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 first quarter ended
March 31, 2021.
“The advertising rebound is well underway,"
Lamar chief executive Sean Reilly said. "Both local and national
sales activity have accelerated, with digital showing particular
strength. In fact, bookings in March and April for the rest of 2021
handily exceeded bookings in the same months of 2019 for the rest
of that year. As a result, we are raising our previously provided
guidance for full year diluted AFFO per share to a range of $5.40
to $5.60.”
First Quarter
Highlights
- Total operating expenses decreased 9.0%
- Adjusted EBITDA margin of 41.1%
- Free cash flow increased 10.6%
- Diluted AFFO per share increased 2.7%
First Quarter Results
Lamar reported net revenues of $370.9 million
for the first quarter of 2021 versus $406.6 million for the first
quarter of 2020, an 8.8% decrease. Operating income for the first
quarter of 2021 decreased $7.6 million to $88.9 million as compared
to $96.6 million for the same period in 2020. Lamar recognized net
income of $38.3 million for the first quarter of 2021 as compared
to net income of $40.5 million for same period in 2020, a decrease
of $2.2 million. Net income per diluted share was $0.38 and $0.40
for the three months ended March 31, 2021 and 2020,
respectively.
Adjusted EBITDA for the first quarter of 2021
was $152.4 million versus $159.8 million for the first quarter of
2020, a decrease of 4.6%.
Cash flow provided by operating activities was
$83.3 million for the three months ended March 31, 2021, an
increase of $20.4 million as compared to the same period in 2020.
Free cash flow for the first quarter of 2021 was $107.4 million as
compared to $97.1 million for the same period in 2020, a 10.6%
increase.
For the first quarter of 2021, funds from
operations, or FFO, was $96.1 million versus $97.6 million for the
same period in 2020, a decrease of 1.5%. Adjusted funds from
operations, or AFFO, for the first quarter of 2021 was $116.7
million compared to $113.3 million for the same period in 2020, an
increase of 3.0%. Diluted AFFO per share increased 2.7% to $1.15
for the three months ended March 31, 2021 as compared to $1.12
for the same period in 2020.
Acquisition-Adjusted Three Months
Results
Acquisition-adjusted net revenue for the first
quarter of 2021 decreased 8.2% over acquisition-adjusted net
revenue for the first quarter of 2020. Acquisition-adjusted EBITDA
for the first quarter of 2021 decreased 4.5% as compared to
acquisition-adjusted EBITDA for the first quarter of 2020.
Acquisition-adjusted net revenue and acquisition-adjusted EBITDA
include adjustments to the 2020 period for acquisitions and
divestitures for the same time frame as actually owned in the 2021
period. See “Reconciliation of Reported Basis to
Acquisition-Adjusted Results”, which provides reconciliations to
GAAP for acquisition-adjusted measures.
Liquidity
As of March 31, 2021, Lamar had $765.1
million in total liquidity that consisted of $710.6 million
available for borrowing under its revolving senior credit facility,
$11.4 million available under the Accounts Receivable
Securitization Program and approximately $43.0 million in cash and
cash equivalents. There was $25.0 million and $155.0 million in
borrowings outstanding under each of the Company’s revolving credit
facility and Accounts Receivable Securitization Program as of
March 31, 2021, respectively.
Recent Developments and COVID-19
Update
On January 22, 2021, Lamar Media Corp., the
Company’s wholly-owned subsidiary, completed an institutional
private placement of $550.0 million aggregate principal amount of 3
5/8% Notes due 2031 (the “3 5/8% Senior Notes”). The institutional
private placement resulted in proceeds of approximately $542.5
million which were used, together with cash on hand and borrowings
under the revolving credit facility and Accounts Receivable
Securitization Program, to redeem in full all of our $650.0 million
in aggregate principal outstanding 5 3/4% Senior Notes due 2026 on
February 3, 2021.
On February 25, 2021, our Board of Directors
declared a quarterly dividend of $0.75 per common share, paid on
March 31, 2021. Subject to approval by the Board of Directors, we
expect our aggregate distributions to stockholders for 2021,
including the dividend paid on March 31, 2021, will total $3.00 per
common share.
