Part I [Business](index=6&type=section&id=Item%201.%20Business) OUTFRONT Media Inc. is a REIT and a leading provider of out-of-home advertising in the U.S. and Canada, focusing on digital expansion and the sale of its Canadian business in 2023 - OUTFRONT Media is a REIT and one of the largest out-of-home advertising providers in the U.S. and Canada, with a portfolio of billboard and transit displays in approximately **150 markets**[19](index=19&type=chunk) - On October 22, **2023**, the company entered into an agreement to sell its Canadian outdoor advertising business to Bell Media Inc. for **C$410.0 million** in cash, with the transaction expected to close in the first half of **2024**[26](index=26&type=chunk)[27](index=27&type=chunk) - The company's growth strategy focuses on increasing the number of digital displays, which generate higher revenue and profits than traditional static displays, alongside enhancing revenue management and pursuing selective acquisitions[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) U.S. Media Segment Revenue by Industry (2023) | Industry | Percentage of Total U.S. Media Segment Revenues | | :--- | :--- | | Entertainment | 20% | | Retail | 11% | | Health/Medical | 9% | | Legal Services/Lawyers | 7% | | Technology | 6% | | Miscellaneous Service Providers | 5% | | Restaurants | 4% | | Automotive | 4% | | Consumer Packaged Goods | 4% | | Education | 4% | | Travel | 4% | | Financial | 3% | | Alcohol | 3% | | Government/Political | 3% | | Utilities | 3% | | Real Estate | 2% | | Non-Profit | 2% | | Insurance | 2% | | Other | 4% | - The business is subject to significant regulation, including the federal Highway Beautification Act (HBA), state and local zoning laws, and content-based restrictions on advertising for products like tobacco and alcohol[65](index=65&type=chunk)[66](index=66&type=chunk)[72](index=72&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to its business, substantial indebtedness of approximately **$2.8 billion**, and the complexities of maintaining its REIT structure - The business is sensitive to economic conditions, with advertising expenditures declining during economic downturns, and pandemics, like COVID-19, can materially reduce transit ridership and advertising demand[91](index=91&type=chunk)[92](index=92&type=chunk) - The company operates in a highly competitive industry, facing pressure on advertising rates and lease costs from national players like Lamar and Clear Channel Outdoor, as well as other media platforms[95](index=95&type=chunk)[96](index=96&type=chunk) - In **2023**, the company recorded significant impairment charges totaling **$534.7 million**, primarily related to its U.S. Transit and Other reporting unit and its MTA asset group, due to a downward revision in the fair value and expected cash flows[117](index=117&type=chunk) - As of December 31, **2023**, the company had approximately **$2.8 billion** in total indebtedness, which could make it difficult to satisfy obligations, fund operations, and react to market changes[120](index=120&type=chunk)[121](index=121&type=chunk) - Failure to maintain REIT qualification would result in being subject to U.S. federal income tax at regular corporate rates, substantially reducing cash available for distribution, as maintaining REIT status requires distributing at least **90%** of REIT taxable income annually[147](index=147&type=chunk)[150](index=150&type=chunk) [Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[167](index=167&type=chunk) [Cybersecurity](index=37&type=section&id=Item%201C.%20Cybersecurity) The company maintains a comprehensive Cybersecurity Program, overseen by its CISO and the audit committee, with no material threats identified to date - The company has a comprehensive Cybersecurity Program managed by a CISO and CIO, with oversight from the board's audit committee, which receives quarterly updates[168](index=168&type=chunk)[169](index=169&type=chunk) - The program includes regular third-party assessments and processes to evaluate cybersecurity risks associated with third-party service providers[171](index=171&type=chunk) - To date, the company has not identified any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect its business, financial condition, or results of operations[172](index=172&type=chunk) [Properties](index=37&type=section&id=Item%202.