OUTFRONT Media Inc (OUT) 2023 Q4 法說會逐字稿

Hello, and welcome to the Outfront Fourth Quarter 2023 earnings conference call. My name is Henry, and I'll be coordinating your call today. If you'd like to ask a question today you may do so by pressing star one on your telephone keypad. And I'll now hand you over to Steve.

您好，歡迎參加 Outfront 2023 年第四季財報電話會議。我叫亨利，今天我將協調您的電話。如果您今天想提問，可以按電話鍵盤上的星號 1 來提問。現在我將把你交給史蒂夫。

Stephan Bisson, Vice President of Investor Relations at Outback to begin, Stephan, please go ahead.

Outback 投資者關係副總裁 Stephan Bisson 首先，Stephan，請繼續。

Good afternoon, and thank you for joining our 2023 fourth quarter earnings call. With me on the call today for Jeremy Male, Chairman and Chief Executive Officer, and Matthew Siegel, Executive Vice President and Chief Financial. After discussion of our financial results, we'll open the lines for question and answer session. Our comments today will refer to the earnings release and slide presentation that can find on the Investor Relations section of our website. Outfront.com. After today's call is to really an audio archive replay will be available there as well.

下午好，感謝您參加我們的 2023 年第四季財報電話會議。今天我與董事長兼執行長 Jeremy Male 和執行副總裁兼財務長 Matthew Siegel 通話。討論完我們的財務表現後，我們將開始問答環節。我們今天的評論將參考我們網站投資者關係部分的收益發布和幻燈片演示。Outfront.com。在今天的電話會議之後，音頻檔案重播也將在那裡提供。

This conference call may contain forward-looking statements. Relevant factors that could cause actual results to differ materially from these forward-looking statements are listed in our earnings materials and in our SEC filings, including our 2022 Form 10 K as well as our 2023 form 10 K, which we expect to file this week. We will refer to certain non-GAAP financial measures on this call. Any references made to avoid that fully on an adjusted basis. Reconciliations of EBITDA and other non-GAAP financial measures for the appendix of the slide presentation earnings release and on our website, which also includes presentations for prior period reconciliation.

本次電話會議可能包含前瞻性陳述。我們的收益資料和 SEC 文件中列出了可能導致實際結果與這些前瞻性陳述有重大差異的相關因素，包括我們預計本週提交的 2022 年 10 K 表格以及 2023 年 10 K 表格。我們將在本次電話會議上提及某些非公認會計準則財務指標。為完全避免這種情況而做出的任何參考都經過調整。幻燈片簡報收益發布附錄和我們網站上的 EBITDA 和其他非 GAAP 財務指標的對賬，其中還包括前期對帳的簡報。

Let me now turn the call over to Chair.

現在讓我將電話轉交給主席。

Thanks, Stephan, and good afternoon, everyone. We're pleased to be here sharing our fourth-quarter results and 2024 outlook.

謝謝史蒂芬，大家下午好。我們很高興在這裡分享我們第四季度的業績和 2024 年的展望。

Before digging into Q4, I'd like to quickly highlight some of our accomplishments from 2023. Revenues finished up 3% year over year on an organic basis with both U.S. Media and Other, which is essentially our business in Canada, up by the same rate.

在深入研究第四季之前，我想快速強調一下我們在 2023 年所做的一些成就。美國媒體和其他業務（主要是我們在加拿大的業務）的有機收入年增了 3%，增幅相同。

Our US billboard business by far our largest in terms of revenue, was up 4% for the year on an organic basis. As has been the case for the last couple of years, this growth was strong predominantly driven by a higher rates resulting from robust demand for billboard advertising and our expanding digital revenue.

就收入而言，我們的美國廣告看板業務迄今為止是我們最大的業務，今年有機增長了 4%。與過去幾年的情況一樣，這種成長的強勁主要是由於對廣告看板廣告的強勁需求和我們不斷擴大的數位收入帶來的更高的費率推動的。

Also contributing significantly to our global growth was the continued impressive performance of our automated sales platform, including programmatic. These channels comprised approximately 16% of our digital revenues in the fourth quarter, up from 10% in the first quarter, single digits in 2022, in October, we announced the sale of our Canadian business to Bel for CAD410 million or around USD300 million.

我們的自動化銷售平台（包括程式化銷售）的持續出色表現也為我們的全球成長做出了重大貢獻。這些管道約占我們第四季數位營收的16%，高於第一季的10%，到2022 年為個位數。10 月份，我們宣布以4.1 億加元（約3 億美元）的價格將加拿大業務出售給Bel。

Subject to certain adjustments.

須進行某些調整。

We expect this transaction will close in the first half of this year.

我們預計交易將於今年上半年完成。

I'd also like to mention the achievements of our creative team X labs, which was we wanted to come live one gold and one broke at the International Festival of Creativity for our partnership with Google and Google Ads awards honor the team for transforming Time Square into a live stage for a revolutionary music performance by the award-winning virtual band, the relapse. This event truly shakeout and showcase the evolutionary and potential. We'll see how that looks like.

