OUTFRONT Media Reports Full Year 2024 Results
NEW YORK, — OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter and full year ended December 31, 2024.
“We finished the year well, with fourth quarter revenue growth coming in slightly ahead of our expectations and full-year AFFO nicely above the guidance we provided last year,” said Nick Brien, Interim Chief Executive Officer of OUTFRONT Media. “Over the last two weeks I have met many talented people, and I am looking forward to leading them, and all of OUTFRONT, to an exciting 2025.”
| 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 | |||||
Consolidated Revenues of $1,830.9 million increased $10.3 million, or 0.6%, for the year December 31, 2024, as compared to the same prior-year period.
Organic revenues of $1,796.0 million increased $67.5 million, or 3.9%.
Operating income of $425.5
Net income attributable to OUTFRONT Media Inc. of $258.2
Adjusted OIBDA of $464.8 million increased $8.6 million, or 1.9%, compared to the same prior-year period
Adjusted OIBDA margin 25.4 %
Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to “Net income (loss)”, “Net income (loss) per share”, “FFO” and “AFFO” mean “Net income (loss) attributable to OUTFRONT Media Inc.”, “Net income (loss) attributable to OUTFRONT Media Inc. per common share”, “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively; 2) References to “per share” mean per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding. As previously disclosed, on January 17, 2025, the Company effected a reverse stock split of the Company’s common stock. All shares of the Company’s common stock and per-share data included in this document have been retroactively adjusted as though the reverse stock split has been effected prior to all periods presented.
Full Year 2024 Results
Consolidated
Reported revenues of $1,830.9 million increased $10.3 million, or 0.6%, for the year December 31, 2024, as compared to the same prior-year period. Organic revenues of $1,796.0 million increased $67.5 million, or 3.9%.
Reported billboard segment revenues of $1,409.3 million increased $39.6 million, or 2.9%, due to an increase in average revenue per display (yield), driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues, partially offset by the impact of new and lost billboards in the period, including acquisitions, and lower proceeds from condemnations. Organic billboard segment revenues of $1,409.3 million increased $39.6 million, or 2.9%.
Reported transit segment revenues of $383.8 million increased $31.2 million, or 8.8%, due primarily to an increase in average revenue per display (yield) compared to the same prior-year period, partially offset by the impact of new and lost transit franchise contracts. Organic transit segment revenues of $383.8 million increased $31.2 million, or 8.8%.
Total operating expenses of $949.0 million decreased $14.1 million, or 1.5%, due primarily to lower billboard property lease expenses, which are attributable to lower variable property lease expenses, and the impact of the Transaction, partially offset by higher posting, maintenance and other expenses, higher guaranteed minimum annual payments to the MTA and the net impact of new and lost transit franchise contracts.
SG&A expenses of $447.9 million increased $18.2 million, or 4.2%, primarily due to higher compensation-related expenses, including salaries, commissions and severance, higher professional fees, as a result of a management consulting project, and higher rent related to new offices, partially offset by the impact of the Transaction.
Adjusted OIBDA of $464.8 million increased $8.6 million, or 1.9%, compared to the same prior-year period.
Segment Results
Billboard
Reported revenues of $1,409.3 million increased $39.6 million, or 2.9%, compared to the same prior-year period due to higher average revenue per display (yield) , driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues, partially offset by the impact of new and lost billboards in the period, including significant acquisitions, and lower proceeds from condemnations. Organic revenues increased $39.6 million, or 2.9%.
Operating expenses increased $8.5 million, or 1.4%, due primarily to higher posting, maintenance and other costs, partially offset by lower variable billboard property lease expenses.
SG&A expenses increased $11.2 million, or 4.4%, due primarily to higher compensation-related expenses and higher rent related to new offices, partially offset by lower professional fees.
Adjusted OIBDA of $520.5 million increased $19.9 million, or 4.0%, compared to the same prior-year period.
Transit
Reported revenues of $383.8 million increased $31.2 million, or 8.8%, due to higher average revenue per display (yield) compared to the same prior-year period. Organic revenues increased $31.2 million, or 8.8%.
Operating expenses increased $6.5 million, or 2.2%, due primarily to higher posting and rotation costs, driven by higher business activity, and higher compensation-related expenses, as well as higher transit franchise expenses.
