OUTFRONT Media Inc (OUT) 2025 Q3 法說會逐字稿

Hello and welcome to the OUTFRONT Media third-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 年第三季財報電話會議。我叫卡拉，今天我將負責協調您的通話。（操作說明）

I will now hand you over to your host, Stephan Bisson, to begin. Please go ahead when you’re ready.

現在我將把發言權交給主持人史蒂芬·比森，由他開始。準備好了就請繼續。

Good afternoon and thank you for joining our 2025 third-quarter earnings call. With me on the call today are OUTFRONT's CEO, Nick Brien; and CFO, Matthew Siegel. After a discussion of our financial results, we’ll open the lines for a question-and-answer session.

下午好，感謝各位參加我們2025年第三季財報電話會議。今天和我一起參加電話會議的還有 OUTFRONT 的執行長 Nick Brien 和財務長 Matthew Siegel。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幻燈片演示文稿，您可以在我們網站 outfront.com 的投資者關係版塊找到這些資料。今天的電話會議結束後，您也可以在那裡收聽錄音回放。

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 Q3 2025 Form 10-Q, which we expect to file soon. We will refer to certain non-GAAP financial measures on this call.

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有重大差異的相關因素已列於我們的獲利資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 表格以及我們預計很快提交的 2025 年第三季 10-Q 表格。在本次電話會議中，我們將提及一些非GAAP財務指標。

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

今天提及的任何 OIBDA 數據都將是調整後的數值。OIBDA 和其他非 GAAP 財務指標的調整表可在投影片簡報的附錄、獲利報告和我們的網站上找到，其中還包括包含前期調整表的簡報。

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

那麼，我把電話交給尼克吧。

Thanks, Stephan, and thank you, everyone, for joining us today. We’re pleased to be here today reporting our third-quarter results, which came in ahead of where we had anticipated when we spoke three months ago, given a sizable increase in demand, particularly within our Transit business.

謝謝史蒂芬，也謝謝各位今天蒞臨。我們很高興今天在此公佈第三季業績，鑑於需求的顯著增長，特別是我們的運輸業務需求，我們的業績超出了三個月前我們預期的水平。

As you can see on slide 3, which summarizes our headline numbers, consolidated revenues were up 3.45%, driven by 24% growth in Transit, while consolidated OIBDA was up 17% to $137 million, and AFFO was up 24% to $100 million.

如投影片 3 所示（總結了我們的主要數據），綜合收入成長了 3.45%，其中交通運輸業務成長了 24%；綜合 OIBDA 成長了 17% 至 1.37 億美元；AFFO 成長了 24% 至 1 億美元。

Slide 4 shows our more detailed revenue results. Billboard revenues were down 2.2%, primarily due to our previously announced exits of two large, marginally profitable Billboard contracts in New York and L.A. as the revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the results of these contracts, Billboard revenues would have been up a little over 1%.

第 4 張投影片展示了我們更詳細的收入結果。廣告看板收入下降了 2.2%，主要是由於我們之前宣布終止了在紐約和洛杉磯的兩份大型、利潤微薄的廣告牌合同，因為這些合同的收入和支出仍然包含在我們報告的 2024 年財務報表中。如果排除這些合約的影響，公告牌的收入將成長略高於 1%。

Transit grew an impressive 24%, led by the New York MTA, which was up a massive 37% during the quarter, given the launch of several large campaigns, particularly within the tech, finance, TPG, pharma, and health categories.

交通運輸業實現了令人矚目的 24% 的成長，其中紐約大都會運輸署 (MTA) 的成長尤為顯著，在本季度增長了 37%，這主要得益於幾項大型推廣活動的推出，尤其是在科技、金融、TPG、製藥和健康領域。

Slide 5 shows our detailed Billboard revenue, which, as I mentioned earlier, was impacted by the two large Billboard contracts we have exited. On a reported basis, static and other Billboard revenues were down 2.5% during the quarter, and digital Billboard revenues were down 1.4%. However, I believe it is important to note that excluding the results of the two large billboard contracts we exited from the comparable prior year period, digital revenues would have been up over 5%.

投影片 5 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。據報告顯示，本季靜態及其他廣告看板收入下降了 2.5%，數位廣告看板收入下降了 1.4%。不過，我認為有必要指出，如果排除上年同期我們終止的兩項大型廣告看板合約的影響，數位收入將成長超過 5%。

Slide 6 shows our detailed Transit revenue, which grew nearly 24% during the quarter. Our digital transit revenues were up over 50% to $56 million, and static revenues were almost up 4%. Much of the strength of this quarter was driven by larger brands, with enterprise transit revenues up over 30%. Commercial was also a significant contributor to Transit growth, up high single digits during the quarter. We are immensely proud of these results, which have been driven by the strengthening of our Transit growth team and a focus on distinct go-to-market sales solutions.

