Q2 2024 OUTFRONT Media Inc Earnings Call Transcript
Key Points
- US media business grew revenues by 4%, driven by steady growth in billboards and double-digit growth in transit.
- US media adjusted EBITDA increased by nearly 10%, with consolidated AFFO growing 9% to $85 million.
- Digital performance was strong, with US media digital revenue growing 10% and representing over 34% of total revenues.
- US media billboard yield grew almost 4% year over year, reaching a new second-quarter record.
- The sale of the Canadian business improved the company's balance sheet, reducing net leverage from 5.4 times to 5 times.
- West region, particularly Los Angeles, experienced a decline due to soft media spend.
- National revenue growth was slower compared to local, with entertainment being a significant drag.
- US media SGA expenses increased by 9% due to higher compensation-related expenses and one-time severance costs.
- Total US media expenses were up by over $5 million, driven by higher maintenance and utilities costs.
- The company expects to incur additional consulting fees, with total costs projected to reach $8 million by the third quarter.
Hello all and welcome to Outfront Media's second quarter 2024 earnings call. My name is Lydia and I'll be your operator today. After the prepared remarks, there'll be an opportunity to ask questions. If you'd like to ask a question during the Q&A, you can do so by pressing star followed by one on your telephone keypad. I'll now hand you over to Stephan Bisson, Head of Investor Relations to begin. Please go ahead.
Good afternoon. and thank you for joining our 2024 Second Quarter Earnings Call. With me on the call today are Jeremy Mail, Chairman and Chief Executive Officer, and Matthew Siegel, Executive Vice President and Chief Financial Officer. After a discussion of our financial results, we'll open the lines for a question-and-answer session. Our comments today will refer to the earnings release and a slide presentation that you can find on the Investor Relations section of our website, outfront.com. After today's call is concluded, a replay will be available there as well.
This conference call may
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
