Lamar Advertising at JPMorgan Conference: Confidence Amid Challenges

On Tuesday, 13 May 2025, Lamar Advertising (NASDAQ:LAMR) presented at the 53rd Annual JPMorgan Global Technology, Media and Communications Conference. CEO Sean Reilly shared a balanced outlook, highlighting both growth opportunities and challenges. While expressing confidence in meeting financial goals, Reilly acknowledged potential hurdles like replacing political advertising revenue.

Key Takeaways

• Lamar reported a modest Q1 organic growth of just over 1%.
• The company is 75% under contract for its midpoint revenue target for the year.
• Political advertising revenue replacement remains a focus, with $15 million needed.
• Lamar is expanding its digital footprint with over 350 board conversions planned for 2025.
• Recent M&A activity includes $70 million in acquisitions, with plans to exceed $200 million.

Financial Results

• Q1 2024 Organic Growth: Just over 1%.
• 2024 Organic Growth Outlook: Expected to remain around 3%.
• Total Revenue: Slightly over $2.2 billion.
• Programmatic Revenue: Annual growth of 30%, exceeding $50 million.
• Share Repurchases: $150 million at an average price of $108.
• Transit and Airport Revenue: Approximately $160 million annually, with 15%-17% EBITDA margins.

Operational Updates

• ERP Conversion Project: In its second phase, aiming to enhance margins.
• Digital Board Conversions: Over 350 planned for 2025.
• M&A Activity: $70 million completed, with expectations to exceed $200 million this year.
• Vistar Stake Sale: 20% stake sold to T-Mobile.
• Tariff Mitigation: Converting PEC vinyls to PVC due to Chinese tariff impacts.

Future Outlook

• Revenue Growth: On track to meet targets.
• Margin Target: Expected to surpass 48% by 2028.
• M&A Plans: $200 million in acquisitions anticipated for the year.
• Easements: Around $20 million expected to be spent on acquisitions.

Q&A Highlights

• Economic Volatility: Reilly anticipates a mild recession, affecting occupancy more than rates.
• Legal Vertical: Resilient to macroeconomic changes, comprising 10% of the business.
• National Programmatic: Q1 growth of 30%, with expectations for increased agency investment.
• Transit Business: Vancouver contract renewal is crucial, with potential financial implications.

Readers are encouraged to refer to the full transcript for a detailed understanding of Lamar Advertising’s strategic direction and financial performance.

Full transcript - 53rd Annual JPMorgan Global Technology, Media and Communications Conference:

David: Okay. Great. Happy to have back at the conference from Lamar Advertising, Sean Reilly, President and CEO. Sean, thanks for being here. Hey.

Thanks for having me, David. Appreciate it. Let’s start with this. So we could go, you were right here in Boston for the OAAA Industry Conference. How was the mood at the event?

Any interesting learnings coming out of it?

Sean Reilly, President and CEO, Lamar Advertising: Yeah. The mood was very constructive. I’m not saying it was all rainbows and butterflies, but it wasn’t gloom and doom. And the best takeaway I got was having good conversations with our large national accounts and their view of the rest of the year and it’s good, steady as she goes. We’re not seeing signs of trouble out there.

David: So on Thursday, Lamar reported Q1 results, organic growth for the quarter just over 1%. There were some unique comp items, which maybe you can touch upon, but how are you kind of feeling about the current market conditions?

Sean Reilly, President and CEO, Lamar Advertising: We feel good. It’s like I said, steady as she goes. Our pacings right now are indicating that we’re in the range. We didn’t have to change our guidance. Business is strong enough out there to suggest that we’re going to hit our goals.

We are, as we sit today, 75% under contract with enough revenue that takes us to the midpoint of the range. So while we do have to sell that remaining 25%, it’s nice to have 75% in hand. And that’s fairly typical this time of year for us to have 75% book to goal.

David: Got it. Okay. And when midpoint of the range referring to AFFO. Yes. So back in February, had given an outlook for organic growth of 3% for the year.

Where does that stand now? Yes.

Sean Reilly, President and CEO, Lamar Advertising: Same zip code.

David: Okay.

Sean Reilly, President and CEO, Lamar Advertising: It is back end loaded as you’ve heard from a lot of media companies. The pacings are showing us sequential strength as we move through the year.

David: Got it. And then maybe just as a follow on, how should we think about the collective headwind to kind of full year growth from Super Bowl, leap year, political, right, in the context of that organic number?