我還想提一下我們的創意團隊X labs 所取得的成就，我們希望在國際創意節上獲得一金一破，以表彰我們與Google 的合作以及Google Ads 獎項，以表彰我們為時代廣場帶來變革的團隊進入現場舞台，由屢獲殊榮的虛擬樂團「relapse」進行革命性的音樂表演。這次活動真正震撼並展示了進化和潛力。我們會看看它是什麼樣子的。

So now let's turn to our fourth-quarter results, and you can see the headline numbers on slide 3. Consolidated revenues grew 1.3% towards the higher end of the guidance we provided in November of oh EBITDA was $152 million, and AFFO was [$108 million].

現在讓我們來看看第四季度的業績，您可以在投影片 3 上看到主要數字。合併收入成長 1.3%，接近我們 11 月提供的指引的上限，其中 EBITDA 為 1.52 億美元，AFFO 為[1.08 億美元]。

Slide 4 shows our segment results. Total U.S. media revenue increasing 1.1% year over year.

幻燈片 4 顯示了我們的細分結果。美國媒體總營收年增 1.1%。

Other, which consists mostly of Canada, was up 5.9%.

其他地區（主要包括加拿大）上漲 5.9%。

On slide 5, you can see our U.S. media revenues in more detail. Billboard revenues were up 3% with growth in all four of our regions, but stronger performances in the east and south. And I'm pleased to call out unusual system, Dallas, Orlando, Kansas City and national chains as these markets displayed exemplary growth leading up to or geographies, transit revenue was down 4% versus the prior year for the entire decline in the quarter was due to weak attack financial and entertainment media strike finally ended in early November for all prime time TV system was effectively pushed entirely others in the quarter. On a consolidated basis, our best performing categories in Q4 were CPG, legal services, education and retail on the weaker side with technology, government, political financial services and of course, entertainment breakdown of local and national revenues in our U.S. business can be seen on Slide 6. Local grew 4.5% during the quarter, while national, which was more heavily impacted by the weaker tech and entertainment verticals. I noted earlier, declined by 3% as a result of 43%, 57%. National local split during the quarter was a bit more likely skewed from our more typical [45%, 55%].

在投影片 5 上，您可以更詳細地看到我們的美國媒體收入。廣告看板收入成長了 3%，四個地區均有所成長，但東部和南部的表現更為強勁。我很高興地指出達拉斯、奧蘭多、堪薩斯城和全國連鎖店等不尋常的系統，因為這些市場在某些地區表現出了堪稱典範的增長，交通收入較上一年下降了4%，本季度的整體下降幅度為由於攻擊力較弱，金融和娛樂媒體的罷工終於在11月初結束，所有黃金時段的電視系統實際上都被推到了本季度的其他位置。綜合來看，我們第四季表現最好的類別是消費品、法律服務、教育和零售，而科技、政府、政治金融服務以及娛樂在我們美國業務中的地方和國家收入中表現較弱。在幻燈片6 上。本季本地成長 4.5%，而全國成長更嚴重，受到科技和娛樂垂直領域疲軟的影響。我之前提到，下降了3%，結果是43%、57%。本季的全國地方分裂更有可能偏離我們更典型的情況[45%, 55%]。

Slide 7 shows our solid US billboard yield growth, up around 3% year over year and topping 3,000 a month. For the first time, the largest drivers of this yield growth remain our digital conversions rate and higher programmatic and other automotive transaction revenue.

幻燈片 7 顯示了我們美國廣告看板收益率的穩健增長，同比增長約 3%，每月超過 3,000 個。首次，這種收益成長的最大驅動力仍然是我們的數位轉換率以及更高的程式化和其他汽車交易收入。

Slide 8 highlights our strong digital performance with revenue growing 9% in the quarter digital revenue revenue representing nearly 36% of total digital revenues, up 33%, up from 33% last year. Digital billboard was up a robust 10.6%, again fueled by our automatic aged sales channels and new inventory for transit was up 4.5%.

第 8 張投影片凸顯了我們強勁的數位業績，本季營收成長了 9%，數位營收佔總數位營收的近 36%，比去年的 33% 成長了 33%。數位廣告看板強勁成長 10.6%，這再次受到我們的自動老化銷售管道和新交通庫存成長 4.5% 的推動。

Let me now hand over to Matt to review the rest of our financials.

現在讓馬特來審查我們其餘的財務狀況。

Thanks, Jeremy, and good afternoon for a deeper dive into our financial statements. Please turn to Slide 9 for a more detailed look at our expenses. Total expenses were up about $8 million or 2.5% year over year. Billboard lease expense increased 9% year over year in Q4. As has been the case throughout the year, this increase reflects annual rent step-ups, acquired billboard sites and higher variable expense on the portion of our billboards that continued revenue share gains. Transit franchisee expense was down 3.5% with lower revenue share payments to franchisees, partially offset by the higher maintenance of the MCA posting. Maintenance and other expenses was down 2% versus the prior year with increases related to higher business activity. We're offset by reduced maintenance and utilities expenses. Sg&a expense increased by 1% or $4 million versus last year, the entire increase, but we will have higher professional fees, partially offset by lower compensation expenses.

