Q2 results beat expectations, driven primarily by digital advertising, national, and political advertising. Adjusted revenue grew 6.1% year over year, EBITDA rose 7.3%, and margin reached a record 49.2%. Digital revenue increased 15.4%, accounting for one-third of billboard revenue; programmatic grew more than 50%. The company raised its full-year AFFO guidance to $8.75-$8.90 and plans to increase its quarterly dividend to $1.65. Management is optimistic about second-half pacing, with strong demand from political advertising and AI-related advertising, but attention should be paid to rising costs and UPREIT transaction execution.