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.
