OUTFRONT Media Inc (OUT) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to the OUTFRONT Media first quarter 2025 earnings call. My name is Carla, and I will be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 OUTFRONT Media 2025 年第一季財報電話會議。我叫卡拉，今天我將負責協調您的通話。（操作員指示）

I will now like to hand you over to Stephan Bisson to begin. Stephan, please go ahead when you're ready.

現在我想把時間交給 Stephan Bisson 來開始。史蒂芬，當你準備好了，請繼續。

Good afternoon and thank you for joining our 2025 first quarter earnings call. With me on the call today are Nick Brien and Matthew Siegel. After discussion of our financial results, we will open the lines for question and answer session.

下午好，感謝您參加我們的 2025 年第一季財報電話會議。今天與我一起通話的還有 Nick Brien 和 Matthew Siegel。討論完我們的財務結果後，我們將開放問答環節。

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 is concluded, an audio archived replay will be available there as well.

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，還將提供音訊存檔重播。

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 2024 Form 10-K as well as our Q1 2025 Form 10-Q, which we expect to file tomorrow.

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，包括我們預計明天提交的 2024 年 10-K 表格以及 2025 年第一季 10-Q 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 turn the call over to Nick.

說完這些，讓我把電話轉給尼克。

Thanks, Stephan, and good afternoon, everyone. Before getting into the numbers, I'd like to share some thoughts on my first few months in the executive role at OUTFRONT and some of the plans we have started to put into action.

謝謝，史蒂芬，大家下午好。在談到數字之前，我想分享一下我在 OUTFRONT 擔任高階主管職位的頭幾個月的一些想法，以及我們已經開始實施的一些計劃。

The biggest and most important thing I've learned since stepping in to lead OUTFRONT is that this company is built on extremely strong foundations to drive positive business outcomes for our clients. Over the past 10 weeks, I've talked with most agency -- major agency partners and the trade industry organizations as well as met with many important advertisers and OUTFRONT employees across the U.S.

自從接任領導 OUTFRONT 以來，我學到的最重要的事情就是，這家公司建立在極其堅實的基礎之上，能夠為我們的客戶帶來積極的業務成果。在過去的 10 周里，我與大多數​​代理商——主要的代理商合作夥伴和貿易行業組織進行了交談，並會見了美國各地的許多重要廣告商和 OUTFRONT 員工。

Our continued growth, whether at a national, regional, or local level, will be determined by our ability to innovate, build leading brands, and drive sales for our customers.

無論在國家、地區或地方層面，我們的持續成長都取決於我們創新、打造領先品牌和推動客戶銷售的能力。

To ensure that our company continues to strengthen our foundations, we are focusing as a management team on four strategic imperatives. First, we're focused on optimizing our sales strategies and ways of working. Second, we continue to modernize our workflow and processes. Third, we're focused on driving new demand from non-out-of-home advertisers in high-spending industry categories. And finally, we are demanding the highest standards of operational excellence across the organization.

為了確保公司繼續鞏固基礎，我們管理團隊專注於四項策略要務。首先，我們專注於優化銷售策略和工作方式。其次，我們持續實現工作流程和流程的現代化。第三，我們專注於推動高支出產業類別中非戶外廣告商的新需求。最後，我們要求整個組織達到最高的卓越營運標準。

As I mentioned on the last call, I remain convinced there is significant potential to unlock within the company, and we have started on a path to deliver on these objectives.

正如我在上次電話會議上提到的，我仍然相信公司內部還有巨大的潛力可以釋放，而且我們已經開始走上實現這些目標的道路。

Now turning to our quarter 1 results, the headline numbers of which you can see on Slide 3. Organic revenues grew slightly, broadly in line with our guidance that we provided in February, while OIBDA was $64 million and AFFO was $24 million.

現在來看看我們第一季的業績，您可以在投影片 3 上看到主要數字。有機收入略有成長，與我們 2 月提供的指導基本一致，而 OIBDA 為 6,400 萬美元，AFFO 為 2,400 萬美元。

Slide 4 shows our segment results. Billboard revenues, which includes a 2 percentage point headwind from the exit of a large marginally profitable New York billboard contract late last year were down 1%. Transit grew 2.6% with strong growth in the New York MTA being offset by weakness at other franchises, particularly LA buses. Other revenues, which now principally consists of low-margin digital equipment sales grew by about $2 million.

