OUT - Earnings call transcript Q4 2018

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Operator

Good day and welcome to the OUTFRONT Media Fourth Quarter and Full Year 2018 Earnings Conference Call. At this time, I would like to turn the conference over to Greg Lundberg, Investor Relations. Please go ahead.

Greg Lundberg

Good afternoon everyone. Thank you for joining our 2018 fourth quarter and full year earnings call.

are Siegel, Chairman Chief Executive today Officer; Chief Financial call Matthew and Vice the Jeremy and Male, Executive Officer. On President and up question-and-answer of lines discussion our results, will After financial for session. open a we the

factors Our our Investor and you slide release the an the OIBDA call file expect slide and are an of reconciliations may there be statements cause website. that well. earnings that, Relevant section archive non-GAAP conference our forward-looking will be our materially of are forward-looking filings comments which in XXXX adjusted in financial SEC the appendix I And presentation references audio our the call. certain to will on Jeremy. And Form will tomorrow. refer the could call is after measures also OIBDA call results today's And XXXX today to find release, presentation, these of on to include financial differ earnings as our this on basis. with turn to in to measures Any refer materials actual XX-K we and XX-K the can in and including statements. Relations to earnings today that over and This We'll other made website, will non-GAAP the our outfrontmedia.com. from concluded, listed

Jeremy Male

could that performance and us Greg and Thanks you to join outlook. review afternoon excited We're fourth XXXX everyone. today our quarter good

revenues upwardly Billboard, revised and and reported year both with strength AFFO engine XX%. XX.X% was an OIBDA XX.X% also in than expectations. the broad that accelerating XX.X% This on X, AFFO a grew think The revenues adjusted grew Total and agree X.X%, and expectations revenues financial total U.S. organic X, National. which highlights was our up results up our surpassed X%, of The results Slide Slide on at a capped drove quarter. up basis. strong reported revenues off basis. growth surpassed Local, more Media. X%, in original quarter on on a with up very key Transit, Strong basis this good I the Looking OIBDA a and reported fourth On main you'll

in at surging we was Media balanced our quarter Transit. Looking noting more across up ramp closely the growth regions on Billboard that Transit of X, U.S. between our in both nearly Slide Local you saw introduced Billboard Media up key a it's our and And XX%. of which national and digits total one dollar XX%. worth XX% X growth both with was Slide X.X% every geographically national business grew in revenues in shows this business terms the in XX% was strong double They segment. our each split XX%. advertiser in U.S. and which and was quarter, last local we quarter

to in on and slowly you're national a call.\ Slide by very second quarter's guided which finish this led up more As started strong This was in strong the Billboard were revenue the we out our but million saw coming in X improvement $XX half strong very we categories performance XX.X% basis. was a XXXX, shows other Canada. last also that reported on this or quarter, aware,

related and well this of and this and business also sales Billboard mix We're with in a very attractive and our part quarter. overall performed Every sale enjoyed sports local revenue We million execution unique great Transit national the across screens in with results our and installation growth in our assets. business of pleased to of increase $X saw non-core stadium. digital Sports Marketing

the now to hand Matt. call over me Let

Matthew Siegel

and afternoon. good Jeremy Thanks

Slide X income the please down our to expenses. turn a at Moving statement, for look

levels and expense expense total expenses. both revenues, saw posting total a of transit as Corporate billboard margin and both one declined lease expense points. percentage and maintenance also improvements franchise around a We expense in half As were down. levels

OIBDA is is new growth mix. see last our you the on our increase understanding into XX a dollar related will OIBDA it quarter perspective Slide lesser growth contribution significant margin XX. business to in basis. a more as directly the to and the XX.X% expenses here sales This our of Slide more of which bridge lifted extent, our to we clear year. of million asset than were this of you driving the from show this What think A majority relative Media related continued growth give to our we was the $X.X X on the strategic we XX% of XX.X% and of our extremely growth our our grew margin, as XX% quarter. segment of was can two economics higher portion X.X%. had Billboard see expense expense OIBDA, fourth levels, Transit. XX.X%. a for expenses OIBDA and into efforts and of and broken has grew margin the quarter out total revenues around XX% to higher components; XX.X% its puts contribution healthy While Transit revenues growth you OIBDA is did investment know shows a SG&A a which Slide different Billboard by categories development with same U.S.

