outfront media q1 2020

U.S. Media was up almost 5% and was the growth driver in the quarter, while our Other segment, which is much smaller, was down mostly because of equipment sales last year that didn't recur. We're also addressing our fixed costs with focus on our larger Billboard leases and our Transit guarantees. View original content to download multimedia:http://www.prnewswire.com/news-releases/outfront-media-reports-first-quarter-2020-results-301055518.html. Moving on to the AFFO bridge on Slide 16, we were up a couple of points, driven mostly by lower interest expense. I mean, I think, historically national has been sort of the higher data part of the outdoor business. On April 20th, we closed the $400 million investment by two leading private equity firms, Providence Equity Partners and Ares Management. FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and non-controlling interests, as well as the related income tax effect of adjustments, as applicable. You mentioned the Billboard lease expenses might be able to be reduced by 10%. Your line is open. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs. And lastly, it's good to hear the ongoing discussions in terms of the MTA, but I'm also wondering social spacing on a subway which seemed like a pretty challenging type idea especially enforcement of whatever rules we came up with. So thanks very much, operator, and thank you all today for your questions and your time. The first two analysts took all of my questions. But we have over 100 people in our real estate group and they're incredibly focused on doing this. Total capital expenditures increased $0.1 million, or 0.6%, to $18.2 million for the three months ended March 31, 2020, compared to the same prior-year period. Jeremy Male - Chairman and Chief Executive Officer. Importantly, we're having constructive conversation with the MTA as they review the situation. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. After submitting your request, you will receive an activation email to the requested email address. Can you sort of help us also think about some of the other expense buckets in terms of like how much of a reduction you might be able to see over the balance of the year? If you experience any issues with this process, please contact us for further assistance. And then, you mentioned strategic acquisitions and maintaining flexibility. Nov. 27, 2020 11:19 PM ET | About: QYOU Media Inc. (QYOUF) | By: Jignesh Mehta, SA News Editor . Outfront Media, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $385.30 million for the quarter ended March 2020, surpassing the … Look, we are fundamental believers in public transit. Recognizing this challenging economic period, we moved quickly to enhance our liquidity, relieve our expense base and cash outflows and, importantly, position ourselves to emerge with financial flexibility as the crisis passes. So we do like the triage. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go. Thank you. That's the reason that we were outpacing our media growth and that's the reason why we'll continue to outpace our media growth in the future. As we're looking forward, we're actually seeing from our tracker that there's some sort of good new business coming in from both local and our national advertisers, and there's no particular reason we think why national shouldn't maintain that kind of high beta and actually outperform local as we get through this sort of difficult cycle, as it has been doing for the last couple of years. And reasonably, some occupancy has gone down, and also as States open back up, we believe that we'll get back to more normalized occupancy levels. Selling, General and Administrative expenses ("SG&A") of $79.5 million increased $6.2 million, or 8.5%, due primarily to a higher provision for doubtful accounts from the COVID-19 pandemic. We don't know right now what measures will be taken for in-car transit with regards to social distancing, etc. Roughly what percentage of those are you actually actively engaged with right now in terms of renegotiating lease costs? Some of them were more challenging than others, but collectively, we believe we're going to get the company to where it needs to be, and importantly, with financial and strategic flexibility. Specifically in terms of guarantees, we have relationships with a number of important transit authorities across the U.S. We've been talking to them all with regards to the structure of those relationships, and where applicable, guarantees. Revenues of $282.3 million Operating Income of $25.1 million Net loss attributable to OUTFRONT Media Inc. of $13.5 million, $0.14 per diluted share Adjusted OIBDA of $68.5 million AFFO attributable to OUTFRONT Media Inc. of $27.7 million  OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended September 30, 2020. AFFO growth was 2% in the quarter, reflecting the benefit of lower interest expense. We're also helping our communities by generating space for special help messaging and for advertising that is helping businesses adapt to the current situation. You must click the activation link in order to complete your subscription. We grew digital Billboards by 170 year-over-year and 41 in the quarter. Act 0.31 Est 0.416 Q4 2019 Outfront Media Inc. Earnings Conference call 02/25/2020 04:30 PM (EST) OUT. Greg Lundberg - Senior Vice President, IR Maybe it'd be helpful to give a little bit of background. Thanks a lot. We calculate organic revenues as reported revenues excluding the impact of foreign currency exchange rates ("non-organic revenues"). Organic revenues increased $13.8 million, or 3.7%, reflecting the impact of foreign exchange rates. Thank you. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Please go ahead. We look forward to speaking with many of you at investor events in the coming weeks. Please go ahead. So it's fair to say that we've had to reflect some of these audience changes in our pricing. Lastly, I'd like to thank our employees who are working so hard and helping us through this difficult period. Returns as of 12/03/2020. ET. Diluted weighted average shares outstanding were 144.7 million for the first quarter of 2020 and 141.1 million for the same prior-year period. Thanks, Drew. Obviously, now, given the pandemic's impact on our business, our Board has decided to pause the quarterly common dividend, which Jeremy mentioned earlier. Good day and welcome to the OUTFRONT Media First Quarter Earnings Conference Call. It's Matt. Thanks for the questions, Ben. "Positive momentum in 2019 carried into the first quarter of 2020, despite the impact from the COVID-19 pandemic on our business during March," said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. All REITs must distribute 90% of their REIT annual taxable income to remain in compliance with REIT requirements. What is interesting is that the aspects that really drove our business and drove our market outperformance over the last couple of years were two things really. This is data from our proprietary Smart Scout platform. Two goals guided all these actions. In the case of minimum guarantees, right now, we're not going to be accruing. So with that, operator, I'd now like to open the line for questions. We'll now take our next question from David Miller from Imperial Capital. I guess the short answer is, Jim, that we don't know exactly how the State of New York and indeed others right now are going to open up. Good morning. ET. Jeremy J. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. I guess the first thing to say is we felt it was really important to give you color and guidance on this call today and that, as we look at out-of-home, we continue to feel as bullish for the sector as we always have. In addition, AFFO excludes restructuring charges, as well as certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our non-controlling interests, as well as the non-cash portion of income taxes and the related income tax effect of adjustments, as applicable. Stock Advisor launched in February of 2002. "As we move forward, our business will see significant impacts from the pandemic ahead of early signs of improvement we are seeing in audience trends. Before we do that, let's proceed with business as usual and review the first quarter financial and operational results on Slide 4. Jeremy, could you talk about what you expect in terms of a return to growth as you think about national versus local? We also previously said that we expected $160 million of net incremental third-party financing to fund the remaining equipment deployment. And just before I sort of hand over to Matt, maybe just a couple of comments in terms of the overall shape of the expense initiatives we've taken. As of yesterday, our cash and equivalents on hand were approximately $850 million. We expect the impacts described above to be greater in the second quarter of 2020 than in the third and fourth quarters of 2020. ConsolidatedReported revenues of $385.3 million increased $13.6 million, or 3.7%, for the first quarter of 2020 as compared to the same prior-year period. QYou Media reports Q1 results. (PRNewsFoto/OUTFRONT Media Inc.) The Company will host a conference call to discuss the results on Friday, May 8, 2020 at 8:30 a.m. Eastern Time.The conference call number is 800-263-0877 (U.S. callers) and 856-344-9283 (International callers) and the passcode for both is 7675011. We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Net Income Attributable to OUTFRONT Media Inc.Net income attributable to OUTFRONT Media Inc. was $6.1 million in both the first quarter of 2020 and the same prior-year period. OUTFRONT Media Logo. Additionally, we expect transit franchise expenses, billboard property lease expenses and posting, maintenance and other expenses, such as rental expenses and minimum annual guarantee payments, to materially increase as a percentage of revenues more than historical levels, as revenues decline in 2020. Posting and maintenance expenses were up slightly. Bryan Goldberg -- Bank of America -- Analyst. So as that becomes clear, it's obviously one of the inputs into the discussions that we'll be having with the MTA, and it's also one of the inputs into the discussions we'll be having with our advertisers because, while it's fair to say that audiences may not quite be where they are for the near term, it remains a hugely attractive audience. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Turning to our local and national revenue split on Slide 7, national kept up the same pace as it showed in the fourth quarter, while local was up 3%. Stephan Bisson -- Wolfe Research -- Analyst. Given the New York stay-at-home order, we're hosting today's call remotely and joining us from their homes are Jeremy Male, Chairman and Chief Executive Officer and Matthew Siegel, Executive Vice President and Chief Financial Officer. The preferred security carries a competitive coupon and an attractive conversion price at closing and we believe it is very much aligned with the interest of all of our stakeholders. One, the fact that we were big city, urban, and two, our Transit business. Slide 17 shows that dividend coverage for both AFFO and adjusted free cash flow improved substantially from last year. Male -- Chairman and Chief Executive Officer. You can see what has happened to the national U.S. audience across our assets on Slide 21. Our cumulative project costs were $270 million as of March 31. Alexia Quadrani -- J.P. Morgan -- Analyst. In October 2018, an 18-member coalition of Chicago Southland churches, synagogues and mosques spread the message "One God, Three Faiths" using Outfront billboards. Obviously in this situation where people are making swift decisions about changes and requirements to their advertising program, digital, you would expect to decline at a faster rate than static because you can enact those decisions much more swiftly. Thanks. OUTFRONT drew $495 million of its $500 million revolver due 2024 ($2 million of LCs outstanding) in Q1 2020 and issued $400 million in new preferred equity in Q2 2020. So, it is completely variable. Thanks, good morning. I know there's no crystal ball, but I'd love your thoughts on that. There is no way that they can all jump in their cars. As a result of the impact of the COVID-19 pandemic on our business and results of operations, we expect our key performance indicators and total revenues to be materially lower in 2020 than historical levels, particularly in our U.S. Media segment and with respect to our transit and other business. If you can give us some color on the guidance in terms of what you're looking at for the second quarter in terms of advertising categories and maybe what you're seeing in local versus national? OtherReported revenues of $30.6 million decreased $2.7 million, or 8.1%, due to a decrease in third-party digital equipment sales