Outfront Media Inc. · NYSE:OUT
Outfront Media — Q1 2023 Earnings Presentation
27 slides from Outfront Media's earnings presentation, May 3, 2023
Slide 1: 2023 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 2023 results highlights
Revenue increased +6% as-reported Operating income of $10 million, declined $18 million Adj. OIBDA of $60 million, declined $10 million Net loss of $29 million, increased $29 million AFFO of $9 million, declined $27 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 $5.9 million of
Notes: Prior period presentation conforms to current reporting classifications. Local includes $5.9 million of billboard condemnations in the three months ended March 31, 2023 and $0.1 million in the three months ended March 31, 2022. $ 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: 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 10: Yr/Yr % Chg Yr/Yr
Yr/Yr % Chg Yr/Yr % Chg Yr/Yr 13.0% % Chg 11.0% 5.6% Yr/Yr Yr/Yr % Chg % Chg Yr/Yr 10.6% % Chg 8.9% 23.8% Notes: $ Millions unless otherwise stated. Percentages atop Total Expenses columns represent expense as a % of Total Revenues. 1) Includes an out-of-period adjustment of $5.2 million recorded in
Slide 11: Notes: 1) Includes an out-of-period adjustment of $5.2 million recorded in the three months
Notes: 1) Includes an out-of-period adjustment of $5.2 million recorded in the three months ended March 31, 2023, related to variable billboard property lease expenses; 2) Corporate expense shown separately from SG&A; SG&A excludes stock-based compensation expense. $ Millions unless otherwise stated
Slide 12: Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. Transit
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. Transit refers to “Transit & Other”. See Appendix for Non-GAAP reconciliations.
Slide 13: 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 14: 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 15: Debt maturity, cost of debt and net leverage
1Q23 Weighted Average Cost of Debt 5.4% 1 Net Leverage Ratio 5.2x 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
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Slide 17: Appendix
HIR@SHIM SUMMIT
Slide 18: 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 19: 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 303.2 $ 14.5 — $ 317.7
Slide 20: Non-GAAP Reconciliations: Three Months Ended March 31, 2022
NON-GAAP RECONCILIATIONS Three Months Ended March 31, 2022 (in millions, except percentages) U.S. Media Other Corporate Consolidated Revenues: Billboard 283.4 $ 14.8 — $ 298.2 Transit and other 70.8 4.5 — 75.3 Total revenues 354.2 $ 19.3 — §$ 373.5 Organic revenues® Billboard 283.4 $ 13.9 — $ 297.3
Slide 21: Adjusted OIBDA reconciliation by segment
For the three months ended March 31, 2022 For the three months ended March 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 $ 283.4 $ 70.8 $ 354.2 $ 19.3 $ - $ 373.5 $ 306.1 $ 70.3 $ 376.4 $ 19.4 $
Slide 22: 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) 2021 2021 2021 2022 2022 2022 2022 2022 2022 2023 Net income (loss) attributable to OUTFRONT Media Inc. $ (0.9) $ 33.1 $ 71.1 $ (0.1) $ 48.0 $ 40.8 $ 59.2 $ (28.9) $ 1
Slide 23: Digital revenues and number of digital displays
Digital Revenues (in millions) for the (a) (a) three months ended March 31, 2023 Number of Digital Displays as of March 31, 2023 Digital Digital Transit Digital Digital Transit Total Digital Billboard and Other Total Digital Location Billboard and Other Revenues Displays Displays Displays United Sta
Slide 24: Notes: Numbers may not sum due to rounding; 1) Excludes stock-based compensation expense; 2)
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 25: Notes: Numbers may not sum due to rounding; 1) Unaudited; 2) Excludes stock-based compensation
Notes: Numbers may not sum due to rounding; 1) Unaudited; 2) Excludes stock-based compensation expense
Slide 26: Notes to Exhibits
NOTES TO EXHIBITS (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 March 31, 2023, non-organic revenues reflect the impact of a significant acquisition. In the thr
Slide 27: 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