Technology
OUTFRONT Media Reports Third Quarter 2024 Results
Published
2 days agoon
By
Revenues of $451.9 million
Operating income of $71.3 million
Net income attributable to OUTFRONT Media Inc. of $34.6 million
Adjusted OIBDA of $117.1 million
AFFO attributable to OUTFRONT Media Inc. of $80.8 million
Special dividend of $0.75 per share, payable December 31, 2024
NEW YORK, Nov. 12, 2024 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended September 30, 2024.
“The strength of our U.S. Media business accelerated slightly in the third quarter, with 5% revenue growth and 11% Adjusted OIBDA growth,” said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. “2024 has been a solid year thus far, and we are on track to achieve the high-end of our full-year Consolidated AFFO growth target.”
Three Months Ended
September 30,
Nine Months Ended
September 30,
$ in Millions, except per share amounts
2024
2023
2024
2023
Revenues
$451.9
$454.8
$1,337.7
$1,319.4
Organic revenues
451.9
430.5
1,302.8
1,253.6
Operating income (loss)
71.3
58.6
314.4
(364.2)
Adjusted OIBDA
117.1
116.9
309.6
304.5
Net income (loss) before allocation to redeemable
and non-redeemable noncontrolling interests
34.8
16.7
184.7
(485.2)
Net income (loss)1
34.6
17.0
184.2
(485.6)
Net income (loss) per share1,2,3
$0.19
$0.09
$1.06
($2.98)
Funds From Operations (FFO)1
82.7
73.4
188.8
35.9
Adjusted FFO (AFFO)1
80.8
75.7
188.8
167.7
Shares outstanding3
167.2
165.2
174.4
164.9
Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to “Net income (loss)”, “Net income (loss) per share”, “FFO” and “AFFO” mean “Net income (loss) attributable to OUTFRONT Media Inc.”, “Net income (loss) attributable to OUTFRONT Media Inc. per common share”, “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively; 2) References to “per share” mean per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding.
Third Quarter 2024 Results
On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of our outdoor advertising business in Canada (the “Canadian Business”).
In connection with the Transaction, we received C$410.0 million in cash, which is subject to certain purchase price adjustments. The following reported results include the historical results of the Canadian Business through the date of sale.
Consolidated
Reported revenues of $451.9 million decreased $2.9 million, or 0.6%, for the third quarter of 2024 as compared to the same prior-year period, due primarily to the impact of the Transaction. Organic revenues of $451.9 million increased $21.4 million, or 5.0%.
Reported billboard revenues of $360.6 million decreased $3.0 million, or 0.8%, compared to the same prior-year period, due primarily to the impact of the Transaction, partially offset by an increase in average revenue per display (yield), driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues, the impact of new and lost billboards in the period, including insignificant acquisitions, and higher proceeds from condemnations. Organic billboard revenues, which exclude revenues associated with the impact of the Transaction, of $360.6 million increased $16.6 million, or 4.8%, due primarily to an increase in average revenue per display (yield), driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues, the impact of new and lost billboards in the period, including insignificant acquisitions, and higher proceeds from condemnations.
Reported transit and other revenues of $91.3 million increased $0.1 million, or 0.1%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield), partially offset by the impact of the Transaction and the impact of new and lost transit franchise contracts in the period. Organic transit and other revenues, which exclude revenues associated with the impact of the Transaction, of $91.3 million increased $4.8 million, or 5.5%, due primarily to an increase in average revenue per display (yield), partially offset by the impact of new and lost transit franchise contracts in the period.
Total operating expenses of $233.1 million decreased $6.7 million, or 2.8%, compared to the same prior-year period, due primarily to the impact of the Transaction, lower variable property lease expenses, the net impact of new and lost transit franchise expenses, and lower posting, maintenance and other expenses, partially offset by higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the “MTA”) and the impact of new locations, including through acquisitions. Selling, General and Administrative expenses (“SG&A”) of $108.7 million increased $3.4 million, or 3.2%, compared to the same prior-year period, primarily due to higher compensation-related expenses, including salaries and commissions, the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees and higher professional fees, as a result of a management consulting project, partially offset by the impact of the Transaction and a lower provision for doubtful accounts.
Adjusted OIBDA of $117.1 million increased $0.2 million, or 0.2%, compared to the same prior-year period.
Segment Results
U.S. Media
Reported revenues of $451.5 million increased $22.8 million, or 5.3%, due primarily to higher transit and other revenues, as well as higher billboard revenues. Billboard revenues increased 4.8% and Transit and other revenues increased 7.3%.
Operating expenses increased $7.1 million, or 3.1%, primarily driven by higher guaranteed minimum annual payments to the MTA, higher compensation-related expenses and higher posting and rotation costs, partially offset by lower variable property lease expenses and the net impact of new and lost transit franchise contracts. SG&A expenses increased by $2.4 million, or 2.9%, primarily driven by higher compensation-related expenses, partially offset by lower professional fees and a lower provision for doubtful accounts.
Adjusted OIBDA of $133.5 million increased $13.3 million, or 11.1%, compared to the same prior-year period.
Other
Reported revenues of $0.4 million decreased $25.7 million, or 98.5%, primarily driven by the impact of the Transaction and a decline in third-party digital equipment sales. Organic revenues decreased $1.4 million, or 77.8%.
Operating expenses decreased $13.8 million, or 97.2%, due primarily to the impact of the Transaction, as well as lower costs related to third-party digital equipment sales. SG&A expenses decreased $5.5 million, or 98.2%, driven primarily by the impact of the Transaction.
Adjusted OIBDA was a loss of $0.1 million, compared to Adjusted OIBDA of $6.3 million in the same prior-year period.
Corporate
Corporate costs, excluding stock-based compensation, increased $6.7 million, or 69.8%, to $16.3 million, due primarily to higher professional fees, as a result of a management consulting project, higher compensation-related expenses, and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.
