Outfront Media Inc. · NYSE:OUT
Outfront Media — Q3 2023 Earnings Presentation
26 slides from Outfront Media's earnings presentation, Nov 2, 2023
Slide 1: 2023 Third Quarter
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the
Slide 3: Third Quarter Highlights
Revenue: Up 0.2% as-reported Operating income: $59 million includes $12 million impairment charge Adj. OIBDA: $117 million Net income: $17 million includes $12 million impairment charge AFFO: $76 million
Slide 4: Consolidated Results
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 5: Revenue by Type
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 6: U.S. Media Revenue
Notes: Prior period presentation conforms to current reporting classifications. Local includes $0.1 million of billboard condemnations in the three months ended September 30, 2023 and $0.5 million in the three months ended September 30, 2022. $ Millions unless otherwise stated. Numbers may not sum d
Slide 7: U.S. Media Billboard Yield
Notes: Yield defined as reported revenue per average display per month for the quarter. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 8: Digital Revenues
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for additional information, including digital revenues and displays calculation methodology.
Slide 9: Revenue by Category
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 10: Expenses
Yr/Yr % Chg Yr/Yr % Chg Yr/Yr 8.6% % Chg (0.5%) (3.9%) Yr/Yr Yr/Yr % Chg % Chg Yr/Yr 2.2% % Chg 1.6% (11.1%) Notes: $ Millions unless otherwise stated. Percentages atop Total Expenses columns represent expense as a % of Total Revenues. 1) Corporate shown separately from SG&A and excludes stock-based
Slide 11: Segment Results: U.S. Media and Other
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. Transit refers to “Transit & Other”. See Appendix for Non-GAAP reconciliations. N/M: Not meaningful
Slide 12: Adjusted OIBDA and Margin
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for additional information.
Slide 13: AFFO and Capital Expenditures
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 14: Debt Maturity Schedule and Net Leverage
3Q23 Weighted Average Cost of Debt 5.5% 1 Net Leverage Ratio 5.4x Notes: $ Millions unless otherwise stated. Reflects face value of debt. 1) Calculated as Total Debt less Cash divided by LTM “Consolidated EBITDA” (as defined in, and calculated in accordance with, the Credit Agreement governing the C
Slide 15: Outlook
OUTLOOK >K [rie -4Q23 expected revenues ‘il Es — . LORDS=FALLEN,
Slide 16: Appendix
Appendix
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate
Slide 18: Non-GAAP Reconciliations: Three Months Ended September 30, 2023
NON-GAAP RECONCILIATIONS Three Months Ended September 30, 2023 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard 344.0 $ 19.6 — $ 363.6 Transit and other 84.7 6.5 _ 91.2 Total revenues 428.7 $ 26.1 — $ 454.8 Organic revenues®): Billboard 344.0 $ 19.6 — $ 3
Slide 19: Non-GAAP Reconciliations: Three Months Ended September 30, 2022
NON-GAAP RECONCILIATIONS Three Months Ended September 30, 2022 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard 335.3 $ 19.7 — $ 355.0 Transit and other 92.7 6.0 _ 98.7 Total revenues 428.0 $ 25.7 — $ 453.7 Organic revenues®): Billboard 335.3 $ 19.2 — $ 3
Slide 20: Operating Income to Adjusted OIBDA Reconciliation
For the three months ended September 30, 2022 For the three months ended September 30, 2023 U.S. Media U.S. Media Transit and Transit and Billboard Other Total Other Corporate Total Billboard Other Total Other Corporate Total Revenues $ 335.3 $ 92.7 $ 428.0 $ 25.7 $ - $ 453.7 $ 344.0 $ 84.7 $ 428.7
Slide 21: Net Income to AFFO Reconciliation
Three Months Ended Twelve Months Ended Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Sep 30, Sep 30, (in millions) 2021 2022 2022 2022 2022 2023 2023 2023 2022 2023 Net income (loss) attributable to OUTFRONT Media Inc. $ 71.1 $ (0.1) $ 48.0 $ 40.8 $ 59.2 $ (28.9) $ (478.9) $ 17.0 $
Slide 22: Digital Revenues and Number of Digital Displays
Digital Revenues (in millions) for the Number of Digital Displays as of (a) (a) three months ended September 30, 2023 September 30, 2023 Digital Digital Transit Digital Digital Transit Total Digital Billboard and Other Total Digital Location Billboard and Other Revenues Displays Displays Displays Un
Slide 23: Expense and Reconciliation Notes
Notes: Numbers may not sum due to rounding; 1) Excludes stock-based compensation expense; 2) For prior period reconciliations, please see prior period earnings presentations on the Investor Relations section of our website, www.outfront.com.
Slide 24: Digital Displays and U.S. Billboard Yield Calculation
2021 2022 2023 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Total Digital Displays 10,759 10,975 12,371 14,368 14,368 15,760 16,719 17,252 18,046 18,046 19,100 20,729 22,831 U.S. 10,429 10,640 12,027 14,011 14,011 15,407 16,348 16,936 17,700 17,700 18,723 20,337 22,423 Billboard 1,258 1,302 1,327 1,401 1,
Slide 25: Notes to Exhibits
NOTES TO EXHIBITS PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS. (a) Organic revenues exclude the impact of foreign currency exchange rates (“non-organic revenues”). (b) In the three months ended September 30, 2022, non-organic revenues reflect the impact of foreign currenc
Slide 26: About OUTFRONT Media Inc.
OUT LISTED NYSE About OUTFRONT Media Inc. OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology pla