Colliers releases 2024 Global Sustainability Report; announces refreshed sustainability strategy, 'Built to Last'
Environmental Sustainability addresses the growing need for decarbonization pathways that enhance asset resilience and align with climate change mitigation goals. Workplace Experience focuses on people – their safety, well-being, and acceptance. And Ethical Governance & Practices emphasizes the firm's commitment to ethical business conduct and transparent governance, particularly around data privacy and proactive cybersecurity measures to protect the interests of internal and external stakeholders.
Inclusiveness and instilling a sense of belonging among its people remain a key area of focus for the firm. Several of the firm's Asia Pacific markets including India strengthened their Employee Assistance Programme (EAP) offering to make services, personalized support and wellness workshops more accessible to employees. Further, the enhanced employee referral program has broadened the hiring pool by leveraging employees' social networks.
Asia Pacific highlights in the report include:
39.6% reduction in Scope 1 and 2 emissions per square foot from a 2021 baseline
Secured WELL Health-Safety Ratings in all Colliers offices in Asia Pacific
108% participation in Colliers Gives global volunteering program
Approx 90% engagement in our global employee survey, with engagement scores exceeding external benchmarks
30% of manager+ roles held by women
"At Colliers, sustainability is not just a commitment but the foundation of our future. With our refreshed sustainability strategy, 'Built to Last', we are prioritizing people, governance, and environmental sustainability, ensuring that progress is both impactful and enduring. From sustainable asset investing to integrating new ESG-focused services, we are embedding sustainability into every facet of our business.
Our unbiased hiring practices, increased women leadership, and sensitivity trainings reflect our dedication to inclusiveness, while our community initiatives reinforce our responsibility to giving back. Winning key accolades and acquiring certifications like Great Place to Work is a testament to our ethical stance and steadfast pursuit of excellence and sustainable growth.
As we move forward, we will continue leading with integrity, innovation, and a deep-rooted commitment to doing right by our people, clients and communities," says Sankey Prasad, Chairman & MD, Middle-East & India, Colliers.
"Our latest global sustainability report underscores our unwavering commitment to our ESG goals - prioritizing people, governance, and environmental sustainability. By integrating compliant strategies, sustainable asset investments, and inclusive leadership practices, we continue to drive meaningful change. As we embrace technological advancements, we are committed to harnessing AI and pioneering technologies responsibly, integrating policies that drive ethical innovation, improved efficiency, and ascending growth.
Our refreshed approach is also deeply rooted in fostering an inclusive, transparent, and forward-thinking organization. We prioritize the physical and mental well-being of our employees, creating a supportive culture where they can thrive. We hope to empower professionals from diverse backgrounds, ensuring that all our people have equal access to opportunity and resources that unlock their full potential," says Badal Yagnik, Chief Executive Officer, Colliers India.
The full 2024 Global Sustainability Report is available at www.colliers.com/sustainability.
About Colliers
Colliers (NASDAQ: CIGI) (TSX: CIGI) is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering, and Investment Management – we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fueled by visionary leadership, significant inside ownership and substantial recurring earnings. With nearly $5.0 billion in annual revenues, a team of 23,000 professionals, and more than $100 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
Media Contact: Sukanya DasguptaNational Director, Marketing & Communication+91 9811867682sukanya.dasgupta@colliers.com
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View original content:https://www.prnewswire.com/in/news-releases/colliers-releases-2024-global-sustainability-report-announces-refreshed-sustainability-strategy-built-to-last-302480017.html
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Revenue increased 89.6% year-over-year to $314.6 million in the second quarter Genomics revenue increased 115.3% year-over-year to $241.8 million on accelerating year-over-year volume growth in Oncology (26%) and Hereditary (32%) testing Data and services revenue increased 35.7% year-over-year to $72.8 million, led by Insights (data licensing), which grew 40.7% year-over-year Quarterly gross profit was $195.0 million, a 158.3% year-over-year increase Issued $750 million of 0.75% convertible senior notes that will drive significant interest expense and cash savings Increasing full year 2025 revenue guidance to $1.26 billion, along with positive adjusted EBITDA of $5 million, a $110 million improvement over 2024 "The business is performing well with revenues and margins growing faster than expected, contributing to our continued improvement in adjusted EBITDA on a year-over-year basis," said Eric Lefkofsky, Founder and CEO of Tempus. 