Outfront Media Inc. · NYSE:OUT
Outfront Media — Q1 2024 Earnings Presentation
24 slides from Outfront Media's earnings presentation, May 2, 2024
Slide 1: 2024 First 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: First quarter results highlights
Revenue: Up 3.2% as-reported Operating income: $14 million includes $9 million impairment charge Adj. OIBDA: $67 million Net loss: $27 million includes $9 million impairment charge AFFO: $23 million
Slide 4: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 5: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 6: Notes: Prior period presentation conforms to current reporting classifications. Local includes $0.9 million of
Notes: Prior period presentation conforms to current reporting classifications. Local includes $0.9 million of billboard condemnations in the three months ended March 31, 2024 and $5.9 million in the three months ended March 31, 2023. $ Millions unless otherwise stated. Numbers may not sum due to ro
Slide 7: Notes: Yield defined as reported revenue per average display per month for the quarter.
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: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See
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: Yr/Yr % Chg Yr/Yr
Yr/Yr % Chg Yr/Yr % Chg Yr/Yr 0.4% % Chg (1.0%) 6.0% Yr/Yr Yr/Yr % Chg % Chg Yr/Yr 1.9% 0.0% % Chg 24.6% Notes: $ Millions unless otherwise stated. Percentages atop Total Expenses columns represent expense as a % of Total Revenues. 1) Includes an out-of-period adjustment $5.2 million recorded in the
Slide 10: Yr/Yr
Yr/Yr % Chg. 10.5% 4.9% (18.2%) 25.4% (24.6%) 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: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for additional information.
Slide 12: Maintenance Capex
163.6% yr/yr Other Maintenance Capex Cash Taxes Interest Expense Adjusted OIBDA 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 net leverage
1Q24 Weighted Average Cost of Debt 5.7% 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 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: Three Months Ended March 31, 2024
NON-GAAP RECONCILIATIONS Three Months Ended March 31, 2024 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard 313.9 14.9 — $ 328.8 Transit and other 75.7 4.0 _ 79.7 Total revenues 389.6 18.9 — $ 408.5 Organic revenues): Billboard 313.9 14.9 — $ 328.8 Transi
Slide 17: Non-GAAP Reconciliations: Three Months Ended March 31, 2023
NON-GAAP RECONCILIATIONS Three Months Ended March 31, 2023 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard 306.1 14.5 — $ 320.6 Transit and other 70.3 4.9 _ 75.2 Total revenues 376.4 19.4 — $ 395.8 Organic revenues@) Billboard 306.1 14.6 — $ 320.7 Transi
Slide 18: Revenues, operating income and Adjusted OIBDA by segment
For the 3 months ended March 31, 2023 For the 3 months ended March 31, 2024 U.S. Media U.S. Media Transit and Transit and Billboard Other Total Other Corporate Total Billboard Other Total Other Corporate Total Revenues $ 306.1 $ 70.3 $ 376.4 $ 19.4 $ - $ 395.8 $ 313.9 $ 75.7 $ 389.6 $ 18.9 $ - $ 408
Slide 19: FFO and AFFO reconciliation
Three Months Ended Twelve Months Ended Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Mar 31, Mar 31, (in millions) 2022 2022 2022 2023 2023 2023 2023 2024 2023 2024 Net income (loss) attributable to OUTFRONT Media Inc. $ 48.0 $ 40.8 $ 59.2 $ (28.9) $ (478.9) $ 17.0 $ 60.4 $ (27.2)
Slide 20: Digital revenues and number of digital displays
Digital Revenues (in millions) for the three months ended March 31, 2024(1) Number of Digital Displays as of March 31, 2024(1) Digital Digital Transit Digital Digital Transit Total Digital Billboard and Other Total Digital Location Billboard and Other Revenues Displays Displays Displays United State
Slide 21: Total Revenues and Expenses by quarter
2022 2023 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Total Revenues $373.5 $450.2 $453.7 $494.7 $1,772.1 $395.8 $468.8 $454.8 $501.2 $1,820.6 $408.5 U.S. Media $354.2 $422.5 $428.0 $469.2 $1,673.9 $376.4 $443.0 $428.7 $474.2 $1,722.3 $389.6 Billboard $283.4 $332.1 $335.3 $358.0 $1,308.8 $306.1 $352.2 $34
Slide 22: Total Digital Displays and U.S. billboard yield
2022 2023 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Total Digital Displays 15,760 16,719 17,252 18,046 18,046 19,100 20,729 22,831 23,885 23,885 26,408 U.S. 15,407 16,348 16,936 17,700 17,700 18,723 20,337 22,423 23,467 23,467 26,025 Billboard 1,432 1,519 1,569 1,702 1,702 1,728 1,756 1,798 1,874 1,874
Slide 23: Notes to Exhibits
NOTES TO EXHIBITS PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS. (a) Organic revenues exclude revenues associated with the impact of foreign currency exchange rates (“non-organic revenues”). ( b) In the three months ended March 31, 2023, non-organic revenues reflect the imp
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