In This Article:
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Organic Revenue Growth: Slight growth, in line with guidance.
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OIBDA: $64 million.
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AFFO: $24 million.
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Billboard Revenue: Down 1%, impacted by exit of a New York contract.
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Transit Revenue: Up 2.6%, with strong growth in New York MTA.
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Digital Billboard Revenue: Up 5.4%.
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Static Billboard Revenue: Down 3.5%.
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Digital Revenue Performance: Grew almost 7%, representing 33% of total organic revenues.
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Programmatic and Digital Direct Automated Sales: Up nearly 20%.
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Local Revenue: Down 3% year-on-year.
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National Revenue: Up 4%.
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Billboard Yield Growth: Up about 2% to over $2,600 per month.
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Billboard Expenses: Down over $5 million or 2.4% year-over-year.
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SG&A Expenses: Rose about $2 million or 3.2%.
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Billboard Adjusted OIBDA Margin: Increased by 100 basis points to 31.9%.
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Transit Expenses: Up almost $1 million or 1% year-over-year.
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Capital Expenditures: Q1 CapEx spend was $17 million.
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Committed Liquidity: Over $600 million.
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Total Net Leverage: 4.8 times.
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Dividend: $0.30 cash dividend announced.
Release Date: May 08, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Organic revenues grew slightly, aligning with the company's guidance.
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Digital Billboard revenues increased by 5.4%, indicating strong performance in digital advertising.
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Transit revenue grew by 2.6%, with New York MTA showing a robust 10% growth.
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Programmatic and digital direct automated sales rose nearly 20%, representing 16% of total digital revenues.
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Billboard adjusted OIBDA margin increased by 100 basis points year-over-year to 31.9%.
Negative Points
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Billboard revenues declined by 1% due to the exit of a large New York contract.
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Static Billboard revenues decreased by about 3.5%.
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Local revenues were down 3% year-on-year, with Billboard weakness offsetting New York City transit growth.
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SG&A expenses rose by about $2 million due to higher compensation-related expenses and a higher allowance for bad debt.
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Consolidated adjusted OIBDA declined by 3% compared to the prior year.
Q & A Highlights
Q: Given the broader concerns on the macro, can you give us a general sense of what percentage of your ad categories are goods versus services? And then also, in the current environment, would you expect local or national advertisers to be more resilient? A: Nicolas Brien, Independent Director: We have been closely monitoring this with our sales organization. We've seen postponements rather than significant reductions in categories like automotive, government, political, fashion, retail, tourism, and CPG. Our focus remains primarily on services.