As you [indiscernible] data we and others have shared regarding street-level mobility, and indeed what youâd likely people are increasingly outing about. So obviously, that comes out as well. Expenses were actually $15 million. So, maybe, Ben, Iâll sort of jump in on the investment side. Itâs a different story. OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman Chief Executive Officer, is scheduled to present at the Citi Global TMT West Conference in Las Vegas, Nevada on Wednesday, January 8, 2020 at 12:30 p.m. Pacific Time. There is still a lot of uncertainty in the economy and the actions we took earlier this year, provide us with ample liquidity of $1.2 billion of cash and liquidity. NEW YORK, Dec. 17, 2019 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to â¦ Once again, this reflects continued attention by our teams to eliminate variable and fixed costs. I am wondering how quickly those measurements are reflected in pricing of those billboards, given that we had this deep decline as the pandemic emerged and itâs â the billboards in particular come back quite well, at least relatively speaking. Well, the fact is that Matt and I sign off every proposal for digital conversion, and but still making great returns. We remain in a strong financial position, as you can see on Slide 18. The companies were formed over a forty-seven year period with the most recent being incorporated seven months ago in March of 2020. We also expect to pick up our billboard acquisition activity to selectively take advantage of attractive opportunities and continue growing our presence in our preferred markets around the country. Thank you. And as we look at the fourth quarter, we expect total revenues to be down in the low 30% range. Let me now turn the call back over to Jeremy. Of this total $1,349,999 was received as a salary, $2,142,450 was received as a bonus, $0 was received in stock options, $3,500,000 was awarded as stock and $1,260 came from other types of compensation. 20 Feb 2020. We do still very much have that headwind of TV, movies, entertainment that we talked about, and they were huge categories for us this time last year. Iâll go into the drivers of this differential later on the call, but you can see one of them on Slide 7, which is our local and national mix. Thanks for joining our 2020 third quarter earnings call. Our board evaluates our capital allocation on ongoing basis, and our stated intention remains that we will meet our minimum rate distribution requirements. The figures you see here, included in our other revenues in 2019, and thereâs additional color on this in the appendix. [Operator Instructions] And weâll take our first question from Alexia Quadrani from JPMorgan. But we absolutely believe that ridership and revenues will recover, which has been written about the future of cities and the transit system to support them. By the way, weâre not in the airport business and we didnât bid for those airport assets. We do expect to start putting screens on subway cars during the fourth quarter, so maybe the number of screens will be a little higher â very, very smaller, but I think the same sort of pace, the same sort of spend. Weâre looking at couple of right now. Now, letâs turn to Slide 19 for an update on the MTA where display deployment picked up, as we announced last quarter. What we are seeing at the moment in Manhattan, is that â itâs sad to say that office workers have been slow to get back into their offices. As that business recovers, we remain convinced that Digital will continue to be a key growth driver for our business. Or do you think there is going to be a little bit of a lag where the market does want to make sure that the audience is sort of there before they begin to redeploy dollars, that sort of comparable levels to the audience trends? We saw better billboard performance than expected, while Transit is recovering more slowly given continuing low ridership. Outfront Mediaâs Chairman & CEO Jeremy Male appeared at Goldman Sachâs Communacopia 2016 yesterday. Transit was down 69%, a 7 point improvement. Looking at our other business on Slide 9, Canadian billboard revenues were down 28%, a better result than last quarter and driven by similar factors to the U.S. Just coming to your second question, yes, I think itâs right to say that we wonât get that sort of â I think we said that will sort of step up improvement until we see those audiences increasing. The trend continues. While the impacts of the pandemic during the quarter were less pronounced than they were in the second quarter, they still weighed on our U.S. Media and Canada in broadly similar fashion. Outfront Media CEO Jeremy Male on using data to target billboard ads. Of course. Good afternoon, everyone. Matt? We have deployed $340 million of total capital to-date, all subject to recoupment from future revenues, except a roughly $30 million spent so far under the previously