Lamar Advertising (LAMR) FY2021 results: revenue $1.8 billion, up 13.9% on the year

Lamar Advertising Co. (LAMR) reported revenue of $1.8 billion for fiscal 2021, the year ended 31 December 2021, up 13.9% on the year before. Net income was $388 million, up 59.5%, and diluted earnings per share $3.83. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$1.8 billion

+13.9% on the year

FY2016FY2021

Operating margin

29.2%

26.1% a year earlier

FY2016FY2021

Net income

$388 million

+59.5% on the year

FY2016FY2021

Diluted EPS

$3.83

+58.9% on the year

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,787	1,569	1,754	+13.9%
Cost of revenue	577	558	590	+3.4%
Gross profit	1,211	1,011	1,164	+19.7%
Gross margin	67.7%	64.5%	66.4%
Operating income	521	410	518	+27.1%
Operating margin	29.2%	26.1%	29.5%
Interest expense	106	138	151	-22.7%
Pre-tax income	397	248	368	+60.2%
Income tax	9.3	4.7	-4.2	+98.6%
Effective tax rate	2.3%	1.9%	-1.1%
Net income	388	243	372	+59.5%
Net margin	21.7%	15.5%	21.2%
Diluted EPS	$3.83	$2.41	$3.71	+58.9%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	734	570	631	+28.9%
Capital expenditure	126	62.3	141	+102.5%
Free cash flow	608	508	490	+19.8%
Free cash flow margin	34.0%	32.4%	27.9%
Cash from investing	-462	-96.9	-362
Cash from financing	-295	-378	-264
Depreciation and amortisation	271	251	250	+8.0%
Share-based compensation	37.4	18.8	29.6	+99.1%
Buybacks	6.1	10.5	8.9	-42.2%
Dividends paid	405	252	385	+60.6%
Dividend per share	$4.00	$2.50	$3.84	+60.0%
Diluted shares, weighted	101m	101m	100m	+0.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,217	1,203	1,180	+1.2%
Debt	3,014	2,887	2,980	+4.4%
Operating lease liabilities	995	994	1,068	+0.2%
Finance lease liabilities	17.3	18.6	n/a	-7.2%
Other liabilities	804	690	713	+16.6%
Total liabilities and equity	6,047	5,791	5,941	+4.4%
Fixed assets	1,337	1,282	1,349	+4.3%
Goodwill	1,936	1,912	1,912	+1.3%
Intangible assets	1,045	914	992	+14.3%
Cash and equivalents	99.8	122	26.2	-17.9%
Receivables	270	241	255	+12.1%
Other assets	1,359	1,320	1,406	+2.9%
Total assets	6,047	5,791	5,941	+4.4%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.