Outfront Media Inc. · NYSE:OUT
Outfront Media — Q4 2023 Earnings Presentation
24 slides from Outfront Media's earnings presentation, Feb 21, 2024
Slide 1: BoB NE a . i/
BoB NE a . i/
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: Fourth quarter 2023 highlights
Revenue: Up 1.3% as-reported Operating income: $111 million includes $11 million impairment charge Adj. OIBDA: $152 million Net income: $60 million includes $11 million impairment charge AFFO: $108 million
Slide 4: Revenue and Adjusted OIBDA 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: Local, national and other revenue
Notes: Prior period presentation conforms to current reporting classifications. Local includes $0.3 million of billboard condemnations in the three months ended December 31, 2023. $ Millions unless otherwise stated. Numbers may not sum due to rounding.
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 revenue and displays
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: Expenses
Yr/Yr % Chg Yr/Yr % Chg Yr/Yr 8.9% % Chg (3.5%) (1.6%) Yr/Yr Yr/Yr % Chg % Chg Yr/Yr 2.5% % Chg 1.2% (0.6%) 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 10: Segment results
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. Transit refers to “Transit & Other”. See Appendix for Non-GAAP reconciliations.
Slide 11: Adjusted OIBDA and AFFO
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for additional information.
Slide 12: Cash flow and capital expenditures
12.5% yr/yr Interest Expense Adjusted OIBDA Cash Taxes Maintenance Other Capex Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 13: Debt maturity, cost of debt and leverage
4Q23 Weighted Average Cost of Debt 5.7% Net Leverage Ratio1 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 Co
Slide 14: Appendix
Slide 15: 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 16: Non-GAAP Reconciliations: Q4 2023
NON-GAAP RECONCILIATIONS in millions, except percentages Revenues: Billboard Transit and other Total revenues Organic revenues Billboard Transit and other Total organic revenues Non-organic revenues: Billboard Transit and other Total non-organic revenues Operating income (loss) Net gain on dispositi
Slide 17: Non-GAAP Reconciliations: Q4 2022
NON-GAAP RECONCILIATIONS Three Months Ended December 31, 2022 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard 358.0 $ 19.5 — $ 377.5 Transit and other 111.2 6.0 _ 117.2 Total revenues 469.2 $ 25.5 — $ 494.7 Organic revenues Billboard 358.0 $ 19.5 — $ 377
Slide 18: Reconciliation of operating income to Adjusted OIBDA
For the three months ended December 31, 2022 For the three months ended December 31, 2023 U.S. Media U.S. Media Transit and Transit and Billboard Other Total Other Corporate Total Billboard Other Total Other Corporate Total Revenues $ 358.0 $ 111.2 $ 469.2 $ 25.5 $ - $ 494.7 $ 367.4 $ 106.8 $ 474.2
Slide 19: Net income to FFO and AFFO reconciliation
Three Months Ended Twelve Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Dec 31, Dec 31, (in millions) 2022 2022 2022 2022 2023 2023 2023 2023 2022 2023 Net income (loss) attributable to OUTFRONT Media Inc. $ (0.1) $ 48.0 $ 40.8 $ 59.2 $ (28.9) $ (478.9) $ 17.0 $ 60.4 $
Slide 20: Digital revenues and digital displays
Digital Revenues (in millions) for the Number of Digital Displays as of three months ended December 31, 2023(a) December 31, 2023(a) Digital Digital Transit Digital Digital Transit Total Digital Billboard and Other Total Digital Location Billboard and Other Revenues Displays Displays Displays United
Slide 21: Historical quarterly revenues
2021 2022 2023 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Total Revenues $259.2 $341.0 $399.2 $464.5 $1,463.9 $373.5 $450.2 $453.7 $494.7 $1,772.1 $395.8 $468.8 $454.8 $501.2 $1,820.6 U.S. Media $245.4 $321.8 $376.2 $438.6 $1,382.0 $354.2 $422.5 $428.0 $469.2 $1,673.9 $376.4 $443.0 $428.7 $474.2 $
Slide 22: Historical digital displays
2021 2022 2023 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY 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 23,885 23,885 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 23,467 23,467 Bi
Slide 23: Notes to Exhibits
NOTES TO EXHIBITS PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS. (c) (a) Impairment charges related to the decline in the long-term outlook of our U.S. Transit and Other reporting unit. (d) (b) Impairment charge relates to an other-than-temporary decline in fair value of a
Slide 24: 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