謝謝傑里米，下午好，讓我們更深入地了解我們的財務報表。請參閱投影片 9，更詳細了解我們的開支。總費用較去年增加約 800 萬美元，即 2.5%。第四季廣告看板租賃費用較去年同期成長 9%。與全年的情況一樣，這一增長反映了年租金的上漲、收購的廣告牌網站以及我們廣告牌部分持續收入份額增長的可變費用的增加。Transit 特許經營商費用下降了 3.5%，因為向特許經營商支付的收入分成減少，但 MCA 發布的維護費用增加部分抵消了這一影響。維護和其他費用與前一年相比下降了 2%，成長與業務活動增加有關。維護和公用事業費用的減少抵消了我們的影響。與去年相比，SG&A 費用增加了 1%，即 400 萬美元，全部增加，但我們的專業費用將增加，部分被較低的補償費用所抵消。

Corporate expense was essentially flat in the quarter as lower compensation related expenses were offset by the unfavorable impact of market fluctuations on unfunded equity index-linked retirement plan and higher professional fees.

本季度公司費用基本上持平，因為市場波動對無資金支持的股指掛鉤退休計劃和較高的專業費用的不利影響抵消了較低的薪酬相關費用。

Slide 10 provides additional detail on the sources of Borgata U.S. billboard webinar with just over $145 million and represented over 95% of our consolidated within U.S. billboard or EBITDA margin was 39.5% down versus a year ago, but up again versus 2019 straight to the EBITDA was $13.7 million compared to last year's $16.6 million. The decrease was primarily due to lower revenues in churn because we described earlier one-on-one transit. I'd like to take a moment to discuss some of our expectations for the New York and TARMAMSANTA. will step up by only 3% this year to about $150 million. Given the CPI escalator contained within the contract, we will continue to account for a New York MTA franchise expense on a straight-line basis throughout the year.

幻燈片10 提供了有關Borgata 美國廣告牌網絡研討會的來源的更多詳細信息，該廣告牌價值略高於1.45 億美元，占我們美國廣告牌綜合收入的95% 以上，或EBITDA 利潤率比一年前下降了39.5%，但與2019 年直接計入EBITDA 相比再次上升為 1,370 萬美元，而去年為 1,660 萬美元。下降的主要原因是客戶流失收入下降，因為我們之前描述了一對一的運輸。我想花點時間討論一下我們對紐約和 TARMAMSANTA 的一些期望。今年將僅成長 3%，達到約 1.5 億美元。鑑於合約中包含的 CPI 自動扶梯，我們將繼續全年以直線法核算紐約 MTA 特許經營費用。

On the MTA deployment front, we are pleased to say we're very close to the completion of our initial bill. Specifically, we expect to spend around $50 million on deployment in 2020 for finishing our installation and advertising spend at Lone Star, the annual capital investment will step down in 2025 as we look forward, replacement communities are Capital Connect.

在 MTA 部署方面，我們很高興地說我們已經非常接近完成初始法案。具體來說，我們預計2020年將花費約5000萬美元用於完成Lone Star的安裝和廣告支出，年度資本投資將在2025年逐步減少，我們預計替代社區是Capital Connect。

Turning to capital expenditures and sort of what Q4 CapEx spend was just over $23 million, including about $6 million of maintenance spend, both essentially flat with last year. For the full year, total CapEx was about $87 million, just below our historical 5%. Their value benchmarks, including disposal was almost $9 million of spending related to the moves for three large offices in New York, Los Angeles and San Francisco 2024, we expect to spend approximately $75 million of total CapEx for about [$70 million] to be spent in our U.S. business. For the total amount, about $25 million will be maintenance CapEx.

談到資本支出，第四季資本支出略高於 2,300 萬美元，其中包括約 600 萬美元的維護支出，兩者基本上與去年持平。全年資本支出總額約 8,700 萬美元，略低於我們歷史上的 5%。他們的價值基準，包括處置與 2024 年紐約、洛杉磯和舊金山三個大型辦事處搬遷相關的近 900 萬美元支出，我們預計將花費約 7,500 萬美元的總資本支出，約 [7,000 萬美元]在我們的美國業務中。總金額中，約 2,500 萬美元將用於維護資本支出。

Moving to FFO on slide 12, you can see the bridge towards two for a total of [$108 million] improvement is principally driven by the non-cash effect of straight-line rent, AFFO line item which was an $18 million swing versus last year. 2024, we currently expect reported consolidated AFFO growth in the high single digit range for 2024. They have a flow of $271 million, driven principally by improvements in Oregon. Notably, this guidance assumes a June 30th, close the sale of.

