OUTFRONT Media Inc. (OUT) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's OUTFRONT Media fourth-quarter 2025 earnings call. My name is Makai, and I'll be the maoderator in today's call.

午安.感謝您參加今天 OUTFRONT Media 2025 年第四季財報電話會議。我叫Makai，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作說明）

At this time, I'd like to pass the call over to our host, Stephan Bisson with OUTFRONT. You may begin today's call.

此時，我想把電話交給我們的主持人，OUTFRONT 的 Stephan Bisson。您可以開始今天的電話會議了。

Good afternoon, and thank you for joining our 2025 fourth-quarter earnings call. With me on the call today are 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. 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 archived replay will be there as well.

下午好，感謝各位參加我們2025年第四季財報電話會議。今天和我一起參加電話會議的有執行長尼克·布賴恩和財務長馬修·西格爾。在討論完財務表現之後，我們將開放問答環節。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 的投資者關係版塊找到這些資料。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 2025 Form 10-K, which we expect to file tomorrow. 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 10-K 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 made to OIBDA today will be made on an adjusted basis. Reconciliations of OIBDA and any 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.

今天提及的任何 OIBDA 都將以調整後的基礎為基礎。OIBDA 和任何其他非 GAAP 財務指標的調節表位於幻燈片簡報的附錄、盈利報告和我們的網站上，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, and good afternoon to all of those listening. We are pleased to be here sharing our fourth-quarter results as well as our 2026 outlook. As has become the custom, I would like to quickly highlight some of our accomplishments in 2025. It was a busy year that was full of change, but I'm happy to report we have made significant progress on the four strategic imperatives I laid out last May. First, we've made great strides on optimizing our sales strategy, primarily through a broad reorganization of our sales force.

謝謝史蒂芬，也祝各位聽眾下午好。我們很高興在此與大家分享我們第四季的業績以及我們對2026年的展望。按照慣例，我想快速介紹一下我們在 2025 年取得的一些成就。這是忙碌而充滿變化的一年，但我很高興地報告，我們在去年五月我提出的四項策略要務方面取得了重大進展。首先，我們在優化銷售策略方面取得了長足進步，主要透過對銷售團隊進行全面重組來實現。

We've created distinct enterprise and commercial go-to-market teams and ensured there's experienced leadership throughout the entire organization. To that end, we worked diligently to make sure that the key roles were filled by the best possible leader, whether they were found internally or externally.

我們組建了獨立的企業和商業市場推廣團隊，並確保整個組織都有經驗豐富的領導層。為此，我們努力確保關鍵職位由最優秀的領導者擔任，無論這些領導者是來自內部還是外部。

Second, we have made important progress in modernizing our workflow and processes. We have centralized many of our back-office functions as well as invested in better sales tools such as Salesforce and AWS. We will continue to invest in our technology and tools to further accelerate our growth and ROI as appropriate.

其次，我們在工作流程和程序現代化方面取得了重要進展。我們已將許多後台職能集中化，並投資了更好的銷售工具，例如 Salesforce 和 AWS。我們將繼續投資於我們的技術和工具，以酌情進一步加快我們的成長並提高投資回報率。

The latest of these efforts was our investment in exclusive commercial arrangement in AdQuick, a leading independent out-of-home planning platform, which we announced earlier today. We believe this is the first step towards creating an environment in which our clients can harness the full potential and value of our products to simplify planning, buying and measurement of their advertising campaigns.

我們最新的舉措是投資與領先的獨立戶外廣告策劃平台 AdQuick 達成獨家商業協議，我們今天早些時候宣布了這一消息。我們相信這是邁向創造一個環境的第一步，在這個環境中，我們的客戶可以充分利用我們產品的潛力和價值，簡化其廣告活動的規劃、購買和衡量。

Third, we generated new demand from both existing clients and new logos. Importantly, much of this new demand was created within our Transit business, accelerating revenues in the segment throughout the year. Most notable of all was our growth in the New York MTA, which was up nearly 20% for the year. And lastly, our teams have responded to our demands for operational excellence by rising to the occasion as illustrated by the fourth-quarter and full year results we are reporting today as well as the strong trends we are seeing thus far in 2026.

第三，我們既吸引了現有客戶，也吸引了新客戶，從而創造了新的需求。重要的是，這些新增需求大多來自我們的交通運輸業務，加速了該業務板塊全年的收入成長。其中最值得一提的是我們在紐約大都會運輸署 (MTA) 的業務成長，全年成長近 20%。最後，我們的團隊積極響應我們對卓越營運的要求，不負眾望，正如我們今天公佈的第四季度和全年業績以及我們在 2026 年迄今為止看到的強勁趨勢所表明的那樣。

Turning to those results. We're pleased to report that we had a solid fourth-quarter. You can see the headline numbers on slide 3. Consolidated revenues were up 4.1%, an acceleration from quarter three of 3.5%, driven by 16% growth in Transit and 1% growth in Billboard, while consolidated OIBDA was up 12% to $174 million and AFFO was up 8% to $130 million.

讓我們來看看這些結果。我們很高興地報告，我們第四季業績穩健。您可以在第 3 張投影片上看到主要數據。綜合營收成長 4.1%，較第三季的 3.5% 加快，這主要得益於交通運輸業務成長 16% 和廣告看板業務成長 1%；綜合 OIBDA 成長 12% 至 1.74 億美元，AFFO 成長 8% 至 1.3 億美元。

Slide 4 shows our more detailed revenue results. Billboard revenues were up 0.5% due to higher demand, partially offset by our previously announced exits of two large marginally profitable billboard contracts, one in New York and the other in L.A. as the revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the revenue generated by these contracts in 2024, Billboard revenues would have grown 3.7%. Transit grew an impressive 16%, led by the New York MTA, which was up over 20% during the quarter, driven by strong performances within the finance, tech and legal verticals.

