Richard Sauer. 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. They are taking the lights and other things. At this time, I would like to turn the conference over to Gregory Lundberg. Outfront Media CEO Jeremy Male on using data to target billboard ads. Most industry observers expect a positive 2021 for Out of Home and Outfront will be a key driver of that. Thanks, Alexia. Turning to Slide 17, as usual, you can see our dividend coverage. But in other markets across the U.S. are actually beyond pre-pandemic levels, in part reflecting car usage versus transit ridership. 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. Once again, we were able to take over $100 million out of our quarterly cost structure, helping improve the year-over-year decline in OIBDA and AFFO. Transit was only slightly negative despite the fact that we actually recommenced our digital display rollout during the quarter. Jeremy Male Overview Jeremy Male is currently associated with fourteen companies, according to public records. You may not be able to communicate that specifically. Well, the fact is that Matt and I sign off every proposal for digital conversion, and but still making great returns. So obviously, that comes out as well. Ben, thank. After a discussion of our financial results, we will open up the lines for a question-and-answer session. OUTFRONT MEDIA INC. is corporation filed with the New York State Department of State (NYSDOS). 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 Company maintains a portfolio consisting of billboard displays and municipal transit systems in the United States, Canada, and Latin America. 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. Thank you. Please turn to Slide 13, for a look at OIBDA change year-over-year. 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. So, that was a nice way and we think that over time, weâll be able to develop some great locations through that win. 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 would now like to hand it back over to our speakers for any additional or closing remarks. Weâre looking at couple of right now. John Janedis - Wolfe Research. And after todayâs call is concluded, an audio archive will be there as well. SG&A expenses decreased primarily due to continued restrictions on discretionary expenses, workforce reductions, employee furloughs and temporary reduction in certain employee base salaries. More than half of that will carry over into 2021. Hi. Well, I guess the first thing is that we have never â we have never seen the sort of OEMs changes before certainly within relative sense, which is our prime area of interest. Not significant dollars, but both assets that would be â we think a great fit to our business as we go forward. I think that â I am afraid I will not be able to provide a little â a little bit more â a bit more color than that. We have obviously given some color on Billboard and Transit for 4Q, but beyond that color, we donât typically give incremental guidance at this stage. So, with that, operator, letâs now open the line for questions. Matt, just to quickly follow-up, if you can, whatâs the revenue hit from Sports Marketing in Q4, so we have the whole picture? 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. So, I think for ridership to restart substantively and increasing, we are going to need to see more people back in their offices. And it sounds like there is been a significant step up in those deployments. 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. Hey. I know that many of you have asked about what happens with these agreements in 2021. 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. Thank you. As I just mentioned, we disposed our sports marketing operation during the quarter. We reduced our days sales outstanding. 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¦ We are OUTFRONT by name and by nature. So, really, I think the granularity of that was more important when obviously audiences were being more severely impacted. I have been spending quite a bit of time in ours over the past few months, and I am pleased to say that Midtown is looking a bit more like normal. Chief Executive Officer, CBS Outdoor Americas Inc. OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. We are big believers in continued urbanization, and we are tracking these audiences to advertisers. Jeremy Male - Chairman and CEO So, let me take the sort of second part of that. 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. You can hear his entire talk here. The MTA has been doing a pretty good job of keeping their trains clean, letting people know they are clean. Our next significant maturity is in 2024, and our maturities are nicely added thereafter, with our longest maturity dated 2030. 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¦ As you can see here, on average, the ridership is only 28% at the same week last year. Okay. Company Participants. On the Sports Marketing question, we had about $15 million of expenses in the fourth quarter for 2019 related to Sports Marketing. And actually, we were able to say well, no, actually it hasnât. