Outfront Media Inc. (NYSE:OUT) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET
Company Participants
Stephan Bisson – Investor Relations
Jeremy Male – Chairman and Chief Executive Officer
Matthew Siegel – Executive Vice President and Chief Financial Officer
Conference Call Participants
Richard Choe – JP Morgan
Aaron Watts – Deutsche Bank
Operator
Hello and welcome to the OUTFRONT Q3 2022 Earnings Call. My name is Josh and I will be your coordinator for today’s event. [Operator Instructions]
I would now hand you over to your host, Stephan Bisson to begin. Thank you.
Stephan Bisson
Good afternoon, and thank you for joining our 2022 third 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 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 in the Investor Relations section of our website, outfrontmedia.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 can cause actual results to differ materially from these forward-looking statements are listed in our earnings materials and in our SEC filings, including our 2021 Form 10-K, and our September 30, 2022 Form 10-Q, which we expect to file tomorrow.
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 are pleased to be here sharing our third quarter results and reporting another strong quarter of double digit growth comfortably in line with the guidance we provided three months ago. Advertiser demand continues to be robust, driving billboard yields to another quarterly record and pushing further recovery in transit as riders return to the rails and buses in greater numbers post Labor Day.
Starting with our headline numbers on Slide 3, you'll see that total consolidated revenue grew nearly 14%, including our acquisition in Portland. This revenue growth led to a $15 million year-over-year improvement in OIBDA and an $8 million improvement in AFFO during the quarter.