第 4 張投影片展示了我們更詳細的收入結果。由於需求增加，廣告看板收入增加了 0.5%，但部分被我們先前宣布終止的兩份利潤微薄的大型廣告看板合約所抵消，一份在紐約，另一份在洛杉磯，因為這些合約的收入和支出仍然包含在我們報告的 2024 年財務報表中。如果排除這些合約在 2024 年產生的收入，則公告牌的收入將成長 3.7%。交通運輸業實現了令人矚目的 16% 的成長，其中紐約大都會運輸署 (MTA) 的增幅尤為顯著，該季度增長超過 20%，這主要得益於金融、科技和法律等垂直領域的強勁表現。

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 up 1.1% during the quarter and digital billboard revenues were down 0.6%. However, I believe it's 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 6.7%.

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增長了 1.1%，而數位廣告看板收入下降了 0.6%。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，數位收入將增加 6.7%。

Slide 6 shows our detailed Transit revenue, which grew nearly 16% during the quarter. Our digital Transit revenues were up 37% to $73 million, while static transit revenues were down a little over 2%.

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 16%。我們的數位化交通收入成長了 37%，達到 7,300 萬美元，而靜態交通收入則下降了略高於 2%。

The overall strength in our Transit business was driven equally by our commercial and enterprise teams, which both continue to operate at an extremely high level. We are proud of the momentum we have driven within our Transit business in the latter half of 2025, and I'm pleased to report that this strength continues into 2026, which I will discuss later. On a consolidated revenue basis, our stronger categories during the quarter were financial, legal and tech. The weaker categories during the quarter were government, political, retail and auto, consistent with the broader advertising industry trends.

我們交通運輸業務的整體強勁表現，得益於我們的商業團隊和企業團隊的共同努力，這兩個團隊都繼續保持極高的營運水準。我們為 2025 年下半年交通運輸業務取得的良好發展勢頭感到自豪，我很高興地宣布，這種強勁勢頭將延續到 2026 年，稍後我將對此進行討論。從合併收入來看，本季表現較強的類別是金融、法律和科技。本季表現疲軟的類別包括政府、政治、零售和汽車，這與廣告業的整體趨勢一致。

Slide 7 shows our combined digital revenue performance, which grew about 11% in the quarter and represented about 39% of total revenues. Even more impressive, excluding the aforementioned New York and L.A. contracts, digital revenues would have grown by over 16%.

幻燈片 7 顯示了我們的綜合數位收入表現，該季度增長了約 11%，約佔總收入的 39%。更令人印象深刻的是，如果排除上述紐約和洛杉磯的合同，數字收入將成長超過 16%。

Programmatic and digital direct automated sales were up 11.3% during the period and represented 16.9% of our total digital revenues, up slightly from the same period last year.

在此期間，程序化和數位直接自動化銷售成長了 11.3%，占我們數位總收入的 16.9%，比去年同期略有成長。

Moving on, the breakdown of enterprise and commercial revenues can be seen on slide 8. Commercial grew by almost 7% during the fourth-quarter with Transit growing mid-teens and Billboard up mid-single digits. Enterprise was up 1% year-on-year during the quarter, with mid-teens growth in Transit being offset by a mid-single-digit decline in Billboard revenues due to the impact of the L.A. contract exit.

接下來，企業和商業收入的細分情況可以在第 8 張投影片上看到。第四季商業廣告成長近 7%，其中交通廣告成長 15% 左右，廣告看板廣告成長個位數中段。該季度企業收入年增 1%，其中交通運輸業務的 15% 左右的增長被廣告牌業務的個位數中段下降所抵消，這是由於洛杉磯合約終止的影響。

Slide 9 shows our Billboard yield growth, which was up about 4% year-on-year to nearly $3,300 per month, driven primarily by our inventory management efforts. Summing up, we were pleased that we ended 2025 with strong and accelerating revenues. This positive momentum continues into 2026.

第 9 張投影片顯示了我們的廣告看板收益成長，年增約 4%，達到每月近 3,300 美元，這主要得益於我們的庫存管理努力。總而言之，我們很高興在 2025 年結束時實現了強勁且不斷增長的收入。這一積極勢頭將延續到2026年。

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 about $3 million or 1.4% year-over-year. Zooming in on lease costs, these expenses were down $4.5 million or about 3.8% year-over-year. This decline includes approximately $9 million related to the large Billboard contracts in New York and Los Angeles that we exited, which was partially offset by 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 的支出年減了約 300 萬美元，降幅為 1.4%。聚焦租賃成本，這些支出較去年同期減少了 450 萬美元，降幅約為 3.8%。這一降幅包括與我們終止在紐約和洛杉磯的大型公告牌合約相關的約 900 萬美元，這部分損失被固定租賃合約中的合約遞增條款部分抵消。

Excluding the impact of the portfolio exits, Billboard property lease expense would have been up about 4%. Posting, maintenance and other expenses were down about $1 million or 2.6% due primarily to lower production expenses. SG&A expenses increased by about $2.3 million or 3.5% due to a higher provision for doubtful accounts, higher professional fees and higher travel and entertainment expenses. This nearly $3 million improvement in total Billboard expenses, combined with the low single-digit revenue growth Nick described earlier, led to Billboard adjusted OIBDA increasing by over $5 million or 3.4%.

如果排除投資組合退出的影響，公告牌物業租賃費用將增加約 4%。發布、維護和其他費用減少了約 100 萬美元，降幅為 2.6%，主要原因是製作費用降低。由於壞帳準備金增加、專業服務費增加以及差旅和招待費增加，銷售、一般及行政費用增加了約 230 萬美元，增幅為 3.5%。Billboard 總支出減少近 300 萬美元，加上 Nick 先前描述的低個位數收入成長，使得 Billboard 調整後的 OIBDA 增加了 500 多萬美元，增幅達 3.4%。

We are pleased to see Billboard adjusted OIBDA margin increase again this time by 120 basis points year-over-year to 41.5%, helped by improved revenue performance and recent portfolio management decisions. We expect Billboard margins will continue to improve in 2026 relative to 2025.

