Core Insights - OUTFRONT Media (OUT) shares have increased by 14.5% over the past three months, contrasting with a 1.7% decline in the industry [1][8] - The company's diversified portfolio, strategic acquisitions, and digital billboard conversions are expected to support long-term growth [1][5] Financial Performance - In Q2 2025, OUT reported adjusted funds from operations (AFFO) per share of 51 cents, exceeding the Zacks Consensus Estimate of 46 cents and showing an increase from 50 cents a year ago [2][8] - Despite a decline in billboard revenues affecting year-over-year growth, increased transit revenues and lower interest and operating expenses contributed positively to the results [2] Analyst Outlook - Analysts maintain a positive outlook for OUT, with the Zacks Consensus Estimate for 2025 FFO per share rising by 1.6% to $1.88 over the past month [3] Market Position and Strategy - OUTFRONT Media's advertising sites are geographically diversified, allowing clients to reach a national audience while tailoring campaigns to specific regions [4] - The company is transitioning from traditional static billboard advertising to digital displays, which is expected to enhance advertising relationships and boost digital revenues [5] - Strategic acquisitions have been made, with approximately $8.5 million spent on new assets in the first half of 2025, positioning the company for long-term growth [6] Industry Characteristics - The outdoor advertising industry has high barriers to entry due to permitting restrictions, with OUTFRONT Media owning valuable permits that support advertising rates and limit competition [9]

Core Insights - The article emphasizes the importance of utilizing Zacks Premium for investors to enhance their stock market engagement and confidence in investing [1] Zacks Style Scores Overview - Zacks Style Scores are indicators designed to help investors select stocks with the highest potential to outperform the market within a 30-day timeframe [2] - Stocks are rated from A to F based on value, growth, and momentum characteristics, with A being the highest score [2] Value Score - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score assesses a company's financial health and future prospects by analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score helps investors capitalize on price trends by evaluating short-term price changes and earnings estimate revisions [5] VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores, serving as a comprehensive indicator alongside the Zacks Rank [6] Zacks Rank Functionality - The Zacks Rank is a proprietary model that leverages earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks yielding an average annual return of +23.75% since 1988 [7][8] Stock Selection Strategy - To optimize returns, investors should target stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, while also considering the direction of earnings estimate revisions [9][10] Company Spotlight: OUTFRONT Media Inc. - OUTFRONT Media Inc. is a prominent provider of out-of-home (OOH) advertising space in major U.S. markets, managing approximately 19,600 lease agreements as of December 31, 2024 [11] - The company holds a Zacks Rank of 3 (Hold) and a VGM Score of A, with a Value Style Score of A due to a forward P/E ratio of 8.99, indicating strong valuation metrics [12] - Recent upward revisions in earnings estimates and a Zacks Consensus Estimate of $1.88 per share for fiscal 2025 highlight the company's potential [12] - With solid rankings and favorable Style Scores, OUTFRONT Media is recommended for investors' consideration [13]

Core Insights - OUTFRONT Media's shares have increased by 10% over the past year, indicating a moderate performance as the company has been working on optimizing its cost structure and addressing inflated contracts [1] Company Performance - The company has made significant progress in right-sizing its cost structure, which has contributed to the recent share price increase [1] - The announcement of new developments or strategies was made in the past week, although specific details were not provided in the text [1]

