Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The diversity of REITs allows investors to build a varied portfolio of income-generating assets, including less commonly considered Billboard REITs [2] Group 2 - The article emphasizes the importance of due diligence and independent decision-making for investors, highlighting that past performance does not guarantee future results [5]

PART I [Item 1. Business](index=6&type=section&id=Item%201.%20Business) OUTFRONT Media operates as a Real Estate Investment Trust (REIT), primarily providing advertising space on billboards and transit displays across the United States, with a focus on U.S. operations after divesting its Canadian business in 2024. - **OUTFRONT Media** is a **REIT**, one of the largest providers of out-of-home advertising in the U.S., with a portfolio of billboard and transit displays in approximately 120 markets[20](index=20&type=chunk) - On June 7, 2024, the company completed the sale of its Canadian business for **C$410.0 million** in cash, streamlining its focus on U.S. operations[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 significantly higher revenue and profits than traditional static displays, alongside disciplined revenue management and strategic acquisitions[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) Revenue Diversification by Industry (2022-2024) | Industry | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Entertainment | 18 % | 20 % | 20 % | | Retail | 12 % | 11 % | 11 % | | Health/Medical | 9 % | 9 % | 9 % | | Legal Services/Lawyers | 8 % | 7 % | 5 % | | Technology | 7 % | 6 % | 8 % | | Other | 56 % | 57 % | 57 % | | **Total** | **100 %** | **100 %** | **100 %** | Digital Display Metrics (2022-2024) | Year Ended | Total Digital Revenues (in millions) | Total Digital Displays | | :--- | :--- | :--- | | Dec 31, 2024 | $614.3 | 30,323 | | Dec 31, 2023 | $588.3 | 23,885 | | Dec 31, 2022 | $539.9 | 18,046 | - The company built or converted 89 digital billboard displays in the U.S. in 2024 and 6,664 digital transit displays. The average initial investment for a digital billboard display is approximately **$250,000**[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The outdoor advertising industry is subject to significant governmental regulation, including the federal Highway Beautification Act of 1965 (HBA), as well as various state and local sign controls, which impact the construction, modification, and operation of advertising structures[65](index=65&type=chunk)[66](index=66&type=chunk) [Item 1A. Risk Factors](index=19&type=page&id=Item%201A.%20Risk%20Factors) The company's primary risks are categorized into business operations, indebtedness, and corporate/**REIT** structure, encompassing economic sensitivity, intense competition, stringent regulations, and operational challenges. - The business is highly sensitive to declines in advertising expenditures and general economic conditions, particularly in key markets like New York and Los Angeles and industries such as entertainment and retail[92](index=92&type=chunk) - The company faces intense competition from national operators like Lamar and Clear Channel Outdoor, as well as other media platforms including online, mobile, and social media[96](index=96&type=chunk)[97](index=97&type=chunk) - Operating the digital display platform, especially for transit partners like the MTA, involves significant costs and execution risks; failure to meet contractual obligations or recover costs could lead to financial liability and impairment charges[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - As of December 31, 2024, the company had total indebtedness of approximately **$2.5 billion**; this substantial debt level could make it difficult to satisfy obligations, fund operations, and react to market changes[121](index=121&type=chunk)[123](index=123&type=chunk) - The agreements governing the company's debt contain restrictive covenants that limit its ability to incur additional debt, pay dividends beyond the **REIT** requirement, make certain investments, and sell assets[122](index=122&type=chunk)[124](index=124&type=chunk) - Failure to maintain qualification as a **REIT** would subject the company to corporate income taxes, reducing cash available for distribution to stockholders; maintaining **REIT** status requires distributing at least **90%** of taxable income annually, which could constrain capital for growth[146](index=146&type=chunk)[149](index=149&type=chunk) [Item 1B. Unresolved Staff Comments](index=36&type=page&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC. - None[167](index=167&type=chunk) [Item 1C. Cybersecurity](index=36&type=page&id=Item%201C.%20Cybersecurity) OUTFRONT Media maintains a comprehensive Cybersecurity Program as part of its enterprise risk management, with no material threats or incidents identified to date. - The company has a formal Cybersecurity Program that includes threat identification, incident response planning, and regular third-party assessments[168](index=168&type=chunk)[171](index=171&type=chunk) - Oversight is provided by the CISO and CIO, who report to the CTO, with the audit committee of the board receiving quarterly updates[169](index=169&type=chunk) - The company has not identified any cybersecurity threats or incidents that have had or are reasonably likely to have a material effect on the company[172](index=172&type=chunk) [Item 2. Properties](index=37&type=section&id=Item%202.