Impairment Charges
As a result of negative aggregate cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on our MTA asset group during the three months ended March 31, 2024 and June 30, 2024, and recorded impairment charges of $9.1 million and $8.8 million, respectively, in those periods for a total of $17.9 million in the six months ended June 30, 2024. The impairment charges recorded during 2024 represented additional MTA equipment deployment cost spending during the six months ended June 30, 2024. Our analysis performed as of September 30, 2024, resulted in positive aggregate cash flows in excess of the carrying value of our MTA asset group. As such, no impairment charges were recorded during the three months ended September 30, 2024. In the three months ended September 30, 2023, we recorded impairment charges of $12.1 million, representing additional MTA equipment deployment costs spending during the quarter, and in the nine months ended September 30, 2023, we recorded impairment charges of $523.5 million, primarily representing $455.2 million of impairment charges related to our MTA asset group and an impairment charge of $47.6 million representing the entire goodwill balance associated with our U.S. Transit and Other reporting unit.
Interest Expense
Net interest expense in the third quarter of 2024 was $37.1 million, including amortization of deferred financing costs of $1.5 million, as compared to $40.2 million, including amortization of deferred financing costs of $1.6 million, in the same prior-year period. The decrease was due primarily to a lower debt balance, partially offset by higher interest rates. The weighted average cost of debt was 5.5% as of both September 30, 2024 and September 30, 2023.
Income Taxes
The benefit for income taxes was $0.2 million in the third quarter of 2024 compared to a provision for income taxes of $1.4 million in the same prior-year period, due primarily to the impact of the Transaction. Cash paid for income taxes in the nine months ended September 30, 2024 was $11.4 million.
Net Income Attributable to OUTFRONT Media Inc.
Net income attributable to OUTFRONT Media Inc. increased $17.6 million, or 103.5% in the third quarter of 2024 compared to the same prior-year period. Diluted weighted average shares outstanding were 167.2 million for the third quarter of 2024 compared to 165.2 million for the same prior-year period. Net income attributable to OUTFRONT Media Inc. per common share for diluted earnings per weighted average share was $0.19 in the third quarter of 2024 compared to $0.09 in the same prior-year period.
FFO & AFFO
FFO attributable to OUTFRONT Media Inc. increased $9.3 million, or 12.7%, in the third quarter of 2024, compared to the same prior-year period, due primarily to lower impairment charges on non-real estate assets and lower interest expense. AFFO attributable to OUTFRONT Media Inc. increased $5.1 million, or 6.7%, in the third quarter of 2024, compared to the same prior-year period, due primarily to lower maintenance capital expenditures.
Cash Flow & Capital Expenditures
Net cash flow provided by operating activities increased $25.5 million, or 17.1%, for the nine months ended September 30, 2024, compared to the same prior-year period, due primarily to a decrease in prepaid MTA equipment deployment costs and a smaller use of cash related to accounts payable and accrued expenses driven by lower incentive compensation payments made in 2024, partially offset by the timing of receivables and lower net income in 2024 compared to 2023, due to increased SG&A expenses and higher interest expense. Total capital expenditures decreased $3.7 million, or 5.8%, to $59.9 million for the nine months ended September 30, 2024, compared to the same prior-year period.
Dividends
In the nine months ended September 30, 2024, we paid cash dividends of $156.4 million, including $149.8 million on our common stock and vested restricted share units granted to employees and $6.6 million on our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”). We announced on November 12, 2024, that our board of directors has approved a special dividend on our common stock of $0.75 per share payable on December 31, 2024, to stockholders of record at the close of business on November 15, 2024. Approximately $0.30 per share will be paid in cash (exclusive of cash paid in lieu of fractional shares) and approximately $0.45 per share will be paid in shares of our common stock. Stockholders will have the option to elect to receive their special dividend in all cash or all stock, however the aggregate amount of cash to be distributed will be equal to approximately $49.8 million, with the balance of the special dividend payable in the form of our common stock.
Balance Sheet and Liquidity
As of September 30, 2024, our liquidity position included unrestricted cash of $28.0 million and $494.3 million of availability under our $500.0 million revolving credit facility, net of $5.7 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility, and $110.0 of additional availability under our accounts receivable securitization facility. During the three months ended September 30, 2024, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. As of September 30, 2024, the maximum number of shares of our common stock that could be required to be issued on conversion of the outstanding shares of the Series A Preferred Stock was approximately 7.8 million shares. Total indebtedness as of September 30, 2024 was $2.5 billion, excluding $18.1 million of deferred financing costs, and includes a $400.0 million term loan, $1.7 billion of senior unsecured notes, $450.0 million of senior secured notes, and $40.0 million of borrowings under our accounts receivable securitization facility.
Conference Call
We will host a conference call to discuss the results on November 12, 2024, at 8:30 a.m. Eastern Time. The conference call numbers are 833-470-1428 (U.S. callers) and 404-975-4839 (International callers) and the passcode for both is 482452. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.
Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.
About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in the United States. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
Contacts:
Investors
Media
Stephan Bisson
Courtney Richards
Investor Relations
PR & Events Specialist
(212) 297-6573
(646) 876-9404
Non-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate organic revenues as reported revenues excluding revenues associated with the impact of the Transaction and the impact of foreign currency exchange rates (“non-organic revenues”). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. We calculate and define “Adjusted OIBDA” as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to “FFO” and “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, impairment charges on non-real estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts (“REITs”). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since organic revenues, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.
Please see Exhibits 4-6 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.
Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; the severity and duration of pandemics, and the impact on our business, financial condition and results of operations; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Revision of Previously Issued Financial Information
In the third quarter of 2024, we identified an error related to the accounting for noncontrolling interests in our consolidated joint ventures, which include buy/sell clauses. The error related to the appropriate classification of these noncontrolling interests as redeemable and recognition of these redeemable noncontrolling interests at the maximum redemption value for each period. The Company assessed the materiality of the error on its previously issued financial statements in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements, but would have been material to certain of our financial statements in the current period. Accordingly, we have revised our previously issued financial information. The impact of correcting the error related to the classification of redeemable noncontrolling interests is included on the affected line items of our Consolidated Statement of Financial Position as of December 31, 2023, which is included in the exhibits below.
