On last week’s earnings call Sean Reilly reviewed Lamar’s top verticals:
Our top three verticals are service, hospitals and restaurants. 1,2 and 3 are looking strong…Service is primarily attorneys. We’re getting a lot of inbound from attorneys…There are other services – things like pest control, home and office cleaning…and we’re seeing some of that…
Hospitals and health care is also very strong…We’re seeing activity in things like elective surgeries as things open up and there’s increased demand and pent up demand…
The vast majority of our restaurant business is quick service and national chains like Cracker Barrel and they are going to be fine in fact…I believe that as America hits the open road this summer there’s going to be a record number of miles driven…
Our fourth largest vertical is retail. It’s about 8% of our book…We’re going to have to watch it closely…We issued a lot of credits to retail stores which were closed in the months of April and May. As things reopen they’re going to come back. The question is what’s the macro environment…Most of our retail business is small local businesses. Think the local jewelry store…
Another tough category is amusements… took a hit in the shutdown. We think that we are seeing some renewed activity. It’s not necessarily Vegas and Disneyworld. It’s more your regional amusement venues…The real recovery for amusements is probably going to be fourth quarter or Q1 next year…Automotive is hanging in there…
Gaming is a challenge in a shutdown environment. Vegas is an important market to us and is taking a hit…I would note that 90% of our gaming business is regional and is outside Vegas. Openings in places like the Mississippi Gulf Coast…are beginning to be announced…
The education vertical is tremendously strong. It was up 70% in Q1 and is looking strong in Q2. Two main themes there. Online education…but also fall enrollment. Schools that are going to be open want to tell the world that they are…Telcom, strong and getting stronger…
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