Sean Reilly, President and CEO, Lamar Advertising: So I’ll start with the Super Bowl and leap year. I can’t believe it’s the first time in my career I’ve had to talk about leap year for a whole year. But it was material. It was a material impact on Q1. As was the events in Vegas, the Super Bowl leading up to the Formula One event.

It was important to us. It’s our largest airport market. It’s one of our largest billboard markets. When you put them together, it’s a meaningful amount of revenue for us. And as I said on the call, our Southwest region, which includes Las Vegas showed relative weakness and was actually down 1%.

So that was sort of order of magnitude, the impact of that one. Political is different kind of animal that is a back half phenomenon. For us to hit our goals, we have to replace give or take $15,000,000 or so of back half political. Our pacings suggest we’re doing that, that we’re able to sell that space to other customers. But we still have to get there, right?

David: Got it. So and if I remember correctly, was 30,000,000 of political you did overall and then sort of the $50,000,000

Sean Reilly, President and CEO, Lamar Advertising: it’s kind of where it fell. And we typically get some political even in off cycle years. It tends to be local races, mayors and judges and things like that. Got it, okay.

David: And there’s a lot of debate around are we heading to an economic downturn or not. But maybe what’s important for our investors to kind of understand about your local advertising base? And then you’ve been doing this for some time, right? What are the lessons from a prior recession? Maybe we can leave the pandemic apart, right, and kind of go to a true economic recession.

Sean Reilly, President and CEO, Lamar Advertising: Yeah, so I’ll approach that from a few different directions, right? So yeah, I’ve been doing this for thirty years and I’ve been through three, what I would call garden variety recessions, right? Not the great recession, not COVID. Typically in a garden variety recession, we hold the line on rate, we suffer a little bit in occupancy, occupancy comes back faster. Historically, we’ve never been down more than two percent and never down in consecutive years.

So that’s your garden variety recession. Right now as we peer into our pacings and talk to our customers, we’re not seeing that. We’re seeing sort of okay, not great year, but steady as she goes.

David: Got it. And I’m curious, maybe we can dig into some of the verticals, kind of what are you hearing maybe from some of the economically or tariff exposed areas like auto or retail that may or may not have a supply issue?

Sean Reilly, President and CEO, Lamar Advertising: Yes, good question. When I look at our top 15 verticals, you highlighted the two that probably deserve the most tariff attention. Auto for us is not national, it’s local auto dealers. And typically, if they’re having an issue with new cars and inventory, rather than advertising buy your car from me, they advertise fix your car here, right?

David: Service.

Sean Reilly, President and CEO, Lamar Advertising: Service and so typically, and this happened during COVID as well when they were having supply chain issues. Typically, they keep their billboards, but change the message. That’s what happens. So I don’t feel like there’s a lot to worry about there. And we haven’t certainly heard anything from our local auto dealers.

They’re by the way about 5% of our book. Retail is a longer discussion, I think. If a retailer can’t get their inventory because of tariffs, that’s an issue, right? So we’re looking at that closely. We had a really good first quarter with retail.

It was up 6% as a category. And it by the way is about 7% of our book of business. But that’s one we’re going to have to keep an eye on, they could be affected. Other than that, it would be some sort of macro thing that would affect the book, right?

David: And your retail tends to be smaller kind of.

Sean Reilly, President and CEO, Lamar Advertising: Absolutely, so when you think about retail for us, don’t think Walmart. Think thousands and thousands of local retailers, dress shops, jewelry stores, shoe stores,

David: the like. Got it. You’ve often kind of on the local side spoken to legal as a champion kind of vertical there. Maybe you touch on that, but any other categories within local that you see is growthier particularly resilient in a situation like this?

Sean Reilly, President and CEO, Lamar Advertising: Yeah, so I don’t think lawyers are susceptible to either the macro or tariffs. And when you think about that concentration of a vertical, which by the way is about 10% of our book, we talk about it within the context of a larger vertical called services. Services is about 20% of our book. And it’s been the fastest growing for some time now. It’s not concentrated customer base because there’s thousands of them, right?

So it’s the aggregation of a bunch of local attorneys. Okay. Which is a good thing, right? So it’s a strong category for us. They are very wise about the way they buy us.