%20Properties) The company primarily leases its outdoor advertising sites in the U.S. and Canada, with approximately **71%** of leases expiring or subject to renewal within the next **5 years** - The company primarily leases its outdoor advertising sites, with an average lease term of **8 years**[174](index=174&type=chunk) - Approximately **71%** of outdoor advertising site leases are set to expire or be renewed in the next **5 years**, **20%** in **6 to 10 years**, and **9%** in more than **10 years**[174](index=174&type=chunk) [Legal Proceedings](index=38&type=section&id=Item%203.%20Legal%20Proceedings) The company is engaged in various ongoing lawsuits and governmental proceedings, none of which are expected to have a material adverse effect - The company is involved in ongoing litigation but does not expect any of it to have a material adverse effect on its financial condition or results[175](index=175&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable, as the company has no mine safety disclosures - None[176](index=176&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=39&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) OUTFRONT Media Inc.'s common stock trades on the NYSE, and as a REIT, the company must distribute at least **90%** of its taxable income annually - The company's common stock trades on the New York Stock Exchange under the ticker symbol "**OUT**"[179](index=179&type=chunk) - To maintain REIT status, the company must distribute at least **90%** of its REIT taxable income annually, with the board determining dividends based on results, financial condition, and other factors[181](index=181&type=chunk) - For tax purposes in **2023**, distributed dividends were characterized as approximately **84.3%** ordinary income, **6.9%** capital gain, and **8.8%** return of capital[182](index=182&type=chunk) [Reserved]](index=41&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In **2023**, total revenues increased **3%** to **$1.82 billion**, but the company recorded a significant net loss of **$430.4 million** primarily due to **$534.7 million** in impairment charges Key Performance Indicators (Year Ended Dec 31) | (in millions, except percentages) | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $ 1,820.6 | $ 1,772.1 | 3% | | Organic revenues | $ 1,805.4 | $ 1,757.9 | 3% | | Operating income (loss) | $ (258.4) | $ 287.7 | * | | Adjusted OIBDA | $ 451.0 | $ 472.4 | (5)% | | Net income (loss) attributable to OUTFRONT Media Inc. | $ (430.4) | $ 147.9 | * | | FFO attributable to OUTFRONT Media Inc. | $ 130.0 | $ 325.2 | (60)% | | AFFO attributable to OUTFRONT Media Inc. | $ 270.6 | $ 311.3 | (13)% | - Total revenues for **2023** increased by **3%** to **$1.82 billion**, driven by a **4%** increase in Billboard revenues, which was partially offset by a **3%** decrease in Transit and other revenues due to weaker national advertising market conditions[218](index=218&type=chunk)[219](index=219&type=chunk)[221](index=221&type=chunk) - The company recorded impairment charges of **$534.7 million** in **2023**, which included a **$47.6 million** goodwill impairment and a **$486.6 million** long-lived asset impairment, primarily related to the MTA asset group within the U.S. Transit and Other reporting unit[234](index=234&type=chunk)[264](index=264&type=chunk) - In November **2023**, the company issued **$450.0 million** of **7.375%** Senior Secured Notes due **2031** and used the proceeds to redeem its **6.250%** Senior Unsecured Notes due **2025**, resulting in an **$8.1 million** loss on extinguishment of debt[238](index=238&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk) - Under the MTA agreement, the company incurred **$43.7 million** in equipment deployment costs in **2023**, but due to revised revenue forecasts, the company does not expect to recoup these costs and recorded significant impairment charges against the related assets[281](index=281&type=chunk)[318](index=318&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) For the year ended December 31, **2023**, total revenues grew **3%** to **$1.82 billion**, while total expenses surged **40%** to **$2.08 billion**, resulting in a net loss of **$430.4 million** Revenues by Type (Year Ended Dec 31) | (in millions) | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **Billboard** | **$ 1,444.9** | **$ 1,384.7** | **4%** | | **Transit and other** | **$ 375.7** | **$ 387.4** | **(3)%** | | **Total revenues** | **$ 1,820.6** | **$ 1,772.1** | **3%** | Expenses (Year Ended Dec 31) | (in millions) | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Operating | $ 968.3 | $ 911.4 | 6% | | Selling, general and administrative | $ 429.7 | $ 422.1 | 2% | | Net (gain) loss on dispositions | $ (14.2) | $ 0.2 | * | | Impairment charges | $ 534.7 | $ — | * | | Depreciation | $ 79.3 | $ 77.4 | 2% | | Amortization | $ 81.2 | $ 73.3 | 11% | | **Total expenses** | **$ 2,079.0** | **$ 1,484.4** | **40%** | - Billboard property lease expenses increased to **35%** of billboard revenues in **2023** from **33%** in **2022**, partly due to a **$5.2 million** out-of-period adjustment[228](index=228&type=chunk) - Transit franchise expenses rose to **71%** of transit display revenues in **2023** from **67%** in **2022**, primarily due to higher guaranteed minimum annual payments to the MTA[229](index=229&type=chunk) - A net gain on dispositions of **$14.2 million** was recorded in **2023**, mainly from the sale of land and structures in Los Angeles, CA[233](index=233&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, **2023**, the company had a working capital deficit of **$195.4 million** and total debt of approximately **$2.8 billion**, with significant capital deployment for the MTA contract Debt Summary (as of Dec 31, 2023) | Debt Instrument | Principal Amount (in millions) | Maturity | | :--- | :--- | :--- | | AR Facility (Short-term) | $ 65.0 | 2025 | | Term Loan | $ 598.9 | 2026 | | 7.375% Senior Secured Notes | $ 450.0 | 2031 | | 5.000% Senior Unsecured Notes | $ 650.0 | 2027 | | 4.250% Senior Unsecured Notes | $ 500.0 | 2029 | | 4.625% Senior Unsecured Notes | $ 500.0 | 2030 | | **Total Debt (Principal)** | **$ 2,763.9** | | - The company's working capital deficit increased to **$195.4 million** at year-end **2023** from **$161.2 million** in **2022**, driven by increased short-term debt and accrued costs[279](index=279&type=chunk) - Net cash flow from operating activities was stable at **$254.2 million**, while cash used for investing activities decreased significantly to **$107.5 million** from **$449.5 million**, mainly due to lower acquisition spending[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) - The company has an "at-the-market" (ATM) equity offering program with approximately **$232.5 million** of remaining capacity as of December 31, **2023**, though no shares were sold under it during the year[299](index=299&type=chunk) [Critical Accounting Policies](index=66&type=section&id=Critical%20Accounting%20Policies) The company's critical accounting policies involve significant judgment regarding the MTA Agreement, goodwill, and long-lived assets, leading to substantial impairment charges in **2023** - MTA Agreement: Due to stalled revenue recovery and a reduced forecast, the company determined it would not recoup prepaid MTA equipment deployment costs, leading to a reclassification of **$385.0 million** to Intangible Assets and a subsequent impairment charge of **$443.1 million** against the MTA long-lived asset group in Q2 **2023**[318](index=318&type=chunk) - Goodwill: An interim impairment analysis was triggered for the U.S. Transit and Other reporting unit in Q2 **2023** due to underperformance, resulting in an impairment charge of **$47.6 million**, representing the entire goodwill balance of the reporting unit[324](index=324&type=chunk)[327](index=327&type=chunk) - Long-Lived Assets: The underperformance of the U.S. Transit business triggered an impairment test, leading to total impairment charges of **$463.5 million** in Q2, **$12.1 million** in Q3, and **$11.0 million** in Q4 **2023**, primarily related to the MTA asset group[333](index=333&type=chunk)[334](index=334&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from commodity prices, foreign currency exchange rates, and interest rates, with a **0.25%** change in rates affecting annual interest expense by approximately **$1.7 million** - The company is exposed to commodity price risk for electricity to power its displays, but does not currently use derivatives to mitigate it[337](index=337&type=chunk)[338](index=338&type=chunk) - Foreign currency translation risk exists for the Canadian business, with unrecognized foreign currency losses of **$6.1 million** as of year-end **2023** to be included in the gain or loss upon the sale of the Canadian business[339](index=339&type=chunk) - The company is subject to interest rate risk on its variable-rate debt, where a **1/4%** (**25 basis point**) change in interest rates would result in an approximate **$1.7 million** change in annual interest expense on its Term Loan and AR Facility combined[342](index=342&type=chunk)[343](index=343&type=chunk) [Financial Statements and Supplementary Data](index=72&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements for **2023**, including significant impairment charges totaling **$534.7 million** and details of the pending Canadian business sale Consolidated Statement of