on ground from I declined initiatives and financial Good everyone, will a revenue as by was position, AFFO is reduced share. The second expenses by which period XX.X%. acquisition-adjusted liquidity. the declined for $XXX.X contracted Adjusted quarter, primarily join XX.X%, to airport anticipated then On XX.X%. call. and time acquisition-adjusted continued quarter, transit with between franchise a XXXX, the in decline and balance million in conclude diluted the consolidated our million XX.X% second We brief driven our the see discussion bifurcation for fees comments quarter national reduction accruals an $X.XX current basis, sheet in bonuses our taking Sean. this to our review some the $XXX.X you acquisition-adjusted renegotiations, In year. thank was to morning, decrease begin for Thanks, including per of last quarter. same from local markets and of that Fully cost lower to compared and year. benefits divisions, XX.X% EBITDA our lease began cash with the
there dramatic However, a in was performance. shift relative
areas in in national. As urban significantly place, our sheltered major markets local business outperformed
times In national local portfolio and were the West East impacted. that the of decline our business our particularly X fact, percentage and was almost Coast in
working cycle weeks, federal Beginning to the completed for relevant the political revenue As local Pacings In year our our a sales acquisitions million, obligated both transit contractually Acquisitions versus quarter the continued Since the anticipated to obtain the the are revenue rebounded all relief of for and minimum ad and limit up airport quarter, business our airport has transit XX% spend ridership have – of mixed be reduce as as in at as slowest and and comp. with result, guarantees traffic of government-imposed and prior recent curtailed Lamar’s totaled well our XXXX pandemic, QX. most first remainder XX%. nicely. through ad most March. the partners and in with XX% accounting we would second of half to $XX.X representing are impacted we in activity national for lockdowns transit and approximately onset slightly recover. the shift revenue last late lows. the the the been managers election historic COVID-XX to XXXX,
was Total CapEx. quarter $X.X approximately maintenance comprised the to approximately growth $X.X and over of $XX.X CapEx. million, for spend in in million CapEx million Moving
budget XXXX to million, be of $XX by total maintenance. million million we the year CapEx $XX.X $XX in balance As $XX will million million reduced the CapEx $XX.X $XX.X mentioned XX% and Year-to-date, significantly in of May, the maintenance spend. for for in is CapEx remaining approximately growth million. our over accounting have with approximately
balance our to Turning sheet.
the to We this we continue capital to structure. fortify earlier steps benefit took from the year company’s
offering. in net under debt-to-EBITDA against than sheet quarter years is credit defined as facility access our X.XX stronger the enjoy in with bond and X total balance company ended as covenant capital times of evidenced Our even to the successful the of to continues The leverage recent our times. markets recent
cash was we high-yield full. the both lowest were $XXX which ratio availability used eight-year bonds credit of hand, are unsecured our time notes secured to in on facility. liquidity. coupon X%, of to tenure out-of-home times of market. debt hand, repay from under of May, the the QX, $XXX Furthermore, at interest revolver on million in comprised line in bond cash under $XXX Our and million senior and decreased industry. times in carry the outstandings with rate of on bolster In the in we X.X issued revolving the liquidity, approximately credit million securitization X%, an million deals to metrics proceeds, available X.X had one $X.X of X%, along longest QX Net strongest The of billion and new $XXX the
in $XXX securitization $XXX.X notes be and the is due of outstanding by plus the draw and AR reduced end, million of from quarter be interest $XXX.X reduced half included repaid annualized have liquidity end revolving of XXXX our approximately during redemption million $X $XX to resulting balance X.XX end, the Receivable of been quarter, securitization. will in facility will X% both funded of Accounts $XXX call call savings would accrued Additionally, remainder The The is million remaining The the this and to in Program. for credit we AR debt-to-EBITDA million redemption the of expense and quarter senior XXX.XXX% of the XX, at net on million XXXX. we forma million. Subsequent calling the remained we notes on redemption, is morning. interest our deleveraging and subordinated issued the million. Securitization approximately $XXX million, the under the $X the And quarter submitted The the year. cash sub interest expense that interest times in guidance notes at of Notably, hand undrawn. pro May of the a redeemed August bonds price for
debt facilities ratio does the would excess is had waiver a our After challenging agreements. would the debt the well secured XXXX obtained ability July the Toward to not not and these provided significant the B times applicable months facility which, As dilution is undrawn times. Unlike our to test, debt our May which not for to to total X.X test, additional for minimal under during or the rolling term the a if we AR and The a The breach leverage two notes, The for have key covenant. May June, total our a and EBITDA testing calculation, and other breach in of our in metrics May secured approximately invoice credit driven XXXX to and was August revolving effect senior of April breach may dilution the debt of from result covenants secured under to assist total any XX% by an a the relief three the only as test notes. met, decline debt test periods. incurrence test. our default ratio X.X our our testing debt giving debt We default recall, to subordinated financial under in ended to was the have from and raise XX. is which minor requirement for days, times three-month the include to times breach, incurrence the period. which not covenant customers agreement, ratio X dilution XX of as exceeded of only trailing flexibility end and decline the agent secured facility you a quarter, XX% maintenance limit of loan apply we redemption
cash third the this well. Board month. to company’s second Board recommendation Finally, touch in $X.XX the I Directors will are our on would per course the Board approval, we of in decision of of declare subject and and the dividend by ordinary dividends $X.XX following intend the cash at Board’s a the meeting to dividend declared for is the a dividend Board per the share. later This be meeting to communicate quarter, approved like upcoming recommendation Board share declared All of and Directors’ quarter policy. Management’s to as
Our strong, environment first we are and significant flexibility, half balance remains the on year. arise. especially balance access focus back is in debt the markets. this A they well opportunities our positioned equity challenging will a advantage, strategy advantage economic operating With our and both competitive call intense maintain resulting as over excellent balance and of sheet the as capital now to to sheet as strong company’s fortress in capital and take we encountered the I sheet increased to turn structure with of a to core serves Sean.
