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    Unknown Analyst • Wolfe Research

    Unknown Analyst's questions to Lamar Advertising Co (LAMR) leadership

    Unknown Analyst's questions to Lamar Advertising Co (LAMR) leadership • Q4 2024

    Question

    An analyst from Wolfe Research asked about the maximum number of digital signs Lamar could deploy in a single year and what the primary limiting factors are for the pace of these static-to-digital conversions.

    Answer

    Sean Reilly (executive) stated that the company is at 'pedal to the metal' and that achieving their goal of 375 conversions would be a record year. He identified the main gating issues as regulatory permitting with city leadership, the logistics of construction projects including retrofitting structures, potential supply chain issues for digital units, and the coordination of crews and utilities.

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    Unknown Analyst's questions to Commercial Metals Co (CMC) leadership

    Unknown Analyst's questions to Commercial Metals Co (CMC) leadership • Q1 2025

    Question

    An analyst from Wolfe Research asked what levers CMC could pull in its European operations if demand were to be structurally damaged long-term, beyond the existing TAG initiatives.

    Answer

    Executive Peter Matt responded that in a structurally damaged scenario, the company could pursue further manning reductions to create a more "bare bones structure." However, he emphasized this is not the expected outcome. The base case is a recovery in Germany and Europe, plus future demand from the rebuilding of Ukraine, which would significantly benefit their low-cost Polish operations. He also noted the European business is currently profitable and cash-flow positive when including energy credits.

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