PART I [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 for Q1 2025 and 2024, including notes and revisions for noncontrolling interests [Consolidated Statements of Financial Position](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Total assets decreased slightly to **$5.13 billion** as of March 31, 2025, with stable liabilities and declining equity due to distributions Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $30.5 | $46.9 | | Total current assets | $321.3 | $385.8 | | Goodwill | $2,006.4 | $2,006.4 | | Total assets | $5,132.3 | $5,215.2 | | Short-term debt | $50.0 | $10.0 | | Total current liabilities | $529.8 | $520.8 | | Long-term debt, net | $2,483.7 | $2,482.5 | | Total liabilities | $4,426.6 | $4,431.2 | | Total stockholders' equity | $566.9 | $649.0 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 revenues decreased to **$390.7 million** due to the Canadian business sale, while net loss improved to **$20.6 million** due to no impairment charges Q1 2025 vs Q1 2024 Performance (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $390.7 | $408.5 | | Operating Income | $13.9 | $14.0 | | Impairment Charges | $0.0 | $9.1 | | Interest Expense, net | ($36.0) | ($41.4) | | Net Loss Attributable to OUTFRONT | ($20.6) | ($27.2) | | Diluted EPS | ($0.14) | ($0.18) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased to **$33.6 million** in Q1 2025, while investing and financing activities used cash, resulting in a **$16.4 million** decrease in cash Cash Flow Summary (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $33.6 | $30.6 | | Net cash flow used for investing activities | ($24.7) | ($19.0) | | Net cash flow used for financing activities | ($25.3) | ($4.9) | | **Net (decrease) increase in cash** | **($16.4)** | **$6.4** | | Cash and cash equivalents at end of period | $30.5 | $42.4 | - The increase in cash used for financing activities was driven by higher net borrowings under short-term debt facilities in the prior year period (**$55.0 million** in Q1 2024 vs **$40.0 million** in Q1 2025)[19](index=19&type=chunk)[223](index=223&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the company's REIT structure, Canadian business sale, debt, revenue recognition, segment performance, MTA agreement, and a revision for noncontrolling interests - The company operates as a REIT with two reportable segments: Billboard and Transit, and its former Canadian operations were sold on June 7, 2024[24](index=24&type=chunk)[25](index=25&type=chunk) - In Q3 2024, an error in accounting for redeemable noncontrolling interests led to a revision of previously issued financial information, which was not material to prior periods but would have been to the current period[28](index=28&type=chunk)[110](index=110&type=chunk) - In Q1 2024, the company recorded a **$9.1 million** impairment charge related to its New York Metropolitan Transportation Authority (MTA) asset group due to negative cash flow forecasts, with no impairment recorded in Q1 2025[38](index=38&type=chunk)[95](index=95&type=chunk) - The company's long-term equity incentive program was updated in Q1 2025, adding a relative total shareholder return (TSR) metric and removing adjusted funds from operations for performance-based awards[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, noting a **4% revenue decrease** to **$390.7 million** due to divestiture, flat organic revenues, and a **3% Adjusted OIBDA decline** to **$64.2 million** Key Performance Indicators (in millions) | Indicator | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $390.7 | $408.5 | (4)% | | Organic Revenues | $390.7 | $389.9 | 0% | | Adjusted OIBDA | $64.2 | $66.5 | (3)% | | Net Loss | ($20.6) | ($27.2) | (24)% | | AFFO | $23.9 | $23.2 | 3% | - The sale of the Canadian business on June 7, 2024, is a primary driver of the difference between reported and organic revenue performance[123](index=123&type=chunk)[145](index=145&type=chunk) - Increasing the number of digital displays is a key element of the organic growth strategy, as digital billboards generate approximately **4-5 times more revenue** than comparable static displays[130](index=130&type=chunk) [Segment Results of Operations](index=37&type=section&id=MD%26A-Segment%20Results) Billboard Adjusted OIBDA rose **2% to $99.0 million**, Transit revenue grew **3% to $77.7 million** with an improved OIBDA loss, while the 'Other' segment declined due to divestiture Adjusted OIBDA by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Billboard | $99.0 | $97.1 | | Transit | ($14.2) | ($15.3) | | Other | $0.5 | $0.9 | | Corporate | ($21.1) | ($16.2) | | **Total Adjusted OIBDA** | **$64.2** | **$66.5** | - Billboard segment revenue was adversely impacted by lost billboards, particularly in New York and Los Angeles, but this was partially offset by an increase in average revenue per display (yield)[173](index=173&type=chunk) - Transit segment revenue increased primarily due to higher yield, partially offset by the impact of new and lost franchise contracts[178](index=178&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=MD%26A-Liquidity%20and%20Capital%20Resources) The company maintains **$2.53 billion** in total debt and a **$208.5 million** working capital deficit, with liquidity from cash and credit facilities, projecting **$85.0 million** in 2025 capital expenditures - The company was in compliance with its debt covenants as of March 31, 2025, with a Consolidated Total Leverage Ratio of **4.8 to 1.0** (well below the **6.0 to 1.0** limit) and a Consolidated Net Secured Leverage Ratio of **1.6 to 1.0** (below the **4.5 to 1.0** limit)[60](index=60&type=chunk)[61](index=61&type=chunk)[211](index=211&type=chunk) - For the full year 2025, capital expenditures are projected to be approximately **$85.0 million**, separate from the estimated **$35.0 million** in MTA equipment deployment costs[196](index=196&type=chunk)[222](index=222&type=chunk) - On May 8, 2025, the board approved a quarterly cash dividend of **$0.30 per share**[71](index=71&type=chunk)[199](index=199&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, particularly electricity, and interest rates on its **$400.0 million** variable-rate Term Loan and AR Facility, while credit risk is limited - The company is exposed to interest rate risk on its variable-rate debt, including the **$400.0 million** Term Loan and the **$150.0 million** AR Facility[234](index=234&type=chunk)[237](index=237&type=chunk) - Commodity price risk is present in electricity costs, but the company mitigates this partially through fixed-rate purchase agreements, which covered **8.2%** of total utility costs in 2024[232](index=232&type=chunk)[233](index=233&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The Interim CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period[241](index=241&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[242](index=242&type=chunk) PART II [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, none of which are expected to materially affect its financial position, results, or cash flows - In management's opinion, no current litigation is expected to have a material adverse effect on the company's results, financial position, or cash flows[246](index=246&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes from the risk factors disclosed in the 2024 Annual Report on Form 10-K have been reported - No material changes from the risk factors disclosed in the 2024 Annual Report on Form 10-K have been reported[247](index=247&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities in the quarter - There were no unregistered sales of equity securities in the quarter[248](index=248&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) An executive, Richard H. Sauer, adopted a Rule 10b5-1 trading plan on March 14, 2025, for the potential sale of up to 50,000 shares - An executive, Richard H. Sauer, adopted a Rule 10b5-1 trading plan on March 14, 2025, for the potential sale of up to **50,000 shares**[251](index=251&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section references the Exhibit Index, listing all documents filed as part of the quarterly report, including certifications and equity award agreements

