OUTFRONT Media Inc (OUT) 2024 Q4 法說會逐字稿

Good afternoon. Thank you for attending the OUTFRONT Media fourth quarter 2024 earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加 OUTFRONT Media 2024 年第四季財報電話會議。我叫卡梅倫，今天我將擔任主持人。（操作員指示）

And I would now like to pass the conference over to your host, Stephan Bisson, may proceed.

現在我想將會議交給主持人斯蒂芬·比森 (Stephan Bisson)，請繼續。

Good afternoon and thank you for joining our 2024 fourth quarter earnings call. With me on the call today are Jeremy Male, Matthew Siegel, and Nick Brien.

下午好，感謝您參加我們的 2024 年第四季財報電話會議。今天與我一起參加電話會議的還有 Jeremy Male、Matthew Siegel 和 Nick Brien。

After a discussion of our financial results, we'll open the lines for a question-and-answer session. Our comments today will refer to the earnings release and slide presentation that you can find on the Investor Relations section of our website, outfront.com. After today's call has concluded, an audio replay will be available there as well.

討論完我們的財務結果後，我們將開啟問答環節。我們今天的評論將參考收益報告和幻燈片演示，您可以在我們網站 outfront.com 的投資者關係部分找到。今天的電話會議結束後，那裡也會提供音訊回放。

This conference call may include 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 2023 Form 10-K as well as our 2024 Form 10-K, which we expect to file this week.

本次電話會議可能包含前瞻性陳述。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列在我們的收益資料和 SEC 文件中，包括我們預計本週提交的 2023 年 10-K 表格以及 2024 年 10-K 表格。

We will refer to certain non-GAAP financial measures on this call. Any references to OIBDA made today will be on an adjusted basis. Reconciliations of OIBDA and other non-GAAP financial measures are in the appendix of the slide presentation, the earnings release, and on our website, which also includes presentations with prior period reconciliations.

我們將在本次電話會議上參考某些非公認會計準則財務指標。今天對 OIBDA 的任何引用都將以調整後的基礎為基礎。OIBDA 和其他非 GAAP 財務指標的對帳表位於幻燈片簡報的附錄、收益報告和我們的網站上，其中還包括帶有前期對帳表的簡報。

With that, let me now turn the call over to Jeremy.

說完這些，現在讓我把電話轉給傑瑞米。

Thanks, Stephan, and good afternoon, everyone. We're pleased to be here sharing our fourth quarter results and 2025 outlook.

謝謝，史蒂芬，大家下午好。我們很高興在此分享我們的第四季業績和 2025 年展望。

Before diving into the Q4 details, I'd like to quickly highlight some of our accomplishments during 2024. Organic revenues, which exclude the results of our Canadian business in both '24 and '23, finished up about 4% year-over-year.

在深入了解第四季度的細節之前，我想快速介紹一下我們在 2024 年取得的一些成就。有機收入（不包括 24 年和 23 年加拿大業務的業績）年增約 4%。

Our billboard revenues were up 3% for the year, with growth being driven by both higher static and digital. We continue to realize significant growth from our automated sales platforms, which grew from 14% of our digital billboard revenues in 2023 to 20% of our digital billboard revenues in 2024.

我們的廣告看板收入全年成長了 3%，成長主要得益於靜態廣告和數位廣告的增加。我們的自動銷售平台持續實現顯著成長，其佔數位廣告看板收入的比例從 2023 年的 14% 成長到 2024 年的 20%。

Our transit revenues rebounded nicely in 2024, up nearly 9% for the year. The New York MTA led the charge here, growing by nearly 12% during the year, helping transit adjusted OIBDA to improve by nearly $20 million and returning the segment to positive territory.

2024 年，我們的交通運輸收入強勁反彈，全年成長近 9%。紐約大都會運輸署 (MTA) 在此領域處於領先地位，全年增長了近 12%，幫助交通調整後的 OIBDA 提高了近 2000 萬美元，並使該部門重回正值。

2024 AFFO grew 11.5% nicely ahead of the high single-digit guidance we provided this time last year. In June, we closed the sale of our Canadian business for approximately USD300 million and utilized essentially all of the proceeds from the sale to reduce our leverage, which ended the year at 4.7 times, down from 5.4 times at the end of 2023.

2024 年 AFFO 成長 11.5%，遠高於我們去年此時提供的高個位數預期。6 月份，我們以約 3 億美元的價格完成了加拿大業務的出售，並將幾乎所有出售所得用於降低槓桿率，截至年底，槓桿率為 4.7 倍，低於 2023 年底的 5.4 倍。

Turning now to our fourth quarter results, you can see the headline numbers on slide 4. Organic revenues grew 3.9%, a little ahead of the guidance we provided in November, while OIBDA was $155 million, and AFFO was $119 million.

現在來看看我們的第四季業績，您可以在投影片 4 上看到主要數字。有機收入成長 3.9%，略高於我們 11 月提供的預期，而 OIBDA 為 1.55 億美元，AFFO 為 1.19 億美元。

Slide 5 shows our segment results with billboard growing 2%; transit growing just over 9%; and other, which now principally consists of digital equipment sales growing by $1.4 million.

