OUT - Earnings call transcript Q1 2019

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Operator

Good day and welcome to the OUTFRONT Media Inc., First Quarter Earnings Conference Call. At this time, I would like to turn the conference over to Greg Lundberg. Please go ahead, sir.

Greg Lundberg

Good afternoon. Thanks for joining our 2019 first quarter earnings call.

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

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

Jeremy Male

XX% double-digit Highlights increased us straight quarter the revenues first second review for and on growth. expectations, the our quarter. X. giving to the of today our Total second of our Thanks guidance quarter joining first quarter, of quarter for us results Slide ahead are in

expectations. digital, we've posted. X.X%, X.X% AFFO growth We exceptional, was the OIBDA was our driving little strongest in up growth transit outperformance. ever billboard While solid, local, growth was a both of and static and was ahead had up also and national growth our

revenues X.X%. to Media, XX%. of came were was or foreign exchange. components when up effects basis, of Slide let's a on Again, over growth Now up on And which growth XX% from were revenue reported of up U.S. Other X. XX% our the the XX% turn revenues removing this

components first detail beginning Let's at U.S. each on of these X. look Media in Slide more with

led rate. high transit, or even million $XX.X acceleration growth quarter's teens from Our which was by last XX% growth was up an

between and XX% growth. National the very in highest positive revenues X We have around and view was $X.X X.X%, grew again, from growth one-third trends transit. national which of key particularly as was in our And revenues good X.X% advertisers. or to another growth This digital of time U.S. in XXXX. splits local solid all Slide growth. Local billboard we've revenues. our both we we're performance national currently from once This was our most drove positive you markets static displays. in ever which growth by quarter that noting of was this up worth gives and a up of start continue local was rate Media it's another increase our digital advertising, In to million and driven experienced. is transit growth digital and was seeing

under revenue sports And The continued digital sales please up was Slide signage. Canada, third-party from part to on other recognize turn Sports our nicely. in million this reported XX% of shows also growth of which a was we from billboard $X which super segment. most Now, basis X, quarter of another increased reported marketing performance. on XX% growth just important strong stadium

our think I is So agree you'll business great in that shape.

to hand the we call significant and let starting to pay are have come first, moment. on But which investments still digital, Matt. runway to in growth I'll over back off Our a me

Matthew Siegel

afternoon. and Jeremy Thanks, good

levels lease, two please X as revenues. a and categories, at expenses percentage expenses lot Corporate of infrastructure technology the basis. transit look where up slightly slightly. statement, income posting bottom, and expenses, in SG&A expense expansion billboard which franchise to book we of flat expense maintenance for Starting on the our and also is our our a expenses of platform. total of combined our related our Slide down were Moving turn at We up a were were to largest of the

this margin largest X.X% franchise revenue expenses, you view smaller, increase growth OIBDA operating growth. can was strong growth, while In expense in Transit, However, a SG&A combined XX year, leverage growth of It's of were increased chart Slide by categories pick-up the translated on half the component. to in which business. our directly far, billboard into source a strong in activities. remainder in increase largest transit to expecting is Slide dollar XX%, relative the the shows see reflecting billboard, expense the this on a OIBDA the growth, By grew XX. which see revenues We're year-over-year Slide improvement the revenue to billboard the the of as with transit is over of growth XX%. OIBDA reflects clear grew X X.X%. our related same expenses basis. transit very total that linked

The corporate increased fees other employee our refresh. brand higher compensation category other some expense related recent costs swung due to from to and professional profitability in largely and QX and

revenues growth levels maintenance X% our our in or of at XX, no capital CapEx. a Turning change flattened with to expenditure were as significant of levels Slide percentage

by digital now sorry our - by and will CapEx billboards digitization XXX marketing primarily XXX the complete XXX increased displays approximately in of growth end be a including conversions X,XXX. as year, I'm of to the Boston assignments, total and XX the million which XX total acquisitions system, the deployed the digital of reflected billboard extent has to lesser over transit further Our

average growth higher cash bridge in AFFO. extra a in on Moving Slide weighted AFFO, of shows with higher expense cost year-over-year debt to X.X% outstanding. from The flow, reflects and primarily debt headwind the associated XX interest