As previously disclosed, for the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease costs and accrued lease and franchise costs in 2022, resulting in a $5.2 million increase in operating expenses for the three months ended March 31, 2023. The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s SAB No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements. In the third quarter of 2024, we voluntarily revised our previously issued financial information to reflect the out-of-period adjustment amount. The impact of correcting the error related to variable lease costs is included on the affected line items of our Consolidated Statements of Operations for the nine months ended September 30, 2023, which is included in the exhibits below.
There is no impact to net cash provided by operating activities, investing activities, or financing activities in our Consolidated Statements of Cash Flows, which is included in the exhibits below.
EXHIBITS
Exhibit 1: CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) See Notes on Page 15
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions, except per share amounts)
2024
2023
2024
2023
Revenues:
Billboard
$ 360.6
$ 363.6
$ 1,062.8
$ 1,055.8
Transit and other
91.3
91.2
274.9
263.6
Total revenues
451.9
454.8
1,337.7
1,319.4
Expenses:
Operating
233.1
239.8
711.6
716.0
Selling, general and administrative
108.7
105.3
338.3
321.8
Net (gain) loss on dispositions
1.5
—
(153.6)
0.2
Impairment charges
—
12.1
17.9
523.5
Depreciation
18.6
19.3
55.5
59.1
Amortization
18.7
19.7
53.6
63.0
Total expenses
380.6
396.2
1,023.3
1,683.6
Operating income (loss)
71.3
58.6
314.4
(364.2)
Interest expense, net
(37.1)
(40.2)
(119.6)
(117.6)
Loss on extinguishment of debt
—
—
(1.2)
—
Other income (loss), net
(0.1)
(0.1)
1.0
0.1
Income (loss) before benefit (provision) for income taxes
and equity in earnings of investee companies
34.1
18.3
194.6
(481.7)
Benefit (provision) for income taxes
0.2
(1.4)
(10.4)
(2.2)
Equity in earnings of investee companies, net of tax
0.5
(0.2)
0.5
(1.3)
Net income (loss) before allocation to redeemable and
non-redeemable noncontrolling interests
34.8
16.7
184.7
(485.2)
Net income (loss) attributable to redeemable and non-
redeemable noncontrolling interests
0.2
(0.3)
0.5
0.4
Net income (loss) attributable to OUTFRONT Media Inc.
$ 34.6
$ 17.0
$ 184.2
$ (485.6)
Net income (loss) per common share:
Basic
$ 0.20
$ 0.09
$ 1.07
$ (2.98)
Diluted
$ 0.19
$ 0.09
$ 1.06
$ (2.98)
Weighted average shares outstanding:
Basic
166.0
165.0
165.8
164.9
Diluted
167.2
165.2
174.4
164.9
Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) See Notes on Page 15
As of
(in millions)
September 30,
2024
December 31,
2023
Assets:
Current assets:
Cash and cash equivalents
$ 28.0
$ 36.0
Receivables, less allowance ($19.8 in 2024 and $17.2 in 2023)
281.2
287.6
Prepaid lease and franchise costs
2.7
4.5
Other prepaid expenses
19.2
19.2
Assets held for sale
—
34.6
Other current assets
12.8
15.7
Total current assets
343.9
397.6
Property and equipment, net
654.1
657.8
Goodwill
2,006.4
2,006.4
Intangible assets
657.4
695.4
Operating lease assets
1,522.3
1,591.9
Assets held for sale
—
214.3
Other assets
19.5
19.5
Total assets
$ 5,203.6
$ 5,582.9
Liabilities:
Current liabilities:
Accounts payable
$ 42.8
$ 55.5
Accrued compensation
51.9
41.4
Accrued interest
23.6
34.2
Accrued lease and franchise costs
76.9
80.0
Other accrued expenses
50.7
56.2
Deferred revenues
45.0
37.7
Short-term debt
40.0
65.0
Short-term operating lease liabilities
177.0
180.9
Liabilities held for sale
—
24.1
Other current liabilities
19.3
18.0
Total current liabilities
527.2
593.0
Long-term debt, net
2,481.4
2,676.5
Asset retirement obligation
33.7
33.0
Operating lease liabilities
1,364.3
1,417.4
Liabilities held for sale
—
90.9
Other liabilities
43.9
42.0
Total liabilities
4,450.5
4,852.8
Commitments and contingencies
Redeemable noncontrolling interests
13.5
31.3
Preferred stock (2024 – 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock
issued and outstanding; 2023 – 50.0 shares authorized, and 0.1 shares issued and
outstanding)
119.8
119.8
Stockholders’ equity:
Common stock (2024 – 450.0 shares authorized, and 166.0 shares issued and
outstanding; 2023 – 450.0 shares authorized, and 165.1 issued and outstanding)
1.7
1.7
Additional paid-in capital
2,410.1
2,402.5
Distribution in excess of earnings
(1,793.3)
(1,821.1)
Accumulated other comprehensive loss
(0.3)
(5.8)
Total stockholders’ equity
618.2
577.3
Noncontrolling interests
1.6
1.7
Total liabilities and equity
$ 5,203.6
$ 5,582.9
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) See Notes on Page 15
Nine Months Ended
September 30,
(in millions)
2024
2023
Operating activities:
Net income (loss) attributable to OUTFRONT Media Inc.