SG&A expenses increased $0.4 million, or 0.6%, due primarily to higher compensation-related expenses, partially offset by lower professional fees.
Adjusted OIBDA was $8.3 million in 2024 compared to an Adjusted OIBDA loss of $16.0 million in 2023.
Other
Reported revenues of $37.8 million decreased $60.5 million, or 61.5%, primarily driven by the impact of the Transaction and a decline in third-party digital equipment sales. Organic revenues decreased $3.3 million, or 53.2%, driven by a decline in third-party digital equipment sales.
Operating expenses decreased $29.1 million, or 55.0%, primarily driven by the impact of the Transaction and lower costs related to third-party digital equipment sales.
SG&A expenses decreased $11.1 million, or 49.8%, driven primarily by the impact of the Transaction.
Adjusted OIBDA of $2.8 million decreased $20.3 million, or 87.9%, compared to the same prior-year period.
Corporate
Corporate costs, excluding stock-based compensation, increased $15.3 million, or 29.7%, primarily due to higher compensation-related expenses, including salaries, commissions and severance, and higher professional fees, as a result of a management consulting project.
Impairment Charges
As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on our MTA asset group during the three months ended March 31, 2024 and June 30, 2024, and recorded impairment charges of $9.1 million and $8.8 million, respectively, in those periods for a total of $17.9 million in the six months ended June 30, 2024. The impairment charges recorded during 2024 represented additional MTA equipment deployment cost spending during the six months ended June 30, 2024. Our analysis performed as of September 30, 2024, and December 31, 2024, resulted in positive aggregate cash flows in excess of the carrying value of our MTA asset group. As such, no impairment charges were recorded during each of the three months ending September 30, 2024, and December 31, 2024. In 2023, we recorded impairment charges of $534.7 million, primarily representing impairment charges related to our MTA asset group.
Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $299.2 million for the year ended December 31, 2024 increased $45.0 million compared to $254.2 million during the same prior-year period, primarily due to a decrease in prepaid MTA equipment deployment costs, the timing of receivables and a smaller use of cash related to accounts payable and accrued expenses, driven by lower incentive compensation payments made in 2024 related to prior-year performance, and higher net income. Total capital expenditures decreased 10.0% to $78.1 million for the year ended December 31, 2024, compared to the same prior-year period.
Dividends
In the year ended December 31, 2024, we paid cash dividends of $208.4 million, including $199.6 million on our common stock and vested restricted share units granted to employees and $8.8 million on our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”). We announced on February 25, 2025, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on March 31, 2025, to stockholders of record at the close of business on March 7, 2025.
Balance Sheet and Liquidity
As of December 31, 2024, our liquidity position included unrestricted cash of $46.9 million and $494.5 million of availability under our $500.0 million revolving credit facility, net of $5.5 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility and $140.0 million of additional availability under our accounts receivable securitization facility. During the three months ended December 31, 2024, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. As of December 31, 2024, the maximum number of shares of our common stock that could be required to be issued on conversion of the outstanding shares of the Series A Preferred Stock was approximately 7.8 million shares. Total indebtedness as of December 31, 2024 was $2.5 billion, excluding $17.0 million of deferred financing costs, and includes a $400.0 million term loan, $450.0 million of senior secured notes, $1.7 billion of senior unsecured notes, and $10.0 million of borrowings under our accounts receivable securitization facility.
Conference Call
We will host a conference call to discuss the results on February 25, 2025 at 4:30 p.m. Eastern Time. The conference call numbers are 833-470-1428 (U.S. callers) and 404-975-4839 (International callers) and the passcode for both is 989395. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.
Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.