the on Canada. nicely strength grew of segment billboards in other The

fourth quarter Slide year. to capital our expenditure XX, levels increased relative last Turning to

above $XX our year, full as capital estimate increased were million we our our the investment. million For growth digital $XX.X expenditures

were expenditures million to below Our capital $XX maintenance $XX our million slightly guidance. million $XX.X

the will billboard which completed During further our System this quarter, year. be the digitization the fourth of reflected digital growth and primarily CapEx XX Transit Boston conversions

XX or digital converted During built XXXX, billboards. we

returns approximately million to conversions attractive the This see our continue $XX with market we side $XX we expenditures growth maintenance XXXX, million generate. $XX growth million. for the desire $XX digital to guidance For and due on accelerate of the to increase of reflects $XX million to million our billboard is capital in and demand to

ahead -- on that our bridge was average OIBDA. a cost XX, low to our AFFO. the investment our we interest also well year-over-year bridge taxes guidance for mid-single-digit a Slide were The the cash higher us show a higher Turning last expense ratios quarterly by in driven fourth In mostly our for growth and flow to interest was of approximately our the in to credit we continued saw of our in XX.X% I'll digital which fees comfortably incorporates year-over-year strong a grow performance $XX we operations, X% historical adjusted the expect XX-month our expense, quarter range The original of AFFO which to due XXXX, coverage dividends put range. XX. on of on higher shown the related mid-single-digit and up year of debt to year. in million. helped higher on basis for AFFO letter outstanding AFFO quarter cash AFFO Slide free are MTA The and debt agreement. payout weighted note increase

LTM. For adjusted flow, we free and were cash XX% quarter the XX% for

approximately Within deployment represent of LTM and points to expense related sports calculation MTA with the payments which coverage. figures nine and $X incurred These contracts new million one-time percentage for dividend also are was million, funding. transit $XX two interest of about approximately additional recoupable

the share. of afternoon, this $X.XX approved quarterly Board per saw you our As next dividend

sheet to our liquidity let's XX. balance Slide Now, on and turn

at-the-market feel an credit cash Our well as level of is and on our basis not total at facilities. XXst future XX strong our of revolving OIBDA to points We do net decreased An receivable as source December $XXX ATM our we're debt or unused when accounts we And times. growth, and this due have liquidity program. liquidity was any leverage until of million additional unrestricted ratio looking ample availability is maturities equity XXXX. requirements our meaningful at to comprised liquidity our X.X

the time capital. in million the the leaving an of second a raising display gross quarter, ATM million facility Atlanta with that of During well we close proceeds The $XXX.X above $XX.X first of cost proceeds will digital attractive the quarter acquisition portfolio will for fourth XXXX used unused. returns our in fund of

really then they're to you quality that it's it we We MTA about displays Now, have Those our carrying. yourself. probably York advertising and see the encourage New update Slide the of project seen the to progress on you let's XX. on how in an and growing of terrific turn and feel for good the

will In that displays MTA. to customer train real-time advertising updates as every such have some for and information the provide addition screens, passenger communication station useful other

screens. advertising build-out which is an half the following were media rolling of installed screens the MTA mix requirements, And more stock, will XX, accelerate initial digital December significantly advertising deployed displays also quarter. fourth including we'd over the deployment X,XXX will of of begin XXX exciting XXXX, we'll in XXXX, the screens As screens. format. platform toward the In the in on deployment than XXXX, communication we displays and of shift In new

in Our and $XX equipment million quarter, total the million for MTA project costs in deployments. total, which the million for cost were year includes $XX.X the XXXX $XX.X

for our $XXX estimate due been recall You was XXXX of the payments. of deployment some timing also to and that near-end the slower-than-anticipated difference million. had Most

captures We ramp expect un-dispensed from installation million, up. of deployment to which and approximately some our be year $XXX equipment the the XXXX last cost

You'll XX-K incurred the amortization. of deployment the and XX-Q recoupment our see tracks cost and project a and new table in that balance the

we partial It recoupment begin significantly amount, you July, expected going a see and turned was While of costs. forward. will small year first XXXX revenues our a grow build-out increase did the in deployment on with was as we recoupment as station will

of our expenditures are MTA to from over be all As the expected you recall, time. will recouped

than our million. derived projected materially would As higher cost we XX-year project look estimate based of our actually levels, and $XXX at from assumptions total estimates initial inflation current the full the be on

on and cost our will current we we impact display However, working changes reductions, efficiencies believe actively positively that are estimates. installation scope

year. zone continue original of of better through in is we'll This and time due reflects revenue capital in to our us and total which Boston amount million deployment MTA cumulative And, expectations, third-party financing about the forecasted XX-year needs general Liveboards very full and our frame. D.C. lieu with estimate outlays. revenue than opportunity. cost, This importantly we'll update the outlook positive equipment financing our our transit and expectations, help the we're slower forward, the early related with approximately which as originally fiscal cost in combination same still reflects business, previously at as year feel our the project $XXX our seeing recoupment we success peaking to Going deployment move third-party the in estimated annual updating update within strength more

of estimate, we results. You'll million And we're with financing first with the million pleased for liquidity is note million financial our of current $XXX spent already project. $XXX $XX an approximately in finally, that our this excess have the incremental