投影片 5 顯示了我們的細分結果，其中廣告看板成長了 2%；交通運輸成長略高於 9%；以及其他業務，目前主要包括數位設備銷售額成長 140 萬美元。

Slide 6 shows our detailed billboard revenue growth. The 2% top-line growth was driven primarily by higher rates, though occupancy was up during the quarter as well. Digital billboard was up 4.7%, while static was up slightly. Notably, these numbers include the impact of the marginally profitable contract that we exited in October, which we estimate cost us over 100 basis points of growth.

投影片 6 顯示了我們詳細的廣告看板收入成長。儘管本季入住率也有所上升，但 2% 的營業額成長主要得益於更高的房價。數位廣告看板上漲了 4.7%，而靜態廣告看板則略有上漲。值得注意的是，這些數字包括了我們 10 月退出的微利合約的影響，我們估計該合約導致我們的成長損失超過 100 個基點。

Slide 7 shows our detailed transit revenue growth. The 9% top-line growth was driven by 12% growth in our digital revenues and 7% growth in our static revenues. As has been the case for much of the year, the MTA continued to perform well, up 13%.

投影片 7 顯示了我們詳細的交通收入成長。9% 的營收成長得益於我們數位收入 12% 的成長和靜態收入 7% 的成長。與今年大部分時間的情況一樣，MTA 繼續表現良好，上漲了 13%。

On a consolidated basis, our stronger categories during the quarter were technology, political, and financial. The weaker categories during the quarter were CPG, health and medical, and alcohol.

從綜合來看，本季我們表現較強的類別是科技、政治和金融。本季表現較弱的類別是快速消費品、健康和醫療以及酒精。

Slide 8 shows our combined digital revenue performance with revenue growing almost 7% in the quarter and digital revenue representing nearly 36% of the total, up from 34% last year. Total digital automated sales, which include our programmatic and digital direct products across both billboard and transit, the latter of which we launched in the first quarter of 2024, were up over 40% during the period and represented nearly 17% of our total digital revenues, up from just under 13% last year.

幻燈片 8 顯示了我們的綜合數位收入表現，本季營收成長近 7%，數位收入佔總收入的近 36%，高於去年的 34%。總數位自動化銷售（包括我們在廣告看板和交通運輸上的程序化和數位直接產品，後者我們於 2024 年第一季推出）在此期間增長了 40% 以上，占我們總數字收入的近 17%，高於去年的不到 13%。

The breakdown of local and national revenues in our US business can be seen on slide 9. Local grew by just under 1% during the quarter, while national grew a strong 7%. The strength in our national book of business was primarily driven by the tech and financial verticals.

我們美國業務的本地和國家收入的明細可以在幻燈片 9 中看到。本季度，本地成長略低於 1%，而全國成長強勁，達到 7%。我們的全國業務表現強勁主要得益於科技和金融垂直行業。

Slide 10 shows our solid billboard yield growth, which was up about 5% year-over-year to nearly $3,150 per month. The drivers of this were static yield growth, which was up about 4%, and our continued digital conversions. With only 4.9% of our total billboard inventory digitized, we remain confident of continued digital growth.

投影片 10 顯示了我們穩健的廣告看板收益成長，年增約 5%，達到每月近 3,150 美元。推動這一成長的因素是靜態收益成長（成長了約 4%）以及我們持續的數位化轉換。儘管我們的廣告看板庫存中只有 4.9% 實現了數位化，但我們仍然對數位化持續成長充滿信心。

With that, let me now hand it over to Matt to review the rest of our financials.

好了，現在讓我把任務交給馬特來審查我們剩餘的財務狀況。

Thanks, Jeremy, and good afternoon, everyone. Before getting to the detailed financials, I'd like to say a few words about my friend and colleague, Jeremy Male. Towards the end of last year, you may have noticed he announced his retirement from OUTFRONT.

謝謝，傑里米，大家下午好。在了解詳細的財務狀況之前，我想先介紹一下我的朋友和同事傑里米·馬爾 (Jeremy Male)。去年年底，你可能已經注意到他宣布從 OUTFRONT 退休。

In his nearly 11 years as CEO, Jeremy navigated the company through its separation from CBS with its initial public offering, the subsequent conversion to a REIT corporate structure, a rapid digitization of assets and a pandemic that produced the most challenging operating environment the out-of-home industry has ever seen. OUTFRONT would not be the industry-leading company it is today without his vision and leadership and all of us here wish him well in all his future endeavors.

在擔任執行長的近 11 年時間裡，傑里米帶領公司度過了從 CBS 分離到首次公開募股、隨後轉變為房地產投資信託基金 (REIT) 公司結構、資產快速數字化以及造成戶外行業有史以來最具挑戰性的經營環境的疫情。如果沒有他的遠見和領導力，OUTFRONT 就不會成為如今的行業領先公司，我們所有人都祝福他在未來的所有事業中一切順利。

Now let's turn to our financial statements. Please look at slide 11 for a more detailed look at our billboard expenses. In total, global expenses were up a little under $2 million or less than 1% year-over-year. Billboard lease costs were down almost $6 million or about 5% due primarily to the exit of the billboard portfolio in New York that Jeremy mentioned earlier and lower payments on revenue share leases.

