OUTFRONT Media Inc (OUT) 2025 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us for OUTFRONT Media's second-quarter 2025 earnings call.

大家好。感謝您參加 OUTFRONT Media 2025 年第二季財報電話會議。

My name is [Lydia]. I'll be your operator today.

我的名字是[莉迪亞]今天我將擔任您的接線生。

(Operator Instructions)

（操作說明）

I'll now hand you over to Stephan Bisson to begin. Please go ahead.

現在我將把發言權交給史蒂芬·比森，由他開始。請繼續。

Good afternoon. Thank you for joining our 2025 second-quarter earnings call.

午安.感謝您參加我們2025年第二季財報電話會議。

With me on the call today are Nick Brien and Matthew Siegel.

今天和我一起參加電話會議的有 Nick Brien 和 Matthew Siegel。

After a discussion of our financial results, we'll open the lines for a question-and-answer session.

在討論完財務表現之後，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 has concluded, an audio archive replay will be available there as well.

我們今天的演講將參考財報和簡報，您可以在我們網站 outfront.com 的投資者關係頁面找到這些資料。今天的電話會議結束後，您也可以在網站上收聽錄音回放。

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 2024 Form 10-K; as well as our Q2 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聲明存在重大差異的相關因素已列於我們的盈利材料和提交給美國證券交易委員會的文件中，包括我們的 2024 年 10-K 表格；以及我們預計將於明天提交的 2025 年第二季度 10-Q 表格。

We will refer to certain non-GAAP financial measures on this call. Any references to OIBDA they 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.

在本次電話會議中，我們將提及一些非GAAP財務指標。他們今天提及的任何 OIBDA 都將是調整後的數值。OIBDA 和其他非 GAAP 財務指標的調節表位於幻燈片簡報的附錄、盈利報告以及我們的網站上，其中還包括包含前期調節表的簡報。

With that, let me hand the call over to Nick.

那麼，我把電話交給尼克吧。

Thanks, Stephan. Good afternoon, everyone.

謝謝你，史蒂芬。大家下午好。

Before sharing our quarterly results, I'm excited to discuss some of the recent changes we have made within the organization, which have been undertaken to accelerate our revenue growth and reinforce OUTFRONT'S position as a leading in-real-life media company in today's rapidly changing marketing world.

在分享我們的季度業績之前，我很高興與大家討論我們最近在公司內部進行的一些變革，這些變革旨在加速我們的收入增長，並鞏固 OUTFRONT 作為當今快速變化的營銷世界中領先的現實生活媒體公司的地位。

Looking at our structural changes first, we have undergone a large internal reorganization, rebranding our Local Sales teams as Commercial and our National Sales teams as Enterprise. This important change reflects a more appropriate definition of US sales categories between enterprise, mid-market, and SMB advertisers. Going forward, we will extend these definitions into our financial documents and earnings calls, using the Enterprise and Commercial nomenclature rather than the traditional National and Local.

首先來看我們的結構變化，我們進行了大規模的內部重組，將本地銷售團隊更名為商業團隊，將全國銷售團隊更名為企業團隊。這項重要變化反映了美國企業、中型市場和中小企業廣告商之間銷售類別的更恰當定義。展望未來，我們將把這些定義擴展到我們的財務文件和獲利電話會議中，使用企業和商業命名法，而不是傳統的國家和地方命名法。

Second, as part of this effort, we've also redesigned our Brand Solutions group, which has been tasked to drive demand from enterprise marketeers within the largest industry verticals across the US. We will begin with six Heads of Industry, colloquially referred to as [BOYS], who will be responsible for the automotive, entertainment, finance, CPG, retail, and sports industry verticals. This group will assist advertisers through every phase of their campaign implementation, from planning to ideation to activation to measurement.

其次，作為這項工作的一部分，我們也重新設計了品牌解決方案團隊，該團隊的任務是推動美國各大產業垂直領域的企業行銷人員的需求。我們將首先成立六位產業負責人，俗稱[BOYS]，他們將分別負責汽車、娛樂、金融、消費品、零售和運動產業垂直領域。團隊將協助廣告主完成廣告活動實施的每個階段，從規劃、創意、執行到效果衡量。

Third, we have centralized all of our operational and real estate functions. Our primary goal with this change is to ensure excellence in all functions, while reducing the administrative burden on our in-market sales leaders. This will allow them to focus on deepening existing client relationships, while more aggressively prospecting non-out-of-home advertisers. Our Regional Sales Leaders will continue to be very involved in key business decisions regarding their markets, given the knowledge and expertise provided by their local proximity and deep market experience.

第三，我們已將所有營運和房地產職能集中化。我們這次變革的主要目標是確保所有職能部門的卓越表現，同時減輕市場銷售領導者的行政負擔。這將使他們能夠專注於深化現有客戶關係，同時更積極地尋找非戶外廣告客戶。鑑於區域銷售主管們憑藉其本地優勢和豐富的市場經驗，將繼續深入參與有關其所在市場的關鍵業務決策。

Fourth, we are strengthening both our revenue operations and sales-enablement functions. These are increasingly critical to fully optimize our assets to maximize both the revenue yield and overall profitability.

第四，我們正在加強營收營運和銷售賦能職能。這些對於充分優化我們的資產，從而最大限度地提高收入和整體獲利能力而言，變得越來越重要。

Fifth, we have moved from having four sales regions to three. We've done this to reduce overhead expenses, improve sales focus, and create speed and agility across the entire company.

第五，我們的銷售區域已從四個減少到三個。我們這樣做是為了降低管理費用，提高銷售效率，並提升整個公司的速度和靈活性。

As part of this transformation process, we've also made several significant leadership changes to our sales organization, which we announced earlier today.

作為轉型過程的一部分，我們還對銷售組織進行了幾項重大的領導層調整，這些調整已在今天稍早宣布。

Mark Bonanni, previously EVP of our South Division, has been promoted to Chief Revenue Officer of Commercial Sales. Mark will focus on accelerating demand from important regional and local advertisers. In addition, Mark will be responsible for overseeing our focus on the independent agency sector, which today represents a growing number of important advertisers.

此前擔任我們南部地區執行副總裁的馬克·博納尼 (Mark Bonanni) 已晉升為商業銷售首席營收長。馬克將專注於提升來自重要區域和地方廣告商的需求。此外，Mark 將負責監督我們對獨立代理商領域的關注，該領域如今代表著越來越多的重要廣告商。

He has more than 25 years of experience in the digital transformation of media companies, including at OUTFRONT; and will continue to play a key role in bridging the URL and the IRL as out-of-home advertising evolves as a dynamic digital channel.

