Yeah, it's interesting. Jeremy J. So we think we'll see benefits in 2020 and probably into 2021 and '22 as well. Looking at it further forward, right now, we see a trough in July and an improving trend from August onwards. [Operator Instructions] We will now take our first question from Alexia Quadrani. So, it is completely variable. This presentation may also include certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP financial measures. We've talked a lot about Transit benefiting from that variable expense, particularly where minimum guarantees are suppressed. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. We calculate organic revenues as reported revenues excluding the impact of foreign currency exchange rates ("non-organic revenues"). On the dividend, the REIT requirement is a full year look back. The first is the above-ground piece. OUTFRONT and out-of-home was really strong as we came into this and we absolutely believe that we can come out strong. And then a couple of others. So we do like the triage. Even with the pandemic impacts beginning in March, we saw Transit digital grow 67%. Can you sort of help us also think about some of the other expense buckets in terms of like how much of a reduction you might be able to see over the balance of the year? Another important step we took was amending the financial maintenance covenants on our revolving credit facility. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. One of the great things about digital with out-of home, that's generally and one of the reasons that it's enjoyed such stupendous growth over the last last few years has actually been it's flexibility, relative to static. We intend to pay at least the annual REIT requirements in 2020 and will assess our levels as the market improves. There is no way that they can all jump in their cars. So you might talk about them as well. Recognizing this challenging economic period, we moved quickly to enhance our liquidity, relieve our expense base and cash outflows and, importantly, position ourselves to emerge with financial flexibility as the crisis passes. In the three months ended March 31, 2019, non-organic revenues reflect the impact of foreign currency exchange rates. We'll now take our next question from Bryan Goldberg from Bank of America. So maybe just a couple of comments on Transit and then I'll come to your question on the MTA. OUTFRONT Media Inc Q1 2020 Earnings Call May 9, 2020, 8:30 p.m. Selling, General and Administrative expenses ("SG&A") of $79.5 million increased $6.2 million, or 8.5%, due primarily to a higher provision for doubtful accounts from the COVID-19 pandemic. The financial services provider reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.08 by $0.22. FFO attributable to OUTFRONT Media Inc. was $44.7 million in the first quarter of 2020, an increase of $2.6 million, or 6.2%, from the same prior-year period, driven primarily by higher amortization of direct lease acquisition costs and real estate-related intangibles. We've been working hard on our Billboard leases. First. Of the 10% reduction in Billboard, say, maybe half of that is going to be recurring. (Unaudited) See Notes on Page 12, Exhibit 8:  EXPENSES BY SEGMENT Thanks for the question, Stephan. Organic billboard revenues increased 8.0% due to higher average revenue per display (yield) and the growth in revenues from digital billboard conversions. On April 20th, we announced the amendment to the maintenance covenants on our revolving credit facility to give us relief on the ratio calculation as we navigate through the coming quarters. Subsequent EventOn April 20, 2020, we issued and sold $400.0 million in newly issued convertible, perpetual preferred stock in a private placement, which is convertible into shares of our common stock at a conversion price of $16.00 per share. Matthew Siegel - Executive Vice President and Chief Financial Officer. In Q2, we currently expect Transit to be down around 75% while our Billboard business is expected to be down in the region of 35%. Specifically, Billboard revenues in Canada were down very marginally on an organic basis, and like the U.S., began seeing COVID impacts in March. We expect around about $100 million to fall out of our expense base in Q2 this year, compared to 2019. It tends to be more floated rather than permanent long term ads, and for that reason, that's where the beta comes from. So it's early days, but from what we can see from our trackers, there really is something of an inflection point in both. First, could you discuss a little bit about pricing versus occupancy trends? Okay, and just so I understand, are you going to be accruing MGs on Transit like the MTA or are you -- because you're not paying, it's essentially going to be purely variable? In the case of minimum guarantees, right now, we're not going to be accruing. Importantly, we're having constructive conversation with the MTA as they review the situation. Transit franchise expense fell in line with the drop in revenues. Thank you. Yeah, Ben, on the expense, I think you can figure our Billboard lease expense can go down maybe 10%. So that's where a good piece of it will come from. By providing your email address below, you are providing consent to Outfront Media Inc. to send you the requested Investor Email Alert updates. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. OUTFRONT Media Logo. Our total MTA project costs in the quarter were $22 million. And I was just wondering on the preferred equity, if you guys expect that to be a cash or PIK dividend at least in the near term? When you -- and that obviously is not something -- that mode of travel is not something that is particularly impacted by social distancing. Returns as of 12/03/2020. So we have bus shelters, we have buses, and there is absolutely no reason why that business shouldn't rebound in line with our other roadside assets. Cumulative Growth of a $10,000 Investment in Stock Advisor, OUTFRONT Media Inc (OUT) Q1 2020 Earnings Call Transcript @themotleyfool #stocks $OUT, OUTFRONT Media Inc (OUT) Q3 2019 Earnings Call Transcript, OUTFRONT Media Inc (OUT) Q1 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. OUTFRONT Media OUT reported first-quarter 2020 adjusted funds from operations (FFO) per share of 28 cents, surpassing the Zacks Consensus Estimate of 24 cents. Please go ahead, sir. And the calculation of the REIT dividend does include the preferred dividend. Act 0.31 Est 0.416 Q4 2019 Outfront Media Inc. Earnings Conference call 02/25/2020 04:30 PM (EST) OUT. Thanks, good morning. And then secondarily, I was just hoping, on advertising, I think you mentioned, you are writing some business and I think you called out some of the categories of softness, but are there any categories that have sort of remained healthier or resilient for you in the current environment? But going back to your questions, as we look at it, it's interesting