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About Tempus Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world's largest libraries of multimodal data, and an operating system to make that data accessible and useful, Tempus provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit Non-GAAP Financial Measures In addition to the financial information presented in this release in accordance with accounting principles generally accepted in the United States of America (GAAP), Tempus also presents adjusted non-GAAP financial measures. 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Adjusted EBITDA is defined as net loss, adjusted to exclude (i) interest income, (ii) interest expense, (iii) depreciation and amortization, (iv) provision for (benefit from) income taxes, (v) losses on equity method investments, (vi) changes in fair value of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities and indemnity-related holdback liabilities, (vii) stock-based compensation expense, (viii) employer payroll tax related to stock-based compensation expense, (ix) acquisition related expenses, (x) the G-4 Special Payment, (xi) amortization of deferred other income from our IP License Agreement with SB Tempus, and (xii) franchise taxes related to our IPO. Tempus believes these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by institutional investors and the analyst community to help them analyze the health of Tempus' business. In particular, Adjusted EBITDA is a key measurement used by Tempus management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. Tempus does not provide guidance for net loss, the most directly comparable GAAP measure to EBITDA and Adjusted EBITDA, and similarly cannot provide a reconciliation between Tempus' forecasted Adjusted EBITDA and net loss without unreasonable effort due to the unavailability of reliable estimates for certain components of net income (loss) and the respective reconciliations. These forecasted items are not within Tempus' control, may vary greatly between periods, and could significantly impact future financial results. Other Key Metrics Total Remaining Contract Value (TCV) is equal to the total potential value of signed contracts and assumes the exercise of all contract options, all discretionary opt-ins, and no early termination. Remaining TCV excludes any revenue recognized to date on these contracts or any future adjustments made to the contractual value as a result of amendments or terminations. Net Revenue Retention compares the annual Insights product revenue generated from all customers that made an Insights purchase in one year to the annual Insights product revenue generated from the same cohort of customers in the subsequent year. Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, about Tempus and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, including, but not limited to, Tempus' expected financial results for full year 2025; expectations concerning the interest and cost savings associated with our convertible senior notes; and other statements that are not historical fact. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "going to," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. Tempus cautions you that the foregoing may not include all of the forward-looking statements made in this press release. You should not rely on forward-looking statements as predictions of future events. Tempus has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect Tempus' business, financial condition, results of operations and prospects. These forward-looking statements are subject to risks and uncertainties related to: the intended use of Tempus' products and services; Tempus' financial performance; the ability to attract and retain customers and partners; managing Tempus' growth and future expenses; competition and new market entrants; compliance with new laws, regulations and executive actions, including any evolving regulations in the artificial intelligence space; the ability to maintain, protect and enhance Tempus' intellectual property; the ability to attract and retain qualified team members and key personnel; the ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures or investments, including Tempus' ability to realize the expected benefits of the acquisition of Ambry Genetics and Deep 6 AI; the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, trade tensions and tariffs, and war or other armed conflict, as well as risks, uncertainties, and other factors described in the section titled "Risk Factors" in Tempus' Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("the SEC") on February 24, 2025, as supplemented by Tempus' Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 8, 2025, as well as in other filings Tempus may make with the SEC in the future. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except per share amounts) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Net revenue Genomics $ 241,843 $ 112,324 $ 435,647 $ 214,893 Data and services(1) 72,792 53,645 134,725 96,896 Total net revenue $ 314,635 $ 165,969 $ 570,372 $ 311,789 Cost and operating expenses Cost of revenues, genomics 99,756 68,324 184,539 121,159 Cost of revenues, data and services 19,840 22,132 35,591 37,420 Technology research and development 34,482 77,908 67,873 104,975 Research and development 41,619 68,025 77,493 92,365 Selling, general and administrative 180,712 463,072 335,339 542,636 Total cost and operating expenses 376,409 699,461 700,835 898,555 Loss from operations $ (61,774 ) $ (533,492 ) $ (130,463 ) $ (586,766 ) Interest income 1,093 1,718 2,906 2,749 Interest expense (21,579 ) (13,295 ) (39,582 ) (26,533 ) Other income (expense), net 41,729 (7,048 ) 14,274 (6,299 ) Loss before (provision for) benefit from income taxes $ (40,531 ) $ (552,117 ) $ (152,865 ) $ (616,849 ) (Provision for) benefit from