他在媒體公司的數位轉型方面擁有超過 25 年的經驗，包括在 OUTFRONT 的工作經驗；隨著戶外廣告發展成為動態的數位管道，他將繼續在連接線上和線下方面發揮關鍵作用。

Jim Norton has been hired as our Chief Revenue Officer of Enterprise Sales. In this role, he will focus on growth opportunities for the country's largest enterprise advertisers, which have traditionally underutilized out-of-home as part of their broader media strategies. Jim and the enterprise sales team will drive increased demand for advertising solutions by implementing a full-funnel sales strategy in conjunction with our Brand Solutions group, partnering with enterprise marketeers throughout their entire advertising process.

吉姆·諾頓已被聘為我們的首席營收官（企業銷售）。在這個職位上，他將專注於為該國最大的企業廣告商尋找成長機會，這些廣告商歷來沒有充分利用戶外廣告作為其更廣泛的媒體策略的一部分。Jim 和企業銷售團隊將與我們的品牌解決方案團隊合作，實施全通路銷售策略，與企業行銷人員在整個廣告過程中建立夥伴關係，從而推動對廣告解決方案的需求成長。

Jim comes to us with over 25 years of sales experience across both media and advertising companies, where he has scaled teams of both fast start-ups and global media companies. Most recently, he was CRO at Brightcove, where he led the global go-to-market strategy and helped position the company for a successful sale.

Jim 擁有超過 25 年的媒體和廣告公司銷售經驗，曾帶領快速成長的新創公司和全球媒體公司擴大團隊規模。最近，他曾擔任 Brightcove 的首席營收官，領導了全球市場推廣策略，並幫助公司成功出售。

Speaking of our Brand Solutions group, Brad Alperin has joined to lead our efforts here. In this role, he will develop strategic solutions for the enterprise and mid-market brands to accomplish their marketing goals by thoughtfully integrating out-of-home's power to influence in-real-life decisions into the broader media plans.

說到我們的品牌解決方案團隊，Brad Alperin 已加入並領導我們在這方面的工作。在這個職位上，他將為企業和中型市場品牌制定策略解決方案，透過將戶外廣告對現實生活決策的影響力巧妙地融入更廣泛的媒體計劃中，來實現其行銷目標。

Brad has more than 25 years of agency experience, most recently as the EVP, Integrated Strategy at Dentsu.

Brad擁有超過25年的廣告公司經驗，最近擔任電通公司整合策略執行副總裁。

These new Sales Leaders will work with our experienced Regional Vice Presidents, [Bill] Simpson, Art Martinez, and [Dan Shearer]; and our highly regarded Enterprise Sales Leader, Marc Miller, who is directly responsible for all of our whole co-agencies and out-of-home specialist relationships.

這些新任銷售主管將與我們經驗豐富的區域副總裁 [Bill] Simpson、Art Martinez 和 [Dan Shearer] 以及我們備受尊敬的企業銷售主管 Marc Miller 合作，Marc Miller 直接負責我們所有的合作機構和戶外廣告專家關係。

This new sales organization will be enhanced and supported by a growing technology function, led by Premesh Purayil, our Chief Technology Officer, who we have tasked with delivering an enhanced programmatic scale, a simplified out-of-home planning-and-buying process, and improved audience measurement capabilities.

這個新的銷售組織將得到不斷壯大的技術部門的支持和加強，該部門由我們的首席技術官 Premesh Purayil 領導，我們已賦予他增強程序化規模、簡化戶外廣告規劃和購買流程以及改進受眾測量能力的重任。

With our new organizational structure and talented people in place, we are trying to accelerate demand, with increasing support from automation and digitization, to deliver the advertising solutions that today's results-focus marketeers' demand.

憑藉我們全新的組織架構和人才儲備，我們正努力加快需求成長，並在自動化和數位化的日益支持下，提供當今以結果為導向的行銷人員所需的廣告解決方案。

Now, turning to our quarter-two results, the headline numbers of which you can see on slide 4. Organic revenues were essentially flat, brought in line with the guidance we provided in May; while OIBDA was $124 million and AFFO was $85 million.

現在，讓我們來看看第二季的業績，您可以在第 4 張投影片上看到主要數據。有機收入基本上持平，與我們 5 月提供的指引一致；OIBDA 為 1.24 億美元，AFFO 為 8,500 萬美元。

Slide 5 shows our organic revenue results. Billboard's revenues were down 2.5%, primarily due to our previously announced exits of two large, marginally profitable billboard contracts, one in New York and the other in LA. The revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the results of the New York and LA contracts we've exited for both years, Billboard revenues would have been essentially flat.

第 5 張幻燈片展示了我們的有機收入表現。Billboard 的收入下降了 2.5%，主要是由於我們之前宣布終止了兩份大型、利潤微薄的廣告牌合同，一份在紐約，另一份在洛杉磯。這些合約的收入和支出仍包含在我們公佈的 2024 年財務報表中。如果排除我們這兩年終止的紐約和洛杉磯的合約所帶來的影響，公告牌的收入基本上將持平。

Transit grew 5.6%, with nice broad-based growth across most of our franchises.

交通運輸業務成長了 5.6%，我們的大多數特許經營業務都實現了良好的全面成長。

Slide 6 shows our detailed Billboard Revenue, which, as I mentioned earlier, was impacted by the two large Billboard contracts we have exited. Static & Other - Billboard revenues were down 1.6% during the quarter. Digital - Billboard revenues were down 4.5%.

投影片 6 顯示了我們詳細的廣告看板收入，正如我之前提到的，這受到了我們終止的兩份大型廣告看板合約的影響。靜態及其他 - 本季廣告看板收入下降 1.6%。數位廣告看板收入下降了 4.5%。

Slide 7 shows our detailed Transit revenue. The 5.6% top-line growth was driven by 17% growth in our Digital revenues, which were partially offset by a 2.9% decline in our Static revenues.

第 7 張幻燈片展示了我們詳細的交通運輸收入。營收成長 5.6%，主要得益於數位業務收入成長 17%，但靜態業務收入下降 2.9% 部分抵消了這一成長。

Enterprise and Commercial contributed relatively evenly to our Transit growth. The New York MTA was up in the mid-single digits during the quarter, despite a strong showing in 2024 when it grew 20%.

企業和商業業務對我們的公共運輸業務成長貢獻相對均衡。儘管紐約大都會運輸署 (MTA) 在 2024 年表現出色，成長了 20%，但本季成長率僅為個位數中段。

On a consolidated revenue basis, our stronger category during the quarter were legal, financial, service providers, and insurance. The weaker categories during the quarter were entertainment, health and medical, restaurants, and alcohol.

以合併收入計算，本季表現較強的類別是法律、金融、服務提供者和保險。本季表現較差的類別包括娛樂、健康和醫療、餐飲以及酒類。

Slide 8 shows our combined Digital revenue performance, which grew 1.5% in the quarter and represented over 34% of total organic revenues. However, Digital revenues would have grown by about 5%, excluding the aforementioned New York and LA contracts. Programmatic and Digital Direct Automated sales were up nearly 20% during the period and represented 16.5% of our total digital revenues, up from 14.8% in the same period last year.