PART I - Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents OUTFRONT Media Inc.'s unaudited consolidated financial statements, revealing a decrease in total assets to **$5.15 billion**, a decline in quarterly revenues to **$460.2 million**, and a significant drop in net income to **$19.5 million** due to a prior-year gain and a **$19.8 million** restructuring charge, with stable operating cash flow at **$100.7 million** [Consolidated Statements of Financial Position](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Consolidated Balance Sheet Summary (as of June 30, 2025 vs. Dec 31, 2024) | Account | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | **Total Current Assets** | $355.1 | $385.8 | | **Total Assets** | $5,149.0 | $5,215.2 | | **Total Current Liabilities** | $580.5 | $520.8 | | **Total Liabilities** | $4,469.2 | $4,431.2 | | **Total Stockholders' Equity** | $539.1 | $649.0 | - Total assets decreased slightly from **$5.22 billion** at year-end 2024 to **$5.15 billion** as of June 30, 2025, with total liabilities increasing and stockholders' equity decreasing by over **$100 million**[9](index=9&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statement of Operations Summary | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YTD 2025 (in millions) | YTD 2024 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $460.2 | $477.3 | $850.9 | $885.8 | | **Operating Income** | $56.2 | $229.1 | $70.1 | $243.1 | | **Net Income (Loss) attributable to OUTFRONT** | $19.5 | $176.8 | $(1.1) | $149.6 | | **Diluted EPS** | $0.10 | $1.04 | $(0.03) | $0.88 | - Q2 2025 revenues decreased to **$460.2 million** from **$477.3 million** in Q2 2024, with net income significantly declining to **$19.5 million** from **$176.8 million** due to a prior-year **$155.2 million** gain on disposition and a new **$19.8 million** restructuring charge[11](index=11&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | **Net cash flow provided by operating activities** | $100.7 | $101.6 | | **Net cash flow provided by (used for) investing activities** | $(61.5) | $259.5 | | **Net cash flow used for financing activities** | $(57.6) | $(347.1) | | **Net increase (decrease) in cash** | $(18.4) | $13.6 | - Cash from operations was stable at **$100.7 million** for the first six months of 2025[20](index=20&type=chunk) - Investing activities used **$61.5 million**, a sharp contrast to **$259.5 million** provided in the prior year, which included **$309.4 million** in proceeds from dispositions[20](index=20&type=chunk) - Financing activities used significantly less cash, **$57.6 million** compared to **$347.1 million**, due to lower debt repayments[20](index=20&type=chunk) [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies and financial statement items, disclosing the June 2024 Canadian business sale, a June 2025 restructuring plan with a **$19.8 million** charge, the **$2.55 billion** debt structure, segment performance showing slight Billboard revenue decline and Transit growth, and significant MTA commitments for equipment deployment - The company sold its Canadian outdoor advertising business on June 7, 2024, with historical results included in the 'Other' segment until the sale date[26](index=26&type=chunk) - An error in classifying and recognizing redeemable noncontrolling interests was corrected in Q3 2024, requiring a revision of prior financial information but not impacting net cash flows[29](index=29&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - A restructuring plan announced on June 23, 2025, reduced the workforce by approximately **120 employees (6%)**, resulting in a Q2 2025 charge of **$19.8 million** for severance, benefits, and professional fees[79](index=79&type=chunk) - The company has a significant agreement with the New York MTA for deploying thousands of digital advertising screens, with **27,251** displays installed as of June 30, 2025, incurring **$12.3 million** in deployment costs during the first six months of 2025[99](index=99&type=chunk)[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses performance, highlighting a **4%** total revenue decrease (flat organic), a **2%** Billboard segment decline, and **4-6%** Transit growth; a June 2025 restructuring incurred a **$19.8 million** charge, while liquidity is supported by operating cash flow and credit facilities, with **$2.55 billion** total debt and covenant compliance Key Performance Indicators (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $850.9 | $885.8 | (4)% | | **Organic Revenues** | $850.9 | $850.9 | 0% | | **Operating Income** | $70.1 | $243.1 | (71)% | | **Adjusted OIBDA** | $188.3 | $192.5 | (2)% | | **Net (Loss) Income** | $(1.1) | $149.6 | (101)% | | **Adjusted FFO (AFFO)** | $109.2 | $108.0 | 1% | - A restructuring and workforce reduction plan initiated in June 2025 affected **120 employees (6%)**, resulting in a **$19.8 million** Q2 2025 charge and expected lower SG&A expenses through H1 2026[133](index=133&type=chunk)[158](index=158&type=chunk) - Top advertiser categories for H1 2025 were entertainment (**18%**), retail (**11%**), and legal services/lawyers (**10%**)[142](index=142&type=chunk) [Analysis of Results of Operations](index=33&type=section&id=Analysis%20of%20Results%20of%20Operations) - Total revenues for the six months ended June 30, 