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET Company Participants Gregory Lundberg â Investor Relations Jeremy Male â Chairman and Chief Executive Officer Matthew Siegel â Executive Vice President and Chief Financial Officer Conference Call Participants Alexia Quadrani â JPMorgan Ben Swinburne â Morgan Stanley John â¦ Outfront Media CEO Jeremy Male gives an exclusive interview to CNBC's "Closing Bell." Outfront Media Inc. (NYSE:OUT) Q2 2020 Earnings Conference Call . 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. Okay. Our expected fourth quarter digital build out leads us to increase our annual forecast to approximately $55 million compared to our prior $50 million. Thanks, Jeremy and good afternoon everyone. Let me now turn the call back over to Jeremy. Alexia Quadrani - JPMorgan. And we would expect them to be recovering much more at the sort of rate that we are going to be seeing in our Billboard business rather than â certainly, rather than the rail business. The chart on Slide 21 shows the recent ridership across our subway and commuter rail systems. Gregory Lundberg - Investor Relations. So, thatâs really good to see. Overall, OIBDA was down 51% this quarter compared to a decline of 85% last quarter. But itâs worth mentioning that collections went well in this quarter. Please go ahead. One offset was again a higher provision for doubtful accounts related to COVID-19. 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 Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET Company Participants. 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. And we were able actually to retain a lot of business through actually having that degree of granular information billboard â billboard-by-billboard. August 5, 2020 4:30 PM ET. Maybe just to look at Q4, as we said, definitive step in the right direction, both national and local are continuing to prove â continuing to improve, which is obviously positive. Weâre also continuing and keep our eye out for other investment opportunities in terms of tuck-in acquisitions. Revenues from these three categories were down over 60% in the quarter and impacted our total results by 10 points. 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. That is what happened as you see it in our numbers today. 29 Apr 2020. 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. 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. SG&A also decreased $4 million from the sale of sports marketing. Good day and welcome to the Outfront Media Third Quarter Earnings Conference Call. 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. Good afternoon, everyone. Rates rising. I hope that many of you are safely back in your offices. And with that that does conclude todayâs call. 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. 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. This was mostly driven by the higher OIBDA and to a lesser extent by small team within our other drivers. Thanks. Outfront Media CEO Jeremy Male gives an exclusive interview to CNBC's "Closing Bell." 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. Clive Punter. And why would we do that? Iâll note that we wonât see all of this in OIBDA, but you will in AFFO due to lease accounting. You may now disconnect. So, weâre on our way back. Weâll now take our next question from John Janedis from Wolfe Research. Hopefully, we can see increased ridership partly because of that and benefit everybody. Jeremy J. Outfront has assets in all of these and other major markets. 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. 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. 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. Transit, however, is still lagging. 02:12. 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. 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. Ben Swinburne - Morgan Stanley. Thanks for joining our 2020 third quarter earnings call. Itâs a different story. On the call today are Jeremy Male, Chairman and Chief Executive Officer; and Matthew Siegel, Executive Vice President and Chief Financial Officer. Letâs look at these in detail on Slide 12. 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. This is quite a big change from this time last year when we told you that total Digital grew 28%, driven by Digital Billboards up 15% and Transit up a very strong 77%. We will take our next question from Ben Swinburne from Morgan Stanley. And then my second question really just on the Transit side. And then separately, within the revenue outlook, data still had any incremental impact from possibly further COVID-related restrictions and can you give us a breakout of billboard versus transit for 4Q? 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. National drives the majority of our Transit revenues, while local drives the majority of our billboard revenues. And contrary to some of the news flow, Amazon announced new office space in New York, Dallas, Denver, Detroit, Phoenix and San Diego. Things suddenly feel better than they did last quarter, and this is reflected in our numbers on Slide 3. Learn More 04 Nov 2020 OUTFRONT Announces 2020 OUTFRAME Art Competition Winners. 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. Gregory Lundberg - Senior Vice President, IR. 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. 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. Thank you very much again. 