幻燈片 4 展示了我們的細分結果。廣告看板收入下降了 1%，其中包括去年年底因退出紐約一份利潤微薄的大型廣告看板合約而受到的 2 個百分點的不利影響。公車成長了 2.6%，紐約大都會運輸署 (MTA) 的強勁成長被其他特許經營權（尤其是洛杉磯公車）的疲軟所抵消。其他收入目前主要包括低利潤的數位設備銷售，成長了約 200 萬美元。

Slide 5 shows our detailed Billboard revenue. The 1% decline was primarily due to previously mentioned New York contract exit, the revenues and the expenses of which are still included in our reported 2024 financial statements. Digital Billboard revenues were up 5.4%, while static revenues were down about 3.5%. I'd like to quickly shout out the South, which was our strongest Billboard region.

投影片 5 顯示了我們詳細的廣告看板收入。1% 的下降主要是由於前面提到的紐約合約退出，其收入和支出仍包含在我們報告的 2024 年財務報表中。數位廣告看板收入成長了 5.4%，而靜態收入下降了約 3.5%。我想快速地大聲喊出南方，這是我們最強大的告示牌地區。

Slide 6 shows our detailed transit revenue. The 3% top line growth was driven by nearly 11% growth in our digital revenues, which were partially offset by a 3.4% decline in our static revenues. The New York MTA outpaced the consolidated transit growth rate, growing by about 10% during the quarter. On a consolidated revenue basis, our stronger categories during the quarter were legal, utilities, and financial. The weaker categories during the quarter were health and medical, government and political, and CPG.

幻燈片 6 顯示了我們的詳細交通收入。3% 的營收成長是由我們數位收入近 11% 的成長推動的，但這部分成長被我們靜態收入 3.4% 的下降所抵消。紐約大都會運輸署 (MTA) 的客運量成長率超過了綜合客運成長率，本季成長了約 10%。從合併收入來看，本季我們表現較強的類別是法律、公用事業和金融。本季表現較弱的類別是衛生和醫療、政府和政治以及快速消費品。

Slide 7 shows our combined digital revenue performance, which grew almost 7% in the quarter and represented nearly 33% of total organic revenues, up from about 31% last year. Programmatic and digital direct automated sales were up nearly 20% during the period and represented 16% of total digital revenues, up from 14.5% in the same period last year.

幻燈片 7 展示了我們的綜合數位收入表現，本季成長了近 7%，佔總有機收入的近 33%，高於去年的 31% 左右。程序化和數位直銷自動化銷售額在此期間成長了近 20%，佔數位總收入的 16%，高於去年同期的 14.5%。

The breakdown of local and national revenues can be seen on Slide 8. Local was down 3% year on year during the quarter with growth in New York City transit being more than offset by weakness in Billboard. National grew 4% during the first quarter, driven by improved creative efforts on advertising sales, specifically around the Super Bowl.

地方和國家收入的明細可以在幻燈片 8 中看到。本季度，本地廣告收入年減 3%，紐約市交通運輸的成長被廣告看板的疲軟所抵銷。全國廣告第一季成長了 4%，這得益於廣告銷售創意的提升，尤其是在超級盃期間。

Slide 9 shows our solid Billboard yield growth, which was up about 2% year on year to over $2,600 per month. The drivers of this were digital yield growth and our continued digital conversions, increasing our percentage of inventory that is now digitized.

投影片 9 顯示了我們穩健的廣告看板收益成長，年增約 2%，達到每月 2,600 美元以上。推動這一趨勢的因素包括數位收益成長和我們持續的數位化轉換，從而增加了我們目前數位化庫存的百分比。

With only about 5% of our total billboard inventory digital and the accelerated growth in automatic revenues that I described earlier, we see significant room for continued growth. Summing up revenue, quarter 1 was broadly in line with our expectations despite an uncertain economic climate.

由於我們的廣告看板庫存中只有約 5% 是數位廣告，而且正如我之前所述，自動收入正在加速增長，因此，我們看到了持續增長的巨大空間。總結收入，儘管經濟環境不確定，但第一季的收入基本上符合我們的預期。

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, Nick, and good afternoon, everybody. For a deeper dive into our financial statements, please turn to Slide 10 for a more detailed look at our Billboard expenses. In total, Billboard expenses were down just over $5 million or 2.4% year over year. This decline includes an approximate 200 basis point impact from the exit of the large marginally profitable Billboard contract late last year that Nick mentioned earlier.