Core Viewpoint - OUTFRONT Media Inc. reported a first-quarter 2025 adjusted funds from operations (AFFO) per share of 14 cents, missing the Zacks Consensus Estimate of 15 cents, with no change from the prior-year quarter [1][2] Financial Performance - Quarterly revenues were $390.7 million, missing the Zacks Consensus Estimate by 1.5%, and decreased 4.4% year over year [2] - Billboard revenues totaled $310.7 million, reflecting a year-over-year decline of 1%, attributed to lost billboards and lower proceeds from condemnations, partially offset by higher average revenue per display [2][3] - Transit revenues increased to $77.7 million, up 2.6% from the year-ago quarter, driven by higher average revenue per display [3] - Operating income was $13.9 million, slightly down from $14 million in the previous year [3] - Operating expenses decreased to $221.3 million, down 7.3% year over year, due to lower variable property lease expenses and the impact of lost billboards [4] - Net interest expenses decreased to $36 million, down 13% from $41.4 million in the prior-year period, due to lower average debt balance and interest rates [5] Cash Flow and Balance Sheet - Net cash flow from operating activities for the quarter was $33.6 million, an increase from $30.6 million in the prior-year period [6] - As of March 31, 2025, the company had unrestricted cash of $30.5 million and $494.8 million available under its $500 million revolving credit facility [7] - No shares were sold under the at-the-market (ATM) equity program, with $232.5 million available under the program at the quarter's end [8] Dividend Information - OUTFRONT Media announced a quarterly cash dividend of 30 cents per share, payable on June 30 to shareholders of record as of June 6, 2025 [9]

