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. So, for example, in Times Square right now, they wouldnât be at pre-pandemic levels. Okay. And actually, we were able to say well, no, actually it hasnât. 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. 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¦ Slide 16 shows that our AFFO turned positive this quarter. Most industry observers expect a positive 2021 for Out of Home and Outfront will be a key driver of that. Our expected fourth quarter digital build out leads us to increase our annual forecast to approximately $55 million compared to our prior $50 million. Well, I guess the important point is now that Billboard audiences are sort of back to kind of pre-pandemic level. Insider summarizes Maleâs thoughtful and wide-ranging comments as follows: Revenue healthy. This was mostly driven by the higher OIBDA and to a lesser extent by small team within our other drivers. 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? Yes. Jeremy J. 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. So, thatâs really good to see. Sure. Company Participants. But for the most parts, Billboard audiences are back to 100%. Chairman, Chief Executive Officer. Maybe I could just jump in there as well. Thanks. Outfront Media Inc. (NYSE:OUT) Q2 2020 Earnings Conference Call . Jeremy Male, Chairman & CEO, Director at Outfront Media (OUT), is currently unranked, see this insider's latest transactions. 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. Please go ahead. 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. 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. A live and replay audio webcast will 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. Overall, OIBDA was down 51% this quarter compared to a decline of 85% last quarter. OUTFRONT Media Chief Executive Officer Jeremy Male to Participate in the J.P. Morgan Global Technology, Media and Communications Conference. You may now disconnect. So, it actually was a great feel for us to say to our advertisers, look, the audiences are still out there. There was no pronounced differentiation in the performance between static and digital yields. SG&A expenses decreased primarily due to continued restrictions on discretionary expenses, workforce reductions, employee furloughs and temporary reduction in certain employee base salaries. Thanks. After a discussion of our financial results, we will open up the lines for a question-and-answer session. Transit revenues were again not sufficient for us to recoup any deployment capital this quarter. We stepped up â I think at the end of June, we restarted our deployments. 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. On the call today are Jeremy Male, Chairman and Chief Executive Officer; and Matthew Siegel, Executive Vice President and Chief Financial Officer. Thanks, Jeremy and good afternoon everyone. 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%. Transit, however, is still lagging. 405 Lexington Avenue Now, these categories will obviously come back. So, with that, operator, letâs now open the line for questions. I guess, just two questions. And we look forward to speaking with many of you during investor events over the coming weeks. Good day and welcome to the Outfront Media Third Quarter Earnings Conference Call. If you can give us any more color in terms of what we expect by the Transit and Billboard, that would be appreciated? Thank you. Hey. This conference call may include forward-looking statements. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET. 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. We reduced our days sales outstanding. Alexia Quadrani - JPMorgan. When you look at how our Billboard portfolio in particular, we are the biggest player by quite a long way in both New York and LA, which are very disposed through those meager advertising dollars. 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. And auto is a category that actually has been declining for us over the last couple of years. And is that something that you would offer up sort of the mix thatâs sort of below-ground versus aboveground on the Transit side? So, I think it is something that we have moved through now. Itâs also worth noting that we were free cash flow positive again in the third quarter. Please go ahead. And then my second question really just on the Transit side. 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. Itâs a different story. I would now like to hand it back over to our speakers for any additional or closing remarks. 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. 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? [Operator Instructions] And weâll take our first question from Alexia Quadrani from JPMorgan. Please go ahead. Letâs now go into more detail, beginning with total revenues on Slide 5. We are OUTFRONT by name and by nature. So, particularly on the â when everything was under depths of despair, the perception was that all of the Billboard audience is gone away. 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. Weâre also continuing and keep our eye out for other investment opportunities in terms of tuck-in acquisitions. I had two questions. 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? Transit was down 69%, a 7 point improvement. So, I think youâll see slightly improved revenue, of course, but lease expense base stood at same. In U.S. Media, letâs get on Slide 6, billboard revenues were down 23%, a 14 point improvement from the loss rate last quarter. Not a big EBITDA contributor, overall, couple of years. In October 2018, an 18-member coalition of Chicago Southland churches, synagogues and mosques spread the message "One God, Three Faiths" using Outfront billboards. 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. One offset was again a higher provision for doubtful accounts related to COVID-19. I think the revenue dropped higher than that, in the mid-teens. And after todayâs call is concluded, an audio archive will be there as well. Thanks for joining our 2020 third quarter earnings call. Jeremy Male - Chairman and CEO We will now take our next question from Jason Bazinet from Citi. Our board evaluates our capital allocation on ongoing basis, and our stated intention remains that we will meet our minimum rate distribution requirements. I hope that many of you are safely back in your offices. So, continue to evaluate this as our business improves. The chart on Slide 21 shows the recent ridership across our subway and commuter rail systems. OUTFRONT Media Chief Executive Officer Jeremy Male To Participate In The Morgan Stanley Technology, Media & Telecom Conference. So, for example, buses and bus shelters etcetera. Matt, just to quickly follow-up, if you can, whatâs the revenue hit from Sports Marketing in Q4, so we have the whole picture? We hope that you are safe and well. Male made $6,993,709 in total compensation. Okay. Executive Vice President, Chief Revenue Officer. Thank you. You can hear his entire talk here. 