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Outfront Media
🇺🇸 NYSE:OUT
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•
Jun 30, 2021

Outfront Media Q2 2021 Earnings Report

Reported a recovery in business with organic revenues up, Adjusted OIBDA up, and AFFO returning solidly to positive.

Key Takeaways

OUTFRONT Media Inc. reported revenues of $341.0 million, operating income of $29.1 million, and a net loss attributable to OUTFRONT Media Inc. of $0.9 million, or $0.05 per diluted share. Adjusted OIBDA was $70.0 million and AFFO attributable to OUTFRONT Media Inc. was $39.6 million. A quarterly dividend of $0.10 per share was declared, payable September 30, 2021.

Organic revenues increased 53%.

Adjusted OIBDA increased fivefold.

AFFO returned solidly to positive.

Resuming a common dividend.

Total Revenue
$341M
Previous year: $233M
+46.4%
EPS
-$0.05
Previous year: -$0.37
-86.5%
Adjusted OIBDA
$70M
Previous year: $21.7M
+222.6%
Gross Profit
$151M
Previous year: $78.9M
+91.9%
Cash and Equivalents
$529M
Previous year: $648M
-18.3%
Free Cash Flow
$8.3M
Previous year: $22.1M
-62.4%
Total Assets
$5.77B
Previous year: $5.89B
-2.0%

Outfront Media

Outfront Media

Outfront Media Revenue by Segment

Outfront Media Revenue by Geographic Location

Forward Guidance

The company expects key performance indicators and total revenues to incrementally improve throughout the remainder of 2021 as compared to 2020, but be materially lower in 2021 than pre-COVID-19 pandemic levels.

Positive Outlook

  • Expect key performance indicators to incrementally improve throughout the remainder of 2021 as compared to 2020.
  • Expect total revenues to incrementally improve throughout the remainder of 2021 as compared to 2020.
  • Expect billboard property lease expenses, such as rental expenses, as a percentage of revenues, to decrease throughout the remainder of 2021 as compared to 2020.
  • Expect posting, maintenance and other expenses, as a percentage of revenues, to decrease throughout the remainder of 2021 as compared to 2020.
  • The impacts described above with respect to 2020 were greatest in the second quarter of 2020, with incremental improvement in the third and fourth quarters of 2020.

Challenges Ahead

  • Expect key performance indicators to be materially lower in 2021 than pre-COVID-19 pandemic levels.
  • Expect total revenues to be materially lower in 2021 than pre-COVID-19 pandemic levels.
  • Expect total expenses to increase throughout the remainder of 2021 as compared to 2020.
  • Expect total expenses to be materially lower than pre-COVID-19 pandemic levels.
  • Expect transit franchise expenses, such as transit franchise payments, as a percentage of revenues, to increase throughout the remainder of 2021 as compared to 2020, and be materially higher than pre-COVID-19 pandemic levels, primarily due to guaranteed minimum annual payment amounts owed to the MTA.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Outfront Media