第 8 張投影片顯示了我們的數位收入綜合表現，該季度成長了 1.5%，佔總有機收入的 34% 以上。然而，如果排除上述紐約和洛杉磯的合同，數字收入將增長約 5%。在此期間，程序化和數位直接自動化銷售額成長了近 20%，占我們數位總收入的 16.5%，高於去年同期的 14.8%。

Automated Digital, and by extension, Digital generally is a paramount focus here at OUTFRONT. There is a large growing universe of dedicated digital media buyers who have not yet embraced the digital out-of-home ecosystem at all. This underserved market represents a massive opportunity for us, moving forward. We are making concerted efforts to engage, educate, and inspire these important digital agencies as to the unique power of digital out-of-home.

自動化數位化，以及更廣義的數位化，是 OUTFRONT 的首要關注點。目前，有相當一部分專注數位媒體購買的人士尚未接受數位戶外廣告生態系統。這個尚未充分服務的市場對我們來說蘊藏著巨大的發展機會。我們正在齊心協力地與這些重要的數位代理商進行溝通、教育和啟發，讓他們了解數位戶外廣告的獨特力量。

The breakdown of Commercial and Enterprise revenues can be seen on slide 9. Commercial, previously called Local, was up 1.4% year on year during the quarter, with Transit growing nicely and Billboard up slightly. Enterprise, previously called National, declined 4% during the second quarter, with mid-single-digit growth in Transit being offset by weaker Billboard results.

商業和企業收入的細分情況請參閱第 9 頁投影片。商業廣告（以前稱為本地廣告）在本季同比增長 1.4%，其中交通廣告增長良好，廣告看板廣告略有增長。Enterprise（前身為 National）在第二季度下降了 4%，Transit 業務的個位數中成長被 Billboard 業務疲軟的業績所抵消。

Slide 10 shows our Billboard yield growth, which was up about 0.5% year on year to nearly $3,000 per month, driven primarily by our continued digital conversions, which continues to see an approximate 4 times uplift versus the pre-conversion revenue levels.

第 10 張投影片顯示了我們的廣告看板收益成長，年增約 0.5%，達到每月近 3,000 美元，這主要得益於我們持續的數位化轉型，與轉型前的收入水平相比，數位化轉型帶來的收益增長約為 4 倍。

Summing up, quarter-two revenues ended broadly in line with our expectations as our Enterprise - Billboard revenue results were offset by better performance within Transit and continued organic acceleration across digital out-of-home.

總而言之，第二季營收基本上符合我們的預期，企業廣告看板收入的下滑被交通運輸業務的良好表現以及數位戶外廣告業務的持續有機成長所抵消。

In (inaudible), we have seen top-line acceleration across both our lines of business in the second half.

在（聽不清楚），我們看到下半年我們兩大業務線的營收都實現了加速成長。

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

那麼，現在就交給馬特來審核我們剩餘的財務數據吧。

Thanks, Nick. Good afternoon, everyone.

謝謝你，尼克。大家下午好。

Before taking a deeper dive into our financial statements, I would also like to briefly discuss the financial impact of the restructuring Nick described earlier. As noted in our earnings release, we incurred a $19.8 million restructuring charge in the second quarter due to the reduction of approximately 120 people from the company during the quarter. This is in addition to the nearly $5 million we expense in the first quarter as a Corporate expense entirely due to some of the recent senior management changes.

在深入分析我們的財務報表之前，我還想簡要討論一下尼克之前描述的重組所帶來的財務影響。正如我們在收益報告中所述，由於第二季公司裁員約 120 人，我們在第二季產生了 1,980 萬美元的重組費用。此外，由於近期一些高階主管的變動，我們在第一季也計入了近 500 萬美元的公司費用。

As a result of the restructuring, we expect an annualized expense savings of approximately $18 million to $20 million, for which about half should be realized over the balance of this year. We felt this action was necessary to reduce our cost base and increase our financial flexibility.

重組後，我們預計每年可節省約 1,800 萬至 2,000 萬美元的費用，其中約一半將在今年剩餘時間內實現。我們認為採取此措施是降低成本基礎、提高財務彈性的必要之舉。

We acknowledge change can be difficult. I'd like to take a moment to thank all of our impacted colleagues for their years of dedicated work and wish them all the best in their future endeavors.

我們承認改變並非易事。我想藉此機會感謝所有受影響的同事們多年來的辛勤工作，並祝福他們在未來的事業中一切順利。

Now, please turn to slide 11 for a more detailed look at our Billboard expenses. In total, Billboard expenses were down just over $7 million or 3.3% year over year. Zooming in on Billboard release costs, these expenses were down just over $6 million or 5.2% year over year. This decline includes approximately $7 million related to two large Billboard contracts we recently exited, some of which were partially offset by contractual escalators on other leases. Excluding the impact of the portfolio exits, Billboard property lease expense would have been up about 2%.

現在，請翻到第 11 頁，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略高於 700 萬美元，降幅為 3.3%。聚焦公告牌發行成本，這些支出較去年同期下降了略高於 600 萬美元，降幅為 5.2%。這一降幅包括與我們最近終止的兩份大型廣告牌合約相關的約 700 萬美元，其中一些被其他租賃合約中的合約遞增條款部分抵消。如果不計投資組合退出的影響，公告牌物業租賃費用將增加約 2%。

Posting, maintenance, and other expenses were up about $1 million or 3.1% due to higher production costs and compensation-related expenses from regular annual merit increases. SG&A expenses declined just over $2 million or 3.3%, due primarily to lower credit card usage by customers, a result of newly implemented payment policies.

由於生產成本上升以及年度績效工資成長帶來的薪酬相關支出增加，發布、維護和其他費用增加了約 100 萬美元，增幅達 3.1%。銷售、一般及行政費用下降了 200 多萬美元，降幅為 3.3%，主要原因是客戶信用卡使用量減少，這是由於新實施的支付政策所致。

This $7 million improvement in total Billboard expenses was offset by the modest decline in Billboard revenues Nick described earlier and led to BILLBOARD adjusted OIBDA falling just over $1 million or about 1%. We're pleased to see billboard adjusted OIBDA margin increase again, this time by 50 basis points year over year to 38.3%, helped by recent portfolio management decisions, as well as the geographic mix of revenue generated in the (inaudible) second quarter.

雖然公告牌總支出減少了 700 萬美元，但正如 Nick 之前所描述的，公告牌收入略有下降，導致公告牌調整後的 OIBDA 下降了 100 多萬美元，約佔 1%。我們很高興看到廣告看板調整後的 OIBDA 利潤率再次上升，這次同比增長 50 個基點至 38.3%，這得益於最近的投資組合管理決策，以及（聽不清楚）第二季度產生的收入的地域組合。

We continue to expect that Billboard margins will improve on a year-on-year basis for the remainder of 2025.