income taxes (212 ) (95 ) 45,968 (106 ) Losses from equity method investments (2,100 ) — (3,983 ) — Net Loss $ (42,843 ) $ (552,212 ) $ (110,880 ) $ (616,955 ) Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares — (11,540 ) — (39,347 ) Cumulative undeclared dividends on Series C preferred shares — (668 ) — (1,174 ) Net loss attributable to common shareholders, basic and diluted (42,843 ) (564,420 ) (110,880 ) (657,476 ) Net loss per share attributable to common shareholders, basic and diluted $ (0.25 ) $ (6.86 ) $ (0.64 ) $ (9.02 ) Weighted-average shares outstanding used to compute net loss per share, basic and diluted 173,381 82,325 171,960 72,930 Comprehensive Loss, net of tax Net loss $ (42,843 ) $ (552,212 ) $ (110,880 ) $ (616,955 ) Foreign currency translation adjustment 3,756 (43 ) 8,354 (99 ) Comprehensive loss $ (39,087 ) $ (552,255 ) $ (102,526 ) $ (617,054 ) (1) Includes related party revenue of $15,908, $108, $16,539, $215 for the three and six months ended June 30, 2025 and 2024, respectively. 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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share amounts) June 30, 2025 December 31, 2024 Assets Current Assets Cash and cash equivalents $ 186,310 $ 340,954 Accounts receivable, net of allowances of $1,545 and $1,141 at June 30, 2025 and December 31, 2024, respectively 266,284 154,819 Inventory 47,600 38,386 Related party asset 2,535 — Prepaid expenses and other current assets 36,476 26,135 Marketable equity securities 104,996 107,309 Total current assets $ 644,201 $ 667,603 Property and equipment, net 92,563 58,056 Goodwill 325,793 73,343 Intangible assets, net 387,564 11,716 Investments and other assets 16,669 8,305 Investment in joint venture 95,718 91,450 Related party asset, less current portion 22,465 — Operating lease right-of-use assets 38,651 14,762 Restricted cash 1,741 881 Total Assets $ 1,625,365 $ 926,116 Liabilities, Convertible redeemable preferred stock, and Stockholders' equity Current Liabilities Accounts payable 79,323 53,804 Related party payable 25,000 — Accrued expenses 165,903 130,407 Deferred revenue(1) 100,477 75,981 Deferred other income 15,955 15,955 Other current liabilities 16,554 6,964 Operating lease liabilities 9,381 6,459 Accrued data licensing fees 5,567 1,500 Total current liabilities $ 418,160 $ 291,070 Operating lease liabilities, less current portion 45,866 26,199 Convertible promissory note 226,342 168,192 Other long-term liabilities 9,508 15,980 Revolving credit facility 100,000 — Interest payable 5,084 70,450 Long-term debt, net 471,663 267,244 Deferred other income, less current portion 15,955 23,932 Deferred revenue, less current portion 23,225 6,710 Total Liabilities $ 1,315,803 $ 869,777 (1) Includes related party deferred revenue of $36,685 and $0 as of June 30, 2025 and December 31, 2024, respectively. Commitments and contingencies (Note 8) Convertible redeemable preferred stock, $0.0001 par value, 20,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively, no shares issued and outstanding at June 30, 2025 and December 31, 2024; aggregate liquidation preference of $0 at June 30, 2025 and December 31, 2024, respectively $ — $ — Stockholders' equity Class A Voting Common Stock, $0.0001 par value, 1,000,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 168,580,827 and 157,076,972 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 17 16 Class B Voting Common Stock, $0.0001 par value, 5,500,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 5,043,789 issued and outstanding at June 30, 2025 and December 31, 2024, respectively 1 1 Non-voting Common Stock, $0.0001 par value, no shares authorized at June 30, 2025 and December 31, 2024, respectively; no shares issued and outstanding at June 30, 2025, and December 31, 2024, respectively — — Treasury Stock, 145,466 shares at June 30, 2025 and December 31, 2024, at cost (3,602 ) (3,602 ) Additional Paid-In Capital 2,566,412 2,210,664 Accumulated Other Comprehensive Income 8,448 94 Accumulated deficit (2,261,714 ) (2,150,834 ) Total Stockholders' equity $ 309,562 $ 56,339 Total Liabilities, Convertible redeemable preferred stock, and Stockholders' equity $ 1,625,365 $ 926,116 Tempus AI, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands, except per share amounts) Six Months EndedJune 30, 2025 2024 Operating activities Net loss $ (110,880 ) $ (616,955 ) Adjustments to reconcile net loss to net cash used in operating activities Change in fair value of warrant liability $ — $ (900 ) Stock-based compensation 45,429 488,313 Gain on warrant exercise — (173 ) Gain on marketable equity securities (6,007 ) (2,541 ) Deferred income taxes (46,216 ) — Losses from equity method investments 3,983 — Amortization of original issue discount 1,169 691 Amortization of deferred financing fees 332 255 Change in fair value of contingent consideration — 165 Change in fair value of holdback liability 312 — Amortization of warrant contract asset — 2,422 Depreciation and amortization 48,385 18,348 Provision for bad debt expense 625 327 Change in fair value of warrant asset — 7,700 Non-cash operating lease costs 4,573 3,252 Minimum accretion expense 108 92 PIK interest added to principal 7,157 4,366 Change in assets and liabilities Accounts receivable (49,155 ) (23,971 ) Inventory 1,974 (3,845 ) Prepaid expenses and other current assets (188 ) (12,409 ) Investments and other assets (11,073 ) 1,294 Accounts payable 7,025 (33,371 ) Deferred revenue(1) 36,836 (28,669 ) Deferred other income (7,977 ) — Accrued data licensing fees 3,957 (2,749 ) Accrued expenses & other 6,991 (2,805 ) Interest payable 7,122 7,287 Operating lease liabilities (5,942 ) (4,582 ) Net cash used in operating activities $ (61,460 ) $ (198,458 ) Investing activities Purchases of property and equipment $ (9,588 ) $ (14,116 ) Proceeds from sale of marketable equity securities 8,316 23,098 Business combinations, net of cash acquired (Note 4) (380,762 ) — Purchases of capitalized software (3,295 ) — Net cash (used in) provided by investing activities $ (385,329 ) $ 8,982 (1) Includes increase in related party deferred revenue of $36,685 and $0 as of June 30, 2025 and December 31, 2024, respectively. Financing activities Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions $ — $ 381,951 Tax withholding related to net share settlement of restricted stock units — (69,918 ) Issuance of Series G-5 Preferred Stock — 199,750 Payment of deferred offering costs — (2,714 ) Dividends paid — (5,625 ) Proceeds from revolving credit facility, net of original issue discount 98,000 — Proceeds from long-term debt, net of original issue discount 196,000 — Payment of deferred financing fees (958 ) — Payment of indemnity holdback related to acquisition — (813 ) Net cash provided by financing activities $ 293,042 $ 502,631 Effect of foreign exchange rates on cash $ (37 ) $ (90 ) Net (decrease) increase in Cash, Cash Equivalents and Restricted Cash $ (153,784 ) $ 313,065 Cash, cash equivalents and restricted cash, beginning of period 341,835 166,607 Cash, cash equivalents and restricted cash, end of period $ 188,051 $ 479,672 Cash, Cash Equivalents and Restricted Cash are Comprised of: Cash and cash equivalents $ 186,310 $ 478,811 Restricted cash and cash equivalents 1,741 861 Total cash, cash equivalents and restricted cash $ 188,051 $ 479,672 Supplemental disclosure of cash flow information Cash paid during the year for interest $ 23,980 $ 13,921 Cash paid for income taxes $ 136 $ 89 Supplemental disclosure of noncash investing and financing activities Dividends payable $ — $ 5,487 Purchases of property and equipment, accrued but not paid $ 6,863 $ 1,108 Redemption of convertible promissory note $ 14,338 $ 12,476 Non-voting common stock issued in connection with business combinations $ — $ 344 Deferred financing fees, accrued but not yet paid $ 545 $ — Deferred offering costs, accrued but not yet paid $ 95 $ 6,051 Operating lease liabilities arising from obtaining right-of-use assets $ 606 $ — Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ — $ 1,348,809 Taxes related to net share settlement of restricted stock units not yet paid $ — $ 164 Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ — $ 12,347 Class A Voting Common Stock issued in connection with business combinations $ 310,320 $ — Issuance of Series G-3 Preferred Stock $ — $ 3,809 Issuance of Series G-4 Preferred Stock $ — $ 611 Convertible promissory note principal reset due to amendment $ 72,488 $ — Tempus AI, Inc. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except percentages and per share amounts) Genomics Gross Profit & Gross Margin Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Genomics revenue $ 241,843 $ 112,324 $ 435,647 $ 214,893 Cost of revenues, genomics 99,756 68,324 184,539 121,159 Gross profit, genomics $ 142,087 $ 44,000 $ 251,108 $ 93,734 Stock-based compensation expense 1,420 11,327 2,455 11,327 Employer payroll tax related to stock-based compensation 254 136 302 136 Non-GAAP gross profit, genomics $ 143,761 $ 55,463 $ 253,865 $ 105,197 Genomics gross margin 58.8 % 39.2 % 57.6 % 43.6 % Stock-based compensation expense 0.6 % 10.1 % 0.6 % 5.3 % Employer payroll tax related to stock-based compensation 0.1 % 0.1 % 0.1 % 0.1 % Non-GAAP gross margin, genomics 59.4 % 49.4 % 58.3 % 49.0 % Data and Services Gross Profit & Gross Margin Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Data and services revenue $ 72,792 $ 53,645 $ 134,725 $ 96,896 Cost of revenues, data and services 19,840 22,132 35,591 37,420 Gross profit, data and services $ 52,952 $ 31,513 $ 99,134 $ 59,476 Stock-based compensation expense 693 7,229 1,304 7,229 Employer payroll tax related to stock-based compensation 114 119 158 119 Non-GAAP gross profit, data and services $ 53,759 $ 38,861 $ 100,596 $ 66,824 Gross margin, data and services 72.7 % 58.7 % 73.6 % 61.4 % Stock-based compensation expense 1.0 % 13.5 % 1.0 % 7.5 % Employer payroll tax related to stock-based compensation 0.2 % 0.2 % 0.1 % 0.1 % Non-GAAP gross margin, data and services 73.9 % 72.4 % 74.7 % 69.0 % Total Gross Profit & Gross Margin Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Net revenue $ 314,635 $ 165,969 $ 570,372 $ 311,789 Cost of revenues 119,596 90,456 220,130 158,579 Gross profit $ 195,039 $ 75,513 $ 350,242 $ 153,210 Stock-based compensation expense 2,113 18,556 3,759 18,556 Employer payroll tax related to stock-based compensation 369 255 460 255 Non-GAAP gross profit $ 197,521 $ 94,324 $ 354,461 $ 172,021 Gross margin 62.0 % 45.5 % 61.4 % 49.1 % Stock-based compensation expense 0.7 % 11.2 % 0.7 % 6.0 % Employer payroll tax related to stock-based compensation 0.1 % 0.2 % 0.1 % 0.1 % Non-GAAP gross margin 62.8 % 56.8 % 62.1 % 55.2 % Operating Expenses Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Technology research and development $ 34,482 $ 77,908 $ 67,873 $ 104,975 Stock-based compensation expense 3,285 50,434 6,604 50,434 Employer payroll tax related to stock-based compensation 495 1,248 756 1,248 Non-GAAP technology research and development $ 30,702 $ 26,226 $ 60,513 $ 53,293 Research and development $ 41,619 $ 68,025 $ 77,493 $ 92,365 Stock-based compensation expense 2,335 42,233 4,317 42,233 