拉马尔广告 (LAMR) 2026年第三季度业绩电话会：上调AFFO指引

核心要点

• 2026年第三季度经收购调整后的营收同比增长6.2%，经收购调整后的支出增长4.4%。调整后EBITDA利润率提升110个基点至49.1%。
• 调整后EBITDA增长9.3%至3.069亿美元。AFFO增长10.1%至2.493亿美元，稀释后每股AFFO增长9.5%至2.41美元。
• Lamar将全年稀释后每股AFFO指引上调至8.87美元至8.97美元，中值意味着较2025年增长8%。
• 10月营收突破2.32亿美元，经收购调整后增长14.1%。若剔除政治广告，增速接近7%。
• 全国性广告营收增长近20%，预计2026年政治广告支出将超过4000万美元，第三季度程序化广告营收增长42.4%。
• 管理层计划建议派发每股1.65美元的第四季度常规股息，以及每股0.30美元至0.35美元的年终特别股息，两者均需获得董事会批准。

核心财务数据

业务与运营表现

全国性广告营收增长近20%，占Lamar业务总额的25%，高于上一季度的23%。本地和区域性广告营收增长4.2%，连续增长势头延续至22个季度；该板块约占广告牌总营收的75%。

政治广告依然是主要增长驱动力。管理层预计2026年政治广告支出将超过4000万美元，较2022年水平翻倍以上，并较2024年增长40%。其中近半数支出预计将在第四季度落地，数字广告约占政治广告营收的一半。

数字广告营收占业务总额的33.8%，上年同期为32%。数字平台总营收增长12.2%，同店数字广告开票额增长6.5%。截至第三季度末，Lamar拥有5,883块数字广告屏面，较第二季度增加153块，较2025年底增加330块。

第三季度程序化广告营收增长42.4%，年内迄今增长42.9%。全国性广告与程序化广告营收合计增长19.7%，占业务总额的24.6%。

分业务线看，经收购调整后，机场广告营收增长14.4%，公交交通广告营收增长8.1%。按地域划分，中西部和中部广告牌区域领跑增长，增速分别为9.2%和8%。

在广告品类中，电信类增长30.5%，服务类增长16%，零售类增长11%，金融类增长7.3%，汽车类增长7%。医疗保健和休闲娱乐类则下滑至大致持平，变动幅度约在1%左右。

年内迄今，Lamar已斥资逾1.47亿美元现金完成了54起广告牌收购；此外，公司还投入逾5500万美元购买了部分选定广告牌下方的地役权。管理层表示，并购储备项目依然活跃，预计未来数月将达成更多交易。

管理层业绩指引

现金利息预测假设今年剩余时间内短期浮动利率保持不变。股息分配提议仍需获得董事会批准，并基于公司分配100%年度应税收入的政策制定。

风险与关注领域

管理层形容非公开市场收购定价“泡沫较多”，强调在继续寻求增厚型交易的同时必须保持审慎纪律。

第三季度经收购调整后的营业费用增速超出了公司的最初预算，不过管理层将该增长归因于营收走强带来的可变成本增加。

2026年预期的政治广告营收中有近半数集中在第四季度，这使得相关支出的落地时点和兑现情况对全年业绩表现至关重要。

AFFO展望建立在2026年剩余时间内短期浮动利率不变的前提假设上。此外，拟定的第四季度常规股息和特别股息也尚需董事会批准。

分析师问答要点

管理层表示，Lamar正在抢占其他本地媒体的广告份额，尤其是本地电视网络附属台和广播电台，而非来自同行广告牌运营商。10月份剔除政治广告后的营收增长近7%，管理层称这证明了更广泛的市场需求。

并购方面，管理层表示，当前的并购活跃度处于Sean Reilly职业生涯中的最高水平之一。尽管收购估值倍数处于高位，Lamar仍计划保持审慎纪律，寻求能够增厚业绩的交易。

管理层还指出，由于税收优惠，卖家对UPREIT架构的接受度与日俱增。Lamar预计即将进行的一笔交易将采用该架构，并表示迈入2027年之际，其储备并购项目依然强劲。

业绩电话会完整纪要

完整财报电话会议逐字稿

管理层陈述

Operator

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 the general economic conditions, including inflationary pressures on its 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. 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 2026 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents. Lamar's third 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. I would now like to turn the conference over to Sean Reilly. You may begin.

Sean Reilly

Thank you, Katie, and good morning, all, and welcome to Lamar's Q3 2026 Earnings Call. We continue to be very pleased with how the year is playing out. For the third quarter, revenue growth ticked up 6.2% on an acquisition-adjusted basis, driven by strong demand from national customers, political spend and our digital platform. Revenue increased across billboards, airports, transits and logos, while expense growth moderated to 4.4% on an acquisition-adjusted basis. That all translated to an EBITDA margin for Q3 of 49.1%. October was even better with revenue topping $232 million, reflecting year-over-year growth of more than 14% on an acquisition-adjusted basis.