我們繼續預期，2025 年剩餘時間內，公告牌的利潤率將逐年提高。

Now, turning to Transit on slide 12. In total, Transit expenses were up about $3 million or 3% year over year. The Transit franchise expense was up 5% due to the annual inflation adjustment to the (inaudible) to the MTA contract and higher variable payments to other franchises as a result of improved revenue.

現在，請看第 12 張投影片上的交通運輸部分。總體而言，交通運輸支出比去年同期增加了約 300 萬美元，增幅為 3%。由於 MTA 合約的年度通貨膨脹調整（聽不清楚）以及由於收入增加而向其他特許經營商支付的可變款項增加，公車特許經營費用上漲了 5%。

Posting, maintenance, and other expenses were up just under $1 million or about 5%, due primarily to the higher maintenance and utilities costs. SG&A expenses were down $1 million or about 5%, primarily due to lower compensation-related expenses and lower professional fees. 3%, the 3% increase in total Transit expenses, combined with the nearly 6% Transit revenue growth described earlier with the Transit adjusted OIBDA even improving by almost $3 million during the quarter.

發布、維護和其他費用增加了近 100 萬美元，約佔 5%，主要原因是維護和公用事業成本上漲。銷售、一般及行政費用下降100萬美元，降幅約5%，主要原因是薪酬相關費用及專業服務費降低。此外，交通運輸總費用成長3%，加上前文所述的交通運輸收入成長近6%，使得交通運輸調整後的營業利潤率在本季甚至提高了近300萬美元。

Slide 13 shows the company's combined Billboard, Transit, and Corporate adjusted OIBDA in the second quarter. Corporate expense was about $2 million, nearly entirely due to the impact of market fluctuations on an unfunded equity length retirement plan offered by the company to certain employees; and higher professional fees, including fees related to a management consulting project partially offset by lower compensation-related expenses.

第 13 張投影片顯示了該公司第二季廣告看板、交通和企業調整後的 OIBDA 合併數據。公司支出約為 200 萬美元，幾乎全部是由於市場波動對公司向某些員工提供的未註資股權退休計劃的影響；以及更高的專業費用，包括與管理諮詢項目相關的費用，部分被較低的薪酬相關支出所抵消。

Combined with the Billboard and Transit OIBDA I covered earlier, consolidated adjusted OIBDA is a total of about $124 million, essentially flat versus the prior year.

加上我之前提到的廣告看板和交通 OIBDA，合併調整後的 OIBDA 總計約為 1.24 億美元，與去年基本持平。

Turning to capital expenditures on slide 14, Q2 cap spend was about $26 million, including about $7 million of maintenance spent. The $7 million increase in growth CapEx was primarily related to digital conversions, as well as the timing of payments for new displays.

翻到第 14 頁投影片的資本支出，第二季資本支出約 2,600 萬美元，其中包括約 700 萬美元的維護支出。成長資本支出增加 700 萬美元主要與數位轉型以及新顯示器的付款時間有關。

We converted 22 new [boards] in this quarter. However, our digital count was lowered by a decline of 114 small-format digital boards, primarily found in lifestyle centers as a result of our exit of the LA Billboard contracts.

本季我們改造了 22 個新[電路板]。然而，由於我們退出了洛杉磯廣告牌合同，我們的數位廣告看板數量減少了 114 個，這些小型數位廣告牌主要位於生活方式中心。

In, 2025, we still expect to spend approximately $85 million of CapEx and also still expect $35 million of this total for maintenance.

到 2025 年，我們預計仍將投入約 8,500 萬美元的資本支出，並預計其中 3,500 萬美元將用於維護。

Looking at AFFO on slide 15, you can see the bridge to our Q2 AFFO of $85 million. The improvement is principally driven by higher Billboard and Transit OIBDA; and lower interest expense, a result of lower debt balance, following the sale of our (inaudible) business and lower interest rates. These benefits were partially offset by higher Corporate expense.

查看第 15 張幻燈片上的 AFFO，您可以看到我們第二季 AFFO 為 8500 萬美元的橋樑。業績改善主要得益於廣告看板和交通運輸 OIBDA 的提高；以及利息支出的降低，這是由於出售我們的（聽不清楚）業務後債務餘額減少以及利率降低所致。這些收益被更高的公司支出部分抵銷了。

For the full year, we continue to expect that reported 2025 consolidated AFFO will grow in the mid-single-digit range, reflecting cost reduction from the recent risk and our current revenue expectations. Also included in this guidance is $35 million of maintenance CapEx, interest expense of approximately $145 million ,and a small amount of cash taxes.

對於全年，我們仍然預計 2025 年報告的合併 AFFO 將實現中等個位數成長，這反映了近期風險帶來的成本降低以及我們目前的收入預期。該指導意見還包括 3,500 萬美元的維護性資本支出、約 1.45 億美元的利息支出以及少量現金稅款。

We turn to slide 16 for an update on our balance sheet. Committed liquidity is over $600 million, including about $30 million of cash, around $500 million available via our revolver and $80 million available via our accounts receivable securitization facility. As of June 30, our total net leverage was 4.8 times within our 4 times to 5 times target range. Our next maturity is the $400 million term loan in late 2026, which we intend to refinance in the coming months.

接下來請看第 16 張投影片，了解我們的資產負債表最新情況。已承諾流動資金超過 6 億美元，其中包括約 3,000 萬美元現金，約 5 億美元可透過循環信貸獲得，8,000 萬美元可透過應收帳款證券化融資獲得。截至 6 月 30 日，我們的總淨槓桿率為 4.8 倍，在我們設定的 4 倍至 5 倍的目標範圍內。我們下一筆到期的債務是 2026 年底到期的 4 億美元定期貸款，我們打算在未來幾個月內進行再融資。

Turning to our dividends, we announced today that our Board of Directors maintained the $0.30 cash dividend, payable on September 30 to shareholders of record at the close of business on September 5.

關於股息，我們今天宣布，董事會維持每股 0.30 美元的現金股息，並將於 9 月 30 日支付給 9 月 5 日營業結束時登記在冊的股東。

We spent approximately $3 million on acquisitions during the quarter. 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 aggregate level to those seen in the last couple of years.

本季我們在收購方面花費了約 300 萬美元。從我們目前的收購計劃來看，我們預計 2025 年的交易活動將主要集中在機會性收購上，並且總體水平將與過去幾年的水平相似。

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

那麼，我把電話交還給尼克。

Thank you, Matt.

謝謝你，馬特。

We accomplished a lot this quarter. While our work is far from finished, we have made meaningful progress on each of the four strategic pillars I outlined three months ago.