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¦ But I do think, Alexia, [indiscernible] we see a significant pickup in audiences, then Transit will be challenged. By the way, weâre not in the airport business and we didnât bid for those airport assets. We saw some data from the CBRE that suggests that people in offices are still sub 20%. Learn More 12 Oct 2020 OUTFRONT Media To Report 2020 Third Quarter Results On November 4, 2020. Maybe I could just jump in there as well. This conference call may include forward-looking statements. Yes. 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. They have been consistently among our top performances â top customers for years. Jeremy Male, Chairman & CEO, Director at Outfront Media (OUT), is currently unranked, see this insider's latest transactions. Thank you, Matt. 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. We remain in a strong financial position, as you can see on Slide 18. 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. Good afternoon. Thanks. Whenever we look at guidance, we take into account what we can see at the time. Learn More Top. 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. Executive Vice President, Chief Revenue Officer. Should we assume that we just wonât see a full recovery in the Transit business until we see ridership kind of return to normal, and just sort of modest kind of improvement as we go, but clearly not a step function, I guess, until weâre sort of post this pandemic, is that a fair assumption? And one other thing, Slide 19, you are outlining the MTA deployment. Relative to the third quarter, we expect the sequential improvement will largely be driven by billboard and improving picture in both local and national. As Chairman and Chief Executive Officer at OUTFRONT MEDIA INC, Jeremy J. 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. And we look forward to speaking with many of you during investor events over the coming weeks. At that location, it is actually 75%. The last topic on revenues Iâd like to cover is Digital, on Slide 10. So, particularly on the â when everything was under depths of despair, the perception was that all of the Billboard audience is gone away. Capital expenditures on Slide 15 were still down significantly from last year in both maintenance and growth. As that business recovers, we remain convinced that Digital will continue to be a key growth driver for our business. Follow SA Transcripts and get email alerts. 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. Sure. United States. Transit was down 69%, a 7 point improvement. The billboard audience is back. Posting, maintenance and other expenses were down from lower overall business activities as well as $9 million due to the sales force marketing, and over $5 million from equipment sales Jeremy mentioned earlier. Okay. Not a big EBITDA contributor, overall, couple of years. 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. There was no pronounced differentiation in the performance between static and digital yields. So, that implies kind of couple of hundred boards and CapEx slightly in that $70 million, $80 million range next year. Part of that is due to the fact that weâre, obviously, still investing in digital displays, which are very attractive to audiences generally. 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. And as I mentioned, actually it was very helpful to be able to say exactly what was going on with our audiences. Fri, Mar 29 â¦ Outfront Media Reports Third Quarter 2020 Results. So, we are kind of level set now in terms of audience. We took our teams and our contractors, go off the lines at the end of March, and we did very little in second quarter. Is there any guidance you might provide in terms of how Q4 will develop and how itâs going to move in the next year? As you [indiscernible] data we and others have shared regarding street-level mobility, and indeed what youâd likely people are increasingly outing about. And we think itâs that organic growth is dollars that are very well spent. Of course. Thank you. So, for example, buses and bus shelters etcetera. Jeremy, you were just talking about something I was interested in, the granular billboard-by-billboard measurement. Jeremy Male - Chairman and Chief Executive Officer. Both of these improved from last quarter, but it was local advertising that led the way. And so obviously, they are not coming back anytime soon, but come back they will as we move forward. Turning to Slide 8, our billboard yields were down 21% in the quarter and this was driven far more by demand than rate. Data, geofencing and small cell deployment revenues small but promising. 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. Our net adds were 827 displays compared to just 97 in the second quarter. 