轉到幻燈片12 上的FFO，您可以看到通往2 的橋樑，總計[1.08 億美元] 的改善主要是由直線租金、AFFO 行項目的非現金效應推動的，該項目與去年相比增加了1,800 萬美元。到 2024 年，我們目前預計 2024 年報告的綜合 AFFO 成長將達到高個位數範圍。他們的流量為 2.71 億美元，主要是由俄勒岡州的改善所推動的。值得注意的是，本指引假設 6 月 30 日結束銷售。

Okay.

好的。

Let's please turn to Slide 13. For an update on our balance sheet for you and the store. In November, we completed a new $450 million senior secured note offering and utilized the proceeds to repay our $40 million of senior unsecured notes due 2025, pushing this maturity out about this year to 2031. Available liquidity is slightly over $600 million include around $40 million of cash, nearly $70 million available of our revolver and $85 million available by our accounts receivable securitization facility as of December 31st, our total net vertical was 5.4 times, and we remain comfortable with our debt stack with our next maturity other than they are certainly not being due until 2026 with less than 25% of total gas subject to floating rates. As Jeremy mentioned, we reached agreement to sell our PT business about China on the 10-week period, subject to certain adjustments, which equates to that [$300 million] our USD20 million facility that came. We continue to expect this transaction to close in the first half of 2024 and intend to use the proceeds to pay down debt, delever and reduce annual interest expense by approximately $20 million.

讓我們翻到幻燈片 13。了解我們為您和商店提供的資產負債表的最新資訊。11 月，我們完成了新的 4.5 億美元高級有擔保票據發行，並利用所得收益償還了 2025 年到期的 4000 萬美元高級無擔保票據，將今年的到期期限推遲到 2031 年。截至12 月31 日，可用流動資金略高於6 億美元，包括約4,000 萬美元現金、近7,000 萬美元的左輪手槍可用資金和8,500 萬美元的應收帳款證券化工具可用資金，我們的總淨垂直率為5.4 倍，我們對我們的我們的下一個到期日的債務堆積，除了它們肯定要到 2026 年才到期，而且天然氣總量的不到 25% 受到浮動利率的影響。正如 Jeremy 所提到的，我們達成協議，在 10 週內出售我們在中國的 PT 業務，並進行一定的調整，這相當於我們獲得的 2000 萬美元融資[3 億美元]。我們仍預期該交易將於 2024 年上半年完成，並打算利用所得款項來償還債務、去槓桿化並減少年度利息支出約 2,000 萬美元。

Turning to our dividends, we announced today that our Board of Directors has maintained a $0.3 cash dividend payable on March 28th to shareholders of record at the close of business on March first, based on our current operational expectations, and the taxable gain created with the sale of our dairy business, we believe we will need to pay a large dividend later in the year.

談到我們的股息，我們今天宣布，根據我們當前的營運預期，以及根據我們當前的營運預期以及透過該計劃產生的應稅收益，我們的董事會將維持3 月28 日向3 月1 日營業結束時記錄在案的股東支付0.3 美元的現金股利。出售我們的乳製品業務後，我們相信我們將需要在今年稍後支付大筆股息。

For wheat, yes, extend frequently. The other acquisitions during the quarter, bringing our total to 2023 to about $34 million lower than our current acquisition pipeline. We expect our 2020 for deal activity so similar to that of 2023.

對於小麥來說，是的，經常延伸。本季的其他收購使我們到 2023 年的收購總額比目前的收購管道減少約 3,400 萬美元。我們預期 2020 年的交易活動與 2023 年非常相似。

In closing, we accomplished a lot in the quarter, and we are fully focused on delivering growth in 2024. We remain excited about our future and look forward to seeing many of you at various conferences and events in the coming weeks.

最後，我們在本季度取得了許多成就，我們完全專注於在 2024 年實現成長。我們對未來仍然感到興奮，並期待在未來幾週的各種會議和活動中見到你們。

With that, let me turn the call back to [Jeremy].

這樣，讓我將電話轉回[傑里米]。

Thank you, Matt, for the moment. I'm pleased with our billboard revenue performance in what ultimately proved to be a rather challenging 2023 for happy to turn the page to 2024, which we expect will be a significantly improved year. We'll be starting off on the right boats in the first quarter has based on trends. To date, we estimate the reported Q1, total revenue growth will accelerate to the low to mid single digit range with billboard and transit growing at similar rates. Importantly, we expect this growth despite our first quarter 2023 billboard revenues benefiting from around $6 million of nonrecurring condemnation revenue, which we've highlighted last night. But there, as I just mentioned, implied by our full year FFO guidance, we are encouraged by the early signs we are seeing for the remainder of the year. We see numerous tailwinds for our company in 2024, including the continued ramping of our acquired inventory and additional recovery and our transit business. We also expect that we and in fact, the entire out-of-home industry will benefit from the crowd out effect of the Olympics and the 2024 election as well as the return of a prime time TV season in the second half.

