了政治廣告。今年我們享受到不錯的政治順風。期中選舉年（mid cycle）的表現超過總統選舉年，這種情況算是有點不尋常，但 2026 相較 2024 的確就是如此。

That, again, has certainly been one of the nice things to see this year.

這同樣也是今年看到的其中一個令人欣喜的面向。

Thank you.

謝謝你。

Thank you. This does conclude our Q&A session. I would now like to turn the meeting back to Sean Reilly for any closing remarks.

謝謝。問答環節到此結束。我現在想把會議交回給 Sean Reilly，請他做結語。

Well, thank you all for listening and we look forward to catching up again next quarter.

好的，感謝各位收聽，我們期待下個季度再與各位交流。

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。各位現在可以斷線。