Core Insights - Outfront Media reported $390.7 million in revenue for Q1 2025, a year-over-year decline of 4.4% [1] - The EPS for the same period was $0.14, compared to -$0.18 a year ago, indicating a significant improvement [1] - The revenue fell short of the Zacks Consensus Estimate of $396.65 million by 1.50%, while the EPS missed the consensus estimate of $0.15 by 6.67% [1] Financial Performance Metrics - Organic Billboard Revenues were $310.70 million, slightly below the average estimate of $312.96 million, reflecting a year-over-year decline of 1% [4] - Organic Transit Revenues reached $77.70 million, surpassing the estimated $81.41 million, with a year-over-year increase of 2.6% [4] - Organic Total Revenues were reported at $390.70 million, compared to the average estimate of $394.42 million, showing a year-over-year change of 0.3% [4] - Organic Other Revenues significantly dropped to $2.30 million, well below the estimated $3.67 million, marking an 87.8% year-over-year decline [4] - Billboard Revenues were $310.70 million, slightly below the average estimate of $311.47 million, with a year-over-year decline of 5.5% [4] - Revenues from Transit and other sources were $80 million, compared to the estimated $81.56 million, reflecting a year-over-year increase of 0.4% [4] - Net Earnings Per Share (Diluted) were -$0.14, compared to the average estimate of -$0.11 [4] - Adjusted OIBDA for Billboard was $99 million, exceeding the average estimate of $79.85 million [4] - Adjusted OIBDA for Other was $0.50 million, slightly above the estimated $0.35 million [4] - Adjusted OIBDA for Corporate was -$21.10 million, worse than the average estimate of -$13.91 million [4] Stock Performance - Outfront Media's shares returned +3.6% over the past month, while the Zacks S&P 500 composite increased by +11.3% [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]

Company Performance - Outfront Media reported quarterly funds from operations (FFO) of $0.14 per share, missing the Zacks Consensus Estimate of $0.15 per share, and matching the FFO of $0.14 per share from a year ago [1] - The quarterly report indicates an FFO surprise of -6.67%, while the previous quarter saw an FFO of $0.69 per share, exceeding expectations by 9.52% [2] - The company posted revenues of $390.7 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.50%, compared to revenues of $408.5 million a year ago [3] Stock Performance - Outfront Media shares have declined approximately 14% since the beginning of the year, contrasting with the S&P 500's decline of -4.3% [4] - The current consensus FFO estimate for the upcoming quarter is $0.51 on revenues of $469.33 million, and for the current fiscal year, it is $1.87 on revenues of $1.83 billion [8] Industry Outlook - The REIT and Equity Trust - Other industry, to which Outfront Media belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, indicating potential challenges ahead [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in estimate revisions, which could impact Outfront Media's stock performance [6]