disclosed amended deployment plan. 29 Apr 2020. Turning to Slide 17, as usual, you can see our dividend coverage. We are obviously aware of the climate that we have right now, and we are hopeful that given the climate that we have and without significant further lock downs, that we will be able to deliver, certainly, the performance that we have just guided to earlier on the call. So, thatâs really good to see. OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the Goldman Sachs 29th â¦ Outside of our top 15 markets, third quarter revenues were only down 14% and local down around 10%. So, weâre on our way back. Thank you. So, really, I think the granularity of that was more important when obviously audiences were being more severely impacted. We are OUTFRONT by name and by nature. I hope that many of you are safely back in your offices. Letâs now go into more detail, beginning with total revenues on Slide 5. So, with that, operator, letâs now open the line for questions. And finally related to that, are there safety steps being taken to provide comfort to riders to return, or is it sort of out of necessity in getting around New York City in particular that will bring them back? Overall, OIBDA was down 51% this quarter compared to a decline of 85% last quarter. Both of these improved from last quarter, but it was local advertising that led the way. In the chart, you can see we were able to offset 60% of the revenue decline through expense reduction. A live and replay audio webcast will be available on the investor relations section of the Company's website at â¦ Overall, local revenues were down 28% while national were down 48%. Our higher net revenue of 6.1x obviously reflects lower OIBDA during the pandemic, but does not adversely impact our ability to access immediate liquidity, and we expect to cycle out of it as OIBDA improves. Okay. Now, these categories will obviously come back. Itâs also worth noting that we were free cash flow positive again in the third quarter. If you can give us any more color in terms of what we expect by the Transit and Billboard, that would be appreciated? Male made $6,993,709 in total compensation. Importantly, if you look at Slide 4, you can see that we have good sequential improvement on virtually every metric, with the exception of Transit. Please go ahead. Fri, Mar 29 â¦ And a lot of the operational measures weâve taken should extend into the fourth quarter. We â 800 plus, we listed in the third quarter, probably reflects the pacing we would keep going in the fourth quarter. Total revenues were down 39% or 37% on an apples-to-apples basis, after our sports marketing disposal, and well within our guidance range. Total revenues were down 37%, right in line with the rest of the business and a bit better than last quarter, with improvements in the declines at both billboard and transit. OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the 48th Annual J.P. Morgan Global Technology, Media and Communications Conference on Wednesday, May 13, 2020 at 11:50 a.m. Eastern Time. This guidance reflects what weâve been talking about since March, regarding the return of audiences, which is a pre-requisite for the return of revenues. We took our teams and our contractors, go off the lines at the end of March, and we did very little in second quarter. Transit and our major market performance drove our superior growth pre-pandemic and we are absolutely convinced that they will drive superior growth post-pandemic. And with that, I will hand the call over to Jeremy. Not significant dollars, but both assets that would be â we think a great fit to our business as we go forward. Transit, however, is still lagging. SG&A expenses decreased primarily due to continued restrictions on discretionary expenses, workforce reductions, employee furloughs and temporary reduction in certain employee base salaries. The DOS ID is 4526201.The business entity is incorporated in New York County.The entity type is FOREIGN BUSINESS CORPORATION.The initial DOS filing date is 02/07/2014.The address is 405 Lexington Avenue, New York, New York 10174.The city is Albany, New York. And it sounds like there is been a significant step up in those deployments. I donât think we necessarily have to get audiences back to a 100% of where they were, for us to be delivering the source of revenues we were before. We stepped up â I think at the end of June, we restarted our deployments. Iâm just wondering, as you sit here and look at the outlook, do you feel confident to be able to put more money to work in the business opportunistically or do you still want to wait and see if things sort of stabilize further? After a discussion of our financial results, we will open up the lines for a question-and-answer session. NEW YORK, Sept. 10, 2020 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the Goldman Sachs 29 th Annual Communacopia Conference on Wednesday, September 16, 2020 at 2:55 