Lamar Advertising Co. (NASDAQ:LAMR)
Q2 2017 Results Earnings Conference Call
August 08, 2017 09:00 AM ET
Sean Reilly – CEO
Keith Istre – Treasurer and CFO
Marci Ryvicker – Wells Fargo
Alexia Quadrani – JP Morgan
David Miller – Loop Capital Markets
Ben Swinburne – Morgan Stanley
Excuse me, everyone. We now have Mr. Sean Reilly and Mr. Keith Istre in Conference. [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 of 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 second quarter 2017 earnings release and its most recent annual report on Form 10-K, as updated or supplemented by its quarterly reports on Form 10-Q. Lamar refers you to those documents.
Lamar’s second quarter 2017 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 at www.lamar.com.
I would now like to turn the conference over to Mr. Sean Reilly. Mr. Reilly, you may begin, sir.
Thank you, David, and good morning, all, and welcome to Lamar’s Q2 earnings call. As we mentioned in the release, Q2 came in largely as expected, and our team did a great job keeping expenses down.
Unfortunately, though, business activity slowed somewhat in June and July, and pacings now indicate flat to slightly up Q3 pro forma revenue growth. In light of the tepid ad environment, we will continue to keep a close eye on expenses.
Before I get to question on political, it appears to us to be costing us about 1% in Q3 pro forma revenue growth. All of the other internals for Q2 are again as expected, and I’ll cover some of that after Keith goes through the numbers. Keith?
Good morning, all. Just to touch on a couple of things, there’s really not much to talk about. Everything is pretty laid out in the release. But to go to the…