The health and well-being of all of our people remains our most important priority. 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. And then maybe just one for Matt on, again going back to the opex, and thank you for all the details you've already provided. Matthew Siegel -- Executive Vice President and Chief Financial Officer. Please see Exhibits 4-6 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures. After a discussion of our financial results, we will open up the lines for the usual question and answer session. Act 0.31 Est 0.416 Q4 2019 Outfront Media Inc. Earnings Conference call 02/25/2020 04:30 PM (EST) OUT. I'd now like to pass the call back over to our speakers for any additional or closing remarks. When you -- and that obviously is not something -- that mode of travel is not something that is particularly impacted by social distancing. 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. OUTFRAME was created to celebrate the artists of adland and showcase their non-commercial art while building excitement for designing for out of home. As things start to open up, we're really hopeful that we're going to start seeing some positive movement there. Regarding the dividend. Market data powered by FactSet and Web Financial Group. Barron's also provides information on historical stock ratings, target prices, company earnings, market valuation and â¦ So that's why we don't have as large a benefits in our Billboard lease side as we do in our Transit side so far. Thanks. Cash Flow & Capital ExpendituresNet cash flow provided by operating activities of $14.9 million for the three months ended March 31, 2020 decreased $26.5 million, or 64.0%, compared to $41.4 million during the same prior-year period, due primarily to a larger decrease in accounts payable and accrued expenses, and a smaller decrease in accounts receivable. When used herein, references to "Fund From Operations, or FFO" and "Adjusted FFO, or AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively. As of yesterday, our cash and equivalents on hand were approximately $850 million. We believe that conserving cash is prudent as we watch the shape of the recovery. Roughly what percentage of those are you actually actively engaged with right now in terms of renegotiating lease costs? So that's where a good piece of it will come from. This March, we paid a $56 million distribution and we are pausing the remaining quarterly common dividend distributions. So maybe just a couple of comments on Transit and then I'll come to your question on the MTA. Lastly, I'd like to thank our employees who are working so hard and helping us through this difficult period. During the three months ended March 31, 2020, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. 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. 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. At this time, I would like to turn the conference over to Mr. Greg Lundberg, please go ahead. Cash paid for income taxes in the three months ended March 31, 2020 was $0.8 million. One thing you should be encouraged by is that we are writing some good new business. With regards to your second question in terms of acquisitions, we kind of always said that we're principally interested in acquiring Billboards rather than Transit. Are you trying to defend it a little bit more vigorously in this downturn? OUTFRONT Media (OUT - Free Report) reported first-quarter 2020 adjusted funds from operations (FFO) per share of 28 cents, surpassing the Zacks Consensus Estimate of 24 cents. 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. So it's not a fundamental change in strategy at all. 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. All REITs must distribute 90% of their REIT annual taxable income to remain in compliance with REIT requirements. It also brings a new member to our Board of Directors to help create lasting value for us stakeholders. Greg Lundberg - Senior Vice President, IR Going back to the first part of your question, Stephan, and thinking about that pricing, the comments that we made earlier on with regards to audience recovery, it's already happening and we're feeling very good. But Transit is also certainly starting to pace considerably better in that second quarter than it is in -- in that third quarter, I'm sorry, than it is in the second quarter. 1000+ of OUTFRONT Street Level & Roadside Digital Assets are now available programmatically in the top markets nationwide - averaging 991M* impressions. This is data from our proprietary Smart Scout platform. Recently in News on November 4, 2020, Outfront Media Reports Third Quarter 2020 Results. Thank you. SG&A expenses increased $10.8 million, or 21.4%, due primarily to a higher provision for doubtful accounts and higher compensation and other employee-related costs. On April 20th, we closed the $400 million investment by two leading private equity firms, Providence Equity Partners and Ares Management. So it takes time. All right. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). Are you seeing also any varying demand between the digital versus static displays in various environments in terms of coming down and going back up? Transit, which, as you know, is Northeast-focused and urban by definition, was impacted more quickly and to a much greater degree than Billboard. Thank you. It's what we're doing with landlords directly. 