2025, decreased **4%** to **$850.9 million**, though organic revenues remained flat year-over-year after excluding the Canadian business sale[150](index=150&type=chunk) - Operating expenses decreased **5%** in H1 2025, mainly due to a **9%** reduction in billboard property lease expenses from lost billboards and the Canadian business sale[152](index=152&type=chunk)[153](index=153&type=chunk) - A net loss of **$1.1 million** for H1 2025 contrasts sharply with **$149.6 million** net income in H1 2024, primarily due to a **$155.1 million** gain on disposition in 2024 and a **$19.8 million** restructuring charge in 2025[167](index=167&type=chunk) - Interest expense for H1 2025 decreased to **$72.5 million** from **$82.5 million** in the prior year, driven by a lower average debt balance and reduced interest rates[164](index=164&type=chunk) [Segment Results of Operations](index=41&type=section&id=Segment%20Results%20of%20Operations) Segment Adjusted OIBDA (Six Months Ended June 30) | Segment | 2025 (in millions) | 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | **Billboard** | $233.4 | $233.1 | 0% | | **Transit** | $(7.0) | $(10.8) | 35% (improvement) | | **Other** | $1.0 | $2.5 | (60)% | | **Corporate** | $(39.1) | $(32.3) | (21)% | - Billboard segment revenues for H1 2025 decreased **2%** to **$662.0 million** due to lost billboards, particularly in New York and Los Angeles, though Adjusted OIBDA remained flat at **$233.4 million** due to lower property lease expenses[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - Transit segment revenues for H1 2025 increased **4%** to **$184.0 million**, driven by higher average revenue per display, and its Adjusted OIBDA loss improved **35%** to **$(7.0) million** from **$(10.8) million**[189](index=189&type=chunk)[190](index=190&type=chunk)[195](index=195&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, total debt was **$2.55 billion** with a **5.4%** weighted average cost, and the company was in compliance with debt covenants, maintaining a Consolidated Total Leverage Ratio of **4.8 to 1.0** (below the **6.0 to 1.0** limit)[216](index=216&type=chunk)[224](index=224&type=chunk) - The company holds a **$500.0 million** revolving credit facility with no outstanding borrowings and a **$150.0 million** accounts receivable facility with **$70.0 million** drawn as of June 30, 2025[218](index=218&type=chunk)[219](index=219&type=chunk)[223](index=223&type=chunk) - Full-year 2025 capital expenditures are projected at approximately **$85.0 million**, mainly for digital displays, excluding **$35.0 million** in MTA agreement equipment deployment costs[236](index=236&type=chunk)[210](index=210&type=chunk) - The board approved a quarterly cash dividend of **$0.30 per share** on August 5, 2025[214](index=214&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from commodity prices, interest rates, and credit, with electricity costs partially mitigated by fixed-rate contracts, and a **0.25%** interest rate change on the **$400.0 million** Term Loan impacting annualized interest expense by **$1.0 million**, while credit risk is limited - Interest rate risk arises from the **$400.0 million** variable-rate Term Loan and **$70.0 million** AR Facility outstanding, where a **0.25%** rate change on the Term Loan would alter annualized interest expense by approximately **$1.0 million**[249](index=249&type=chunk)[250](index=250&type=chunk) - Commodity price risk primarily involves electricity costs for displays, partially mitigated by fixed-rate purchase agreements[246](index=246&type=chunk)[247](index=247&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the Interim CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2025, ensuring timely and accurate SEC filing information, with no material changes to internal control over financial reporting identified during the quarter - The Interim CEO and CFO concluded that disclosure controls and procedures were effective as of quarter-end[253](index=253&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[254](index=254&type=chunk) PART II - Other Information [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ongoing lawsuits and governmental proceedings, none of which management expects to have a material adverse effect on its operations, financial position, or cash flows - Management believes no current litigation will materially adversely affect the company's financial condition or results[257](index=257&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, were reported - No material changes to risk factors were reported for the quarter[258](index=258&type=chunk) [Other Part II Items](index=52&type=section&id=Other%20Part%20II%20Items) This section reports 'None' for unregistered sales of equity securities, defaults upon senior securities, mine safety disclosures, and other material information requiring disclosure under Item 5 - The company reported 'None' for Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, Mine Safety Disclosures, and Other Information[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)