本季我們取得了許多成果。雖然我們的工作遠未完成，但在我三個月前提出的四個策略支柱方面，我們都取得了實質進展。

First, we have begun optimizing our sales strategy to a broad reorganization into the distinct Enterprise and Commercial go-to-market teams. Second, we have started to modernize our work flow processes by centralizing many of our functions, reducing the administrative burden on our Key Sales Managers. Third, we are focused on generating new demand, particularly with our redesigned Brand Solutions group. And fourth, we are demanding operational excellence from all of our team members, with a particular focus on eliminating unnecessary activities and streamlining processes across the entire organization.

首先，我們已開始優化銷售策略，進行全面重組，成立了獨立的企業市場推廣團隊和商業市場推廣團隊。其次，我們已開始對工作流程進行現代化改造，將許多職能集中化，減輕了關鍵銷售經理的行政負擔。第三，我們專注於創造新的需求，特別是透過我們重新設計的品牌解決方案團隊。第四，我們要求所有團隊成員做到卓越運營，尤其註重消除不必要的活動，並簡化整個組織的流程。

While we are still early in the process of transformation, we are encouraged by the energy and enthusiasm we've seen, thus far. I'm pleased to say that business has picked up recently. From where we sit today, we expect third-quarter revenue growth to accelerate meaningfully since quarter-two level, with consolidated revenues up low single digits, driven by double-digit growth in Transit and a low-single-digit decline in Billboard.

雖然我們仍處於轉型過程的早期階段，但到目前為止，我們所看到的活力和熱情令我們倍感鼓舞。我很高興地告訴大家，最近生意有所改善。根據我們目前的情況來看，我們預計第三季營收成長將比第二季顯著加快，綜合收入將實現低個位數成長，這主要得益於交通運輸業務的兩位數成長和廣告看板業務的低個位數下降。

Our expected decline in Billboard revenues is a result of our strategic decision to exit the two large, marginally profitable Billboard contracts in New York and Los Angeles. Excluding nearly $13 million of Billboard revenue generated by these two exited contracts in the third quarter of 2024, we believe quarter-three Billboard revenues would be up low single digits and consolidated revenue would be up low to mid-single digits.

我們預計公告牌收入將下降，這是由於我們決定退出紐約和洛杉磯兩份利潤微薄的大型公告牌合約所致。如果排除 2024 年第三季這兩份到期合約帶來的近 1,300 萬美元公告牌收入，我們認為第三季公告牌收入將實現個位數低成長，合併收入將實現個位數低至中等成長。

Looking at the longer term, I'm extremely excited about what lies ahead for OUTFRONT and the industry. We recently participated in the Cannes Lions International Festival of Creativity, one of only two out-of-home companies to officially activate there. We hosted over 60 meetings with some of the world's biggest brands and agencies to discuss how and why out-of-home drives impactful outcomes in real life and should become a core part of their marketing strategy.

從長遠來看，我對 OUTFRONT 和整個產業的未來發展感到無比興奮。我們最近參加了坎城國際創意節，是僅有的兩家正式參與活動的戶外廣告公司之一。我們與一些世界頂級品牌和代理商舉行了 60 多次會議，討論戶外廣告如何以及為什麼能在現實生活中產生顯著效果，並應成為其行銷策略的核心部分。

We also illustrated the incredible possibilities of out-of-home to a demonstration we entitled A Moment in Cannes, A Memory in Times, whereby we snapped photos of each of our guests at the festival and Generative AI created a soulful, timeless portrait that was displayed seconds later in Times Square. You can see the example on the cover of our quarter-two earnings presentation.

我們也透過一個名為「坎城瞬間，時代記憶」的演示，展示了戶外廣告的無限可能。在這個演示中，我們為電影節上的每位嘉賓拍攝了照片，然後利用生成式人工智慧技術創作了一張充滿靈魂、永恆的肖像，並在幾秒鐘後將其展示在時代廣場上。您可以在我們的第二季財報封面上看到這個例子。

Overall, it's clear to me that there is a general positivity about out-of-home, which is viewed as a trusted marketing channel in what has become an increasingly fragmented digital world that seemingly becomes less real by the day. There are still some hurdles that the industry must overcome to lessen complexity, strengthen measurement, and provide better attribution to deliver desired business outcomes.

總的來說，在我看來，人們對戶外廣告普遍持正面態度，認為它是一種值得信賴的行銷管道，而如今的數位世界卻日益碎片化，似乎也變得越來越不真實。要降低複雜性、加強衡量和提供更好的歸因，以實現預期的業務成果，該行業仍需克服一些障礙。

OUTFRONT is determined to solve these challenges. When we accomplish these goals, we will prove to be an indispensable part of the marketing mix and meaningfully grow our share of the advertising marketplace.

OUTFRONT決心解決這些挑戰。當我們實現這些目標時，我們將證明自己是行銷組合中不可或缺的一部分，並大幅提高我們在廣告市場佔有率。

To close, OUTFRONT has a very exciting future. We have spent much of 2025 improving our already strong foundations, upon which we will create the industry's leading media company to build trusted brands in real life.

總之，OUTFRONT 的未來非常令人期待。2025 年，我們投入了大量時間來完善我們已有的強大基礎，在此基礎上，我們將打造業內領先的媒體公司，在現實生活中建立值得信賴的品牌。

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

好了，接線生，現在我們開始接受提問。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Daniel Osley, Wells Fargo.

丹尼爾‧奧斯利，富國銀行。

The business has gone through an elevated period of change over the last year, with new senior leadership, salesforce restructuring, and the exit of large Billboard contracts. So my question is, are you through the heaviest period of these changes to the business or are there additional areas to address?

過去一年，公司經歷了劇烈的變革，包括新的高層領導、銷售團隊重組以及大型廣告看板合約的終止。所以我的問題是，你們是否已經度過了這些商業變革中最艱難的時期，還是還有其他方面需要解決？

Then, I have a follow-up. Thank you.

然後，我還有一個後續問題。謝謝。

Well, hello, Daniel. Thank you for the question.

你好，丹尼爾。謝謝你的提問。

We were very clear in our previous earnings call that this was going to be the year we would be focusing on the fundamental transformational issues. Those were around those four strategic imperatives I set.

我們在先前的財報電話會議上已經非常明確地表示，今年我們將聚焦在根本性的轉型議題。這些都是圍繞著我設定的四項策略要務展開的。

If I look at each of them, when I think about the importance of resetting the sales strategy and ways of working, that was really about creating that new demand engine that was going to engage the non-out-of-home advertisers, which was significantly coming from the enterprise sector; restructuring the way we have - - in today's announcement of Jim Norton leading that operation in close collaboration with Brad Alperin on the Brand Solutions group, we're very excited that that significant organizational structure restructuring has happened.