$ 184.2
$ (485.6)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Net income attributable to redeemable and non-redeemable noncontrolling interests
0.5
0.4
Depreciation and amortization
109.1
122.1
Deferred tax benefit
(1.2)
(0.3)
Stock-based compensation
21.8
22.9
Provision for doubtful accounts
4.2
4.0
Accretion expense
2.2
2.3
Net (gain) loss on dispositions
(153.6)
0.2
Impairment charges
—
511.4
Loss on extinguishment of debt
1.2
—
Equity in earnings of investee companies, net of tax
(0.5)
1.3
Distributions from investee companies
0.9
0.9
Amortization of deferred financing costs and debt discount and premium
4.6
5.0
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables
2.3
15.2
Increase in prepaid MTA equipment deployment costs
—
(21.8)
Increase in prepaid expenses and other current assets
(2.6)
(5.4)
Decrease in accounts payable and accrued expenses
(19.6)
(42.4)
Increase in operating lease assets and liabilities
14.3
14.6
Increase in deferred revenues
7.3
10.5
Increase (decrease) in income taxes
0.3
(3.4)
Decrease in assets and liabilities held for sale, net
(2.1)
—
Other, net
1.4
(2.7)
Net cash flow provided by operating activities
174.7
149.2
Investing activities:
Capital expenditures
(59.9)
(63.6)
Acquisitions
(11.2)
(30.7)
MTA franchise rights
(7.0)
0.6
Net proceeds from dispositions
310.0
0.3
Investment in investee companies
(1.2)
—
Net cash flow provided by (used for) investing activities
230.7
(93.4)
Financing activities:
Repayments of long-term debt borrowings
(200.0)
—
Proceeds from borrowings under short-term debt facilities
135.0
120.0
Repayments of borrowings under short-term debt facilities
(160.0)
—
Payments of deferred financing costs
(0.3)
(4.1)
Taxes withheld for stock-based compensation
(7.4)
(12.4)
Purchase of redeemable noncontrolling interest
(23.9)
—
Dividends
(156.4)
(155.4)
Net cash flow used for financing activities
(413.0)
(51.9)
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) See Notes on Page 15
Nine Months Ended
September 30,
(in millions)
2024
2023
Effect of exchange rate changes on cash and cash equivalents
(0.4)
0.1
Net increase (decrease) in cash and cash equivalents
(8.0)
4.0
Cash and cash equivalents at beginning of period
36.0
40.4
Cash and cash equivalents at end of period
$ 28.0
$ 44.4
Supplemental disclosure of cash flow information:
Cash paid for income taxes
$ 11.4
$ 5.9
Cash paid for interest
127.1
126.3
Non-cash investing and financing activities:
Accrued purchases of property and equipment
7.2
4.6
Accrued MTA franchise rights
2.1
2.9
Taxes withheld for stock-based compensation
0.3
0.1
Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited) See Notes on Page 15
Three Months Ended September 30, 2024
(in millions, except percentages)
U.S. Media
Other
Corporate
Consolidated
Revenues:
Billboard
$ 360.6
$ —
$ —
$ 360.6
Transit and other
90.9
0.4
—
91.3
Total revenues
$ 451.5
$ 0.4
$ —
$ 451.9
Organic revenues(a):
Billboard
$ 360.6
$ —
$ —
$ 360.6
Transit and other
90.9
0.4
—
91.3
Total organic revenues(a)
$ 451.5
$ 0.4
$ —
$ 451.9
Non-organic revenues(b):
Billboard
$ —
$ —
$ —
$ —
Transit and other
—
—
—
—
Total non-organic revenues(b)
$ —
$ —
$ —
$ —
Operating income (loss)
$ 94.9
$ (0.3)
$ (23.3)
$ 71.3
Net loss on dispositions
1.3
0.2
—
1.5
Depreciation and amortization
37.3
—
—
37.3
Stock-based compensation
—
—
7.0
7.0
Adjusted OIBDA
$ 133.5
$ (0.1)
$ (16.3)
$ 117.1
Adjusted OIBDA margin
29.6 %
(25.0) %
*
25.9 %
Capital expenditures
$ 17.6
$ —
$ —
$ 17.6
Three Months Ended September 30, 2023
(in millions, except percentages)
U.S. Media
Other
Corporate
Consolidated
Revenues:
Billboard
$ 344.0
$ 19.6
$ —
$ 363.6
Transit and other
84.7
6.5
—
91.2
Total revenues
$ 428.7
$ 26.1
$ —
$ 454.8
Organic revenues(a):
Billboard
$ 344.0
$ —
$ —
$ 344.0
Transit and other
84.7
1.8
—
86.5
Total organic revenues(a)
$ 428.7
$ 1.8
$ —
$ 430.5
Non-organic revenues(b):
Billboard
$ —
$ 19.6
$ —
$ 19.6
Transit and other
—
4.7
—
4.7
Total non-organic revenues(b)
$ —
$ 24.3
$ —
$ 24.3
Operating income (loss)
$ 72.7
$ 2.7
$ (16.8)
$ 58.6
Impairment charges
12.1
—
—
12.1
Depreciation and amortization
35.4
3.6
—
39.0
Stock-based compensation
—
—
7.2
7.2
Adjusted OIBDA
$ 120.2
$ 6.3
$ (9.6)
$ 116.9
Adjusted OIBDA margin
28.0 %
24.1 %
*
25.7 %
Capital expenditures
$ 16.4
$ 2.3
$ —
$ 18.7
Nine Months Ended September 30, 2024
(in millions, except percentages)
U.S. Media
Other
Corporate
Consolidated
Revenues:
Billboard
$ 1,034.7
$ 28.1
$ —
$ 1,062.8
Transit and other
267.3
7.6
—
274.9
Total revenues
$ 1,302.0
$ 35.7
$ —
$ 1,337.7
Organic revenues(a):
Billboard
$ 1,034.7
$ —
$ —
$ 1,034.7
Transit and other
267.3
