OUT - Earnings call transcript Q2 2019

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Operator

Good day, and welcome to the OUTFRONT Media Incorporated Second 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 Second 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

up for discussion lines a of financial we'll After our as question-and-answer a open usual session. results, the

an the there website Our release slide call outfrontmedia.com. find both After and can as Relations Investor concluded earnings on comments today's you refer the and audio section the be will them today well. archive to will presentation of is our

factors Relative statements statements. could forward-looking our include Form may call materially SEC forward-looking conference results XX-K. actual these earnings our differ XXXX are that to including in This cause in our filings materials from and listed

adjusted non-GAAP the slide measures. in references non-GAAP also We'll also of made certain financial the refer website. of appendix earnings the to Any on to OIBDA and And the measures basis. reconciliations on are other today and release financial an presentation, OIBDA will be

Jeremy. turn And with will I that, over the to call

Jeremy Male

to growth. quarter Thanks highlights us our quarter. Total was local grew broad drive quarter up, us to slide by flow-through helped turn our our to revenue and was but every the ahead XX% line strong growth surged. which with outstanding national expectations results the revenues strong double-digit digital for part up transit top third of were performance and XX%. business, billboard with revenues went for third and X. quarter, today AFFO, of and on and XX.X% in of our yields further, This the guidance OIBDA, Strength giving static in in Please good revenues joining review increased straight second

growth This strongest of a the growth our to on organic slide turn is X. we've revenue company. public let's been components our since Now

from the effects when on more our or were Other XX%. XX% foreign reported revenues quarter, exchange. came a of Media, higher removing up growth the XX% than was U.S. which basis up of During even

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

XX% around once We performance transit half which was increase led the and MTA we transit, as in to growth in date. highest Our in digital our on by key great many displays again $XX from or markets New all markets continue our of our our here level million came growth to was notably York. up had

remains Worth we're advertisers the benefits advertisers both and What audiences. mentioning opening revenues our reach to also strongly conversations is to overall transit are and of up buying displays of that to digital very our that our doors digital not inventory are using more is campaigns is sell also attractive their the new majority amazing we're during with quarter. digital target where able to static finding

million grew growth growth the ever driven and fast-growing or This In digital our business. organic $XX excellent was by basis the posted. and -- X% reported organic highest also on in billboard, revenues both performance we've static both

Slide of Media local advertisers. X from time revenues gives This you view split between national U.S. growth. and another

is was Our national, in up XX%. with very trend. strong XX% local line historic XX% business the revenue is national which for a our quarter Local mix overall up and revenue XX% and

XX% The see digital total slide in yields on growth key was yields our driver of growth and In the yields, second was in quarter, U.S. which you X. yield billboard Media up also. static can very our healthy with

growth Both shows quarters. which in Sports please Now had segment. strong turn had excellent and in in driven XX% Canada primarily our Canada other billboard by X national. growth Marketing to growth reported slide double-digit particular

that making. business on we've at was looking total with the and returns progress our the the around. delighted way all investment in So been Clearly, strength our revenues there we're of the

sheet. hand look me at and balance cash expenses, closer the a Let for flows now to Matt call over the

Matthew Siegel

Jeremy, Thanks, and afternoon. good

they at slide revenue look Moving but expenses than as X. expenses down revenues, XX grew, a Billboard just were year-over-year. transit they total, growth. billboard the about down of one of revenues, our percentage In our percentage higher point expense were but on our income grew basis expenses down a revenues, points less as increased Transit lease on first a year-over-year. statement, take slightly franchise we'll

higher and and Posting our this compensation higher sales with and increased expense maintenance to also quarter. also and costs higher activity increased due SG&A sales fees some professional

can the XX, see expenses year these expense matched This you at XX. into changes last discussed. the year. on of see can slide OIBDA were a just at at Revenue Looking Overall, that we can growth on you in revenues XX% slide translated percentage OIBDA the XX.X%, clear XX%. you levels the and total margins we last driver same see the as was as to

view margin is structural billboard you Overall, X% a is margin our but represented posted XX%. XX a split our OIBDA component. total quarter. strong Slide very know XX% is by as grew growth OIBDA U.S. at during of of that transit the lower growth company and of XX% business to XX%, of U.S. total OIBDA

