OUTFRONT Media Inc. (NYSE:OUT) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET

Company Participants

Stephan Bisson - VP, IR

Jeremy Male - Chairman and CEO

Matthew Siegel - EVP and CFO

Conference Call Participants

Ian Zaffino - Oppenheimer

Cameron McVeigh - Morgan Stanley

Jim Goss - Barrington Research

Operator

Thank you for standing by and OUTFRONT Third Quarter 2023 Earnings Conference Call. My name is Sam and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]

I'd now like to turn the call over to Stephan Bisson with OUTFRONT. Stephan, please go ahead.

Stephan Bisson

Thank you, Sam. Good afternoon and thank you for joining our 2023 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 will 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 but not limited to our 2022 Form 10-K and our September 30th, 2023 Form 10-Q, which we expect to file.

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 again everyone for joining us today. We're pleased to be here today reporting our third quarter results, which came in pretty much as we indicated when we spoke three months ago.

As you can see on Slide 3, which summarizes our headline numbers, total consolidated revenue was slightly up during the quarter. Adjusted OIBDA declined 5% year-over-year, principally due to weaker transit, other results, and AFFO was down primarily due to higher interest and lower OIBDA.