Outfront Media (OUT) Q4 FY2023 earnings: revenue $501 million, up 1.3% on the year

Outfront Media Inc. (OUT) reported revenue of $501 million for Q4 FY2023, the quarter ended 31 December 2023, up 1.3% on the same quarter a year earlier. Net income was $60 million, up 2.0% on the year, and diluted earnings per share $0.35. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$501 millionup 1.3%

Net income$60 millionup 2.0%

Diluted EPS$0.35

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	501	455	n/a	n/a
Selling, general and administrative	108	105	n/a	n/a
Operating income	111	58.6	n/a	n/a
Operating margin	22.1%	12.9%	n/a
Pre-tax income	62.3	18.3	n/a	n/a
Income tax	1.8	1.4	n/a	n/a
Effective tax rate	2.9%	7.7%	n/a
Net income	60.4	17.0	n/a	n/a
Net margin	12.1%	3.7%	n/a
Diluted EPS	$0.35	$0.09	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	105	61.5	n/a	n/a
Capital expenditure	23.2	18.7	n/a	n/a
Free cash flow	81.8	42.8	n/a	n/a
Free cash flow margin	16.3%	9.4%	n/a
Cash from investing	-14.1	-21.9	n/a	n/a
Cash from financing	-99.6	-37.2	n/a	n/a
Depreciation and amortisation	38.4	39.0	n/a	n/a
Share-based compensation	5.5	7.2	n/a	n/a
Dividends paid	51.6	51.7	n/a	n/a
Dividend per share	n/a	$0.30	n/a	n/a
Diluted shares, weighted	173m	165m	n/a	n/a
Shares outstanding at period end	165m	165m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	607	590	n/a	n/a
Non-controlling interest	3.3	3.8	n/a	n/a
Redeemable equity	120	120	n/a	n/a
Debt	2,742	2,780	n/a	n/a
Operating lease liabilities	1,417	1,460	n/a	n/a
Other liabilities	694	602	n/a	n/a
Total liabilities and equity	5,583	5,555	n/a	n/a
Fixed assets	658	694	n/a	n/a
Goodwill	2,006	2,029	n/a	n/a
Intangible assets	695	762	n/a	n/a
Cash and equivalents	36.0	44.4	n/a	n/a
Receivables	288	296	n/a	n/a
Other assets	1,900	1,730	n/a	n/a
Total assets	5,583	5,555	n/a	n/a

Questions

What was Outfront Media's revenue in Q4 FY2023?

Outfront Media (OUT) reported revenue of $501 million for Q4 FY2023, the quarter ended 31 December 2023, up 1.3% on the same quarter a year earlier.

How much did Outfront Media earn in Q4 FY2023?

Net income for Q4 FY2023 was $60 million, up 2.0% on the year, and diluted earnings per share $0.35.

When did Outfront Media report Q4 FY2023 results?

Outfront Media filed its 10-K for the year that ended with the quarter on 22 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	455	501	408	477	452	493	391	460	468	513	430	522
SG&A	105	108	110	119	109	110	115	111	105	111	107	123
Operating income	58.6	111	14.0	229	71.3	111	13.9	56.2	89.9	134	55.9	116
Operating margin	13%	22%	3%	48%	16%	23%	4%	12%	19%	26%	13%	22%
Pre-tax income	18.3	62.3	-27.4	188	34.1	74.5	-22.1	19.7	52.3	96.6	19.9	78.5
Tax rate	8%	3%	n/a	6%	-1%	1%	n/a	1%	2%	0%	2%	1%
Net income	17.0	60.4	-27.2	177	34.6	74.0	-20.6	19.5	51.3	96.8	19.1	77.5
Net margin	4%	12%	-7%	37%	8%	15%	-5%	4%	11%	19%	4%	15%
Diluted EPS	$0.09	$0.35	-$0.18	$1.01	$0.19	$0.43	-$0.14	$0.10	$0.29	$0.55	$0.11	$0.44
Operating cash flow	61.5	105	30.6	71.0	73.1	124	33.6	67.1	88.8	118	75.3	108
Capital expenditure	18.7	23.2	18.4	23.9	17.6	18.2	17.2	25.7	21.1	24.8	24.1	17.2
Free cash flow	42.8	81.8	12.2	47.1	55.5	106	16.4	41.4	67.7	93.3	51.2	91.2
Dividends paid	51.7	51.6	52.4	52.0	52.0	52.0	53.0	52.3	52.4	52.6	53.4	52.9
Shares outstanding	165m	165m	166m	166m	166m	166m	167m	167m	167m	175m	176m	176m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001579877-24-000015: the filing on EDGAR. All of Outfront Media Inc.'s filings: EDGAR company page.

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