Our many business on levels. is accelerating

improving leverage Our is organically.

in And me that to On back Our tailwinds. we is good providing is options our ample. over topic, industry have flexibility it the financing liquidity let and turn Jeremy.

Jeremy Male

and XX outlook just mentioned. time, slide right. the Thank first expect we transit that single-digit high to the you, And total All point Matt. the in revenue moving on quarter range At growth this Matt in attractive improving yields. are growth from with same drove strong The our and fourth outlook local fourth expansion both contributing to further national. and growth in and such increasing rate digital quarter quarter factors a first quarter that also

first of conversions increase yield, to Total an revenues topic up XX. inventory. QX, the slide transit through impressive turn growth digital in billboard digital new digital, combination On XX.X% and achieved please were a

and to key our As year Matt digitization points of increase fourth our XX.X% billboard conversion and growth over properties. of the increase quarter represents strategy. an of of working Digital ramp a percentage transit now revenue, our it mentioned, key our up we're X.X element the of to last remains total pace

seen of slide The was driver XX. as billboard on yield second growth

yield Our pleasing year this static growth and particularly was the up performance. strongest was X.X%, to see the total it

the to came of IPO. In in since from growth been today this. yield and from came at actually was growth of billboards is this two the of positively beginning There was is stable our to of portfolio XXXX, today by XX% revenues XX% future. the units, the and like the relative advertising new by is close our improvement. portfolio. call, expected reasons asset digital for impacted I mix the We mentioned while on which driven the Importantly, in is topic I'd very ratio the grow key are market best that's growing to majority our think our transit, this that

The are is in Populations large and first U.S. cities. growing the urbanization. reason important

younger, are key national populations local. which and Within markets, and skew incomes household are these advertisers for vibrant urban both factors higher

of population. Our the our these top commuting to our XX work and on XX% revenues centers, environments last in XX% markets is with urban U.S. very year. concentrated revenues portfolio Billboards well our reach transit and generating is top transit billboard these critical of

using mix, from drive asset XX is have both The XXXX, campaigns believe U.S. complementary reason the together the to to second our transit nature top and as believe assets goals XXX and year a We common closing, in in of more targeted will and accomplish and technology us. our revenues. we we really and the advertisers automated billboard our and of These advertisers' become a we advances off even well. billboard transit. good purchased executing In and the best to of with had billboard mix that more some solid great advertisers work transit quarter In XXXX ways. a execute momentum. can We're beginning cap future

improving. generating growth industry returns an one media not that is in so in good assets. the from posting rates are outperforming And and financials we're in Our We're seen healthiest of years. our doing

to firmly that an tailwind. media for With market. And further poised Looking out-of-home the share total increasing technology let's the line at forward, open questions. well a will that take investments we is provide believe operator,

Operator

Instructions) (Operator you. Ryvicker go Marci with We'll Wolfe to Thank first Research.

Marci Ryvicker

want a Is I specific a there? Can category? Is just fourth was couple. your you're Thank market? Are something you driving local give more bit there it Is exactly little start what political taking Is you. it you quarter. have any the it? doing it in I with on color share? national? and a to

Jeremy Male

Okay.

-- Let's take top. from of that let's take some the that

transit. further, into of services. you that to the at tech, categories, of business same usual it all strong expect of in couple very great. X.X% the and there a suspects benefits were of look and categories everything in the both did out-of-home political overall in wasn't our of you helped who year: only. And supportive the you We I strong. look be was for was categories was the the would tech was great. the actually are honest, rate. everything billboard story. It revenues are strongest guess, the entertainment when was that When QX Political the National as media. get some So, Local there strongest the growth highly quarter Within financial

sort marijuana. So of about legalization had million screens. We points the first we in sellers into Canada just $X that the of take million bump -- together, growth. from of have But $X from mentioned over contribution numbers we BART have will time all the terms around in you for in in digital the But transit. two coming if our I the of of that it's

into So really double-digits with. the actually were well you if which absolute think apples-to-apples, we we pleased were

