OUTFRONT Media Full Year 2024 Results
Fourth Quarter Revenues of $493.2 million
Operating income of $111.1 million
Net income attributable to OUTFRONT Media Inc. of $74.0 million, $0.43 earnings per diluted share
Adjusted OIBDA of $155.2 million
AFFO attributable to OUTFRONT Media Inc. of $118.7 million
Quarterly dividend of $0.30 per share, payable March 31, 2025
NEW YORK, Feb. 25, 2025 /PRNewswire/ — 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.”
Three Months Ended | Twelve Months Ended | |||||||
$ in Millions, except per share amounts | 2024 | 2023 | 2024 | 2023 | ||||
Revenues | $493.2 | $501.2 | $1,830.9 | $1,820.6 | ||||
Organic revenues | 493.2 | 474.9 | 1,796.0 | 1,728.5 | ||||
Operating income (loss) | 111.1 | 111.0 | 425.5 | (253.2) | ||||
Adjusted OIBDA | 155.2 | 151.7 | 464.8 | 456.2 | ||||
Net income (loss) before allocation to redeemable | 74.0 | 60.7 | 258.7 | (424.5) | ||||
Net income (loss)1 | 74.0 | 60.4 | 258.2 | (425.2) | ||||
Net income (loss) per share1,2,3 | $0.43 | $0.36 | $1.51 | ($2.70) | ||||
Funds From Operations (FFO)1 | 114.8 | 99.3 | 303.6 | 135.2 | ||||
Adjusted FFO (AFFO)1 | 118.7 | 108.1 | 307.5 | 275.8 | ||||
Shares outstanding3 | 171.8 | 169.3 | 170.8 | 161.0 | ||||
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. |
Fourth Quarter 2024 Results
We currently manage our operations through two reportable operating segments — (1) Billboard and (2) Transit. On June 7, 2024, we sold all 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 (the “Canadian Business”). Prior to its sale, the Canadian Business comprised our International operating segment, which did not meet the criteria to be a reportable segment, and accordingly, was included in Other.
The following reported results include the historical results of the Canadian Business through the date of sale.
Consolidated
Reported revenues of $493.2 million decreased $8.0 million, or 1.6%, for the fourth quarter of 2024 as compared to the same prior-year period. Organic revenues of $493.2 million increased $18.3 million, or 3.9%.
Reported billboard segment revenues of $374.6 million increased $7.2 million, or 2.0%, due to higher average revenue per display (yield) compared to the same prior-year period, driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues and higher proceeds from condemnations. Organic billboard segment revenues of $374.6 million increased $7.2 million, or 2.0%.
Reported transit segment revenues of $116.5 million increased $9.7 million, or 9.1%, due primarily to a increase in average revenue per display (yield) compared to the same prior-year period. Organic transit segment revenues of $116.5 million increased $9.7 million, or 9.1%.
Total operating expenses of $237.4 million decreased $9.7 million, or 3.9%, due primarily to the impact of the Transaction and lower variable property lease expenses, partially offset by higher maintenance and utilities costs, production expense, and higher transit franchise costs, including higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the “MTA”).
Selling, General and Administrative expenses (“SG&A”) of $109.6 million increased $1.7 million, or 1.6%, due primarily to higher compensation-related expenses, including salaries and commissions, partially offset by the impact of the Transaction.
Adjusted OIBDA of $155.2 million increased $3.5 million, or 2.3%, compared to the same prior-year period.
Segment Results
Billboard
Reported revenues of $374.6 million increased $7.2 million, or 2.0%, due to higher average revenue per display (yield) compared to the same prior-year period, driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues and higher proceeds from condemnations. Organic revenues increased $7.2 million, or 2.0%.
Operating expenses decreased $1.2 million, or 0.8%, due primarily to lower variable billboard property lease expenses, partially offset by higher posting, maintenance and other costs.
SG&A expenses increased $2.7 million, or 4.3%, due primarily to higher compensation related expenses.
Adjusted OIBDA of $151.0 million increased $5.7 million, or 3.9%, compared to the same prior-year period.
Transit
Reported revenues of $116.5 million increased $9.7 million, or 9.1%, due to higher average revenue per display (yield) compared to the same prior-year period. Organic revenues increased $9.7 million, or 9.1%.
Operating expenses increased $2.2 million, or 2.9%, due primarily to higher posting, maintenance, and other expenses and higher transit franchise expenses.
SG&A expenses decreased $0.8 million, or 4.5%, due primarily to lower professional fees.
Adjusted OIBDA of $22.0 million increased $8.3 million, or 60.6%, compared to the same prior-year period.
Other
Reported revenues of $2.1 million decreased $24.9 million, or 92.2%, primarily driven by the impact of the Transaction. Organic revenues increased $1.4 million, or 200.0%.
Operating expenses decreased $10.7 million, or 86.3%, due primarily to the impact of the Transaction.
There were no SG&A expenses in the fourth quarter of 2024 due to the impact of the Transaction.
Adjusted OIBDA of $0.4 million decreased $8.6 million, or 95.6%, compared to the same prior-year period.
Corporate
Corporate costs, excluding stock-based compensation, increased $1.9 million, or 11.7%, to $18.2 million, due primarily to higher compensation-related expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.
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.
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Source: OUTFRONT Media