On April 6, 2021, Lamar Partnering Corporation
(“LPC”), a newly formed special purpose acquisition company and
indirect wholly-owned subsidiary of the Company, filed a
Registration Statement on Form S-1 with the Securities and Exchange
Commission. LPC’s proposed public offering is expected to have a
base offering size of $300.0 million, or up to $345.0 million if
the underwriters’ over-allotment is exercised in full. Lamar,
through an indirect wholly-owned subsidiary, would own
approximately 20% of LPC’s issued and outstanding ordinary shares
upon the consummation of the offering. The Company intends to
commit to acquire up to $100.0 million of forward purchase units in
a forward purchase agreement that would close concurrently with
LPC’s consummation of an initial business combination.
Lamar continues to actively monitor the effects
of the COVID-19 pandemic on our business, employees and the
business of our advertisers. We observed an improvement in our
customer activity beginning in June 2020 and through March 2021.
However, we cannot predict the pace or strength of the ongoing
recovery on the overall economy and our advertisers. The cost
savings and liquidity measures taken by management in 2020 and 2021
have resulted in continued savings and additional liquidity in
2021. As we continue to actively monitor the situation, we may take
further actions to alter our business operations as may be required
by federal, state or local authorities, or that we determine are in
the best interest of our employees, customers, partners and
shareholders.
Revised Guidance
We are updating our 2021 guidance issued in February 2021 to
reflect our expected continued recovery from the COVID-19 pandemic
during 2021. We now expect net income per diluted share for fiscal
year 2021 to be between $2.96 and $3.12, with diluted AFFO per
share between $5.40 and $5.60. See “Supplemental Schedules
Unaudited REIT Measures and Reconciliations to GAAP Measures” for
reconciliation to GAAP.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding sales trends. These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected in these
forward-looking statements. These risks and uncertainties include,
among others: (1) our significant indebtedness; (2) the severity
and duration of the novel coronavirus (COVID-19) pandemic and its
impact on our business, financial condition and results of
operations; (3) the state of the economy and financial markets
generally, including the impact caused by the novel coronavirus
(COVID-19) pandemic and the effect of the broader economy on the
demand for advertising; (4) the continued popularity of outdoor
advertising as an advertising medium; (5) our need for and ability
to obtain additional funding for operations, debt refinancing or
acquisitions; (6) our ability to continue to qualify as a Real
Estate Investment Trust (“REIT”) and maintain our status as a REIT;
(7) the regulation of the outdoor advertising industry by federal,
state and local governments; (8) the integration of companies and
assets that we acquire and our ability to recognize cost savings or
operating efficiencies as a result of these acquisitions; (9)
changes in accounting principles, policies or guidelines; (10)
changes in tax laws applicable to REITs or in the interpretation of
those laws; (11) our ability to renew expiring contracts at
favorable rates; (12) our ability to successfully implement our
digital deployment strategy; and (13) the market for our Class A
common stock. For additional information regarding factors that may
cause actual results to differ materially from those indicated in
our forward-looking statements, we refer you to the risk factors
included in Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2020, as supplemented by any risk factors
contained in our Quarterly Reports on Form 10-Q and our Current
Reports on Form 8-K. We caution investors not to place undue
reliance on the forward-looking statements contained in this
document. These statements speak only as of the date of this
document, and we undertake no obligation to update or revise the
statements, except as may be required by law.
Use of Non-GAAP Financial
Measures
The Company has presented the following measures
that are not measures of performance under accounting principles
generally accepted in the United States of America (“GAAP”):
adjusted earnings before interest, taxes, depreciation and
amortization (“adjusted EBITDA”), free cash flow, funds from
operations (“FFO”), adjusted funds from operations (“AFFO”),
diluted AFFO per share, outdoor operating income,
acquisition-adjusted results and acquisition-adjusted consolidated
expense. Our management reviews our performance by focusing on
these key performance indicators not prepared in conformity with
GAAP. We believe these non-GAAP performance indicators are
meaningful supplemental measures of our operating performance and
should not be considered in isolation of, or as a substitute for
their most directly comparable GAAP financial measures.
Our Non-GAAP financial measures are determined
as follows:
- We define
adjusted EBITDA as net income before income tax expense (benefit),
interest expense (income), loss (gain) on extinguishment of debt
and investments, stock-based compensation, depreciation and
amortization, gain or loss on disposition of assets and investments
and capitalized contract fulfillment costs, net.
