OUTFRONT MEDIA REPORTS SECOND QUARTER 2022 RESULTS
Q2 was another strong quarter, with 32% revenue growth driving a 79% increase in Adjusted OIBDA. The majority of this growth was driven by billboard pricing as well as continued improvement in transit,” said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. “Despite some current macroeconomic uncertainty, our business remains healthy, and we expect continued attractive growth throughout the second half of 2022.”
Three Months Ended | Six Months Ended | |||||||
$ in Millions, except per share amounts | 2022 | 2021 | 2022 | 2021 | ||||
Revenues | $450.2 | $341.0 | $823.7 | $600.2 | ||||
Organic revenues | 447.8 | 340.4 | 821.3 | 599.6 | ||||
Operating income (loss) | 79.9 | 29.1 | 108.4 | (1.9) | ||||
Adjusted OIBDA | 125.3 | 70.0 | 195.5 | 81.1 | ||||
Net income (loss) before allocation to non- | 48.4 | (0.7) | 48.5 | (68.3) | ||||
Net income (loss)2 | 48.0 | (0.9) | 47.9 | (68.6) | ||||
Net income (loss) per share1,2,3 | $0.28 | ($0.05) | $0.25 | ($0.57) | ||||
Funds From Operations (FFO)2 | 92.4 | 39.7 | 134.2 | 9.3 | ||||
Adjusted FFO (AFFO)2 | 93.2 | 39.6 | 128.7 | 15.1 | ||||
Shares outstanding3 | 164.6 | 145.6 | 158.8 | 145.2 | ||||
Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) “per share” means per common share for diluted earnings per weighted average share; 2) 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; 3) Diluted weighted average shares outstanding. |
Second Quarter 2022 Results
Consolidated
Reported revenues of $450.2 million increased $109.2 million, or 32.0%, for the second quarter of 2022 as compared to the same prior-year period. Organic revenues of $447.8 million increased $107.4 million, or 31.6%.
Reported billboard revenues of $354.0 million increased $66.7 million, or 23.2%, due primarily to higher average revenue per display (yield) compared to the same prior-year period, as we have experienced an increase in demand for our services, as well as the impact of acquisitions. Organic billboard revenues of $351.6 million increased $64.8 million, or 22.6%.
Reported transit and other revenues of $96.2 million increased $42.5 million, or 79.1%, due primarily to an increase in yield compared to the same prior-year period, as we have experienced an increase in demand for our services due to an increase in transit ridership, partially offset by the loss of a transit franchise contract. Organic transit and other revenues of $96.2 million increased $42.6 million, or 79.5%.
Total operating expenses of $226.5 million increased $36.9 million, or 19.5%, due primarily to costs associated with higher billboard and transit revenues and higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the “MTA”). Selling, General and Administrative expenses (“SG&A”) of $106.9 million increased $18.0 million, or 20.2%, due to higher compensation-related expenses, including commissions and salaries, higher professional fees, increased business travel resulting in higher travel and entertainment expense, and a higher provision for doubtful accounts, partially offset by the impact of market fluctuations on an equity-linked retirement plan offered by the company to certain employees.
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