Core Insights - OUTFRONT Media Inc. reported second-quarter 2025 adjusted funds from operations (AFFO) per share of 51 cents, exceeding the Zacks Consensus Estimate of 46 cents, and showing a slight increase from 50 cents a year ago [1][9] - The company's quarterly revenues were $460.2 million, which was a 3.6% decrease year over year and slightly missed the Zacks Consensus Estimate [2] Revenue Breakdown - Billboard revenues for the quarter totaled $351.3 million, reflecting a year-over-year decline of 2.5%, attributed to lost billboards, although partially offset by higher proceeds from condemnations and increased average revenue per display [3] - Transit revenues increased by 5.6% year over year to $106.3 million, driven by higher average revenue per display, despite the impact of new and lost transit franchise contracts [4] Operating Performance - Operating income for the second quarter was $56.2 million, a significant decrease from $229.1 million in the same quarter last year [4] - Operating expenses decreased by 3.5% year over year to $231.5 million, primarily due to lower variable property lease expenses [5] - Net interest expenses fell by 11.2% to $36.5 million, attributed to a lower average debt balance and interest rates, with a weighted average cost of debt of 5.4% [6] Cash Flow and Balance Sheet - As of June 30, 2025, the company had unrestricted cash of $28.5 million and $494.7 million available under its $500 million revolving credit facility, with total debt outstanding at $2.6 billion [7] - No shares were sold under the at-the-market equity program during the quarter, leaving $232.5 million available under the program [8] Dividend Announcement - OUTFRONT Media declared a quarterly cash dividend of 30 cents per share, payable on September 30 to shareholders of record [9]

Core Insights - Outfront Media reported revenue of $460.2 million for the quarter ended June 2025, reflecting a year-over-year decline of 3.6% and an EPS of $0.51 compared to $1.03 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $461.97 million by -0.38%, while the EPS exceeded the consensus estimate of $0.46 by +10.37% [1] Revenue Breakdown - Organic revenues from Billboard were $351.3 million, below the average estimate of $358.07 million, representing a year-over-year decline of -2.5% [4] - Organic revenues from Transit were $106.3 million, surpassing the average estimate of $102.66 million, with a year-over-year increase of +5.6% [4] - Total organic revenues were $460.2 million, slightly below the five-analyst average estimate of $460.73 million, indicating a year-over-year change of -0.2% [4] - Organic revenues from Other segments were $2.6 million, exceeding the average estimate of $2.02 million, but showing a significant year-over-year decline of -84.2% [4] Earnings Performance - Net Earnings Per Share (Diluted) were reported at $0.10, lower than the average estimate of $0.17 [4] - Adjusted OIBDA for Transit was $7.2 million, exceeding the average estimate of $3.31 million [4] - Adjusted OIBDA for Billboard was $134.4 million, slightly below the average estimate of $137.54 million [4] - Adjusted OIBDA for Other segments was $0.5 million, above the average estimate of $0.35 million [4] - Adjusted OIBDA for Corporate was reported at -$18 million, compared to the average estimate of -$17.78 million [4] Stock Performance - Over the past month, shares of Outfront Media have returned +7.1%, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Outfront Media reported quarterly funds from operations (FFO) of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, and showing an increase from $0.50 per share a year ago [1][2] - The company experienced an FFO surprise of +10.37% this quarter, having surpassed consensus FFO estimates three times over the last four quarters [2] - Revenues for the quarter were $460.2 million, which fell short of the Zacks Consensus Estimate by 0.38% and decreased from $477.3 million year-over-year [3] Financial Performance - The FFO for the current quarter was $0.51, compared to $0.50 in the same quarter last year [1] - The revenue of $460.2 million represents a decline of 3.1% from the previous year's revenue of $477.3 million [3] - The company has only topped consensus revenue estimates once in the last four quarters [3] Market Position - Outfront Media shares have declined approximately 1.2% since the beginning of the year, contrasting with the S&P 500's gain of 7.6% [4] - The current Zacks Rank for Outfront Media is 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The consensus FFO estimate for the upcoming quarter is $0.48, with projected revenues of $452.21 million, and for the current fiscal year, the estimate is $1.85 on $1.8 billion in revenues [8] - The outlook for the industry, particularly the REIT and Equity Trust - Other sector, is currently in the top 40% of Zacks industries, suggesting a favorable environment for performance [9]