Employer payroll tax related to stock-based compensation 235 676 411 676 Non-GAAP research and development $ 39,049 $ 25,116 $ 72,765 $ 49,456 Selling, general and administrative $ 180,712 $ 463,072 $ 335,339 $ 542,636 Stock-based compensation expense 14,722 377,090 30,749 377,090 Employer payroll tax related to stock-based compensation 774 2,582 5,499 2,582 Acquisition related expenses 1,992 — 5,521 — Amortization of intangibles due to acquisition 16,771 — 27,927 — Franchise taxes related to IPO 1,647 — 1,647 — Non-GAAP selling, general and administrative $ 144,806 $ 83,400 $ 263,996 $ 162,964 Operating expenses $ 256,813 $ 609,005 $ 480,705 $ 739,976 Stock-based compensation expense 20,342 469,757 41,670 469,757 Employer payroll tax related to stock-based compensation 1,504 4,506 6,666 4,506 Acquisition related expenses 1,992 — 5,521 — Amortization of intangibles due to acquisition 16,771 — 27,927 — Franchise taxes related to IPO 1,647 — 1,647 — Non-GAAP operating expenses $ 214,557 $ 134,742 $ 397,274 $ 265,713 Earnings per Share Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Net loss $ (42,843 ) $ (552,212 ) $ (110,880 ) $ (616,955 ) Fair value changes(1) (37,546 ) 4,870 (5,696 ) 4,280 Stock-based compensation expense 22,455 488,313 45,429 488,313 Employer payroll tax related to stock-based compensation 1,873 4,762 7,126 4,762 Acquisition related expenses(2) 1,992 — 5,521 — Amortization of intangibles due to acquisition 16,771 — 27,927 — Losses on equity method investments 2,100 — 3,983 — Provision for (benefit from) income taxes 212 95 (45,968 ) 106 G-4 Special Payment — 2,250 — 2,250 Franchise taxes related to IPO 1,647 — 1,647 — Amortization of technology license (3,988 ) — (7,977 ) — Non-GAAP net loss $ (37,327 ) $ (51,922 ) $ (78,888 ) $ (117,244 ) Non-GAAP net loss per share $ (0.22 ) $ (0.63 ) $ (0.46 ) $ (1.61 ) Weighted average common shares outstanding, basic and diluted 173,381 82,325 171,960 72,930 (1) Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities. (2) Acquisition related expenses consist of legal, diligence, accounting, and financing costs incurred for acquisitions during the three and six months ended June 30, 2025. Adjusted EBITDA Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Net loss $ (42,843 ) $ (552,212 ) $ (110,880 ) $ (616,955 ) Interest income (1,093 ) (1,718 ) (2,906 ) (2,749 ) Interest expense 21,579 13,295 39,582 26,533 Depreciation 8,347 6,415 16,230 12,684 Amortization 19,685 2,744 32,155 5,664 Provision for (benefit from) income taxes 212 95 (45,968 ) 106 EBITDA $ 5,887 $ (531,381 ) $ (71,787 ) $ (574,717 ) Losses on equity method investments 2,100 — 3,983 — Fair value changes(1) (37,546 ) 4,870 (5,696 ) 4,280 Stock-based compensation expense 22,455 488,313 45,429 488,313 Employer payroll tax related to stock-based compensation 1,873 4,762 7,126 4,762 Acquisition related expenses(2) 1,992 — 5,521 — G-4 Special Payment — 2,250 — 2,250 Amortization of technology license (3,988 ) — (7,977 ) — Franchise taxes related to IPO 1,647 — 1,647 — Adjusted EBITDA $ (5,580 ) $ (31,186 ) $ (21,754 ) $ (75,112 ) (1) Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities. (2) Acquisition related expenses consist of legal, diligence, accounting, and financing costs incurred for acquisitions of during the three and six months ended June 30, 2025. Loss from Operations Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Loss from operations $ (61,774 ) $ (533,492 ) $ (130,463 ) $ (586,766 ) Stock-based compensation expense 22,455 488,313 45,429 488,313 Employer payroll tax related to stock-based compensation 1,873 4,762 7,126 4,762 Acquisition related expenses(1) 1,992 — 5,521 — Franchise taxes related to IPO 1,647 — 1,647 — Amortization of intangibles due to acquisition 16,771 — 27,927 — Non-GAAP loss from operations $ (17,036 ) $ (40,417 ) $ (42,813 ) $ (93,691 ) (1) Acquisition related expenses consist of legal, diligence, accounting, and financing costs incurred for acquisitions during the three and six months ended June 30, 2025. View source version on Contacts Tempus CommunicationsErin Carronmedia@ Tempus Investor RelationsElizabeth Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Lamar Advertising Company Announces Second Quarter Ended June 30, 2025 Operating Results
Three Month Results Net revenues were $579.3 million Net income was $155.0 million Adjusted EBITDA was $278.4 million Six Month Results Net revenues were $1.08 billion Net income was $294.2 million Adjusted EBITDA was $488.6 million BATON ROUGE, La., Aug. 08, 2025 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the 'Company' or 'Lamar') (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company's operating results for the second quarter ended June 30, 2025. "Revenue growth accelerated slightly in the second quarter, with increases on both the national and local levels. Meanwhile, in early July we completed a milestone acquisition, with the first-ever UPREIT transaction in the billboard industry," Lamar chief executive Sean Reilly said. "Our pacings indicate further year-over-year improvement in revenues is likely in the second half of 2025, though perhaps not to the degree that we'd anticipated entering the year. As a result, we've slightly revised our guidance for full-year diluted AFFO per share from a range of $8.13 to $8.28 per share to a range of $8.10 to $8.20 per share.' Second Quarter Highlights Net revenues increased 2.5% Net income increased 12.7% Adjusted EBITDA increased 2.5% AFFO increased 5.5% Second Quarter Results Lamar reported net revenues of $579.3 million for the second quarter of 2025 versus $565.3 million for the second quarter of 2024, a 2.5% increase. Operating income for the second quarter of 2025 increased $13.5 million to $197.7 million as compared to $184.2 million for the same period in 2024. Lamar recognized net income of $155.0 million for the second quarter of 2025 as compared to net income of $137.6 million for the same period in 2024, an increase of $17.4 million. Net income per diluted share was $1.52 and $1.34 for the three months ended June 30, 2025 and 2024, respectively. Adjusted EBITDA for the second quarter of 2025 was $278.4 million versus $271.6 million for the second quarter of 2024, an increase of 2.5%. Cash flow provided by operating activities was $229.5 million for the three months ended June 30, 2025 versus $256.3 million for the second quarter of 2024, a decrease of $26.9 million. Free cash flow for the second quarter of 2025 was $199.1 million as compared to $203.5 million for the same period in 2024, a 2.2% decrease. For the second quarter of 2025, funds from operations, or FFO, was $225.3 million versus $209.3 million for the same period in 2024, an increase of 7.7%. Adjusted funds from operations, or AFFO, for the second quarter of 2025 was $225.3 million compared to $213.5 million for the same period in 2024, an increase of 5.5%. Diluted AFFO per share increased 6.7% to $2.22 for the three months ended June 30, 2025 as compared to $2.08 for the same period in 2024. Acquisition-Adjusted Three Months Results Acquisition-adjusted net revenue for the second quarter of 2025 increased 1.9% over acquisition-adjusted net revenue for the second quarter of 2024. Acquisition-adjusted EBITDA for the second quarter of 2025 increased 2.0% as compared to acquisition-adjusted EBITDA for the second quarter of 2024. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2024 period for acquisitions and divestitures for the same time frame as actually owned in the 2025 period. See 'Reconciliation of Reported Basis to Acquisition-Adjusted Results', which provides reconciliations to GAAP for acquisition-adjusted measures. Six Month Results Lamar reported net revenues of $1.08 billion for the six months ended June 30, 2025 versus $1.06 billion for the six months ended June 30, 2024, a 2.0% increase. Operating income for the six months ended June 30, 2025 increased $80.1 million to $388.9 million as compared to $308.8 million for the same period in 2024. Lamar recognized net income of $294.2 million for the six months ended June 30, 2025 as compared to net income of $216.1 million for the same period in 2024, an increase of $78.2 million. The 36.2% increase in net income for the year ended June 30, 2025 as compared to 2024 was primarily related to the $67.8 million gain recorded for the sale of Lamar's equity interest in Vistar Media, Inc. ('Vistar') in 2025. Net income per diluted share was $2.87 and $2.10 for the six months ended June 30, 2025 and 2024, respectively. Adjusted EBITDA for the six months ended June 30, 2025 was $488.6 million versus $483.5 million for the same period in 2024, an increase of 1.1%. Cash flow provided by operating activities was $357.2 million for the six months ended June 30, 2025 as compared to $366.9 million for the same period in 2024, a decrease of $9.7 million. Free cash flow for the six months ended June 30, 2025 was $320.2 million as compared to $342.2 million for the same period in 2024, a 6.4% decrease. For the six months ended June 30, 2025, funds from operations, or FFO, was $381.5 million versus $357.8 million for the same period in 2024, an increase of 6.6%. Adjusted funds from operations, or AFFO, for the six months ended June 30, 2025 was $389.6 million compared to $371.8 million for the same period in 2024, an increase of 4.8%. Diluted AFFO per share increased 5.0% to $3.81 for the six months ended June 30, 2025 as compared to $3.63 for the same period in 2024. Liquidity As of June 30, 2025, Lamar had $363.0 million in total liquidity that consisted of $307.3 million available for borrowing under its revolving senior credit facility and $55.7 million in cash and cash equivalents. There were $434.0 million in borrowings outstanding under the Company's revolving credit facility and $250.0 million outstanding under the Accounts Receivable Securitization Program as of the same date. Recent Developments On July 2, 2025, Lamar Advertising Limited Partnership ("Lamar LP"), the subsidiary operating partner of the Company, issued a total of 1,187,500 Common Units of Lamar LP (the "Common Units"). The Common Units were issued to the owners of Verde Outdoor as the consideration in connection with an acquisition, whereby the assets of Verde Outdoor were contributed to Lamar LP. The Verde Outdoor assets include more than 1,500 billboard faces across ten states. Pursuant to the terms of the Limited Partnership Agreement of Lamar LP, the Common Units are redeemable by the holder after a holding period, which is generally twelve months, for a cash amount per Common Unit equal to the market value of an equivalent number of shares of common stock of the Company. At the Company's option, in lieu of cash, the redemption obligation may be satisfied by issuing shares of Class A common stock of the Company in exchange for Common Units tendered for redemption. Revised Guidance We are updating our 2025 guidance issued in February 2025. We now expect net income per diluted share for fiscal year 2025 to be between $6.09 and $6.11, with diluted AFFO per share between $8.10 and $8.20. 