OUTFRONT Media Reports 3rd Quarter 2022 Results.

NEW YORK: OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended September 30, 2022.

"We're pleased to report third quarter results came in as expected, with revenue growing almost 14%. Billboard revenues were up 12%, driven principally by higher yields, and transit's revenue recovery continued," said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. "Despite the uncertainty in the macroeconomic outlook, we feel very positive for the future of our business and believe that out of home, and OUTFRONT, are well positioned for continued growth."

Three Months Ended

September 30,

Nine Months Ended

September 30,

$ in Millions, except per share amounts

2022

2021

2022

2021

Revenues

$453.7

$399.2

$1,277.4

$999.4

Organic revenues

449.3

398.2

1,270.6

997.8

Operating income

74.3

65.0

182.7

63.1

Adjusted OIBDA

123.2

108.1

318.7

189.2

Net income (loss) before allocation to non-controlling interests

41.1

33.2

89.6

(35.1)

Net income (loss)2

40.8

33.1

88.7

(35.5)

Net income (loss) per share1,2,3

$0.23

$0.18

$0.49

($0.39)

Funds From Operations (FFO)2

88.0

74.6

222.2

83.9

Adjusted FFO (AFFO)2

86.5

79.0

215.2

94.1

Shares outstanding3

164.6

146.4

160.7

145.3

Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) "per share" means per common share for diluted earnings per weighted average share; 2) References to "Net income (loss)", "Net income (loss) per share", "FFO" and "AFFO" mean "Net income (loss) attributable to OUTFRONT Media Inc.", "Net income (loss) attributable to OUTFRONT Media Inc. per common share", "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively; 3) Diluted weighted average shares outstanding.

Third Quarter 2022 Results

Consolidated

Reported revenues of $453.7 million increased $54.5 million, or 13.7%, for the third quarter of 2022 as compared to the same prior-year period. Organic revenues of $449.3 million increased $51.1 million, or 12.8%.

Reported billboard revenues of $355.0 million increased $37.6 million, or 11.8%, due primarily to higher average revenue per display (yield) compared to the same prior-year period, as we have experienced an increase in demand for our services, and due to the impact of acquisitions. Organic billboard revenues of $350.6 million increased $34.0 million, or 10.7%.

Reported transit and other revenues of $98.7 million increased $16.9 million, or 20.7%, due primarily to an increase in yield compared to the same prior-year period, as we have experienced an increase in demand for our services due to an increase in transit ridership, partially offset by the loss of a transit franchise contract. Organic transit and other revenues of $98.7 million increased $17.1 million, or 21.0%.

Total operating expenses of $232.6 million increased $32.8 million, or 16.4%, due primarily to costs associated with higher...