and a decline in Canada, partially offset by improved performance in our Sports Marketing operating segment. Again, we can't get to everybody right away. And is it unique to New York? Operating expenses decreased $1.4 million, or 6.0%, driven by lower costs related to third-party digital equipment sales, partially offset by higher costs related to our Sports Marketing operating segment and higher expenses related to Canada. We have also enhanced the cleaning practice across our offices, restricted non-essential business travel, and maintained frequent and open communications with our employees. We structured it as an issuance of perpetual preferred stock that is convertible into our common stock. Senior Vice President, Investor Relations. How you think about audience levels and kind of the ability to get back to the utilizations that you had pre-COVID? Let's turn now to cash flow beginning with capital expenditures on Slide 15. I joined a little late. So maybe just a couple of comments on Transit and then I'll come to your question on the MTA. Your line is open. OUTFRONT Media Logo. Let's conquer your financial goals together...faster. I'll take the first one and maybe make a few comments on expenses and then hand over to Matt for some more expense color and picking up on the preferred question. There is audience, there's that investment piece, and in digital to benefit, they are communications with the audience, and also to drive advertising revenues, as we've been doing, over the last couple of years. This was offset by the significant drop in our corporate expenses I just mentioned. National can switch off dollars quicker than local. Slide 6 shows that the U.S. Media strength was driven by 9% Billboard growth, but Transit and Other was down 4%, largely reflecting the initial COVID impact I mentioned a moment ago. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the severity and duration of the novel coronavirus (COVID-19) and any other pandemics, and the impact on our business, financial condition and results of operations; declines in advertising and general economic conditions, including declines caused by the COVID-19 pandemic; competition; government regulation; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners, including the impact of the COVID-19 pandemic; taxes, fees and registration requirements; our ability to obtain and renew key municipal contracts on favorable terms; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; environmental, health and safety laws and regulations; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; the ability of our board of directors to cause us to issue additional shares of stock without stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; diverse risks in our Canadian business; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; our failure to remain qualified to be taxed as a real estate investment trust (“REIT”); REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020, and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed with the SEC on May 8, 2020. In 2019, that amount was around $150 million in dividends, but we actually paid just over $200 million. Since you gave us the revenue outlook, can you help us think about cost? Sure. NEW YORK, Nov. 4, 2020 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE:OUT) is proud to announce Daniel Moran, Dinesh Boaz, Valentina Elegante and Danny Potts with Future First Studio, as the winners of the 2020 OUTFRAME competition. OUTFRONT Media Reports First Quarter 2020 Results, http://www.prnewswire.com/news-releases/outfront-media-reports-first-quarter-2020-results-301055518.html. The health and well-being of all of our people remains our most important priority. Ben Swinburne - Morgan Stanley. But this liquidity does not show the net proceeds of our $400 million convertible preferred equity issuance that closed in April. Corrected Transcript 08-May-2020 OUTFRONT Media Inc. Q1 2020 Earnings Call ... | May 11, 2020 The first is the above-ground piece. When we look specifically at business that sort of on Transit, so that's sort of in car, so for example, New York Subway, right now, it's unclear how those social distancing measures are going to continue to impact the audience there. And is it fair to think that -- preferred dividends are preferred, but that would also reduce the dividend payments available to common shareholders and should that be anything to be concerned with in this regard? We believe the improvements we're seeing in our Q3 numbers imply an expectation from our advertisers of some normalization in people's lifestyle and work patterns over the coming weeks. Thanks. I have two questions. 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. And then just generally speaking, what's the tone of [Technical Issues] stakeholder in your business? So we could make that, I'd say, a true-up or rationalized dividend payment end of December or early January. And the calculation of the REIT dividend does include the preferred dividend. Let me now turn the call back over to Jeremy. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). On an as-converted basis, the convertible preferred stock will represent approximately 14.8% of our outstanding shares of common stock. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the severity and duration of the novel coronavirus (COVID-19) and any other pandemics, and the impact on our business, financial condition and results of operations; declines in advertising and general economic conditions, including declines caused by the COVID-19 pandemic; competition; government regulation; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners, including the impact of the COVID-19 pandemic; taxes, fees and registration requirements; our ability to obtain and renew key municipal contracts on favorable terms; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; environmental, health and safety laws and regulations; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; the ability of our board of directors to cause us to issue additional shares of stock without stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; diverse risks in our Canadian business; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary ("TRS"); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service (the "IRS") may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020. 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