They buy us in bulk, they stay up all year. They tend to buy some of our inventory that is, I’d categorize as sort of C and D inventory. So it seems like they’re on every face we have because they buy well, they buy smart, they buy in bulk and they stay up all year. But that 10% that I referenced is 10% of our billing, not 10% of the faces.

David: I see on that C and D comment, does that mean like not the prime location?

Sean Reilly, President and CEO, Lamar Advertising: Yeah, well they’ll buy some of that. But in addition to buying that, they’ll buy the left hand read on the C and D arteries, right? As opposed to the prime right hand read on the interstate with 120,000 cars going by.

David: Got it right. Okay. So periods of economic volatility, at least if we look across advertising generally, sometimes that can enable kind of a break in inertia for advertising mix. Is there room in a situation like this to take share from local TV, radio, some of the other categories you compete with there?

Sean Reilly, President and CEO, Lamar Advertising: Yes, so that is absolutely happening. I’m beginning to see it in linear TV. Just it’s obvious from the comparative growth rates, right? As a matter of fact, we’re the only local mass medium that’s growing. So by definition, we’re taking share.

Just a quick anecdote, a very close friend of mine is a guy named Todd Graves. He owns Raisin Cane’s, which is the fastest growing quick service restaurant in the country. Last time I had lunch with him, he said, Sean, I can’t figure out how to buy TV anymore. He will occasionally buy around local sporting events, local network affiliate TV. But for the most part, he has moved 100% of his TV dollars to two places, influencers and billboards.

And he’s very savvy about the way he does it. When he gets a local hero, be it a football coach or a football star or somebody who is respected in the community as an influencer, he gets them up real quick. And they’re on social media and within forty eight hours, they’re up on the billboards. So it’s in to your point, at the local level for sure, there is share shift going on and I personally think that it’s already happened obviously to newspapers. It’s halfway to having happened to radio and it’s just starting to happen to linear TV.

David: Got it. So national around 20% of Lamar, it’s been a bit of an underperformer lately, declining slightly in Q1. Maybe just talk about what you’re seeing on a category business or hearing from the agency Well,

Sean Reilly, President and CEO, Lamar Advertising: I told the story about the convention and the fact that the mood seems fine, I was in here listening to you talk to Scott Wells about this topic and he summed it up the same way I would sum it up. Sometimes you get a change in an agency, a change in a CMO and they have a change in their view of their media mix. Sometimes it works to our advantage and sometimes it doesn’t. But I’ve seen this ebb and flow over my career. The national dollar tends to be more fickle.

Local dollar tends to be more stable. If you flatten out the beta in national, look over a longer period of time, the growth rates are almost identical.

David: I asked the prior Q and A about the auto insurance vehicle for instance and how that’s been touch and go, anything you’ve seen from your end there? Again, same answer

Sean Reilly, President and CEO, Lamar Advertising: that Scott gave. A couple of big ones were heavy in the industry, they tended to buy static. They have come back in, but they’ve come back through programmatic. The spend is not as large as it was, but they have not abandoned the industry. And I think they’re going to ease their way back in where they’re an important vertical.

David: What’s kind of your longer term strategy when you look at national or you look at the allocations from the agencies and how you plan to attack that and get increased dollars?

Sean Reilly, President and CEO, Lamar Advertising: And to quote Scott, it’s not a fight between Lamar out front and Clear Channel to fight over limited dollars. It’s really an industry initiative to get agencies to inject into their planning modules out of home, which they don’t do today. That’s been something we’ve been working on. Meaning it’s a separate part of their immediate mix. It’s an afterthought, And it’s not in their primary planning modules.

And for us as an industry to get there, we’ve got to do a better job with the kind of attribution and measurement that they’re looking for to do that. But my main point there is it’s not a fight between the three public companies over a static pie. It really is and Scott will say this and the new CEO Nick Brian would say the same. It’s as an industry we need to get bigger acceptance amongst the national agencies in their planning.

And if we can do that, there are only good things that flow.

David: With the nationals programmatic continues to see very strong growth. Can you talk about what you’re budgeting for ’25 and kind of long term Yes, this year our programmatic will do something north of $50,000,000 First quarter it was up 30%.