如果我仔細審視每一項舉措，當我思考重塑銷售策略和工作方式的重要性時，這實際上是為了創建一個新的需求引擎，以吸引非戶外廣告商，而這些廣告商主要來自企業領域；我們重組了組織架構——在今天宣布由吉姆·諾頓領導該業務，並與布拉德·阿爾佩林在品牌解決方案團隊中密切合作時，我們非常高興看到這一重大的組織架構已經完成。

Modernizing the workflow processes is ongoing. We talked about AI and automation. We talked about modernizing the tech stack and making sure that our OMS and data was as tight as it needed to be.

工作流程現代化改造正在進行中。我們討論了人工智慧和自動化。我們討論了技術堆疊的現代化，並確保我們的訂單管理系統和資料達到所需的嚴謹程度。

We knew that our ad tech stack -- the programmatic side of the business -- needed to be strengthened. That work is well underway.

我們知道，我們的廣告技術堆疊——也就是業務的程式化部分——需要加強。這項工作正在順利進行中。

Increasing and improving external demand. That is ongoing. That was largely, as I said earlier, ensuring that we engaged and educated and excited the independent agencies and the digital agencies and we evolve that channel strategy.

增加和改善外部需求。這項工作仍在進行中。正如我之前所說，這主要是為了確保我們能夠吸引、教育和激勵獨立機構和數位機構，並不斷發展這項通路策略。

Ongoing effort, our Transit focus. We're very excited that we feel our Transit task force and the Transit leadership -- as part of the restructuring -- is seeing tremendous improvement. We'll share that with you soon.

持續努力，我們的重點是公共交通。我們非常高興地看到，作為重組的一部分，我們的交通工作小組和交通領導層正在取得巨大的進步。我們很快就會與您分享。

Last but not least, the ongoing operational excellence involves the sales KPIs, the pipeline strength, the [rev-ops] improvements, sales enablement, as well as optimizing and centralizing all of our real estate. That is ongoing for the balance of the year.

最後但同樣重要的是，持續的卓越營運包括銷售 KPI、銷售通路實力、[收入營運]改進、銷售賦能，以及優化和集中管理我們所有的房地產。這種情況將持續到年底。

So long-winded way of saying, yes, we believe we've cracked the back of the transformation changes we committed to but the work goes on for the (inaudible) --

長話短說，其實就是說，是的，我們相信我們已經取得了我們所承諾的變革變革的重大進展，但工作仍在繼續。（聽不清楚）——

That's helpful. And then, as a follow up, can you help us unpack the weakness you called out in the entertainment vertical? We were assuming you start to see some benefit from the strong box office, year to date. Thank you.

那很有幫助。那麼，作為後續問題，您能否幫我們分析您之前指出的娛樂產業的弱點？我們原本以為你會從今年迄今為止強勁的票房中開始看到一些好處。謝謝。

Well, entertainment (inaudible) is certainly very experienced and been very involved in making sure that the work that we have in quarter two involves securing big deals from Universal, HBO, Disney, Warner Brothers, I look at the logos and the money they spent, they were up year on year. It was the absence of some of the other entertainment companies and the studios who just weren't supporting the slate that they had.

嗯，娛樂（聽不清楚）部門肯定經驗豐富，並且積極參與確保我們第二季度的工作包括與環球影業、HBO、迪士尼、華納兄弟等公司達成大筆交易。我看了看他們的標誌和支出，都比去年有所成長。問題在於其他一些娛樂公司和製片廠的缺席，他們根本不支持他們已有的片單。

I think we're feeling more bullish about the entertainment sector in the quarter three, when I look at the deals that have been committed. But that really does explain not just that it was a lower spend, that was an absence of a number of the key studios that were supporting.

我認為，從已達成的交易來看，我們對第三季的娛樂產業更加樂觀。但這確實解釋了為什麼支出較低，也解釋了為什麼一些重要的支援工作室沒有參與。

David Karnovsky, J.P. Morgan.

David Karnovsky，J.P. Morgan。

All right. Thank you. Maybe just 2 on the Q3 outlook, just with the acceleration in Transit. I don't know if you can walk through some of the drivers there, like [ridership] which looks like it's up nicely year to date or initiatives in your control.

好的。謝謝。第三季展望可能只有 2，這主要得益於交通運輸業的加速發展。我不知道您是否可以詳細了解其中的一些驅動因素，例如[乘客數量]，看起來今年迄今為止增長勢頭良好，或者您可以控制的舉措。

And then, back with Billboard in Q3, can you just maybe get the anticipated impact from MTA and LA contract exit, as we're just trying to get to what the underlying growth would look like in the quarter.

然後，回到 Billboard 第三季度，您能否估算 MTA 和洛杉磯合約終止帶來的預期影響，因為我們只是想了解該季度潛在的成長情況。

Thank you.

謝謝。

David, on Transit, it's a bunch of things. As you point out, the key performance is really in New York -- which is our biggest Transit franchise -- doing very well. Ridership is up a little bit. It's really, I would say, more the focus of the team.

David，關於 Transit，它包含很多方面。正如你所指出的，關鍵業績確實在紐約——我們最大的交通特許經營地——表現非常出色。乘客數量略有上升。我認為這才是團隊真正關注的重點。

We have a Transit task force focused a lot on New York. We have management-focused extra incentives. I think the team's doing a great job reinvigorating the New York franchise. We're seeing improvement in some of the other smaller ones as well.

我們有一個交通運輸工作小組，主要關注紐約地區。我們有針對管理層的額外激勵措施。我認為這支球隊在重振紐約球隊方面做得非常出色。我們看到其他一些規模較小的項目也有所改善。

As far as the Billboard franchises, each of them -- both in New York and LA were about 2% of our Billboard revenues; in 2024, translated to about 1.5% each of our overall revenues. I think you'll see that the biggest headwind is going to be the third quarter when we're going to (inaudible) without both. By the fourth quarter, we'll start to lap the New York franchise that we lost. And then, later in 2026, we lap both.

就公告牌特許經營權而言，紐約和洛杉磯的每家都占我們公告牌收入的約 2%；到 2024 年，分別占我們總收入的約 1.5%。我認為你會發現，最大的不利因素將是第三季度，因為我們將（聽不清楚）失去他們兩人。到第四節比賽，我們將開始遙遙領先我們失去的紐約球隊。然後，到了 2026 年，我們將超越兩者。

Okay. Thanks.

好的。謝謝。

Cameron McVeigh, Morgan Stanley.

卡梅倫‧麥克維，摩根士丹利。

Hey. Thanks.

嘿。謝謝。

I just wanted to one, just to follow up on the Transit. With the decline in Static - Transit revenue this quarter, is that a function of ridership or do you think there has been more of a structural shift away from Static - Transit boards?

我只是想問一下，關於Transit的情況。本季靜態公車收入下降，這是客流量減少造成的，還是您認為靜態公車廣告看板的使用結構發生了更大的變化？

And then, secondly, just wanted to ask about some of the cost-related actions that you recently noted. I was curious if you could help size the opportunity for potential margin expansion in the back half of this year and next year.