p.m. Eastern Time. Any references made to OIBDA will be on an adjusted basis, and reconciliations of OIBDA and other non-GAAP financial measures are in the Appendix of the slide presentation, the earnings release, and also on our website. And now, letâs turn our attention to our outlook on Slide 20. While buses and street furniture are delivering aboveground audience commuter rail and subway systems, which drives the majority of our Transit revenues, still have very low ridership. More than half of that will carry over into 2021. Outfront has assets in all of these and other major markets. They have been consistently among our top performances â top customers for years. As you can see here, on average, the ridership is only 28% at the same week last year. Billboard lease expense was once again down to the lower revenues on display when there is a variable lease component. So, can you talk a bit about how you expect to benefit from this going forward? OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the Morgan Stanley Technology, Media â¦ Jeremy Male - Chairman and CEO As I just mentioned, we disposed our sports marketing operation during the quarter. Iâll note that we wonât see all of this in OIBDA, but you will in AFFO due to lease accounting. Transit franchise expense declined as we were successful in working with our Transit partners in shifting to revenue share instead of minimum annual guarantee payments. So, particularly on the â when everything was under depths of despair, the perception was that all of the Billboard audience is gone away. 02:12. And you mentioned the Port Authority, obviously the big â the really big piece of the Port Authority was the airport business, that is the vast majority of that bid, and you saw the clear channel announcement earlier this week. Thanks. August 5, 2020 4:30 PM ET. That is what happened as you see it in our numbers today. Our expected fourth quarter digital build out leads us to increase our annual forecast to approximately $55 million compared to our prior $50 million. Things suddenly feel better than they did last quarter, and this is reflected in our numbers on Slide 3. And one other thing, Slide 19, you are outlining the MTA deployment. One is, improved data audience measurement was seemingly a tailwind coming into the year. Download PDF Format (opens in new window) NEW YORK, April 29, 2020 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled â¦ Our overall expense structure performed very much like last quarter with $108 million reduction or 34% year-over-year, as you can see on Slide 11. Letâs now shift over to Matt and he will walk you through the rest of our financials. Itâs interesting, because with regards to audience measurement, what we now have as an industry and certainly within our own smartSCOUT, we have the ability to go down billboard-by-billboard, and so â absolutely. I think the revenue dropped higher than that, in the mid-teens. Alexia Quadrani - JPMorgan. Overall, OIBDA margins came in at 24%, not quite back toward 29% historical annual run rate, but a good step closer. Jeremy Male - Chairman and Chief Executive Officer. Lastly, corporate costs remain at low levels despite the temporary reductions to certain base salaries, partially offset by the impact of market fluctuations on an equity-linked retirement plan offered to certain employees. Slide 16 shows that our AFFO turned positive this quarter. SG&A also decreased $4 million from the sale of sports marketing. Thanks, Jeremy and good afternoon everyone. Gregory Lundberg - Investor Relations. Slide 14 shows that billboard did better this quarter. And why would we do that? Hi, Jim, itâs Matt. Whenever we look at guidance, we take into account what we can see at the time. In closing, our balance sheet remains in a good place to deal with this uncertainty and weâre pleased to see the recovery of volumes in aboveground where our billboard business is doing better all the time. Let me â on expenses, fourth quarter is going to be more of the same as weâve seen in the third quarter and second quarter. So, I think for ridership to restart substantively and increasing, we are going to need to see more people back in their offices. Executive Vice President, Chief Revenue Officer. And as I mentioned, actually it was very helpful to be able to say exactly what was going on with our audiences. We have a large fixed cost structure, especially in billboard lease costs, so future improvements in revenue will have a strong flow through to OIBDA. Please turn to Slide 13, for a look at OIBDA change year-over-year. We will refer to certain non-GAAP financial measures on this call. What we will do is [indiscernible] that Billboard location prior to COVID levels. Thank you. They are taking the lights and other things. Executive Vice President, CFO. Matt, just to quickly follow-up, if you can, whatâs the revenue hit from Sports Marketing in Q4, so we have