Sean Reilly, President and CEO, Lamar Advertising: So the dollars aren’t huge yet, but the growth rates are. Just to put it in sort of context, our total revenues little over $2,200,000,000 Digital total footprint around $650,000,000 programmatic 50,000,000. So again, not huge dollars, fast growth rate, but it enables customers that otherwise wouldn’t buy the inventory to buy it because it is a different buyer than the traditional ad pie. It’s dedicated digital buyer, the same person that buys on your phone is buying us programmatically. You

David: have started beta testing programmatic on the local side, interested to know how that’s going, but been the rationale to keep this all national?

Sean Reilly, President and CEO, Lamar Advertising: The rationale to keep it all national is twofold. Number one, our national customers are sophisticated enough and have big enough budgets to afford a higher CPM and they pay a higher CPM. They also want more sophisticated data sets to prove out the efficacy of their campaign. Local customers not so much, they’re not so much worried about measurement and attribution. And finally, the cost of that sale to us programmatically is 10%.

That’s what we pay the DSPs, SSPs, right. The cost of our other channels, the traditional account executive, national sales manager runs 6%, right? So I wanted to make sure that it was net new dollars and that I was getting someone who otherwise wouldn’t buy. All right, so why are we experimenting at the local level? Two reasons.

Number one, more sophisticated local customers are increasingly asking for it, right? That’s how they buy Google, that’s how they buy Facebook. They go into their office execute a buy. They’re wondering why they can’t buy our digital inventory the same way. The second and I think very encouraging answer is we are executing the beta test with an ad server that is a subscription model, not a per campaign expense.

Meaning we can execute this, we can keep an account executive in control of the account, execute automatic buyingprogrammatic buying and have the total cost be 6%.

David: Got it. So once you can get that margin comparable. Exactly. Lamar recently sold its 20% stake in Vistar as part of an overall sale to T Mobile. You did sit on the board of Vistar, so interested in your take on what this could mean for outdoor measurement, outdoor attribution.

Sean Reilly, President and CEO, Lamar Advertising: Only good things, right? First of all, you got one of the most respected largest brands in the world jumping into out of home, so that’s a good thing. They are the primary source of data sets that are involved in attribution and measurement. Typically today, we get that from third party vendors who may or may not be buying them from T Mobile. So to that extent, it could get more cost effective if T Mobile is the principal providing the data sets.

The other thing that they’ve done and Michael Provenzana who’s the CEO of Vistar, he is being given more and more internal responsibilities inside of T Mobile. So for example, they have an existing suite of advertising services, not just the Vistar SSP DSP. He’s been given those responsibilities. So I think the more we have a champion of out of home, digital out of home, programmatic out of home within a company like T Mobile, that’s a good thing.

David: Sean, I think when you were here last year and certainly some of your competitors have talked about this, there had been some flagging on the digital side of small screen competition, right, inventory growing from places like gyms or gas stations. Has the industry largely cycled through that headwind? I think two things have happened. We’ve cycled through it a

Sean Reilly, President and CEO, Lamar Advertising: little bit, but we’ve also educated buyers. We’ve educated the buying community that all screens are not created equally. You’re not getting the same reach and frequency, you’re not getting the same number of eyeballs. And I think that, well I know that that has sunk into some degree. There are some small screens out there that are doing well and they are doing what they’re supposed to do.

Would highlight some of the retail networks are doing well. But we can coexist in that arena and get our fair share. I’m going to say plurality of dollars today goes to large format digital out of home. The smaller screens that are also getting share, we are actually in those businesses, think airport digitals, right, transit setting digitals. So when you put those two packages together, you’ve got well over 50% of what happens in digital out of home.

David: Maybe going wider on digital, you plan to convert over three fifty boards in 2025. It’s a bit of an acceleration of prior years. Can you discuss what governs the pace here and how consistent are returns as you continue to do conversions?

Sean Reilly, President and CEO, Lamar Advertising: Consistent the returns have been to me remarkably consistent over the decade and a half that we’ve been doing this. When I go through the economics of a digital conversion and calculate the ROIs. I mean, it consistently falls in the 25% to low 30s percent. You heard Scott say exactly the same thing for how they calculate it. So on that scorecard, it’s the best dollar that we spend for shareholders.

You kind of ask why not a faster pace and the governor is primarily the regulatory permitting environment. It’s just takes time to navigate that. Got it.

David: On the cost side, Lamar is in the middle of an ERP conversion project. I think you said in earnings, you had just embarked on the second phase. So kind of how is that factored into your 3% acquisition adjusted cost growth for the year? And how’s the second phase going? What’s your kind of ultimate expectations on margin lift?

