And so obviously, they are not coming back anytime soon, but come back they will as we move forward. Transit ridership, which is obviously our audience, leads to increase further the Transit revenues to begin any sorts of substantial recovery. So, particularly on the – when everything was under depths of despair, the perception was that all of the Billboard audience is gone away. I’ll 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. More than half of that will carry over into 2021. OUTFRONT Media Chief Executive Officer Jeremy Male To Participate In The Morgan Stanley Technology, Media & Telecom Conference. Okay. Outside of our top 15 markets, third quarter revenues were only down 14% and local down around 10%. One is, improved data audience measurement was seemingly a tailwind coming into the year. Executive Vice President, Chief Revenue Officer. We are OUTFRONT by name and by nature. Ben, thank. Maybe I could just jump in there as well. Clive Punter. Follow SA Transcripts and get email alerts. Our board evaluates our capital allocation on ongoing basis, and our stated intention remains that we will meet our minimum rate distribution requirements. United States. So, I think it is something that we have moved through now. 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. 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. Matthew Siegel - Executive Vice President and Chief Financial Officer. 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. At that location, it is actually 75%. 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. Thanks, Jeremy and good afternoon everyone. I think the revenue dropped higher than that, in the mid-teens. Executive Vice President, CFO. Slide 16 shows that our AFFO turned positive this quarter. 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. Hi, Jim, it’s Matt. 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. Matt? Overall, OIBDA was down 51% this quarter compared to a decline of 85% last quarter. 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 – very, very smaller, but I think the same sort of pace, the same sort of spend. Total revenues were down 39% or 37% on an apples-to-apples basis, after our sports marketing disposal, and well within our guidance range. 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 … August 5, 2020 4:30 PM ET. It was a good business for us, but, as you know, was non-core for us, and will benefit from the scale of its new owners. 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. OUTFRONT MEDIA INC. is corporation filed with the New York State Department of State (NYSDOS). Capital expenditures on Slide 15 were still down significantly from last year in both maintenance and growth. Turning to Slide 8, our billboard yields were down 21% in the quarter and this was driven far more by demand than rate. And contrary to some of the news flow, Amazon announced new office space in New York, Dallas, Denver, Detroit, Phoenix and San Diego. 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. And actually, we were able to say well, no, actually it hasn’t. John Janedis - Wolfe Research. 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? So, continue to evaluate this as our business improves. So, for example, buses and bus shelters etcetera. Rates rising. We’re now in a position where we have strong, healthy balance sheet, and we’re certainly looking now to ramping up our Digital Billboard investments to levels that we were seeing last year, that – in next year. While talking about geographies, it’s also important to remember that we have assets in smaller markets and these main street markets are recovering more quickly right now. 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 … 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? Our next significant maturity is in 2024, and our maturities are nicely added thereafter, with our longest maturity dated 2030. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET Company Participants. I guess, just two questions. Whenever we look at guidance, we take into account what we can see at the time. 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? 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. So, let me take the sort of second part of that. Our digital billboard count increased by 41 this quarter. We hope that you are safe and well. And after today’s call is concluded, an audio archive will be there as well. It’s a different story. Richard Sauer. We’ll now take our next question from John Janedis from Wolfe Research. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET. Matthew Siegel. On the call today are Jeremy Male, Chairman and Chief Executive Officer; and Matthew Siegel, Executive Vice President and Chief Financial Officer. Let’s look at these in detail on Slide 12. I don’t 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. Transit was down 69%, a 7 point improvement. 02:12. Now, these categories will obviously come back. 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. 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. 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. At this time, I would like to turn the conference over to Gregory Lundberg. 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