There is no way that they can all jump in their cars. Thanks, Matt. By clicking on the “Accept” button, you hereby acknowledge that you have read and understood the following cautionary statement. Given this, and on top of a 10% comp last year, our business performed in line with our lower revised guidance with first quarter revenues up around 4%. Hopefully the revenue increases and all of it increases and then the same thing on posting, maintenance and SG&A as we furloughed a number of our staff, unfortunately, the activity level has gone down. We look forward to speaking with many of you at investor events in the coming weeks. So as to what we see right now, every day is the day. I have two questions. Yeah. Turning to some financial measures, on March 25th, we announced that we prudently drew nearly all of the remaining amount available under our $500 million revolving credit facility. Company Participants. Thank you. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. A good portion of that obviously relates to the variable expenses in Transit. Thanks. We have more than 20,000 leases, say, I don't know, 23,000 or so leases, I think about 15,000 or 17,000 different landlords. We installed just under 700 displays, bringing our total deployment as of March 31 toward 5,000 displays, more than half of which carry advertising. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. The following slide deck was published by Outfront Media Inc. in conjunction with their 2020 Q1 earnings call.. Matthew Siegel -- Executive Vice President and Chief Financial Officer. Sure. (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. Obviously, right now, in these particular few weeks, big city and urban isn't necessarily the place to be and Transit is difficult and I'll talk a little bit about that in a minute. National can switch off dollars quicker than local. Stephan Bisson -- Wolfe Research -- Analyst. And thank you all for joining us this morning. Please go ahead, sir. And then secondarily, I was just hoping, on advertising, I think you mentioned, you are writing some business and I think you called out some of the categories of softness, but are there any categories that have sort of remained healthier or resilient for you in the current environment? Market data powered by FactSet and Web Financial Group. Thank you very much and I hope everybody is well. Thank you very much. Alexia Quadrani - JPMorgan. 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. Another important step we took was amending the financial maintenance covenants on our revolving credit facility. 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. Balance of the year, I hope I'm not seeing a bigger reduction because a lot of the reduction is based on variable cost. ", Net Income before allocation to non-controlling interests, Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) Per share for diluted earnings per share; 2) References to "Net Income", "Earnings per share", "FFO" and "AFFO" mean "Net Income attributable to OUTFRONT Media Inc.", "Earnings attributable to OUTFRONT Media Inc. per share", "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively; 3) Diluted Weighted-Averages Shares Outstanding. And we'll now take our final question. Thank you. 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. It's been the strength in national advertising and sort of the embrace of the media by national advertising and I'm just wondering if you think, as we come out of this back half of this year into '21 at whatever level it's going to be, if national -- if you expect national to grow faster than local. So it's going to come back. AFFO attributable to OUTFRONT Media Inc. was $40.0 million in the first quarter of 2020, an increase of $0.8 million, or 2.0%, compared to the same prior-year period, due primarily to lower interest expense and higher amortization, partially offset by lower operating income and higher cash paid for direct lease acquisition costs. If you look back to the sort of the last downturn, it was interesting really because what you actually had was there was obviously a macro decline, but audiences remains the same. Beginning March 10th, all of our office-based employees have done a great job as they shifted to work from home and we put protective safety measures in place for our operation staff, who are doing terrific work keeping our business going out in the field. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). 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. Outfront Media Inc. published this content on 11 May 2020 and is solely responsible for the information contained therein. Act 0.31 Est 0.416 Q4 2019 Outfront Media Inc. Earnings Conference call 02/25/2020 04:30 PM (EST) OUT. Maybe it'd be helpful to give a little bit of background. Additionally, we are suspending Billboard and Transit digital deployment, reducing or deferring other areas of discretionary capital expenditure and we are pausing new acquisition activity. I know coming out of the recession, pricing will be a little slow to recover and that was kind of a drag. As I said right at the outset, the fundamentals of out-of-home, they're still valid. Turning to Slide 9, which is our Other segment, it's worth noting that our core performance was actually somewhat better than this chart first implies. 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. Interest ExpenseNet Interest expense in the first quarter of 2020 was $29.8 million, including amortization of deferred financing costs of $1.3 million, as compared to $32.7 million in the same prior-year period, including amortization of deferred financing costs of $1.4 million. This overall increase in expenses was in line with our revenue growth, resulting in a flat year-over-year OIBDA on Slide 13. OUTFRAME was created to celebrate the artists of adland and showcase their non-commercial art while building excitement for designing for out of home. Please go ahead, Jim Goss from Barrington Research. You must click the activation link in order to complete your subscription. It's also worth noting that this requirement can be met by dividend payments and both common and preferred stock. Slide 17 shows that dividend coverage for both AFFO and adjusted free cash flow improved substantially from last year. Organic revenues exclude the impact of foreign currency exchange rates ("non-organic revenues"). Q1 2020 Outfront Media Inc. Earnings Conference call 05/08/2020 08:30 AM (EDT) OUT. We felt it was prudent and worth the extra interest expense to have this cash in our own accounts. Look, we are fundamental believers in public transit. Conference Call Participants. Thank