Sean Reilly, President and CEO, Lamar Advertising: Ultimately, is going be a good thing for Lamar. It’s going to enhance our margins. What I’m telling the team and what I’m telling investors, we’re not north of 48% margins in 2028, I’m going to be really disappointed and I think this is going to be one of the factors that gets us there. To your point, I would say instead of give or take 2% to 2.5% expense growth, you’re now looking at something in that 3% range because we’re doing it.

David: The

Sean Reilly, President and CEO, Lamar Advertising: good news is once you’re done, you turn off the spigot, the consultants leave the building and you’re starting from a new baseline. But sort of speaking of margin enhancement, two other things really affect it. One is our fill in acquisition activity. When we do a fill in acquisition, it comes into the with about a 60% to 65% margin contribution. So by definition that’s going to lift you.

And when we do a digital conversion, it’s even a little better. It’s like more in the 70% ish range. So the faster we do that, the more we do that, the margin profile of the company improves.

David: Got it. Any cost or even CapEx pressure to consider from tariffs? CapEx probably more relevant, price

Sean Reilly, President and CEO, Lamar Advertising: of steel or anything? Now you’re really in the weeds, but I’ll get there anyway. All right, so we print on two substrates from a single provider. It’s called Circle Graphics. They’re a great company.

One of the substrates is only sourced in China. All right, that’s PEC, that’s our fully recyclable substrate mostly on posters. The big ones you see on the interstate are PVC, right? PVC is sourced here in America, all right? So we’re converting through circle graphics, PEC vinyls to PVC.

There’s a slight extra cost associated with that. You won’t notice it. But the take home is it’s not going to be a supply chain issue. It is a slightly more expensive substrate to use. So that’s one impact of tariffs.

The other impact would be CapEx associated with digital deployment and our providers there. So our main provider of digital units is Daktronics. They’re a US based company, no issues there. We do have a Canadian supplier and they assure us that they have stacked up enough units across the border to take care of us. So in the near term, we’re in good shape because they anticipated the issue and they’ve moved across the border with the units already.

So we’ll see, but to answer your question, it’s nothing you would notice, it’s minuscule. On

David: M and A, Lamar recently disclosed 70,000,000 of acquisitions to date, likelihood to surpass I think 100 50 you had said. It seems like the markets opened up relative to last year. Maybe what’s changed? Where are you focused?

Sean Reilly, President and CEO, Lamar Advertising: So as you know in ’24 we intentionally throttled back, right? So 01/1950 is actually a normal year. And this year we’re going do well over 200 for a variety of reasons. Would point to a little bit of pent up demand. When Lamar says we’re going to pull back a little bit, then the seller community understands what that means.

And they’ll say, okay, we’ll talk to you next year, right? So we pushed off some activity. And then the other thing is, we’ve got one we’re kind of excited about that is of a larger size that is a little more large than your typical fill in, right? And I can’t talk about it too much because it hadn’t closed yet, but it’s very close.

David: Okay, and every deal is different, but you said before incremental margins on some of these look like 60 to 60 five. Can you talk about like multiple ranges roughly on or at least what’s ideal for you? So from the seller’s point of

Sean Reilly, President and CEO, Lamar Advertising: view, if it’s a pure fill in, it can look like 13, 14x, right? By the time we have our expense controls put in the synergies happen, which happens very quickly because most of its expense, right? We don’t need trucks, people, buildings, all we’re buying is structures, permits, advertising contracts and ground leases. So we just fold it in and we operated at an exceptional margin. So by the time we work that magic, which happens very quickly, it’ll look like a forward multiple in the 10 to 11 range ish, right?

David: Yes.

Sean Reilly, President and CEO, Lamar Advertising: That’s forward twelve months after we have it after synergies.

David: Got it. And to be clear, like when we think about your AFFO guide for the year, how much of the M and A would have been assumed? Would it have been $70,000,000 you’ve done, the $200,000,000 you think you’ll do? How do you kind of scale that up?

Sean Reilly, President and CEO, Lamar Advertising: Yes, good question. And I got that a lot today in the one on ones. So first of all, the buyback, the buyback is accretive. That’s easy math to do. That’s not included in our expectation of hitting our AFFO guide.