Operations Highlights (Year Ended Dec 31) | (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Total revenues | $ 1,820.6 | $ 1,772.1 | | Operating income (loss) | $ (258.4) | $ 287.7 | | Impairment charges | $ 534.7 | $ — | | Net income (loss) attributable to OUTFRONT Media Inc. | $ (430.4) | $ 147.9 | Consolidated Statement of Financial Position Highlights (As of Dec 31) | (in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Total current assets | $ 397.6 | $ 390.4 | | Total assets | $ 5,582.9 | $ 5,990.0 | | Total current liabilities | $ 593.0 | $ 551.6 | | Long-term debt, net | $ 2,676.5 | $ 2,626.0 | | Total liabilities | $ 4,852.8 | $ 4,640.8 | | Total equity | $ 730.1 | $ 1,349.2 | - The independent auditor's report from PricewaterhouseCoopers LLP identified the recoverability of Prepaid MTA Equipment Deployment Costs and the Long-Lived Asset Interim Impairment Assessment for the MTA Asset Group as critical audit matters due to significant management judgment and auditor subjectivity[357](index=357&type=chunk)[358](index=358&type=chunk)[359](index=359&type=chunk) - Note **12** details the pending sale of the Canadian business, with assets held for sale totaling **$248.9 million** and liabilities held for sale totaling **$115.0 million** related to this transaction as of December 31, **2023**[498](index=498&type=chunk)[501](index=501&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=116&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[582](index=582&type=chunk) [Controls and Procedures](index=116&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures and internal control over financial reporting were effective as of December 31, **2023** - Management concluded that disclosure controls and procedures were effective as of December 31, **2023**[583](index=583&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, **2023**, based on the COSO framework, and this assessment was audited by PricewaterhouseCoopers LLP[584](index=584&type=chunk) [Other Information](index=116&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[586](index=586&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=116&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[587](index=587&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=117&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's **2024** Proxy Statement - The required information is incorporated by reference from the registrant's Proxy Statement for the **2024** Annual Meeting of Stockholders[592](index=592&type=chunk) [Executive Compensation](index=117&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's **2024** Proxy Statement - The required information is incorporated by reference from the registrant's Proxy Statement for the **2024** Annual Meeting of Stockholders[593](index=593&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=117&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership and related stockholder matters is incorporated by reference from the company's **2024** Proxy Statement - The required information is incorporated by reference from the registrant's Proxy Statement for the **2024** Annual Meeting of Stockholders[594](index=594&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=117&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's **2024** Proxy Statement - The required information is incorporated by reference from the registrant's Proxy Statement for the **2024** Annual Meeting of Stockholders[595](index=595&type=chunk) [Principal Accounting Fees and Services](index=117&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accounting fees and services is incorporated by reference from the company's **2024** Proxy Statement - The required information is incorporated by reference from the registrant's Proxy Statement for the **2024** Annual Meeting of Stockholders[596](index=596&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=117&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists the financial statements and schedules filed as part of the Annual Report on Form **10-K**, along with an index of all exhibits - This item lists the financial statements and schedules included in Item **8**[598](index=598&type=chunk) - An index of all exhibits filed with the Form **10-K** is provided, starting on page **112**[610](index=610&type=chunk) [Form 10-K Summary](index=122&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company provides no summary under this item - None[611](index=611&type=chunk)