at million. and million million annual million and $XX Turning growth to we lower is of be to as to This percentage $XX levels prior within slide to CapEx. with continue with to were guidance of down revenues decline of driven by to largely expenditures of XX, our both expect a $XX maintenance timing X.X% growth approximately $XX million capital our maintenance and $XX

marketing CapEx digital by growth total digital further of conversions. increased transit and acquisitions various billboards billboard XX and the XX%. reflected agreements Our Including our digitization systems,

as our growth Slide annual the in May, AFFO XXXX Back by bridge AFFO. raised we XX the in on its were to single-digit in The high year-over-year to OIBDA flow. cash XX% guidance in items largely was changes neutral. AFFO other shows growth collective in entirety Moving in the range. a the driven

our XX%. For the six months, first AFFO up was

interest we expect the double-digit into to catch-up some CapEx we confident our from As despite maintenance territory. of we guidance range now and head second higher that borrowing expense will reach additional the higher on half, are and exceed end

cash basis, XX%. cash we LTM ratio The nicely an dividend adjusted continued flow. compressed saw AFFO shows improvement On XX%. Slide payout a ratio payout dividend our XX to flow AFFO coverage for and in adjusted free both to free

our So quarterly per by $X.XX next solid last our was at dividend is Board dividend month approved and share. of our Directors coverage

to been a let's on Now, our have it'd few recently, balance to turn quite couple I minutes to changes thought so There of a XX. sheet slide helpful take be clarify.

position First all, our slide of shows this June at XX.

our a you maturity XXXX. of During senior schedule. the $XXX notes we XXXX, see our issued note far unsecured due X% quarter, successfully refinance That's X.XX% right to the primarily million second new the due at existing new

pay credit in facility and the amounts receivable under unrestricted revolving were down proceeds A during balance portion securitization the used chart our outstanding proceeds our quarter of all liquidity The on which in remaining see the accounts left. XX facilities. cash we June the to are

million, to redemption subsequent we also $XXX of combined used facilities our our term and and increased receivable quarter senior $XX the loan under we million of completed million. accounts However, bond capacities a also the the by end notes, to proceeds repay X.XX% securitization $XX borrowing

cash further liquidity on of have transactions net would a XXXX position. these first The giving The as impacts accomplished impact next to our it current XX. maturity a these had second all runway; our effect activities us and leverage pushed of it improves bond neutral two five-year things: out net to after June debt important

time of total the remains source north XX. the as we June for of in additional XXXX. that four-year worth complete An incurred is to unchanged noting that this already expectation in funding liquidity program. $XXX the million our have $XXX of or build-out million ATM at original MTA over our began at-the-market frame It forward, of equity amount is Looking

used we to fund of will acquisitions. facility the quarter, ATM which has billboard gross proceeds been partially $XX million, the During be for and used tuck-in

the $XXX.X XX, remaining capacity on June million ATM. As of of we had

the can Deployment see this slide on MTA, quarter. to back you Turning progress our again accelerated XX.

deployment sold Wall We have displays Street way Ryan Manhattan The in all XXth XXX advertising. majority were of to from this Square, was Street. including others which Union Center, XX% in the Park and XXXst Street the quarter over numerous Rockefeller of

skewed advertising. time. more is will roughly of total toward deployment date over carry advertising Our to which ratio displays continuously X,XXX This be half

Our total in was $XX cost project year-to-date. MTA million quarter $XX or the million

the XXXX than be cost we year, million. at we to remainder expect previous $XXX lower the As of of look our expectation our deployment

the including deployment the of annual in the million. likely is amount of be with which $XXX to shifted deployment railcars, scheduled now MTA begin to planning Therefore, to the is close has screens Some XXXX. in

of As June, costs $XXX million. our were cumulative project

growth the second we're seeing our these we the With expect and through recoupment to that quarter the year. York continue costs in business, trend ahead transit was of the expectations in of New

highly our steps have this markets you'll think I quarter liquidity taken to capital closing, The In important agree receptive was financially. increase a to remain financial us and and flexibility. we strong some that

health. robust in is that industry an in well executing is team Our

our We are of maximize managing is continue and new revenues to invest in digital entire portfolio which new per profitability deployment we to driving display. actively

