OUTFRONT Media(OUT)2025-02-25 21:10Financial 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].