%20Properties) The company's principal executive offices and the majority of its outdoor advertising sites are leased, with a significant portion of site leases subject to renewal within the next five years. - The company leases its principal executive offices at 90 Park Avenue, 9th Floor, New York, NY 10016[173](index=173&type=chunk) - Approximately **72%** of outdoor advertising site leases will expire or be subject to renewal in the next **5** years, with an average term of **8** years across the portfolio[174](index=174&type=chunk) [Item 3. Legal Proceedings](index=37&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various lawsuits and governmental proceedings in the ordinary course of business, none of which are expected to have a material adverse effect on its financial position or results of operations. - In management's opinion, none of the company's current litigation is expected to have a material adverse effect on its results of operations, financial position, or cash flows[175](index=175&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable. - None[176](index=176&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) OUTFRONT Media's common stock is traded on the New York Stock Exchange under the ticker symbol "OUT," and as a **REIT**, the company is required to distribute at least **90%** of its taxable income to shareholders annually. - The company's common stock trades on the NYSE under the ticker symbol "OUT."[179](index=179&type=chunk) - To maintain its **REIT** status, the company must distribute at least **90%** of its **REIT** taxable income to stockholders annually[181](index=181&type=chunk) Stock Performance Comparison (Cumulative Total Return) | Company/Index | Dec. 31, 2024 (Value of $100 invested on Dec 31, 2019) | | :--- | :--- | | **OUTFRONT Media Inc.** | **$86.90** | | Lamar Advertising Company | $170.55 | | Clear Channel Outdoor Holdings, Inc. | $47.90 | | S&P 500 | $197.02 | | FTSE NAREIT All Equity REITs Index | $117.56 | [Item 6. [Reserved]](index=40&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved. [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal year 2024, total revenues increased by **1%** to **$1.83 billion**, with **organic revenues** growing **4%**, and **operating income** turning around significantly to **$425.5 million** from a prior-year loss, driven by lower impairment charges and a gain on the Canadian business sale. Key Performance Indicators (2024 vs. 2023) | (in millions) | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $1,830.9 | $1,820.6 | 1% | | Organic revenues | $1,796.0 | $1,728.5 | 4% | | Operating income (loss) | $425.5 | $(253.2) | N/A | | Adjusted OIBDA | $464.8 | $456.2 | 2% | | Net income (loss) | $258.2 | $(425.2) | N/A | | AFFO | $307.5 | $275.8 | 11% | - The company recorded **impairment charges** of **$17.9 million** in 2024, a significant decrease from **$534.7 million** in 2023, primarily related to the MTA asset group[231](index=231&type=chunk)[232](index=232&type=chunk) - A **net gain on dispositions** of **$160.9 million** was recognized in 2024, largely due to the sale of the Canadian business, compared to a **$14.2 million** gain in 2023[230](index=230&type=chunk) - Billboard segment revenues increased **3%** to **$1.41 billion** in 2024, with **Adjusted OIBDA** up **4%** to **$520.5 million**[252](index=252&type=chunk)[254](index=254&type=chunk) - Transit segment revenues grew **9%** to **$383.8 million** in 2024; the segment's **Adjusted OIBDA** improved to **$8.3 million** from a loss of **$16.0 million** in 2023, driven by revenue growth and significantly lower impairment charges[263](index=263&type=chunk)[264](index=264&type=chunk)[268](index=268&type=chunk) - As of December 31, 2024, total debt was approximately **$2.5 billion**; the company prepaid **$200.0 million** of its Term Loan in June 2024[298](index=298&type=chunk)[299](index=299&type=chunk) - The company is in compliance with its debt covenants, reporting a **Consolidated Total Leverage Ratio** of **4.8 to 1.0** and a **Consolidated Net Secured Leverage Ratio** of **1.5 to 1.0** as of year-end 2024[308](index=308&type=chunk)[309](index=309&type=chunk) - **Net cash flow from operating activities** increased by **18%** to **$299.2 million** in 2024, up from **$254.2 million** in 2023[317](index=317&type=chunk)[318](index=318&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=69&type=page&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks primarily from commodity prices, particularly electricity costs, and interest rates on its variable-rate debt, while credit risk is considered limited. - The company faces commodity price risk from electricity costs, which it partially mitigates through fixed-rate purchase agreements[349](index=349&type=chunk)[350](index=350&type=chunk) - The company is exposed to interest rate risk on its variable-rate debt; a **0.25%** (**1/4%**) change in the interest rate on its **$400.0 million** Term Loan would result in an approximate **$1.0 million** change in annual interest expense[351](index=351&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=71&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2022-2024, including an unqualified auditor's opinion, detailed