現在讓我們來看看財務報表。請查看投影片 11 以更詳細地了解我們的廣告看板費用。整體而言，全球支出年增率略低於 200 萬美元，增幅不到 1%。廣告看板租賃成本下降了近 600 萬美元，約 5%，這主要是由於 Jeremy 之前提到的紐約廣告看板組合的退出以及收入分成租賃的支付額降低。

Posting maintenance and other expenses were up a little under $5 million or 14% due to higher maintenance and utilities costs, compensation expense, and production costs. Included in this increase was approximately $2 million of storm-related costs in the Southeast.

由於維護和公用事業成本、補償費用和生產成本增加，發布維護和其他費用上漲了近 500 萬美元或 14%。此次增加的費用包括東南部約 200 萬美元的風暴相關損失。

SG&A expenses rose under $3 million or 4.3% due to higher commissions and network costs. These expenses, combined with the 2% billboard revenue growth Jeremy described earlier, led to billboard adjusted OIBDA rising nearly $6 million or almost 4%. We are pleased to see billboard adjusted OIBDA margin increased by 80 basis points year-over-year to 40.3%.

由於佣金和網路成本增加，銷售、一般及行政費用 (SG&A) 上漲了不到 300 萬美元，即 4.3%。這些費用加上傑里米先前描述的 2% 的廣告看板收入增長，導致廣告看板調整後的 OIBDA 上漲近 600 萬美元，即近 4%。我們很高興看到廣告看板調整後的 OIBDA 利潤率年增 80 個基點，達到 40.3%。

Turning to transit on slide 12. In total, transit expenses were up $1.4 million year-over-year. Transit franchise expense was up under $0.5 million or less than 1% as contractually obligated increases to the MTA were partially offset by lower payments to other franchises. Posting maintenance and other expenses were up just under $2 million due primarily to maintenance and utilities costs and higher compensation.

轉到第 12 張投影片上的交通。總體而言，運輸費用比去年同期增加了 140 萬美元。交通特許經營費用上漲不到 50 萬美元或不到 1%，因為 MTA 合約規定的增加部分被其他特許經營費用的減少所抵消。維護和其他費用上漲了近 200 萬美元，主要原因是維護和公用事業成本以及更高的薪酬。

SG&A expenses fell by approximately $1 million or 5%, primarily due to lower professional fees. Combined with the 9% transit revenue growth described earlier, transit adjusted OIBDA rose over $8 million with the $22 million of adjusted OIBDA generated in the quarter, it is nice to see this segment return to profitability for the full year.

銷售、一般及行政費用下降了約 100 萬美元，即 5%，主要原因是專業費用降低。結合前面描述的 9% 的交通收入成長，交通調整後的 OIBDA 成長超過 800 萬美元，本季產生的調整後 OIBDA 為 2,200 萬美元，很高興看到該部門全年恢復盈利。

While on transit, I'd like to take a moment to update some of our expectations for the New York MTA in 2025. Our MAG payments for the MTA will step up by about 4% this year to approximately $156 million given the New York City CPI escalator contained within the contract. We will continue to account for our MTA franchise expense on a straight-line basis throughout the year.

在旅途中，我想花點時間來更新我們對 2025 年紐約 MTA 的一些期望。考慮到合約中包含的紐約市 CPI 自動調整機制，我們向 MTA 支付的 MAG 款項今年將增加約 4%，達到約 1.56 億美元。我們全年將繼續以直線法核算我們的 MTA 特許經營費用。

As we mentioned on our last call, our initial build-out of the MTA digital network is substantially complete. We expect to spend around $35 million this year, principally to replace aged and broken screens. Looking forward, we currently expect that this spend will be in the same range annually through the end of the contract in 2030. Per our quarterly analysis, we remain confident the contract will be both OIBDA and cash flow positive through the end of this period.

正如我們在上次電話會議上提到的那樣，我們對 MTA 數位網路的初步建設已基本完成。我們預計今年將花費約 3500 萬美元，主要用於更換老化和破損的螢幕。展望未來，我們目前預計，到 2030 年合約結束，每年的支出將保持在同一範圍內。根據我們的季度分析，我們仍然相信，到本季末，合約的 OIBDA 和現金流都將為正值。

Slide 13, shows the Company's combined billboard transit and corporate adjusted OIBDA in the fourth quarter. We consider this an important measure given these represent essentially the entire company moving forward.

投影片 13 顯示了該公司第四季的綜合廣告看板運輸量和企業調整後的 OIBDA。我們認為這是一項重要舉措，因為這代表了整個公司向前發展。

Corporate expense rose by about $2 million, primarily due to higher compensation and professional fees. Combined with the billboard and transit OIBDA I covered earlier, adjusted OIBDA totaled about $155 million, up 8.5% from the comparable measure in the prior year period.