Financial Data and Key Metrics Changes - Organic revenues grew slightly, in line with previous guidance, while OIBDA was $64 million and AFFO was $24 million [8][19] - Consolidated adjusted OIBDA totaled about $64 million, a 3% decline versus the prior year, but excluding certain costs, adjusted OIBDA would have increased [18][19] - Total net leverage was 4.8 times, within the target range of four to five times [20] Business Line Data and Key Metrics Changes - Billboard revenues were down 1%, impacted by the exit of a large New York billboard contract, while digital billboard revenues increased by 5.4% [8][9] - Transit revenues grew by 2.6%, with strong growth in New York MTA offset by weakness in other franchises [9][10] - Combined digital revenue performance grew almost 7%, representing nearly 33% of total organic revenues, up from about 31% last year [11] Market Data and Key Metrics Changes - Local revenues were down 3% year-on-year, while national revenues grew by 4%, driven by improved advertising sales efforts [11][12] - The strongest billboard region was identified as the South, while the West, particularly LA, faced challenges [10][44] Company Strategy and Development Direction - The company is focusing on four strategic imperatives: optimizing sales strategies, modernizing workflows, driving new demand from non-out-of-home advertisers, and ensuring operational excellence [7][22] - The management is committed to unlocking significant potential within the company and improving cost efficiencies [7][18] Management's Comments on Operating Environment and Future Outlook - The management expects second quarter revenues to be similar to the first quarter, with billboard revenues flattish to slightly down and transit up low to mid-single digits [22] - Despite economic uncertainties, there are no indications of cancellations or a likely recession, with expectations for mid-single-digit growth in reported 2025 consolidated AFFO [19][22] Other Important Information - The company announced a $0.30 cash dividend payable on June 30 to shareholders of record at the close of business on June 6 [21] - The company plans to exit another large but marginally profitable billboard contract in Los Angeles, which is expected to have a limited impact on adjusted OIBDA and AFFO [15][18] Q&A Session Summary Question: What percentage of ad categories are goods versus services, and which is more resilient in the current environment? - Management noted that most of their categories are services, with some postponements observed in automotive, government, and retail sectors, but no significant reductions [26][28] Question: How is media and entertainment spending trending in LA, and is the exit of the LA contract related to the fire? - Management emphasized the importance of the media and entertainment category in LA and clarified that the exit was not related to fire incidents, focusing instead on profitable contracts [31][33] Question: What is the status of the MTA contracts and the impact of congestion pricing on transit growth? - The MTA contract increased slightly, and while it's hard to trace the impact of congestion pricing, there are indications of higher ridership [35][36] Question: Can you elaborate on potential cost savings or operational efficiencies? - Management clarified that the focus is on demand generation and modernizing the tech stack rather than just efficiency, aiming for a laser-like focus on growth drivers [41][43] Question: Are there differences across geographies in revenue trends aside from exited contracts? - The West has been challenging, while the South and Midwest are performing well, with the East benefiting from strong MTA transit performance [44]

Financial Data and Key Metrics Changes - Organic revenues grew slightly, in line with previous guidance, while OIBDA was $64 million and AFFO was $24 million [6][17] - Consolidated adjusted OIBDA totaled about $64 million, a 3% decline versus the prior year, but excluding certain costs, adjusted OIBDA would have increased [16][17] - The company expects reported 2025 consolidated AFFO to grow in the mid-single digit range despite an uncertain economic environment [17] Business Line Data and Key Metrics Changes - Billboard revenues were down 1%, impacted by the exit of a large New York billboard contract, while digital billboard revenues increased by 5.4% [6][7] - Transit revenues grew by 2.6%, with strong growth in New York MTA offset by weaknesses in other franchises [7][8] - Combined digital revenue performance grew almost 7% and represented nearly 33% of total organic revenues, up from about 31% last year [9] Market Data and Key Metrics Changes - The strongest categories during the quarter were legal, utilities, and financial, while weaker categories included health and medical, government and political, and CPG [8] - Local revenues were down 3% year-on-year, while national revenues grew 4% during the first quarter [9] Company Strategy and Development Direction - The company is focusing on four strategic imperatives: optimizing sales strategies, modernizing workflows, driving new demand from non-out-of-home advertisers, and ensuring operational excellence [5][6] - The management team is committed to unlocking significant potential within the company and improving cost efficiencies [12][41] Management's Comments on Operating Environment and Future Outlook - Management expects second quarter revenues to be similar to the first quarter, with billboard revenues flattish to slightly down and transit up low to mid-single digits [20] - The company is optimistic about the second half of the year, with current pacing better than the first quarter [20] Other Important Information - The company announced a $0.30 cash dividend payable on June 30 to shareholders of record at the close of business on June 6 [19] - Committed liquidity is over $600 million, with a total net leverage of 4.8 times within the target range [18] Q&A Session Summary Question: What percentage of your ad categories are goods versus services, and which is more resilient in the current environment? - Management noted that most of their categories are services, with postponements seen in automotive, government, and retail, but no significant reductions [24][26] Question: How is media and entertainment spending trending in LA, and is the exit of the LA contract related to the fire? - Management emphasized the importance of the media and entertainment category in LA and clarified that the exit was not related to fire but rather focused on profitability [30][32] Question: What is the latest on the MTA contracts and the impact of congestion pricing on transit growth? - The MTA contract increased slightly, and while it's hard to trace the impact of congestion pricing, ridership metrics seem to indicate higher activity [34][35] Question: Can you elaborate on potential cost savings or operational efficiencies? - Management highlighted that the focus is on resetting sales strategies and modernizing the tech stack to drive revenue and efficiency [40][41] Question: Are there differences across geographies in revenue trends aside from exited contracts? - The West has faced challenges, while the South and Midwest are performing well, particularly with MTA transit performance in the East [43]