notes on accounting policies, and disclosures on the Canadian business sale and a prior period accounting error. - The independent auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2024[359](index=359&type=chunk) Consolidated Statement of Operations Highlights (in millions) | Line Item | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Revenues** | **$1,830.9** | **$1,820.6** | **$1,772.1** | | Operating income (loss) | $425.5 | $(253.2) | $282.5 | | Net (gain) loss on dispositions | $(160.9) | $(14.2) | $0.2 | | Impairment charges | $17.9 | $534.7 | $— | | **Net income (loss) attributable to OUTFRONT** | **$258.2** | **$(425.2)** | **$142.7** | | **Diluted EPS** | **$1.51** | **$(2.70)** | **$0.83** | Consolidated Statement of Financial Position Highlights (in millions) | Line Item | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $46.9 | $36.0 | | Total Assets | $5,215.2 | $5,582.9 | | Long-term debt, net | $2,482.5 | $2,676.5 | | Total Liabilities | $4,431.2 | $4,852.8 | | Total Stockholders' Equity | $649.0 | $577.3 | - The company completed the sale of its Canadian Business on June 7, 2024, for **C$410.0 million** in cash; the assets and liabilities of this business were classified as held for sale as of December 31, 2023[500](index=500&type=chunk)[502](index=502&type=chunk) - In 2024, the company issued a special dividend of **$0.75 per share**, paid partially in stock; to offset the dilution, a **1-for-1.024549 reverse stock split** was executed on January 17, 2025, with all share and per-share data retroactively adjusted[487](index=487&type=chunk)[488](index=488&type=chunk)[589](index=589&type=chunk) - Previously issued financial information was revised in Q3 2024 to correct an error in the accounting for redeemable noncontrolling interests and to voluntarily reflect a previously disclosed out-of-period adjustment for variable lease costs[393](index=393&type=chunk)[576](index=576&type=chunk)[577](index=577&type=chunk) [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=128&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[615](index=615&type=chunk) [Item 9A. Controls and Procedures](index=128&type=page&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2024. - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[616](index=616&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[617](index=617&type=chunk) [Item 9B. Other Information](index=128&type=page&id=Item%209B.%20Other%20Information) The company reports no other information. - None[619](index=619&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=128&type=page&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company. - Not applicable[620](index=620&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=129&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's Proxy Statement for the 2025 Annual Meeting of Stockholders. - The information required by this item is incorporated by reference to the company's Proxy Statement for the 2025 Annual Meeting of Stockholders[625](index=625&type=chunk) [Item 11. Executive Compensation](index=129&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's Proxy Statement for the 2025 Annual Meeting of Stockholders. - The information required by this item is incorporated by reference to the company's Proxy Statement for the 2025 Annual Meeting of Stockholders[626](index=626&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=129&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's Proxy Statement for the 2025 Annual Meeting of Stockholders. - The information required by this item is incorporated by reference to the company's Proxy Statement for the 2025 Annual Meeting of Stockholders[627](index=627&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=129&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's Proxy Statement for the 2025 Annual Meeting of Stockholders. - The information required by this item is incorporated by reference to the company's Proxy Statement for the 2025 Annual Meeting of Stockholders[628](index=628&type=chunk) [Item 14. Principal Accounting Fees and Services](index=129&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 Proxy Statement for the 2025 Annual Meeting of Stockholders. - The information required by this item is incorporated by reference to the company's Proxy Statement for the 2025 Annual Meeting of Stockholders[629](index=629&type=chunk) PART IV [Item 15. Exhibits, Financial Statement Schedules](index=129&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Annual Report on Form 10-K. - This item lists the financial statements, schedules, and exhibits included in the Form 10-K filing[631](index=631&type=chunk) [Item 16. Form 10-K Summary](index=134&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company provides no summary for its Form 10-K. - None[646](index=646&type=chunk)

OUTFRONT Media Inc. (OUT) reported fourth-quarter 2024 adjusted funds from operations (AFFO) per share of 69 cents, beating the Zacks Consensus Estimate of 63 cents. The figure increased 7.8% from the prior-year quarter.See the Zacks Earnings Calendar to stay ahead of market-making news.Results reflect better-than-anticipated revenues, backed by lower interest expenses, higher adjusted OIBDA and improved yields.Quarterly revenues came in at $493.2 million, surpassing the Zacks Consensus Estimate of $490.1 m ...

