Outfront Media Inc. · NYSE:OUT
Outfront Media — Q4 2024 Earnings Presentation
27 slides from Outfront Media's earnings presentation, Feb 25, 2025
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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 2024 Results Summary
Metric 2024 Year-over-Year Consolidated Revenue $1,831 0.6% Organic Revenue $1,796 3.9% Billboard Revenue $1,409 2.9% Transit Revenue $384 8.8% Consolidated Operating Income* $426 $679 Consolidated Adjusted OIBDA $465 1.9% Billboard Adjusted OIBDA $521 4.0% Transit Adjusted OIBDA $8 $24 Consolidated
Slide 4: Q4 2024 Results Summary
Metric Q4’24 Year-over-Year Consolidated Revenue $493 -1.6% Organic Revenue $493 3.9% Billboard Revenue $375 2.0% Transit Revenue $117 9.1% Consolidated Operating Income* $111 Flat Consolidated Adjusted OIBDA $155 2.3% Billboard Adjusted OIBDA $151 3.9% Transit Adjusted OIBDA $22 60.6% Consolidated
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: $ 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 7: 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 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: Prior period presentation conforms to current reporting classifications. Local includes $1.0 million of
Notes: Prior period presentation conforms to current reporting classifications. Local includes $1.0 million of billboard condemnations in the three months ended December 31, 2024 and $0.3 million in the three months ended December 31, 2023. $ Millions unless otherwise stated. Numbers may not sum due
Slide 10: 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 11: Billboard Results
Yr/Yr % Chg Yr/Yr (4.7%) % Chg 13.9% Yr/Yr % Chg 3.9% Yr/Yr Yr/Yr % Chg % Chg 0.7% 4.3% Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Billboard Adjusted OIBDA divided by Billboard revenues. Numbers may not sum due to rounding.
Slide 12: Transit Results
Yr/Yr % Chg Yr/Yr 0.7% % Chg 11.1% Yr/Yr % Chg 60.6% Yr/Yr % Chg Yr/Yr 1.5% % Chg (4.5%) Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Transit Adjusted OIBDA divided by Transit Revenues. Numbers may not sum due to rounding.
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 Non-GAAP reconciliations.
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 additional information.
Slide 15: AFFO Bridge
9.8% yr/yr Other Adjusted OIBDA(1) Corporate Adjusted OIBDA Cash Taxes Interest Expense Billboard & Transit OIBDA Billboard & Transit Maintenance Capex Other Maintenance Capex Other Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliati
Slide 16: Debt Maturity Schedule and Leverage
4Q24 Weighted Average Cost of Debt 5.4% 1 Net Leverage Ratio 4.7x 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 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: Revision of Previously Issued Financial Information
Revision of Previously Issued Financial Information In the third quarter of 2024, we identified an error related to the accounting for noncontrolling interests in our consolidated joint ventures, which include buy/sell clauses. The error related to the appropriate classification of these noncontroll
Slide 20: Non-GAAP Reconciliations - Q4
NON-GAAP RECONCILIATIONS Three Months Ended December 31, 2024 (in millions, except percentages) Billboard Transit Other Corporate Consolidated Revenues $ 3746 $ 1165 §$ 2.1 $ — $ 493.2 Organic revenues” $ 3746 6 $ 116.5 $ 21 ¢ — © 493.2 Non-organic revenues” $ — § — $ — § — $ - Operating income (los
Slide 21: Non-GAAP Reconciliations - Full Year
NON-GAAP RECONCILIATIONS Year Ended December 31, 2024 (in millions, except percentages) Billboard Transit Other Corporate Consolidated Revenues $ 1,409.3 $ 383.8 $ 37.8 $ — $ 1,830.9 Organic revenues $ 1,409.3 383.8 § 2.9 — $ 1,796.0 Non-organic revenues” $ — — §$ 349 = $ — $ 34.9 Operating income (
Slide 22: Net Income to 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) 2023 2023 2023 2023 2024 2024 2024 2024 2023 2024 Net income (loss) attributable to OUTFRONT Media Inc. $ (23.7) $ (478.9) $ 17.0 $ 60.4 $ (27.2) $ 176.8 $ 34.6 $ 74.0
Slide 23: Other Segment Quarterly Results
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: 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; 3) 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; 3) Prior period presentation conforms to current reporting classifications.
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