0.8
—
268.1
Total organic revenues(a)
$ 1,302.0
$ 0.8
$ —
$ 1,302.8
Non-organic revenues(b):
Billboard
$ —
$ 28.1
$ —
$ 28.1
Transit and other
—
6.8
—
6.8
Total non-organic revenues(b)
$ —
$ 34.9
$ —
$ 34.9
Operating income (loss)
$ 227.3
$ 157.5
$ (70.4)
$ 314.4
Net (gain) loss on dispositions
1.5
(155.1)
—
(153.6)
Impairment charges
17.9
—
—
17.9
Depreciation and amortization
109.1
—
—
109.1
Stock-based compensation
—
—
21.8
21.8
Adjusted OIBDA
$ 355.8
$ 2.4
$ (48.6)
$ 309.6
Adjusted OIBDA margin
27.3 %
6.7 %
*
23.1 %
Capital expenditures
$ 53.7
$ 6.2
$ —
$ 59.9
Nine Months Ended September 30, 2023
(in millions, except percentages)
U.S. Media
Other
Corporate
Consolidated
Revenues:
Billboard
$ 1,002.3
$ 53.5
$ —
$ 1,055.8
Transit and other
245.8
17.8
—
263.6
Total revenues
$ 1,248.1
$ 71.3
$ —
$ 1,319.4
Organic revenues(a)
Billboard
$ 1,002.3
$ —
$ —
$ 1,002.3
Transit and other
245.8
5.5
—
251.3
Total organic revenues(a)
$ 1,248.1
$ 5.5
$ —
$ 1,253.6
Non-organic revenues(b):
Billboard
$ —
$ 53.5
$ —
$ 53.5
Transit and other
—
12.3
—
12.3
Total non-organic revenues(b)
$ —
$ 65.8
$ —
$ 65.8
Operating income (loss)
$ (309.7)
$ 3.6
$ (58.1)
$ (364.2)
Net loss on dispositions
0.2
—
—
0.2
Impairment charges
523.5
—
—
523.5
Depreciation and amortization
111.6
10.5
—
122.1
Stock-based compensation
—
—
22.9
22.9
Adjusted OIBDA
$ 325.6
$ 14.1
$ (35.2)
$ 304.5
Adjusted OIBDA margin
26.1 %
19.8 %
*
23.1 %
Capital expenditures
$ 58.0
$ 5.6
$ —
$ 63.6
Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 15
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2024
2023
2024
2023
Net income (loss) attributable to OUTFRONT Media Inc.
$ 34.6
$ 17.0
$ 184.2
$ (485.6)
Depreciation of billboard advertising structures
14.0
14.6
41.1
44.8
Amortization of real estate-related intangible assets
17.0
18.0
49.0
54.4
Amortization of direct lease acquisition costs
16.0
15.0
45.1
42.4
Net (gain) loss on disposition of real estate assets
1.5
—
(153.6)
0.2
Impairment charges(c)
—
8.8
13.1
379.9
Adjustment related to redeemable and non-
redeemable noncontrolling interests
—
—
(0.2)
(0.2)
Income tax effect of adjustments(d)
(0.4)
—
10.1
—
FFO attributable to OUTFRONT Media Inc.
$ 82.7
$ 73.4
$ 188.8
$ 35.9
Non-cash portion of income taxes
0.1
1.0
(1.0)
(3.7)
Cash paid for direct lease acquisition costs
(14.0)
(12.5)
(42.7)
(43.6)
Maintenance capital expenditures
(5.5)
(8.0)
(17.9)
(24.5)
Other depreciation
4.6
4.7
14.4
14.3
Other amortization
1.7
1.7
4.6
8.6
Impairment charges on non-real estate assets(c)(e)
—
3.3
4.8
143.6
Stock-based compensation
7.0
7.2
21.8
22.9
Non-cash effect of straight-line rent
2.0
2.5
8.0
6.9
Accretion expense
0.7
0.8
2.2
2.3
Amortization of deferred financing costs
1.5
1.6
4.6
5.0
Loss on extinguishment of debt
—
—
1.2
—
AFFO attributable to OUTFRONT Media Inc.
$ 80.8
$ 75.7
$ 188.8
$ 167.7
Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 15
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2024
2023
2024
2023
Adjusted OIBDA
$ 117.1
$ 116.9
$ 309.6
$ 304.5
Interest expense, net, less amortization of deferred
financing costs
(35.6)
(38.6)
(115.0)
(112.6)
Cash paid for income taxes(f)
(0.1)
(0.4)
(1.3)
(5.9)
Direct lease acquisition costs
2.0
2.5
2.4
(1.2)
Maintenance capital expenditures
(5.5)
(8.0)
(17.9)
(24.5)
Equity in earnings of investee companies, net of tax
0.5
(0.2)
0.5
(1.3)
Non-cash effect of straight-line rent
2.0
2.5
8.0
6.9
Accretion expense
0.7
0.8
2.2
2.3
Other income (loss), net
(0.1)
(0.1)
1.0
0.1
Adjustment related to redeemable and non-
redeemable noncontrolling interests
(0.2)
0.3
(0.7)
(0.6)
AFFO attributable to OUTFRONT Media Inc.
$ 80.8
$ 75.7
$ 188.8
$ 167.7
Exhibit 7: OPERATING EXPENSES
(Unaudited) See Notes on Page 15
Three Months Ended
Nine Months Ended
September 30,
%
September 30,
%
(in millions, except percentages)
2024
2023
Change
2024
2023
Change
Operating expenses:
Billboard property lease
$ 119.3
$ 124.2
(3.9) %
$ 363.2
$ 368.5
(1.4) %
Transit franchise
59.1
59.5
(0.7)
178.6
180.1
(0.8)
Posting, maintenance and other
54.7
56.1
(2.5)
169.8
167.4
1.4
Total operating expenses
$ 233.1
$ 239.8
(2.8)
$ 711.6
$ 716.0
(0.6)
Exhibit 8: EXPENSES BY SEGMENT
(Unaudited) See Notes on Page 15
Three Months Ended
Nine Months Ended
September 30,
%
September 30,
%
(in millions, except percentages)
2024
2023
Change
2024
2023
Change
U.S. Media:
Operating expenses
$ 232.7
$ 225.6
3.1 %
$ 689.5
$ 675.5
2.1 %
SG&A expenses
85.3
82.9
2.9
256.7
247.0
3.9
Other:
Operating expenses
0.4
14.2
(97.2)
22.1
40.5
(45.4)
SG&A expenses
0.1
5.6
(98.2)
11.2
16.7
(32.9)
NOTES TO EXHIBITS
PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.
