Core Insights - OUTFRONT Media Inc. reported third-quarter 2025 adjusted funds from operations (AFFO) per share of 57 cents, exceeding the Zacks Consensus Estimate of 50 cents and up from 49 cents a year ago [1][10] - Quarterly revenues reached $467.5 million, surpassing the Zacks Consensus Estimate of $456.6 million, and reflecting a year-over-year increase of 3.5% [2][10] Revenue Breakdown - Billboard revenues were $352.8 million, showing a year-over-year decline of 2.2% due to lost billboards and lower proceeds from condemnations, partially offset by increased average revenue per display [3] - Transit revenues rose to $112.4 million, a 23.7% increase from the previous year, driven by higher average revenue per display, despite the impact of new and lost transit franchise contracts [4] Operating Performance - Operating income for the quarter was $89.9 million, compared to $71.3 million in the same quarter last year [4] - Operating expenses decreased by 1% year over year to $230.7 million, influenced by lost billboards and lower variable property lease expenses, while the adjusted OIBDA margin improved to 29.3%, up 340 basis points year over year [5] Financial Position - As of September 30, 2025, the company had unrestricted cash of $63 million and $494.9 million available under its $500 million revolving credit facility, with total debt outstanding at $2.6 billion [7] - Net interest expenses were $37 million, slightly down from $37.1 million in the prior year, with a weighted average cost of debt of 5.4% [6] Dividend Announcement - Concurrent with the earnings release, OUTFRONT Media announced a quarterly cash dividend of 30 cents per share, payable on December 31 to shareholders of record as of December 5, 2025 [9]

Core Insights - Outfront Media reported $467.5 million in revenue for Q3 2025, a 3.5% year-over-year increase, with an EPS of $0.57 compared to $0.19 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $456.56 million by 2.4%, and the EPS surpassed the consensus estimate of $0.50 by 13.78% [1] Revenue Breakdown - Billboard organic revenues were $352.8 million, slightly below the estimated $354.85 million, reflecting a -2.2% change year-over-year [4] - Transit organic revenues reached $112.4 million, exceeding the estimated $101.27 million, marking a +23.7% change year-over-year [4] - Total organic revenues of $467.5 million surpassed the average estimate of $456.21 million, showing a +3.5% year-over-year change [4] - Other organic revenues were $2.3 million, significantly above the estimated $0.52 million, representing a +475% change year-over-year [4] Earnings Performance - Net Earnings Per Share (Diluted) was $0.29, compared to the average estimate of $0.23 [4] - Adjusted OIBDA for Billboard was $139.3 million, slightly above the average estimate of $138.67 million [4] - Adjusted OIBDA for Transit was $15.7 million, significantly exceeding the average estimate of $2.47 million [4] Stock Performance - Over the past month, Outfront Media's shares returned -1%, while the Zacks S&P 500 composite increased by +1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Financial Data and Key Metrics Changes - Consolidated revenues increased by 3.45%, driven by a 24% growth in transit [4] - Consolidated OIBDA rose by 17% to $137 million, while AFFO increased by 24% to $100 million [4][12] - Billboard revenues decreased by 2.2%, primarily due to the exit of two large contracts [4][5] - Excluding the exited contracts, billboard revenues would have increased by over 1% [5] Business Line Data and Key Metrics Changes - Transit revenues grew by 24%, with New York MTA seeing a 37% increase [4][6] - Digital transit revenues surged over 50% to $56 million, while static revenues rose almost 4% [6] - Billboard yield growth was up about 1.4% year over year to over $3,000 per month [8] Market Data and Key Metrics Changes - Strong performance in legal, financial, tech, and travel sectors, while retail, alcohol, and government political sectors were weaker [6] - Combined digital revenue performance grew over 12%, representing 35.4% of total revenues [7] Company Strategy and Development Direction - The company is focusing on enhancing its transit growth team and developing distinct go-to-market sales solutions [6] - A strategic partnership with AWS aims to improve planning, buying, and measurement of inventory [7] - The company is positioning itself as a leader in out-of-home advertising, emphasizing real-life brand experiences [17][18] Management's Comments on Operating Environment and Future Outlook - Management expects fourth-quarter revenue growth to improve slightly, driven by mid-teens growth in transit and low single-digit growth in billboard [16] - The media and marketing landscape is undergoing significant changes, with a shift towards brand equity and emotional experiences [17] - Management is optimistic about the entertainment sector's recovery in 2026, despite current challenges [34] Other Important Information - The company raised its AFFO guidance for the full year, now expecting high single-digit growth [12] - Total net leverage dropped to 4.7 times, within the target range of four to five times [15] Q&A Session Summary Question: How does the company compare to its strategic objectives as it exits 2025? - Management expressed confidence in the execution of strategic imperatives and noted impressive results in Q3 [20][21] Question: What are the drivers of transit growth and expectations for next year? - The growth was attributed to a dedicated transit team, product marketing focus, and successful brand campaigns [23][24] Question: Can you elaborate on the restructuring of the sales function in transit? - The restructuring aimed to create more tailored sales conversations for different client types, enhancing engagement with major brands [27][29] Question: What is the outlook for the entertainment sector and events like the World Cup? - Management is optimistic about the entertainment sector's recovery and sees significant opportunities related to the World Cup [34][36] Question: Has the government shutdown impacted advertising trends? - Management indicated no material impact from the government shutdown on advertising trends [41]