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 state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust ('REIT') and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) 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; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) 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, 2024, 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, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses 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 (gain) loss from the sale or disposal of real estate assets and investments, net of tax, 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 income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) 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, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets and investments. 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, transaction expenses, 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 Friday, August 8, 2025 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below: Conference Call All Callers: 1-800-420-1271 or 1-785-424-1634 Passcode: 63104 Live Webcast: Webcast Replay: Available through Friday, August 15, 2025 at 11:59 p.m. eastern time Company Contact: Buster Kantrow Director of Investor Relations (225) 926-1000 bkantrow@ Information Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 366,000 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 5,200 ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED)(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Net revenues $ 579,311 $ 565,251 $ 1,084,741 $ 1,063,401 Operating expenses (income) Direct advertising expenses 187,156 183,455 366,778 359,284 General and administrative expenses 86,679 84,334 175,880 167,429 Corporate expenses 27,093 25,908 53,479 53,212 Stock-based compensation 7,148 11,150 17,725 25,616 Capitalized contract fulfillment costs, net (380 ) (190 ) (5 ) (374 ) Depreciation and amortization 78,110 77,191 155,931 152,419 Gain on disposition of assets and investments (4,176 ) (824 ) (73,961 ) (3,012 ) Total operating expense 381,630 381,024 695,827 754,574 Operating income 197,681 184,227 388,914 308,827 Other expense (income) Interest income (597 ) (572 ) (1,089 ) (1,039 ) Interest expense 40,700 44,337 79,032 88,824 Equity in loss (earnings) of investee 174 (4 ) (206 ) 555 40,277 43,761 77,737 88,340 Income before income tax expense 157,404 140,466 311,177 220,487 Income tax expense 2,388 2,872 16,932 4,394 Net income 155,016 137,594 294,245 216,093 Net income attributable to non-controlling interest 661 228 1,135 503 Net income attributable to controlling interest 154,355 137,366 293,110 215,590 Preferred stock dividends 91 91 182 182 Net income applicable to common stock $ 154,264 $ 137,275 $ 292,928 $ 215,408 Earnings per share: Basic earnings per share $ 1.52 $ 1.34 $ 2.88 $ 2.11 Diluted earnings per share $ 1.52 $ 1.34 $ 2.87 $ 2.10 Weighted average common shares outstanding: Basic 101,271,391 102,248,621 101,851,428 102,181,890 Diluted 101,653,373 102,594,217 102,233,863 102,522,569 OTHER DATA Free Cash Flow Computation: Adjusted EBITDA $ 278,383 $ 271,554 $ 488,604 $ 483,476 Interest, net (38,570 ) (42,125 ) (74,887 ) (84,514 ) Current tax expense (2,439 ) (3,182 ) (25,251 ) (4,458 ) Preferred stock dividends (91 ) (91 ) (182 ) (182 ) Total capital expenditures (38,201 ) (22,648 ) (68,088 ) (52,130 ) Free cash flow $ 199,082 $ 203,508 $ 320,196 $ 342,192 SUPPLEMENTAL SCHEDULESSELECTED BALANCE SHEET AND CASH FLOW DATA(IN THOUSANDS) June 30,2025 December 31,2024 (Unaudited) Selected Balance Sheet Data: Cash and cash equivalents $ 55,726 $ 49,461 Working capital deficit $ (325,124 ) $ (353,206 ) Total assets $ 6,673,968 $ 6,586,549 Total debt, net of deferred financing costs (including current maturities) $ 3,363,713 $ 3,210,864 Total stockholders' equity $ 906,883 $ 1,048,020 Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 (Unaudited) Selected Cash Flow Data: Cash flows provided by operating activities $ 229,487 $ 256,342 $ 357,232 $ 366,904 Cash flows used in investing activities $ 99,202 $ 31,645 $ 33,776 $ 76,661 Cash flows used in financing activities $ 110,947 $ 183,118 $ 317,469 $ 256,744 SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Reconciliation of Cash Flows Provided By Operating Activities to Free Cash Flow: Cash flows provided by operating activities $ 229,487 $ 256,342 $ 357,232 $ 366,904 Changes in operating assets and liabilities 10,346 (28,574 ) 34,513 29,617 Total capital expenditures (38,201 ) (22,648 ) (68,088 ) (52,130 ) Preferred stock dividends (91 ) (91 ) (182 ) (182 ) Capitalized contract fulfillment costs, net (380 ) (190 ) (5 ) (374 ) Other (2,079 ) (1,331 ) (3,274 ) (1,643 ) Free cash flow $ 199,082 $ 203,508 $ 320,196 $ 342,192 Reconciliation of Net Income to Adjusted EBITDA: Net income $ 155,016 $ 137,594 $ 294,245 $ 216,093 Interest income (597 ) (572 ) (1,089 ) (1,039 ) Interest expense 40,700 44,337 79,032 88,824 Equity in loss (earnings) of investee 174 (4 ) (206 ) 555 Income tax expense 2,388 2,872 16,932 4,394 Operating income 197,681 184,227 388,914 308,827 Stock-based compensation 7,148 11,150 17,725 25,616 Capitalized contract fulfillment costs, net (380 ) (190 ) (5 ) (374 ) Depreciation and amortization 78,110 77,191 155,931 152,419 Gain on disposition of assets and investments (4,176 ) (824 ) (73,961 ) (3,012 ) Adjusted EBITDA $ 278,383 $ 271,554 $ 488,604 $ 483,476 Capital expenditure detail by category: Billboards - traditional $ 8,887 $ 3,865 $ 14,933 $ 11,013 Billboards - digital 22,242 11,195 38,318 24,608 Logo 3,379 1,800 5,985 3,136 Transit 370 1,034 958 1,385 Land and buildings 1,360 2,364 1,670 4,680 Operating