謝謝你，馬特，此刻。我對我們的廣告看板收入表現感到滿意，最終證明 2023 年是相當具有挑戰性的一年，我們很高興翻過這一頁到 2024 年，我們預計 2024 年將是一個顯著改善的一年。我們將根據趨勢在第一季開始使用正確的船隻。迄今為止，我們估計報告的第一季總收入成長將加速至中低個位數範圍，廣告看板和交通將以類似的速度成長。重要的是，儘管我們的 2023 年第一季廣告看板收入受益於約 600 萬美元的非經常性譴責收入（我們昨晚強調了這一點），但我們預計會出現這種增長。但正如我剛才提到的，我們的全年 FFO 指引暗示，我們對今年剩餘時間看到的早期跡象感到鼓舞。我們預計 2024 年公司將迎來眾多有利因素，包括收購庫存的持續增加以及額外的回收和運輸業務。我們也預計，我們乃至整個戶外產業都將受益於奧運和 2024 年大選的擠出效應，以及下半年黃金時段電視季的回歸。

I would like to close our prepared comments today by reiterating how proud I am of the upfront team for that performance last year. And then does that continue that sort of positioned us for success in 2024? And with that, operator, let's now open the lines for and any questions.

我想透過重申我對前期團隊去年的表現感到多麼自豪來結束我們今天準備好的評論。那麼這種情況是否會繼續為我們在 2024 年取得成功奠定基礎？接線員，現在讓我們開始討論任何問題。

Certainly. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. Now if you change your mind, please press star followed by two and one preparing to ask your question. Please ensure that your phone is unmuted locally. Our first question today is from the line of Jason Bazinet of Citi.

當然。謝謝。如果您想提問，請按下電話鍵盤上的星號，然後再按一個。現在，如果您改變主意，請按星號，然後按兩加一準備提問。請確保您的手機本地已取消靜音。我們今天的第一個問題來自花旗銀行的 Jason Bazinet。

Jason, your line is now open.

傑森，您的線路現已開通。

I think sales have gone from. I just had a question on the FFO guide. Do you guys mind just unpacking the details sort of below in the headline sort of EBITDA number, just so we have the pieces.

我認為銷量已經過去了。我剛剛對 FFO 指南有疑問。你們介意在 EBITDA 數字的標題中解開下面的詳細資訊嗎？這樣我們就可以得到這些內容了。

Right.

正確的。

And then also the impact of candidate, assuming that June 30th close Okay.

然後還有候選人的影響，假設 6 月 30 日結束就可以了。

I'm sure it's Adrian on that. Could we understand?

我確信是阿德里安幹的。我們能理解嗎？

Yes, we took that as a few more moving parts this year because of the timing of the sale, I tell yes, yes, on HSEI. to go again for growth, deciding assume residential resale of candidate figure of June 30th, but I'm seeing some seasonality of the business. So given that we get the shorter here from Tropicana operation in 2024 compared to the full year of Canada in 2023. You'll probably think there's a couple of more points of growth available on a full year comparative basis of AFFO based on the timing and otherwise you wanted to sell candidly, probably yes, and clarify that a little better, even seasonality heavy Q4. And the folks from talent at the start in 2023 won't be felt in [2024] would go to our AFFO growth on a bunch of AFFO growth. You have mentioned that maintenance CapEx is about $25 million, cash taxes of about $5 million in interest expense, somewhere in the [155.60] range of course, depending on the work interest rates floating.

是的，由於出售時機的原因，我們今年將其視為更多的活動部件，我告訴是的，是的，在 HSEI 上。為了再次尋求成長，決定假設 6 月 30 日候選數字的住宅轉售，但我看到業務存在一些季節性。因此，考慮到 2024 年 Tropicana 營運時間比加拿大全年 2023 年要短。您可能會認為，根據時間安排，AFFO 的全年比較基礎上還有更多的增長點，否則您想坦率地出售，可能是的，並澄清一點，即使是季節性較強的第四季度。2023 年開始時的人才不會在 [2024] 中感受到我們的 AFFO 成長。您提到維護資本支出約為 2500 萬美元，利息支出現金稅約為 500 萬美元，當然在 [155.60] 範圍內，具體取決於浮動的工作利率。

Okay, got it. So the growth, if I heard you right, would be a few points higher if you hang onto Canada for the full year.

好，知道了。因此，如果我沒聽錯的話，如果你全年都選擇加拿大，那麼成長率會高出幾個點。

yes.

是的。

I guess the best thing is.

我想最好的事情是。

Okay, got here.

好的，到了。

We were.

我們曾經。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Our next question today is from the line of Cameron McVeigh of Morgan Cameron, your line is now open.

今天我們的下一個問題來自摩根·卡梅倫 (Morgan Cameron) 的卡梅倫·麥克維 (Cameron McVeigh)，您的線路現已接通。

Great, thank you.

太好了謝謝。

And just had a couple. I was hoping you could help us think through the impact of the media strikes on growth this year in particular, what does the cadence of growth look like given the comps we faced last year? And should that have a greater impact on billboard and transit.