Financial Data and Key Metrics Changes - Revenues increased by 3% year-over-year on an organic basis, with U.S. Media and Canadian business both contributing equally to this growth [7] - Consolidated revenues grew by 1.3% in Q4, with OIBDA at $152 million and AFFO at $108 million [11][24] - Total expenses rose by 2.5% year-over-year, while billboard lease expenses decreased by 9% [17][18] Business Line Data and Key Metrics Changes - U.S. billboard revenues increased by 3%, with notable growth in the East and South regions [12] - Transit revenue declined by 4% due to weaker performance in tech, financial, and entertainment sectors [12] - Digital revenue grew by 9% in Q4, representing nearly 36% of total digital revenues, up from 33% the previous year [15] Market Data and Key Metrics Changes - Local revenues grew by 4.5% in Q4, while national revenues declined by 3% [13] - The best-performing categories in Q4 were CPG, legal services, education, and retail, while technology and entertainment faced declines [13] Company Strategy and Development Direction - The company plans to close the sale of its Canadian business for approximately $300 million, expected to finalize in the first half of 2024 [9][25] - The focus remains on enhancing digital capabilities and automated sales platforms, which contributed significantly to revenue growth [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2024, expecting significant improvement in revenue growth despite challenges faced in 2023 [27][36] - The anticipated recovery in the transit business and the impact of upcoming events like the Olympics and elections are expected to drive growth [36] Other Important Information - The company maintained a cash dividend of $0.30, payable on March 28, 2024 [33] - Total NAV leverage stood at 5.4x, with a comfortable debt structure and no significant maturities until 2026 [25][32] Q&A Session Summary Question: Details on AFFO guidance and impact of Canada - Management clarified that the AFFO growth assumes the sale of Canada mid-year, which will affect the comparative basis for 2024 [39][40] Question: Impact of media strikes on growth - Management noted that media strikes had a significant impact on the transit business, but they expect a full schedule this year to positively influence revenue [44][45] Question: Billboard digital versus static mix - Digital revenue constituted 36% of total revenues, up from 30% the previous year, indicating a positive trend towards digitization [51][52] Question: Strength in billboard and transit revenue - Management indicated that both segments are expected to grow, with programmatic revenues contributing positively [60][61] Question: Customer confidence in out-of-home advertising - Management observed increased customer interest in out-of-home advertising compared to the previous year, indicating a more favorable environment [63]

Exhibit 99.1 OUTFRONT Media Reports Fourth Quarter And Full Year 2023 Results Fourth Quarter Revenues of $501.2 million Operating income of $111.0 million Net income attributable to OUTFRONT Media Inc. of $60.4 million, $0.35 earnings per diluted share Adjusted OIBDA of $151.7 million AFFO attributable to OUTFRONT Media Inc. of $108.1 million Quarterly dividend of $0.30 per share, payable March 28, 2024 NEW YORK, February 21, 2024 – OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter and ...

222 225 234 237 237 233 251 242 268 268 282 292 307 108 110 110 120 120 120 120 74 78 78 95 100 101 $212.5 $271.8 $298.4 $333.4 $1,116.1 $283.4 $332.1 $335.3 $358.0 $1,308.8 $306.1 $352.2 $344.0 40,695 40,517 40,368 40,329 40,596 40,305 40,678 41,030 40,975 40,652 40,928 41,103 40,834 $1,741 $2,236 $2,464 $2,755 $2,292 $2,343 $2,721 $2,724 $2,912 $2,681 $2,493 $2,865 $2,800 $245.4 $321.8 $376.2 $438.6 $1,382.0 $354.2 $422.5 $428.0 $469.2 $1,673.9 $376.4 $443.0 $428.7 | --- | --- | --- | --- | --- | --- | -- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36367 OUTFRONT Media Inc. (Exact name of registrant as specified in its charter) Maryland 46-4494703 (State or ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36367 OUTFRONT Media Inc. (Exact name of registrant as specified in its charter) Maryland 46-4494703 (State o ...

Outfront Media Inc. (NYSE:OUT) Q1 2023 Earnings Conference Call May 3, 2023 4:30 PM ET Company Participants Stephan Bisson - Vice President of Investor Relations Jeremy Male - Chief Executive Officer Matthew Siegel - Chief Financial Officer Conference Call Participants Jason Bazinet - Citi Richard Choe - JPMorgan Chase & Co. Benjamin Swinburne - Morgan Stanley Ian Zaffino - Oppenheimer & Co. Inc. James Goss - Barrington Operator Good day and welcome to today's Outfront First Quarter 2023 Earnings Call. [Ope ...