Financial Data and Key Metrics Changes - Organic revenues were essentially flat, in line with previous guidance, while OIBDA was $124 million and AFFO was $85 million [12][19] - Billboard revenues decreased by 2.5%, primarily due to the exit of two large marginally profitable contracts in New York and LA [13][14] - Transit revenues grew by 5.6%, driven by a 17% increase in digital revenues [14][16] - Digital revenues represented over 34% of total organic revenues, with programmatic and digital direct automated sales up nearly 20% [16][18] Business Line Data and Key Metrics Changes - Billboard revenues were impacted by the exit of contracts, with traffic and other billboard revenues down 1.6% and digital billboard revenues down 4.5% [13][14] - Transit revenue growth was supported by mid-single-digit growth in the New York MTA, despite a strong performance in 2024 [14][18] - Commercial revenues increased by 1.4% year-on-year, while enterprise revenues declined by 4% [17] Market Data and Key Metrics Changes - The strongest revenue categories were legal, financial, service providers, and insurance, while weaker categories included entertainment, health and medical, restaurants, and alcohol [14] - The company noted a significant opportunity in engaging digital media buyers who have not yet embraced digital out-of-home advertising [16] Company Strategy and Development Direction - The company has undergone a significant internal reorganization to enhance revenue growth and redefine sales categories [6][9] - A redesigned brand solutions group has been established to drive demand from enterprise marketers across major industry verticals [7][12] - The focus is on operational excellence, reducing administrative burdens, and optimizing sales strategies [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting revenue growth to accelerate in Q3, driven by transit growth and a low single-digit decline in billboard revenues [30][31] - The company is determined to address industry challenges such as complexity, measurement, and attribution to enhance its role in the marketing mix [32] Other Important Information - A restructuring charge of $19.8 million was incurred due to workforce reductions, with expected annualized expense savings of $18 million to $20 million [19][20] - The company maintained a $0.30 cash dividend payable on September 30 [28] Q&A Session Summary Question: Are you through the heaviest period of changes to the business? - Management indicated that while significant restructuring has occurred, ongoing efforts to modernize workflows and improve demand generation are still in progress [36][37] Question: Can you help unpack the weakness in the entertainment vertical? - Management noted that the absence of key studios supporting their slate contributed to the weaker performance, but they are optimistic about future growth in this sector [41] Question: What are the drivers behind the acceleration in transit? - Key performance improvements in New York, management focus, and incentives were highlighted as factors driving transit growth [44] Question: What is the anticipated impact from the MTA and LA contract exit? - The exit of these contracts is expected to be a headwind in Q3, but the company anticipates recovery in subsequent quarters [45] Question: Is the decline in static transit revenue structural? - Management acknowledged that the decline in static transit revenue is likely structural, as there is a growing preference for digital formats [49][50] Question: What is the potential for margin expansion in the back half of the year? - Management expects significant cost savings from restructuring, with potential margin improvements anticipated in 2025 [53][58] Question: Are there any cost levers left to pull if revenue remains soft? - Management confirmed that there are always cost levers available, but they are currently focused on the impact of recent changes [55][56] Question: Can you discuss regional variations in revenue growth expectations? - Management indicated that while there are no significant regional variations, California and New York remain the strongest markets [65][66]