剛剛有一對。我希望你能幫助我們思考媒體打擊對今年成長的影響，特別是考慮到我們去年面臨的比較，成長的節奏是什麼樣的？這是否會對廣告看板和交通產生更大的影響？

So when you look at it, it is certainly on it. It impacted our business really far more than others, certainly with the industry, just because our exposure to major revenues in particular that given a prominent positions in both the deal and the low side are sensitive. So when we look into it in a reasonably significant impact in dollar times on our global business, particularly as I put in a percentage of revenue firms with the transit business was most impacted. And that's because transit is more disposed towards national and then Trump at expense terms have been somewhat where they are. All TV schedules have come out. Typically that have been very, very successful for us and our clients. So as we look to this year?

所以當你看它的時候，它肯定就在上面。它對我們業務的影響確實比其他業務大得多，當然對整個行業的影響，只是因為我們對主要收入的敞口特別是考慮到在交易和低端方面的突出地位都很敏感。因此，當我們以美元計算的時間對我們的全球業務產生相當重大的影響時，特別是當我計算出從事運輸業務的收入公司的百分比時，受影響最大。這是因為交通更傾向於全國性的，然後川普的費用條款在某種程度上已經達到了現在的水平。所有電視節目表都出來了。通常，這對我們和我們的客戶來說都非常非常成功。那我們展望今年呢？

Tom, we always obviously, I expect that we'll see a full schedule this year.

湯姆，我們總是很明顯，我預計今年我們會看到完整的時間表。

So we think that will be a tailwind to our numbers as we go through the year and maybe we'll see a benefit in those early months as well because there's some new content of Alpha that we believe that would have been promoted last year that may well be permitted in the earlier part of this year. So So generally, we feel positive positive on that. And it's interesting. The other category that some was difficult for last year not only difficult for us to go for just about everybody on a holding company. I think that's reported so far was obviously 10. And while Monday Toyota, maybe Sobha, it's good to see that on our tech revenues is actually pricing that it had in Q1. So that's a positive sign.

因此，我們認為這將成為我們全年數位的順風車，也許我們也會在最初的幾個月中看到好處，因為我們相信去年會推廣的 Alpha 的一些新內容可能會帶來好處。我們將在今年早些時候獲得許可。所以總的來說，我們對此感到積極積極。這很有趣。去年有些人感到困難的另一個類別不僅對我們來說很難為控股公司的幾乎每個人提供。我認為到目前為止所報道的顯然是 10 個。雖然週一是豐田，也許是 Sobha，但很高興看到我們的技術收入實際上是第一季的定價。所以這是一個正面的訊號。

Got it.

知道了。

Thank you. And then just secondly, if you could just walk through an update of how you're thinking about how margin should trend through the year?

謝謝。其次，您能否更新一下您對全年利潤率趨勢的看法？

Yes.

是的。

If I think about what impacts margin, if wage and add commission inflation, you're lapping some M&A comps? And then there's some further tech integration with the MTA boards. Curious from your view, just what's causing the most material impact and how you're thinking about that trend throughout 24. Thanks.

如果我考慮一下影響利潤率的因素，如果薪資和佣金通膨，您是否正在考慮一些併購比較？然後還有與 MTA 板的進一步技術整合。從您的角度來看，是什麼造成了最大的實質影響，以及您在 24 小時內如何看待這一趨勢。謝謝。

Thanks. Again, have a lot of moving parts in 2014, breaks down it changes. We expect some improvement in our transit business given our big franchises that New York go layer underneath that minimum guarantees proving submit revenue will help margin. We expect to see that on the transit side on billboard, we had again acquisitions to mid 22 early 23, which was a bit of a drag in 23 on so good margins because the higher lease costs outstripping revenue growth, we think that catches up during 2024, even though there will be a ramping basis, I think are on and these [5%] that revenue growth will improve. Some part is other costs, some money inflationary pressure in certain areas and some non tech spend. So it's still hard to say quarter-to-quarter. We think that margins would be similar to a little better this year last year.

謝謝。再次強調，2014 年有很多變化，我們來分解它的變化。鑑於我們在紐約的大型特許經營權，我們預計我們的交通業務將有所改善，最低保證證明提交的收入將有助於利潤。我們預計，在廣告看板上的交通方面，我們將在22 月中旬至23 月初再次進行收購，這對23 年如此良好的利潤率產生了一些拖累，因為較高的租賃成本超過了收入增長，我們認為在 2024 年，即使會有一個斜坡基礎，我認為這些 [5%] 收入成長將會改善。一部分是其他成本，一部分是某些領域的貨幣通膨壓力，一部分是非技術支出。所以季度環比還是很難說。我們認為今年的利潤率會比去年好一點。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

As a reminder, if you would like to ask a question, please dial star one on your telephone keypad. And our next question stays from the line of Jim Goss of Barrington Research. Jim, your line is now.