謝謝，尼克，大家下午好。如需深入了解我們的財務報表，請翻到投影片 10，詳細了解我們的廣告看板費用。總體而言，Billboard 的支出較去年同期下降了 500 多萬美元，降幅為 2.4%。這一下降包括 Nick 先前提到的去年年底退出邊際利潤較大的 Billboard 合約所帶來的約 200 個基點的影響。

Zooming in on billboard lease costs, these were down over $6 million or about 6% due primarily to that billboard portfolio exit and also lower payments on revenue share leases. Posting, maintenance, and other expenses were down about $1 million or 2.5% due to lower maintenance and utilities costs and lower posting and rotation costs, partially offset by higher compensation-related expenses.

就廣告看板租賃成本而言，該成本下降了 600 多萬美元，約 6%，這主要是由於廣告看板組合退出以及收入分成租賃費用降低。由於維護和公用事業成本降低以及派遣和輪調成本降低，派遣、維護和其他費用下降了約 100 萬美元或 2.5%，但薪酬相關費用的增加部分抵消了這一下降。

SG&A expenses rose about $2 million or 3.2% due to higher compensation-related expenses, including salaries and commissions, and a higher allowance for bad debt. This $5 million improvement in total Billboard expenses, combined with a small decline in Billboard revenues as Nick described earlier, led to Billboard adjusted OIBDA rising about $2 million or 2%.

由於薪酬相關費用（包括工資和佣金）增加以及壞帳準備金增加，銷售、一般和行政費用增加了約 200 萬美元，即 3.2%。正如尼克之前所述，Billboard 總支出改善了 500 萬美元，再加上 Billboard 收入略有下降，導致 Billboard 調整後的 OIBDA 上漲了約 200 萬美元，即 2%。

We are pleased to see Billboard adjusted OIBDA margin increase again this time by 100 basis points year-over-year to 31.9%, helped by recent portfolio management efforts. Before moving to transit, I'd like to talk about another Billboard portfolio we will be exiting in the middle of the second quarter.

我們很高興看到，由於近期的投資組合管理工作，Billboard 調整後的 OIBDA 利潤率再次年增 100 個基點，達到 31.9%。在轉向交通運輸之前，我想談談我們將在第二季中期退出的另一個 Billboard 投資組合。

As we described last year, we are focusing on improving or exiting contracts with limited financial benefit to OUTFRONT and its shareholders. Consistent with that philosophy, we will be exiting another large, but marginally profitable Billboard contract, this one in Los Angeles.

正如我們去年所描述的，我們正專注於改善或退出對 OUTFRONT 及其股東而言財務利益有限的合約。根據這個理念，我們將退出另一份規模較大但利潤微薄的公告牌合同，這份合約位於洛杉磯。

We expect this exit on its own will pose a 200 basis point run rate impact to Billboard revenue growth until we lap it next year. Given this contract was only marginally profitable, we expect a very limited impact on adjusted OIBDA and AFFO.

我們預計，此次退出本身將對 Billboard 營收成長產生 200 個基點的運行率影響，直到明年我們將其超越。鑑於該合約僅帶來微薄的利潤，我們預計對調整後的 OIBDA 和 AFFO 的影響非常有限。

Now turning to Transit on Slide 11. In total, transit expenses were up almost $1 million or 1% year over year. Transit franchise expense was flat as the annual inflation adjustment to the MAG for the MTA contract was offset by lower variable payments to other franchises.

現在轉到投影片 11 上的 Transit。總體而言，運輸費用比去年同期增加了近 100 萬美元，即 1%。交通特許經營費用持平，因為 MTA 合約的 MAG 年度通貨膨脹調整被其他特許經營權的較低浮動付款所抵消。

Posting, maintenance and other expenses were up $0.5 million or about 3% due primarily to higher maintenance and utilities costs. SG&A expenses were up 2.4%, primarily due to higher allowance for bad debt.

發布、維護和其他費用增加了 50 萬美元，約 3%，主要原因是維護和公用事業成本增加。銷售、一般及行政費用 (SG&A) 上漲 2.4%，主要原因是壞帳準備增加。

The 1% increase in total transit expenses, combined with the nearly 3% transit revenue growth described earlier, with the transit adjusted OIBDA improving by about $1 million during the quarter. Since we still expect full year revenue to result in us paying the MAG in New York, we've straight-lined our minimum guarantee payments throughout the year.