On the AFFO per share. Right. There may be some early little transactions built into that, but the bulk of what we’re going to do this year is not in the AFFO guide. Essentially what our pacings are telling us is we can get there operationally. So we’ve got a few extra pennies in our pocket because of the buyback and the acquisition activity.

Got it.

David: A question we sometimes get from investors is kind of where in your capital allocation priorities do you rank acquiring the land under the billboards where you currently lease? The short answer is all of

Sean Reilly, President and CEO, Lamar Advertising: the above, right? So we’re going to do digital conversions, that’s our highest and best ROI. We’re going to do acquisitions, that’s accretive. And buying easements is also accretive. And fortunately because of our balance sheet, we can do all of the above.

Now that said, in a low interest rate environment, it’s hard to buy easements because cap rates get up here, right? And while our industry doesn’t talk the language of cap rates, our landowners do, right. So in a higher interest rate environment, we can get better deals, right. And so we’re finding that today in a different interest rate environment, not as high as has been, but still up there from a historical point of view that we can get within our hurdle rates. And so we’re doing more of it.

We’re probably going to spend something in the neighborhood of $20,000,000

David: this year buying easements. About five minutes left, does anyone in the room want to ask anything? No? Quiet for you today, Sean.

Sean Reilly, President and CEO, Lamar Advertising: I like that.

David: Okay.

Sean Reilly, President and CEO, Lamar Advertising: All quiet. Nothing to see here. Move along now.

David: At earnings, you announced $150,000,000 of share repurchases. That’s at an average price of 108. I think that was the last time, I can’t remember when you were last in the market at that scale, but maybe just discuss kind of your framework for how you approach the buyback market.

Sean Reilly, President and CEO, Lamar Advertising: So since we’ve been a REIT, we’ve never done that before. And I can’t say that we knew there was going to be a tariff tantrum. But we had reason because of consideration that’s going into this acquisition I referenced to institute a buyback to avoid some dilution that’s part of that transaction. Dilution in the sense that we’re issuing up REIT shares to execute, not dilution in the sense that it’s not accretive. So we put in a ten-5B-one, I think it’s called.

We were in our quiet period, so we had to put it on automatic pilot. And we set the parameters of under 112.5 because if you run the analysis, that’s clearly accretive. As fate would have it, we had all that volatility in the market, our shares traded down into the $103.04, 5 range. And over the average of the two weeks we executed, we came in at 108 and it’s clearly accretive and was the right thing to do. We just happened to get a little bit lucky also with the way the market was trending.

David: Got it. We haven’t touched on transit. I know it’s a smaller part of your portfolio, but maybe how do trends look there? And how much should we view revenue is tied to ridership or air travel or something that might get impacted by macro?

Sean Reilly, President and CEO, Lamar Advertising: Yeah, good question. So in our public filings now, we’re actually breaking out billboards from the other businesses. It’s listed under other so you can kind of get order of magnitude and see margins because of that. So most of what we do in the transit world is wrapping buses. And so the audience is not the ridership.

It’s the people around town who see the buses as it moves around, see the bus. So that’s gonna be steady Eddie, no problem. We have one franchise that does rely on ridership, that’s the Vancouver transit and it’s actually up this year for renewal. That agreement, that business never really recovered from COVID. And it has been either a money loser or breakeven at best.

So if we don’t get it, I’m not going to weep. And on the August call, we’ll talk about what the impact either way is. The airport business has been very steady for us. Our airport business tends to be a large portfolio of small market travel. So don’t think Atlanta, Hartsfield or Chicago O’Hare or LaGuardia or even Logan.

So international travel will probably suffer, but that won’t affect us very much. It’s been a good steady business. And then we have this little funny little franchise business, it’s called logos. These are the blue signs on the side of the highway right away, say food, gas, lodging. We do that under contract with state highway departments, right?

And that’s also in the other. So order of magnitude, logos think 85,000,000 annually, very steady 32%, thirty three % margins. Transit and airport combined roughly $160,000,000 in revenues. Think on a good day 15%, sixteen %, seventeen % operating EBITDA margins. When you put all other together, it’s $240 ish million on a total book of $2,200,000,000 so little over 10% in terms of revenue and EBITDA contribution around five, right.

So that’s the order of magnitude of what’s other in our new breakout on the filings. Great.

David: All right, John, we’re out of time.

Sean Reilly, President and CEO, Lamar Advertising: For being Great. David, thanks for having me and thank you guys for your interest in Lamar. Appreciate you.

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