Lamar Advertising (LAMR) FY2019 results: revenue $1.8 billion, up 7.8% on the year
Lamar Advertising Co. (LAMR) reported revenue of $1.8 billion for fiscal 2019, the year ended 31 December 2019, up 7.8% on the year before. Net income was $372 million, up 21.9%, and diluted earnings per share $3.71. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$1.8 billion
+7.8% on the year
FY2016FY2019
Operating margin
29.5%
28.3% a year earlier
FY2016FY2019
Net income
$372 million
+21.9% on the year
FY2016FY2019
Diluted EPS
$3.71
+20.5% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,754
1,627
1,541
+7.8%
Cost of revenue
590
562
541
+5.0%
Gross profit
1,164
1,065
1,000
+9.2%
Gross margin
66.4%
65.5%
64.9%
Operating income
518
461
455
+12.4%
Operating margin
29.5%
28.3%
29.5%
Interest expense
151
130
128
+16.1%
Pre-tax income
368
316
327
+16.4%
Income tax
-4.2
10.7
9.2
Effective tax rate
-1.1%
3.4%
2.8%
Net income
372
305
318
+21.9%
Net margin
21.2%
18.8%
20.6%
Diluted EPS
$3.71
$3.08
$3.23
+20.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
631
565
507
+11.7%
Capital expenditure
141
118
109
+19.8%
Free cash flow
490
447
398
+9.5%
Free cash flow margin
27.9%
27.5%
25.8%
Cash from investing
-362
-584
-400
Cash from financing
-264
-73.6
-28.6
Depreciation and amortisation
250
225
211
+11.0%
Share-based compensation
29.6
29.4
9.6
+0.7%
Buybacks
8.9
4.1
9.0
+116.0%
Dividends paid
385
443
244
-13.1%
Dividend per share
$3.84
$3.65
$3.32
+5.2%
Diluted shares, weighted
100m
99m
98m
+1.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,180
1,132
1,103
+4.3%
Debt
2,980
2,889
2,557
+3.2%
Operating lease liabilities
1,068
n/a
n/a
Other liabilities
713
524
554
+35.9%
Total liabilities and equity
5,941
4,545
4,214
+30.7%
Fixed assets
1,349
1,295
1,214
+4.2%
Goodwill
1,912
1,919
1,740
-0.4%
Intangible assets
992
915
796
+8.4%
Cash and equivalents
26.2
21.5
115
+21.8%
Receivables
255
236
202
+8.2%
Other assets
1,406
158
146
+791.9%
Total assets
5,941
4,545
4,214
+30.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.