Outfront Media Inc. · NYSE:OUT
Outfront Media — Q4 2022 Earnings Presentation
28 slides from Outfront Media's earnings presentation, Feb 22, 2023
Slide 1: Fourth Quarter 2022 Earnings Call
FEBRUARY 22, 2023 OUTFRONT’
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: Full Year 2022 Highlights
Revenue up +21% as-reported to $1,772 million Billboard revenues up 17% Transit revenues up 38% Operating income up 71% to $288 million Adj. OIBDA up +39% to $472 million Net income up 315% to $148 million AFFO, which includes a negative impact from an approximately $17 million upfront lease payment
Slide 4: Fourth Quarter 2022 Highlights
Revenue up +7% as-reported Operating income comparable to prior period Adj. OIBDA up +2% to $154 million Net income down -17% to $59 million AFFO, which includes a negative impact from an approximately $17 million upfront lease payment, was $96 million
Slide 5: Consolidated Results
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 6: U.S. Media Results
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 7: Billboard and Transit Revenue
Notes: Prior period presentation conforms to current reporting classifications. $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 8: 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 9: Digital Revenues 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 10: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Slide 11: Operating Expenses
Yr/Yr % Chg Yr/Yr % Chg Yr/Yr 11.6% % Chg 19.3% (0.2%) Yr/Yr Yr/Yr % Chg % Chg Yr/Yr 8.8% % Chg 6.1% 1.2% Notes: $ Millions unless otherwise stated. Percentages atop columns represent expense as a % of Total Revenues. 1) Corporate shown separately from SG&A and excludes stock-based compensation expe
Slide 12: Adjusted OIBDA
Notes: 1) Corporate expense shown separately from SG&A; SG&A excludes stock-based compensation expense. $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 13: Transit 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 14: AFFO
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for additional information.
Slide 15: Capital Expenditures
Notes: 1) Other includes a $16.9 million upfront lease payment related to the structure of a tuck-in completed in Q4 2022. $ Millions unless otherwise stated. $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 16: Debt Maturity Schedule and Leverage
4Q22 Weighted Average Cost of Debt 5.2% 1 Net Leverage Ratio 5.0x 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 17: = —— ca eae:
= —— ca eae: | +1023 expécted reverues’
Slide 18: Appendix
Appendix <q, "Z A bee (sS ess EX = ness yess EX ess fess EX 3S an | ait THE ye WtHe SHOW 40) OFA fiji LIFETIME &
Slide 19: 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 20: 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 $ 353.8 $
Slide 21: Non-GAAP Reconciliations Q4 2021
NON-GAAP RECONCILIATIONS Three Months Ended December 31, 2021 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard $ 333.4 $ 20.6 $ — $ 354.0 Transit and other 105.2 5.3 _ 110.5 Total revenues $ 438.6 $ 25.9 $ — $ 464.5 Organic revenues” Billboard $ 333.4 $ 1
Slide 22: Revenues, Operating Income and Adjusted OIBDA by Segment
For the three months ended December 31, 2021 For the three months ended December 31, 2022 U.S. Media U.S. Media Transit and Transit and Billboard Other Total Other Corporate Total Billboard Other Total Other Corporate Total Revenues $ 333.4 $ 105.2 $ 438.6 $ 25.9 $ - $ 464.5 $ 358.0 $ 111.2 $ 469.2
Slide 23: 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) 2021 2021 2021 2021 2022 2022 2022 2022 2021 2022 Net income (loss) attributable to OUTFRONT Media Inc. $ (67.7) $ (0.9) $ 33.1 $ 71.1 $ (0.1) $ 48.0 $ 40.8 $ 59.2 $ 3
Slide 24: Digital Revenues and Displays
Digital Revenues (in millions) for the three months (a) (a) ended December 31, 2022 Number of Digital Displays as of December 31, 2022 Digital Digital Transit Digital Digital Transit Total Digital Billboard and Other Total Digital Location Billboard and Other Revenues Displays Displays Displays Unit
Slide 25: 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 26: Notes
Notes: Numbers may not sum due to rounding; 1) Unaudited.
Slide 27: Notes to Exhibits
NOTES TO EXHIBITS PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS. (a) Organic revenues exclude revenues associated with a significant acquisition and the impact of foreign currency exchange rates (“non-organic revenues”). (b) In the three months ended December 31, 2022, non-
Slide 28: About OUTFRONT Media Inc.
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 platform, OUTFRONT