Financial Data and Key Metrics Changes - Organic revenues were essentially flat, aligning with previous guidance, while OIBDA was $124 million and AFFO was $85 million [11][24][22] - A restructuring charge of $19.8 million was incurred due to the reduction of approximately 120 employees, with expected annualized expense savings of $18 million to $20 million [17][18] Business Line Data and Key Metrics Changes - Billboard revenues decreased by 2.5%, primarily due to the exit of two large marginally profitable contracts in New York and LA [12][16] - Transit revenues grew by 5.6%, driven by a 17% increase in digital revenues, despite a 2.9% decline in organic revenues [13][14] - Digital billboard revenues decreased by 4.5%, while overall digital revenue grew by 1.5%, representing over 34% of total organic revenues [14][15] Market Data and Key Metrics Changes - The strongest revenue categories were legal, financial, service providers, and insurance, while weaker categories included entertainment, health and medical, restaurants, and alcohol [13] - The New York MTA saw mid-single-digit growth despite a strong 20% growth in 2024 [13] Company Strategy and Development Direction - The company has undergone a significant internal reorganization, rebranding sales teams and centralizing operational functions to enhance efficiency and focus on client relationships [5][6][7] - A redesigned brand solutions group aims to drive demand from enterprise marketers across major industry verticals [6][10] - The company is focusing on digital out-of-home advertising as a growing opportunity, particularly targeting digital media buyers who have not yet engaged with this ecosystem [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting revenue growth to accelerate in the third quarter, driven by double-digit growth in transit and low single-digit decline in billboard revenues [28][29] - The company acknowledges challenges in the entertainment sector but remains bullish about future performance based on committed deals [38] Other Important Information - The company maintained a $0.30 cash dividend payable on September 30 to shareholders [26] - Committed liquidity is over $600 million, with total net leverage at 4.8 times, within the target range [25] Q&A Session Summary Question: Are you through the heaviest period of changes to the business? - Management believes they have made significant progress in transformation but acknowledges that work continues in optimizing sales strategy and modernizing workflows [34][36] Question: Can you unpack the weakness in the entertainment vertical? - The decline was attributed to the absence of key studios supporting their slate, but management is optimistic about future performance in this sector [38] Question: What are the drivers behind the acceleration in transit? - Key performance improvements in New York, management focus, and incentives have contributed to the growth in transit revenues [42][43] Question: Is the decline in static transit revenue structural? - Management indicated that the decline is likely structural, as there is a shift towards digital formats [50] Question: What is the potential for margin expansion in the back half of the year? - Expected annualized savings from restructuring could lead to margin improvements, with half of the benefits anticipated in 2025 [53]

Core Insights - OUTFRONT is enhancing its sales leadership and organizational structure to better support clients through strategic thinking and creative solutions [1][6] - The company aims to deliver impactful in-real-life campaigns that resonate with audiences [1][6] Leadership Changes - Jim Norton has been appointed as EVP, Chief Revenue Officer, Enterprise, bringing over 25 years of experience in SaaS, media, and advertising [2] - Mark Bonanni has been promoted to EVP, Chief Revenue Officer, Commercial, focusing on partnerships with regional and local advertisers [3] - Brad Alperin joins as Head of Brand Solutions, tasked with developing integrated strategies for brand-specific solutions [4] - Marc Miller serves as SVP Enterprise Sales, collaborating with holding company agencies and out-of-home specialists [5] Strategic Vision - OUTFRONT's organizational update reflects a vision centered on creativity, data utilization, and human connection [6] - The company is positioned to be a modern partner for marketers in a complex media landscape, leveraging creative excellence and audience data [6][7] Company Overview - OUTFRONT is a leading out-of-home media company in the U.S., focusing on connecting brands with audiences in significant environments [7] - The company is redefining in-real-life marketing by transforming public spaces into platforms for creativity and cultural relevance [7]