(a)
Organic revenues exclude revenues associated with the impact of the sale of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of our outdoor advertising business in Canada, and the impact of foreign currency exchange rates (“non-organic revenues”).
(b)
In the three months ended September 30, 2023, nine months ended September 30, 2024, and nine months ended September 30, 2023, non-organic revenues reflect the impact of the Transaction. Also in the nine months ended September 30, 2023, non-organic revenues reflect the impact of foreign currency exchange rates.
(c)
Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit.
(d)
Income tax effect related to Net gain on disposition of real estate assets.
(e)
In the nine months ended September 30, 2023, also includes an impairment charge related to an other-than-temporary decline in fair value of a cost-method investment.
(f)
Cash paid for income taxes is presented in this table net of cash paid for income taxes related to a net gain on disposition of real estate assets associated with the Transaction.
*
Calculation not meaningful.
View original content to download multimedia:https://www.prnewswire.com/news-releases/outfront-media-reports-third-quarter-2024-results-302301829.html
SOURCE OUTFRONT Media Inc.
You may like
Technology
/C O R R E C T I O N — Natural Resources Canada/
Published
42 minutes agoon
November 14, 2024By
In the news release, Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada, issued 14-Nov-2024 by Natural Resources Canada over PR Newswire, we are advised by the company that the 18th paragraph has been added to the release. The complete, corrected release follows:
Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada
COQUITLAM, BC, Nov. 14, 2024 /CNW/ – Working together to reduce risks from the changing climate will help keep Canadians safer and healthier. Acting now will help improve long-term resilience and reduce costs associated with the increasing frequency of extreme weather events in Canada, including higher grocery prices, insurance premiums and local taxes to cover the costs of disaster recovery and damage.
Across the country, the impacts of climate change are becoming more severe and more frequent with extreme events like floods, wildfires and heatwaves on the rise. Gradual changes, like thawing permafrost in the north and rising sea levels in coastal regions, are also affecting the safety of our communities and quality of life. To protect our communities from the worst economic and environmental impacts of climate change, we must continue to prepare for the changes that are coming by investing in community resilience. This will not only support the safety of Canadians but also reinforce the ability of communities to recover from extreme weather events.
Today, the Honourable Jonathan Wilkinson announced over $7 million in funding for 12 projects in British Columbia or with a national reach under Natural Resources Canada’s Climate Change Adaptation Program (CCAP) and the Climate-Resilient Coastal Communities (CRCC) Program. These projects will aim to help regions and sectors in B.C. and across Canada adapt to a changing climate by developing, improving and delivering strategies, tools and resources that address climate change risks and adaptation gaps, and to support the implementation of climate change adaptation and resilience actions.
The funding announced today comes from a total investment of $39.5 million for 53 projects through the CCAP and the the CRCC Program to reduce climate change risks and build more resilient communities across the country in support of the National Adaptation Strategy (NAS). Details on additional projects supported by this investment will be announced in the near future.
The steps we take now will protect our communities, our livelihoods, our environment and our economy. We are actively investing in climate change adaptation to proactively support long-term, community-led resilience and adaptation projects. It is essential, now more than ever, that we come together to help communities stay strong in the face of the current and future impacts of climate change.
“The impacts associated with climate change, including atmospheric rivers here in British Columbia, are being felt right now. That is why this federal government is acting now to help our communities and our economy prepare and protect themselves from the threat of climate change. Today’s announcement of 12 projects based in British Columbia under two funding programs supports the vital long-term, community-based work to keep people safe now and into the future.”
The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources
“Municipalities are on the front lines of climate change, and they know best what local challenges — and solutions — are affecting local neighbourhoods, transportation and businesses. The 12 projects under the CCAP and CRCC program will help build stronger, more livable communities, providing safety and security in the face of a changing climate. With smart investments, forward planning and active collaboration, we can support communities that are already feeling the impacts of climate change and help make them more sustainable and prosperous for generations to come.”
The Honourable Steven Guilbeault
Minister of Environment and Climate Change
“Climate change is impacting communities in British Columbia and across Canada. Now is the time to work together and build climate change responses that address current and future problems. By taking the necessary steps today to adapt and build resiliency, we can make more-informed decisions to prepare for and to respond and adapt to climate change impacts.”
Ron McKinnon
Member of Parliament for Coquitlam–Port Coquitlam
“Coastal flooding and rising seas are not exclusively localized issues. Coordinating between First Nations, municipalities and other authorities in the region can increase the effectiveness of coastal resilience actions and help to pool resources. Thanks to the support from the CRCC Program, our B.C. Southern Coastal Regional Climate Collaborative project will help coordinate approaches to address rising sea levels and coastal flooding and implement key regional actions to build the foundation for long-term coastal resilience outcomes across the Pacific North Shore and Sunshine Coast region.”
Ewa Jackson
Managing Director, ICLEI Canada
“Clean energy systems are the future — and this initiative is helping First Nations communities and local governments to push forward on micro-hydro, solar, wind and other renewables that strengthen B.C.’s power grid. Planning infrastructure to withstand severe weather and other impacts of climate change is now a key challenge in building a clean energy future, and we’re happy to help bring together local leaders and experts to meet that challenge.”
David Marshall
Chief Executive Officer, Fraser Basin Council
“Across British Columbia, small, rural and remote communities work every day with extremely limited resources to address the current and anticipated impacts of climate change, often off the side of their desk amidst many competing priorities. As a result of this funding, the CoNext Climate Preparedness Hub will provide direct support to local governments, First Nation governments and their partners to build understanding of the challenges and options for addressing climate impacts and translate this knowledge into action within their organizations and communities.”