總交通費用增加 1%，加上前面描述的近 3% 的交通收入成長，本季交通調整後的 OIBDA 增加了約 100 萬美元。由於我們仍然預計全年收入將導致我們向紐約支付 MAG，因此我們全年都直接支付最低保證金。

And given the seasonal nature of our revenue, this leads to the unevenness of our transit OIBDA. We continue to expect that full year transit OIBDA will be positive.

並且考慮到我們收入的季節性，這導致了我們的過境 OIBDA 不均衡。我們繼續預計全年交通運輸 OIBDA 將為正值。

Slide 12 shows the company's combined billboard transit and corporate adjusted OIBDA in the first quarter. We consider this an important measure given these represent essentially the entire company. Corporate expense rose by about $5 million, nearly entirely due to management severance payments and executive search fees.

投影片 12 顯示了該公司第一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措施，因為這些基本上代表了整個公司。公司費用增加了約 500 萬美元，幾乎全部是由於管理層遣散費和高階主管搜尋費用。

Combined with the billboard and transit OIBDA, I covered earlier, consolidated adjusted OIBDA totaled about $64 million, a 3% decline versus the prior year. Excluding the $5 million of severance costs and executive search fees I just noted, adjusted OIBDA would have been up a few million dollars. Along with recent management changes, we are looking for additional ways to be more cost efficient as an organization.

加上我之前提到的廣告看板和交通 OIBDA，合併調整後的 OIBDA 總額約為 6,400 萬美元，比前一年下降了 3%。除去我剛才提到的 500 萬美元遣散費和高階主管搜尋費，調整後的 OIBDA 將增加數百萬美元。隨著最近的管理變革，我們正在尋找其他方法來提高組織的成本效益。

Turning to capital expenditures on Slide 13. Q1 CapEx spend was $17 million, including about $6 million of maintenance spend. For 2025, we still expect to spend approximately $85 million of CapEx and also still expect $35 million of this total for maintenance.

轉向幻燈片 13 上的資本支出。Q1 資本支出為 1,700 萬美元，其中包括約 600 萬美元的維護支出。到 2025 年，我們仍預計花費約 8,500 萬美元的資本支出，其中 3,500 萬美元用於維護。

Looking at AFFO on Slide 14, you can see the bridge to our Q1 AFFO of $24 million. The improvement is principally driven by higher Billboard and Transit OIBDA and lower interest expense caused by lower debt balance following the sale of our Canadian business. These benefits were partially offset by higher corporate expense, much of which was due to unusual items such as severance.

查看幻燈片 14 上的 AFFO，您可以看到我們第一季 AFFO 的橋樑為 2400 萬美元。這項改善主要得益於廣告看板和交通 OIBDA 的提高，以及出售加拿大業務後債務餘額降低所導致的利息支出的降低。這些福利被更高的公司費用部分抵消，其中很大一部分是由於遣散費等不尋常的項目。

For the full year, while the economic environment remains uncertain, we are not seeing any -- we're not seeing cancellations or other indications that a recession is likely and continue to expect reported 2025 consolidated AFFO will grow in the mid-single-digit range.

就全年而言，雖然經濟環境仍然不確定，但我們沒有看到任何——我們沒有看到取消或其他可能出現經濟衰退的跡象，並繼續預計報告的 2025 年合併 AFFO 將以中等個位數增長。

Please turn to Slide 15 for an update on our balance sheet. Committed liquidity is over $600 million, including about $30 million of cash, around $500 million available by our revolver, and $100 million available by our accounts receivable securitization facility.

請翻到投影片 15 來了解我們的資產負債表的最新情況。承諾的流動資金超過 6 億美元，其中包括約 3,000 萬美元的現金、約 5 億美元的循環信貸額度以及 1 億美元的應收帳款證券化工具。

As of December 31, our total net leverage was 4.8 times, within our 4 to 5 times target range. Our next maturity is a $400 million term loan in late 2026, and we intend to refinance that later this year. Turning to our dividend, we announced today that our Board of Directors maintained a $0.30 cash dividend payable on June 30 to shareholders of record at the close of business on June 6.

截至12月31日，我們的總淨槓桿比率為4.8倍，位於我們4至5倍的目標範圍內。我們的下一筆到期貸款是 2026 年底的 4 億美元定期貸款，我們打算在今年稍後進行再融資。談到我們的股息，我們今天宣布，董事會維持 0.30 美元的現金股息，於 6 月 30 日支付給 6 月 6 日營業結束時登記在冊的股東。

We spent approximately $6 million on acquisitions during the quarter. And looking at our current acquisition pipeline, we continue to expect our 2025 deal activity to be focused on opportunistic tuck-ins and remain at a similar level to those seen in the last couple of years.

