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LAMAR 5321 Corporate Boulevard Baton Rouge , LA 70808 Lamar Advertising Company Announces First Quarter Ended March 31 , 2021 Operating Results Three Month Results • Net revenue was $ 370.9 million • Net income was $ 38.3 million • Adjusted EBITDA was $ 152.4 million Baton Rouge , LA - May 4 , 2021 - Lamar Advertising Company ( Nasdaq : LAMR ) , a leading owner and operator of outdoor advertising and logo sign displays , announces the Company's operating results for the first quarter ended March 31 , 2021 . " The advertising rebound is well underway , " Lamar chief executive Sean Reilly said . " Both local and national sales activity have accelerated , with digital showing particular strength . In fact , bookings in March and April for the rest of 2021 handily exceeded bookings in the same months of 2019 for the rest of that year . As a result , we are raising our previously provided guidance for full year diluted AFFO per share to a range of $ 5.40 to $ 5.60 . " First Quarter Highlights • Total operating expenses decreased 9.0 % • • • Adjusted EBITDA margin of 41.1 % Free cash flow increased 10.6 % Diluted AFFO per share increased 2.7 % First Quarter Results Lamar reported net revenues of $ 370.9 million for the first quarter of 2021 versus $ 406.6 million for the first quarter of 2020 , an 8.8 % decrease . Operating income for the first quarter of 2021 decreased $ 7.6 million to $ 88.9 million as compared to $ 96.6 million for the same period in 2020. Lamar recognized net income of $ 38.3 million for the first quarter of 2021 as compared to net income of $ 40.5 million for same period in 2020 , a decrease of $ 2.2 million . Net income per diluted share was $ 0.38 and $ 0.40 for the three months ended March 31 , 2021 and 2020 , respectively . Adjusted EBITDA for the first quarter of 2021 was $ 152.4 million versus $ 159.8 million for the first quarter of 2020 , a decrease of 4.6 % . Cash flow provided by operating activities was $ 83.3 million for the three months ended March 31 , 2021 , an increase of $ 20.4 million as compared to the same period in 2020. Free cash flow for the first quarter of 2021 was $ 107.4 million as compared to $ 97.1 million for the same period in 2020 , a 10.6 % increase . For the first quarter of 2021 , funds from operations , or FFO , was $ 96.1 million versus $ 97.6 million for the same period in 2020 , a decrease of 1.5 % . Adjusted funds from operations , or AFFO , for the first quarter of 2021 was $ 116.7 million compared to $ 113.3 million for the same period in 2020 , an increase of 3.0 % . Diluted AFFO per share increased 2.7 % to $ 1.15 for the three months ended March 31 , 2021 as compared to $ 1.12 for the same period in 2020 . Acquisition - Adjusted Three Months Results Acquisition - adjusted net revenue for the first quarter of 2021 decreased 8.2 % over acquisition - adjusted net revenue for the first quarter of 2020. Acquisition - adjusted EBITDA for the first quarter of 2021 decreased 4.5 % as compared to acquisition - adjusted EBITDA for the first quarter of 2020. Acquisition - adjusted net revenue and acquisition - adjusted EBITDA include adjustments to the 2020 period for acquisitions and divestitures for the same time frame as actually owned in the 2021 period . See " Reconciliation of Reported Basis to Acquisition - Adjusted Results " , which provides reconciliations to GAAP for acquisition- adjusted measures . 1