Outfront Media Inc. (NYSE:OUT) Q1 2023 Earnings Conference Call May 3, 2023 4:30 PM ET
Company Participants
Stephan Bisson - Vice President of Investor Relations
Jeremy Male - Chief Executive Officer
Matthew Siegel - Chief Financial Officer
Conference Call Participants
Jason Bazinet - Citi
Richard Choe - JPMorgan Chase & Co.
Benjamin Swinburne - Morgan Stanley
Ian Zaffino - Oppenheimer & Co. Inc.
James Goss - Barrington
Operator
Good day and welcome to today's Outfront First Quarter 2023 Earnings Call. [Operator Instructions] At this time, I'd like to turn the conference over to Mr. Stephan Bisson.
Stephan Bisson
Good afternoon and thank you for joining our 2023 first quarter earnings call. With me on the call today are Jeremy Male, 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 up the lines up for a question and answer session. Our comments today will refer to the earnings release and the slide presentation that you can find on the Investor Relations section of our website, outfront.com. After today's call has concluded, a 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 filings, including our 2022 Form 10-K and our March 31, 2023 Form 10-Q which we expect to file this week. We will refer to certain non-GAAP financial measures on this call. Any references to OIBDA made today will be on an adjusted basis. Reconciliations of OIBDA 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 with prior period reconciliations.
Let me now turn the call over to Jeremy.
Jeremy Male
Thanks, Stephan and thank you everyone for joining us today. We're pleased to share our first quarter results which illustrate the resilience of our sales performance. On our February call, I mentioned that while the year started off slower than we had hoped, business was picking up and I'm happy to report the pace continues.
As you can see on Slide 3 which summarizes our headline numbers, total consolidated revenue grew 6% during the quarter which reflects solid growth in the core business, some tuck-in acquisitions and an almost $6 million one-time benefit related to a small number of billboard condo nations. Excluding this benefit, revenues would have been up mid-single-digits in Q1, ahead of our low-single-digit guidance.