over to I'll now Jeremy. turn it back

Jeremy Male

and moving and half double And growth billboard third and local to proportion digits. on to growth similar should Matt. should total XX both the again think our outlook and that national revenue quarter. reach this Growth in first will it's we of in point Thanks nicely. likely time, transit At be for a the looking in contribute slide our at terms

driver XXXX, momentum it's As so these of is momentum revenues stronger grew continuing pleasing our total may QX, to against a digital. recall, key X%, see A you in very respectable comps. our

growth more ever was closely a highest XX, in acceleration slide bit a this transit. in by revenue XX% at significant the second billboard on driven our digital our both total revenues and quarter, Looking

of markets. digital quarter, relatively of We've they is from revenue revenue year. of the our billboard but XX% transit expansion assets, percentage and represent in rapid last revenues digitalized displays Digital the XX% Boston a up in total York, XX% as New doubled a other up result small and of digital

we're the digitization. believe benefits to of beginning tap We continue to that at just the

important, color these. factors you While success. there gives are a XX are our little digital other Slide is driving that undoubtedly on

The customer high retention loyalty and first is we're experiencing. the

had XX% national who're years, is staying X,XXX of top strong three And top this same be our total retention. of over our will tells past U.S. the local in our advertisers and XXXX. generated XX% of top clients, largest our year. These our larger among The XXX% customers is which with there retention revenue very top we've our What includes you us. all are XXXX. XX Over X,XXX last also true

keep coming them. customers back Our for our works media because

Secondly, unique. our mix geographic is

the reported around than whole. also for markets In rates top our the the of and higher more XX% markets advertising. were growth in attract top These are our size have the and markets XX of very know, markets both local deliver, vibrant revenue XX% are quarter and these total turning you second markets a we population we can Because revenue. their as in national audiences dollars. XX healthy national these and grew local company total our to As top

markets us. larger have XXXX, is also our that markets of the our to both to In because the systems. the reasons transit choose half to and are best are growing where expanded the we customers of target more top of their XXX One from audience. quickly Clients XXXX, this because XX%. In billboard purchased it's XX% first transit way often buy the both reach

times, noise create of the assets to hard-to-reach audience. Transit that our and is both offer bolder for urban the OUTFRONT ideal images that city access dwell clients. and provide fame. long and cut are brand through able proximity to to Billboards clutter

these ownership of certainly are portfolio our large billboard our contributors retention, key So customer and to three and drivers, success. market transit

our that well believe great in and from we continue vibrant elements markets. of industry. job, sales enabling a business of doing executing the across our that the drive we force all these It's right overall us is certainly strength to out-of-home benefit to growth this are the way Additionally,

an of enhance attribution, is data, we industry, to the industry's the are to our and go mobile we growth social taking as forward individually our future. We steps insight, and automation layer current increasingly an all that drive will this as connectivity. growth audience and Furthermore, believe and in contributing collectively added

last Advertising the this America. for Home have you I Association Reflecting Out month, shift industry with mean may the of announcement of President seen new

retire years XX Fletcher for instrumental in driving who decided industry Nancy to December. success leader the in nearly prior the Our the has last was of

to We for this all important in point her evolution. are guidance industry fortunate our

The from the industry Anna who Bureau. now Interactive Advertising welcomes Bager joins

association join online mobile programmatic. trade Anna As at this sure entire media exciting digital her media all in skills underpins ecosystem. you IAB tech leadership We're the delighted industry I'm know, the and the to have time. digital very our is brings and that

questions. now Operator, let's the for line open

Operator

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

Marci Ryvicker

say We've want driving to like which dig of from that it? strong guide. be tougher you. Thank maybe may on heard temporary. the your little the as is exactly and a not in I basis XXX comps. it's What points IPOs couple Surprisingly bit companies a in Uber Lyft QX coming

So can the this digital have is? you say color rough follow-up And realize a as And would such deployment then to I on driver just there any really know then you the XX%. billboard QX? backdrop side? with speed at a on early, a what wanted but exactly it's you strong your comp up to

Jeremy Male

Thanks, Marci.