幻燈片 6 顯示了我們詳細的交通運輸收入，該收入在本季度增長了近 24%。我們的數位交通收入成長超過 50%，達到 5,600 萬美元，而固定收入成長了近 4%。本季業績強勁主要得益於大型品牌，企業運輸收入成長超過 30%。商業運輸也是公共交通成長的重要貢獻者，本季實現了接近兩位數的成長。我們為這些成果感到無比自豪，這得益於我們交通運輸成長團隊的加強以及對獨特市場銷售解決方案的關注。

On a consolidated revenue basis, our stronger categories during the quarter were legal, financial, tech, and travel. The weaker categories during the quarter were retail, alcohol, and government political.

以合併收入計算，本季表現較強的類別是法律、金融、科技和旅遊。本季表現較弱的類別是零售、酒類和政府政治。

Slide 7 shows our combined digital revenue performance, which grew over 12% in the quarter and represented 35.4% of our total revenues. Even more impressive, excluding the aforementioned New York and L.A. contracts, digital revenues would have grown by nearly 18%. Programmatic and digital direct automated sales were up nearly 30% during the period and represented 19.4% of our total digital revenues, up from 16.8% in the same period last year.

幻燈片 7 顯示了我們的綜合數位收入表現，該季度增長超過 12%，占我們總收入的 35.4%。更令人印象深刻的是，如果排除上述紐約和洛杉磯的合同，數字收入將增長近 18%。在此期間，程序化和數位直接自動化銷售成長了近 30%，占我們數位總收入的 19.4%，高於去年同期的 16.8%。

While on the topic of programmatic and digital, I’d like to highlight the strategic partnership that we announced with AWS last month, which we believe will usher in a new era for the out-of-home medium. In a first for the industry, this initiative will enable the planning, buying, and measurement of our inventory from end to end, creating new sales opportunities and advancing the way agencies and brands can access, interact, transact, and measure their media in smarter, more efficient ways. While we are in the early days of this partnership, we’re very encouraged by the opportunities and are extremely excited about its future potential.

談到程序化和數位化，我想重點介紹我們上個月與 AWS 宣布的策略合作夥伴關係，我們相信這將為戶外媒體開啟一個新時代。這項舉措在業內尚屬首例，它將實現我們庫存的端到端規劃、購買和衡量，創造新的銷售機會，並推進代理商和品牌以更智能、更有效率的方式訪問、互動、交易和衡量其媒體的方式。雖然我們尚處於合作初期，但我們對合作帶來的機會感到非常鼓舞，並對其未來的潛力感到無比興奮。

Moving on, the breakdown of commercial and enterprise revenues can be seen on slide 8. Enterprise grew by 7% during the third quarter, with a huge 30-plus percentage point increase in Transit, I briefly mentioned, being offset by a mid-single-digit decline in Billboard. Commercial was essentially flat year on year during the quarter, with high single-digit Transit growth offset by slightly weaker Billboard revenues.

接下來，商業和企業收入的細分情況可以在第 8 張投影片上看到。第三季企業業務成長了 7%，其中交通運輸業務成長了 30 多個百分點（我之前簡要提到過），但被公告牌業務的個位數中段下滑所抵銷。本季商業廣告收入與去年同期基本持平，交通廣告收入實現了接近兩位數的成長，但廣告看板收入略有下降，抵消了這一增長。

Slide 9 shows our Billboard yield growth, which was up about 1.4% year over year to over $3,000 per month, driven primarily by our new digital inventory. Summing up, we were pleased with our quarter three performance, and encouragingly, we are seeing these strong top-line trends continue into the fourth quarter.

第 9 張投影片顯示了我們的廣告看板收益成長情況，年增約 1.4%，達到每月 3,000 多美元，這主要得益於我們新的數位庫存。總而言之，我們對第三季的業績感到滿意，令人鼓舞的是，我們看到這些強勁的營收成長趨勢延續到了第四季。

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, and good afternoon, everyone. Please turn to slide 10 for a more detailed look at our Billboard expenses. In total, Billboard expenses were down nearly $11 million, or almost 5% year over year. Zooming in on lease costs, these expenses were down almost $9 million, or about 7.5% year over year. This decline includes approximately $10 million related to the large billboard contracts in New York and Los Angeles that we exited, which was partially offset by the contractual escalators on fixed leases.

謝謝你，尼克，大家下午好。請翻到第 10 頁，詳細查看我們的廣告看板費用。總體而言，Billboard 的支出較去年同期減少了近 1,100 萬美元，降幅近 5%。聚焦租賃成本，這些支出較去年同期下降了近 900 萬美元，降幅約為 7.5%。這一降幅包括約 1000 萬美元與我們終止在紐約和洛杉磯的大型廣告牌合約有關，但部分被固定租賃合約中的合約遞增條款所抵消。

Excluding the impact of the portfolio exits, billboard property lease expense would have been up less than 1%, which reflects our continued portfolio management efforts.