Notably, ex political, the growth was just shy of 7%. With those results in hand, today, we are raising our guidance for full year AFFO to a range of $8.87 to $8.97 per share representing at the midpoint, an increase of 8% over 2025. In September, the Board increased the quarterly distribution by $0.05 to $1.65 per share. We will recommend a similar dividend for Q4 and given our pacings, anticipate recommending that we pay a special dividend of at least $0.30 at the end of December.

Back to Q3. In addition to political, categories of strength included services, retail, auto and telecom while health care and amusements were flattish. Our national revenue increased nearly 20%, while local and regional revenues were up 4.2%. Both of those rates of growth accelerated from Q2. A word on political. It's clear to us that with every cycle, we are without a doubt gaining momentum and market share. As campaigns and PACs recognize the value of our audience. Nationally, political ad spend across all media is expected to grow about 30% this year over 2022 and modestly over 2024. We will do far better than that. Our political spend this year will top $40 million, more than double what we generated in 2022 and up 40% over 2024. Nearly half of that spend will show up in Q4. Our digital platform, the largest in the industry, is a key driver of our growth for the political category. It accounts for about half of the political spend. It's also obviously driving growth for our business as a whole.

Digital now generates more than 1/3 of our billboard revenue, and on a same-store basis, digital billing increased 6.5% in Q3 with programmatic up more than 40% in Q3. On the M&A front, we've been busy. Year-to-date, we have closed 54 billboard acquisitions for a cash purchase price of more than $147 million, and we've spent more than $55 million, enhancing the security of our real estate portfolio by purchasing easements beneath our better billboards. That project continues. In addition, we completed our second UPREIT transaction in August. We have a healthy pipeline of additional deals that we expect to finalize and announce over the next couple of months. Overall, we are ending 2026 with a lot of momentum. And with that, I will turn it over to Jay to walk you through some additional numbers. Jay?

Jay Johnson

Thanks, Sean. Good morning, everyone, and thank you for joining us. We had a strong third quarter and are extremely pleased with our results, which once again exceeded internal expectations and consensus estimates across revenue, adjusted EBITDA and AFFO. Our billboard regions all experienced solid top line growth, led by the Midwest and Central, which were up 9.2% and 8%, respectively. The airport business continued to outperform with acquisition-adjusted revenue increasing 14.4% in Q3 versus last year, followed by transit, which was up 8.1%.

In addition, the positive momentum continued in October with revenue increasing 14.1%, which is the best month on record for the company. October's performance brings acquisition-adjusted revenue to 6.4% through the first 10 months of the year. As of October 31, we had 99.7% of our budget on the books with November pacing looking promising as well. Acquisition-adjusted consolidated expenses increased 4.4% in the third quarter which grew more than our original budget, but was driven by variable expenses tied to solid revenue growth in the third quarter. We anticipate full year acquisition-adjusted operating expense growth in the 4.25% to 4.75% range. Adjusted EBITDA was $306.9 million compared to $280.8 million in 2025, an increase of 9.3% in the quarter and improving 8.2% on an acquisition-adjusted basis. This was an acceleration from Q3 (sic) [ Q2 ] when adjusted EBITDA grew a healthy 7.3%.

Adjusted EBITDA margin expanded 110 basis points to 49.1% over Q3 2025. Adjusted funds from operations totaled $249.3 million in the third quarter compared to $226.5 million last year, an increase of 10.1%. Diluted AFFO per share grew 9.5% to $2.41 per share versus $2.20 in the third quarter of 2025. Local and regional sales grew for the 22nd consecutive quarter and accounted for approximately 75% of billboard revenue in Q3. It has been over 5 years since the portfolio last experienced a year-over-year decline in local and regional sales, which was due to COVID.

National sales performance was extremely robust and grew to represent 25% of our book, up from 23% last quarter. On the capital expenditure front, total spend for the quarter was $45 million, including $16.7 million of maintenance CapEx. And for the full year, we anticipate total CapEx of approximately $186 million with maintenance CapEx comprising $65 million. Turning to our balance sheet. On October 1, we closed on the amendment and extension of our $250 million AR securitization. The facility now matures in October 2029 and the margin improved by 10 basis points. The new program also includes structural enhancements that increase flexibility and availability. The securitization was our nearest maturity, and we now have no debt maturity until our $600 million of senior notes due in February 2028, followed by the revolving credit facility in July of that same year. 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 3.9 years.

As defined under our credit facility, we ended the quarter with total leverage of 2.84x net debt-to-EBITDA, which remains amongst the lowest levels ever for the company. Our secured debt leverage was 0.64x at quarter end, and we are compliant with both our total debt incurrence and secured debt maintenance tests against covenants of 7x and 4.5x, respectively. For the full year, we expect total leverage to hover around 3 turns with secured leverage coming in comfortably below 1x net debt to EBITDA. In addition, our LTM interest coverage through September 30 was 7.3x adjusted EBITDA to cash interest further demonstrating the strength of the company's balance sheet.