- Adjusted EBITDA
margin is defined as adjusted EBITDA divided by net revenues.
- Free cash flow is defined as
adjusted EBITDA less interest, net of interest income and
amortization of deferred financing costs, current taxes, preferred
stock dividends and total capital expenditures.
- We use the National
Association of Real Estate Investment Trusts definition of FFO,
which is defined as net income before gains or losses from the sale
or disposal of real estate assets and investments and real estate
related depreciation and amortization and including adjustments to
eliminate unconsolidated affiliates and non-controlling
interest.
- We define AFFO as
FFO before (i) straight-line revenue and expense; (ii)
capitalized contract fulfillment costs, net; (iii) stock-based
compensation expense; (iv) non-cash portion of tax provision;
(v) non-real estate related depreciation and amortization;
(vi) amortization of deferred financing costs; (vii) loss
on extinguishment of debt; (viii) non-recurring infrequent or
unusual losses (gains); (ix) less maintenance capital
expenditures; and (x) an adjustment for unconsolidated
affiliates and non-controlling interest.
- Diluted AFFO per
share is defined as AFFO divided by weighted average diluted common
shares outstanding.
- Outdoor operating
income is defined as operating income before corporate expenses,
stock-based compensation, capitalized contract fulfillment costs,
net, depreciation and amortization and loss (gain) on disposition
of assets.
-
Acquisition-adjusted results adjusts our net revenue, direct and
general and administrative expenses, outdoor operating income,
corporate expense and EBITDA for the prior period by adding to, or
subtracting from, the corresponding revenue or expense generated by
the acquired or divested assets before our acquisition or
divestiture of these assets for the same time frame that those
assets were owned in the current period. In calculating
acquisition-adjusted results, therefore, we include revenue and
expenses generated by assets that we did not own in the prior
period but acquired in the current period. We refer to the amount
of pre-acquisition revenue and expense generated by or subtracted
from the acquired assets during the prior period that corresponds
with the current period in which we owned the assets (to the extent
within the period to which this report relates) as
“acquisition-adjusted results”.
-
Acquisition-adjusted consolidated expense adjusts our total
operating expense to remove the impact of stock-based compensation,
depreciation and amortization, capitalized contract fulfillment
costs, net and loss (gain) on disposition of assets and
investments. The prior period is also adjusted to include the
expense generated by the acquired or divested assets before our
acquisition or divestiture of such assets for the same time frame
that those assets were owned in the current period.
Adjusted EBITDA, FFO, AFFO, diluted AFFO per
share, free cash flow, outdoor operating income,
acquisition-adjusted results and acquisition-adjusted consolidated
expense are not intended to replace other performance measures
determined in accordance with GAAP. Free cash flow, FFO and AFFO do
not represent cash flows from operating activities in accordance
with GAAP and, therefore, these measures should not be considered
indicative of cash flows from operating activities as a measure of
liquidity or of funds available to fund our cash needs, including
our ability to make cash distributions. Adjusted EBITDA, free cash
flow, FFO, AFFO, diluted AFFO per share, outdoor operating income,
acquisition-adjusted results and acquisition-adjusted consolidated
expense are presented as we believe each is a useful indicator of
our current operating performance. Specifically, we believe that
these metrics are useful to an investor in evaluating our operating
performance because (1) each is a key measure used by our
management team for purposes of decision making and for evaluating
our core operating results; (2) adjusted EBITDA is widely used
in the industry to measure operating performance as it excludes the
impact of depreciation and amortization, which may vary
significantly among companies, depending upon accounting methods
and useful lives, particularly where acquisitions and non-operating
factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO
per share and acquisition-adjusted consolidated expense each
provides investors with a meaningful measure for evaluating our
period-over-period operating performance by eliminating items that
are not operational in nature and reflect the impact on operations
from trends in occupancy rates, operating costs, general and
administrative expenses and interest costs;
(4) acquisition-adjusted results is a supplement to enable
investors to compare period-over-period results on a more
consistent basis without the effects of acquisitions and
divestitures, which reflects our core performance and organic
growth (if any) during the period in which the assets were owned
and managed by us; (5) free cash flow is an indicator of our
ability to service debt and generate cash for acquisitions and
other strategic investments; (6) outdoor operating income
provides investors a measurement of our core results without the
impact of fluctuations in stock-based compensation, depreciation
and amortization and corporate expenses; and (7) each of our
Non-GAAP measures provides investors with a measure for comparing
our results of operations to those of other companies.