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 platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
EXHIBITS
Exhibit 1: CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended | Year Ended | |||||||
| December 31, | December 31, | |||||||
| (in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
| Revenues | $ 493.2 | $ 501.2 | $ 1,830.9 | $ 1,820.6 | ||||
| Expenses: | ||||||||
| Operating | 237.4 | 247.1 | 949.0 | 963.1 | ||||
| Selling, general and administrative | 109.6 | 107.9 | 447.9 | 429.7 | ||||
| Net gain on dispositions | (7.3) | (14.4) | (160.9) | (14.2) | ||||
| Impairment charges | — | 11.2 | 17.9 | 534.7 | ||||
| Depreciation | 24.0 | 20.2 | 79.5 | 79.3 | ||||
| Amortization | 18.4 | 18.2 | 72.0 | 81.2 | ||||
| Total expenses | 382.1 | 390.2 | 1,405.4 | 2,073.8 | ||||
| Operating income (loss) | 111.1 | 111.0 | 425.5 | (253.2) | ||||
| Interest expense, net | (36.6) | (40.8) | (156.2) | (158.4) | ||||
| Loss on extinguishment of debt | — | (8.1) | (1.2) | (8.1) | ||||
| Other income, net | — | 0.2 | 1.0 | 0.3 | ||||
| Income (loss) before provision for income taxes and
equity in earnings of investee companies |
74.5 | 62.3 | 269.1 | (419.4) | ||||
| Provision for income taxes | (0.6) | (1.8) | (11.0) | (4.0) | ||||
| Equity in earnings of investee companies, net of tax | 0.1 | 0.2 | 0.6 | (1.1) | ||||
| Net income (loss) before allocation to redeemable and
non-redeemable noncontrolling interests |
74.0 | 60.7 | 258.7 | (424.5) | ||||
| Net income attributable to redeemable and non-
redeemable noncontrolling interests |
— | 0.3 | 0.5 | 0.7 | ||||
| Net income (loss) attributable to OUTFRONT Media Inc. | $ 74.0 | $ 60.4 | $ 258.2 | $ (425.2) | ||||
| Net income (loss) attributable to OUTFRONT Media
Inc. per common share: |
||||||||
| Basic | $ 0.44 | $ 0.36 | $ 1.54 | $ (2.70) | ||||
| Diluted | $ 0.43 | $ 0.36 | $ 1.51 | $ (2.70) | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 162.1 | 161.1 | 161.9 | 161.0 | ||||
| Diluted | 171.8 | 169.3 | 170.8 | 161.0 | ||||
Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
| As of | ||||
| (in millions) | December 31,
2024 |
December 31,
2023 |
||
| Assets: | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ 46.9 | $ 36.0 | ||
| Receivables, less allowances of $20.6 in 2024 and $17.2 in 2023 | 305.3 | 287.6 | ||
| Prepaid lease and transit franchise costs | 4.0 | 4.5 | ||
| Other prepaid expenses | 17.8 | 19.2 | ||
| Assets held for sale | — | 34.6 | ||
| Other current assets | 11.8 | 15.7 | ||
| Total current assets | 385.8 | 397.6 | ||
| Property and equipment, net | 648.9 | 657.8 | ||
| Goodwill | 2,006.4 | 2,006.4 | ||
| Intangible assets | 652.0 | 695.4 | ||
| Operating lease assets | 1,503.8 | 1,591.9 | ||
| Assets held for sale | — | 214.3 | ||
| Other assets | 18.3 | 19.5 | ||
| Total assets | $ 5,215.2 | $ 5,582.9 | ||
| Liabilities: | ||||
| Current liabilities: | ||||
| Accounts payable | $ 51.4 | $ 55.5 | ||
| Accrued compensation | 56.7 | 41.4 | ||
| Accrued interest | 34.5 | 34.2 | ||
| Accrued lease and franchise costs | 82.8 | 80.0 | ||
| Other accrued expenses | 54.3 | 56.2 | ||
| Deferred revenues | 42.8 | 37.7 | ||
| Short-term debt | 10.0 | 65.0 | ||
| Short-term operating lease liabilities | 168.7 | 180.9 | ||
| Liabilities held for sale | — | 24.1 | ||
| Other current liabilities | 19.6 | 18.0 | ||