Marci Ryvicker

sort is we terms we a something us to should the quarter Okay. And Lamar? we year? this then, of give It's that? What's but to give plugging I in than year be it guess, it's from you, going what different revenue for a every then similar sense hate you question through of a high Is the it can for Or quarter? saw in as bit of very I growth? little decelerate to the guidance first driving single-digits. And go

Jeremy Male

-- on industry the terms comps. just of to in Marci, Okay. first point

can't a mix have report companies different publicly have between we've line we sector, and different in our said that mixes. you you asset the we know, As that draw always geographical

going variations we're to time. see So, over

high we've up. single be yeah, going second Things guidance that digits So, well. obviously up. given. will will powering is National be will be the highest up ahead. is nicely. Local Billboard Transit are

It's year. that going fair comps. when we're tougher positive of some So, get have about look to QX, we to part yeah, first the very feel much the we say to

starting time. that to that sort is So, to But get within do think we our one revenue base, to will as of digital to I And closer MTA. on the inventory. we by all prefer our we'll comment thing hope guidance we I build-out the those build-out we impact annual the nicely year-end. be We're time of know the the to continuing get to continuing are

Marci Ryvicker

Got it. Thank you so much.

Operator

to next Jason we'll Citi. go with And Bazinet

Jason Bazinet

of had guys and is Hi. yet the question price What is of XX, macro saying a the guess, is I about a the call-it an road? you words pretty sort a shows up implication it I big quarter from if on rate this yield. something I of just implications manifest increases just adverse In taking big price two it if little significant, When nervous increases? does of the taking that is that on is or other down collateral a regarding in sort is billboards. think way itself? negative market bit increases maybe there put there slide the

Jeremy Male

I and occupancy think a the that answer obviously of way is combination yield is to rate.

some sure into but is most sort a and we recession recession linear about I'm you yields, for rate. linear the occupancy those saw part increase, there of not price was -- drill it versus that if about anything occupancy. So,

actually In of there of during -- the growth accept bit if seemed you rate in see a in obviously work recession, to you reduction out-of-home generate be at to difficult rate. sort generally, but actually to to tendency could go U.S. it's then, to little sort of and back because the occupancy if fact, looking the wasn't more sort time over a sort maintain really hard of I

little at a no give there now, us on when in this cause in moment hard I our hypothetical. something bit we're talking signs concern. that business to to right any time that But are So, as say is comment

Jason Bazinet

say sort of legal on if of near of yield highs? you rates? at sort that part utilization the still, that you're raise the a Or record room utilization history, look Would of is you back to there lot

Jeremy Male

a pretty rate. lot much vary normalized, Look, markets. it's We by normalized sort call of what do I'd

XX. gaps the upside. between to XX% sort XX% actually you manage because markets got more range in are just campaign. markets the got that some where we to that we're have like we've know So, trying fully great -- sold where got they we some at then the you're almost you're have you rate, in up of When laid you've early after And

So, the mixed dependence still opportunities geography, bag, grow to occupancy. say but on through

Jason Bazinet

Helpful. Thank you.

Operator

Aaron next Deutsche Watts go We'll with to Bank.

Aaron Watts

of can go up you your wanted both other then if Thanks at there? crystal comment side? coming material? on any And billboard the ball for the pipeline, for legacy this you opportunities curious on you transit, see all are of might what any on on. as might Jeremy, And with coin, contracts that to M&A be ask side seeing out for the into renewal about after that having are maybe look you me yours to year that

Jeremy Male

absolutely. Yeah,

like really that acquisitions. hundred So, sort sort on tuck-in in much three we it's into number because our or total that millions, at ways markets interested terms some We one time through. of we We working probably If four of a in selected putting the we're not somewhat of value and pursue which them investment that transit in basis will necessarily the can to instant OIBDA. -- QX. that acquisition, they're at we of way that out a top that obviously of the be are we're all building like opportunities we in. look come M&A with continues really will transit, several XX smaller invest think portfolio the because as bring in making, be incremental about in that to pipeline rolling it's we investments mentioned of add transit, all a we're digital Atlanta footprint the that On maybe in the think we'd and very portfolio, on is any in value

little of like view a sort bit acquisition. we an So, that

come -- the our of coming property period interest. terms are we over In a footprint. portfolio this on but very in We think out that's small be that relatively which with summer Chicago year. Atlanta side, on of, we'll at people may up nothing have, be there's that's And piece defense that a time any the for on our that significance it's offense sort a of is you out like, something it of bid -- and some authorities, the the likely some looking side, if with transit