如果不計投資組合退出的影響，廣告看板物業租賃費用將成長不到 1%，這反映了我們持續的投資組合管理努力。

Posting, maintenance, and other expenses were up just under $2 million, or 4.5%, due to higher production costs and compensation-related expenses from regular annual merit increases. SG&A expenses declined by about $3.6 million, or 5.3%. Due primarily to lower credit card usage by customers, lower compensation-related expenses following our June [RIF], and a lower provision for doubtful accounts.

發布、維護和其他費用增加了近 200 萬美元，增幅為 4.5%，原因是生產成本上升以及與年度績效工資增長相關的薪酬支出增加。銷售、一般及行政費用減少了約 360 萬美元，降幅為 5.3%。主要原因是顧客信用卡使用量減少、6 月裁員後與補償相關的支出減少，以及壞帳準備金減少。

This nearly $11 million improvement in total billboard expenses was partially offset by the modest decline in Billboard revenues Nick described earlier and led to Billboard-adjusted OIBDA increasing by about $3 million, or 2.1%. We are pleased to see Billboard-adjusted OIBDA margin increase again, this time by 170 basis points year over year to 39.5% helped by recent portfolio management decisions, as well as the geographic mix of revenue generated in the third quarter. We continue to expect Billboard margins will improve on a year-on-year basis for the remainder of 2025.

廣告看板總支出減少近 1,100 萬美元，但被 Nick 先前描述的廣告看板收入小幅下降部分抵消，導致經廣告看板調整後的 OIBDA 增加了約 300 萬美元，即 2.1%。我們很高興看到 Billboard 調整後的 OIBDA 利潤率再次上升，這次同比增長 170 個基點至 39.5%，這得益於最近的投資組合管理決策以及第三季度產生的收入的地域組合。我們繼續預期，在 2025 年剩餘的時間裡，公告牌的利潤率將逐年提高。

Now turning to Transit on slide 11. In total, Transit expenses were up about $2.9 million, or a little over 3% year over year. Transit franchise expense was up 2% due primarily to the annual inflation adjustment to the MAG for the MTA contract.

現在請看第 11 張投影片，了解交通運輸。總體而言，交通運輸支出增加了約 290 萬美元，比上年增長略高於 3%。交通特許經營費用上漲 2%，主要是由於 MTA 合約的 MAG 進行了年度通貨膨脹調整。

Posting, maintenance, and other expenses were up about $2 million, or about 13%, due primarily to higher maintenance and utilities costs. SG&A expenses were down $300,000, or about 2%, primarily due to lower credit card usage by customers. The 3% increase in total transit expenses, combined with the nearly 24% Transit revenue growth described earlier, led to a Transit-adjusted OIBDA improving by more than $18 million during the quarter to a profit of nearly $16 million.

發布、維護和其他費用增加了約 200 萬美元，增幅約 13%，主要原因是維護和公用事業成本上漲。銷售、一般及行政費用減少了 30 萬美元，降幅約 2%，主要原因是客戶信用卡使用量減少。交通運輸總支出成長 3%，加上前面提到的交通運輸收入成長近 24%，使得經交通運輸調整後的 OIBDA 在本季改善超過 1,800 萬美元，達到近 1,600 萬美元的利潤。

Slide 12 shows the company’s combined Billboard, Transit, and corporate-adjusted OIBDA in the third quarter. Corporate expense rose by about $2 million, due primarily to higher professional fees, including a management consulting project that ended on August 31, and costs related to the refinancing of our senior credit facilities. Combined with the Billboard and Transit OIBDA I covered earlier, adjusted OIBDA totaled about $137 million, up nearly 17% compared to last year. Much of this increase is attributable to our improved performance within the New York MTA, as incremental revenue growth within this important franchise is extremely high margin.

第 12 張投影片顯示了該公司第三季的廣告看板、交通和公司調整後的 OIBDA 合併數據。公司支出增加了約 200 萬美元，主要原因是專業費用增加，包括 8 月 31 日結束的一項管理諮詢項目，以及與高級信貸安排再融資相關的成本。加上我之前提到的廣告看板和交通運輸 OIBDA，調整後的 OIBDA 總計約為 1.37 億美元，比去年增長近 17%。這一成長很大程度上歸功於我們在紐約大都會運輸署 (MTA) 的業績提升，因為在這個重要的特許經營領域，營收的增量成長利潤率非常高。

Turning to capital expenditures on slide 13. Q3 CapEx spend was about $21 million, including about $6 million of maintenance spent. We converted 29 new boards to digital in Q3 2025. For the full year, we still expect to spend approximately $85 million of CapEx, with $30 million to $35 million of this total expected for maintenance.