本季我們花費了大約 600 萬美元進行收購。從我們目前的收購管道來看，我們仍然預計 2025 年的交易活動將集中在機會性收購上，並保持與過去幾年類似的水平。

With that, let me turn the call back over to Nick.

說完這些，讓我把電話轉回給尼克。

Thank you, Matt. While significant uncertainty has been injected into the market because of the fluctuating economic policy announcements, from where we sit today, we expect that second quarter revenues will look similar to the first quarter, perhaps a bit better, with Billboard flattish to slightly down and Transit up low to mid-single digits.

謝謝你，馬特。雖然由於經濟政策公告的波動給市場注入了很大的不確定性，但從目前的情況來看，我們預計第二季度的收入將與第一季相似，甚至可能更好一些，其中Billboard收入將持平或略有下降，而Transit收入將上漲低至個位數。

Notably, our quarter 2 guidance includes the revenue headwinds created by the exits of the two large Billboard contracts. But as Matt just noted, these exits will have little to no impact on our OIBDA or AFFO. Encouragingly, the top line in the second half is currently pacing better than the first.

值得注意的是，我們的第二季指引包括了兩份大型 Billboard 合約退出所帶來的收入阻力。但正如馬特剛才指出的那樣，這些退出對我們的 OIBDA 或 AFFO 幾乎沒有影響。令人鼓舞的是，下半年的營收成長速度目前比上半年更好。

To close, I'd like to share some of the comments I recently made at the OAAA conference earlier this week in Boston. Today's marketing industry prioritizes digital media for measurable performance outcomes. This demands that we accelerate our digital-first strategy to enable first-party data integrations, leverage our partnerships with the leading ad tech platforms to deliver dynamic content to target custom audience segments in the most efficient way possible.

最後，我想分享一下我本週早些時候在波士頓舉行的 OAAA 會議上發表的一些評論。當今的行銷產業優先考慮數位媒體以獲得可衡量的績效成果。這要求我們加快數位優先策略，實現第一方數據集成，利用與領先廣告技術平台的合作夥伴關係，以最有效的方式向目標客製化受眾群體提供動態內容。

This campaign activation strategy will ensure that we deliver the most effective digital out-of-home campaigns with a proven ROI advertisers are demanding. This in turn will allow the entire out-of-home industry to fortify its position in an increasingly digital advertising future.

此活動啟動策略將確保我們進行最有效的數位戶外廣告活動，並獲得廣告主所要求的經過驗證的投資報酬率。這反過來將使整個戶外廣告產業在日益數位化的廣告未來中鞏固其地位。

With that, operator, let's now open up the lines for questions.

接線員，現在讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Daniel Osley, Wells Fargo.

富國銀行的丹尼爾·奧斯利。

Given the broader concerns on the macro, can you give us a general sense of what percentage of your ad categories are goods versus services? And then also, in the current environment, would you expect local or national advertisers to be more resilient? I think this is the second quarter in a row where local has underperformed.

考慮到宏觀的廣泛關注，您能否大致告訴我們，您的廣告類別中商品和服務的比例是多少？另外，在當前環境下，您是否認為本地或全國廣告商會更具彈性？我認為這是本地表現連續第二季不佳。

I think when -- thank you, Daniel. The question is one that we have been asking our sales organization on a very frequent basis. So we're looking at it nationally, regionally, and locally. And when it comes to the tariff and the implications of what that is representing either in cuts or postponement, we've actually seen it really in the range of postponements.

我想當——謝謝你，丹尼爾。我們經常向我們的銷售部門詢問這個問題。因此，我們從國家、地區和地方的角度來看這個問題。當談到關稅以及其對削減或推遲的影響時，我們實際上已經看到它確實處於推遲的範圍內。

And we've seen that with automotive, some government and political, a brief amount of fashion and retail, and tourism and CPG. They have not had any significant reductions, and we're mostly services. So I hope that gives you a sense.

我們在汽車、政府和政治、時尚和零售、旅遊和快速消費品領域都看到了這一點。他們沒有做出任何顯著的削減，而我們主要提供的是服務。我希望這能給你一些啟發。

Cameron McVeigh, Morgan Stanley.