Back of XXXX XXXX. AFFO high-single-digit the to growth range. in We're on that On ratio to level the which value. February, dividend growth. year. indication X% guidance digit especially interest OIBDA to AFFO improvement strategies AFFO we shows we for our cumulative annual LTM marked strong forward, now growth our dividend AFFO look growth are funding, of driving appears and an our gave our Slide conservative guidance, guidance closer Some in confident our increase we relates XX to been is This AFFO both have for be and pleased free XX%. shareholder basis, MTA be flow. to coverage as And the this are raising saw in our of would last expense without we raising cash payout adjusted back mid-single

was related points to new flow one-time and payments deployment. year. have XXXX free adjusted recoverable to in to items largely sports which widening dividend in of So from cash payout result additional last and coverage, resulted represent expense also X a of comparable transit would MTA contracts, in payout These about the XXX% ratio ratio interest

somewhat national taking are currently large We but delayed from to some experiencing steps this. improve collections agencies, also are

quarterly dividend next Our Directors our was of $X.XX approved share. by month Board of per last

the our availability facility. facility in call. Now, on MTA, which right XXst We on of our our on performance sheet considering website believe let's and the ample funding unchanged previous unused to the slide of revolving our Slide of $XXX of the and million cash a is from maturity shows The XX. over and side the accounts credit liquidity unrestricted comprised of chart is on receivable balance incremental liquidity turn this business, when $XXX the schedule that million of March

ATM market Our next is or of source unchanged our of our not was the liquidity is X.X leverage and XXXX. at ratio until equity times maturity debt An additional program.

we During the used ATM we gross an to in million, billboard San fund California, area. first Bay which primarily Francisco from facility of quarter, attractive used $XX the in acquisition the partially proceeds

ATM. we remaining on of of the have As million XXst, March capacity $XXX.X

nearly to our was update X,XXX. new deployment bringing Slide XX. our MTA installed, Now quarter an total with turn of let's on displays another big XXX progress This to

probably For very up you the sprouting York, with points in advertiser stand popular our those really in of to out you've proven are passionate touch be New Manhattan. key and They base. in seen

carry have not of may also displays that You these noticed advertising. all

XX% total As date the total of are to to advertising but XX% to that you here, around deployment. ultimately will see under trend screens

quarter $XXX XXXX previously with Our was total $XX.X our project million of communicated cost in the MTA expectations million. in line

future. Improvement Our has the costs of and to accelerate past financial the The results. we $XXX.X line million. assets are year. to our costs operations investment look good of cumulative confidence through In pleased begun we these top and us reflects and great will closing, are as trajectory have quarter project delivered gives people, in another

holds Our steady. leverage

structure. year. now I'll We it And for guidance continue back Jeremy. raising manage the over our cost AFFO we're our pleased to turn really

Jeremy Male

highest our driven XX and to At time, accelerate digital for at the continued and growth. digital York, this more digital Slide moving very driven markets. rate XX expansion company's and we looking of first teens quarter quarter total our further and On represented being this focused the XX% our expansion public was revenue level. execution approach is growth growth than expect Slide is growth guidance sales you that Matt. rates transit by growth revenue is as in our second Boston increasing Digital our up our And displays Thanks early other rate. at the sure a by the This in to transit XX%, in point I'm were and with strong quarter. up while XX%, New the billboards we've much, growth a of and digital revenue phenomenal half rapid was our appreciate first outlook given on company. billboard both from this

but relatively run in We long points we billboards of of and year. of transit, of We that a assets; driving believe have last small have this benefits under ahead revenues, up of us the digitalization. our a of runway X% is now over our X digitized XX.X% terms X.X% from rate percentage of

factor our business is execution. The is highly focused second sales we believe driving

also and total billboard this Looking issues we in and up results billboard expect up change that I see the discussed yields both yields again billboard quarter. decline some was up to Strengthened be on our this while small did was quarter at pronounced due in to digital in and XX, transit. transit the and which a were up particularly was again slide were second our we billboard local timing mix earlier. X.X% yield yield, strong Static

on on have resonating are further it audiences We of also as advertisers to in marketing both national, approach consistent of this were markets and resulting that grow, big have that creating our Digital stronger accountability investment broad incentive across leadership, our market. down terms in the focusing local. sales halo and Drilling larger all amplification for drivers quarter the growth. key business, continues effect profitable a national cities and our particularly in was transit. refresh and brand importance programs is are implemented the social great metrics In have