其次，我想問您最近提到的一些與成本相關的措施。我想請教一下，您能否幫忙評估一下今年下半年和明年潛在的利潤率擴張機會？

Thanks.

謝謝。

Sure. Thanks, Cam.

當然。謝謝你，卡姆。

On Transit, when we first went into the MTA contract, I think, back in 2017, the original plan was really digitize everything, take down all the Static. We decided midway through to keep the Static up because it was doing okay but recognizing that it was a tired or tiring product. So we're not surprised by the decline of Static because everyone wants shiny new objects.

在交通運輸方面，當我們最初與 MTA 簽訂合約時，我想是在 2017 年，最初的計劃是真正實現一切數位化，取消所有靜態影像。我們中途決定保留 Static，因為它表現尚可，但我們也意​​識到它是一款老舊或令人厭倦的產品。所以，Static 的衰落我們並不感到驚訝，因為每個人都想要閃亮的新玩意兒。

You're in New York. You can see it in Boston and DC, very similar.

你身處紐約。在波士頓和華盛頓特區都能看到這種情況，非常相似。

Plus, overall, the bus product, across the country -- not just our but others -- I think pales in comparison to some of the digital that we have, that others have in all the big cities. So I think the decline of Static - Transit is not a surprise. To your terminology, probably declared structural and likely to continue.

此外，我認為全國範圍內的公車產品——不僅僅是我們公司的，還有其他公司的——與我們和其他大城市擁有的一些數位化產品相比，簡直黯然失色。所以我認為 Static - Transit 的衰落並不令人意外。按照你的術語來說，這很可能是結構性的，而且很可能會繼續下去。

That being said, I think there's a small test, just starting in DC, on some digital bus that's -- I'm sure the ultimate decision or solution will be years away but there's hope yet for digitizing some buses. We'll see about that.

話雖如此，我認為華盛頓特區正在進行一項小型測試，測試對像是一些數位化公車——我確信最終的決定或解決方案還需要數年時間才能出台，但數位化公車的前景依然充滿希望。我們拭目以待。

Great. Thanks. And then, just to ask on the central margin expansion.?

偉大的。謝謝。然後，我想問一下關於中央邊際擴張的問題？

I'm sorry. We said about $18 million to $20 million of full-year savings. We really think -- probably almost half felt in 2025, full-year impact in 2026.

對不起。我們預計全年可節省約 1,800 萬至 2,000 萬美元。我們認為－可能近一半的影響會在 2025 年顯現，全年影響將在 2026 年顯現。

We'll get a pick-up, half-year each, $9 million to $10 million in improvement in in both years.

我們將獲得提貨，每半年一次，兩年內分別增加 900 萬至 1000 萬美元。

Cam, does that answer your question?

Cam，這樣回答你的問題了嗎？

It does. Yeah. Thanks.

確實如此。是的。謝謝。

Jonathan Navarrete, TD Cowen.

喬納森·納瓦雷特，TD Cowen。

Thank you. Firstly, it's on Billboard. I think the margins held up relatively well, despite the revenue pressure. Any cost levers left to pull, if revenue remains soft in the back half?

謝謝。首先，它登上了公告牌排行榜。我認為，儘管營收面臨壓力，但利潤率依然保持得相當不錯。如果下半年營收依然疲軟，還有哪些成本控制措施可以實施？

There's always cost levers left to pull. Right, now we're continuing to look at our Billboard portfolio. We don't have any other large low-margin portfolios to look at.

總是還有一些降低成本的手段。好的，現在我們繼續查看我們的公告牌投資組合。我們沒有其他大型低利潤率投資組合可供參考。

Over time, we certainly expect to manage the portfolio to optimize margin, Billboard margin, and overall margin. So I wouldn't be surprised if we can continue to call the herd, if you will -- pardon the expression -- of some of our expensive Static.

隨著時間的推移，我們當然希望透過管理投資組合來優化利潤率、廣告看板利潤率和整體利潤率。所以，如果我們能繼續把一些昂貴的靜態設備（恕我直言）召集起來，我不會感到驚訝。

I'm not sure of the impact in 2025. But I think, overall, it's a positive, creative, nature.

我不確定到 2025 年會產生什麼影響。但我認為，總體而言，它是一種積極的、富有創造力的性格。

As far as other costs, we're always looking to be efficient and nimble. As Dan asked earlier, we've had a lot of change in 2025 and probably more focused on seeing the impact of that change through 2025 and pulling more cost leverage at this time.

至於其他成本方面，我們始終力求高效靈活。正如丹之前所問的，2025 年我們經歷了許多變化，現在我們可能更關注這些變化在 2025 年的影響，並在此時進一步降低成本。

Got it. Thanks. Related -- it's just on AFFO. Should we continue to expect growth in the second half, just given the stability of interest expenses or CapEx and presumably some growth in OIBDA?

知道了。謝謝。相關——就在AFFO上。鑑於利息支出或資本支出保持穩定，以及 OIBDA 可能會出現一定成長，我們是否應該繼續預期下半年會成長？

Thank you.

謝謝。

Yeah. As we said, we're keeping our AFFO guided at mid-single-digit growth. As you probably noticed, it implies some acceleration in revenue in the second half, which we feel pretty confident about this.

是的。正如我們所說，我們預計調整後營運資金（AFFO）將維持中等個位數的成長。正如您可能已經注意到的，這意味著下半年收入將加速成長，對此我們相當有信心。

Nick pointed that we're seeing some improvements: interest expense benefit, mostly from the sale of our Canadian business last year with lower debt. We have a little bit of floating rate debt so there could be some improvement as rates do trend down in the second half of the year.

Nick 指出，我們看到了一些改善：利息支出有所下降，這主要得益於去年出售加拿大業務，從而降低了債務。我們有一些浮動利率債務，隨著下半年利率趨於下降，情況可能會有所改善。

Understood. Thank you.

明白了。謝謝。

Thanks.

謝謝。

Patrick Sholl, with Barrington Research.

Patrick Sholl，來自 Barrington Research。

Hi. Thank you. Just a question on the guidance, expectations, could you maybe talk about some of the regional variations and what you're seeing for the acceleration in the second half or if it's mostly [format-driven]?

你好。謝謝。關於指導意見和預期，我有個問題，您能否談談一些區域差異，以及您認為下半年增速會如何，或者是否主要…[格式驅動型]？

Hi, Patrick. It's Nick here. I didn't quite -- can you do me a favor and repeat that question? I didn't quite hear the beginning of it, clearly.

你好，派崔克。我是尼克。我沒完全聽懂──你能幫我個忙再說一次那個問題嗎？很明顯，我沒聽清楚開頭部分。

All right. Sorry. Is this better?

好的。對不起。這樣好些了嗎？

I was wondering if you could talk about any of the regional variations in the expectation for the revenue growth improvement in the second half..