Cautionary Statement Regarding Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "could," "would," "may," "might," "will," "should," "seeks," "likely," "intends," "plans," "projects," "predicts," "estimates," "forecast" or "an ...

Financial Data and Key Metrics Changes - Organic revenues increased by approximately 4% year-over-year, with billboard revenues up 3% driven by higher static and digital sales [7][10] - Adjusted OIBDA for Q4 was $155 million, and AFFO was $119 million, with 2024 AFFO growing 11.5% [9][10][29] - Total net leverage decreased to 4.7 times from 5.4 times at the end of 2023 [10][31] Business Line Data and Key Metrics Changes - Billboard segment revenue grew by 2%, with digital billboard revenue up 4.7% and static billboard revenue slightly increasing [11][15] - Transit revenues rebounded by nearly 9%, with the New York MTA growing by nearly 12% [8][12] - Other revenues, primarily from digital equipment sales, grew by $1.4 million [11] Market Data and Key Metrics Changes - Local revenues grew by just under 1%, while national revenues increased by 7%, driven by technology and financial sectors [14][15] - Digital revenue represented nearly 36% of total revenue, up from 34% the previous year, with automated sales growing over 40% [14][15] Company Strategy and Development Direction - The company aims to amplify the impact of out-of-home advertising, expand its share of U.S. ad spend, and accelerate digital capabilities [36] - The focus remains on enhancing the digital out-of-home space and integrating it into overall marketing campaigns [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of the MTA and noted that the first quarter of 2025 is off to a good start [40][70] - The company anticipates mid-single-digit growth in reported consolidated AFFO for 2025, driven by improved OIBDA [29][30] Other Important Information - The company closed the sale of its Canadian business for approximately $300 million, using the proceeds to reduce leverage [10] - A cash dividend of $0.30 per share was announced, payable on March 31 [32] Q&A Session Summary Question: Impact of congestion tax and work-from-home on MTA contract interest - Management noted that the MTA was a significant driver of revenue growth, with a 12% increase last year, and performance remains strong in Q1 2025 [39] Question: Reasons for softer local ad growth in Q4 - Management attributed softer local ad growth to strong comparisons from the previous year and macroeconomic uncertainties affecting mid-sized business customers [46] Question: Strength in national ad growth - Management highlighted strong national performance driven by various DMAs and events like the Super Bowl, with expectations for better pacing throughout the year [55] Question: Update on the CEO transition process - The board confirmed that a formal search process for a new CEO is underway, with the interim CEO actively involved during this period [62] Question: Strength in transit OIBDA - Management indicated that the strength in transit OIBDA was driven by the MTA's performance and noted that the fourth quarter is typically the largest revenue driver [70] Question: Pricing strength details - Most yield growth was attributed to pricing, indicating a positive sign for the current environment [77]

Core Insights - Outfront Media reported revenue of $493.2 million for Q4 2024, a year-over-year decline of 1.6%, with an EPS of $0.69 compared to $0.36 a year ago, indicating significant improvement in earnings despite revenue decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $490.06 million, resulting in a surprise of +0.64%, while the EPS surprise was +9.52% against a consensus estimate of $0.63 [1] Revenue Breakdown - Transit and other revenues were $116.50 million, surpassing the average estimate of $109.49 million by two analysts, reflecting a year-over-year increase of +3.9% [4] - Billboard revenues totaled $374.60 million, falling short of the average estimate of $381.12 million, representing a year-over-year decline of -3.7% [4] Earnings Metrics - Net Earnings Per Share (Diluted) was reported at $0.43, exceeding the average estimate of $0.38 from five analysts [4] - Corporate Adjusted OIBDA was -$18.20 million, slightly worse than the average estimate of -$17.41 million from three analysts [4] - Other Adjusted OIBDA was $0.40 million, below the average estimate of $1.02 million from three analysts [4] Stock Performance - Over the past month, shares of Outfront Media returned -1.6%, slightly better than the Zacks S&P 500 composite's -1.