is our quarter. out-of-home firstly, continues very So let's guidance. last The QX And pretty do at story the to market I look to well. guess similar seemly

honest have Our us. sales advertising local some of and work I for that we perform of we is the think both individual basket script still force big the at for doing And national Marci. talked going in to are to advertisers, about be and is great, a individual that I digital look also us. halo When to going

an the still We brand So feel IPO-ing overall increasingly the quarter, you we media. if of or about like that we Uber have feel that advertisers consumer good. the our are the out-of-home Lyft for don't we direct fact from in within benefiting strength good maybe

I growth services, revenue look and don't financial top at look advertisers retail quarter-by-quarter. quarter we at that the advertisers normally it you think in our when the professional tech,

the But biggest also -- that growth are year they that been reason advertisers have mentioned I LTM. our in the that is growth quarter second this the advertisers actually dollar

as So beyond, that And for QX. well I QX. to will go perform deep you believe into talked they about continue us because then we

You're right.

QX tough. into the pretty As gets we really really, get comps

QX we're good But feeling in last around year. were We QX. about about XX% up

forward confidence we of as regards feeling and -- have digital increasing you than with of obviously a we're But continuing great more we inherent guidance to guide guess out. balance gives build to of I look our As inherent know, quarter the the positive we don't for And sort you we XXXX. one the range look assets. AFFO gave that comments

over or And sort been finally, and onto just typically digital the two last we XX between billboards installing we've -- years of Marci, XXX. three

further would certainly We of sort that we XX%, We like go which to significantly delve north XX% we improvement have ways ramp go to and continuing somewhere year. forward. into a this we to sort be XXX plus of that is can that as of are

Marci Ryvicker

Thank you.

Operator

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

Alexia Quadrani

you Thank much. so

Just two questions.

the more sort even sort then more Is your question scale on sustainable the in I with the thoughts consolidation And haven't my seen the The thing yields you. Thank I hear in saw curious the discovering, industry first thought one the remains kind fairly which think think fragmented. now I of think benefits benefits why still question, a there's love national would And to really that. you big is far. of we and how just so impressive I'm advertising on notable of of -- specific we new business of is so picture And on would static industry. there that? were out-of-home is this quarter. more strong national advertisers

Jeremy Male

Matt over Alexia. first the take your question hand I'll second I'll for to question. then and Thanks,

look consolidated at our about between industry four As major around players. XX% we the we're

about there and longer So -- in that that. go companies businesses lot that's tail XXX are to of in compliance total probably

I think competitors this. reasonable of a both and we seen tuck-ins by have amount our ourselves within

national few will you smaller of I those driver they few at do don't would think this of relatively because particularly sort deeply be I actually necessarily of go look advertisers -- believe national some that the Obviously, them. say but relatively into sole of, when I markets. actually

on of talk as to we're firepower particularly DMAs. our reason we're as pursue vary From look so heard want And for that opportunities interested for opportunities is keen we've they actively footprint. ATM That's our arise. that in view, concentrating. to XX -- utilizing before XX, our you've assets suit that really sort we that about the continue top direct us those where been We we're point and of our we can example and where

Matthew Siegel

which question Alexia, mostly your really about is the static think a great It's business. we The our doing yield second It's price We driven static. increase occupancy increases changing great yield feel much. on isn't by great. is on fact. --

So forward. success sustainable great look much with and forward feel it's going we very to static

Alexia Quadrani

very much. you Thank

Operator

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

Ian Zaffino

Hi, everybody. Thank you.

value is spend the of had the you've MTA or the is coming it just the contract to that this life On down Thanks. year? over contract for

Matthew Siegel

Ian. Thanks, It's this spend down. -- Matt. the is The value year coming

million later railcar in of have in means project get screens expected We quarter, quarter fourth or unchanged. expect some which for earlier expect XXXX we we'd the to quarter cost $XXX start the be them. pay Overall railcar of some our we Since installing to of deliveries we fourth and that screens in shifts. said to deployment in of to now first start spending the the

Ian Zaffino

the you are then I And that us in value value a know just Thanks. Thanks. on touch as creating the of working of that just should lot big initiatives far advertising? kind now? understand initiatives where are process as that guys also out-of-home. for can Help our-of-home the Okay. about data -- do you what you you're additional and talking on really