the whole picture? And we were able actually to retain a lot of business through actually having that degree of granular information billboard â billboard-by-billboard. Thank you. Download PDF Format (opens in new window) NEW YORK, Feb. 20, 2020 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the Morgan Stanley Technology, Media â¦ So, when we look into the guidance that weâre giving now, we have actually seen improvements in a number of categories, maybe worth noting one that certainly looking stronger in Q4 is auto. Outfront Media Inc. (NYSE:OUT) Q2 2020 Earnings Conference Call . But I do think, Alexia, [indiscernible] we see a significant pickup in audiences, then Transit will be challenged. OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the UBS TMT Conference in New York, New York on â¦ You may not be able to communicate that specifically. So, that was a nice way and we think that over time, weâll be able to develop some great locations through that win. Relative to the third quarter, we expect the sequential improvement will largely be driven by billboard and improving picture in both local and national. NEW YORK, Sept. 10, 2020 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the Goldman Sachs 29 th Annual Communacopia Conference on Wednesday, September 16, 2020 at 2:55 p.m. Eastern Time.A live and replay audio webcast will be available on the investor relations section of the Company's â¦ Sure. OUTFRONT MEDIA INC. is corporation filed with the New York State Department of State (NYSDOS). There is one other point that we need to take into account when we are thinking about Transit, and that is obviously that we have got a reasonably sized piece of Transit which actually isnât impacted by those audience numbers that you saw, sort of, aboveground. Ben, thank. Ben Swinburne - Morgan Stanley. 17th Floor CBS Outdoor Americas Inc. (NYSE:CBSO) announced today that Jeremy Male, Chief Executive Officer, is scheduled to present at the Goldman Sachs 23 rd Annual Communacopia Conference in New York, New York on Wednesday, September 10, 2014 at 2:55 p.m. Eastern Time. All companies are still active. According to a CNBC interview Outfront Media CEO Jeremy Male, out-of-home media is a popular medium among top tech and consumer companies, and is a growing advertising medium. Our net adds were 827 displays compared to just 97 in the second quarter. And actually, we were able to say well, no, actually it hasnât. What we did bid for was the ability to develop billboards on the total Port Authority property in New York State, and weâll be addressing that as we go along. If investors were sort of playing along and following those weekly numbers, is there sort of one for one mapping in your view between those numbers getting better and it flowing through to revenues? Good afternoon. So, continue to evaluate this as our business improves. Good day and welcome to the Outfront Media Third Quarter Earnings Conference Call. The Company maintains a portfolio consisting of billboard displays and municipal transit systems in the United States, Canada, and Latin America. Weâre now in a position where we have strong, healthy balance sheet, and weâre certainly looking now to ramping up our Digital Billboard investments to levels that we were seeing last year, that â in next year. Ridership has improved, but still well below normalized levels as per that chart you just showed us. So, that implies kind of couple of hundred boards and CapEx slightly in that $70 million, $80 million range next year. Hi. I just had a quick question on the map you have â sort of the year-over-year changes in trajectory of the rail audience â Slide on 21 versus revenues. Part of that is due to the fact that weâre, obviously, still investing in digital displays, which are very attractive to audiences generally. The last topic on revenues Iâd like to cover is Digital, on Slide 10. And contrary to some of the news flow, Amazon announced new office space in New York, Dallas, Denver, Detroit, Phoenix and San Diego. Thanks. So, itâs reasonable that until those categories come back, there is going to be a couple of markets where we areâ where we are just more challenged than others. Okay. At this time, I would like to turn the conference over to Gregory Lundberg. At that location, it is actually 75%. And then for Jeremy or Matt or both of you, just wondering how you are thinking about your investment plans heading into â21. A live and replay audio webcast will Matthew Siegel - Executive Vice President and Chief Financial Officer. Thank you, Matt. But for the most parts, Billboard audiences are back to 100%. OUTFRONT Media Chief Executive Officer Jeremy Male To Participate In The Morgan Stanley Technology, Media & Telecom Conference. On the Sports Marketing question, we had about $15 million of expenses in the fourth quarter for 2019 related to Sports Marketing. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET, Jeremy Male - Chairman and Chief Executive Officer, Matthew Siegel - Executive Vice President and Chief Financial Officer. But as we think about capital spending, your appetite for M&A and even things like new Transit yields, we saw that there was some Port Authority business you picked. Learn More 04 Nov 2020 OUTFRONT Announces 2020 OUTFRAME Art Competition Winners. Most industry observers expect a positive 2021 for Out of Home and Outfront will be a key driver of that. The first one is, if you could provide a bit more color on the Q4 guidance that you just touched on, Jeremy. Transit was only slightly negative despite the fact that we actually recommenced our digital display rollout during the quarter. OUTFRONT Media, Inc. (NYSE:OUT) Q4 2019 Earnings Conference Call February 25, 2020 16:30 ET Company Participants Greg Lundberg - SVP, IR Jeremy Male - Chairman We switched off the capital expenditure in terms â which is principally about digital and [indiscernible] in the second quarter, really just reflecting the caution, given limited outlook. So, for example, buses and bus shelters etcetera. Weâre also continuing and keep our eye out for other investment opportunities in terms of tuck-in acquisitions. Transit revenues were again not sufficient for us to recoup any deployment capital this quarter. A lot of politicians and celebrities have been either riding the subway or making the case for it. While our largest cities have a substantial local business, they are disproportionately reliant on national categories like entertainment, movies and TV. So, let me take the sort of second part of that. Our comments today will refer to the earnings release and the slide presentation that you can find in the Investor Relations section of our website, outfrontmedia.com. Outfront Media CEO Jeremy Male gives an exclusive interview to CNBC's "Closing Bell." It was also reduced from proactive discussions with our landlords, and to-date, negotiations have reduced our fiscal year 2020 billboard lease expense by $16 million. One offset was again a higher provision for doubtful accounts related to COVID-19. Back in May, when we gave guidance for the second quarter, we were confident that spring puts the trough in our business and our revenues would improve in each future period. And after todayâs call is concluded, an audio archive will be there as well. Maybe I could just jump in there as well. Hey. Chief Executive Officer, CBS Outdoor Americas Inc. OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. While talking about geographies, itâs also important to remember that we have assets in smaller markets and these main street markets are recovering more quickly right now. Thank you very much again. On the call today are Jeremy Male, Chairman and Chief Executive Officer; and Matthew Siegel, Executive Vice President and Chief Financial Officer. Outfront Media CEO Jeremy Male gives an exclusive interview to CNBC's "Closing Bell." And auto is a category that actually has been declining for us over the last couple of years. We are big believers in continued urbanization, and we are tracking these audiences to advertisers. Transit ridership, which is obviously our audience, leads to increase further the Transit revenues to begin any sorts of substantial recovery. The organic figures remove sports marketing, and Iâll also point out that prior year other revenues had $6 million of non-recurring third-party digital equipment sales. So, we cannot say exactly how that will plan out, but we suspect that there will be a slight lag between audiences coming back and revenues returning. I guess, just two questions. Outfront Media Reports Third Quarter 2020 Results. Turning to Slide 8, our billboard yields were down 21% in the quarter and this was driven far more by demand than rate. Insider summarizes Maleâs thoughtful and wide-ranging comments as follows: Revenue healthy. And what I can say at this time is our team is in the midst of slowed conversations with our Transit partners regarding our level of ridership and its implication. And we look forward to speaking with many of you during investor events over the coming weeks. And it is likely in the near-term that our Transit revenues are to some extent going to track that â that ridership increase as we go forward. OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the Goldman Sachs 29th Annual Communacopia Conference on Wednesday, September 16, 2020 at 2:55 p.m. Eastern Time. John Janedis - Wolfe Research. But we are still in a market where there is a little bit of macro impact and certainly there is an impact of some of those important categories for us that we talked about earlier on, in particular TV, movies, entertainment. So, you got a little bit of geographic variation. And so obviously, they are not coming back anytime soon, but come back they will as we move forward.
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