我們很高興看到 Billboard 的調整後 OIBDA 利潤率再次成長，這次同比增長 120 個基點至 41.5%，這得益於收入表現的改善和最近的投資組合管理決策。我們預計，2026 年廣告看板利潤率將比 2025 年持續提高。

Now turning to Transit on slide 11. In total, Transit expenses are up about $6 million or a little over 6% year-over-year. Transit franchise expenses were up 4.7% due primarily to the annual inflation adjustment to the MAG for the MTA contract. Posting, maintenance and other expenses were up about $0.5 million or 2.8% due primarily to higher production expenses. SG&A expenses were up about $2.6 million or 15%, primarily due to higher professional fees.

現在請看第 11 張投影片，了解交通運輸。整體而言，交通運輸支出年增約 600 萬美元，增幅略高於 6%。交通特許經營費用上漲了 4.7%，這主要是由於 MTA 合約的 MAG 進行了年度通貨膨脹調整。發布、維護和其他費用增加了約 50 萬美元，增幅為 2.8%，主要原因是製作費用增加。銷售、一般及行政費用增加了約 260 萬美元，增幅達 15%，主要原因是專業服務費上漲。

The 6% increase in total transit expenses, combined with the nearly 16% Transit revenue growth described earlier, led to Transit adjusted OIBDA improving by more than 56% during the quarter to over $34 million.

交通運輸總支出成長 6%，加上前面提到的交通運輸收入成長近 16%，使得交通運輸調整後的 OIBDA 在本季成長超過 56%，達到 3,400 萬美元以上。

While on Transit, I'd like to take a moment to update some of our expectations for the New York MTA in 2026. Our minimum annual payments to the MTA will step up by about 3% this year to approximately $161 million given the New York City CPI escalator contained within the contract.

在搭乘大眾運輸工具期間，我想花點時間更新我們對 2026 年紐約大都會運輸署的一些期望。鑑於合約中包含紐約市消費者物價指數 (CPI) 上漲條款，我們今年向 MTA 支付的最低年度款項將增加約 3%，達到約 1.61 億美元。

Included in this $161 million is the final $11.7 million deferred minimum annual payment we will make to the MTA related to the 2020 MTA amendment during the pandemic and the associated MAG shortfall. Lastly, we will continue to account for our New York MTA franchise expense on a straight-line basis throughout the year.

這 1.61 億美元中包括我們將向 MTA 支付的最後一筆 1,170 萬美元的延期最低年度付款，該款項與 2020 年疫情期間 MTA 的修正案以及相關的 MAG 缺口有關。最後，我們將繼續全年採用直線法核算紐約大都會運輸署特許經營費用。

Slide 12 shows the company's combined Billboard, Transit and Corporate adjusted OIBDA in the fourth-quarter. Corporate expense declined by about $1 million due primarily to lower compensation-related expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees.

第 12 張投影片顯示了該公司第四季度廣告看板、交通運輸和企業調整後的 OIBDA 合併數據。公司支出減少了約 100 萬美元，主要原因是與薪酬相關的支出減少，但部分被市場波動對公司向某些員工提供的未註資股權掛鉤退休計劃的影響所抵消。

Combined with the Billboard and Transit OIBDA I covered earlier, adjusted OIBDA totaled about $173 million, up 12% compared to last year. As in the third quarter, much of this increase is attributable to our improved performance within the New York MTA as incremental revenue growth within this important franchise has extremely high margin.

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 1.73 億美元，比去年增長 12%。與第三季度一樣，這一增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，因為這一重要特許經營權的增量收入增長利潤率非常高。

Turning to capital expenditures on slide 13. Q4 CapEx spend was about $25 million, including about $11 million of maintenance spend. We converted 26 new boards to digital in Q4 2025, bringing our total for the year to 103. For 2026, we expect to spend approximately $90 million of CapEx in line with our growing revenues and with much of the spend earmarked for digital development. We still expect $30 million to $35 million of this total to be for maintenance.

接下來請看第 13 頁投影片，了解資本支出。第四季資本支出約為 2,500 萬美元，其中包括約 1,100 萬美元的維護支出。2025 年第四季度，我們將 26 個新電路板轉換為數位化電路板，使我們全年的數位化電路板總數達到 103 個。預計到 2026 年，我們將投入約 9,000 萬美元的資本支出，以配合我們不斷增長的收入，其中大部分支出將用於數位化開發。我們預計這筆總額仍有 3,000 萬至 3,500 萬美元將用於維修。

One quick note before turning to AFFO. Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of cash paid for direct lease acquisition costs as we believe that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate funds from operations. This change has resulted in small adjustments less than $3 million on an annual basis for our reported AFFO in prior periods, which have been recast to conform to this definition and can be found on Slide 20 in the appendix of our earnings presentation.

在討論AFFO之前，先簡單說明一點。從 2025 年底開始，我們修改了 AFFO 的計算方法，將直接租賃購置成本的攤銷納入其中，而不是將直接租賃購置成本的現金支付納入其中，因為我們認為這種 AFFO 的計算方法更能恰當地衡量業績的逐期變化，並且與我們計算營運資金的方式一致。這項變更導致我們先前報告的 AFFO 每年出現不到 300 萬美元的小幅調整，這些調整已根據此定義進行了重述，詳情請參見我們收益報告附錄中的第 20 頁。

Now turning to slide 14. You can see the bridge to our Q4 AFFO of $130 million. The 8.3% improvement is principally driven by higher Billboard and Transit OIBDA, which was partially offset by higher maintenance CapEx. For 2026, we currently expect reported consolidated AFFO growth comfortably in the double-digit range, driven principally by improvements in OIBDA. Included in this guidance is $145 million of cash interest, the aforementioned $30 million to $35 million of maintenance CapEx and $5 million of cash taxes.