Our measurement of adjusted EBITDA, FFO, AFFO,
diluted AFFO per share, free cash flow, outdoor operating income,
acquisition-adjusted results and acquisition-adjusted consolidated
expense may not, however, be fully comparable to similarly titled
measures used by other companies. Reconciliations of adjusted
EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor
operating income, acquisition-adjusted results and
acquisition-adjusted consolidated expense to the most directly
comparable GAAP measures have been included herein.
Conference Call Information
A conference call will be held to discuss the
Company’s operating results on Tuesday, May 4, 2021 at 8:00 a.m.
central time. Instructions for the conference call and Webcast are
provided below:
Conference Call
All Callers: |
1-334-777-6991 or 1-800-338-4880 |
Passcode: |
65248056 |
|
|
Replay: |
1-334-323-0140 or
1-877-919-4059 |
Passcode: |
17058032 |
|
Available through Tuesday, May
11, 2021 at 11:59 p.m. eastern time |
|
|
Live
Webcast: |
www.lamar.com |
|
|
Webcast
Replay: |
www.lamar.com |
|
Available through Tuesday, May
11, 2021 at 11:59 p.m. eastern time |
|
|
Company Contact: |
Buster Kantrow |
|
Director of Investor
Relations |
|
(225) 926-1000 |
|
bkantrow@lamar.com |
General Information
Founded in 1902, Lamar Advertising (Nasdaq:
LAMR) is one of the largest outdoor advertising companies in North
America, with over 351,000 displays across the United States and
Canada. Lamar offers advertisers a variety of billboard, interstate
logo, transit and airport advertising formats, helping both local
businesses and national brands reach broad audiences every day. In
addition to its more traditional out-of-home inventory, Lamar is
proud to offer its customers the largest network of digital
billboards in the United States with over 3,600 displays.
LAMAR ADVERTISING COMPANY AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)(IN THOUSANDS,
EXCEPT SHARE AND PER SHARE DATA)
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Net revenues |
$ |
370,881 |
|
|
$ |
406,569 |
|
Operating expenses
(income) |
|
|
|
Direct advertising expenses |
131,715 |
|
|
149,494 |
|
General and administrative expenses |
70,050 |
|
|
79,508 |
|
Corporate expenses |
16,684 |
|
|
17,750 |
|
Stock-based compensation |
3,675 |
|
|
3,437 |
|
Capitalized contract fulfillment costs, net |
(500 |
) |
|
— |
|
Depreciation and amortization |
60,749 |
|
|
62,313 |
|
Gain on disposition of assets |
(415 |
) |
|
(2,504 |
) |
Total operating expense |
281,958 |
|
|
309,998 |
|
Operating income |
88,923 |
|
|
96,571 |
|
Other expense (income) |
|
|
|
Loss on extinguishment of debt |
21,604 |
|
|
18,179 |
|
Interest income |
(174 |
) |
|
(190 |
) |
Interest expense |
28,154 |
|
|
36,553 |
|
|
49,584 |
|
|
54,542 |
|
Income before income tax
expense |
39,339 |
|
|
42,029 |
|
Income tax expense |
1,010 |
|
|
1,536 |
|
Net income |
38,329 |
|
|
40,493 |
|
Preferred stock dividends |
91 |
|
|
91 |
|
Net income applicable to
common stock |
$ |
38,238 |
|
|
$ |
40,402 |
|
Earnings per share: |
|
|
|
Basic earnings per share |
$ |
0.38 |
|
|
$ |
0.40 |
|
Diluted earnings per share |
$ |
0.38 |
|
|
$ |
0.40 |
|