公司費用增加了約 200 萬美元，主要原因是薪資和專業費用增加。加上我之前提到的廣告看板和交通 OIBDA，調整後的 OIBDA 總額約為 1.55 億美元，比去年同期的可比指標增加了 8.5%。

Turning to capital expenditures on slide 14, Q4 CapEx spend was $18 million, including about $4 million of maintenance spent. For the full year, total CapEx was about $78 million, including $6 million related to our divested Canadian business. For 2025, we expect to spend approximately $85 million of CapEx. About $35 million of this total will be for maintenance, which includes $10 million to replace aging digital billboards. We commenced our installation of digital boards in 2007 and while many of our earliest installations still look great, we believe replacing some of these older screens with new state-of-the-art technology will help drive revenue growth.

談到第 14 張投影片上的資本支出，第四季的資本支出為 1,800 萬美元，其中包括約 400 萬美元的維護支出。全年總資本支出約為 7,800 萬美元，其中包括與我們剝離的加拿大業務相關的 600 萬美元。到 2025 年，我們預計資本支出約為 8,500 萬美元。其中約 3500 萬美元將用於維護，其中包括 1000 萬美元用於更換老化的數位廣告看板。我們在 2007 年開始安裝數位板，雖然我們最早安裝的許多數位板看起來仍然很棒，但我們相信用新的最先進的技術取代一些舊螢幕將有助於推動收入成長。

Looking at AFFO on slide 15, you can see the bridge to our Q4 AFFO of $119 million. The improvement is principally driven by higher billboard and transit OIBDA and lower interest expense, partially offset by lower other OIBDA all of which was related to our now divested Canadian subsidiary.

查看投影片 15 上的 AFFO，您可以看到我們第四季 AFFO 的橋樑為 1.19 億美元。這項改善主要得益於廣告看板和交通 OIBDA 的增加以及利息支出的降低，但其他 OIBDA 的降低部分抵消了這一改善，所有這些都與我們現已剝離的加拿大子公司有關。

As Jeremy mentioned earlier, we ended 2024 with $308 million of AFFO, nicely ahead of the guidance we provided at the start of the year. For 2025, we currently expect reported consolidated AFFO growth in the mid-single-digit range driven principally by improvement in OIBDA.

正如傑里米之前提到的，到 2024 年底，我們的 AFFO 為 3.08 億美元，遠遠超出了我們年初提供的指導。對於 2025 年，我們目前預計報告的綜合 AFFO 成長率將達到中等個位數，主要受 OIBDA 改善的推動。

Please turn to slide 16 for an update on our balance sheet. Committed liquidity is nearly $700 million, including almost $50 million of cash, about $500 million available by our revolver, and $140 million available via our accounts receivable securitization facility. As of December 31, our total net leverage was 4.7 times, down from 5.4 times at the end of 2023 and well within our four to five times target range. We remain comfortable with our debt stack with our next maturity not until late 2026.

請翻到投影片 16 來了解我們的資產負債表的最新情況。承諾的流動資金接近 7 億美元，其中包括近 5,000 萬美元的現金、約 5 億美元的循環信貸可用資金以及 1.4 億美元的應收帳款證券化工具可用資金。截至 12 月 31 日，我們的總淨槓桿率為 4.7 倍，低於 2023 年底的 5.4 倍，遠低於我們 4 至 5 倍的目標範圍。我們對我們的債務狀況感到滿意，下一筆債務要到 2026 年底才會到期。

Turning now to our dividend. We announced today that our Board of Directors maintained a $0.30 cash dividend payable on March 31 to shareholders of record at the close of business on March 7. We spent approximately $8 million on acquisitions during the quarter, bringing our total for 2024 to just under $20 million. We also spent around $24 million in cash and non-cash consideration to buy the outstanding 49% non-controlling interest in one of our consolidated subsidiary joint ventures, increasing our total spend on adding assets to over $40 million.

現在談談我們的股息。我們今天宣布，董事會維持 3 月 31 日向 3 月 7 日營業結束時登記在冊的股東派發 0.30 美元的現金股利。本季度，我們花了約 800 萬美元用於收購，使我們 2024 年的總收購金額接近 2,000 萬美元。我們還花了約 2,400 萬美元的現金和非現金對價，購買了我們一家合併子公司合資企業中未償還的 49% 非控股權益，使我們在增加資產上的總支出增加到 4000 多萬美元。

Looking at our current acquisition pipeline, we expect our 2025 deal activity to remain at a similar level to those seen in the last couple of years. In closing, we accomplished a lot last year and are fully focused on delivering a great 2024.

從我們目前的收購管道來看，我們預計 2025 年的交易活動將保持與過去幾年類似的水平。最後，我們去年取得了許多成就，並全力以赴實現 2024 年的偉大目標。

With that, let me turn the call over to our Interim CEO, Nick Brien.