現在請看第14張投影片。你可以看到我們在第四季度調整後營運資金 (AFFO) 達到 1.3 億美元的橋樑。8.3% 的成長主要得益於廣告看板和交通 OIBDA 的提高，但部分被更高的維護資本支出所抵銷。我們目前預計，2026 年報告的合併 AFFO 成長將輕鬆達到兩位數，主要得益於 OIBDA 的改善。該指導意見包括 1.45 億美元的現金利息、上述 3,000 萬至 3,500 萬美元的維護性資本支出以及 500 萬美元的現金稅款。

Please turn to slide 16 for an update on our balance sheet. Committed liquidity is nearly $750 million, including almost $100 million of cash, about $500 million available by our revolver and $150 million available by our accounts receivable securitization facility. As of December 31, our total net leverage was 4.7 times within our 4 times to 5 times target range. We remain comfortable with our debt stack with our next maturity not until late 2027.

請翻到第 16 頁查看我們資產負債表的最新情況。已承諾流動資金近 7.5 億美元，其中包括近 1 億美元的現金、約 5 億美元的循環信貸額度以及 1.5 億美元的應收帳款證券化融資額度。截至 12 月 31 日，我們的總淨槓桿率為 4.7 倍，在我們設定的 4 倍至 5 倍的目標範圍內。我們目前對債務結構感到滿意，下一筆債務要到 2027 年底才會到期。

Turning to our dividend. We announced today that our Board of Directors maintained the $0.30 cash dividend payable on March 31 to shareholders of record at the close of business on March 6. We spent approximately $3 million on acquisitions during the quarter, bringing our total for 2025 to just over $13 million. We remain interested in pursuing attractive tuck-in acquisitions within our footprint. And based on our current acquisition pipeline, we expect our 2026 Billboard acquisition activity to remain at a similar level to those seen in the last couple of years.

接下來談談我們的股利。我們今天宣布，董事會維持原定於 3 月 31 日向截至 3 月 6 日營業結束時登記在冊的股東派發每股 0.30 美元的現金股息。本季我們在收購方面花費了約 300 萬美元，使我們 2025 年的總支出略高於 1,300 萬美元。我們仍然有興趣在我們業務範圍內尋求有吸引力的補充收購。根據我們目前的收購計劃，我們預計 2026 年 Billboard 的收購活動將與過去幾年的水平保持相似。

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

那麼，現在讓我把電話轉回給尼克。

Thank you, Matt. As I mentioned earlier, the strong top line trends we saw in the fourth-quarter continue into the start of 2026. And from where we sit today, we expect first quarter revenue growth to accelerate from quarter four's results. The consolidated reported revenues up in the high single digits, driven by high teens growth in Transit and mid-single-digit growth in Billboard. This guidance is impacted by two nonrecurring items.

謝謝你，馬特。正如我之前提到的，我們在第四季看到的強勁營收成長趨勢將持續到 2026 年初。根據我們目前的情況來看，我們預計第一季營收成長將比第四季的業績加速。綜合報告顯示，收入實現了接近兩位數的成長，這主要得益於交通運輸業務的兩位數成長和公告牌業務的個位數成長。本指引受兩項非經常性因素影響。

First, a Billboard condemnation that will contribute approximately $10 million to Billboard revenues, which we expect to close at the end of March; and second, the headwind created by our strategic decision to exit a marginally profitable billboard contract in L.A., which contributed approximately $4.5 million in revenue in the first quarter of 2025. Taking into account these two items, we believe quarter one consolidated revenue growth would be in the mid- to high single-digit range based on our existing operations.

首先，一項廣告看板徵用將為廣告看板收入貢獻約 1000 萬美元，我們預計將於 3 月底完成；其次，我們因戰略決策退出洛杉磯一項利潤微薄的廣告牌合約而面臨不利影響，該合約在 2025 年第一季度貢獻了約 450 萬美元的收入。考慮到這兩個因素，我們認為根據我們目前的營運情況，第一季合併收入成長將在個位數中高段位範圍內。

Before closing, I'd like to take a moment to reflect on three statements I made on our earnings call at this time last year. First, I described OUTFRONT as a differentiated organization that is distinct from the pack and has significant potential to unlock. Second, I said I was focused on amplifying the power of out-of-home and expanding our share of US ad spend. And third, that we would be accelerating our digital capabilities.

在結束之前，我想花一點時間回顧我去年這個時候在財報電話會議上發表的三項聲明。首先，我將 OUTFRONT 描述為一個與眾不同的組織，它與同類組織截然不同，並且具有巨大的發展潛力。其次，我說過，我專注於增強戶外廣告的力量，並擴大我們在美國廣告支出中所佔的份額。第三，我們將加快提升我們的數位化能力。

Looking back on these statements today, I'm pleased with the progress we have made on all counts. First, as I mentioned on the top of the call, we've begun unlocking the potential we identified a year ago by making significant headway on our strategic imperatives of optimizing our sales strategy, modernizing our workflow and processes, generating new demand and demanding excellence from our teams.

今天回過頭來看這些聲明，我對我們在各方面取得的進展感到滿意。首先，正如我在電話會議開始時提到的，我們已經開始釋放一年前確定的潛力，並在優化銷售策略、實現工作流程和流程現代化、創造新需求以及要求團隊追求卓越等戰略要務方面取得了重大進展。

Second, we are redefining the value of out-of-home, which has been historically undervalued by increasing involvement with a variety of different advertising groups, industry associations and conferences to inspire today's marketers on the power and unique value of IRL advertising and how it can drive superior business outcomes, especially during this time of AI-driven mistrust of the online advertising world. We are increasing the visibility of OUTFRONT and the whole industry so that we will be at the forefront of marketers' minds as they design their future advertising campaigns, priming us to take a larger share of their omnichannel spend.

其次，我們正在重新定義戶外廣告的價值，戶外廣告的價值歷來被低估。我們透過與各種不同的廣告團體、行業協會和會議的日益密切的合作，來啟發當今的營銷人員，讓他們了解 IRL 廣告的力量和獨特價值，以及 IRL 廣告如何能夠帶來卓越的業務成果，尤其是在人工智能驅動的在線廣告世界充滿不信任的當下。我們正在提高 OUTFRONT 和整個行業的知名度，以便在行銷人員設計未來的廣告活動時，我們能夠始終處於他們的考慮範圍之內，從而使我們能夠獲得他們全通路支出中更大的份額。

And third, we've accelerated our digital capabilities by signing two new commercial agreements, one with Amazon Web Services, which will primarily serve the enterprise marketplace by connecting our inventory more efficiently into the HoldCo's media buying centers. And second, with AdQuick, an all-in-one AI-powered technology platform that makes out-of-home advertising easier to plan, purchase and measure, enabling a significantly more efficient buying process for all of our customers.

