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Dec 31, 2020
Outfront Media Q4 2020 Earnings Report
Reported a decrease in revenue due to the impact of the COVID-19 pandemic, but digital billboards returned to growth.
Key Takeaways
OUTFRONT Media reported Q4 2020 revenues of $335.8 million, a decrease of 31.2% compared to the same period last year. Net income attributable to OUTFRONT Media Inc. was $4.3 million, or a loss of $0.02 per diluted share. Adjusted OIBDA was $83.0 million and AFFO attributable to OUTFRONT Media Inc. was $49.9 million.
Total revenues decreased by 31.2% to $335.8 million compared to the same quarter last year.
Digital billboards returned to growth, driving total revenues above expectations.
Net income attributable to OUTFRONT Media Inc. was $4.3 million, a decrease compared to $45.0 million in the same prior-year period.
Adjusted OIBDA decreased by 40.9% to $83.0 million.
Revenue by Segment
Forward Guidance
The company expects to return to positive revenue growth in the second quarter and anticipates further recovery throughout the year.
Positive Outlook
- Return to positive revenue growth in Q2 as we lap the onset of the pandemic.
- Further recovery in our business throughout the year.
- Key performance indicators and total revenues to incrementally improve in 2021 as compared to 2020
- Billboard property lease expenses and posting, maintenance and other expenses, such as rental expenses, as a percentage of revenues, to decrease in 2021 as compared to 2020
- Expect to meet minimum annual 2021 REIT distribution requirements
Challenges Ahead
- Key performance indicators and total revenues to be materially lower in 2021 than pre-COVID-19 pandemic levels, particularly in our U.S. Media segment and with respect to our transit and other business.
- Total expenses to increase in 2021 as compared to 2020, but be materially lower than pre-COVID-19 pandemic levels, particularly in our U.S. Media segment and with respect to our transit and other business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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