actually, we were at a Investor Conference in early March and we gave them what we thought categories would be difficult if the pandemic increased as it obviously did, and we said at that stage, entertainment, movies, and retail would be difficult, and yeah, they are in dollar terms where we're seeing the most significant pullback. Our enterprise risk planning helped prepare us with the quick and proactive operational and financial measures we have taken and we'll continue to take to address the pandemic. Outfront Media Inc. published this content on 11 May 2020 and is solely responsible for the information contained therein. SG&A expenses decreased $0.6 million, or 7.0%, driven primarily by lower expenses related to our Sports Marketing operating segment and Canada. Adjusted OIBDA of $86.8 million was flat. And the fact is that, if you think about the subway, we were previously carrying -- previous to COVID, 6 million passengers a day. Thank you. What we've had to cope with this time is some sort of macro decline and actually an audience decline. This was offset by the significant drop in our corporate expenses I just mentioned. Is there anything specific that you're kind of seeing out there that you'd want to purchase and what kind of markets would those be, Billboards, Transit, mid-market, large market? Great, thank you. "As we move forward, our business will see significant impacts from the pandemic ahead of early signs of improvement we are seeing in audience trends. Cash Flow & Capital ExpendituresNet cash flow provided by operating activities of $14.9 million for the three months ended March 31, 2020 decreased $26.5 million, or 64.0%, compared to $41.4 million during the same prior-year period, due primarily to a larger decrease in accounts payable and accrued expenses, and a smaller decrease in accounts receivable. Jeremy Male - Chairman and Chief Executive Officer. Obviously in this situation where people are making swift decisions about changes and requirements to their advertising program, digital, you would expect to decline at a faster rate than static because you can enact those decisions much more swiftly. Yeah, thanks. National can switch off dollars quicker than local. During the quarter, we drew nearly all the remainder of our revolving credit facility, which you can see in the unrestricted cash balance in the left chart and now in the 2020 full maturity column on the right. We believe the improvements we're seeing in our Q3 numbers imply an expectation from our advertisers of some normalization in people's lifestyle and work patterns over the coming weeks. Stock Advisor launched in February of 2002. So as we look at all the different pieces of the relationship with the MTA, you can understand that it's quite a -- it's a complex discussion, but I'm pleased to say that they are very open to those discussions and finding solution that's going to work for both parties. John Janedis - Wolfe Research. We'll now take our next question from David Miller from Imperial Capital. Any references to OIBDA will be on an adjusted basis and reconciliations of OIBDA and other non-GAAP financial measures are in the appendix of the slide presentation, key earnings release and also on our website. Accordingly, results for the three months ended March 31, 2020, are not indicative of the results that may be expected for the fiscal year ending December 31, 2020. Additionally, we are suspending Billboard and Transit digital deployment, reducing or deferring other areas of discretionary capital expenditure and we are pausing new acquisition activity. Notably, the reported figure remained flat, year on year. Considering all these factors, as we look at Q2 to date, we expect our total revenues to be down approximately 50%. How you think about audience levels and kind of the ability to get back to the utilizations that you had pre-COVID? Organic revenues exclude the impact of foreign currency exchange rates ("non-organic revenues"). Moving on to the AFFO bridge on Slide 16, we were up a couple of points, driven mostly by lower interest expense. At this time, I would like to turn the conference over to Mr. Greg Lundberg, please go ahead. CorporateCorporate costs, excluding stock-based compensation, decreased $4.5 million, or 50.0%, to $4.5 million, due primarily to lower compensation-related expenses. OUTFRONT Media (OUT - Free Report) reported first-quarter 2020 adjusted funds from operations (FFO) per share of 28 cents, surpassing the Zacks Consensus Estimate of 24 cents. And you had a question on the PIK aspect of the preferred. Gregory Lundberg -- Senior Vice President, Investor Relations. We think both of those can go down dollar wise somewhere in the $15 million to $20 million range each. Specifically in terms of guarantees, we have relationships with a number of important transit authorities across the U.S. We've been talking to them all with regards to the structure of those relationships, and where applicable, guarantees. NEW YORK, May 8, 2020 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended March 31, 2020. Say, half of our leases have -- more than half maybe, have diminution clauses, which give us an opportunity to discuss with them, it's a negotiation. When we think about Transit generally, I think quite a bit of that's going to be dependent on just how quickly the service starts improving and how quickly demand starts picking up as they improve that service. People are still going out of their homes, like every one of you on this call, while someone's in your household, someone has to leave home with some frequency for necessities and it's in these moments that our advertising can be impactful and highly relevant. And then for you or for Matt, for either, any way to help us quantify your second quarter expense growth or, I guess, decline? Net income attributable to OUTFRONT Media Inc. Exhibit 2:  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION  (Unaudited) OUTFRONT Media Inc. (OUT ) Q1 2020 Earnings Call Corrected Transcript 08 -May -2020 1 -877 -FACTSET www.callstreet.com 5 Copyright © 2001 -2020 FactSet CallStreet, LLC Jeremy, could you talk about what you expect in terms of a return to growth as you think about national versus local? So it's not a fundamental change in strategy at all. Supplemental MaterialsIn addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.OUTFRONTmedia.com. But the historical results we're reviewing today are relatively less significant than usual. We're just not exactly sure right now, how. Billboard revenues increased 8.6% due to an increase in yield and growth in revenues from digital billboard conversions. "Positive momentum in 2019 carried into the first quarter of 2020, despite the impact from the COVID-19 pandemic on our business during March," said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. You mentioned the Billboard lease expenses might be able to be reduced by 10%.