Aaron Watts

allocation And side. curious maybe somewhat commented this about future billboard how related, is transit? considering about and ask period your billboard you the why you're of capital capital or Okay. given the I think house balance maybe you and about That's how but your for those the on opportunities payback in today. could margins amount and I versus asset options upward organic the mix And happy the helpful. I'm you on of though? ask requirements if higher inorganic transit with in And side the ramp

Jeremy Male

they're in first terms really that's digital et investing nothing the making that obligation, to investing so are where MTA In don’t -- and guess, and took thing the of if make. in. in still et the XX% in gone that we're we in not investments BART actually those I continue invest on is indeed that are plus revenues of investments There's in organically investments investment digital if the capital billboard you good our of cetera. billboard the -- to would making Boston business out returns. on, we Yeah. we're have And Francisco, billboard you outside share of we'll in like, in us we're terms in to point the a San business that transit our that the making recouped think to transit, from that we're conversions operators. cetera, great of

about different thinking it's slightly a So, way capital. of

is our and total look at return business we're business as with there you parts transit of very the on both capital actually So, capital when comfortable say I the fantastic. in

Aaron Watts

Appreciate the Great. comments. right. All

Operator

We'll go with Drew next to Goldman Sachs. Borst

Drew Borst

in the quarter fourth from Hi, contract was is the for new growth? I a questions. thanks the wondering, benefit MTA of taking organic there much

Jeremy Male

small. Relatively

Drew Borst

Okay.

Jeremy Male

is Actually, that example, extremely performing transit what general, principally a very or in is state in York and well. interestingly, static business, for Boston well in which the still static right now, in performed QX. just New Digital, is

Drew Borst

Is XXXX to but up deployments the mentioned more some in in these your see benefit starting XQ us to it in shift it script sort were will more advertising, know, than XQ, XXXX you benefit? I or deployments seeing, for you this is your a rather terms benefits the reasonable mix I appointments kind of year. is MTA? for of appreciate expectation mean, in reason or start digital of of the scaling you're the to that communication think you that do When what's of

Jeremy Male

Yeah.

for on be said coming benefit next about the QX mean year call as we'll start But, that through say, get that we're see greater some starting I to the year benefit, to As I yes. the I QX. whole. when a will to see guidance of big know it think

Andrew Borst

Okay. you're And then just heard of correct? digits correctly AFFO lastly, for you that I is I guiding to think XXXX, mid-single that

Matthew Siegel

Matt. Right, Drew. It's

We are single-digits. at mid

it's We on in increasing still That's solid have interest otherwise XXXX. our expense -- a growth. bit headwind of a

Andrew Borst

So interest, where coming could guess, is you have funding been with delevering is obviously MTA interest associated I is the incremental the the that from?

Matthew Siegel

debt. Well, deleveraging our our paying really increasing OIBDA. debt. our into Yeah. not is We're We're we're growing down

$XXX interest as up. about million to fund negative. expect funding funding rate with we XXXX. MTA upfront, And rate a environment big XXXX in a have floating continue go do the debt, some we higher expense slightly in interest have which a We We is to in of from year combined

Andrew Borst

for answers. Okay. Great. Thanks the

Matthew Siegel

Yes.

Operator

We'll go next to Imperial Capital. Miller David with

David Miller

guys. Hey,

audio about sorry hear issues. Can about, you Sorry that me?

Jeremy Male

Yes, absolutely.

David Miller

You guys All can sorry right, hear about that. me.

Jeremy Male

Yes.

David Miller

A questions. couple of

subway overall but on with So follow-up. platform, the think New Intersection how it's early rail platform out, stations answer in you'll kiosks quarter? then of has the you many Co doing environment stations do with is And and shelters in doing What fantastic. what retrofit do far the quarter? Thanks. have maybe thus bus what is the describe competitive looks in the retrofit And been light around you environment which MTA many is I the a think York way this, with would you'll the And then Manhattan? all like? the Wi-Fi the current the commuter you built current how competitive How to too City

Jeremy Male

Okay.

which to Metro that we're The market, on you're stations area. that on look, perform is And this if the of aware and we sort motion year be competitive don't doing have also year. going operates Road, that to discreet and But Long That's have ability get, in advertising North another to terrific. cetera -- going nobody quarterly et do around between we're a but always XXX this Rail the we audience, We're And that easily about of can vacuum. be be of competitive video. to completed. a interest we it's street. in somewhat be breakdown stations Island in getting can of So giving ramp strong a I only signs is what think sort have the going a platform. done not that something We're you subway

