The following is a summary of the OUTFRONT Media Inc. (OUT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• OUTFRONT Media reported a Q1 revenue growth of 3.2%, driven by steady growth in billboards and return to growth in transit.

• Adjusted OIBDA increased over 10% year-over-year, converting to $23 million AFFO in the quarter.

• Total consolidated US media revenue increased 3.5% year-over-year, while other revenue decreased by 2.6%, largely due to lower digital equipment sales during the quarter.

• Total expenses were up by $6 million or just under 2% year-over-year, with Q1 CapEx placed at $18.4 million, lower than the previous year's.

• The debt to equity ratio remained flat at 5.4 times.

• The board of directors approved a $0.30 cash dividend to be paid on June 28 to shareholders of record at the close of business on June 7.

Business Progress:

• The local business experienced primary growth, up by 7.5% during the quarter, while national declined by 2.3%, primarily due to weaker billboard trends in larger markets.

• 35 Digital billboards were added during the quarter, increasing the US total to just over 1,900, with a plan to add another 150 to 200 billboards by the end of the year.

• Over 2,500 digital displays were added to the US transit side in Q1, mostly small format screens on subway and train cars in the New York MTA.

• Company automated revenues accounted for 14% of their digital revenues in the quarter, up from 8% in the same quarter of the previous year.

• Long-term contract signed with WMATA in Washington, D.C., this contract was selected by the agency through an open RFP process and includes terms that better reflect the current state of the transit advertising market.

• 2024 offers a promising outlook for the remainder of the year, according to the CFO, Matt.

More details: Outfront Media Inc IR

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