提醒一下，如果您想提問，請撥打電話鍵盤上的星號一。我們的下一個問題來自巴林頓研究公司的吉姆‧戈斯。吉姆，現在是你的線路了。

All right, thank you. I was wondering, with regard to billboard your dominant category, what the mix of digital versus static was this year versus last year and whether that trend has an impact on those gains we've made?

好吧。謝謝。我想知道，關於廣告看板的主導類別，今年與去年相比，數字與靜態的組合是什麼，這種趨勢是否會對我們所取得的成果產生影響？

Thanks, Jim. Yes, when we look back to Q4, the numbers of digital was 36% of it revenues. And that's very much weighted towards billable on the problems in transit, so [36%] of our revenues. And so the previous Q4. So you can see that that's a that's a big step offense, that's 20%. And we think that that number's going to go one way. We continue to opportunistically convert boards and this year we would expect to be in that 150 to 200 on new board range. And so you have essentially more assets in the field and on and then we also have the swing to towards automation. And that's, you know, that's an exciting that's an exciting trend and all our estimated revenues to be 16 presented.

謝謝，吉姆。是的，當我們回顧第四季時，數位業務佔其收入的 36%。這在很大程度上是針對運輸途中問題的計費，因此占我們收入的[36%]。之前的第四季也是如此。所以你可以看到這是一個很大的進步進攻，即 20%。我們認為這個數字將會朝著單向發展。我們繼續機會主義地轉換董事會，今年我們預計新董事會的數量將在 150 至 200 個範圍內。因此，您在現場等方面擁有更多的資產，然後我們也可以轉向自動化。你知道，這是一個令人興奮的趨勢，我們所有的預期收入將達到 16。

The final data from the other peptide sites, the digital business, and that's starting to become a needle mover. And we think as time goes, it's all, as we've said before, we believe that digital in general will be margin enhancing for a profitable business. So it's not, let's say a linear thing. But if we look over time, we think it's certainly going to be positive to the overall business.

來自其他勝肽站點、數位業務的最終數據開始成為推動因素。我們認為，隨著時間的推移，正如我們之前所說，我們相信數位化將整體提高獲利業務的利潤率。所以，我們可以說，這不是線性的。但如果我們長遠來看，我們認為這肯定會對整體業務產生正面影響。

Are you generally feeling that it's a plus because now things are improving in terms of ad revenue trends because I think in a slower period it could be a disadvantage, but I mean, it is it is being helped by the rebounding it markets in terms of price?

您是否普遍認為這是一個優點，因為現在廣告收入趨勢方面的情況正在改善，因為我認為在較慢的時期這可能是一個缺點，但我的意思是，它正在受到市場反彈的幫助價格？

Yes, obviously, yes, inflation, yes, obviously, but when it whenever you digitize your estate, you are adding on adding on supply. And that's always helpful when you're running on supply and to have a tailwind in the ad market. But when I say last year, actually there were a bunch of headwinds and digital revenue, we still managed to grow significantly. So but net-net, we think we're still very confident in the investments that we're making in our business to further digitize one of the big funds factors last year that we started saying just the late money that we were able to take it as a company that we wouldn't have been able to take in years before someone wants to get out of today, we have done I'm going to pull through in the next hour. We can have we can have data at a federal agency. This is a this is an industry where previously inflexibility it really works with the keyword. So to have that flexibility, we think there's a little fun this fall. It's further out.

是的，顯然，是的，通貨膨脹，是的，顯然，但是當你將你的財產數位化時，你正在增加供應。當你的供應充足並且在廣告市場上順風順水時，這總是很有幫助的。但當我去年說時，實際上存在著許多阻力和數位收入，我們仍然成功地實現了顯著成長。因此，但是淨淨，我們認為我們對我們在業務中進行的投資仍然非常有信心，以進一步數字化去年我們開始說的只是我們能夠獲得的遲來的資金因素之一作為一家我們無法在幾年後有人想要離開的公司，我們已經做到了，我將在接下來的一個小時內渡過難關。我們可以在聯邦機構取得數據。這是一個以前不靈活的行業，它確實與關鍵字一起發揮作用。因此，為了擁有這種靈活性，我們認為今年秋天會有一些樂趣。那就更遠了。

And just one other one. You called out a number of markets where you thought they were particularly notable strength in your billboard business. Is there any commonality among the markets you called out that you can draw any conclusions from and what the what might those be?

還有另外一件。您列出了一些您認為在您的廣告看板業務中具有特別顯著優勢的市場。您指出的市場之間是否存在可以得出任何結論的共同點？這些共同點可能是什麼？

On a number of the markets in the south?

在南方的一些市場上？

So well in a very smooth Dallas. Obviously, Texas is certainly has been strong, but it adds up. As I said, Florida generally is good. So that's included in that were some blended Ambien in Nashville cuts on the upside, I think with the Tennessee and before going to sort of a page speaks for itself. You said that the markets that were so critical for us really in particular, I guess there was some on the West Coast markets, habitual about San Francisco Bay difficult for us last year. I think on some of the reasons that it makes itself evident from what we will not read the press. á¹£And then I guess in particular as noted was impacted by anything yet, but we could do so.