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Outfront Media exceeded earnings and revenue estimates in Q4 2024, showcasing notable progress in digital expansion and strategic financial management [1][2] Financial Performance - The company reported an EPS of $0.43, surpassing the estimate of $0.39, marking a 19.4% increase from the previous year's $0.36 [2][3] - Revenue reached $493.2 million, exceeding expectations of $490 million, although it represented a slight decline of 1.6% from last year's $501.2 million [2][3] - Adjusted OIBDA increased by 2.3% to $155.2 million, reflecting efficient cost management despite rising SG&A expenses [3][8] - AFFO was reported at $118.7 million, a 9.8% increase from $108.1 million in Q4 2023 [3] Business Strategy - Outfront Media specializes in out-of-home advertising, focusing on transitioning from static billboards to digital displays, which can run multiple ads and generate higher revenue [4][6] - The company emphasizes geographic diversification across key U.S. markets, minimizing risk and leveraging high-traffic urban areas [5] - The strategic divestment of its Canadian business streamlined operations and reduced debt, contributing to a healthier financial profile [9] Digital Expansion - The digital display strategy is a significant contributor to revenue growth, with 84 displays converted in the U.S. and 45 in Canada last year [7] - The transit segment saw a revenue increase of 9.1%, benefiting from a rise in average revenue per display [9] Future Outlook - While no explicit forward guidance was provided, the company plans to continue its focus on digital expansion and robust financial management under interim CEO Nick Brien [10] - Investors are encouraged to monitor Outfront's progress in digitizing its portfolio and enhancing profitability through new technology [11]

Core Insights - Outfront Media reported quarterly funds from operations (FFO) of $0.69 per share, exceeding the Zacks Consensus Estimate of $0.63 per share, and up from $0.64 per share a year ago [1][2] - The company achieved an FFO surprise of 9.52% for the quarter, having surpassed consensus FFO estimates three times over the last four quarters [2] - Revenues for the quarter were $493.2 million, slightly above the Zacks Consensus Estimate by 0.64%, but down from $501.2 million year-over-year [3] Financial Performance - The FFO for the previous quarter was expected to be $0.44 per share, but the actual result was $0.49, resulting in a surprise of 11.36% [2] - The current consensus FFO estimate for the upcoming quarter is $0.15 on revenues of $399.83 million, and for the current fiscal year, it is $1.89 on revenues of $1.85 billion [8] Market Position - Outfront Media's shares have increased by approximately 0.3% since the beginning of the year, compared to a 1.7% gain in the S&P 500 [4] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the bottom 46% of over 250 Zacks industries, indicating potential challenges for the sector [9] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [4] - The estimate revisions trend for Outfront Media is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [7]

Financial Performance - Fourth quarter revenues were $493.2 million, a decrease of $8.0 million, or 1.6%, compared to the same prior-year period[7]. - Net income attributable to OUTFRONT Media Inc. was $74.0 million, an increase of $13.6 million, or 22.5%, compared to the same prior-year period[44]. - Adjusted OIBDA for the fourth quarter was $155.2 million, an increase of $3.5 million, or 2.3%, compared to the same prior-year period[12]. - Full year revenues reached $1,830.9 million, an increase of $10.3 million, or 0.6%, compared to the previous year[25]. - Organic revenues for the fourth quarter increased by $18.3 million, or 3.9%[7]. - Consolidated revenues for Q4 2024 reached $493.2 million, a slight decrease from $501.2 million in Q4 2023, representing a 1.9% decline[68]. - The company reported a net income attributable to OUTFRONT Media Inc. of $74.0 million for Q4 2024, compared to $60.4 million in Q4 2023, a 22.9% increase[70]. - The adjusted OIBDA for the full year 2024 was $464.8 million, slightly higher than $456.2 million in 2023, representing a 1.4% increase[71]. Operating Expenses - Total operating expenses for the fourth quarter decreased by $9.7 million, or 3.9%[10]. - Total operating expenses for Q4 2024 decreased by 3.9% to $237.4 million from $247.1 million in Q4 2023, contributing to improved profitability[72]. - Billboard property lease expenses decreased by 4.7% to $119.6 million in Q4 2024 from $125.5 