2024 Q2 Form 10-Q Financial Statement

#000157987724000047 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $477.3M $408.5M
YoY Change 1.81% 3.21%
Cost Of Revenue $118.0M $117.5M
YoY Change 0.17% 2.53%
Gross Profit $359.3M $291.0M
YoY Change 2.36% 3.49%
Gross Profit Margin 75.28% 71.24%
Selling, General & Admin $119.1M $110.5M
YoY Change -49.68% 2.41%
% of Gross Profit 33.15% 37.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.40M $18.50M
YoY Change -55.34% -7.96%
% of Gross Profit 5.12% 6.36%
Operating Expenses $119.1M $110.5M
YoY Change -57.14% 2.41%
Operating Profit $229.1M $14.00M
YoY Change 213.41% 37.25%
Interest Expense -$41.10M -$41.40M
YoY Change 3.53% 9.81%
% of Operating Profit -17.94% -295.71%
Other Income/Expense, Net $1.100M
YoY Change 450.0%
Pretax Income $187.9M -$27.40M
YoY Change -139.33% -0.36%
Income Tax $11.10M -$500.0K
% Of Pretax Income 5.91%
Net Earnings $176.8M -$27.20M
YoY Change -136.75% -5.88%
Net Earnings / Revenue 37.04% -6.66%
Basic Earnings Per Share $1.05 -$0.18
Diluted Earnings Per Share $1.01 -$0.18
COMMON SHARES
Basic Shares Outstanding 165.9M shares 165.9M shares
Diluted Shares Outstanding 174.5M shares 165.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.60M $42.40M
YoY Change 17.54% -0.93%
Cash & Equivalents $49.60M $42.40M
Short-Term Investments
Other Short-Term Assets $12.90M $14.40M
YoY Change -62.82% 87.01%
Inventory
Prepaid Expenses
Receivables $274.5M $251.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $353.0M $359.4M
YoY Change -4.57% 5.8%
LONG-TERM ASSETS
Property, Plant & Equipment $656.6M $657.1M
YoY Change -72.34% -6.14%
Goodwill $2.006B $2.006B
YoY Change -1.13% -3.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.10M $19.50M
YoY Change -42.81% -43.97%
Total Long-Term Assets $4.899B $5.155B
YoY Change -6.07% -9.57%
TOTAL ASSETS
Total Short-Term Assets $353.0M $359.4M
Total Long-Term Assets $4.899B $5.155B
Total Assets $5.252B $5.514B
YoY Change -5.97% -8.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.10M $54.40M
YoY Change -21.35% 1.3%
Accrued Expenses $377.4M $356.4M
YoY Change -1.33% 1.54%
Deferred Revenue
YoY Change
Short-Term Debt $30.00M $120.0M
YoY Change -77.78% 4.35%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $524.5M $622.2M
YoY Change -18.01% 4.73%
LONG-TERM LIABILITIES
Long-Term Debt $2.480B $2.678B
YoY Change -5.65% 1.92%
Other Long-Term Liabilities $42.90M $41.90M
YoY Change -97.25% 3.71%
Total Long-Term Liabilities $2.523B $2.720B
YoY Change -39.73% 1.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $524.5M $622.2M
Total Long-Term Liabilities $2.523B $2.720B
Total Liabilities $4.464B $4.867B
YoY Change -7.88% 1.91%
SHAREHOLDERS EQUITY
Retained Earnings -$1.776B -$1.901B
YoY Change -1.06% 50.33%
Common Stock $1.700M $1.700M
YoY Change 0.0% 6.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $664.9M $524.2M
YoY Change
Total Liabilities & Shareholders Equity $5.252B $5.514B
YoY Change -5.97% -8.7%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $176.8M -$27.20M
YoY Change -136.75% -5.88%
Depreciation, Depletion And Amortization $18.40M $18.50M
YoY Change -55.34% -7.96%
Cash From Operating Activities $71.00M $30.60M
YoY Change -9.32% 225.53%
INVESTING ACTIVITIES
Capital Expenditures $25.50M $18.40M
YoY Change -42.83% -18.58%
Acquisitions $6.000M
YoY Change 17.65%
Other Investing Activities $304.0M $5.400M
YoY Change 37900.0%
Cash From Investing Activities $278.5M -$19.00M
YoY Change -735.84% -31.41%
FINANCING ACTIVITIES
Cash Dividend Paid $52.40M
YoY Change 0.77%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -342.2M -$4.900M
YoY Change 866.67% -123.67%
NET CHANGE
Cash From Operating Activities 71.00M $30.60M
Cash From Investing Activities 278.5M -$19.00M
Cash From Financing Activities -342.2M -$4.900M
Net Change In Cash 7.300M $6.400M
YoY Change -911.11% 166.67%
FREE CASH FLOW
Cash From Operating Activities $71.00M $30.60M
Capital Expenditures $25.50M $18.40M
Free Cash Flow $45.50M $12.20M
YoY Change 35.01% -192.42%