| Total current liabilities | 520.8 | 593.0 | ||
| Long-term debt, net | 2,482.5 | 2,676.5 | ||
| Asset retirement obligation | 33.9 | 33.0 | ||
| Operating lease liabilities | 1,351.8 | 1,417.4 | ||
| Liabilities held for sale | — | 90.9 | ||
| Other liabilities | 42.2 | 42.0 | ||
| Total liabilities | 4,431.2 | 4,852.8 | ||
| Redeemable noncontrolling interests | 13.6 | 31.3 | ||
| Preferred stock (2024 – 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock
issued and outstanding; 2023 – 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding) (Note 11) |
119.8 | 119.8 | ||
| Commitments and contingencies | ||||
| Stockholders’ equity: | ||||
| Common stock (2024 – 450.0 shares authorized, and 166.0 shares issued and
outstanding; 2023 – 450.0 shares authorized, and 161.1 shares issued or outstanding) |
1.7 | 1.7 | ||
| Additional paid-in capital | 2,493.6 | 2,402.5 | ||
| Distribution in excess of earnings | (1,846.2) | (1,821.1) | ||
| Accumulated other comprehensive loss | (0.1) | (5.8) | ||
| Total stockholders’ equity | 649.0 | 577.3 | ||
| Noncontrolling interests | 1.6 | 1.7 | ||
| Total liabilities and equity | $ 5,215.2 | $ 5,582.9 | ||
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Year Ended | ||||
| December 31, | ||||
| (in millions) | 2024 | 2023 | ||
| Operating activities: | ||||
| Net income (loss) attributable to OUTFRONT Media Inc. | $ 258.2 | $ (425.2) | ||
| Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||||
| Net income attributable to redeemable and non-redeemable noncontrolling interests | 0.5 | 0.7 | ||
| Depreciation and amortization | 151.5 | 160.5 | ||
| Deferred tax benefit | (1.2) | (0.1) | ||
| Stock-based compensation | 30.8 | 28.4 | ||
| Provision for doubtful accounts | 5.7 | 5.8 | ||
| Accretion expense | 2.9 | 3.1 | ||
| Net gain on dispositions | (160.9) | (14.2) | ||
| Impairment charges | — | 511.4 | ||
| Loss on extinguishment of debt | 1.2 | 8.1 | ||
| Equity in earnings of investee companies, net of tax | (0.6) | 1.1 | ||
| Distributions from investee companies | 1.1 | 1.0 | ||
| Amortization of deferred financing costs and debt discount | 6.1 | 6.7 | ||
| Change in assets and liabilities, net of investing and financing activities: | ||||
| Increase in receivables | (23.3) | (4.0) | ||
| Increase in prepaid MTA equipment deployment costs | — | (21.8) | ||
| (Increase) decrease in prepaid expenses and other current assets | 0.1 | (4.9) | ||
| Increase (decrease) in accounts payable and accrued expenses | 13.7 | (9.2) | ||
| Increase in operating lease assets and liabilities | 10.2 | 10.6 | ||
| Increase in deferred revenues | 5.1 | 3.5 | ||
| Increase (decrease) in income taxes | 0.7 | (2.6) | ||
| Decrease in assets and liabilities held for sale, net | (2.1) | — | ||
| Other, net | (0.5) | (4.7) | ||
| Net cash flow provided by operating activities | 299.2 | 254.2 | ||
| Investing activities: | ||||
| Capital expenditures | (78.1) | (86.8) | ||
| Acquisitions | (19.5) | (33.7) | ||
| MTA franchise rights | (12.0) | 0.6 | ||
| Proceeds from dispositions | 317.6 | 12.4 | ||
| Investment in investee companies | (1.2) | — | ||
| Return of investment in investee companies | 0.7 | — | ||
| Net cash flow provided by (used for) investing activities | 207.5 | (107.5) | ||
| Financing activities: | ||||
| Proceeds from long-term debt borrowings | — | 450.0 | ||