As Sean mentioned, M&A has been active thus far in 2026. We continue to benefit from 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 to 4x net debt to EBITDA. Our liquidity and access to capital, both remained strong. At quarter end, we had $721 million in total liquidity comprised of $54 million of cash on hand and $667 million available under our revolver.

The AR securitization was fully drawn with $250 million outstanding. Subsequent to quarter end, the company repaid $40 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 $8.87 to $8.97 an increase of $0.10 at the midpoint, and this follows last quarter's upward revision of $0.22 at the midpoint. Cash interest in our guidance totaled $156 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 $65 million in 2026 and cash taxes are projected to come in around $12 million. Finally, our dividend. We paid a cash dividend of $1.60 per share in each of the first and second quarters, increasing to $1.65 per share in Q3 and management's recommendation for the fourth quarter will be a regular cash dividend of $1.65 per share as well. This recommendation is subject to Board approval, and we will communicate the Board's decision.

For the full year, we expect to distribute a regular dividend of $6.50 per share. However, given the company's performance exceeding expectations through September 30 and the outlook for Q4, we will request approval for a special dividend at year-end. The special dividend will likely be in the range of $0.30 to $0.35 per share, bringing the company's full year cash dividend to $6.80 to $6.85 per share. This is consistent with our practice in the 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 annually. Again, we are pleased with an extremely strong quarter as well as the momentum that has continued into the fourth quarter, and we look forward to executing on our strategy in the balance of the year. I'll now turn the call back over to Sean.

Sean Reilly

Thanks, Jay. I'll cover a few familiar data sets, and then we'll open it up for questions. Q3 digital revenue constituted 33.8% of our total book. That's up over the 32% it represented in Q3 of last year. Growth of the overall platform was up 12.2% in total and on a same-store basis was, as I mentioned, up 6.5%. We ended Q3 with 5,883 digital faces, an increase of 153 over Q2 and an increase of 330 year-to-date over Q4 of 2025. National/programmatic grew 19.7% in Q3 and constituted 24.6% of our book. Programmatic grew 42.4% in Q3. A reminder that for us, programmatic is 100% national. So less programmatic, national grew 16.1% in Q3.

By the way, year-to-date, programmatic is up a similar amount at 42.9%. As mentioned, on verticals, services were up 16%. Retail was up 11%. Auto was up 7%; financial, up 7.3% and telecom was up 30.5%. Also, as mentioned, health care and amusements were down to flattish, approximately 1%. With that, Katie, we will open it up for questions.

Operator

[Operator Instructions] Our first question today comes from Cameron McVeigh with Morgan Stanley.

分析师问答

Cameron McVeigh

Great results in the quarter. I was curious if you could just talk high level how customer conversations have been trending in the quarter? What are they most primarily focused on. And do you see Lamar taking share from competitors or other traditional mediums. And then secondly, I just wanted to ask on M&A how the multiples are looking in the private market and maybe your expectations for acquisitions going forward? Curious how the UPREIT structure is being received from some potential sellers?

Sean Reilly

Sure. Let me hit the share shift first because that's a great question. I would say that the shift that's happening for us in our book is away from local network affiliate or radio broadcast. We're seeing a clear shift there. And one of the reasons I highlighted our ex political October was that I'm sure when you hear from the other medium, particularly local medium, ex political, they're going to shrink. And in October, which was an incredible political month for us, we actually grew ex political, almost 7%. And that's why I highlighted that number for you guys. So yes, I would say the share shift for us is we're not taking it at the expense of our fellow billboard operators. We're taking it at the expense of other local media.

The M&A pipeline looks really strong, Cameron. We're seeing as much activity as I've seen in my career. And it looks good. We're happy with what we've landed so far this year. We're happy with what we have under LOI that will close in the next few months, and we're seeing a lot of activity as we go into 2027. And one of the deals we hope to announce shortly will involve an UPREIT structure. So we are seeing greater acceptance out there as people really begin to understand the tax benefits of it and really the advantages of hitching their wagon to Lamar. So yes, more to come on that. What was the first part of your question?

Cameron McVeigh

Just on how M&A multiples are trending?

Sean Reilly

Yes. It's frothy out there. So we're going to have to be disciplined, but we're going to get our share at prices that are accretive as we always do. We've been around a long time, and our philosophy is to buy through the cycles. This happens to be one of those uptick cycles, and we're going to buy through it. And we're going to bring home deals that make sense. I think you asked about the tone of business and what advertisers are saying. It's very strong out there. We're happy with renewals going into '27. It's across the board on national in terms of the verticals that I ticked off. So we're feeling very good about where the world is headed for Lamar.

Operator

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

Sean Reilly

Well, thank you all for listening, and thank you for your interest in Lamar. We look forward to visiting again in February.

Operator

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