million in Q4 2023[73]. - Total Billboard operating expenses were $158.2 million in Q4 2024, a slight decrease of 0.8% from $159.4 million in Q4 2023[73]. - Total Transit operating expenses increased by 2.9% to $77.5 million in Q4 2024 from $75.3 million in Q4 2023[73]. Cash Flow and Capital Expenditures - Net cash flow from operating activities for the year ended December 31, 2024, was $299.2 million, up $45.0 million from $254.2 million in the prior-year period[47]. - Total capital expenditures decreased by 10.0% to $78.1 million for the year ended December 31, 2024, compared to the prior-year period[47]. - Cash dividends paid in 2024 totaled $208.4 million, including $199.6 million on common stock and $8.8 million on Series A Preferred Stock[48]. - The company reported a net cash flow of $207.5 million from investing activities in 2024, a significant improvement from a cash outflow of $107.5 million in 2023[66]. Debt and Equity - As of December 31, 2024, total indebtedness was $2.5 billion, which includes a $400.0 million term loan and $1.7 billion of senior unsecured notes[49]. - Unrestricted cash as of December 31, 2024, was $46.9 million, with $494.5 million available under the revolving credit facility[49]. - Total stockholders' equity increased to $649.0 million in 2024 from $577.3 million in 2023[65]. Earnings Per Share - Basic earnings per share for Q4 2024 were $0.44, an increase from $0.36 in Q4 2023; diluted earnings per share also rose to $0.43 from $0.36[64]. Dividends - Quarterly dividend declared at $0.30 per share, payable March 31, 2025[2]. - The board of directors approved a quarterly cash dividend of $0.30 per share, payable on March 31, 2025[48]. Future Plans - The company plans to host a conference call on February 25, 2025, to discuss the results[50]. Operational Insights - The company leverages technology and creativity to connect brands with consumers through a diverse set of advertising assets[53]. - The company has identified an error related to noncontrolling interests, which has been revised in previously issued financial statements[59]. Revenue Sources - Non-organic revenues for the year 2024 amounted to $34.9 million, a decrease from $92.1 million in 2023, indicating a shift in revenue sources[69]. - Non-organic revenues reflect the impact of the sale of equity interests in Outdoor Systems Americas ULC and foreign currency exchange rates for the twelve months ended December 31, 2024 and 2023[75]. Impairment Charges - Impairment charges primarily related to the Transit reporting unit and MTA asset group were noted in the financial results[75].

Financial Performance - Fourth quarter revenues were reported at $493.2 million, a decrease of $8.0 million or 1.6% compared to the same period in the previous year [5][17] - Operating income for the fourth quarter was $111.1 million, slightly up from $111.0 million in the prior year [2][48] - Net income attributable to OUTFRONT Media Inc. was $74.0 million, an increase of $13.6 million or 22.5% year-over-year, translating to $0.43 earnings per diluted share [32][34] - Adjusted OIBDA for the fourth quarter was $155.2 million, reflecting a 2.3% increase from the previous year [9][21] Segment Performance - Billboard segment revenues increased by $7.2 million or 2.0% to $374.6 million, driven by higher average revenue per display [6][22] - Transit segment revenues rose by $9.7 million or 9.1% to $116.5 million, primarily due to an increase in average revenue per display [7][24] - Total operating expenses decreased by $9.7 million or 3.9%, attributed to the impact of a recent transaction and lower variable property lease expenses [8][20] Yearly Overview - Full-year revenues reached $1,830.9 million, up $10.3 million or 0.6% compared to the previous year [17] - Full-year adjusted FFO was $307.5 million, an increase of $31.7 million or 11.5% year-over-year [34][21] - Total operating expenses for the year decreased by $14.1 million or 1.5% to $949.0 million [20] Cash Flow and Dividends - Net cash flow from operating activities for the year was $299.2 million, an increase of $45.0 million compared to the previous year [35] - The company paid cash dividends totaling $208.4 million in 2024, with a quarterly dividend of $0.30 per share announced for March 31, 2025 [36][36] Balance Sheet and Liquidity - As of December 31, 2024, the company had unrestricted cash of $46.9 million and $494.5 million available under its revolving credit facility [37] - Total indebtedness was reported at $2.5 billion, with a weighted average cost of debt of 5.4% [30][37]