說完這些，請允許我將電話轉給我們的臨時執行長尼克布萊恩 (Nick Brien)。

Thank you, Matt. Before sharing some of my thoughts, I know this is where we traditionally provide quarterly guidance I will share our current thinking on the first quarter, which is that we expect quarter one revenues to be slightly up relative to last year with billboard flattish and transit up in the mid-single digits.

謝謝你，馬特。在分享我的一些想法之前，我知道這是我們傳統上提供季度指導的地方，我將分享我們目前對第一季度的想法，即我們預計第一季的收入將比去年略有上升，廣告牌收入持平，交通收入將增長中等個位數。

This guidance excludes Canada, that includes the headwind created by the exit of the New York MTA billboard contract in the fourth quarter of last year, which creates about a 2-point headwind to our billboard growth and about 1.5-point headwind to our total growth.

該指引不包括加拿大，其中包括去年第四季度退出紐約 MTA 廣告牌合約所造成的阻力，這對我們的廣告看板增長造成了約 2 個百分點的阻力，對我們的整體增長造成了約 1.5 個百分點的阻力。

Now I'd like to share some of my thoughts about OUTFRONT. In the two weeks since starting in the CEO role, we've had a smooth leadership transition. I've met a lot of talented people, and I've learned much about the company on a more detailed and operational level. What I see is a differentiated organization that is distinct from the pack and has significant additional potential to unlock.

現在我想分享一些關於OUTFRONT的想法。自擔任執行長以來的兩週內，我們的領導層過渡順利。我遇到了很多才華橫溢的人，並且對公司有了更詳細和更實際的了解。我看到的是一個與眾不同的組織，它具有巨大的額外潛力可以釋放。

Our focus on amplifying the impact of out-of-home, expanding our share of US ad spend, and accelerating our digital capabilities. I'm just getting started but see a very promising road ahead, building upon the strong foundations that Jeremy has created over the last 11 years. And with that, operator, let's now open the line for questions.

我們專注於擴大戶外廣告的影響力、擴大我們在美國廣告支出中的份額以及加速我們的數位化能力。我才剛開始，但看到前方的道路非常光明，這要歸功於傑里米在過去 11 年裡打下的堅實基礎。接線員，現在讓我們開始回答問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Jason Bazinet, Citi.

花旗銀行的 Jason Bazinet。

I just had a quick question, given the congestion tax in New York City and this work-from-home push or work - back to work push by some of the financial institutions. Are you seeing any sort of incremental interest among advertisers for the New York MTA contract or would you say that the tone is very similar to what it was last year?

我只是想問一個簡單的問題，考慮到紐約市的擁堵稅以及一些金融機構推動的在家工作或重返工作崗位的舉措。您是否發現廣告商對紐約 MTA 合約的興趣有所增加，或者您認為目前的氣氛與去年非常相似？

Hi, Jason, it's Matt. Thanks for the question. First, the congestion pricing, obviously controversial. We'll see where that goes. For us, the MTA was one of our drivers last year of revenue growth and EBITDA. I think revenue grew about 12% and so far, it's off to a pretty good start in the first quarter of 2025.

嗨，傑森，我是馬特。謝謝你的提問。首先，擁堵收費，顯然存在爭議。我們將拭目以待。對我們來說，MTA 是我們去年營收成長和 EBITDA 的驅動力之一。我認為營收成長了約 12%，到目前為止，2025 年第一季的開局相當不錯。

So, I'm not sure it's caused by congestion pricing or back-to-work or just the good work from our sales force and greater focus, but we're pleased with the last year and a half or so of performance there.

因此，我不確定這是由於擁堵收費或復工政策造成的，還是只是由於我們的銷售人員的出色工作和更大的關注度，但我們對過去一年半左右的表現感到滿意。

That's great. Thank you.

那太棒了。謝謝。

Thanks.

謝謝。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

Hi. Thanks. I guess, just first, when you're - what in your view was driving the softer than expected local ad growth in fourth quarter? Was that vertical-specific at all? Any color there would be helpful. And then second, for Nick, curious, as you've joined recently, what you're most excited about and what you see as the biggest opportunity at OUTFRONT in the near future? Thanks.

你好。謝謝。我想，首先，您認為是什麼原因導致第四季本地廣告成長低於預期？這是否與垂直產業有關？任何顏色都會有幫助。第二，對尼克來說，我很好奇，由於您最近才加入，您最興奮的是什麼？您認為 OUTFRONT 在不久的將來最大的機會是什麼？謝謝。

Sure, Cam, I'll get you the soft ad growth. Locally, we had very, very solid comps back in '23. So, we're lapping that thinking certainly getting more focused and picking up and plus there is some macro uncertainty in the environment around post-election and things and that's probably impacting some of our midsized business customers, but we see a better pacing in the second half of this year. Obviously, the numbers are smaller still, but we do see a pickup, you can see that from our AFFO guide.

