Business
Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2021 Operating Results
Three Month Results Net revenue was $494.6 millionNet income was $123.3 millionAdjusted EBITDA was $230.7 million Twelve Month Results Net revenue was $1.79
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results Net revenue was $494.6 millionNet income was $123.3 millionAdjusted EBITDA was $230.7 million Twelve Month Results Net revenue was $1.79 billionNet income was $388.1 millionAdjusted EBITDA was $827.3 million BATON ROUGE, La., Feb. 25, 2022 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the fourth quarter and year ended December 31, 2021. “As our record financial results in 2021 demonstrate, businesses large and small today have a growing appreciation for the reach and impact of out-of-home advertising,\" Lamar CEO Sean Reilly said. \"We set new marks in 2021 for revenue, adjusted EBITDA and AFFO per share, and we've seen the sales momentum continue into 2022. Based on current pacing, we expect full-year AFFO to be between $7.03 and $7.18 per share.” Fourth Quarter Highlights Net revenue increased 15.4%Adjusted EBITDA margin of 46.6%Diluted AFFO per share increased 4.1% Fourth Quarter Results Lamar reported net revenues of $494.6 million for the fourth quarter of 2021 versus $428.5 million for the fourth quarter of 2020, a 15.4% increase. Operating income for the fourth quarter of 2021 increased $8.7 million to $149.9 million as compared to $141.2 million for the same period in 2020. Lamar recognized net income of $123.3 million for the fourth quarter of 2021 as compared to net income of $108.7 million for the same period in 2020, an increase of $14.6 million. Net income per diluted share was $1.21 and $1.08 for the three months ended December 31, 2021 and 2020, respectively. Adjusted EBITDA for the fourth quarter of 2021 was $230.7 million versus $207.9 million for the fourth quarter of 2020, an increase of 11.0%. Cash flow provided by operating activities was $246.2 million for the three months ended December 31, 2021, an increase of $37.8 million as compared to the same period in 2020. Free cash flow for the fourth quarter of 2021 was $149.0 million as compared to $160.1 million for the same period in 2020, a 7.0% decrease. For the fourth quarter of 2021, funds from operations, or FFO, was $183.6 million versus $167.6 million for the same period in 2020, an increase of 9.6%. Adjusted funds from operations, or AFFO, for the fourth quarter of 2021 was $180.7 million compared...