our industries help both our specific behavior. of awareness brand this broad our They revenue and these large two and a or customer local over national half attract spending example enjoyed that a Lyft location-based asset toward we and of returned that campaigns the our is the total for just the While from of to right globe, great combined outlook we it which was U.S for build audiences out a many of leading In you mix world's both XXXX unique these dollars, that hugely have drive XX% year second on why, build And for home growth have been of topical as International A large guidance up also somewhat actually so industry players recent to top year. assets such are advertising whole, to and year. was of their national mass and online market. this the pleased deliver billboard XXX Dubai amongst compelling across for brands, most for is quarter Home increasing targeted the two heavily In outcomes now single-digits Conference the to of a seems a brands of made can raise a FFO transit the in IPOs vibrating investors X% power XX. begin just QX the encouraging two enables see base national spending helped we're in increase. on great them This out out add years of great home can on and their advertisers. their is as in compared shape. and stronger big-city had this to our be that Out of launch vibrant is number budgets Having high in pacific assets home closing, These These customers of Slide Uber. cities big markets it in home. our because quarter in even most advertisers over markets our certainly

let's questions. So with the for open that, operator line

Operator

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

Marci Ryvicker

guess on continue mean guide. to want we medium? is this that should is And a first, it I and dig this Thanks. another think from little coming I I is QX something a in is norm, new bit getting

Jeremy Male

I are it Marci well. no it out and will the across digital. I think be whatever market extent, peers from seeing at when you for and traditional doing world the and home the the indeed drill our of to U.S. four other there's And, coming last that in three or into yes some think to the always question, doubt those years strong, I media answer was think all is side the

Okay.

the are think building. is hugely just I sort starting think in as And to of of that's the the over thinking this also funnel the advertisers years I so of important or funnel I change. terms but prime still then top last that bottom think of

So reawakening prepared that importance and as platform I an look really digital as doing in doing of in we in nice very second uptick as we're medium is quarter of and assets. is building And I what really think second assets. our that our out are we a said transit can guidance a at the national as script, with you particularly in this actually investing whole the market's I audience interest on transit the that We're seeing the are advertising in resonating said deliver. we a urban well, quarter, is advertisers advertiser

half to norm in the now points. in the good really X there this say as certainly Fair pretty we three of X points, back year, think look the obviously if first move new we back to question they second to half last of or this X the quarters As of growth. the year were half you up up

But comes we it great tougher. feel a hence XXXX still with the naturally range. So little guidance bit about

Marci Ryvicker

up Okay bit and you OIBDA accelerating there billboard X.X% billboard think first margin into little be and and on more revenue with then the that mentioned especially let is any a can I on for is side? you X.X%, me just give quarter drill us expansion, should the in color QX, up think I there revenue expense

Jeremy Male

of said you sort or of probably business, revenue in if need where the our start sort unit, you is of if real you need We've really two growth expansion. business a on our you of in depending sort that any billboard before can point growth getting -

of we start operating what will forward year. of to second for As us rest billboard the look we regard certainly the leverage for gives that quarter that positive we're seeing enjoying with in terms the confidence

Marci Ryvicker

of but last billboards already update then the thought the New expensive costs any you have for on about And the York than down. those Matt. you City Last for on call question being initially MTA Okay. cost the you're time you us? bringing working Do talked more in

Matthew Siegel

valuable still really $XXX on we some more alternatives working the scope and we which in But today, talking we we're and feel think changes. borrowing We're first new. is good our the working still target where some further the with current Nothing We're sometime vendor. is track still metric with to revenue million about years. over with full our still we're talked that the MTA

Marci Ryvicker

Great thank you.

Operator

take Alexia from JPMorgan. a now Quadrani question We'll with

Alexia Quadrani

Thank Hi you. there.

is guess, to of other to of Uber shifting on the see on verticals more that budget then in questions And of share or here, the that sort uptick widespread? us spending advertisers their you out give in there type of can QX? Just specific a XX% that you up national or you and follow category? your Any ad home. kind commentary I Lyft, certain do mentioned color couple is Are earlier. budgets of it of jumping in are