| Repayments of long-term debt borrowings | (200.0) | (400.0) | ||
| Proceeds from borrowings under short-term debt facilities | 145.0 | 120.0 | ||
| Repayments of borrowings under short-term debt facilities | (200.0) | (85.0) | ||
| Payments of deferred financing costs | (0.3) | (10.7) | ||
| Payments of debt extinguishment charges | — | (6.3) | ||
| Taxes withheld for stock-based compensation | (7.8) | (12.5) | ||
| Purchase of redeemable noncontrolling interest | (23.9) | — | ||
| Dividends | (208.4) | (207.0) | ||
| Net cash flow used for financing activities | (495.4) | (151.5) | ||
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
| Year Ended | ||||
| December 31, | ||||
| (in millions) | 2024 | 2023 | ||
| Effect of exchange rate changes on cash and cash equivalents | (0.4) | 0.4 | ||
| Net increase (decrease) in cash and cash equivalents | 10.9 | (4.4) | ||
| Cash and cash equivalents at beginning of year | 36.0 | 40.4 | ||
| Cash and cash equivalents at end of year | $ 46.9 | $ 36.0 | ||
| Supplemental disclosure of cash flow information: | ||||
| Cash paid for income taxes | $ 11.5 | $ 6.7 | ||
| Cash paid for interest | 151.6 | 150.7 | ||
| Non-cash investing and financing activities: | ||||
| Accrued purchases of property and equipment | $ 7.0 | $ 7.7 | ||
| Accrued MTA franchise rights | 1.9 | 3.0 | ||
Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited)
| Three Months Ended December 31, 2024 | ||||||||||
| (in millions, except percentages) | Billboard | Transit | Other | Corporate | Consolidated | |||||
| Revenues | $ 374.6 | $ 116.5 | $ 2.1 | $ — | $ 493.2 | |||||
| Organic revenues(a) | $ 374.6 | $ 116.5 | $ 2.1 | $ — | $ 493.2 | |||||
| Non-organic revenues(b) | $ — | $ — | $ — | $ — | $ — | |||||
| Operating income (loss) | $ 119.0 | $ 18.9 | $ 0.4 | $ (27.2) | $ 111.1 | |||||
| Net gain on dispositions | (7.3) | — | — | — | (7.3) | |||||
| Depreciation | 22.1 | 1.9 | — | — | 24.0 | |||||
| Amortization | 17.2 | 1.2 | — | — | 18.4 | |||||
| Stock-based compensation | — | — | — | 9.0 | 9.0 | |||||
| Adjusted OIBDA | $ 151.0 | $ 22.0 | $ 0.4 | $ (18.2) | $ 155.2 | |||||
| Adjusted OIBDA margin | 40.3 % | 18.9 % | 19.0 % | * | 31.5 % | |||||
| Three Months Ended December 31, 2023 | ||||||||||
| (in millions, except percentages) | Billboard | Transit | Other | Corporate | Consolidated | |||||
| Revenues | $ 367.4 | $ 106.8 | $ 27.0 | $ — | $ 501.2 | |||||
| Organic revenues(a) | $ 367.4 | $ 106.8 | $ 0.7 | $ — | $ 474.9 | |||||
| Non-organic revenues(b) | $ — | $ — | $ 26.3 | $ — | $ 26.3 | |||||
| Operating income (loss) | $ 125.8 | $ (0.8) | $ 7.8 | $ (21.8) | $ 111.0 | |||||
| Net gain on dispositions | (14.4) | — | — | — | (14.4) | |||||
| Impairment charges | — | 11.2 | — | — | 11.2 | |||||
| Depreciation | 17.2 | 2.5 | 0.5 | — | 20.2 | |||||
| Amortization | 16.7 | 0.8 | 0.7 | — | 18.2 | |||||
| Stock-based compensation | — | — | — | 5.5 | 5.5 | |||||
| Adjusted OIBDA | $ 145.3 | $ 13.7 | $ 9.0 | $ (16.3) | $ 151.7 | |||||
| Adjusted OIBDA margin | 39.5 % | 12.8 % | 33.3 % | * | 30.3 % | |||||
| 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(a) | $ 1,409.3 | $ 383.8 | $ 2.9 | $ — | $ 1,796.0 | |||||
| Non-organic revenues(b) | $ — | $ — | $ 34.9 | $ — | $ 34.9 | |||||
| Operating income (loss) | $ 385.9 | $ (20.7) | $ 157.9 | $ (97.6) | $ 425.5 | |||||