接下來請看第 13 頁投影片，了解資本支出。第三季資本支出約為 2,100 萬美元，其中包括約 600 萬美元的維護支出。2025年第三季度，我們將29個新電路板轉換為數位化電路板。預計全年資本支出仍將達到約 8,500 萬美元，其中 3,000 萬至 3,500 萬美元預計將用於維護。

Looking at AFFO on slide 14, you can see the bridge to our Q3 AFFO of $100 million. The improvement is principally driven by higher Billboard and Transit OIBDA, which was partially offset by higher corporate expense.

從第 14 張投影片上的 AFFO 可以看出，我們第三季 AFFO 已達到 1 億美元。業績改善主要得益於廣告看板和交通運輸 OIBDA 的提高，但部分被更高的企業支出所抵銷。

Also, I’m pleased to tell you we are raising our AFFO guidance for the full year and now expect that our reported 2025 consolidated AFFO will grow in the high single-digit range versus our prior mid-single-digit expectation. Included in this guidance is the previously noted maintenance CapEx, interest expense of approximately $140 million to $145 million, and a small amount of cash taxes.

另外，我很高興地告訴大家，我們提高了全年的調整後營運資金 (AFFO) 預期，現在預計我們公佈的 2025 年合併調整後營運資金 (AFFO) 將實現高個位數增長，而我們之前的預期為個位數中段增長。該指導意見包括先前提及的維護性資本支出、約 1.4 億美元至 1.45 億美元的利息支出以及少量現金稅款。

Please turn to slide 15 for an update on our balance sheet. During the quarter, we refinanced our senior secured credit facilities, which pushed the maturity of our term loan from November 2026 to September 2032 and increased the size by $100 million to $500 million. We also extended the maturity of our revolving credit facility to 2030. Committed liquidity is over $700 million, including about $60 million of cash, around $500 million available via our revolver, and $150 million available via our accounts receivable securitization facility. As of September 30, our total net leverage dropped to 4.7 times within our four to five times target range.

請翻到第15頁查看我們資產負債表的最新情況。本季度，我們對優先擔保信貸安排進行了再融資，將定期貸款的到期日從 2026 年 11 月推遲到 2032 年 9 月，並將貸款規模增加了 1 億美元，達到 5 億美元。我們也將循環信貸額度的到期日延長至 2030 年。已承諾流動資金超過 7 億美元，其中包括約 6,000 萬美元現金，約 5 億美元可透過循環信貸獲得，以及 1.5 億美元可透過應收帳款證券化融資獲得。截至9月30日，我們的淨槓桿比率降至4.7倍，在我們設定的4到5倍的目標範圍內。

Turning to our dividend, we announced today that our Board of Directors maintained a $0.30 cash dividend payable on December 31 to shareholders of record at the close of business on December 5. We spent just $2 million on acquisitions during the quarter. In looking at our current acquisition pipeline, we continue to expect our 2025 deal activity to be similar to levels reached in recent years.

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 12 月 31 日支付給 12 月 5 日營業結束時登記在冊的股東。本季我們在收購方面僅花了 200 萬美元。從我們目前的收購計劃來看，我們仍然預計 2025 年的交易活動將與近年來的水平相似。

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. As I mentioned earlier, the top-line strength we saw in the third quarter has continued into the fourth. From where we sit today, we expect fourth-quarter revenue growth to improve slightly from quarter three’s result, with consolidated revenues up in the low mid-single digits, driven by mid-teens growth in Transit and low single-digit growth in Billboard.

謝謝你，馬特。正如我之前提到的，我們在第三季看到的強勁成長勢頭延續到了第四季。根據我們目前的情況來看，我們預計第四季度營收成長將比第三季略有改善，綜合營收將實現低中個位數成長，這主要得益於交通運輸業務的十幾個百分點成長和公告牌業務的低個位數成長。

These figures include the headwind created by our strategic decision to exit the two large marginally profitable Billboard contracts in New York and Los Angeles. Excluding the $11 million of Billboard revenue generated by these two exited contracts in the fourth quarter of 2024, we believe quarter four Billboard revenues would be up mid-single digits and consolidated revenue would be in the mid to high single-digit range.

這些數據包括了我們因策略決策而退出紐約和洛杉磯兩份利潤微薄的大型公告牌廣告合約所帶來的不利影響。如果排除 2024 年第四季這兩份已終止合約帶來的 1,100 萬美元公告牌收入，我們認為第四季度公告牌收入將實現中等個位數增長，而合併收入將達到中等至高個位數增長。

Just as important as the numbers themselves is what lies behind them. The media and marketing landscape continues to undergo a massive sea change, born of Gen AI content capabilities and the rise of the media planning LLMs. We are witnessing major brand advertisers retrench from the bottom of the funnel of digital performance advertising, seeking to strengthen their brand equity while improving overall business performance.

數字本身固然重要，但數字背後所蘊含的意義同樣重要。媒體和行銷格局正在經歷巨大的變革，這源自於人工智慧內容能力的提升和媒體策劃LLM的興起。我們看到，各大品牌廣告商正從數位成效廣告的漏斗底部撤退，尋求在提升整體業務績效的同時增強品牌資產。

They know that creating emotional brand experiences that are remembered and shared are the most trusted forms of marketing activities. There is no better way to deliver these engaging and unskippable brand experiences than in real life.

