OUTFRONT Media Inc.

Good afternoon. Thank you for attending the Outfront Media Fourth Quarter 2024 Earnings Call. My name is Cameron, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad, and I would now like to pass the conference over to your host, Stephan Bisson. You may proceed.

Good afternoon. And thank you for joining our 2024 fourth quarter earnings call. With me on the call today are Jeremy Mail, Matthew Siegel, and Nick Bryan. 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 slide presentation that you can find on the investor relations section of our website, outfront.com. After today's call is concluded, an audio replay will be available there as well. This conference call may include forward-looking statements. Relevant factors that could cause actual results to differ materially from these forward-looking statements are listed in our earnings materials and in our SEC file, including our 2023 Form 10-K, as well as our 2024 Form 10-K, which we expect to file this week. We will refer to certain non-GAAP financial measures on this call. Any references to OIB Demand today will be on an adjusted basis. Reconciliations of OIDDA and other non-GAAP financial measures are in the appendix of the slide presentation, the earnings release, and on our website, which also includes presentations of prior period reconciliations. With that, let me now turn the call over to Jared.

Thanks, Stephan, and good afternoon, everyone. We're pleased to be here sharing our fourth quarter results and 2025 outlook. Before diving into the Q4 details, I'd like to quickly highlight some of our accomplishments during 2024. Organic revenues, which exclude the results of our Canadian business in both 24 and 23, finished up about 4% year over year. Our billboard revenues were up 3% for the year, with growth being driven by both higher static and digital. We continue to realize significant growth from our automated sales platforms, which grew from 14% of our digital billboard revenues in 2023 to 20% of our digital billboard revenues in 2024. Our transit revenues rebounded nicely in 2024, up nearly 9% for the year. The New York MTA led the charge here, growing by nearly 12% during the year, helping transit adjusted to improve by nearly 20 million dollars and returning the segment positive territory. Twenty twenty four FFO grew eleven and a half percent, nicely ahead of the high single digit guidance we provided this time last year. In June, we closed the sale of our Canadian business for approximately 300 million U.S. dollars and utilized essentially all of the proceeds from the sale to reduce our leverage, which ended the year at 4.7 times, down from 5.4 times at the end of 2023. Turning now to our fourth quarter results, you can see the headline numbers on slide four. Organic revenues grew 3.9%, a little ahead of the guidance we provided in November, while EBITDA was 155 million, and AFFO was 119 million. Slide five shows our segment results, with billboard growing 2%, transit growing just over 9%, and other, which now principally consists of digital equipment sales, growing by $1.4 million. Slide six shows our detailed billboard revenue growth, the 2% top line growth was driven primarily by higher rates, though occupancy was up during the quarter as well. Digital billboard was up 4.7%, while static was up slightly. Notably, these numbers include the impact of the marginally profitable contract that we exited in October, which we estimate cost us over 100 basis points of growth. Slide seven shows our detailed transit revenue growth. The 9% top line growth was driven by 12% growth in our digital revenues and 7% growth in our static revenues. As has been the case for much of the year, the MTA continued to perform well, up 13%. On a consolidated basis, our stronger categories during the quarter were technology, political, and financial. The weaker categories during the quarter were CPG, health and medical and alcohol. Slide eight shows our combined digital revenue performance with revenue growing almost 7% in the quarter and digital revenue representing nearly 36% of the total, up from 34% last year. Total digital automated sales, which include our programmatic and digital direct products across both billboard and transit, the latter of which we launched in the first quarter of 2024, were up over 40% during the period and represented nearly 17% of our total digital revenues, up from just under 13% last year. The breakdown of local and national revenues in our U.S. business can be seen on slide nine. Local grew by just under 1% during the quarter, while national grew a strong 7%. The strength in our national book of business was primarily driven by the tech and financial verticals. Slide 10 shows our solid billboard yield growth, which was up about 5% year over year to nearly $3,150 per month. The drivers of this were static yield growth, which was up about 4%, and our continued digital conversions. With only 4.9% of our total billboard inventory digitized, we remain confident in continued digital growth. With that, let me now hand it over to Matt to review the rest of our financials.