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? Conference Call Participants. So obviously, that comes out as well. Thanks very much, operator and thank you all for your questions and your time today. 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. 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. Hopefully, we can see increased ridership partly because of that and benefit everybody. Rates rising. 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. Thank you, Matt. Learn More 12 Oct 2020 OUTFRONT Media To Report 2020 Third Quarter Results On November 4, 2020. As you [indiscernible] data we and others have shared regarding street-level mobility, and indeed what youâd likely people are increasingly outing about. Is the pricing adjustment going to be on a billboard-by-billboard basis in continual discussion with the advertising clients or can you talk a little about how the press is working given the dramatic changes we are having this year? 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. 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. As you can see here, on average, the ridership is only 28% at the same week last year. 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. A lot of politicians and celebrities have been either riding the subway or making the case for it. They are taking the lights and other things. Thank you very much again. Iâll note that we wonât see all of this in OIBDA, but you will in AFFO due to lease accounting. 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. Okay. Jeremy, you were just talking about something I was interested in, the granular billboard-by-billboard measurement. Well, the fact is that Matt and I sign off every proposal for digital conversion, and but still making great returns. I think itâs obviously, as with any other media, we are selling an audience, and the fact that new audiences are now back, is great. Is there any guidance you might provide in terms of how Q4 will develop and how itâs going to move in the next year? We remain in a strong financial position, as you can see on Slide 18. Now, letâs turn to Slide 19 for an update on the MTA where display deployment picked up, as we announced last quarter. Once again, this reflects continued attention by our teams to eliminate variable and fixed costs. 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 first one is, if you could provide a bit more color on the Q4 guidance that you just touched on, Jeremy. 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. Thank you for your participation. Capital expenditures on Slide 15 were still down significantly from last year in both maintenance and growth. While our largest cities have a substantial local business, they are disproportionately reliant on national categories like entertainment, movies and TV. 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. 02:12. 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. 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. Both of these improved from last quarter, but it was local advertising that led the way. And we were able actually to retain a lot of business through actually having that degree of granular information billboard â billboard-by-billboard. 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. Gregory Lundberg - Senior Vice President, IR. More than half of that will carry over into 2021. Matthew Siegel - Executive Vice President and Chief Financial Officer. Ben Swinburne - Morgan Stanley. And it sounds like there is been a significant step up in those deployments. Outfront Media CEO Jeremy Male on using data to target billboard ads. Our digital billboard count increased by 41 this quarter. Jeremy Male - Chairman and Chief Executive Officer. The figures you see here, included in our other revenues in 2019, and thereâs additional color on this in the appendix. Follow SA Transcripts and get email alerts. Thank you. All companies are still active. Data, geofencing and small cell deployment revenues small but promising. Thanks, Alexia. Jeremy J Male is Chairman/CEO at Outfront Media Inc. See Jeremy J Male's compensation, career history, education, & memberships. New York, NY 10174 Outfront Media CEO Jeremy Male gives an exclusive interview to CNBC's "Closing Bell." Turning to Slide 17, as usual, you can see our dividend coverage. 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. As that business recovers, we remain convinced that Digital will continue to be a key growth driver for our business. And now, letâs turn our attention to our outlook on Slide 20. Overall, local revenues were down 28% while national were down 48%. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET Company Participants. And as we look at the fourth quarter, we expect total revenues to be down in the low 30% range. 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. The Company maintains a portfolio consisting of billboard displays and municipal transit systems in the United States, Canada, and Latin America. Executive Vice President, CFO. Part of that is due to the fact that weâre, obviously, still investing in digital displays, which are very attractive to audiences generally. Weâre looking at couple of right now. And then for Jeremy or Matt or both of you, just wondering how you are thinking about your investment plans heading into â21. Transit ridership, which is obviously our audience, leads to increase further the Transit revenues to begin any sorts of substantial recovery. But itâs worth mentioning that collections went well in this quarter. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Matthew Siegel. By the way, weâre not in the airport business and we didnât bid for those airport assets. Thanks. So, weâre on our way back. Things suddenly feel better than they did last quarter, and this is reflected in our numbers on Slide 3. Ridership has improved, but still well below normalized levels as per that chart you just showed us. Ridership across the country is still at very reduced levels compared to pre-pandemic, particularly in rail systems, which accounts for the majority of our transit advertising dollars. The MTA has been doing a pretty good job of keeping their trains clean, letting people know they are clean. Outfront has assets in all of these and other major markets. We will take our next question from Ben Swinburne from Morgan Stanley. Overall, OIBDA margins came in at 24%, not quite back toward 29% historical annual run rate, but a good step closer. So, really, I think the granularity of that was more important when obviously audiences were being more severely impacted. Outfront Media CEO Jeremy Male gives an exclusive interview to CNBC's "Closing Bell." You may not be able to communicate that specifically. The companies were formed over a forty-seven year period with the most recent being incorporated seven months ago in March of 2020. 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 when we do, we will be seeing the growth in that high value audience that we have been selling so successfully for many years. The billboard audience is back. 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.
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