you. As we look across our business, national is somewhat more impacted than local and I'm sure, as you can imagine, there is a lot of geography involved here. Male -- Chairman and Chief Executive Officer. Are you trying to defend it a little bit more vigorously in this downturn? Different cities are certainly at different levels, but the declines appear to have stopped, which is very encouraging, and we expect will continue to improve as an increasing number of States open back up. Thank you for joining our 2020 first quarter earnings call, and we hope that you're all safe and well. OIBDA was flat year-over-year, due principally to the COVID slowdown in March and also due to significantly higher bad debt provisions as we prepared for the coming quarters. Before I get into that, let's take a look at each of our expenses in more detail on Slide 12. Our data has also enabled us to identify thousands of displays that have been able to retain or exceed their pre-COVID impression levels because of people's changed living patterns. Since organic revenues, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. And then the balance is through other cost initiatives that we've taken. We expect the impacts described above to be greater in the second quarter of 2020 than in the third and fourth quarters of 2020. 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. So the $100 million [Phonetic] savings that Jeremy mentioned for the quarter, probably a little less in the third quarter and fourth quarter. Alexia Quadrani -- J.P. Morgan -- Analyst. The convertible preferred stock carries a 7.0% annual dividend, which will be payable at our option in cash or in-kind, subject to certain exceptions and conditions. So, lots of geographical change in Northeast, difficult -- the West Coast is certainly easier than the East, and right in the middle, and particularly where we have smaller local markets, actually much less impacted. We'll now take our next question from David Miller from Imperial Capital. Let's conquer your financial goals together...faster. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, Looking at it further forward, right now, we see a trough in July and an improving trend from August onwards. We did not recoup any cost during the quarter and we may not recoup for the remainder of 2020. After a discussion of our financial results, we will open up the lines for the usual question and answer session. The weighted average cost of debt at March 31, 2020 was 4.0% compared to 5.1% at March 31, 2019. 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%. Since you gave us the revenue outlook, can you help us think about cost? And indeed it carried into the first quarter. And now let's turn to our outlook on Slide 20. The first two analysts took all of my questions. Hey, guys. But going back to your questions, as we look at it, it's interesting actually, we were at a Investor Conference in early March and we gave them what we thought categories would be difficult if the pandemic increased as it obviously did, and we said at that stage, entertainment, movies, and retail would be difficult, and yeah, they are in dollar terms where we're seeing the most significant pullback. I know there's no crystal ball, but I'd love your thoughts on that. And the calculation of the REIT dividend does include the preferred dividend. So you might talk about them as well. After allocating bad debt provisions on a revenue-weighted basis, U.S. Media Billboard was up 5%, but Transit was down by half. Turning to Slide 10, our total digital revenue growth continued to be robust, up nearly 40%. That being said, it's going to have a difficult few weeks. And lastly, corporate expenses were down by half due to lower employee benefits expense. 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. If you experience any issues with this process, please contact us for further assistance. 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. Jeremy, I wanted to ask about the August improvement that you're seeing. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. For the last few weeks, it's been one step forward and a few steps back, but we expect this ratio to significantly improve in the second half of this year. "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. Ben Swinburne - Morgan Stanley. Cost reductions have been focus on rightsizing our business for the current environment, including restrictions on discretionary expenses and workforce reduction, furloughs, a hiring freeze and the temporary step-back in compensation for certain employees and our executive officers. We also previously said that we expected $160 million of net incremental third-party financing to fund the remaining equipment deployment. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Revenues came in at $385.3 million for the first quarter, beating the Zacks Consensus Estimate of $374.5 million. As you know, we've been posting great growth for some time. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Adjusted OIBDA of $90.8 million decreased $3.8 million, or 4.0%. Our enterprise risk planning helped prepare us with the quick and proactive operational and financial measures we have taken and we'll continue to take to address the pandemic. But we have over 100 people in our real estate group and they're incredibly focused on doing this. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "could," "would," "may," "might," "will," "should," "seeks," "likely," "intends," "plans," "projects," "predicts," "estimates," "forecast" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The conference call numbers are 800-263-0877 (U.S. callers) and 856-344-9283 (International callers) and the passcode for both is 7675011. As you would expect, this is playing out differently in the two major parts of our business. Cash paid for income taxes in the three months ended March 31, 2020 was $0.8 million. In closing, this was certainly the most eventful period since I joined the company. In order to preserve financial flexibility and increase liquidity in light of the current uncertainty in the global economy and our business resulting from the COVID-19 pandemic, we undertook the following actions, among others: borrowed nearly all of the remaining available amount under the revolving credit facility and amended the credit agreement governing the revolving credit facility to modify the calculation of our financial maintenance covenant ratio, completed the private placement described above, and reduced or deferred capital expenditures and expenses through cost-savings initiatives.
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