Jeremy Male

that a of In in and sort be were two terms - actually, which in Apple plus us, XX%, professional is back a that look of XX% at we other of interesting, that likes as to largely that look strong was XX categories organizations, and you them When media would film of those we've for months is of sort to, which know, services, number services, up of this range. trailing media highlighted brand we financial it's because of QX when of of and you particular, national. before, Netflix number sort which sort same if largely the look the local and

one But of, terms In better this commenting stage. for rather at look this is a it's to our platform resonating as as that as categories backwards that uptick, on of of these about always, quarter of advertisers. than I preempted Alexia sort sort a really new part and National base, the think say, rather with medium, broad of really on of the than is is strengths I the advertiser big our transit businesses

Alexia Quadrani

record boost performance Okay, timish thank growth squeeze it I quarter, one you. in good that rate? anything a great just really the is and more, the can in one If help a run just local to or

Jeremy Male

total I point No in a once along you normal is pointing. out terms that if took not comes which, of related last an in benefiting apples us, system San it are worth growth have you we signage, in our We while. million that digital pieces growth. I of transit a comparison, we combined, couple did revenue but the bought of sales And $X like, this in total activity that of of to Francisco the course year. to rate. it's for that in quarter we short Those pears didn't if have points two from, like think

Alexia Quadrani

Thank you so much.

Operator

Miller from Capital. Imperial take a David will, with now We question

David Miller

went just about numbers. what say million sequentially up the division great the is would it you like Count It shares. XXX.X, Matt, guys, a looks share Hey, there? on by

of sort half just and of it options issuance. of looks with that the a dilution like was the - that standard ATM off maybe half So half other

curious breakdown the would Thanks. ATM note, Just ever deliver? the then, then consider have I follow a further you related And as is what up. capping to a there. And

Matthew Siegel

little of think program and the than normal rest as is half the exercising. out more a ATM some you I pointed it is

in small as we As ATM tapping a tapping way the yeah, the in far quarter. started, fourth

far tuck second we we first pointed acquisitions. the in something something out, the really quarter we close mostly as and closed So and in in to We fund during we're using California Atlanta just expect Northern quarter. to had

David Miller

Okay, great. New City then Jeremy York And on the NPA.

that's say going displays this? happen would there certain categories the you where have or are you platform In emerged the we how expect? proliferation that into new you terms of so the thought are what would far, categories onto that of And are that merged now didn't

Jeremy Male

good So, David. questions,

are, it mentioning put a So about doubt it's displays way incremental. that slightly that, up, for proliferation, on every in it's no digital worth we're advertisers the taking that actually no advertisers there's the analog also doubt that different we these, are at and or sign most down. are we've about When using it time they're signage of taking some static before. maybe, talk actually these we a if part, But all, using you there's the seen platform the

like what just a doing word. ramp rather is it's proliferation sort we're general So than we of advertising the of the displays

David Miller

Thank Wonderful. you. Okay.

Operator

take Swinburne question Morgan a now with We'll Stanley. from Ben

Ben Swinburne

long sell, be or business bit and you're of of your would benefiting from technology organization front? the talk been the Jeremy how much a Thanks. anything is project growth terms running for that? how programmatic you your a growth guys, automation I you to Any know can corporate crude then given sales just it's on about in about might little to doing call whether for think sense it's year-on-year of terms would out on comp or anything Thank curious the for to were rest you start want year which costs, the And that. just for in strong Matt, guys. that corporate and what line? the a is up you you that year on the Be of else areas? using

Matthew Siegel

into our - strong very so some ben area, our analytics. Well, in our based a quarter the some half first, had brand year-over-year there some of And marketing sales quarter. In hiring corporate this the refresh, the which first did year last spent first some our capabilities year, increasing on on part was course on. we price of we hours had fourth we did, rolling into of roll in operations we back

Jeremy Male

first your to Ben. going maybe question then And

have have the assets revenues, time have quantified that of implies private our platforms, are we look media now marketplace. look we sort sort at I or is use hoping that also, process Scout, in see which When some at and number of a York bid beater weeks sort to of now, to on you Smart typically And Analyst that's Investors So, right way. we you called better it's and here some of our I automated word the some programmatic generating out coming some a in at hesitate real like as revenues now. that platform we our product think over they of and peers that. impressive sort intake And some because from Greg if up, give New so of our lab

expect is the what opportunities, all business, I've we I our a growth, trade our about saying revenues. impacting thing. of revenue good the the now, as saying and we're a to in actually, to this not assets And before, terms can And usual. actually, come. is we're or experiencing future, talked from that Because digital you're the growth more overlay we believe, In business that's for way specifically our right that's

say, thing bad I I as than a rather thing see right as good Ben. now So that a

Ben Swinburne

to traditional approaching earlier about That broadly, any the on like seeing digital makes two on of streaming sense. part point of the ago? towards versus you And if - obviously years up made how or a because, view are a it the out of home? you it social of media home in three is maybe platforms Are are change in plans, in out media a but you just how sort or change was relatively pick shift side, back non-mobile this seeing or agencies small agencies national I

