Slide 1: Q2 2024 Quarter Results, August 6, 2024
iE ie Quarter _ August 6, 2024 ew ‘ \. . *s
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: Q2 2024 Consolidated Results Summary
Metric Q2’24 Year-over-Year Consolidated Revenue $477 1.8% U.S. Media Revenue $461 4.0% Consolidated Operating Income* $229 $667 Consolidated Adjusted OIBDA $126 3.1% U.S. Media Adjusted OIBDA $141 9.7% U.S. Media & Corporate Adjusted OIBDA $124 7.7% Consolidated Net Income* $177 $656 Consolidated A
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: U.S. Media Revenue by Type
Notes: Prior period presentation conforms to current reporting classifications. Local includes $0.1 million of billboard condemnations in the three months ended June 30, 2024 and $0.5 million in the three months ended June 30, 2023. $ Millions unless otherwise stated. Numbers may not sum due to roun
Slide 6: 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 7: 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 8: U.S. Media Expenses
Yr/Yr % Chg Yr/Yr % Chg Yr/Yr (4.2%) % Chg N/M N/A 6.6% Yr/Yr Yr/Yr % Chg % Chg 1.7% 9.0% Notes: $ Millions unless otherwise stated. Percentages atop Total Expenses columns represent expense as a % of U.S. Media Revenues. Numbers may not sum due to rounding. N/M: Not meaningful.
Slide 9: U.S. Media Adjusted OIBDA
Yr/Yr % Chg. 9.7% 3.5% N/M 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 10: Consolidated Adjusted OIBDA
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Slide 11: Capital Expenditures
Consolidated U.S. Media Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for additional information.
Slide 12: AFFO
8.7% 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 Schedule and Leverage
2Q24 Weighted Average Cost of Debt 5.6% Net Leverage Ratio1 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 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, Three Months Ended June 30, 2024
NON-GAAP RECONCILIATIONS Three Months Ended June 30, 2024 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard $ 360.2 $ 13.2 $ — $ 373.4 Transit and other 100.7 3.2 = 103.9 Total revenues $ 460.9 $ 16.4 $ — $ 477.3 Organic revenues): Billboard $ 360.2 $ — $
Slide 17: Non-GAAP Reconciliations, Three Months Ended June 30, 2023
NON-GAAP RECONCILIATIONS Three Months Ended June 30, 2023 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard 352.2 19.4 — $ 371.6 Transit and other 90.8 6.4 = 97.2 Total revenues 443.0 25.8 — $ 468.8 Organic revenues): Billboard 352.2 _ — $ 352.2 Transit an
Slide 18: Non-GAAP Reconciliations by Segment
For the 3 months ended June 30, 2023 For the 3 months ended June 30, 2024 U.S. Media U.S. Media Transit and Transit and Billboard Other Total Other Corporate Total Billboard Other Total Other Corporate Total Revenues $ 352.2 $ 90.8 $ 443.0 $ 25.8 $ - $ 468.8 $ 360.2 $ 100.7 $ 460.9 $ 16.4 $ - $ 477.
Slide 19: Net Income to FFO and AFFO Reconciliation
Three Months Ended Twelve Months Ended Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Jun 30, Jun 30, (in millions) 2022 2022 2023 2023 2023 2023 2024 2024 2023 2024 Net income (loss) attributable to OUTFRONT Media Inc. $ 40.8 $ 59.2 $ (28.9) $ (478.9) $ 17.0 $ 60.4 $ (27.2) $ 176.8
Slide 20: Adjusted OIBDA to AFFO Reconciliation
NON-GAAP RECONCILIATIONS Three Months Ended Six Months Ended June 30, June 30, {in millions) 2024 2023 2024 2023 Adjusted OIBDA $ 126.0 $ 1222 $ 1925 §$ 182.4 Interest expense, net, less amortization of deferred financing costs (39.6) (37.9) (79.4) (74.0) Cash paid for income taxes (1.1) (1.9) (1.2)
Slide 21: Digital Revenues and Displays
Digital Revenues (in millions) for the three months ended June 30, 2024(a) Number of Digital Displays as of June 30, 2024(a) Digital Digital Transit Digital Digital Transit Total Digital Billboard and Other Total Digital Location Billboard and Other Revenues Displays Displays Displays United States
Slide 22: U.S. Media Quarterly Financials
Three Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, 2023 2023 2023 2023 2024 2024 Revenue $ 376.4 $ 443.0 $ 428.7 $ 474.2 $ 389.6 $ 460.9 Operating Expenses Billboard property lease 115.8 123.1 118.1 125.5 115.5 117.9 Transit franchise 58.6 59.7 58.1 59.1 58.0 59.7 Posting, maintenanc
Slide 23: Other Quarterly Financials
Three Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, 2023 2023 2023 2023 2024 2024 Revenue $ 17.6 $ 23.9 $ 24.3 $ 26.3 $ 18.6 $ 16.3 Operating Expenses Billboard property lease 5.4 5.2 6.1 5.7 6.2 4.3 Transit franchise 1.0 1.3 1.4 1.1 1.0 0.8 Posting, maintenance and other 5.0 5.3 5.1
Slide 24: Total Revenues and Expenses by Quarter
2022 2023 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 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 $477.3 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 $460.9 Billboard $283.4 $332.1 $335.3 $358.0 $1,308.8
Slide 25: Total Digital Displays and U.S. Billboards
2022 2023 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 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 27,814 U.S. 15,407 16,348 16,936 17,700 17,700 18,723 20,337 22,423 23,467 23,467 26,025 27,814 Billboard 1,432 1,519 1,569 1,702 1,702 1,728 1,756 1
Slide 26: Notes to Exhibits
NOTES TO EXHIBITS PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS. (a) Organic revenues exclude revenues associated with the impact of the sale of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of ou
Slide 27: 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 the United States. Through its technology