第三，我們透過簽署兩項新的商業協議加快了數位化能力的提升，其中一項是與亞馬遜網路服務公司簽署的協議，該協議將主要服務於企業市場，透過更有效地將我們的庫存連接到控股公司的媒體購買中心來實現這一目標。其次，AdQuick 是一個一體化的 AI 驅動技術平台，它使戶外廣告的規劃、購買和衡量變得更加容易，為我們所有的客戶帶來更有效率的購買流程。

By layering proprietary data and automation, AdQuick allows marketers to launch targeted, measurable out-of-home campaigns in minutes, not weeks, thereby unlocking potential new ad spend from those who found the medium too complex to purchase in the past. While it will take some time for each of these initiatives to fully ramp, we've already signed up clients to both. Most importantly, these partnerships represent the first real steps to modernizing the out-of-home planning and buying process for brands and agencies alike.

AdQuick 透過疊加專有數據和自動化功能，使行銷人員能夠在幾分鐘內（而不是幾週內）啟動有針對性、可衡量的戶外廣告活動，從而釋放出潛在的新廣告支出，吸引那些過去認為戶外廣告媒介過於複雜而無法購買的客戶。雖然這兩項措施都需要一段時間才能全面展開，但我們已經為這兩項措施都招募了客戶。最重要的是，這些合作關係標誌著品牌和代理商在戶外廣告規劃和購買流程現代化方面邁出了真正的第一步。

To close, I want to stress that we are far from finished. OUTFRONT's journey of growth and innovation from a legacy out-of-home company to a cutting-edge in real-life marketing powerhouse has just begun. While we are encouraged by our results thus far, we're even more excited by the future ahead of us.

最後，我想強調，我們的工作遠遠沒有結束。OUTFRONT 從一家傳統的戶外廣告公司發展成為一家引領潮流的現實行銷巨頭，其成長和創新之旅才剛開始。雖然我們對目前所取得的成績感到鼓舞，但我們對未來的發展前景更加充滿期待。

And with that, operator, let's open up the lines for questions.

好了，接線生，現在開始接受提問。

(Operator Instructions)

（操作說明）

Daniel Osley, Wells Fargo.

丹尼爾‧奧斯利，富國銀行。

Just looking at the growth that you continue to put up at the Enterprise and National segment, are you starting to see a structural shift in the way large advertisers are engaging? And how do the measurement announcements with AdQuick and AWS tie in here?

從企業和全國性市場持續成長的情況來看，您是否開始看到大型廣告商的參與方式發生了結構性轉變？那麼，AdQuick 和 AWS 發布的衡量指標公告與此有何關聯呢？

Daniel, I think -- well, first of all, thank you for the question. I mean these are both significant strategic agreements that we've set into that are entirely designed to unlocking the new revenue streams that we see both on the enterprise and the commercial side. The orientation of our partnership with AWS is to what we're calling agency-connect to ensure that for all the HoldCos who are increasingly having consolidated AI-enabled digital planning and buying systems that we -- our inventory and our data sets are completely integrated into that.

丹尼爾，我想──首先，謝謝你的提問。我的意思是，這兩項都是我們達成的重要策略協議，其目的完全是為了釋放我們在企業和商業領域所看到的新的收入來源。我們與 AWS 的合作方向是我們稱之為代理連接，以確保所有控股公司（HoldCos）的庫存和資料集能夠完全整合到這些系統中，而這些控股公司正越來越多地使用整合的 AI 賦能的數位規劃和購買系統。

We see AdQuick as being much more for the SMB and mid-market because as we talked about a year ago when we talked about setting up the strategy to be much more focused on how we would look at SMB, mid-market, and we would look at enterprise accounts as being strategic and those enterprise players. So we're very excited about these initiatives that we've taken. These are established both AWS, of course, and AdQuick have been established in this space and working in a very diligent format. So we're very excited about what they represent.

我們認為 AdQuick 更適合中小企業和中端市場，因為正如我們一年前談到製定策略時所說，我們將更加專注於如何看待中小企業和中端市場，而我們將企業客戶視為策略客戶和企業參與者。因此，我們對我們採取的這些措施感到非常興奮。當然，AWS 和 AdQuick 都已在這個領域站穩腳跟，並以非常勤奮的方式開展工作。所以我們對它們所代表的意義感到非常興奮。

Cameron McVeigh, Morgan Stanley.

卡梅倫‧麥克維，摩根士丹利。

I wanted to ask about your pacings on Transit so far, maybe your visibility into the rest of the year. Curious if this might be the year we see MTA results above the MAG? And then secondly, I noticed an AI-related billboard slide on your earnings deck. I was curious how much of an impact on growth the AI vertical is driving?

我想問你目前為止在 Transit 上的進度，以及你對今年剩餘時間的展望。想知道今年MTA的業績會不會超過MAG？其次，我注意到你們的收益簡報中有一張與人工智慧相關的廣告看板投影片。我很好奇人工智慧垂直領域對成長的影響有多大？

Ken, it's Matt. Thanks for the question. I'll take the pacing question on Transit. Transit books relatively later than Billboard. So while we while we feel great about the year, Nick talked about the outlook for the first quarter.

肯，我是馬特。謝謝你的提問。我來回答關於Transit的節奏問題。《交通報》的出版時間通常比《告示牌》晚。雖然我們對今年的情況感到非常滿意，但尼克談到了第一季的展望。

It might be premature to give you any color on the second, third and fourth-quarter, but we still feel it's in great shape, really led by the MTA and your comment of maybe the MTA gets back above the MAG, as you see when we talk about our accounting, we're still accounting for it on a straight-line basis. So we don't anticipate that, but we don't think it's so far out of the realm that it's certainly possible, and we're hoping that we would trip that line.