equipment 1,963 2,390 6,224 7,308 Total capital expenditures $ 38,201 $ 22,648 $ 68,088 $ 52,130 SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 % Change 2025 2024 % Change Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): Net revenue $ 579,311 $ 565,251 2.5 % $ 1,084,741 $ 1,063,401 2.0 % Acquisitions and divestitures — 3,131 — 5,021 Acquisition-adjusted net revenue 579,311 568,382 1.9 % 1,084,741 1,068,422 1.5 % Reported direct advertising and G&A expenses 273,835 267,789 2.3 % 542,658 526,713 3.0 % Acquisitions and divestitures — 1,744 — 3,316 Acquisition-adjusted direct advertising and G&A expenses 273,835 269,533 1.6 % 542,658 530,029 2.4 % Outdoor operating income 305,476 297,462 2.7 % 542,083 536,688 1.0 % Acquisition and divestitures — 1,387 — 1,705 Acquisition-adjusted outdoor operating income 305,476 298,849 2.2 % 542,083 538,393 0.7 % Reported corporate expense 27,093 25,908 4.6 % 53,479 53,212 0.5 % Acquisitions and divestitures — — — — Acquisition-adjusted corporate expenses 27,093 25,908 4.6 % 53,479 53,212 0.5 % Adjusted EBITDA 278,383 271,554 2.5 % 488,604 483,476 1.1 % Acquisitions and divestitures — 1,387 — 1,705 Acquisition-adjusted EBITDA $ 278,383 $ 272,941 2.0 % $ 488,604 $ 485,181 0.7 %__________________________________ (a) Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2024 for acquisitions and divestitures for the same time frame as actually owned in 2025. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 % Change 2025 2024 % Change Reconciliation of Net Income to Outdoor Operating Income: Net income $ 155,016 $ 137,594 12.7 % $ 294,245 $ 216,093 36.2 % Interest expense, net 40,103 43,765 77,943 87,785 Equity in loss (earnings) of investee 174 (4 ) (206 ) 555 Income tax expense 2,388 2,872 16,932 4,394 Operating income 197,681 184,227 7.3 % 388,914 308,827 25.9 % Corporate expenses 27,093 25,908 53,479 53,212 Stock-based compensation 7,148 11,150 17,725 25,616 Capitalized contract fulfillment costs, net (380 ) (190 ) (5 ) (374 ) Depreciation and amortization 78,110 77,191 155,931 152,419 Gain on disposition of assets and investments (4,176 ) (824 ) (73,961 ) (3,012 ) Outdoor operating income $ 305,476 $ 297,462 2.7 % $ 542,083 $ 536,688 1.0 % SUPPLEMENTAL SCHEDULESUNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES(IN THOUSANDS) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 % Change 2025 2024 % Change Reconciliation of Total Operating Expenses to Acquisition-Adjusted Consolidated Expense: Total operating expenses $ 381,630 $ 381,024 0.2 % $ 695,827 $ 754,574 (7.8 ) % Gain on disposition of assets and investments 4,176 824 73,961 3,012 Depreciation and amortization (78,110 ) (77,191 ) (155,931 ) (152,419 ) Capitalized contract fulfillment costs, net 380 190 5 374 Stock-based compensation (7,148 ) (11,150 ) (17,725 ) (25,616 ) Acquisitions and divestitures — 1,744 — 3,316 Acquisition-adjusted consolidated expense $ 300,928 $ 295,441 1.9 % $ 596,137 $ 583,241 2.2 % SUPPLEMENTAL SCHEDULESUNAUDITED REIT MEASURESAND RECONCILIATIONS TO GAAP MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Adjusted Funds from Operations: Net income $ 155,016 $ 137,594 $ 294,245 $ 216,093 Depreciation and amortization related to real estate 74,015 72,393 147,651 144,122 Gain from sale or disposal of real estate and investments, net of tax (4,145 ) (726 ) (60,742 ) (2,820 ) Adjustments for unconsolidated affiliates and non-controlling interest 456 12 330 384 Funds from operations $ 225,342 $ 209,273 $ 381,484 $ 357,779 Straight-line expense 1,372 794 2,381 2,067 Capitalized contract fulfillment costs, net (380 ) (190 ) (5 ) (374 ) Stock-based compensation expense 7,148 11,150 17,725 25,616 Non-cash portion of tax provision (95 ) (310 ) (339 ) (64 ) Non-real estate related depreciation and amortization 4,095 4,799 8,280 8,297 Amortization of deferred financing costs 1,533 1,640 3,056 3,271 Capitalized expenditures-maintenance (13,277 ) (13,627 ) (22,662 ) (24,454 ) Adjustments for unconsolidated affiliates and non-controlling interest (456 ) (12 ) (330 ) (384 ) Adjusted funds from operations $ 225,282 $ 213,517 $ 389,590 $ 371,754 Divided by weighted average diluted common shares outstanding 101,653,373 102,594,217 102,233,863 102,522,569 Diluted AFFO per share $ 2.22 $ 2.08 $ 3.81 $ 3.63 SUPPLEMENTAL SCHEDULESUNAUDITED REIT MEASURESAND RECONCILIATIONS TO GAAP MEASURES(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Revised projected 2025 Adjusted Funds From Operations: Year ended December 31, 2025 Low High Net income $ 625,400 $ 627,400 Depreciation and amortization related to real estate 293,000 293,000 Gain from sale or disposal of real estate, net of tax (77,600 ) (77,600 ) Adjustments for unconsolidated affiliates and non-controlling interest (1,500 ) (1,500 ) Funds from operations $ 839,300 $ 841,300 Straight-line expense 4,500 4,500 Capitalized contract fulfillment costs, net 500 500 Stock-based compensation expense 27,000 35,000 Non-cash portion of tax provision 500 500 Non-real estate related depreciation and amortization 12,000 12,000 Amortization of deferred financing costs 6,200 6,200 Capitalized expenditures-maintenance (60,000 ) (60,000 ) Adjustments for unconsolidated affiliates and non-controlling interest 1,500 1,500 Adjusted funds from operations $ 831,500 $ 841,500 Weighted average diluted common shares outstanding 102,615,000 102,615,000 Diluted earnings per share $ 6.09 $ 6.11 Diluted AFFO per share $ 8.10 $ 8.20 The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of August 8, 2025. 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 in to access your portfolio