摩根士丹利的卡梅倫·麥克維。

I noticed a picture of your Billboards in L.A. on the first slide of the deck. And curious, any more color on how spend in L.A. and in particular, media and entertainment-related spend is trending. And I was curious if the exit of the L.A. contract is related to the fire.

我注意到簡報的第一張幻燈片上有一張您在洛杉磯的廣告看板的照片。我很好奇，是否想了解更多關於洛杉磯的消費趨勢，特別是與媒體和娛樂相關的消費趨勢？我很好奇洛杉磯合約的退出是否與火災有關。

I think, Cameron, thank you for the question. Clearly, entertainment, the media and entertainment category is extremely important for us in L.A. And as Matt outlined on our last call, we're going to ensure that we're as creative and innovative as we can about representing the broadest range of our inventory, whether it be transit, static, or digital to ensure we satisfy the best opportunities.

我想，卡梅倫，謝謝你的提問。顯然，娛樂、媒體和娛樂類別對我們洛杉磯來說極為重要。正如馬特在上次電話會議上所概述的那樣，我們將確保我們盡可能富有創造力和創新性，以代表我們最廣泛的庫存範圍，無論是運輸、靜態還是​​數字，以確保我們滿足最佳機會。

What we are not going to continue doing is to ensure that because of one individual category, we're going to be focused on leases -- lease arrangements and contracts -- that we don't consider to be profitable over the longer term.

我們不會繼續做的是，確保由於一個單獨的類別，我們將專注於租賃 - 租賃安排和合約 - 我們認為從長遠來看不會盈利。

What we've also not seen is that this is an individual category is fire related. We've had a lot -- I was just asking the LA team this. We've had a lot on the genre that had actually been more hollow related for the last quarter.

我們還沒有看到這是一個與火災有關的單獨類別。我們有很多事情要做——我剛剛問了洛杉磯團隊這個問題。上個季度，我們在該類型的作品中已經有很多與空洞相關的內容。

We're seeing a very exciting quarter 2 of the slate that's looking very promising. So again, as an industry sector, it remains extremely important for us and one that we're going to service with the level of productivity as they have come to expect.

我們看到第二季的業績非常令人興奮，前景非常光明。因此，作為一個行業部門，它對我們來說仍然極為重要，我們將以他們所期望的生產力水準提供服務。

Great. And then just secondly, curious the latest on the MTA contract, where the MAG stands? And if you've seen any impact from the New York City congestion pricing on transit growth so far?

偉大的。其次，您好奇 MTA 合約的最新進展，MAG 的立場是什麼？到目前為止，您是否看到紐約市擁堵收費對交通成長有任何影響？

Thanks, Cameron. It's Matt. On the MTA contract, the MAG went up this year from $150 million last year to $156 million, which represented a little over 3% New York CPI increase. It's hard to kind of trace or see the benefit of congestion pricing or return to office or just New York City economic activity. But certainly the congestion pricing seems accretive.

謝謝，卡梅倫。我是馬特。在 MTA 合約中，MAG 今年從去年的 1.5 億美元上漲至 1.56 億美元，相當於紐約 CPI 漲幅略高於 3%。很難追蹤或看到擁堵收費、重返辦公室或紐約市經濟活動的好處。但擁堵收費確實似乎有增值作用。

We're focusing more performance-wise on the MTA, so our teams are doing great. But I'm on the subway almost every day, and it seems a little more crowded to me. Our metrics that we look at and get from the MTA seem higher ridership. And then I hope all the banks and everyone else out there is pushing people for five days a week.

我們更加重視 MTA 的表現，因此我們的團隊表現出色。但我幾乎每天都搭地鐵，我覺得地鐵還是有點擁擠。我們從 MTA 獲得的指標顯示乘客人數增加。然後我希望所有銀行和其他所有人都能鼓勵人們每週工作五天。

(Operator Instructions)

（操作員指示）

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Just curious on the first two imperatives that you laid out for OUTFRONT focus. I was just wondering if you could maybe talk about any -- if you could drill down into how we should think about potential cost savings or operational efficiencies that you would look for in there?

我只是好奇您為 OUTFRONT 焦點列出的前兩個命令。我只是想知道您是否可以談談——您是否可以深入了解我們應該如何考慮您在其中尋找的潛在成本節約或營運效率？

Thanks, Patrick, for the question. I outlined against the vision of these four strategic imperatives that have begun in earnest, and you're talking specifically about the first in terms of resetting sales strategies and ways of working.