我想請您談談下半年營收成長預期是否有區域差異。

Yea, I think the -- thank you for that question, Patrick. We track in our daily Monday morning -- when we look at our growth -- when we have our growth meeting -- we're looking at every region and the key states in each of our sales regions.

是的，我想——謝謝你的提問，派崔克。我們每天週一早上都會追蹤成長情況——當我們查看成長情況時——當我們召開成長會議時——我們會查看每個地區以及每個銷售地區的關鍵州。

As one of the reasons we said earlier, we had consolidated from four regions to three and reorganized some of the states accordingly to ensure that we could get that greater consistency of focus where the pressures were. I think we could see that it varies a lot.

正如我們之前所說，其中一個原因是，我們將四個區域合併為三個區域，並相應地重組了一些州，以確保我們能夠將重點更加集中地放在壓力最大的地方。我認為我們可以看出，情況差異很大。

Now, we're starting to analyze our revenues between new logos as a new win to the medium and those who have lost, as well as increases and decreases. It's hard to yet see a pattern where there has been a consistent regional consequence of either the market, in general, or anything that we're doing because where we've had enterprise clients suddenly very active, whether they're launching a car or launching a credit card, whatever, it is in a particular part of the country.; then, we have the commercial side of the business strengthening it or vice versa.

現在，我們開始分析新商標帶來的收入成長和虧損，以及收入的增加和減少。目前還很難看出市場整體或我們所做的事情對區域產生了持續的影響，因為我們的一些企業客戶突然變得非常活躍，無論是推出汽車還是推出信用卡，都發生在某個特定地區；然後，我們看到企業的商業方面加強了該地區的業務，反之亦然。

So I wouldn't say that there's been any regional variation that's been so significant, other than the strength of the regions that we have in terms of the biggest markets being California and New York. There's not been, insofar in my time in the seat.

所以，除了加州和紐約州這兩個最大市場所在區域的實力較強之外，我認為並沒有出現任何顯著的區域差異。在我擔任此職期間，還沒有發生過這種情況。

When we look at the first-half actuals and what we're looking at now for quarter three and certainly, the early signs in the in the final quarter, we're not seeing significant regional variation over the norms.

當我們觀察上半年的實際數據，以及我們現在看到的第三季數據，當然還有最後一個季度的早期跡象時，我們沒有看到與正常水平相比有明顯的區域差異。

But I don't know if that helps to answer your question, Patrick.

但我不知道這是否能解答你的問題，派崔克。

Yeah. Maybe following up on that, just with your LA footprint and the loss of that contract. Maybe just talk about your go-to-market there and just your ability to reach a portion of the market (inaudible) --? Are you seeing any effect on, like, the loss of that contract on, like, the broader footprint?

是的。或許可以繼續跟進此事，就拿你在洛杉磯的影響力以及失去那份合約這件事來說。或許可以談談你們在那裡的市場推廣策略，以及你們觸達部分市場的能力。（聽不清楚）——？你覺得失去這份合約會對公司的整體業務造成什麼影響嗎？

No, we're not. We feel very strongly that was a very heavy, entertainment-oriented contract. That sector -- that industry vertical -- has been suffering for all the reasons we know, starting back in the writer's strike in 2024 the way through 2023; and then, where we are with all things, the strength of streaming in the creative economy.

不，我們不是。我們強烈認為那是一份非常苛刻、以娛樂為導向的合約。這個行業——這個垂直行業——由於我們所知的各種原因而遭受損失，從 2024 年的編劇罷工一直持續到 2023 年；然後，正如我們所見，流媒體在創意經濟中的強大影響力。

I think what we're recognizing is that we need to be more consistent in our relationship building with the very strong independent agencies in the LA area, whether it be 72andSunnyy, whether it be Horizon, whether it be Dentsu, 360i. There's so many strong independent players, as well as the independent. multicultural agencies, as well as a very strong increase across California of the digital agencies.

我認為我們意識到，我們需要更持續地與洛杉磯地區強大的獨立機構建立關係，無論是 72andSunnyy、Horizo​​n、Dentsu 還是 360i。加州有許多實力雄厚的獨立企業，以及獨立的多元文化機構，而且數位機構的數量也在加州大幅增加。

So those are opportunities to generate revenues at the enterprise level, as well as the commercial level.

因此，這些都是在企業層面和商業層面創造收入的機會。

The second thing we're doing is being much more proactive with the focus of this restructuring on organic growth. So when we're talking about Accounts Leaders and focusing on a customer success growth function, it's about making sure that we can get more out of what we've got with the resources we have.

我們正在做的第二件事是，更積極主動地將重組的重點放在內生成長上。所以，當我們談論客戶經理並專注於客戶成功成長職能時，就是確保我們能夠利用現有資源獲得更多收益。

We've been clear -- we were very clear -- at the last earnings call that we were going to be very deliberate and judicial around the contracts and at what level we will continue to bid. When our models and our maths, even at the most optimistic levels, would see us basically taking on loss-making leases, we balance that knowing -- particularly, when you cite Los Angeles -- that the enterprise sector had been a category that significantly propped up certain of these contracts that we've basically chosen to walk away from.

我們在上次財報電話會議上已經明確表示——我們非常明確地表示——我們將對合約以及我們將繼續競標的水平非常謹慎和審慎。即使以最樂觀的水平，我們的模型和數學計算也表明，我們基本上會承擔虧損的租賃合約。但我們權衡利弊，尤其是當您提到洛杉磯時，我們知道企業部門曾經是支撐我們基本上選擇放棄的某些合約的重要因素。

We didn't do it lightly because obviously then, as you're surmising, we have to focus on where we're generating the new revenues, both from existing clients as well as the new non-out-of-home advertisers. That work is well underway, especially in New York and LA.

我們並非輕率地做出這個決定，因為很顯然，正如你所推測的那樣，我們必須專注於從哪裡獲得新的收入，包括現有客戶以及新的非戶外廣告客戶。這項工作正在順利進行，尤其是在紐約和洛杉磯。

Okay. Thank you so much.

好的。太感謝了。

Thanks, Patrick.

謝謝你，派崔克。

Thank you. We have no further questions in the queue. I'll pass the call back over to Nick Brien for any closing comments.

謝謝。隊列中沒有其他問題了。我將把電話轉回給尼克布萊恩，讓他做最後的總結演講。

Well, thank you for joining us today. We hope to see and meet with many of you at our various conferences and events throughout the autumn.

謝謝您今天收看我們的節目。我們希望在整個秋季的各種會議和活動中見到各位。

But for those who we don't, we look forward to presenting our quarter-three results to you in early November.

但對於那些我們尚未了解情況的人，我們期待在 11 月初向您展示我們的第三季業績。

Thank you so much for your time today.

非常感謝您今天抽出時間。

This concludes today's call. Thank you very much for joining. You may now disconnect your line.

今天的電話會議到此結束。非常感謝您的參與。現在您可以斷開線路了。