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Mar 31, 2022
Outfront Media Q1 2022 Earnings Report
Reported a strong first quarter with revenue increase and improved profitability.
Key Takeaways
OUTFRONT Media Inc. reported a strong first quarter in 2022, with revenues of $373.5 million, a 44% increase year-over-year. The company's operating income was $28.5 million, and it experienced a net loss attributable to OUTFRONT Media Inc. of $0.1 million. Adjusted OIBDA reached $70.2 million, and AFFO attributable to OUTFRONT Media Inc. was $35.5 million.
Total revenues increased by 44% year-over-year, reaching $373.5 million.
U.S. Billboard revenues rose to nearly 20% above 2019 levels, driven by high demand.
Operating income was $28.5 million, a significant improvement compared to the previous year.
The company declared a quarterly dividend of $0.30 per share, payable on June 30, 2022.
Outfront Media
Outfront Media
Outfront Media Revenue by Segment
Revenue by Segment
Billboard Revenue
CapyFin.comTransit Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The company expects key performance indicators and total revenues to incrementally improve in 2022 compared to 2021, with total revenues potentially surpassing pre-COVID-19 pandemic levels due to strong billboard revenues. Transit revenues are expected to remain materially below pre-COVID-19 levels until 2023. Adjusted OIBDA is also expected to improve, but remain below pre-pandemic levels, while total expenses are expected to increase and exceed pre-COVID-19 levels.
Positive Outlook
- Total revenues in 2022 are expected to approach or potentially surpass pre-COVID-19 pandemic levels.
- Strong performance is expected in total billboard revenues in the U.S. Media segment.
- Adjusted OIBDA is expected to incrementally improve in 2022.
- Improvements are expected in the transit and other business.
- Key performance indicators are expected to incrementally improve in 2022 as compared to 2021.
Challenges Ahead
- Some key performance indicators will continue to be materially lower in 2022 than pre-COVID-19 pandemic levels.
- Total transit and other revenues in the U.S. Media segment are expected to remain materially below pre-COVID-19 pandemic levels until 2023.
- Adjusted OIBDA is expected to remain below pre-COVID-19 pandemic levels.
- Total expenses are expected to increase in 2022 as compared to 2021, and exceed pre-COVID-19 pandemic levels.
- Transit franchise expenses, as a percentage of revenues, are expected to be higher in 2022 than pre-COVID-19 pandemic levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income