現在就第二、三、四季的情況給出任何具體資訊可能還為時過早，但我們仍然認為情況很好，這主要得益於 MTA 的發展，以及您提到的 MTA 可能會重新超過 MAG 的說法。正如您所看到的，當我們談到我們的會計核算時，我們仍然採用直線法進行核算。所以我們並不預期會發生這種情況，但我們也不認為這種情況完全不可能發生，我們希望能夠觸及那條界線。

Cameron, if I take the second part of your question about the AI campaigns, yes, they're significant. If I look at the visibility within the transit world, I think about AI and SaaS, let's say, the B2B sector, we've got some exciting brand names there. We've got a big campaign which was not announced yet. It's just come through. But we've got Anthropic, CodeRabbit, Profound, CrowdView, IBM, ClickUp.

卡梅倫，如果我理解你關於人工智慧競選活動的第二部分問題，是的，它們意義重大。如果我審視交通運輸領域的可見性，我會想到人工智慧和軟體即服務（SaaS），比如說，B2B 領域，那裡有一些令人興奮的品牌。我們正在籌備一項尚未正式公佈的大型活動。剛剛收到了。但我們還有 Anthropic、CodeRabbit、Profound、CrowdView、IBM 和 ClickUp。

We've got a lot of the independent AI brands that are striving to ensure that they get that level of visibility, both to customers and clients as well as their funding. So we're very bullish on it. We've got a dedicated team led by a leadership crew in San Francisco who are having direct engagement with some of the biggest conversations there. And it seems that our medium is something that they're really understanding that as virtual and digital brands, they can be building their businesses and their recognition in real life. So we continue to see 2026 as this has been a strong category for us.

我們有許多獨立的AI品牌正在努力確保它們能獲得這種程度的知名度，無論是對客戶、使用者或資金來源而言。所以我們非常看好它。我們有一個由舊金山領導團隊帶領的專門團隊，他們正在直接參與當地一些最重要的對話。而且，他們似乎真的意識到，作為虛擬和數位品牌，他們可以利用我們的媒介在現實生活中建立業務和知名度。因此，我們繼續看好 2026 年，因為這一年一直是我們的重要年份。

Jonnathan Navarrete, TD Cowen.

喬納森·納瓦雷特，TD·考恩。

My question is with two months already into the year, can you maybe talk about how national is trending perhaps in the first quarter and then what you guys have seen in the second half? And lastly, can you help us quantify the benefit that the World Cup -- that you guys will have from the World Cup this year?

我的問題是，今年已經過去兩個月了，您能否談談全國第一季的發展趨勢，以及您在下半年觀察到的情況？最後，您能否幫我們量化一下，今年世界盃能為你們帶來哪些好處？

Okay. I think -- well, thank you, Jonnathan. Thank you for the question. I think national -- when we're talking about national, as I said, we tend to now focus on our categorization between enterprise and commercial. So these enterprise brands and national advertisers, they continue to be a very important part of our business.

好的。我想——嗯，謝謝你，喬納森。謝謝你的提問。我認為，當我們談論國家層面時，正如我所說，我們現在傾向於關注企業和商業之間的分類。因此，這些企業品牌和全國性廣告商仍然是我們業務中非常重要的一部分。

And we've really looked at some very strong brand names that continue to support us. I think as we just talked about earlier on the AI and the SaaS side, I mean, some of the big enterprise players on the enterprise side of entertainment, when we think about all the big entertainment brands have been active in beauty, we've had L'Oreal, that's a significant advertiser, Cap One in finance, DoorDash, eBay, even Duolingo, who did a very significant campaign with us that was going to surround the Super Bowl and Bad Bunny performance.

我們也認真檢視了一些實力雄厚的品牌，它們一直都在支持我們。我認為，正如我們剛才在人工智慧和SaaS方面討論的那樣，我的意思是，娛樂業的一些大型企業，當我們想到所有的大型娛樂品牌都活躍在美容領域時，我們有歐萊雅，這是一個重要的廣告商，金融領域的Capital One，DoorDash，eBay，甚至還有Duolingo，他們與我們進行了一項非常重要的宣傳活動，Badunny Bunny和Bunny。

So again, the enterprise team is combined of those who focus on the enterprise clients that are buying through agencies as well as business-direct and brand-direct conversations with our brand solutions team. And those are going extremely well. And then when we think about FIFA, yes, we think of the World Cup, we're excited. It has been identified before, it's a tailwind. We're not yet giving out detailed numbers, but we have direct agreements that we've made with six of our host committee partnerships, so six cities; L.A., San Francisco, Atlanta, Dallas, Kansas City and Miami.

因此，企業團隊由專注於透過代理商購買產品的企業客戶的人員以及與我們的品牌解決方案團隊進行直接業務和品牌對話的人員組成。這些進展都非常順利。然後，當我們想到國際足總時，是的，我們會想到世界杯，我們會感到興奮。之前已經確認過，這是順風。我們目前尚未公佈詳細數字，但我們已經與六個主辦委員會合作夥伴（即六個城市：洛杉磯、舊金山、亞特蘭大、達拉斯、堪薩斯城和邁阿密）達成了直接協議。

And our level of enterprise revenue that's coming across from some of the significant brands is something we're tracking on a weekly basis. I mean, we have identified every one of the FIFA priority access sponsors, the obvious ones we think about Coca-Cola, AB InBev, Unilever, Verizon, Telemundo, Lenovo, Lowe's, I mean, McDonald's, some of the biggest brands we know, and we're having conversations with every single one on a very frequent basis.

我們每週都會追蹤一些重要品牌帶來的企業收入水準。我的意思是，我們已經確定了所有 FIFA 的優先贊助商，包括我們能想到的可口可樂、百威英博、聯合利華、Verizon、Telemundo、聯想、勞氏、麥當勞等等，這些都是我們熟知的知名品牌，我們與他們每個人都保持著非常頻繁的溝通。

And whether that's specials, whether that's going to be more standard inventory that we have as well as some of the specific city agreements that we have to create unique advertising opportunity during the course of the festival. So we are going to be giving more detail on that on our second earnings -- on our next earnings call. But at this stage, we're feeling very -- we're excited about what FIFA and the World Cup represents.

