NYSE$OUT
Outfront Media Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Reported a decrease in revenue due to the impact of the COVID-19 pandemic, but digital billboards returned to growth.
OUTFRONT Media reported Q4 2020 revenues of $335.8 million, a decrease of 31.2% compared to the same period last year. Net income attributable to OUTFRONT Media Inc. was $4.3 million, or a loss of $0.02 per diluted share. Adjusted OIBDA was $83.0 million and AFFO attributable to OUTFRONT Media Inc. was $49.9 million.
- Total revenues decreased by 31.2% to $335.8 million compared to the same quarter last year.
- Digital billboards returned to growth, driving total revenues above expectations.
- Net income attributable to OUTFRONT Media Inc. was $4.3 million, a decrease compared to $45.0 million in the same prior-year period.
- Adjusted OIBDA decreased by 40.9% to $83.0 million.
Headline financials
Revenue & EPS history
Outfront Media · Revenue · Quarterly
$336M
Revenue by segment
Outfront Media · $336M total across 2 segments · Q4 2020
- Billboard$279M-13.0%83.2%
- Transit$56.5M-66.2%16.8%
Forward guidance
The company expects to return to positive revenue growth in the second quarter and anticipates further recovery throughout the year.
Tailwinds
- Return to positive revenue growth in Q2 as we lap the onset of the pandemic.
- Further recovery in our business throughout the year.
- Key performance indicators and total revenues to incrementally improve in 2021 as compared to 2020
- Billboard property lease expenses and posting, maintenance and other expenses, such as rental expenses, as a percentage of revenues, to decrease in 2021 as compared to 2020
- Expect to meet minimum annual 2021 REIT distribution requirements
Headwinds
- Key performance indicators and total revenues to be materially lower in 2021 than pre-COVID-19 pandemic levels, particularly in our U.S. Media segment and with respect to our transit and other business.
- Total expenses to increase in 2021 as compared to 2020, but be materially lower than pre-COVID-19 pandemic levels, particularly in our U.S. Media segment and with respect to our transit and other business.
- Billboard property lease expenses and posting, maintenance and other expenses, such as rental expenses, as a percentage of revenues, to be materially higher than pre-COVID-19 pandemic levels.
- Transit franchise expenses, such as transit franchise payments, as a percentage of revenues, to increase in 2021 as compared to 2020, but be materially higher than pre-COVID-19 pandemic levels, primarily due to our guaranteed minimum annual payment amounts owed to the MTA resuming on January 1, 2021.
- The COVID-19 pandemic has (i) delayed our ability to build and deploy certain advertising structures and sites, including digital displays; (ii) reduced or curtailed our customers’ advertising expenditures and overall demand for our services through purchase cancellations or otherwise; (iii) increased the volatility of our customers’ advertising expenditure patterns from period-to-period through short-notice purchases, purchase deferrals or otherwise; and (iv) extended delays in the collection of certain earned advertising revenues from our customers, all of which could have a material adverse effect on our business, financial condition and results of operation in 2021.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2020
+0.4%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+2.0%
Avg return
30 days after
55%
29 / 53 earnings
Positive
+22.4%
Q3 2023
Best reaction
-17.7%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.3% | -2.5% | — | |
| Q4 2025 | +5.9% | +7.0% | -4.5% | |
| Q3 2025 | +13.6% | +21.9% | +32.3% | |
| Q1 2025 | -2.5% | +5.0% | +5.8% | |
| Q4 2024 | +0.6% | +1.4% | -11.0% | |
| Q3 2024 | +3.6% | -0.8% | +4.2% | |
| Q2 2024 | +7.6% | +8.3% | +20.8% | |
| Q1 2024 | -7.4% | -7.2% | -11.3% | |
| Q4 2023 | +18.5% | +18.7% | +28.2% | |
| Q3 2023 | +22.4% | +21.4% | +32.4% | |
| Q2 2023 | -17.7% | -21.4% | -22.7% | |
| Q1 2023 | -9.1% | -10.8% | -10.6% | |
| Q4 2022 | -5.3% | -5.9% | -19.0% | |
| Q3 2022 | -5.5% | -5.0% | +6.3% | |
| Q2 2022 | -2.1% | +3.1% | -5.3% | |
| Q1 2022 | -5.6% | -10.0% | -19.6% | |
| Q4 2021 | +6.6% | +7.8% | +15.9% | |
| Q3 2021 | +6.0% | +2.6% | -8.3% | |
| Q2 2021 | +8.4% | +6.3% | +6.3% | |
| Q1 2021 | -5.3% | -0.4% | -4.0% | |
| Q4 2020 | -6.9% | -4.3% | +1.5% | |
| Q3 2020 | +8.9% | +27.4% | +41.3% | |
| Q2 2020 | +2.1% | +5.1% | +13.5% | |
| Q1 2020 | +0.8% | -20.8% | +35.0% | |
| Q4 2019 | -3.5% | -11.8% | -57.2% | |
| Q3 2019 | -5.4% | -6.1% | -5.3% | |
| Q2 2019 | +0.5% | +3.6% | +2.3% | |
| Q1 2019 | +3.1% | +4.4% | +5.7% | |
| Q4 2018 | +2.7% | +5.4% | +6.9% | |
| Q3 2018 | +11.7% | +15.5% | +14.0% | |
| Q2 2018 | -10.6% | -11.2% | -4.1% | |
| Q1 2018 | +2.3% | +4.0% | +5.0% | |
| Q4 2017 | -7.7% | -9.3% | -15.6% | |
| Q3 2017 | +2.1% | +3.0% | -1.2% | |
| Q2 2017 | +1.6% | +0.0% | -1.4% | |
| Q1 2017 | -10.1% | -9.8% | -12.4% | |
| Q4 2016 | -8.6% | -4.8% | -3.8% | |
| Q3 2016 | +7.5% | +1.9% | +18.6% | |
| Q2 2016 | -3.0% | -3.1% | -2.7% | |
| Q1 2016 | -2.0% | — | — | |
| Q4 2015 | +0.5% | — | — | |
| Q3 2015 | +0.4% | — | — | |
| Q2 2015 | -6.5% | — | — | |
| Q1 2015 | -3.2% | — | — | |
| Q4 2012 | -3.4% | — | — | |
| Q4 2014 | -3.4% | — | — | |
| Q3 2014 | +0.8% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q2 2014 | -2.6% | — | — | |
| Q2 2013 | -2.6% | — | — | |
| Q1 2013 | +5.7% | — | — | |
| Q1 2014 | +5.7% | — | — | |
| Q4 2013 | +5.7% | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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