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 ...

Exhibit 99.1 OUTFRONT Media Reports First Quarter 2025 Results Revenues of $390.7 million Operating income of $13.9 million Net loss attributable to OUTFRONT Media Inc. of $20.6 million Adjusted OIBDA of $64.2 million | | Three Months Ended | | | --- | --- | --- | | | March 31, | | | $ in Millions, except per share amounts | 2025 | 2024 | | Revenues | $390.7 | $408.5 | | Organic revenues | 390.7 | 389.9 | | Operating income | 13.9 | 14.0 | | Adjusted OIBDA | 64.2 | 66.5 | | Net loss before allocation to red ...

Financial Performance - Revenues for the first quarter of 2025 were reported at $390.7 million, a decrease of $17.8 million or 4.4% compared to the same period in 2024 [5][19] - Operating income was $13.9 million, slightly down from $14.0 million in the prior year [2][35] - Net loss attributable to OUTFRONT Media Inc. was $20.6 million, a decrease of $6.6 million or 24.3% from the previous year [19][35] - Adjusted OIBDA was $64.2 million, down $2.3 million or 3.5% year-over-year [8][35] - Funds From Operations (FFO) attributable to OUTFRONT Media Inc. increased to $26.5 million, up $4.2 million or 18.8% from the prior year [20] - Adjusted FFO (AFFO) was $23.9 million, an increase of $0.7 million or 3.0% compared to the same period in 2024 [21] Segment Performance - Billboard segment revenues were $310.7 million, a decrease of $3.2 million or 1.0% year-over-year, impacted by lost billboards [9][12] - Transit segment revenues increased to $77.7 million, up $2.0 million or 2.6% compared to the previous year, driven by higher average revenue per display [12][13] - Other segment revenues fell to $2.3 million, a decrease of $16.6 million or 87.8%, primarily due to the impact of the sale of the Canadian Business [14] Expenses and Costs - Total operating expenses decreased by $17.4 million or 7.3% to $221.3 million, mainly due to lower variable property lease expenses [6][35] - Selling, General and Administrative (SG&A) expenses increased by $4.2 million or 3.8% to $114.7 million, attributed to higher compensation-related expenses [7][35] - Interest expense decreased to $36.0 million from $41.4 million in the prior year, reflecting a lower average debt balance and interest rates [17] Cash Flow and Capital Expenditures - Net cash flow from operating activities was $33.6 million, an increase of $3.0 million or 9.8% compared to the same prior-year period [22] - Total capital expenditures decreased by $1.2 million or 6.5% to $17.2 million [22] Dividends and Shareholder Returns - The company announced a quarterly dividend of $0.30 per share, payable on June 30, 2025 [23] Balance Sheet and Liquidity - As of March 31, 2025, the company had unrestricted cash of $30.5 million and $494.8 million available under its revolving credit facility [24] - Total indebtedness was reported at $2.6 billion, with a mix of term loans and senior notes [24]

Wall Street analysts expect Outfront Media (OUT) to post quarterly earnings of $0.15 per share in its upcoming report, which indicates a year-over-year increase of 7.1%. Revenues are expected to be $396.65 million, down 2.9% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe. Ahead of a company's earnings disclosure, it ...