當然，Cam，我會幫你實現軟廣告成長。在當地，我們在 23 年就擁有非常非常穩固的表現。因此，我們正在考慮這種想法，當然會更加專注並加快步伐，再加上選舉後的環境存在一些宏觀不確定性，這可能會影響我們的一些中型企業客戶，但我們認為今年下半年的節奏會更好。顯然，數字仍然較小，但我們確實看到了回升，您可以從我們的 AFFO 指南中看到這一點。

With that, I'll pass it to Nick for what he's excited about.

有了它，我會把它傳遞給尼克，讓他知道他對此感到興奮。

Yeah, I think that - it's a great question because there is, as I've now, as I said, sort of got more involved in the depth of the resources, it just gives me that confidence that while our portfolio has always been focused and has built around the top 25 DMAs, our portfolio strength is very much supported by the strength of our internal creative resources and we're discovering an excellent creative agency, that's fully available and active across so many of our most significant brands, supported by a digital innovation lab that's really offering those significant brand advertisers who really are seeking to find a way to be very progressive in their digital marketing that offers them to integrate the digital out-of-home within the overall campaigns.

是的，我認為這是一個很好的問題，因為正如我所說的，我現在更多地參與了資源的深度，它給了我信心，雖然我們的投資組合一直集中並圍繞前 25 個 DMA構建，但我們投資組合的實力很大程度上是由我們內部創意資源的實力支持的，我們正在尋找一個優秀的創意機構，它可以在我們許多最重要的品牌中充分發揮作用並積極參與，並得到數位創新實驗室的支持，該實驗室真正為那些真正尋求在數位行銷中取得進步的重要品牌廣告商提供服務，使他們能夠將戶外數位廣告整合到整體行銷活動中。

And I started to see which are datasets that enables us to really be active on a full funnel basis. I mean, the out-of-home industry has always been famous and recognized with brand-building prowess, the ability to really build fame and familiarity for some of the biggest brands in the world. And we have Apple and Netflix and HBO and Louis Vuitton. And those brands they care about the brand, they also care about performance.

我開始了解哪些資料集能夠讓我們真正在整個頻道上活躍起來。我的意思是，戶外產業一直以其品牌建立實力而聞名，能夠為世界上一些最大的品牌真正建立知名度和熟悉度。我們還有蘋果、Netflix、HBO 和路易威登。他們關心品牌，也關心性能。

And ensuring that now we're leveraging our richest datasets and especially in the digital out-of-home space and in those strengths in format like transit, it just gives me greater confidence that we can be that full funnel performance capability from awareness to consideration to transaction, and how we continue to kind of build on that.

確保我們現在利用最豐富的數據集，特別是在數位戶外空間和交通等形式的優勢，這讓我更加有信心，我們可以實現從意識到考慮到交易的全通路績效能力，以及我們如何繼續在此基礎上發展。

And that excites me greatly because it's obviously extremely necessary for those significant marketers who want to maintain the strength of the brand and deliver performance results.

這讓我非常興奮，因為對於那些想要維持品牌實力並取得績效成果的重要行銷人員來說，這顯然是極為必要的。

I hope that answers your question.

我希望這能回答你的問題。

It does. Thank you.

確實如此。謝謝。

Daniel Osley, Wells Fargo.

富國銀行的丹尼爾·奧斯利。

Hi, thanks. So, your peers have reported seeing some choppiness in national ads growth, but your results would suggest that you aren't seeing the same. So, can you speak in more detail on what's driving the strength that you're seeing in national and what your expectation is moving forward?

你好，謝謝。因此，您的同業報告稱全國廣告成長有些波動，但您的結果卻表明情況並非如此。那麼，您能否更詳細地談談推動國家實力增強的因素以及您對未來的期望？

And then you gave us your expectations for Q1, but how should we think about revenue growth for the remainder of the year? And what are some of the major puts and takes that we should consider? Thank you.

然後您給了我們對第一季的預期，但我們應該如何看待今年剩餘時間的營收成長？我們應該考慮哪些主要因素？謝謝。

Thanks, Daniel. So, obviously, I can't comment on what our peers are seeing. We're seeing - we think pretty good national performance and picking-up as we go through the quarter. We have - we give guidance for - we have different DMAs in our markets. We have a strong Super Bowl.

謝謝，丹尼爾。因此，顯然我無法評論我們的同行所看到的情況。我們看到——我們認為全國表現相當不錯，隨著本季度的推進，情況會有所改善。我們有 - 我們為 - 我們的市場有不同的 DMA 提供指導。我們有一個強大的超級碗。

In New Orleans, it helps our national business, national performing well in transit and the MTA. So that's, I think all contributing to us that may not be helping our competitors or our peers as much.

在新奧爾良，它有助於我們的國家商業、國家交通和 MTA 的良好表現。所以，我認為所有對我們的貢獻可能對我們的競爭對手或同行的幫助並不大。

As far as the rest of the year, I mentioned, we see better pacing as we go through the year. Obviously, the back half of the year is still slower numbers, but we see a better visibility. We don't like to give full-year revenue guidance as you can take from our AFFO guide that we do think we have better quarters in the first quarter in front of us.

