OUTFRONT Media(US:OUT)2024-02-21 21:09Financial Performance - Fourth quarter revenues were $501.2 million, an increase of $6.5 million, or 1.3%, compared to the same prior-year period[5]. - Net income attributable to OUTFRONT Media Inc. was $60.4 million, a 2.0% increase from the prior-year period, with earnings per diluted share at $0.35[34]. - Full year revenues reached $1,820.6 million, an increase of $48.5 million, or 2.7%, compared to the previous year[17]. - Total revenues for the three months ended December 31, 2023, were $501.2 million, a 1.0% increase from $494.7 million in the same period of 2022[51]. - The company reported a net income attributable to OUTFRONT Media Inc. of $60.4 million for Q4 2023, compared to $59.2 million in Q4 2022, a 2.0% increase[51]. - Total revenues for the fourth quarter of 2023 were $501.2 million, up from $494.7 million in the same quarter of 2022, representing a growth of approximately 1.0%[55]. - Total organic revenues for 2023 were $1,805.4 million, up from $1,757.9 million in 2022, reflecting an increase of 2.7%[56]. - The company’s billboard segment generated revenues of $1,369.7 million in 2023, an increase from $1,308.8 million in 2022, representing a growth of 4.6%[56]. Operating Expenses and Income - Total operating expenses for the year increased by $56.9 million, or 6.2%, primarily due to higher billboard property lease expenses[21]. - Operating income for the three months ended December 31, 2023, was $111.0 million, compared to $105.0 million in the same period of 2022, reflecting a 5.7% increase[51]. - Operating expenses for the year ended December 31, 2023, were $968.3 million, an increase of 6.2% from $911.4 million in 2022[59]. - Operating income for 2023 was a loss of $258.4 million, compared to a profit of $287.7 million in 2022, marking a significant decline[56]. Adjusted OIBDA - Adjusted OIBDA for the fourth quarter was $151.7 million, a decrease of $2.0 million, or 1.3%, compared to the same prior-year period[9]. - Adjusted OIBDA for the fourth quarter of 2023 was $151.7 million, with an adjusted OIBDA margin of 30.3%[55]. - Adjusted OIBDA for the year ended December 31, 2023, was $451.0 million, down from $472.4 million in 2022, reflecting a decrease of 4.9%[58]. - The adjusted OIBDA margin for 2023 was 24.8%, compared to 26.7% in 2022, indicating a decline of 1.9 percentage points[56]. Cash Flow and Capital Expenditures - Total capital expenditures for the year decreased by 3.3% to $86.8 million compared to the previous year[37]. - Capital expenditures for the year ended December 31, 2023, totaled $86.8 million, a decrease from $89.8 million in 2022[56]. - Cash and cash equivalents at the end of 2023 were $36.0 million, down from $40.4 million at the end of 2022, reflecting a decrease of approximately 10.9%[54]. - The company reported a net cash flow provided by operating activities of $254.2 million for 2023, slightly up from $254.1 million in 2022[53]. Debt and Liabilities - Total indebtedness as of December 31, 2023, was $2.8 billion, which includes a $600.0 million term loan and $1.7 billion of senior unsecured notes[39]. - Long-term debt increased from $2,626.0 million in 2022 to $2,676.5 million in 2023, an increase of about 1.9%[52]. - Total current liabilities rose from $551.6 million in 2022 to $593.0 million in 2023, an increase of approximately 7.5%[52]. Impairment Charges - Impairment charges for 2023 amounted to $511.4 million, indicating significant asset write-downs[53]. - The company reported impairment charges of $534.7 million for the year ended December 31, 2023, with no such charges reported in 2022[56]. - Impairment charges were related to the decline in the long-term outlook of the U.S. Transit and Other reporting unit[62]. - An impairment charge relates to an other-than-temporary decline in the fair value of a cost-method investment[62]. Dividends and Investor Relations - The company announced a quarterly cash dividend of $0.30 per share, payable on March 28, 2024[38]. - The company plans to host a conference call on February 21, 2024, to discuss the results, indicating ongoing engagement with investors[40]. Organic and Non-Organic Revenues - The company emphasizes the importance of organic revenues to understand underlying growth rates, excluding significant acquisitions and foreign currency impacts[45]. - Organic revenues exclude revenues associated with significant acquisitions and the impact of foreign currency exchange rates[62]. - Non-organic revenues for the twelve months ended December 31, 2023, reflect the impact of a significant acquisition[62]. - Non-organic revenues for the twelve months ended December 31, 2022, reflect the impact of a significant acquisition and foreign currency exchange rates[62].