Weighted average common shares
outstanding: |
|
|
|
Basic |
100,967,861 |
|
|
100,589,338 |
|
Diluted |
101,138,042 |
|
|
100,875,388 |
|
OTHER
DATA |
|
|
|
Free Cash Flow
Computation: |
|
|
|
Adjusted EBITDA |
$ |
152,432 |
|
|
$ |
159,817 |
|
Interest, net |
(26,609 |
) |
|
(34,985 |
) |
Current tax expense |
(2,030 |
) |
|
(1,955 |
) |
Preferred stock dividends |
(91 |
) |
|
(91 |
) |
Total capital
expenditures |
(16,332 |
) |
|
(25,709 |
) |
Free cash flow |
$ |
107,370 |
|
|
$ |
97,077 |
|
SUPPLEMENTAL
SCHEDULESSELECTED BALANCE SHEET AND CASH FLOW
DATA(IN THOUSANDS)
|
March 31,2021 |
|
December 31,2020 |
Selected Balance Sheet
Data: |
|
|
|
Cash and cash equivalents |
$ |
43,046 |
|
|
$ |
121,569 |
|
Working capital deficit |
$ |
(229,084 |
) |
|
$ |
(167,302 |
) |
Total assets |
$ |
5,650,497 |
|
|
$ |
5,791,441 |
|
Total debt, net of deferred
financing costs (including current maturities) |
$ |
2,840,124 |
|
|
$ |
2,886,516 |
|
Total stockholders’
equity |
$ |
1,181,507 |
|
|
$ |
1,202,768 |
|
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Selected Cash Flow Data: |
|
|
|
Cash flows provided by operating activities |
$ |
83,318 |
|
|
$ |
62,932 |
|
Cash flows used in investing
activities |
$ |
17,823 |
|
|
$ |
35,588 |
|
Cash flows (used in) provided
by financing activities |
$ |
(144,088 |
) |
|
$ |
443,639 |
|
SUPPLEMENTAL
SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP
MEASURES(IN THOUSANDS)
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Reconciliation of Cash Flows
Provided by Operating Activities to Free Cash Flow: |
|
|
|
Cash flows provided by operating activities |
$ |
83,318 |
|
|
$ |
62,932 |
|
Changes in operating assets
and liabilities |
40,604 |
|
|
63,151 |
|
Total capital
expenditures |
(16,332 |
) |
|
(25,709 |
) |
Preferred stock dividends |
(91 |
) |
|
(91 |
) |
Capitalized contract
fulfillment costs, net |
(500 |
) |
|
— |
|
Other |
371 |
|
|
(3,206 |
) |
Free cash flow |
$ |
107,370 |
|
|
$ |
97,077 |
|
|
|
|
|
Reconciliation of Net Income
to Adjusted EBITDA: |
|
|
|
Net income |
$ |
38,329 |
|
|
$ |
40,493 |
|
Loss on extinguishment of debt |
21,604 |
|
|
18,179 |
|
Interest income |
(174 |
) |
|
(190 |
) |
Interest expense |
28,154 |
|
|
36,553 |
|
Income tax expense |
1,010 |
|
|
1,536 |
|
Operating income |
88,923 |
|
|
96,571 |
|
Stock-based compensation |
3,675 |
|
|
3,437 |
|
Capitalized contract fulfillment costs, net |
(500 |
) |
|
— |
|
Depreciation and amortization |
60,749 |
|
|
62,313 |
|
Gain on disposition of assets |
(415 |
) |
|
(2,504 |
) |
Adjusted EBITDA |
$ |
152,432 |
|
|
$ |
159,817 |
|
|
|
|
|
Capital expenditure detail by
category: |
|
|
|
Billboards - traditional |
$ |
2,767 |
|
|
$ |
6,520 |
|
Billboards - digital |
9,074 |
|
|
11,575 |
|
Logo |
1,923 |
|
|
2,875 |
|
Transit |
453 |
|
|
1,566 |
|
Land and buildings |
974 |
|
|
1,236 |
|
Operating equipment |
1,141 |
|
|
1,937 |
|
Total capital expenditures |
$ |
16,332 |
|
|
$ |
25,709 |
|
SUPPLEMENTAL
SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP
MEASURES(IN THOUSANDS)
|
Three Months EndedMarch 31, |
|
|
2021 |
|
2020 |
|
% Change |
|
Reconciliation of Reported
Basis to Acquisition-Adjusted Results(a): |
|
|
|
|