在非常順利的達拉斯，一切順利。顯然，德克薩斯州確實很強大，但它會增加。正如我所說，佛羅裡達總體來說不錯。因此，其中包括納什維爾的一些混合安必恩的上行削減，我認為田納西州和在去某種頁面之前就說明了一切。你說對我們來說非常重要的市場確實特別重要，我想西海岸市場上有一些市場，去年對我們來說對舊金山灣的習慣很困難。我認為，出於某些原因，它從我們不會閱讀新聞的內容中顯而易見。然後我想特別是如前所述受到任何影響，但我們可以這樣做。

All right.

好的。

Thank you very much.

非常感謝。

Thank Jim.

謝謝吉姆。

Our next question today is from the line of Richard Cho of JP Morgan. Richard, your line is no, thank you.

今天我們的下一個問題來自摩根大通的理查德·曹（Richard Cho）。理查德，你的台詞是“不”，謝謝。

I just wanted to follow up on the 1Q revenue guide of low single digits in terms the strength that you're seeing between billboard and transit on, where's the strength coming from and how much is programmatic potentially contributing to them?

我只是想跟進第一季低個位數的收入指南，看看廣告看板和交通之間的優勢，優勢來自哪裡以及程序化對它們的潛在貢獻有多大？

Okay.

好的。

So going back to the guidance, which is, thanks for the question on.

回到指導，即感謝您提出的問題。

So we guided to low to mid single digits.

因此，我們將目標指引為中低個位數。

And and we we said the final parts of the business, we're going to be we're going to be up, which is which is obviously a great sign on top of that is going to be automated revenues which will continue to grow this year. We expect with no reason why that growth should images and take it outside and not keep creeping up to.

我們說過業務的最後部分，我們將會上升，這顯然是一個很好的跡象，除此之外，自動化收入將繼續成長年。我們毫無理由地期望這種增長應該成像並將其帶到外面，而不是繼續蔓延。

Now the good thing on But what is also good to see right now is that both our local and national businesses, while again, it is still whatever it is. We reached to go in the quarter on both businesses are pacing up right now. So that's good to see strength. Look, it feels very young, very full base, and it's nice to see that acceleration from the growth rate that we did to go in the back half of the back half of last year with some of the challenges that we've had already.

現在的好消息是，現在也很高興看到我們的本地和全國企業，但無論如何，它仍然是這樣。我們預計本季的兩項業務都在加速發展。所以很高興看到實力。看，它感覺非常年輕，基礎非常充分，很高興看到去年下半年我們的成長率加速，我們已經遇到了一些挑戰。

What are we talking about?

我們在說啥啊？

And given that do you see that there's been a change in your customers and wanting to do more out of home at this point and they feel more comfortable that environment versus last year where there's a lot of uncertainty?

有鑑於此，您是否發現您的客戶發生了變化，他們現在想要在戶外做更多事情，並且與去年存在許多不確定性的環境相比，他們對這種環境感到更舒適？

So on the face of it, yes, I mean, last year, actually, it was all about really two or three different categories that didn't show up, Tom. So we think that it will protect us just a bit of a bounce on that will be very positive for us. The social media coming back will undoubtedly be positive and we expect that and the clients that have given us support over last, it's will certainly be shown as a ball game.

所以從表面上看，是的，我的意思是，去年，實際上，都是關於兩三個不同的類別沒有出現，湯姆。因此，我們認為它會保護我們，只是一點點反彈，這對我們來說是非常積極的。社群媒體的回歸無疑將是積極的，我們預計，以及過去給予我們支持的客戶，這肯定會表現為一場球賽。

Slide 24.

幻燈片 24。

Great. Thank you.

偉大的。謝謝。

As a final reminder, if you would like to ask a question, please press star followed by one on your telephone keypad.

最後提醒一下，如果您想提問，請按電話鍵盤上的星號，然後再按一個。

Okay, we have no further.

好吧，我們沒有進一步的了。

This is Nicky today. So I'd like to hand back to Jeremy Male for any further remarks.

這是今天的尼基。因此，我想請傑里米·馬萊（Jeremy Male）發表進一步的評論。

Thanks, everyone, and thank you for joining us today.

謝謝大家，也謝謝你們今天加入我們。

I'm sure we'll be seeing, but many of you at conferences and Ventura and over the coming weeks, the dose, of course, presenting our Q1 results to be made.

我確信我們會看到，但是你們中的許多人在會議和文圖拉以及未來幾週內，當然會看到劑量，展示我們即將做出的第一季結果。

Okay, thanks very much.

好的，非常感謝。

This concludes today's call. Thank you all for joining and you may now disconnect your lines.

今天的電話會議到此結束。感謝大家的加入，現在您可以斷開線路了。