Lamar Advertising Co. (NASDAQ:LAMR) Q3 2019 Earnings Conference Call Transcript

Nov 05, 2019 • 09:00 am ET

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Lamar Advertising Co. (NASDAQ:LAMR) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Excuse me, everyone. We now have Sean Reilly and Jay Johnson in conference. Please be aware, that each of your lines is in a listen-only mode. At the conclusion of the Company's presentation, we will open the floor for questions. [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. 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 2019 earnings release, and its most recent annual report on Form 10-K/A as updated or supplemented by a quarterly reports on Form 10-Q, and current reports on Form 8-K. Lamar refers you to those documents.

Lamar's third quarter 2019 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 this conference over to Sean Reilly. Mr. Reilly, you may begin.

Executive
Sean Reilly

Thank you, Chantale. Good morning, everyone, and welcome to the Lamar's Q3 2019 Earnings Call.

Q3 was strong across virtually all lines, and every metric. Consequently, we were able to grow AFFO over 8% and AFFO per share over 7%. Our team continues to execute well on controlling expenses, on integrating acquisitions, and on optimizing our digital platform and programmatic channel.

Looking ahead, we see acquisition-adjusted growth for Q4, coming in at around the same as Q3, let's call it, 3% to 3.5%. Keep in mind, we are comping against a 5.6% growth last Q4. Assuming Q4 comes in the way we anticipate, we will end of the year at the top-end of our AFFO per share guidance.

Finally, an early word on 2020. I believe the set up for 2020 looks good. Number one, political, which was a slight headwind this year, will be a tailwind next year. And number two, we anticipate that acceleration in our programmatic channel will provide an additional tailwind. Jay?

Executive
Jay Johnson

Thanks, Sean, and good morning, everyone.

First, I would like to say what an honor and privilege it is to join Lamar, as CFO. I look forward to getting to know our investors and spending more time with analysts that cover the Company. I would like to congratulate Keith, on an exceptional career at Lamar, leading the finance organization, and thank him personally for his knowledge during this transition period through the end of the year.

I was excited to join Lamar, because of its outstanding team, high-quality portfolio, size and scale within the out-of-home advertising space, as well as its balance sheet, and financial strength, all of which should continue