無論是特別優惠，還是我們現有的更標準的庫存，以及我們與一些城市達成的特定協議，以便在節日期間創造獨特的廣告機會。因此，我們將在第二次財報發布會上——也就是下次財報電話會議——提供更多細節。但就目前而言，我們感到非常興奮——我們對國際足總和世界盃所代表的意義感到非常興奮。

Patrick Sholl, Barrington Research.

Patrick Sholl，巴林頓研究公司。

I just had maybe a follow-up on CapEx beyond the maintenance CapEx guidance, the digital elements. Is there any like -- is that primarily digital boards? Or is there -- are there other digital investments that would be included in that?

我只是想跟進一下維護性資本支出指導之外的資本支出，也就是數位化部分。有沒有類似這樣的──主要是電子白板嗎？或者，還有其他數位投資也包含在內？

Thanks, Pat. It's Matt. So the CapEx, we try to keep it around 5% of our revenue, a little lower. With revenue growing, we felt we can take it from $85 million to $90 million this year. Maintenance CapEx will be about the same as last year.

謝謝你，帕特。是馬特。所以，我們盡量把資本支出控制在收入的 5% 左右，甚至更低。隨著收入的增長，我們認為今年可以將收入從 8,500 萬美元提高到 9,000 萬美元。維護資本支出將與去年大致相同。

So the increase will be all in growth and primarily for digital conversions and new digital boards. There's an occasional replacement of a board that drives revenue growth. And then we have some spend in some Transit areas, we have residual contractual obligations. But most of the growth is really driving digital billboards.

因此，成長將全部來自成長，主要來自數位轉型和新的數位顯示器。偶爾會更換董事會成員，這會推動收入成長。此外，我們在某些​​交通運輸領域還有一些支出，我們還有一些剩餘的合約義務。但大部分成長其實都來自數位廣告看板。

Okay. And then maybe just a follow-up on the AI and other tech ad spending commentary. Advertisers like Anthropic and other prediction markets, is that group within tech? Or do you -- or is that kind of viewed similar to like, I think, gambling a few years ago when that was ramping up in certain states? And I guess do you kind of see that as -- is that not really meaningful? Or do you see that as like kind of different and potentially more sustainable?

好的。然後或許可以就人工智慧和其他科技領域的廣告支出狀況做個後續評論。像 Anthropico 和其他預測市場這樣的廣告商，這個族群屬於科技業嗎？或者，你認為這有點像幾年前賭博在某些州興起時人們看待賭博的方式嗎？我想你是不是覺得──這其實沒什麼意義？還是你認為這是一種不同的、可能更永續的方式？

Pat, I think we group all of those within tech, but you point out a good point. A lot of interesting categories within tech. Uber, for example, is obviously a tech company, but it's also travel and transportation. But AI right now, I think we cover it in tech.

帕特，我認為我們應該把所有這些都歸類為科技，但你指出的這一點很好。科技領域有很多有趣的細分領域。例如，Uber 顯然是一家科技公司，但它也涉及旅遊和交通運輸領域。但就人工智慧而言，我認為我們在科技領域已經有所涉及。

Okay. And then lastly, just the MTA, is there any sort of like comp issue from the transition from MetroCard with like government advertising around that? Or is that all like informational board stuff?

好的。最後，就 MTA 而言，從地鐵卡過渡到 MTA 的過程中，是否存在類似政府廣告之類的補償問題？還是說那都是些資訊公告欄之類的東西？

Can you repeat that? I don't think we have any comp issues at all. I mean, MTA is doing great. It had a strong second half of the year. It grew all through 2025, as Nick pointed out, rolling into the first quarter with (technical difficulty) Transit has growth for us, it's mostly coming from the MTA. And I'm not sure if I answered the question entirely.

你能再說一次嗎？我認為我們完全沒有任何薪酬方面的問題。我的意思是，MTA做得很好。該公司下半年表現強勁。正如 Nick 指出的那樣，它在 2025 年全年持續成長，並在第一季（技術困難）實現了成長，這主要來自 MTA。我不確定我是否完全回答了這個問題。

Yes. No, just the transition from like the MetroCard to the One Metro New York.

是的。不，只是從地鐵卡過渡到紐約地鐵一號卡。

No issues for us. Ridership continues to slowly melt higher. However, people are getting on the subway. Persons may use credit cards, some people will use their phone, MetroCards are dead, but I think ridership is around 80%, low 80% of where it was in 2019, slightly higher, and I don't think the MetroCard change is impacting that at all.

我們這邊沒有問題。客流量持續緩慢上升。然而，人們正在搭乘地鐵。人們可能會使用信用卡，有些人會使用手機，地鐵卡已經過時了，但我認為客流量大約是 2019 年的 80%，略高於 80%，而且我認為地鐵卡的改變對此沒有任何影響。

They did some of it wasn't significant one-off. They use their own medium for that. But if we look at the ridership, it's up 30% from 2022. I mean the range is, as Matt said, between 80% and 85%. But we grew substantially in '25.

他們做的一些事並不重要，只是個別事件。他們使用自己的媒介來實現這一點。但從客流量來看，比 2022 年成長了 30%。我的意思是，正如 Matt 所說，範圍在 80% 到 85% 之間。但我們在 2025 年實現了大幅成長。

We had over 1.3 billion trips in total. So we continue to be excited. And as importantly, that dedicated Transit velocity team have been excellent on focusing not just on the advertising, but on the relationship with the MTA about the opportunities that they see to encourage more creativity and more innovation on their platform and on their rolling stock, it gives us the opportunity to continue to push the envelope with the advertisers who really want to stand out beyond doing a classic ad. So we continue to be very excited about MTA.