至於今年剩餘時間的情況，正如我所提到的，隨著時間的流逝，我們的節奏會越來越好。顯然，下半年的數字仍然較慢，但我們看到了更好的可見度。我們不想提供全年收入指導，因為您可以從我們的 AFFO 指南中得知，我們確實認為第一季的業績會更好。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎 (Lance Vitanza)，考恩 (Cowen) TD。

Hi. Thanks for taking the question. And Nick, I guess, this one is for you. I'm just wondering the timing of your sort of stepping in as Interim CEO is a little bit unexpected. I know that obviously the - Jeremy's retirement was announced earlier and it seemed like there was going to be a process that was going to run. I'm just wondering if you could update us on, if there is a process ongoing, I believe you're still the Interim CEO, if I got that right. So could you update us on where things stand in terms of that process and how we should think about the transition period?

你好。感謝您回答這個問題。尼克，我想，這個是給你的。我只是想知道您擔任臨時執行長的時機是否有點出乎意料。我知道，傑里米的退休消息顯然是早些時候宣布的，而且似乎會有一個流程要運行。我只是想知道您是否可以向我們通報最新情況，如果有一個正在進行的流程，我相信您仍然是臨時首席執行官，如果我沒記錯的話。那麼，您能否向我們介紹一下這一進程的進展以及我們應該如何看待過渡期？

Yeah, the - well, to confirm, I mean, we did say the Board of Directors said there will be a process underway. There has been a subcommittee of the Board formed, and that formal search process is underway. And I've been with the company on the Board for a considerable period of time. I'm an industry veteran more on the buy-side than the sell-side having running many significant agency groups at the global level.

是的，嗯，為了確認，我的意思是，我們確實說過董事會表示將會有一個流程正在進行中。董事會已成立一個小組委員會，正式的搜索程序正在進行中。我在公司董事會任職已經相當長一段時間了。我是一名行業資深人士，在買方方面比在賣方方面更有經驗，曾在全球範圍內管理過許多重要的代理商集團。

And Jeremy and I, we discussed that the process, so it can take some time. You can't always predict exactly the nature of that, and the opportunity was to ensure that the company has the sort of broadest level of expertise, let's say, and resource and experience that if we were doing that together during the period of the time that the search was ongoing. So that's my responsibility and that's my involvement while the subcommittee of the Board continues working with one of the world's leading recruitment firms to follow the search.

傑里米和我討論了這個過程，所以它可能需要一些時間。你無法總是準確預測其性質，而機會在於確保公司擁有最廣泛的專業知識，比如說，資源和經驗，如果我們在搜索期間一起做這些事情的話。這是我的責任，也是我的參與，同時董事會小組委員會將繼續與世界領先的招聘公司之一合作，跟進搜尋工作。

So, it's going on and we just felt for a number of different reasons with a rapidly changing industry. And you can see the consolidation of the holding companies occurring and the continued dominance of the tech giants that why wouldn't I had some time and availability and excitement and enthusiasm for the business, which I've always had, to work together with Jeremy during this period. So that's what we're doing.

所以，這種情況正在發生，我們只是出於多種不同的原因感受到這個產業正在快速改變。您可以看到控股公司正在進行整合，科技巨頭繼續佔據主導地位，那麼為什麼我沒有時間和精力，對業務充滿興奮和熱情呢？我一直都有這種熱情，可以和傑瑞米一起在這段時間一起工作。這就是我們正在做的事情。

Very good, thank you so much.

非常好，非常感謝。

Okay, thank you.

好的，謝謝。

The next question comes from the line of Ian Zaffino with Oppenheimer, you may proceed.

下一個問題來自奧本海默的伊恩·扎菲諾 (Ian Zaffino)，你可以繼續前進。

Hi, good afternoon. This is Isaac Sellhausen on for Ian. Thanks for taking the question. Just a few questions on the transit business. If you could provide some color on what drove the strength in transit OIBDA from the quarter is part of that strength because of the non-renewal of the loss-making contract previously? And then secondly, I know you mentioned the expectations for growth in transit in Q1. So just wanted to better understand what you anticipate for growth more generally at the MTA or other transit markets this year? Thanks.

嗨，下午好。這是 Ian 的 Isaac Sellhausen。感謝您回答這個問題。我只想問幾個關於運輸業務的問題。您能否解釋本季運輸 OIBDA 表現強勁的原因？是否是因為之前沒有續約虧損合約？其次，我知道您提到了對第一季運輸成長的預期。所以只是想更了解您對今年 MTA 或其他交通市場整體成長的預期？謝謝。

Isaac, for us, as transit goes, the MTA drives strength in the fourth quarter. It came from the MTA, strong national has been performing very well in all transit, specialty MTA. Remember in the fourth quarter, MTA always turns to profitability because we straight line the expenses throughout the year and the fourth quarter is the biggest revenue driver.