Financial Performance - Q3 2025 - Consolidated Revenue reached $468 million, a 3.5% year-over-year increase[5] - Transit Revenue experienced significant growth, rising by 23.7% to $112 million[5] - Consolidated Operating Income increased substantially by 26.1% to $90 million[5] - Consolidated Adjusted OIBDA grew by 17.2% to $137 million[5] - Consolidated Net Income saw a considerable increase of 48.3% to $51 million[5] - Consolidated AFFO (Adjusted Funds From Operations) increased by 24.1% to $100 million[5] Billboard Segment Performance - Billboard Revenue decreased slightly by (2.2%) to $353 million[5] - Billboard Adjusted OIBDA increased modestly by 2.1% to $139 million[5] Factors Affecting Comparability - NY MTA Billboard Contract: Q3'25 revenue was $0.0 million compared to $7.7 million in Q3'24[7] - LA Billboard Contract: Q3'25 revenue was $0.0 million compared to $5.1 million in Q3'24[7] Digital Revenue Growth - Digital revenues accounted for 35.6% of total Billboard & Transit revenues in Q3 2025, up from 32.7% in Q3 2024[58]

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]

Financial Performance - Total reported revenue increased by 100% year-over-year, reaching $3384 million in Q1 2019 compared to $3099 million in Q1 2018[5, 7] - US Media revenue increased by 92% year-over-year, from $2263 million in Q1 2018 to $2362 million in Q1 2019[10] - Billboard revenue in US Media increased by 44% year-over-year, from $2263 million to $2362 million[10] - Transit & Other revenue in US Media increased by 222% year-over-year, from $836 million to $1022 million[10] - Adjusted OIBDA increased by 69% year-over-year[5] - AFFO increased by 29% year-over-year[5] Revenue Breakdown - Local revenue increased by 123% year-over-year, reaching $2025 million in Q1 2019[13] - National revenue increased by 49% year-over-year, reaching $1359 million in Q1 2019[13] - Digital revenue accounted for 171% of total revenue in Q1 2019, amounting to $636 million[54] Expenses and Profitability - Adjusted OIBDA margin was 280% in Q1 2019[66] - Billboard lease expenses increased by 69% year-over-year, from $63 million to $65 million[26]

Financial Performance - Total reported revenue increased by 145% year-over-year, reaching $4196 million in Q2 2019 compared to $3672 million in Q2 2018[9] - Adjusted OIBDA increased by 147%[7] - AFFO increased by 247%[7] Revenue Breakdown - Billboard revenue increased by 86% year-over-year[12] - Transit & Other revenue increased by 285% year-over-year[12] - Local revenue increased by 98% year-over-year[15] - National revenue increased by 202% year-over-year[15] Digital Performance - Digital revenue increased by 242% year-over-year[57], reaching $662 million in Q2 2019 compared to $533 million in Q2 2018[57] - Static revenue increased by 102% year-over-year[18] Capital Allocation and Liquidity - The company has $100 million in unrestricted cash and $430 million available from a revolving credit facility as of June 30, 2019[47] - Total debt outstanding (face value) is $2820 million, resulting in a net leverage ratio of 46x[47] Non-GAAP Financial Measures - The report includes non-GAAP financial measures such as organic revenues, Adjusted OIBDA, and AFFO to supplement GAAP financial measures[4]

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]

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]