Jeremy Male

us hugely only revenues, sort actually, script, think as advertisers a - of understanding a of when to one is don't important when medium. There's as to I need is you're you really really, location X% advertising about all of there you location. And actually mentioned in we're impact and growing swing thing, much national the that

So interact here, just mobility, we location that ads. mean I mobile the with and with you don't way mobile classic have

mobile price do As But ourselves we with also interface like as X,XXX we you know, that. just we've terms campaigns sold social. X,XXX of in how with or then

go and out broad think message advertisers a we and resonating. local that's So with very really consultative to I both national

Ben Swinburne

you. Thank you. Got

Operator

Zaffino now take Oppenheimer. from a We'll question with Ian

Ian Zaffino

Hi, as is an guys. far acceleration Thank you quarter, very the much continue much. A - great quarter? the do quarter. Thanks. mean how The question I being is And third on quarter done? as the you in and right second of should we and visibility see quarter, to that the into in then acceleration, the any third have also now said booked second

Jeremy Male

Yeah, thanks, Ian.

the So next we've quarter. guided only to ever

Okay.

answer so did, the we're comfortable have two think is bits, best just really strong question the giving that's And that really. why QX. very I And that guidance to for that we we

the going - even First, for to in we're I to confident little think as tougher AFFO go at six this our a we we again are months. know relatively to the early going that were forward bit get comps that, have But given year we stage balance sufficiently increase XXXX. that to guidance

Ian Zaffino

very you Thank much. Okay.

Jeremy Male

Thank you.

Operator

from Bazinet Citi. a take question Jason from We'll now

Jason Bazinet

Thanks.

So everyone ask but the just me likes this question. let results

than unique around mean the EBITDA think from helps emanates AFFO suspect your MTA And By of and with it in sort of I free rev flow. of there look AFFO just the noise there noise, but stuff shares. growth you I lot revenue contract. a is that quarter and I at than all more was more the If cash more than revenue EBITDA a there

quite just event, high, that begin mind on a us ZIP you that free that your standalone of that Is the of sooner? expect is or updating you flow? sort actually right is could contract generate sort happen MTA Given Code the when XXXX ratio still payout do to cash

Jeremy Male

our think that's know, of first one. seasonally the points, I a the you QX there's is is Jason. couple quarter, as first lightest And

when The weigh the sort second relative at transit because always in is profitability that point the mix that of you look to between billboard. relative going is just and difference

cash. as is see I to difference transit the and billboard the we interest our increasing as good sort look we AFFO we expense, also forward business of OIBDA said, off said strength, be fairing and this When As year. going explained of fair, we which quarters we it's as that his the great between start was flagged Matt growth And in at change. to about incremental comments the as our will growth

Jason Bazinet

when Do estimate generate so And contract inflict? will we cash the rough have when of a flow? you MTA

Matthew Siegel

borrowing have Jason, flow first number years. million we over paying say, back hit we'll $XXX in free debt down we pay that peak, the we obviously comes the of from peak start that. four we Once that and and borrowing cash

looking So sometime at in in the so we're year four of the MTA contract XXXX being one, year XXXX.

Jason Bazinet

much. very you Thank Okay.

Operator

Goss with We'll from Barrington next [Operator Research. question Jim our take Instructions]

Jim Goss

Thanks.

you doing made than if transit specific And that in the challenging you'd billboard anything thought to year. billboard want of point more there as well more pick the I think I comps comment to? should comment balance is that was about tied wondering that a if to transit or been Matt up was has

Jeremy Male

exactly Jim. don't that I comment was Yes, the think

I think pick up. going is what to We we that is going didn't the said down. transit billboard to is say slow

Jim Goss

put be for Okay. and you MTA, political Boston areas you? that as and category in another the there boards and ads Francisco. I San for in as opportunity there's was but as those well et wondering, cetera, trains also, is more will you think a - digital an especially buses Do

Jeremy Male

political We have with difficulty assets. municipality owned on

think to I going So don't be that's that an opportunity, Jim.