我們總共進行了超過13億次出遊。所以我們依然感到興奮。更重要的是，Transit Velocity 團隊不僅專注於廣告，而且非常注重與 MTA 的關係，探討他們如何抓住機會，鼓勵在 MTA 的平台和車輛上進行更多創意和創新，這讓我們有機會繼續與那些真正想要在傳統廣告之外脫穎而出的廣告商一起突破界限。所以我們仍然對MTA感到非常興奮。

Alexey Philippov , JPMorgan.

阿列克謝‧菲利普夫，摩根大通。

Can you talk about New York MTA contract again? What revenues do you expect for 2026? So your 20% full year growth that you disclosed, I think, implies around mid-20s growth for fourth-quarter. Can you talk what is driving this strong momentum again? And the second question would be on AFFO outlook for this year. Obviously, World Cup and strong momentum in New York MTA are two big tailwinds. Perhaps you could help understand between these two factors, what is more important for you to execute in order to achieve the double-digit growth in AFFO?

能再談談紐約大都會運輸署的合約嗎？您預計2026年的收入是多少？因此，您披露的全年增長率為 20%，我認為意味著第四季度增長率約為 20% 左右。您能再談談是什麼因素推動了這股強勁的發展勢頭嗎？第二個問題是關於今年的調整後營運資金（AFFO）前景。顯然，世界盃和紐約大都會運輸署的強勁發展勢頭是兩大利好因素。或許您可以幫我理解一下，在這兩個因素中，為了實現 AFFO 兩位數的成長，對您來說哪個因素比較重要？

I'll take the AFFO question first. Obviously, we feel very comfortable with I think the phrase we used with that. There's a few onetime things in 2026. As someone mentioned earlier, the World Cup is going to benefit us. There is an election year, which -- we're not a big political player, but it's going to be helpful.

我先回答AFFO的問題。顯然，我們對我們使用的那個短語感到非常滿意。2026年有一些一次性的事情發生。正如之前有人提到的，世界盃將會使我們受益。今年是選舉年，雖然我們不是政治大國，但這會有所幫助。

As Nick mentioned, we have a sizable condemnation that's going to hit the end of the first quarter. And then just continued strong growth in our regular way business. Transit continues to rally and highlight and Billboard is doing a lot of new initiatives, lot of things are panning out.

正如尼克所提到的，我們將在第一季末迎來一筆數額龐大的罰款。然後，我們的常規業務就繼續保持強勁成長。Transit 繼續積極宣傳，Billboard 也推出了許多新舉措，很多事情都進展順利。

We feel very bullish about our year. So I think the way we give guidance for AFFO, we think that's helpful. We give the details between AFFO and then EBITDA. And I think that's -- you can back into the EBITDA number and then make some assumptions around margins that fund a revenue number.

我們對今年的前景非常樂觀。所以我覺得我們為AFFO提供的指導方式是有幫助的。我們詳細列出了調整後營運資金 (AFFO) 和息稅折舊攤提前利潤 (EBITDA) 之間的差異。我認為，你可以反推 EBITDA 數據，然後對利潤率做出一些假設，從而得出收入數據。

We typically don't give full year revenue guidance at this time, that's not something we want to put out there in public, but we're happy to help you with your assumptions at a different time.

我們通常不會在這個時候給出全年營收預期，我們不想公開這些信息，但我們很樂意在其他時間幫助您進行假設分析。

Yes. And then, (technical difficulty) you had the question about the New York, the MTA contract. I think as Matt shared in our comments that we will see the MTA step up 3% to approximately $161 million this year. I'm not sure I understood what the rest of the question was.

是的。然後，（技術難題）你提出了關於紐約大都會運輸署（MTA）合約的問題。我認為正如 Matt 在評論中所說，今年 MTA 的預算將增加 3%，達到約 1.61 億美元。我不太明白問題的其餘部分是什麼。

Just more broadly about what is driving revenue growth?

更廣泛地說，是什麼因素推動了營收成長？

The revenue growth?

營收成長情況如何？

Revenue growthm yes.

營收成長：是。

Revenue growth, MTA, again, we haven't given that guidance, but we feel very confident you can see the acceleration from the first quarter of '25 through, as Nick described, into 2026. As Cam pointed out before, there is a chance, not in our guidance, but there is a chance that we clear the MEG breakeven, which is around $285 million. That would imply very strong double-digit revenue growth for the MTA, but that's, again, not where we're guiding. We're just saying there's a chance of that.

關於營收成長，MTA，我們還沒有給出具體的指導意見，但我們非常有信心，正如Nick所描述的那樣，從2025年第一季到2026年，您會看到成長加速。正如 Cam 之前指出的那樣，雖然我們的預期中沒有提到，但我們確實有可能實現 MEG 的損益平衡點，約為 2.85 億美元。這意味著 MTA 的營收將實現非常強勁的兩位數成長，但這並非我們預期的目標。我們只是說有這種可能性。

At this time, there are no registered questions waiting.

目前暫無已登記的問題待處理。

(Operator Instructions)

（操作說明）

There are no registered questions waiting at this time. I'll now pass the call back over to Nicolas for any further closing remarks.

目前沒有待處理的問題。現在我將把電話轉回給尼可拉斯，讓他做最後的總結發言。

Well, thank you. We appreciate everyone dialing in today and to listen to our prepared remarks and also to our questions. We're certainly -- we're very excited, and we know that we're going to see and meet many of you at various conferences and events over the coming weeks and months. But for those that we don't, we wish you well, and we look forward to presenting our quarter one results to you in May. So thank you so much for joining us. And yes, best wishes.

謝謝。我們感謝今天所有撥入電話的聽眾，感謝你們聆聽我們準備好的發言，也感謝你們提出的問題。我們當然非常興奮，而且我們知道在接下來的幾週和幾個月裡，我們會在各種會議和活動中見到你們中的許多人。但對於那些我們未能聯繫到的人，我們祝你們一切順利，並期待在五月向你們公佈我們第一季的業績。非常感謝您的參與。是的，祝你一切順利。

Thank you all. At this time, this will now conclude today's conference call. We hope you have an amazing rest of your day, and you may now disconnect your lines.

謝謝大家。今天的電話會議到此結束。祝您今天餘下的時間愉快，現在您可以斷開線路了。