謝謝帕特里克提出的問題。我根據已經開始認真實施的這四個策略要務的願景進行了概述，而您具體談到了第一項，即重新設定銷售策略和工作方式。

And to be clear, that's not about the efficiencies, that's really about the demand engine and being very focused on our organizational structure and operating system to both drive revenues from existing clients whilst really pursuing the non-out-of-home advertisers that are significant in many industry categories today.

需要明確的是，這並不是關於效率的問題，而實際上關乎需求引擎，我們非常注重組織結構和操作系統，以便既能從現有客戶那裡獲得收入，又能真正追求當今在許多行業類別中都具有重要意義的非戶外廣告商。

The second strategic imperative is allowing us to review all of the costs that are being invested in the AI and the automation and the current existing tech stack because we've said that we want to modernize our tech stack whether it's to do with our order management system or our data integrations, and we're going to continue to be as smart on our investments for ad tech stack.

第二個策略要務是讓我們檢視在人工智慧、自動化和現有技術堆疊上投資的所有成本，因為我們已經說過，我們希望實現技術堆疊的現代化，無論是與我們的訂單管理系統還是數據整合有關，我們將繼續對廣告技術堆疊進行明智的投資。

And critically, that's about the programmatic platforms between the SSPs and DSPs as well as identifying those platform resellers that are becoming very active and very significant in the digital out-of-home marketplace.

至關重要的是，這涉及 SSP 和 DSP 之間的程序化平台，以及如何識別那些在數位戶外市場中變得非常活躍且非常重要的平台經銷商。

So where we're focusing and we're having the conversation, and Matt mentioned earlier, is about looking and ensuring we are focused on cost efficiencies throughout the business. These four strategic imperatives are about focus, a laser-like focus on what we believe to be the most important things that are going to drive the growth of the business and taking our attention or involvement away from the things that aren't.

因此，我們所關注的和正在進行的討論，正如馬特之前提到的，是為了尋找並確保我們專注於整個業務的成本效率。這四個策略要務是關於專注的，我們要全神貫注地關注那些我們認為能夠推動業務成長的最重要的事情，並將我們的注意力或參與從那些不重要的事情上轉移開。

I hope that answers your question.

我希望這能回答你的問題。

Yes. And then on the Q2 expectations, aside from the exited contracts, are you seeing any differences across geographies and on the revenue trends?

是的。那麼，對於第二季的預期，除了已退出的合約之外，您是否看到不同地區和收入趨勢有任何差異？

Good, Pat. The West has been a bit of a challenge for us, not just L.A., but obviously, San Francisco is still recovering. So if anything, as Nick pointed out in his remarks, South and the Midwest is generally doing pretty well. In the East region, pointed out the MTA. MTA transit performance is doing very well, and that really carries the water for all of our transit segments.

很好，帕特。西部對我們來說是一個挑戰，不僅僅是洛杉磯，而且顯然舊金山仍在恢復中。因此，正如尼克在演講中指出的那樣，南部和中西部地區總體表現相當不錯。在東部地區，MTA 指出。MTA 的交通運輸表現非常好，這對我們所有的交通部門都具有重要意義。

But nothing to draw conclusions about regions just where we have our portfolios. Some seem to do a little better these days, some are doing a little less better.

但我們無法僅就我們的投資組合所在的地區得出結論。最近，有些人的情況似乎好了一些，而有些人的情況則稍差一些。

(Operator Instructions)

（操作員指示）

And since we don't have any further questions in the queue, I will hand back over to Nick Brien for any closing remarks.

由於我們沒有其他問題，我將把發言時間交還給 Nick Brien 作結束語。

Well, thank you for joining us today. Certainly, we hope to see and meet many of you at the various conferences and events as we head into the summer. But for those who we don't, we certainly look forward to presenting our quarter 2 results to you in early August. Thank you for your time today.

好吧，感謝您今天加入我們。當然，我們希望在夏季來臨之際在各種會議和活動中見到你們。但對於那些我們不知道的人來說，我們當然期待在 8 月初向您展示我們的第二季業績。感謝您今天抽出時間。

Thank you, everyone, for joining today's call. This concludes the call. You may now disconnect. Have a great rest of your day.

感謝大家參加今天的電話會議。通話到此結束。您現在可以斷開連線。祝您今天剩餘的時間過得愉快。