Jim Goss

a for you. good Are Okay. they pretty tech has And category was additional I IPOs, feeling business? tech done wondering any

Jeremy Male

number a we strong transit. call I are really is in urban of these what environments direct-to-consumer seen as think DTC us brands have particularly on I these particularly with brands

sort medium. we literally getting brands of kind relatively And that benefiting low CPM. really So of terms like believe in brands pre-IPO business built actually at are Casper on our their these out of brand their

One strengths great home. of of out of of the sort

Operator

Goldman from Drew now Borst take will with We Sachs. question

Drew Borst

the MTA about taking couple deployment of Hi, to quarters. the ask thanks questions. over for the next I wanted

the pretty you the think in from year. system XXX you a just quarter was said I last installed upward alone board in advertising first inflection that guys big

that XX or perhaps the you sort that how of think we should think fourth pickup a Is about maybe of quarter. XXX in cadence? of per I does kind couple the the only did quarter next it or run over rate, quarters

Matthew Siegel

think - Drew, it's I Matt.

our at few that years. throughout do We we to year expect for are the roughly the running run rate next

of a forward. this what stations So roughly But or are stations configuration rate few number our screens the stations is. we the it's depend which XX XX quarter. is and The actual about a quarters next run month will going for on think

Drew Borst

Thank Also have OIBDA ask wanted quarter. they the maybe Okay. Jeremy's up. comments US to it why I understand points. billboard in to margins just XX did the about about I quarter, picking compressed may wanted first you. it basis heard compress in about the

Jeremy Male

we of again part to Yeah. do billboard our seasonality, with Once do part where i's generate it's mix, to revenues.

$X.XX chance So I are there in going and good a is markets, the $X.XX is to board for a say we we dollar selling likely back our in board are paying dollar. Square, we're $X.XX to to the chance near Louisville, or a on one a there's landlord. example a on think that that selling the well-known if be is that Times smaller it be If of this

So a a in mix light quarter. geographic is lot seasonally of about it

Drew Borst

the to it for you But do improve balance. expect

Jeremy Male

Yes, we do.

Drew Borst

last then question. my And

the after can help to X%. guide, single don't AFFO next digits over you first the cadence the know with us quarter increase quarters? three the up I if On high the

Matthew Siegel

our help quarter. second our revenue That's guide is out, point very our And growth going should first we AFFO half we still second in year. as to I second the I quarter be comfortable, still and of revenue think achievable strong. going and We and where think don't more saw anymore, we're to think in in is I it's AFFO. the what below

Drew Borst

All right. for Thanks the taking questions.

Operator

take from We Deutsche with now a question Aaron will Watts Bank.

Aaron Watts

are on on. little a Historically, converted annually. for than Hi having that. think digital. guys, aiming I And this around thanks boards you XXX you A higher me question year,

want you conversion specifically, particular to Given OUTFRONT any opportunity over and avoid market the do rate you to horizon, near-term the is see seeing the appreciating the flooding strength industry accelerate of with supply? an

Jeremy Male

bit And a ways, Aaron. little is market. there answer flooding the good in that's some the the Yes, in of of a question,

put when supply. sort inventory folds of inventory the you your every at know, you market, sign in so if you doubled effectively at you As six you in, XX% multiply convert

Now it new does that's for you advertisers, sure. bring

So into factor, good purely like a we but that's on is factor thing, put the is eating in and - is eye we keep not market. digital terms one always a our own if when the other important of and gating lunch one that you'd zoning. that There

out looking people opportunities the are threshold we XXX We the which assuming have sort roughly XX%, sort for make for of And assuming go is north build. all IRR there we that ahead of that just time. they digital, of have that and

that So down we turning are that it not an always that is come opportunity is across. very rare just to easy

Aaron Watts

Okay. That's Thank you. helpful.

Operator

remarks. I'd it to conference And appears the are time. or there at no any this to Company questions for further closing turn additional like back the

Jeremy Male

your questions very And you look for operator, the much. Thank and forward you you weeks. thank coming events investor we many all seeing and time Thank your at you, over to of today.

Operator

call. participation. conclude you your today's for does This Thank

You disconnect. now may

Outfront Media (OUT) 7 May 192019 Q1 Earnings call transcript