Facts In Submission

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.</span></div>
CY2023Q1 us-gaap Immaterial Error Correction
ImmaterialErrorCorrection
For the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease expenses 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 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
CY2024Q1 us-gaap Property Plant And Equipment Gross
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CY2023Q1 us-gaap Depreciation
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OperatingLeaseLiabilityNoncurrent
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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q1 us-gaap Variable Lease Cost
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CY2024Q1 us-gaap Asset Retirement Obligations Description
AssetRetirementObligationsDescription
The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years.
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AssetRetirementObligationExpectedTerm
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CY2024Q1 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0.
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CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
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PreferredStockParOrStatedValuePerShare
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CY2024Q1 us-gaap Temporary Equity Shares Outstanding
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TemporaryEquityParOrStatedValuePerShare
0.01
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0.070
CY2024Q1 out Dividend Period
DividendPeriod
P12M
CY2024Q1 out Dividend Period
DividendPeriod
P12M
CY2024Q1 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.
CY2024Q1 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
16.00
CY2024Q1 out Convertible Preferred Stock Common Shares Issuable
ConvertiblePreferredStockCommonSharesIssuable
62.50 shares
CY2024Q1 out Billboard Revenue
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328800000 usd
CY2023Q1 out Billboard Revenue
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320600000 usd
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TransitandOtherRevenue
79700000 usd
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TransitandOtherRevenue
75200000 usd
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Revenues
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CY2023Q1 us-gaap Revenues
Revenues
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298400000 usd
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Revenues
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Revenues
395800000 usd
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5100000 usd
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31800000 usd
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AssetsOfDisposalGroupIncludingDiscontinuedOperation
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LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
21400000 usd
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LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
24100000 usd
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LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
112200000 usd
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LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
115000000.0 usd
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
200000 usd
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400000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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AllocatedShareBasedCompensationExpenseNetOfTax
7400000 usd
CY2024Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
300000 usd
CY2023Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
600000 usd
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400000 usd
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DefinedBenefitPlanExpectedReturnOnPlanAssets
700000 usd
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-100000 usd
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-100000 usd
CY2024Q1 us-gaap Pension Contributions
PensionContributions
200000 usd
CY2024Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Current Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear
200000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14000000.0 usd
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OperatingIncomeLoss
10200000 usd
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GainLossOnDispositionOfAssets1
-100000 usd
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GainLossOnDispositionOfAssets1
-300000 usd
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AssetImpairmentCharges
9100000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2024Q1 us-gaap Net Income Loss
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-27200000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLossAvailableToCommonStockholdersBasic
-29400000 usd
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NetIncomeLossAvailableToCommonStockholdersDiluted
-29400000 usd
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NetIncomeLossAvailableToCommonStockholdersBasic
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165400000 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
165400000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164500000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164500000 shares
out Equipment Deployment Costs Percentage
EquipmentDeploymentCostsPercentage
0.30
CY2024Q1 us-gaap Recovery Of Direct Costs
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0 usd
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OtherAssetImpairmentCharges
9100000 usd
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1100000 usd
CY2024Q1 out Mta Equipment Development Cost Additions
MTAEquipmentDevelopmentCostAdditions
9100000 usd
CY2024Q1 out Mta Equipment Deployment Costs
MTAEquipmentDeploymentCosts
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PrepaidMTAEquipmentDeploymentCosts
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PrepaidMTAEquipmentDeploymentCosts
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CY2022Q4 out Mta Equipment Deployment Costs
MTAEquipmentDeploymentCosts
426800000 usd
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MTAEquipmentDevelopmentCostAdditions
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TotalRecoupmentAndMTAFunding
100000 usd
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MTAEquipmentDeploymentCosts
1100000 usd
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2024Q1 us-gaap Revenues
Revenues
408500000 usd
CY2023Q1 us-gaap Revenues
Revenues
395800000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
-27100000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-28700000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-500000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000 usd
CY2024Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-200000 usd
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-800000 usd
CY2024Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-41400000 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-37700000 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
36100000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
41900000 usd
CY2024Q1 out Share Based Compensation Excluding Compensation Related Restructuring Charges
ShareBasedCompensationExcludingCompensationRelatedRestructuringCharges
7200000 usd
CY2024Q1 out Segment Operating Measure
SegmentOperatingMeasure
66500000 usd
CY2023Q1 out Segment Operating Measure
SegmentOperatingMeasure
60200000 usd
CY2024Q1 out Segment Operating Measure
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66500000 usd
CY2023Q1 out Segment Operating Measure
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60200000 usd
CY2023Q1 out Share Based Compensation Excluding Compensation Related Restructuring Charges
ShareBasedCompensationExcludingCompensationRelatedRestructuringCharges
7800000 usd
CY2024Q1 us-gaap Assets
Assets
5514000000 usd
CY2023Q4 us-gaap Assets
Assets
5582900000 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
5145300000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
5176900000 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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