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. We stepped up â I think at the end of June, we restarted our deployments. As national advertising recovers more generally, weâre likely to see a steeper growth trajectory in our bigger cities, similar to that to which we saw back in 2010. So, continue to evaluate this as our business improves. The companies were formed over a forty-seven year period with the most recent being incorporated seven months ago in March of 2020. A live and replay audio webcast will be available on the investor relations section of the Company's website at â¦ 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. All companies are still active. And is that something that you would offer up sort of the mix thatâs sort of below-ground versus aboveground on the Transit side? A live and replay audio webcast will And when we do, we will be seeing the growth in that high value audience that we have been selling so successfully for many years. And we have no further questions. New York, NY 10174 OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to present at the Goldman Sachs 29th â¦ 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. Chairman, Chief Executive Officer. Transit revenues were again not sufficient for us to recoup any deployment capital this quarter. And itâs worth mentioning again that Facebook is making a major real estate investment in Midtown, Manhattan. We will refer to certain non-GAAP financial measures on this call. Total revenues were down 39% or 37% on an apples-to-apples basis, after our sports marketing disposal, and well within our guidance range. What we will do is [indiscernible] that Billboard location prior to COVID levels. I am not going to go through all of these figures at the moment, but notable here are the significant sequential improvements in U.S. media billboard revenues, our adjusted OIBDA and AFFO. Slide 16 shows that our AFFO turned positive this quarter. In the chart, you can see we were able to offset 60% of the revenue decline through expense reduction. In October 2018, an 18-member coalition of Chicago Southland churches, synagogues and mosques spread the message "One God, Three Faiths" using Outfront billboards. OUTFRONT Media Inc Q2 2020 ... We are hosting today's call remotely with Jeremy Male, Chairman and Chief Executive Officer, actually at â¦ 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. Maybe first, Matt, could you help us think about expenses in the fourth quarter, the year-over-year trends we should assume and just any help on the Sports Marketing asset sale and how that might impact expenses in the fourth quarter? Hi, Jim, itâs Matt. And besides, we would expect that to give a further lift to Transit as we go along. Well, I guess the important point is now that Billboard audiences are sort of back to kind of pre-pandemic level. A live and replay audio webcast will be available on the investor Thank you for your participation. Our board evaluates our capital allocation on ongoing basis, and our stated intention remains that we will meet our minimum rate distribution requirements. I guess, just two questions. The first one is, if you could provide a bit more color on the Q4 guidance that you just touched on, Jeremy. 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. 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¦ Transit ridership, which is obviously our audience, leads to increase further the Transit revenues to begin any sorts of substantial recovery. And with that, I will hand the call over to Jeremy. Insider summarizes Maleâs thoughtful and wide-ranging comments as follows: Revenue healthy. I think the revenue dropped higher than that, in the mid-teens. Thanks very much, operator and thank you all for your questions and your time today. 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? 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? Jeremy J Male is Chairman/CEO at Outfront Media Inc. See Jeremy J Male's compensation, career history, education, & memberships. I had two questions. One of our reduction or decrease has been variable cost components, a lot of the transit â the maintenance benefits from lower revenue, all of our Transit agreements are in revenue shares, from revenues that are depressed because of COVID, dramatically down. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET. Now, letâs turn to Slide 19 for an update on the MTA where display deployment picked up, as we announced last quarter. Thank you. If you can give us any more color in terms of what we expect by the Transit and Billboard, that would be appreciated? 17th Floor And then for Jeremy or Matt or both of you, just wondering how you are thinking about your investment plans heading into â21. Ridership has improved, but still well below normalized levels as per that chart you just showed us. OUTFRONT Media Chief Executive Officer Jeremy Male to Participate in the J.P. Morgan Global Technology, Media and Communications Conference. 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. Expenses were actually $15 million. Outside of our top 15 markets, third quarter revenues were only down 14% and local down around 10%. [Operator Instructions] And we will take our next question from Jim Goss from Barrington Research. And now, letâs turn our attention to our outlook on Slide 20. NEW YORK, Dec. 17, 2019 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that Jeremy Male, Chairman & Chief Executive Officer, is scheduled to â¦ The figures you see here, included in our other revenues in 2019, and thereâs additional color on this in the appendix. Please go ahead. Male made $6,993,709 in total compensation. [Operator Instructions] And weâll take our first question from Alexia Quadrani from JPMorgan. 20 Feb 2020. 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.