他們知道，創造令人難忘和樂於分享的情感品牌體驗是最值得信賴的行銷活動形式。要打造引人入勝、令人難忘的品牌體驗，沒有什麼比現實生活中的體驗更好的方式了。

OUTFRONT is the premium out-of-home leader in the US, with excellent assets and IRL brand-building capabilities in the most important markets for our advertisers to participate in culture and create communities of loyal fans and advocates.

OUTFRONT 是美國領先的高端戶外廣告公司，在最重要的市場擁有優秀的資源和 IRL 品牌建立能力，可以幫助廣告商參與文化活動，並建立忠實粉絲和擁護者的社區。

Our scale, coverage, and breadth of services enables us to build full-funnel marketing campaigns across the US, whether you’re a Fortune 500 brand, a regional bank, or a local family-owned auto dealer. We’re starting to break through with many of the largest brand marketeers as they reconsider the power and value of out-of-home and IRL in today’s AI-fueled digital advertising ecosystem.

我們的規模、覆蓋範圍和服務廣度使我們能夠在美國各地開展全通路行銷活動，無論您是財富 500 強品牌、區域銀行還是當地家族式汽車經銷商。隨著許多大型品牌行銷人員重新思考戶外和 IRL 在當今人工智慧驅動的數位廣告生態系統中的力量和價值，我們開始與這些行銷人員取得突破。

With that, operator, let’s now open the lines for some questions.

話筒，那麼現在我們來接聽一些問題。

(Operator Instructions) Daniel Osley, Wells Fargo.

（操作員說明）丹尼爾·奧斯利，富國銀行。

Question for Nick. You previously described 2025 as a year of transformation. As we exit this year and look towards 2026, how do you think the company’s positioned compared to your strategic objectives? Thank you.

問尼克一個問題。您之前將 2025 年描述為變革之年。今年即將結束，展望 2026 年，您認為公司目前的狀況與策略目標相比如何？謝謝。

Well, thank you, Daniel. I appreciate that question. I appreciate you remembering that we were very clear in my first earnings call with the four strategic imperatives that we saw as absolutely critical to deliver the transformation velocity.

謝謝你，丹尼爾。感謝你的提問。感謝您還記得，在我的第一次財報電話會議上，我們非常明確地闡述了我們認為對實現轉型速度至關重要的四項策略要務。

I’ve been very impressed with the team, both some of the existing leaders in the organization as well as some of the new talented leaders we’ve attracted, to really focus on the most important things that matter. The results, we’re hoping to demonstrate they’ve shown themselves to you in quarter three. We’ve given you an increase in our guidance for quarter four, and the momentum continues.

我對團隊印象深刻，無論是組織內現有的領導者，還是我們吸引來的一些有才華的新領導者，他們都真正專注於最重要的事情。我們希望向你們證明，這些結果已經在第三季顯現出來了。我們上調了第四季度的業績預期，而且這一勢頭仍在持續。

Everything we put in place around our culture, our sales enablement, our technology underpinning, our basic operational excellence across the board sets us up to continue the momentum that the transformation velocity agenda, the strategy we set with the Board, is being executed, and executed with real focus and with impressive results starting to show.

我們在企業文化、銷售賦能、技術基礎、以及各方面的基本營運卓越性方面所做的一切，都為我們繼續保持轉型速度議程的勢頭奠定了基礎。我們與董事會共同製定的策略正在切實執行，並且已經開始取得令人矚目的成果。

That’s helpful. A quick follow-up, if I may. On quarter three, Transit growth in the quarter was clearly very strong. Can you help to further unpack the drivers of the momentum you’ve seen there and maybe touch on expectations for how you think growth shapes up in the next year? Thanks.

那很有幫助。如果可以的話，我想快速補充一點。第三季度，公共交通業務的成長勢頭非常強勁。您能否進一步分析您所看到的這種成長勢頭的驅動因素，並談談您對明年成長前景的預期？謝謝。

We’re extremely pleased with the transit focus, and it was a combination of the three things we set. We mentioned earlier, one was the creation of the transit velocity team led by a dedicated growth leader across both sales and marketing. A real focus on the product marketing details to do with all aspects of transit, especially with the New York MTA. Then dedicated campaign focus with some of the most exciting brands to be able to say that the MTA is a platform for creating these brand experiences in real life as opposed to only running ads.

我們對交通運輸的重點工作非常滿意，這是我們設定的三個目標的結合。我們之前提到過，其中一項舉措是組建運輸速度團隊，由一位負責銷售和行銷的專職成長領導者領導。真正關注與交通運輸各個方面相關的產品行銷細節，特別是紐約大都會運輸署 (MTA)。然後，我們集中精力與一些最令人興奮的品牌開展專項宣傳活動，以便能夠宣稱 MTA 是一個在現實生活中創造這些品牌體驗的平台，而不僅僅是投放廣告。

Now, we have been focused on both, but we’re starting to see that kind of momentum when I look at the work that’s even existing right now today within the New York MTA between the Bath & Body Works, where they have the experience that they’ve created around smell.

