OUTFRONT Media Inc. (NYSE:OUT) Q1 2024 Earnings Conference Call May 2, 2024 4:30 PM ET

Company Participants

Stephan Bisson - Vice President, Investor Relations
Jeremy Male - Chairman & Chief Executive Officer
Matthew Siegel - Executive Vice President & Chief Financial Officer

Conference Call Participants

Cameron McVeigh - Morgan Stanley
Ian Zaffino - Oppenheimer
David Karnovsky - JPMorgan

Operator

Hello, everyone and welcome to the OUTFRONT Media First Quarter 2024 Earnings Call. My name is Henry and I will be your conference operator today. [Operator Instructions] It’s now my pleasure to hand you over to Stephan Bisson to begin. Please go ahead.

Stephan Bisson

Good afternoon, and thank you for joining our 2024 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 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 has been 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 2023 Form 10-K and our March 31 2024 Form 10-Q, which we expect to file.

We will refer to certain non-GAAP financial measures on the 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 of prior period reconciliation.

Let me now turn the call over to Jeremy.

Jeremy Male

Thank you, Stephan and thank you, everyone for joining us this afternoon. We're pleased to share our first quarter results detail, which came in broadly as we expected when we last spoke in February. As you can see on Slide 3, which summarizes our headline numbers, the year is off to a solid start with total consolidated revenue growing 3.2% during the quarter reflecting steady growth in billboard and impressive return to growth in transit.

Adjusted OIBDA was up more than 10% year-over-year, driven by healthy improvements in both billboard and transit, much of this improved OIBDA converted to AFFO, which more than doubled to $23 million in our seasonally smallest quarter.