So when through feed you screens. whatever, sort or full-motion -- about sound, are go that could you Snapchat about are of video those the lot portrait on that easily think if or a actually to your of think of Facebook to very coming ads without and one some our

we that say, competition, but think I'd a audience. So we a there's look, have always integrate product actually has greater to structure

David Miller

share York full-motion project the four now in to video. auto five from years there in guys years, it's take have ability kind renaissance industry effectively with work changing on category. with with a sure and the things Is look advertise But so to with with the difficulties to category? six of I'm you auto And they say the years, platform is that that are your having auto and how the forth. how and of that dealerships to question. to related regard -- a and full outdoor the going you're the little and three an the and really big a New then particular opportunity And aware the create Okay. with advertisers bit so advertise way more obviously, and

Jeremy Male

in hard. a we thought are question. in ad all back we're just hopeful using build-out, down and to -- in them have of News me a how injecting industry different advertising We're very was for was -- the this nuts. I it it particularly achieve for in XX of go Yes. But our sort in second in had news the the performance and was It's But now general, trailing go why cash we digital with TV sub-X% watching into any hopeful have we people its to us and one -- that break, the And revenues, total the of heck that as auto pitching ads. taking It's now of trying better that auto to medium. watching it And breakthrough for I'm -- struck one to Connecticut, It's seen I I'm great terms the I Disgusts this? with the excitement I terms fact XX months. bottom platform time. as in our some we'll forward. that have saw with is other while. day and was was that some four of what we're quarter the

David Miller

Okay, wonderful. much. Thank very you

Operator

go [Operator with Research. We'll Goss to Instructions] Barrington Jim next

Jim Goss

Thanks. influenced revenue gains I digital other of or or exceptional mix about that comparisons component the gains? first was in sort the any of static those terms have in might wondering first quarter double-digit

Jeremy Male

think about We're I QX talking guidance. talking you're Well the QX Jim.

Jim Goss

know am might right. at I All very you a touched where I just I add? the wondering. bit that think those little actually anything numbers QX were on beginning impressive I'm at And Marci

Jeremy Male

transit building signs almost QX obviously building Yes. digital in is platform. which total; we're I out mean out our digital XX% our were up revenues terrific. We're

increase about about yield current So and some that's of assets. is -- about on some our signs that's new of purely

our digital the about -- driver so significant up XX%. we that over look at around was and of at was growth so detail were that in our U.S. QX, were obviously up just X% -- if yields So of all more X%, that's a which static over yields

Jim Goss

at would comment that related more toward little you're the incorporate street and was if into want maybe given basis Or can those or temporary your this on Chicago And more do that bit. you a would desire what out to good basis? lines that block to And I wondering playing on least Okay. trend is along slow you furniture urbanization mix? your everything and to a your is area? in

Jeremy Male

just we all doubt do furniture So the have captured is and that portfolio within in for avoidance of transit. some of street our

it. look transit, competitors So at to at unlike incorporate transit furniture look our billboard, and within tends and one and of we who street billboard furniture street

So number shelter have for in markets. example we the smaller programs of a

to a continue certainly of the example. not Miami the look which shelter are those we're contracts opportunities we're long in for that in as term. -- market growth in program some are as for is great We come feel will have that's as not our we very markets our they in of couple major up. don't And obviously that not competitors We

that which on area are basis growth we'll the that smaller probably our of opportunity to amount not is markets for have So going to in focus. limited be absolute that necessarily

Jim Goss

there deal that when do Okay. consider those competitors the with Maybe of done? category, the holds? you lastly Are ever expertise sort transactions greater swaps get have of perceived you each other on ways what in you

Jeremy Male

swapped And Yes absolutely. We assets do. good we question. XXXX. in A but business a we in swapped swap in Boston. for fact And assets digital we some we had in if -- go some a Virginia

and something it's that we So actively yes it do pursue makes sense.

Jim Goss

very Okay, thank you much.

Operator

have this We at further no questions time.

speakers So any over closing to or I additional hand the remarks. our back call for

Jeremy Male

to call seeing you events We today. Thanks investor very look Thank much all you weeks. attended forward And you at operator. the to many of coming thank once you again. in our who of

Operator

today's That you We your does participation. thank conclude for conference.

Outfront Media (OUT) 26 Feb 192018 Q4 Earnings call transcript