現在，我們一直專注於這兩方面，但當我看到紐約大都會運輸署 (MTA) 內 Bath & Body Works 正在進行的工作時，我們開始看到這種勢頭，他們圍繞氣味創造了一種體驗。

I mean, the full takeover, the combination of advertising and the experiences, what we did with ESPN, with the E train. We turned it into the ESPN train. We took the leadership all the way down to Wall Street. They rang the bell. It had their mascots. It had their fans. The MTA -- and not just the MTA, but all of our transit assets allow us to really talk to some of the biggest brands that have very high brand awareness.

我的意思是，全面接管，將廣告和體驗結合起來，就像我們與 ESPN 和 E 線地鐵合作所做的那樣。我們把它變成了ESPN專列。我們將領導地位一直延伸到了華爾街。他們按了門鈴。它有自己的吉祥物。它擁有自己的粉絲。MTA（不僅僅是 MTA），而是我們所有的交通資產，使我們能夠真正與一些擁有極高品牌知名度的知名品牌進行對話。

They may not want more brand awareness, but they certainly want the brand experiences that can be shared. They can be amplified, and they’re certainly highly memorable with existing customers and with prospects.

他們可能不想要更高的品牌知名度，但他們絕對想要可以分享的品牌體驗。它們可以放大，對於現有客戶和潛在客戶來說，它們肯定令人印象深刻。

So I think the team are enjoying the success. They’ve worked extremely hard to deliver it. Again, that combination of focus, the combination of further research and capability setting for the sales teams. As importantly, demonstrating the results of these campaigns in terms of whatever the success metrics the clients had put in place at the beginning. We have nothing but confidence that the momentum will continue.

所以我覺得球隊很享受這份成功。他們為此付出了巨大的努力。再次強調，這種重點的結合，即對銷售團隊進行進一步的研究和能力建構。同樣重要的是，要根據客戶最初設定的成功指標來展示這些行銷活動的成果。我們堅信這股勢頭將會持續下去。

Cameron McVeigh, Morgan Stanley.

卡梅倫‧麥克維，摩根士丹利。

Nick, I was hoping you could talk a little bit more about your decision to restructure the sales function, particularly in transit, maybe what you’ve learned. Then secondly, is subway ridership still a factor in an advertiser’s decision to utilize these MTA boards? If not, curious what the most important metric there is.

尼克，我希望你能多談談你重組銷售職能的決定，特別是運輸方面的重組，以及你從中吸取了哪些經驗教訓。其次，地鐵客流量是否仍然是廣告商決定使用這些 MTA 廣告看板的因素？如果不是，我很好奇最重要的指標是什麼。

Okay. Thank you, Cameron. Thank you for the question. Let’s start with the first one. The restructuring of the sales organization was to recognize that between enterprise and commercial, that we knew we had a different level of sophistication in terms of the kind of conversations we were having with the different kind of clients. We needed to have more specific, accustomed, and qualified sales conversations with the strategic accounts, with the enterprise accounts.

好的。謝謝你，卡梅倫。謝謝你的提問。讓我們從第一個開始。銷售組織的重組是為了認識到，在企業客戶和商業客戶之間，我們知道我們在與不同類型的客戶進行對話時，成熟度有所不同。我們需要與策略客戶和企業客戶進行更具體、更習慣、更有針對性的銷售對話。

We recognized in the commercial side -- and do not forget, this was an industry that’s always been called national to local, which I always felt coming in again from the outside, not a seller, somebody who’s been a strategic buyer and agency leader with some of the biggest brand marketers in the world, it was too unsophisticated. In commercial, we had regional, and we had the small and medium businesses.

我們在商業方面意識到——別忘了，這個行業一直被稱為從全國到地方，而我作為一個從外部進入這個行業的人，而不是一個銷售人員，而是一個曾經是戰略買家和代理機構領導者，與世界上一些最大的品牌營銷人員合作過的人，總是覺得它太不成熟了。在商業領域，我們有區域性企業，也有中小企業。

We recognized that we needed to create that focus and their unique capability sets because the way you engage with a Coca-Cola or McDonald’s, a Procter & Gamble is very different to dealing with a tier four auto dealer or a regional bank that wants to extend to acquisition. That was the rationale between the restructuring of the sales organization, despite the fact that we were going to underpin from a cultural point of view, a technology point of view, a data point of view. The capabilities would be there to support both.