| Net (gain) loss on dispositions | (5.9) | 0.1 | (155.1) | — | (160.9) | |||||
| Impairment charges | — | 17.9 | — | — | 17.9 | |||||
| Depreciation | 72.5 | 7.0 | — | — | 79.5 | |||||
| Amortization | 68.0 | 4.0 | — | — | 72.0 | |||||
| Stock-based compensation | — | — | — | 30.8 | 30.8 | |||||
| Adjusted OIBDA | $ 520.5 | $ 8.3 | $ 2.8 | $ (66.8) | $ 464.8 | |||||
| Adjusted OIBDA margin | 36.9 % | 2.2 % | 7.4 % | * | 25.4 % | |||||
| Year Ended December 31, 2023 | ||||||||||
| (in millions, except percentages) | Billboard | Transit | Other | Corporate | Consolidated | |||||
| Revenues | $ 1,369.7 | $ 352.6 | $ 98.3 | $ — | $ 1,820.6 | |||||
| Organic revenues(a) | $ 1,369.7 | $ 352.6 | $ 6.2 | $ — | $ 1,728.5 | |||||
| Non-organic revenues(b) | $ — | $ — | $ 92.1 | $ — | $ 92.1 | |||||
| Operating income (loss) | $ 382.2 | $ (566.9) | $ 11.4 | $ (79.9) | $ (253.2) | |||||
| Net gain on dispositions | (14.2) | — | — | — | (14.2) | |||||
| Impairment charges | — | 534.7 | — | — | 534.7 | |||||
| Depreciation | 65.6 | 8.8 | 4.9 | — | 79.3 | |||||
| Amortization | 67.0 | 7.4 | 6.8 | — | 81.2 | |||||
| Stock-based compensation | — | — | — | 28.4 | 28.4 | |||||
| Adjusted OIBDA | $ 500.6 | $ (16.0) | $ 23.1 | $ (51.5) | $ 456.2 | |||||
| Adjusted OIBDA margin | 36.5 % | (4.5) % | 23.5 % | * | 25.1 % | |||||
Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited)
| Three Months Ended | Year Ended | |||||||
| December 31, | December 31, | |||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | ||||
| Net income (loss) attributable to OUTFRONT Media Inc. | $ 74.0 | $ 60.4 | $ 258.2 | $ (425.2) | ||||
| Depreciation of billboard advertising structures | 18.4 | 15.4 | 59.5 | 60.2 | ||||
| Amortization of real estate-related intangible assets | 16.5 | 16.7 | 65.5 | 71.1 | ||||
| Amortization of direct lease acquisition costs | 13.3 | 13.0 | 58.4 | 55.4 | ||||
| Net gain on disposition of real estate assets | (7.3) | (14.4) | (160.9) | (14.2) | ||||
| Impairment charges(c) | — | 8.3 | 13.1 | 388.2 | ||||
| Adjustment related to redeemable and non-redeemable noncontrolling interests | (0.1) | (0.1) | (0.3) | (0.3) | ||||
| Income tax effect of adjustments(d) | — | — | 10.1 | — | ||||
| FFO attributable to OUTFRONT Media Inc. | $ 114.8 | $ 99.3 | $ 303.6 | $ 135.2 | ||||
| Non-cash portion of income taxes | 0.5 | 1.0 | (0.5) | (2.7) | ||||
| Cash paid for direct lease acquisition costs | (14.2) | (14.6) | (56.9) | (58.2) | ||||
| Maintenance capital expenditures | (3.8) | (5.7) | (21.7) | (30.2) | ||||
| Other depreciation | 5.6 | 4.8 | 20.0 | 19.1 | ||||
| Other amortization | 1.9 | 1.5 | 6.5 | 10.1 | ||||
| Impairment charges on non-real estate assets(c) | — | 2.9 | 4.8 | 146.5 | ||||
| Stock-based compensation | 9.0 | 5.5 | 30.8 | 28.4 | ||||
| Non-cash effect of straight-line rent | 2.7 | 2.8 | 10.7 | 9.7 | ||||
| Accretion expense | 0.7 | 0.8 | 2.9 | 3.1 | ||||
| Amortization of deferred financing costs | 1.5 | 1.7 | 6.1 | 6.7 | ||||
| Loss on extinguishment of debt | — | 8.1 | 1.2 | 8.1 | ||||
| AFFO attributable to OUTFRONT Media Inc. | $ 118.7 | $ 108.1 | $ 307.5 | $ 275.8 | ||||
Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited)
| Three Months Ended | Year Ended | |||||||
| December 31, | December 31, | |||||||
| (in millions) | 2024 | 2023 | 2024 | 2023 | ||||