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. Outfront Media Inc. (NYSE:OUT) Q1 2020 Results Earnings Conference Call. And then when we look at our Transit business, I mean, there are two parts to our Transit business. I mean, I think, historically national has been sort of the higher data part of the outdoor business. OUTFRONT Media Inc. provides advertising space on out-of-home advertising structures and sites primarily in the United States and Canada. DividendsIn the three months ended March 31, 2020, we paid cash dividends of $55.6 million. Maybe I'd just ask you to look into your crystal ball to maybe help us understand as far as when we get in to the fall, you're starting to see the recovery you're talking about you'll get past the trough, you're talking about -- we're still in this world of social distancing, what does the audience levels then look like, let's just say, in fall when maybe the economy is back, but maybe we still need to maintain our social distancing? Our teamâs work is seen across 500,000 displays nationwide. Oppenheimer analyst I. Zaffino â¦ Bryan, I'll take the first one. SG&A expenses were up, primarily due to a higher provision for doubtful accounts, as we looked forward into the coming quarters due to COVID impacts. So you might talk about them as well. Jim Goss -- Barrington Research -- Analyst. Given the uncertainty around the severity and duration of the COVID-19 pandemic and the measures taken, or may be taken, in response to the COVID-19 pandemic, we cannot reasonably estimate the full impact of the COVID-19 pandemic on our business, financial condition and results of operations at this time, which may be material. Two goals guided all these actions. It also reflected our strong sales levels, particularly in some of our larger markets where some of our leases have variable components. There is a slightly different picture when you dig into the components on Slide 14. We felt it was prudent and worth the extra interest expense to have this cash in our own accounts. In order to preserve financial flexibility and liquidity in light of the current uncertainty in the global economy resulting from the COVID-19 pandemic, our board of directors has decided to suspend our quarterly dividend on our common stock but expects to meet or exceed our minimum annual 2020 REIT distribution requirements. The COVID-19 pandemic has (i) interrupted our ability to build and deploy advertising structures and sites, including digital displays; (ii) reduced or curtailed our customers' advertising expenditures and overall demand for our services through purchase cancellations or otherwise; (iii) increased the volatility of our customers' advertising expenditure patterns from period-to-period through short-notice purchases, purchase deferrals or otherwise; and (iv) extended delays in the collection of earned advertising revenues from our customers, all of which could have a material adverse effect on our business, financial condition and results of operation in 2020. A good portion of that obviously relates to the variable expenses in Transit. This has also opened new sales opportunities as people journey to and from essential business locations. 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. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET. So we could make that, I'd say, a true-up or rationalized dividend payment end of December or early January. Another important step we took was amending the financial maintenance covenants on our revolving credit facility. 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? And then my second question is, you've talked about constructive conversations with the Transit authorities and outfitting MTAs big ones, if you can talk about, if you're paying the MTAs certain guarantees? Male -- Chairman and Chief Executive Officer. 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. Please go ahead. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Let's now look at our quarterly revenue in more detail, beginning on Slide 5. So in terms of categories that -- as we look at our pacing in Q2, legal is pacing well for us, local services is pacing pretty well for us, healthcare, we expect to be one of the least impacted and showing growth in the near term. I apologize if you addressed this in your prepared remarks. We have also enhanced the cleaning practice across our offices, restricted non-essential business travel, and maintained frequent and open communications with our employees. 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. And we're starting to see those pockets of strength as some States open up. 