艾薩克，對我們來說，就交通運輸而言，MTA 在第四季度表現強勁。它來自 MTA，強大的國家在所有運輸、專業 MTA 中表現非常出色。請記住，在第四季度，MTA 總是轉向盈利，因為我們全年直線支出，而第四季度是最大的收入驅動力。

But I would say, yes, just a good performance, MTA, very large and that, as I mentioned, that's continuing in the first quarter. We haven't watched any material contracts. We haven't added anything material with the portfolio is performing better than throughout 2024 and into 2025 than it did in 2023, certainly.

但我想說，是的，MTA 的表現很好，規模很大，正如我所提到的，這種情況將在第一季繼續下去。我們還沒有關注任何重大合約。我們還沒有添加任何實質內容，但投資組合在 2024 年全年和 2025 年的表現肯定比 2023 年好。

Okay. Understood. Thank you.

好的。明白了。謝謝。

Thanks, Isaac.

謝謝，艾薩克。

Patrick Scholl, Barrington Research.

巴林頓研究公司的 Patrick Scholl。

Hi. Good afternoon. I was just wondering if you could provide a little bit more detail on the pricing - the strength in pricing that you mentioned earlier? And then just on another question on the transit side, if you could provide an update on like where audience, I guess, where ridership is across the portfolio of contracts and how that stands with the various adjustments to like the minimum guarantees on some of the contracts and any sort of yes, just based on the minimal guarantees and I guess, the potential pressure on triggering some of those?

你好。午安.我只是想知道您是否可以提供一些有關定價的更多細節——您之前提到的定價優勢？然後關於交通方面的另一個問題，您是否可以提供最新信息，例如受眾在哪裡，我猜，合約組合中的乘客量在哪裡，以及這與某些合約的最低保證等各種調整的情況如何，是的，只是基於最低保證，我猜，觸發其中一些合約的潛在壓力是多少？

Okay. Just - first on pricing, most of our yield growth was driven from pricing. So that's a good sign for us in this - in the current environment. On transit ridership, I think throughout 2024, the MTA ridership was around 70% of where it was, and in 2019 it seems to be melting up, maybe it's from congestion pricing, maybe it's from back-to-work, maybe it's just people are tired of taking Ubers or taxis, I think in January, it was about 73%.

好的。首先是定價，我們的大部分收益成長都是由定價推動的。所以在當前環境下這對我們來說是一個好兆頭。關於公共交通客流量，我認為在整個 2024 年，MTA 的客流量大約是原來的 70%，而在 2019 年，這一數字似乎正在下降，可能是由於擁堵收費，可能是由於復工，也可能只是因為人們厭倦了乘坐 Uber 或出租車，我認為 1 月份的客流量大約是 73%。

So the - not back to where it was certainly, but directionally good. And then just your performance that transit as a better product than it's had in the past, it's more and more digital. All of our big franchises are digital. And I think that's benefiting transit as well. Other things on ridership, MTA, I mentioned it's our biggest - it's our closest recovering ridership to 2019.

所以 - 雖然沒有回到原來的位置，但方向是好的。然後，您的產品性能將比過去的產品更好，而且越來越數位化。我們所有的大型特許經營權都是數位化的。我認為這對交通運輸也有好處。關於乘客人數的其他事情，MTA，我提到這是我們最大的 - 這是我們最接近 2019 年的乘客人數恢復。

Some of the other franchises, DC, Boston, San Francisco are behind New York in their ridership recovery. Obviously, we watch them closely. But we're very pleased with the New York performance.

其他一些城市，如華盛頓特區、波士頓、舊金山，其客流量恢復情況都落後紐約。顯然，我們密切關注著他們。但我們對紐約的表現非常滿意。

Okay. Thank you.

好的。謝謝。

Thanks, Pat.

謝謝，帕特。

There are currently no questions registered. (Operator Instructions) There are no additional questions waiting at this time. I would like to pass the conference back for any closing remarks.

目前沒有登記任何問題。（操作員指示）目前沒有其他問題。我希望將會議交還給各位，以便大家發表結束語。

So, Jeremy speaking, thanks very much for joining us today. Before signing off what Stephan has informed me is my 43rd public earnings call for OUTFRONT. I wanted to quickly thank all of you for your interest in OUTFRONT and indeed the out-of-home industry over the years. I've thoroughly enjoyed the engagement with the investment community over that time and I look forward to our paths potentially crossing again in the future.

我是傑里米，非常感謝您今天加入我們。在簽署 Stephan 告知我的聲明之前，這是我為 OUTFRONT 舉行的第 43 次公開收益電話會議。我想很快感謝大家多年來對 OUTFRONT 以及戶外產業的關注。我非常享受那段時間與投資界的合作，並期待我們將來有可能再次相遇。

With that said, I know that Matt, Nick, and Stephan, looks forward to presenting Q1 results to you in May and I'm extremely excited for the future trajectory of OUTFRONT. Thank you very much.

話雖如此，我知道 Matt、Nick 和 Stephan 期待在 5 月向您展示第一季業績，我對 OUTFRONT 的未來發展軌跡感到非常興奮。非常感謝。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您今天過得愉快。