| Adjusted OIBDA | $ 155.2 | $ 151.7 | $ 464.8 | $ 456.2 | ||||
| Interest expense, net, less amortization of deferred financing costs | (35.1) | (39.1) | (150.1) | (151.7) | ||||
| Cash paid for income taxes(e) | (0.1) | (0.8) | (1.4) | (6.7) | ||||
| Direct lease acquisition costs | (0.9) | (1.6) | 1.5 | (2.8) | ||||
| Maintenance capital expenditures | (3.8) | (5.7) | (21.7) | (30.2) | ||||
| Equity in earnings of investee companies, net of tax | 0.1 | 0.2 | 0.6 | (1.1) | ||||
| Non-cash effect of straight-line rent | 2.7 | 2.8 | 10.7 | 9.7 | ||||
| Accretion expense | 0.7 | 0.8 | 2.9 | 3.1 | ||||
| Other income, net | — | 0.2 | 1.0 | 0.3 | ||||
| Adjustment related to redeemable and non-redeemable noncontrolling interests | (0.1) | (0.4) | (0.8) | (1.0) | ||||
| AFFO attributable to OUTFRONT Media Inc. | $ 118.7 | $ 108.1 | $ 307.5 | $ 275.8 | ||||
Exhibit 7: OPERATING EXPENSES
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||
| (in millions, except | December 31, | % | December 31, | % | ||||||||
| percentages) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
| Operating expenses: | ||||||||||||
| Billboard property lease | $ 119.6 | $ 131.2 | (8.8) % | $ 482.8 | $ 499.7 | (3.4) % | ||||||
| Transit franchise | 59.5 | 60.2 | (1.2) | 238.1 | 240.3 | (0.9) | ||||||
| Posting, maintenance and other | 58.3 | 55.7 | 4.7 | 228.1 | 223.1 | 2.2 | ||||||
| Total operating expenses | $ 237.4 | $ 247.1 | (3.9) | $ 949.0 | $ 963.1 | (1.5) | ||||||
Exhibit 8: EXPENSES BY SEGMENT
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||
| (in millions, except | December 31, | % | December 31, | % | ||||||||
| percentages) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
| Billboard: | ||||||||||||
| Billboard property lease | $ 119.6 | $ 125.5 | (4.7) % | $ 472.3 | $ 477.3 | (1.0) % | ||||||
| Billboard posting, maintenance and other | 38.6 | 33.9 | 13.9 | 148.4 | 134.9 | 10.0 | ||||||
| Billboard operating expenses | $ 158.2 | $ 159.4 | (0.8) | $ 620.7 | $ 612.2 | 1.4 | ||||||
| Billboard SG&A expenses | $ 65.4 | $ 62.7 | 4.3 | $ 268.1 | $ 256.9 | 4.4 | ||||||
| Transit: | ||||||||||||
| Transit franchise | $ 59.5 | $ 59.1 | 0.7 | $ 236.3 | $ 235.6 | 0.3 | ||||||
| Transit posting, maintenance and other | 18.0 | 16.2 | 11.1 | 68.2 | 62.4 | 9.3 | ||||||
| Transit operating expenses | $ 77.5 | $ 75.3 | 2.9 | $ 304.5 | $ 298.0 | 2.2 | ||||||
| Transit SG&A expenses | $ 17.0 | $ 17.8 | (4.5) | $ 71.0 | $ 70.6 | 0.6 | ||||||
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 our outdoor advertising business in Canada, and the impact of foreign currency exchange rates (“non-organic revenues”).
(b) In the twelve months ended December 31, 2024 and 2023, non-organic revenues reflect the impact of the Transaction. In the three months ended December 31, 2023, non-organic revenues reflect the impact of the Transaction and the impact of foreign currency exchange rates.
(c) Primarily impairment charges related to our Transit reporting unit and MTA asset group.
(d) Income tax effect related to Net gain on disposition of real estate assets.
(e) Cash paid for income taxes is presented in this table net of cash paid for income taxes related to a net gain on disposition of real estate assets associated with the Transaction.
* Calculation not meaningful
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