Jeremy Male

our Yes. Ian. -- as this take we've a you while working one. Thanks, terms know platform. been I'll for tech in of We've

We deliver. audiences the the that value can to are of to out we able point advertisers increasingly

been delivering value advertisers to we're on that far as compare our can But as other go certainly you to If certainly audiences our that to over achieve we more look add think an medium asset-by-asset as we as and our actually OUTFRONT forward. you significant basis. tell opportunity give the as industry grow we ability is granularity that time And the depth an will and do increasingly you able media. out-of-home to at CPMs think CPMs now we've to when to have

Ian Zaffino

Very Okay. Thank very good quarter. much. you

Operator

Ben next from We'll take [Operator question with Morgan our Swinburne Instructions] Stanley.

Ben Swinburne

afternoon. Good

just the the dive in like Jeremy a little growth First, markets New with more. the bit you're all inventory particularly transit growth curious to drivers adding into How and XX% I'm York. bringing is share had much from haven't advertisers before of in advertisers new you expanding your versus on market into that to of that home coming spend? OUTFRONT or out-of just existing

when little then you've tech one that be will sheet I to up a just want look balance you margins. about you'd more then you on top had but it out And for or out call flush what verticals a I at And just strength? recently, think follow-up the national talked two and can driving bit the XX% if see secondly, us.

Jeremy Male

Okay. I the we drill -- sort if Ben, you thanks transit. really said mix. I it about this very much. we, professional if really was And strong stronger getting more as within when let look at services. was It me said like quarter of resell finance and tech specifically into our

I with that going to advertisers new honest to transit we what finding we're our both that as more top us are sort of mix. adding think the on and appealing also are advertisers spending and be of is

in We mentioned cannot be I far become duration. and more DTC. of terms campaigns shorter flexible

known to most looking brands are fast you get their new that place if are becoming as to DTC the the very advertised We consumers. New York for like branding out

Ben Swinburne

numbers as to I that? -- see but gross stands had I changes lot you number follow-up, had if the Got sheet handy. it of this A can just just summer. if want it. I don't Helpful. the And we debt know bit. just not today, a If on balance you

year-on-year U.S. to any single-digit high may -- was lease think, And but then growth, if that. costs, color top secondly, have and margins, Media you I'm be despite payment do down line help would any billboard on were I with U.S. actually just great. the billboard it wondering assuming had on there I

Matthew Siegel

I to billion we It's think, to a $X.XX number but On pending our billion, Ben. wait. Sure, $X.X maybe clarify that is need can debt, you Matt. gross

point that. far good again, we and we happy as delighted problems thing, the -- It's say, would to happy with I any As yeah be that we beyond out, look the be margins we with first at and first OIBDA issues have. growth would would thing XX% margin were

pointed mix XX a in out expansion some growth the deals. have for us Lot markets particular is in and markets, and really larger greater billboard, which the top in of of rev margin issue. the share In our particular, higher was really as lack rents Jeremy

would a again, as problem a Similar it's big of transit in have. to So margin billboard, well. good obviously, hold down growth overall outside the to

Ben Swinburne

Got you.

Okay. both. Thank you

Operator

Jim Goss with We'll now Barrington take a Research. question from

Jim Goss

out something there might you curious sort Thanks. things are that with sell of be I then brand the discussing be you perhaps pricing then the in do where the the reinforce transit. was with related what return to billboards, one And both billboard and advertisers I'm a building And transit systems. thing? the about potential if the more and do programs were impact of expectations and for of on on and granular wondering

Jeremy Male

question, the Yeah. Thanks Jim. for

in look each dollars you is our campaign, of ad agencies by campaign if assessed that be those that campaign and be on detail metrics of we think lot different national campaign majority going media each by will too. objectives there to a I the trade, at the the vast planned are depending

There -- that a actually advertisers, certainly both. number utilize are mix, want within of who are to there certainly

medium getting there. at We that of looking very sort high for suits cost new are low message very a brands in relatively advertisers relatively a way of out transit and that CPM to into that example attracted have frequency

help? that does So

Jim Goss

of helps. relationships? you both in terms Is you helping is flexibility quite in sell That having talking you client were of ads? that MTA who drive good, rollout also And you those and thing. in more about to but of mix And in some public I'm opportunity public bit advertising helping a that of the new have Yeah. service to customer further the and too an the along of wondering of that system serving too the do sort will get boards, versus particular, as