Erica Crawford
CoNext Project Lead and Principal, HeronBridge Consulting
“Climate adaptation is a new but urgent challenge, and leading practices are just beginning to emerge. Our CRCC project funded direct conversations with Canadian practitioners to identify the challenges and opportunities they face today, and this learning will inform similar outreach in Oceania, Europe, the United States, Latin America and the Caribbean, and Asia. We look forward to bringing this snapshot of global adaptation practice today back to Canada to help drive innovation and solutions to this shared threat.”
Dr. Glynis Lough
Global Director of PEERS and Affiliate at the Aspen Global Change Institute
“The far-reaching impacts of recent wildfires — massive emissions and disrupted communities — demand urgent action. This contribution from Natural Resources Canada will foster collaboration across sectors, First Nations and impacted communities in ways that accelerate wildfire adaptation, create jobs, enhance ecosystem resilience and increase public safety.”
Robin Prest
Program Director, Simon Fraser University’s Morris J. Wosk Centre for Dialogue
“Engineers and Geoscientists BC welcomes this investment that is intended to help protect Canadians from the risks of climate change. In collaboration with the Climate Risk Institute, we are proud to lead the development of a national climate resiliency training program for building sector professionals. Supported by Natural Resources Canada through the CCAP, the training program aims to empower engineers, and other professionals, with the skills and knowledge needed to design and retrofit buildings to help communities become more resilient to the risks associated with a changing climate.”
Heidi Yang, P.Eng.
Chief Executive Officer, Engineers and Geoscientists BC
“The Regional District of Nanaimo is grateful for this generous grant, which we will use to develop an inclusive and collaborative coastal climate adaptation strategy in our region. This strategy will build on the critical work we are already undertaking to prepare for, and respond to, impacts we are seeing on our coast.”
Vanessa Craig
Chair, Regional District of Nanaimo
“In recent years, climate-related impacts have significantly disrupted supply chains. With this funding to develop a climate adaptation plan for the Port of Vancouver, we will work collaboratively with First Nations and stakeholders to identify key climate risks and priority actions needed to enhance port infrastructure and supply chain resiliency. This will help strengthen our position to facilitate Canada’s trade reliably, now and into the future.”
Jennifer Natland
Vice President, Properties and Environment, Vancouver Fraser Port Authority
“Nature-based solutions, like restoring wetlands and adopting green infrastructure approaches, offer powerful ways for Canadian communities to adapt to climate change while unlocking significant social, economic and environmental co-benefits. Yet a lack of understanding of the monetary benefits of these multi-solving solutions means they remain underutilized by local governments. With the support of Natural Resources Canada and our partners, ESSA and All One Sky Foundation are developing a toolkit with clear economic data and guidance to help communities confidently invest in these sustainable, cost-effective strategies to multiple local problems.”
Jimena Eyzaguirre
Climate Change Adaptation Practice Lead, ESSA Technologies Ltd.
“In 2022, we brought together leadership and staff from First Nations and local governments and local agriculture sectors as well as federal and provincial representatives to collectively discuss what a Build Back Better, Together process would look like and to explore how we could work together more effectively in our shared landscape. This funding will support subsequent dialogues as we work toward developing a unified plan for how to maximize resilience in the Lower Mainland.”
Tribal Chief Tyrone McNeil
Chair of the Emergency Planning Secretariat
The National Adaptation Strategy (NAS) provides a whole-of-society plan focused on protecting Canadian lives and building more resilient and prosperous communities. Canada released its first NAS on June 27, 2023. Achieving the objectives of the NAS requires whole-of-society action. The Government of Canada is working with provinces, territories, Indigenous partners and the private sector to develop innovative technical, financial and operational solutions that will support adaptation action by communities across the economy.Every $1 spent on climate adaptation measures saves up to $15 in terms of the long-term costs involved in mitigating climate change and extreme weather events.Since 2015, the Government of Canada has invested more than $6.5 billion in adaptation efforts, including $2.1 billion since fall 2022 to implement the NAS and other adaptation-related activities.The CCAP will help Canada’s regions and sectors to adapt to a changing climate. More specifically, the CCAP aims to:support decision-makers in identifying and implementing adaptation actions;enhance adaptation knowledge and skills among Canada’s workforce; andincrease access to climate change adaptation tools and resources.The CRCC Program supports regional-scale pilot projects on Canada’s three marine coasts —Atlantic, Pacific and North — and in the Great Lakes–St. Lawrence region. The program aims to enhance the climate resilience of coastal communities and businesses and to accelerate adaptation to reduce climate change risks and coordinate innovative actions.
Backgrounder: Canada Invests in Climate Change to Keep Communities Safe in British Columbia and Across Canada https://www.canada.ca/en/natural-resources-canada/news/2024/11/canada-invests-in-climate-change-adaptation-to-keep-communities-safe-in-british-columbia-and-across-canada.html
Climate Change Adaptation ProgramNatural Resources Canada Announces up to $15 Million to Help Communities and Businesses Adapt to a Changing ClimateClimate-Resilient Coastal Communities ProgramNational Adaptation StrategyGovernment of Canada Adaptation Action Plan
Follow us on LinkedIn
SOURCE Natural Resources Canada
Technology
András Szakonyi named CEO of Ferrovial’s Digital Infrastructure Division
Published
42 minutes agoon
November 14, 2024By
This division targets the high-growth data center market, building on a decade of successful projects for industry leaders
AMSTERDAM, Nov. 14, 2024 /PRNewswire/ — Ferrovial, a leading global infrastructure company, announces the appointment of András Szakonyi as CEO of Digital Infrastructure. Szakonyi brings deep sector expertise, both in data centers and sustainable AI cloud solutions. As divisional CEO, he will strengthen and expand Ferrovial’s presence in a growing sector where it has been developing projects for multinational leaders for more than 10 years in Europe and the Americas.