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. We expect the impacts described above to be greater in the second quarter of 2020 than in the third and fourth quarters of 2020. That being said, it's going to have a difficult few weeks. As you can see on Slide 11, total expense levels increased 5%, which was driven overall by bad debt provisions and excluding this, our overall levels were down 1 point. So the $100 million [Phonetic] savings that Jeremy mentioned for the quarter, probably a little less in the third quarter and fourth quarter. Adjusted OIBDA of $86.8 million was flat. Adjustments to reconcile net income to net cash flow provided by operating activities: Amortization of deferred financing costs and debt discount and premium, Cash paid for direct lease acquisition costs. This is certainly no longer the case and we now need to consider the combination of new business that we are writing, contracts that are being deferred from Q2 into later quarters, contractual changes reflecting some audience declines and, indeed, outright cancellations. Thank you. Please go ahead. Thanks for the questions, Ben. As we all know, the situation for everyone is very fluid, but we thought it was important to share with you what we're seeing. To further enhance our balance sheet, we chose to raise capital in the form of equity, not additional debt. And we don't really see that changing in the near term. U.S. MediaReported and organic revenues of $354.7 million increased $16.3 million, or 4.8%, due primarily to an increase in billboard yield and growth in revenues from digital billboard and digital transit displays, partially offset by a decline in static transit revenues. The first is, that vehicular audience that our Billboards appeal to, and there, there is no reason at all why, as people effectively come out of their homes that our audience shouldn't directly benefit from that. Please go ahead. Jeremy Male - Chairman and Chief Executive Officer. 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. AFFO growth was 2% in the quarter, reflecting the benefit of lower interest expense. And I was just wondering on the preferred equity, if you guys expect that to be a cash or PIK dividend at least in the near term? Okay. So it's going to come back. And with that, I will now turn the call over to Jeremy. Adjusted OIBDA of $0.5 million decreased $0.7 million, or 58.3%. May 8, 2020, 8:30 AM ET. So I'll hand that now over to Matt, but this is a bit more color. 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. 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. We intend to pay at least the annual REIT requirements in 2020 and will assess our levels as the market improves. Subsequent EventOn April 20, 2020, we issued and sold $400.0 million in newly issued convertible, perpetual preferred stock in a private placement, which is convertible into shares of our common stock at a conversion price of $16.00 per share. Supplemental MaterialsIn addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.OUTFRONTmedia.com. However, given the uncertainty around the COVID pandemic, we will update you on aspects of the deployment as we have more clarity. The weighted average cost of debt at March 31, 2020 was 4.0% compared to 5.1% at March 31, 2019. Thanks so much for all your color. Organic revenues increased $13.8 million, or 3.7%, reflecting the impact of foreign exchange rates. During the quarter, we drew nearly all the remainder of our revolving credit facility, which you can see in the unrestricted cash balance in the left chart and now in the 2020 full maturity column on the right. 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 â¦ Considering all these factors, as we look at Q2 to date, we expect our total revenues to be down approximately 50%. Distributed by Public, unedited and unaltered, on 11 May 2020 12:08:03 UTC 0 As Jeremy said, we're working hard with our landlords plus some of our larger markets have a variable component in posting, maintenance and other and SG&A. So we do like the triage. Your line is open. Organic billboard revenues increased 8.0% due to higher average revenue per display (yield) and the growth in revenues from digital billboard conversions. This presentation may also include certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP financial measures. Thanks, Matt. As you would expect, this is playing out differently in the two major parts of our business. are you thinking that the final payment would likely be in one form and it would be at the end of this year or it would move into the new year? And the calculation of the REIT dividend does include the preferred dividend. Are there some issues that are being developed and ideas that have been advanced so far to address that sort of issue? Let's conquer your financial goals together...faster. Our total MTA project costs in the quarter were $22 million. Looking at the companyâs year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -18.4%. Obviously, now, given the pandemic's impact on our business, our Board has decided to pause the quarterly common dividend, which Jeremy mentioned earlier. And then the balance is through other cost initiatives that we've taken. 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. They were flat at $18 million and the growth capex was primarily for 20 digital conversions. 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. Turning to Slide 10, our total digital revenue growth continued to be robust, up nearly 40%. Okay. First, could you discuss a little bit about pricing versus occupancy trends? Hopefully it's a constructive one. Please go ahead, Jim Goss from Barrington Research. 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.