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● ● image_0a.jpg ● 5321 Corporate Boulevard Baton Rouge , LA 70808 ● Lamar Advertising Company Announces Third Quarter Ended September 30 , 2021 Operating Results Three Month Results Net revenue was $ 476.9 million Net income was $ 106.8 million Adjusted EBITDA was $ 230.7 million Nine Month Results Baton Rouge , LA - November 3 , 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 third quarter ended September 30 , 2021 . Net revenue was $ 1.29 billion Net income was $ 264.8 million Adjusted EBITDA was $ 596.6 million " We are very pleased with our third - quarter results and the sustained , robust recovery in the US advertising market , " Lamar chief executive Sean Reilly said . " Our 2021 billboard revenue is expected to exceed our 2019 total , while transit is well on its way back to pre - pandemic levels and our logos business continues steady . Our pacings indicate the sales momentum should continue through the end of 2021 , so we are raising our guidance for full - year diluted AFFO to $ 6.35 to $ 6.50 per share . " Third Quarter Highlights Net revenue increased 23.5 % Adjusted EBITDA margin of 48.4 % Free cash flow increased 36.6 % Diluted AFFO per share increased 43.9 % Third Quarter Results Lamar reported net revenues of $ 476.9 million for the third quarter of 2021 versus $ 386.1 million for the third quarter of 2020 , a 23.5 % increase . Operating income for the third quarter of 2021 increased $ 27.5 million to $ 133.3 million as compared to $ 105.9 million for the same period in 2020 . Lamar recognized net income of $ 106.8 million for the third quarter of 2021 as compared to net income of $ 62.8 million for same period in 2020 , an increase of $ 44.1 million . Net income per diluted share was $ 1.05 and $ 0.62 for the three months ended September 30 , 2021 and 2020 , respectively . Adjusted EBITDA for the third quarter of 2021 was $ 230.7 million versus $ 170.7 million for the third quarter of 2020 , an increase of 35.2 % . Cash flow provided by operating activities was $ 203.0 million for the three months ended September 30 , 2021 , an increase of $ 52.2 million as compared to the same period in 2020. Free cash flow for the third quarter of 2021 was $ 173.7 million as compared to $ 127.2 million for the same period in 2020 , a 36.6 % increase . For the third quarter of 2021 , funds from operations , or FFO , was $ 187.6 million versus $ 119.9 million for the same period in 2020 , an increase of 56.4 % . Adjusted funds from operations , or AFFO , for the third quarter of 2021 was $ 192.5 million compared to $ 133.4 million for the same period in 2020 , an increase of 44.3 % . Diluted AFFO per share increased 43.9 % to $ 1.90 for the three months ended September 30 , 2021 as compared to $ 1.32 for the same period in 2020 . 1