“Ferrovial brings distinctive expertise in complex data center construction projects. Our proven track record of engineering excellence and value creation positions us well to expand our role as a global investor and developer of digital infrastructure. We welcome András’s leadership in driving our continued success and innovation in this strategic area,” said Ignacio Madridejos, CEO of Ferrovial.
The Digital Infrastructure Division will identify investment opportunities to develop high-value projects in this sector.
András Szakonyi holds an MBA in Finance and Economics from Corvinus University in Budapest and is a graduate of INSEAD Business School’s LEAP (Leadership Excellence through Awareness and Practice Program).
During his extensive professional experience, he has held various international leadership positions. He started his career as a finance professional at General Electric, where he spent six years leading different finance functions in the United States.
Afterward, he spent 21 years in multiple senior leadership roles at Iron Mountain (IRM), a global listed B2B service company based in Boston focusing on data centers and information management services. He played a key role in building Iron Mountain’s data center business in his role as global COO.
Since 2020, he has been a member of the Supervisory Board and Audit Committee of Magyar Telekom (Subsidiary of Deutsche Telekom), a leading Hungarian information and communications technology company.
About Ferrovial
Ferrovial is one of the world’s leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 24,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain’s blue-chip IBEX 35 index. It is part of the Dow Jones Sustainability Index and FTSE4Good, and all its operations are conducted in compliance with the principles of the UN Global Compact, which the Company adopted in 2002.
View original content to download multimedia:https://www.prnewswire.com/news-releases/andras-szakonyi-named-ceo-of-ferrovials-digital-infrastructure-division-302306252.html
SOURCE Ferrovial
Technology
2025 Fortune Global Forum to be held in Riyadh, Saudi Arabia
Published
42 minutes agoon
November 14, 2024By
Fortune will also hold a Most Powerful Women gathering in Riyadh next year
NEW YORK, Nov. 14, 2024 /PRNewswire/ — Fortune announced that its 2025 Fortune Global Forum, the premier gathering of CEOs and other leaders of the world’s largest multinational companies, will convene in Riyadh, Saudi Arabia, next December. In the spring, Fortune will also hold in Riyadh its first-ever Fortune Most Powerful Women event in the Middle East, an extension of the annual Most Powerful Women summit in the U.S.
This marks the first time since its inception in 1995 that the Fortune Global Forum has taken place in the Saudi capital. The Forum and the MPW event are being held in partnership with the Saudi Conventions and Exhibitions General Authority.
“For 30 years, Fortune has been proud to bring the Fortune Global Forum to the frontiers of the business world,” Anastasia Nyrkovskaya, CEO of Fortune, said. “Saudi Arabia is one of those important frontiers. We look forward to connecting leaders of companies across industries from the East and West in Riyadh, an ideal location for our 2025 Fortune Global Forum.”
The Forum has historically been held in major cities at the forefront of global business, including Singapore, Barcelona, Guangzhou, New Delhi, Rome, Hong Kong, Paris, Abu Dhabi, Cape Town, and San Francisco. Earlier this week in New York City, the 2024 Fortune Global Forum included speakers such as former U.S. CIA Directors Mike Pompeo and Leon Panetta; Adena Friedman, Chair and CEO, Nasdaq; Gita Gopinath, First Managing Director, International Monetary Fund; Josh Kushner, Founder and CEO, Thrive Capital; Rob Manfred and Adam Silver, the commissioners of Major League Baseball and the National Basketball Association, respectively; John Stankey, CEO, AT&T; Boris Johnson, former Prime Minister of the United Kingdom; Brooke Shields, actor, New York Times bestselling author, and founder of Commence; H.E. Fahd bin Abdulmohsan Al-Rasheed, Advisor, General Secretariat of the Council of Ministers, and Chair, Saudi Conventions and Exhibitions General Authority; Tom Brady, seven-time world champion; and Wynton Marsalis, Pulitzer Prize-winning composer and Managing and Artistic Director of Jazz at Lincoln Center, the site of the Forum, and more.
The Fortune Global Forum fosters impactful discussions among leading executives and other top figures in business, government, and culture and offers valuable insights into international business strategies.
Fortune’s annual Most Powerful Women Summit convenes women leaders from Fortune 500 companies and trailblazers from government, philanthropy, education, sports, and the arts for inspiring conversations, collaboration, and networking. The Riyadh MPW conference will draw women globally who are making significant contributions to business and economic growth.
About Fortune:
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world’s biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World’s Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum, Brainstorm Tech, Fortune Most Powerful Women. For more information, visit fortune.com.
Media Contacts:
Patrick Reilly
Fortune
Patrick.Reilly@fortune.com
Chelsea Hudson
Fortune
Chelsea.Hudson@fortune.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/2025-fortune-global-forum-to-be-held-in-riyadh-saudi-arabia-302306257.html
SOURCE Fortune Media (USA) Corporation
/C O R R E C T I O N — Natural Resources Canada/
András Szakonyi named CEO of Ferrovial’s Digital Infrastructure Division
2025 Fortune Global Forum to be held in Riyadh, Saudi Arabia
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market5 days ago
BTC’s ‘incoming’ $110K call, BlackRock’s $1.1B inflow day, and more: Hodler’s Digest Nov. 3 – 9
-
Technology5 days ago
Stay Better in China: Bring the Practice to My Country
-
Coin Market5 days ago
FTX bankruptcy estate sues Anthony Scaramucci and SkyBridge Capital
-
Technology5 days ago
LG Display Succeeds in Developing World’s First Stretchable Display that Expands by 50 Percent
-
Technology2 days ago
Aspen Aerogels, Inc. to Present at the Barclays 15th Annual Global Automotive and Mobility Tech Conference
-
Technology2 days ago
Medcrypt Expands Strategic Partnerships with BioT, Extra Security, RTI and Stratigos Security to Enhance Cybersecurity in Medical Devices
-
Technology5 days ago
Stay Better in China: Tell the Beautiful China to the World
-
Technology4 days ago
PropXP Launches, Redefining Prop Trading with Global Access