我們意識到我們需要專注於他們的獨特能力，因為與可口可樂、麥當勞、寶潔等公司打交道的方式，與與四級汽車經銷商或想要拓展收購業務的區域性銀行打交道的方式截然不同。儘管我們將從文化、技術和數據等方面進行調整，但這仍然是銷售組織重組的根本原因。具備支持兩者的能力。

Now, when it came to transit, that’s not a dedicated sales change. That’s more recognizing that the product marketing and the dedicated focus of that sale required a different approach to just saying it’s a mobile billboard.

現在，就運輸而言，這並不是一項專門的銷售變革。這更表明，該產品的營銷和銷售的專注需要一種不同於簡單地將其視為行動廣告牌的方法。

This is the fabric of major cities, whether it be San Francisco, whether it be Los Angeles, whether it be Boston, certainly New York City. We basically gave more dedicated organization around the growth team that was a combination of sales, marketing, product marketing, and customer success. That is why we have seen that kind of continued momentum.

這就是大城市的肌理，無論是舊金山、洛杉磯、波士頓，當然還有紐約市。我們基本上圍繞著成長團隊建立了一個更專門的組織架構，該團隊由銷售、行銷、產品行銷和客戶成功部門組成。這就是我們看到這種持續成長勢頭的原因。

When I look at those clients, Capital One, Chase, the work we have done with Unilever, what is on the front cover you see there with Swiffer and what we did with them. I mean, these are major brands coming to the medium. And they are recognizing that the transit medium is something that is exciting and more specific for them.

當我看到那些客戶，Capital One、Chase，以及我們與聯合利華的合作，還有封面上Swiffer的廣告以及我們與他們合作的成果。我的意思是，這些都是即將進軍這個領域的知名品牌。他們意識到，公共交通這種媒介對他們來說既令人興奮又更具針對性。

So it is really about focus and about capabilities, but it falls within the same structure between enterprise sales and commercial sales. Both have as relevant an opportunity to imagine how their respective brands and marketeers would want to use the transit medium.

所以，關鍵在於專注和能力，但它仍然屬於企業銷售和商業銷售之間的同一結構。兩者都有機會想像各自的品牌和行銷人員希望如何利用交通運輸媒介。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Nick, maybe as you look ahead to 2026, I just wanted to get your view on an outlier event like the World Cup, given your footprint and how you’re kind of viewing also just the entertainment vertical and the prospect for more recovery there.

尼克，展望 2026 年，我想聽聽你對世界盃這類特殊賽事的看法，考慮到你的影響力，以及你對娛樂產業的看法和復甦前景。

Okay. Thank you, David. Thank you for the question. Let me start with the second one first. I think the entertainment category is clearly one that has been discussed a lot and very publicly. Discussed in terms of the implications, and there’s certainly the highlights. There’s highs and lows. I mean, the lows that we’ve recognized in 2024 have really more to do with the network.

好的。謝謝你，大衛。謝謝你的提問。讓我先從第二個問題開始。我認為娛樂類話題顯然是被廣泛討論且公開討論過的話題。從其影響方面進行了討論，當然也有一些亮點。有高峰也有低谷。我的意思是，我們在 2024 年所看到的低谷實際上與網路關係更大。

When we think about entertainment, we’re thinking about ABC, NBC, Fox, these kind of network full launches, they’re not disappearing, but they’re certainly not as extensive as they were. When we look at quarter four entertainment, in summary, there is less content. There are shorter media spend windows, and the budgets are smaller.

當我們想到娛樂時，我們會想到 ABC、NBC、Fox 等電視台的全面開播，它們並沒有消失，但肯定不如以前那麼普及了。總而言之，從第四季的娛樂內容來看，內容有所減少。媒體投放窗口期更短，預算也更少。

However, even though we recognize that TV has been suffering in entertainment, we’ve got highs for 2026 that we’re pretty excited about. In the sense that the strike, when we think about 2022, 2023, a lot of that production got moved to 2024. I’ve personally had a number of conversations with some of the most significant studios here in L.A. with our head of our entertainment practice, and the general feeling is really that it’s going to be a healthy 2026 for both film and streaming.

然而，儘管我們承認電視在娛樂業中一直處於低迷狀態，但我們對 2026 年的電視業發展前景感到非常興奮。從罷工的角度來看，當我們考慮 2022 年、2023 年時，許多生產都被推遲到了 2024 年。我自己和我們娛樂業務負責人與洛杉磯一些最重要的電影公司進行過多次對話，普遍認為2026年對於電影和串流媒體來說都將是健康發展的一年。

There’s a good slate on the docket, so we’re feeling positive about that. I think when we talk about entertainment, we’re talking about those are the brands that we really want to be focusing on and making sure that our strength of relationship means we’re extending share, obviously, from our competitors as well. Hopefully, that provides you the perspective on the entertainment sector.

目前的日程安排不錯，所以我們對此感到樂觀。我認為，當我們談論娛樂時，我們指的是那些我們真正想要關注的品牌，並確保我們強大的關係意味著我們能夠從競爭對手那裡擴大市場份額。希望這能讓你對娛樂產業有所了解。

On the first part of the question about the World Cup?