|
|
Net revenue |
$ |
370,881 |
|
|
$ |
406,569 |
|
|
(8.8 |
)% |
Acquisitions and
divestitures |
— |
|
|
(2,401 |
) |
|
|
|
Acquisition-adjusted net
revenue |
$ |
370,881 |
|
|
$ |
404,168 |
|
|
(8.2 |
)% |
Reported direct advertising
and G&A expenses(b) |
$ |
201,765 |
|
|
$ |
229,002 |
|
|
(11.9 |
)% |
Acquisitions and
divestitures |
— |
|
|
(2,144 |
) |
|
|
|
Acquisition-adjusted direct
advertising and G&A expenses |
$ |
201,765 |
|
|
$ |
226,858 |
|
|
(11.1 |
)% |
Outdoor operating income |
$ |
169,116 |
|
|
$ |
177,567 |
|
|
(4.8 |
)% |
Acquisition and
divestitures |
— |
|
|
(257 |
) |
|
|
|
Acquisition-adjusted outdoor
operating income |
$ |
169,116 |
|
|
$ |
177,310 |
|
|
(4.6 |
)% |
Reported corporate
expense |
$ |
16,684 |
|
|
$ |
17,750 |
|
|
(6.0 |
)% |
Acquisitions and
divestitures |
— |
|
|
— |
|
|
|
|
Acquisition-adjusted corporate
expenses |
$ |
16,684 |
|
|
$ |
17,750 |
|
|
(6.0 |
)% |
Adjusted EBITDA |
$ |
152,432 |
|
|
$ |
159,817 |
|
|
(4.6 |
)% |
Acquisitions and
divestitures |
— |
|
|
(257 |
) |
|
|
|
Acquisition-adjusted
EBITDA |
$ |
152,432 |
|
|
$ |
159,560 |
|
|
(4.5 |
)% |
(a) Acquisition-adjusted net revenue, direct
advertising and general and administrative expenses, outdoor
operating income, corporate expenses and EBITDA include adjustments
to 2020 for acquisitions and divestitures for the same time frame
as actually owned in 2021.(b) Does not include
income of $0.5 million for the three months ended March 31, 2021
related to capitalization contract fulfillment costs, net.
|
Three Months EndedMarch 31, |
|
|
2021 |
|
2020 |
|
% Change |
|
Reconciliation of Net Income
to Outdoor Operating Income: |
|
|
|
|
|
|
Net income |
$ |
38,329 |
|
|
$ |
40,493 |
|
|
(5.3 |
)% |
Loss on extinguishment of debt |
21,604 |
|
|
18,179 |
|
|
|
|
Interest expense, net |
27,980 |
|
|
36,363 |
|
|
|
|
Income tax expense |
1,010 |
|
|
1,536 |
|
|
|
|
Operating income |
88,923 |
|
|
96,571 |
|
|
(7.9 |
)% |
Corporate expenses |
16,684 |
|
|
17,750 |
|
|
|
|
Stock-based compensation |
3,675 |
|
|
3,437 |
|
|
|
|
Capitalized contract fulfillment costs, net |
(500 |
) |
|
— |
|
|
|
|
Depreciation and amortization |
60,749 |
|
|
62,313 |
|
|
|
|
Gain on disposition of assets |
(415 |
) |
|
(2,504 |
) |
|
|
|
Outdoor operating income |
$ |
169,116 |
|
|
$ |
177,567 |
|
|
(4.8 |
)% |
SUPPLEMENTAL
SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP
MEASURES(IN THOUSANDS)
|
Three Months EndedMarch 31, |
|
|
2021 |
|
2020 |
|
% Change |
|
Reconciliation of Total
Operating Expense to Acquisition-Adjusted Consolidated
Expense: |
|
|
|
|
|
|
Total operating expense |
$ |
281,958 |
|
|
$ |
309,998 |
|
|
(9.0 |
)% |
Gain on disposition of assets |
415 |
|
|
2,504 |
|
|
|
|
Depreciation and amortization |
(60,749 |
) |
|
(62,313 |
) |
|
|
|
Capitalized contract fulfillment costs, net |
500 |
|
|
— |
|
|
|
|
Stock-based compensation |
(3,675 |
) |
|
(3,437 |
) |
|
|
|
Acquisitions and divestitures |
— |
|
|
(2,144 |
) |
|
|
|
Acquisition-adjusted
consolidated expense |
$ |
218,449 |
|
|
$ |
244,608 |
|
|
(10.7 |
)% |
SUPPLEMENTAL
SCHEDULESUNAUDITED REIT
MEASURESAND RECONCILIATIONS TO GAAP
MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE
DATA)
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Adjusted Funds from
Operations: |
|
|
|
Net income |
$ |
38,329 |
|
|
$ |
40,493 |
|
Depreciation and amortization related to real estate |
57,963 |
|
|
59,364 |
|
Gain from disposition of real estate assets |
(383 |
) |
|
(2,543 |
) |
Adjustment for unconsolidated affiliates and non-controlling
interest |
153 |
|
|
249 |
|
Funds from operations |
$ |
96,062 |
|
|
$ |
97,563 |
|
Straight-line expense |
775 |
|
|
1,054 |
|
Capitalized contract fulfillment costs, net |
(500 |
) |
|
— |
|
Stock-based compensation expense |
3,675 |
|
|
3,437 |
|
Non-cash portion of tax provision |
(1,020 |
) |
|
(419 |
) |
Non-real estate related depreciation and amortization |
2,786 |
|
|
2,949 |
|
Amortization of deferred financing costs |
1,371 |
|
|
1,378 |
|
Loss on extinguishment of debt |
21,604 |
|
|
18,179 |
|
Capitalized expenditures-maintenance |
(7,904 |
) |
|
(10,629 |
) |
Adjustment for unconsolidated affiliates and non-controlling
interest |
(153 |
) |
|
(249 |
) |
Adjusted funds from
operations |
$ |
116,696 |
|
|
$ |
113,263 |
|
Divided by weighted average
diluted common shares outstanding |
101,138,042 |
|
|
100,875,388 |
|
Diluted AFFO per share |
$ |
1.15 |
|
|
$ |
1.12 |
|
SUPPLEMENTAL
SCHEDULESUNAUDITED REIT
MEASURESAND RECONCILIATIONS TO GAAP
MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE
DATA)
Revised projected 2021 Adjusted Funds From Operations:
|
|
Year ended December 31, 2021 |
|
|
Low |
|
High |
Net income |
|
$ |
301,150 |
|
|
$ |
317,650 |
|
Depreciation and amortization related to real estate |
|
236,000 |
|
|
236,000 |
|
Gain from disposition of real estate assets and investments |
|
(6,000 |
) |
|
(6,000 |
) |
Adjustment for unconsolidated affiliates and non-controlling
interest |
|
700 |
|
|
700 |
|
Funds From Operations |
|
$ |
531,850 |
|
|
$ |
548,350 |
|
Straight-line expense |
|
3,500 |
|
|
3,500 |
|
Capitalized contract fulfillment costs, net |
|
— |
|
|
(500 |
) |
Stock-based compensation expense |
|
30,000 |
|
|
35,000 |
|
Non-cash portion of tax provision |
|
750 |
|
|
750 |
|
Non-real estate related depreciation and amortization |
|
12,000 |
|
|
12,000 |
|
Amortization of deferred financing costs |
|
6,000 |
|
|
6,000 |
|
Loss on extinguishment of debt |
|
21,600 |
|
|
21,600 |
|
Capitalized expenditures—maintenance |
|
(55,000 |
) |
|
(55,000 |
) |
Adjustment for unconsolidated affiliates and non-controlling
interest |
|
(700 |
) |
|
(700 |
) |
Adjusted Funds From Operations |
|
$ |
550,000 |
|
|
$ |
571,000 |
|
Weighted average diluted shares outstanding |
|
101,900,000 |
|
101,900,000 |
Diluted earnings per share |
|
$ |
2.96 |
|
|
$ |
3.12 |
|
Diluted AFFO per share |
|
$ |
5.40 |
|
|
$ |
5.60 |
|
The guidance provided above is based on a number of assumptions
that management believes to be reasonable and reflects our
expectations as of May 2021. Actual results may differ materially
from these estimates as a result of various factors, and we refer
to the cautionary language regarding “forward-looking statements”
included in the press release when considering this
information.
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