Jeremy Male

Yeah.

the that the to at no journey. is for doubt the we're really there's consumer that think MTA undertaking program I all adding

advertisers. we're system a that public. also, the traveling tremendous fact with thing assisting for advertising the think offering our the now I you New the very so York information that format is can And good better opportunity that MTA a that's much on get

-- I only as better. from if think is going forward is as a every other -- to go what's make they're seeing system to tremendous for advertising Street certainly doing. they the day Fulton now that MTA build down XXnd When strong look the subway within we're exciting the getting only with to ride I you they compliments and we the out take better we're MTA going the the brighten screens that's you up, look senior system the regards management do that to from

Add-on advertising be to year, going that's on exciting. that the think new next fact information opportunity and that and we're gets to train, advertising I entirely really

really forward we're years. contract looking So this the as coming through to go building out we

Jim Goss

Okay.

in some We Lastly growth expecting impressive. your bias, take should sales inflection other or some ad new continuing the of level an to up point. as is competitors? of be a from you industry quite we it some Have sort steady media the ratcheted upward strength had do you share

Jeremy Male

very right we really that what's actually us an industry is well are is pleasing doing in think I now. that for Well,

first of that growth quarter for number has the seen years. strongest The of the many industry this year was

already our guessing we’ve had I'm also heard growth from one of in company that terrific certainly, that public quarter. peers who

will guessing I guess make So, outpace that. the -- QX I'm

we -- growth market I the share. the I'm So of if look be that the that suspect you expecting first and gaining industry, at half total will in

So, said, great whole the can industry I I think about as feel that.

Jim Goss

Yes. much. Thanks so

Operator

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

Drew Borst

the Amidst the that as growth digital I board I sort digital pretty you the going ask issue Thanks about is or of the was about the could on sort want wondering the across on? or explain. mix you a if the yields. impressive else taking up something X% to noticed Is some guys year-on-year. yield just questions. I format the of just only of or size a for that highlighted, boards

Jeremy Male

one Drew. Yeah. we a digital in a honest is mix mind that issue that particular market. be Bear have in can largely board To

board maybe If can an you might say million, of look another York, of if the where it doing maybe $X markets annual yield nearly New where be and be in at smaller one -- $XX,XXX. you you

business. in how piece relatively digital our is our which of obviously a smaller just So obviously moneys around move and smaller business,

quarter-by-quarter You can there get a some sort on and basis. downs of ups

Drew Borst

you. I on the And like wanted expenses. about of Thank for I growth. of and know -- that over professional how that I I growth year? to guess may fees help of up some be here, not mentioned SG&A some maybe also I to the revenue they're things half may Okay. the imagine looks imagine about sounded some the like on year. higher the to then or SG&A it's about increases wanted Matt, I ask related back you maybe think some the not XX% recurring.

Matthew Siegel

as I going think and a the In the along in quarter, we've different they that same commission to some second past, about path. then the markets continue plans have perform. talked it's we have quarterly bonus kick-in for

be payout to it. is which to but working seems cash our good bonuses, a money, have. happy We're again of be for it's of earn costs So us it bigger sales. It those chunk lot a we’ll markets larger pay problem driving that and as to

is So revenue created continue going fees, the as out The professional items we them pointed of one-time driver. think big part a it and probably a expect you forward. is to I don't

Drew Borst

And that help can number? you kind sort how quarter or big millions as us low-single type size of mid-single digit this? is it's of Or per digit

Jeremy Male

dollars of SG&A will within of in and the good there quarter, million quarter, roughly performance Probably third increase. increase and a those again, quarters little it's in continuing the fourth the as in be couple size of it's Hopefully well. with kind

Drew Borst

All much. right. very Thanks

Jeremy Male

Sure.

Operator

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

Greg Lundberg

questions your and of again. look we seeing many for events the and over everyone coming forward thanks And operator, time at to you weeks. Thanks Thank your investor you today.

Operator

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

disconnect. now may You

Outfront Media (OUT) 6 Aug 192019 Q2 Earnings call transcript