關於世界盃問題的第一部分？

We’re very excited about the World Cup. I mean, we’ve got a number of significant conversations going on with some very significant enterprise brands who have committed significantly to World Cup, to Olympics, to generally a lot more sports sponsorship that they want to activate. We asked one of our most progressive real estate leaders who had advanced some very good conversations during the Super Bowl in New Orleans to extend the opportunity with temporary permitting to allow some of the biggest NFL sponsors to really get behind extending what they could do beyond in stadium.

我們對世界盃感到非常興奮。我的意思是，我們正在與一些非常重要的企業品牌進行一些重要的對話，這些品牌已經對世界盃、奧運以及其他許多運動贊助項目投入了大量資金，他們希望能夠啟動這些項目。我們請一位最具前瞻性的房地產領袖——他在新奧爾良超級碗期間進行了一些非常好的對話——給予臨時許可，以延長機會，讓一些最大的 NFL 贊助商真正支持將他們的活動擴展到體育場之外。

That was a huge success for us. I think we generated between $7 million to $8 million incremental revenue. We’re extending that practice. We’ve now turned that into a line of business. So when we’re talking about brand experiences, and this is the thing that is one of the biggest opportunities this medium has, and certainly we’re seizing on, which is there will always be those advertisers who want to run ads and they want to build their brand exposure.

那對我們來說是一次巨大的成功。我認為我們新增了 700 萬至 800 萬美元的收入。我們正在推廣這種做法。我們現在已經將其發展成一項業務了。所以，當我們談論品牌體驗時，這正是該媒體最大的機會之一，也是我們正在努力抓住的機遇，那就是總會有一些廣告商想要投放廣告，想要提升品牌曝光度。

There are many of the more sophisticated, well-known global brands that have all the awareness in the world. They’re not interested in more exposure. They’re interested in these brand experiences that enhance their brand equity in a really dramatic way. This team, we’ve got to get a dedicated team to really focus on those brand experiences from a real estate point of view, from a strategic point of view, from a creative point of view, and from a measurement point of view.

有許多更成熟、更知名的全球品牌，它們在世界上擁有極高的知名度。他們對獲得更多曝光並不感興趣。他們對這些能夠顯著提升品牌價值的品牌體驗很感興趣。我們必須組建一支專門的團隊，從房地產的角度、策略的角度、創意的角度和衡量的角度，真正專注於這些品牌體驗。

We’re having conversations with a number of the experiential agencies, the biggest ones that are out there, independent and owned by the whole coast, about how they could look at our medium and imagine that we can help co-create these IRL experiences. We feel bullish about it. Too early to talk about the conversations we’re having, but they’re extensive. We’re feeling good about World Cup specifically.

我們正在與一些體驗式行銷機構進行對話，這些機構都是業內規模最大的，而且都是獨立運營的，遍布整個海岸線，探討他們如何看待我們的媒介，並設想我們如何能夠幫助他們共同創造這些 IRL 體驗。我們對此持樂觀態度。現在談論我們正在進行的對話還為時過早，但對話內容非常廣泛。我們對世界盃尤其感到樂觀。

(Operator Instructions) Patrick Sholl, Barrington Research.

（操作說明）Patrick Sholl，Barrington Research。

I was just wondering if the government shutdown has had any impact on ad trends, whether across billboard or static, and just the general, if that’s affected any of the planning decisions on the part of your advertisers?

我只是想知道政府停擺是否對廣告趨勢產生了任何影響，無論是戶外廣告看板還是靜態廣告，以及總體而言，這是否影響了你們廣告客戶的任何計劃決策？

Pat, it’s Matt. I’ll take that one. We really haven’t seen any material impact from the government shutdown. Obviously, the population in DC isn’t fully in the office at this point, but we’re not seeing the impact on our transit properties there.

帕特，是馬特。我選那個。我們尚未看到政府停擺造成任何實質影響。顯然，目前華盛頓特區的居民還沒有全部到崗，但我們並沒有看到這對我們在那裡的交通房地產造成影響。

(Operator Instructions) As we have no further questions in the queue, I will hand back over to Nick for any final comments.

（操作員指示）由於隊列中沒有其他問題，我將把發言權交還給 Nick，請他做最後的總結。

Thank you, everybody. We really always appreciate you joining us today. We certainly hope to see and meet many of you at the various conferences and events this winter. For those that we do not, we look forward to presenting our quarter four results to you in February.

謝謝大家。我們非常感謝您今天能來。我們非常希望能在今年冬天的各種會議和活動中見到各位。對於我們尚未公佈業績的人，我們期待在二月向您展示我們第四季度的業績報告。

Thank you all very much. Thank you, everyone. This does conclude today’s call. Thank you for joining. You may now disconnect. Have a great rest of your day.

非常感謝大家。謝謝大家。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。祝您今天餘下的時間過得愉快。