Digital Revenue Growth - In 2022, total digital revenues reached $539.9 million, up from $389.4 million in 2021, representing a 38.6% increase[45] - The number of digital displays increased to 18,046 in 2022 from 14,368 in 2021, marking a growth of 25.8%[45] - The company built or converted 110 digital billboard displays in the U.S. in 2022, compared to 77 in 2021, reflecting a 42.9% increase[46] - The company entered into marketing arrangements to sell advertising on 85 third-party digital billboard displays in the U.S. in 2022, up from 35 in 2021[46] - The company expects to incur significant capital expenditures in the coming years to increase the number of digital displays in its portfolio[46] - The company plans to expand the deployment of digital billboards that can display advertising copy changing several times per minute, despite existing regulations in the U.S. and Canada that restrict such displays[72] - The company reported a notable increase in digital display revenues, which rose to $539.9 million across both billboard and transit segments, compared to $389.4 million in 2021[464] Financial Performance - Total revenues for 2022 increased to $1,772.1 million, up 21.1% from $1,463.9 million in 2021[347] - Billboard revenues rose to $1,384.7 million, a 17.1% increase compared to $1,182.3 million in 2021[347] - Operating income for 2022 was $287.7 million, representing a significant increase from $168.3 million in 2021[347] - Net income attributable to OUTFRONT Media Inc. reached $147.9 million, compared to $35.6 million in 2021, marking a substantial growth[347] - Basic net income per common share for 2022 was $0.84, significantly higher than $0.05 in 2021[347] - Total comprehensive income for 2022 was $143.2 million, compared to $49.2 million in 2021[350] - The company reported an increase in deferred revenues of $4.5 million in 2022, compared to $1.4 million in 2021[359] Capital Expenditures and Investments - Total capital expenditures in 2022 amounted to $89.8 million, an increase from $73.8 million in 2021[359] - The average initial investment for a digital billboard display was approximately $250,000 as of December 31, 2022[48] - The company has not recouped any equipment deployment costs in 2022 under the MTA agreement[335] Debt and Liabilities - As of December 31, 2022, the company had outstanding indebtedness of $600 million under a term loan due in 2026 and a $500 million revolving credit facility maturing in 2024[82] - The company has issued senior unsecured notes totaling $2.25 billion, with various due dates ranging from 2025 to 2030, including $650 million of 5.000% notes due in 2027[82] - As of December 31, 2022, total debt, net, was $2,656.0 million, an increase from $2,620.6 million in 2021, with a weighted average cost of debt of 5.2%[432] - Total liabilities increased to $4,640.8 million in 2022, compared to $4,534.2 million in 2021[345] Employee and Operational Metrics - Employee turnover decreased to 14% in 2022 from 15% in 2021, showing improved employee retention[58] - The company managed advertising displays in all of the 25 largest markets in the U.S. and approximately 150 markets across the U.S. and Canada[364] Market and Regulatory Environment - The outdoor advertising industry is fragmented, with competition from several national and local companies, impacting market dynamics[53] - The company is subject to various federal, state, and local laws regarding outdoor advertising, which may impose taxes based on a percentage of outdoor advertising revenue, potentially affecting profits and expansion opportunities[68] - The company contests laws and regulations that it believes unlawfully restrict its rights, which may impact the growth of its outdoor advertising business[69] Cash Flow and Dividends - Operating cash flow provided by OUTFRONT Media Inc. was $254.1 million in 2022, up from $98.8 million in 2021[359] - OUTFRONT Media Inc. paid dividends totaling $205.8 million in 2022, significantly higher than $57.5 million in 2021[361] - The company paid cash dividends of $8.8 million on the Series A Preferred Stock during 2022[457] - On February 22, 2023, the company announced a quarterly cash dividend of $0.30 per share on its common stock, payable on March 31, 2023[460] Assets and Intangible Assets - Total assets as of December 31, 2022, were $5,990.0 million, slightly up from $5,924.7 million in 2021[345] - Total intangible assets as of December 31, 2022, were $858.5 million, an increase from $614.9 million in 2021[419] - The amortization expense for intangible assets was $73.3 million in 2022, compared to $66.0 million in 2021 and $61.3 million in 2020[420] Revenue Recognition - Revenue sources include billboard displays, transit displays, and other, with billboard display revenues recognized on a straight-line basis over the lease term[389] - Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period[392] - The company evaluates whether it should report revenues on a gross or net basis, being considered the principal in its arrangements[396]

Outfront Media Inc. (NYSE:OUT) Q4 2022 Earnings Conference Call February 22, 2023 4:30 PM ET Company Participants Stephan Bisson - Vice President, Investor Relations Jeremy Male - Chief Executive Officer Matthew Siegel - Chief Financial Officer Conference Call Participants Benjamin Swinburne - Morgan Stanley Richard Choe - JPMorgan Chase & Co. Ian Zaffino - Oppenheimer & Co. Inc. Operator Good day, everyone, and welcome to the OUTFRONT Fourth Quarter 2022 Earnings Call. Today’s call is being recorded. And n ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or Commission File Number: 001-36367 OUTFRONT Media Inc. (Exact name of registrant as specified in its charter) Maryland 46-4494703 (State or other jurisdiction of incorporation or organization) 405 Lexington Avenue, 17th Floor New York, NY 10174 (Address of pr ...