Additionally, we are suspending Billboard and Transit digital deployment, reducing or deferring other areas of discretionary capital expenditure and we are pausing new acquisition activity. Our comments today will refer to the earnings release and the slide presentation that you can find in the Investor Relations section of our website OUTFRONTmedia.com. And then just generally speaking, what's the tone of [Technical Issues] stakeholder in your business? Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.OUTFRONTmedia.com. When we look specifically at business that sort of on Transit, so that's sort of in car, so for example, New York Subway, right now, it's unclear how those social distancing measures are going to continue to impact the audience there. This was offset by the significant drop in our corporate expenses I just mentioned. And I can confirm that in agreement with the MTA, we haven't been paying our guarantee to the MTA from April. Transit, which, as you know, is Northeast-focused and urban by definition, was impacted more quickly and to a much greater degree than Billboard. And I was just wondering on the preferred equity, if you guys expect that to be a cash or PIK dividend at least in the near term? This represented about 70% of the increase and the rest represents the employee hiring in the back half of last year. Let me hand off now to Matt to go through the remainder of our financials. Market data powered by FactSet and Web Financial Group. As we're looking forward, we're actually seeing from our tracker that there's some sort of good new business coming in from both local and our national advertisers, and there's no particular reason we think why national shouldn't maintain that kind of high beta and actually outperform local as we get through this sort of difficult cycle, as it has been doing for the last couple of years. Outfront Media Inc. (NYSE:OUT) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET. You can sign up for additional alert options at any time. We structured it as an issuance of perpetual preferred stock that is convertible into our common stock. The convertible preferred stock carries a 7.0% annual dividend, which will be payable at our option in cash or in-kind, subject to certain exceptions and conditions. Lastly, I'd like to thank our employees who are working so hard and helping us through this difficult period. So as we look at all the different pieces of the relationship with the MTA, you can understand that it's quite a -- it's a complex discussion, but I'm pleased to say that they are very open to those discussions and finding solution that's going to work for both parties. With regards to your second question in terms of acquisitions, we kind of always said that we're principally interested in acquiring Billboards rather than Transit. So our Transit franchise reduction, which we expect to track, our revenue shouldn't be as big. Outfront Media, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $385.30 million for the quarter ended March 2020, surpassing the … So it takes time. We'll now take our next question from Ben Swinburne from Morgan Stanley. New York wouldn't survive. Just a couple from me. And now let's turn to our outlook on Slide 20. We'll now take our next question from Bryan Goldberg from Bank of America. Revenues of $282.3 million Operating Income of $25.1 million Net loss attributable to OUTFRONT Media Inc. of $13.5 million, $0.14 per diluted share Adjusted OIBDA of $68.5 million AFFO attributable to OUTFRONT Media Inc. of $27.7 million  OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended September 30, 2020. FFO attributable to OUTFRONT Media Inc. was $44.7 million in the first quarter of 2020, an increase of $2.6 million, or 6.2%, from the same prior-year period, driven primarily by higher amortization of direct lease acquisition costs and real estate-related intangibles. Your line is open. The following slide deck was published by Outfront Media Inc. in conjunction with their 2020 Q1 earnings call.. We think both of those can go down dollar wise somewhere in the $15 million to $20 million range each. OIBDA was flat year-over-year, due principally to the COVID slowdown in March and also due to significantly higher bad debt provisions as we prepared for the coming quarters. The health and well-being of all of our people remains our most important priority. We believe that conserving cash is prudent as we watch the shape of the recovery. So it's early days, but from what we can see from our trackers, there really is something of an inflection point in both. We have more than 20,000 leases, say, I don't know, 23,000 or so leases, I think about 15,000 or 17,000 different landlords. One of the great things about digital with out-of home, that's generally and one of the reasons that it's enjoyed such stupendous growth over the last last few years has actually been it's flexibility, relative to static. And over how long a period should we expect these negotiations to go on for? This has also opened new sales opportunities as people journey to and from essential business locations. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts ("REITs"). (Unaudited) See Notes on Page 12. Thank you. Going back to the first part of your question, Stephan, and thinking about that pricing, the comments that we made earlier on with regards to audience recovery, it's already happening and we're feeling very good. As I said right at the outset, the fundamentals of out-of-home, they're still valid. Specifically in terms of guarantees, we have relationships with a number of important transit authorities across the U.S. We've been talking to them all with regards to the structure of those relationships, and where applicable, guarantees. DividendsIn the three months ended March 31, 2020, we paid cash dividends of $55.6 million. After a discussion of our financial results, we will open up the lines for the usual question and answer session. Its portfolio primarily consists of billboard displays, which are principally located on the heavily traveled highways and roadways; and transit advertising displays with multi-year contracts with municipalities in various cities across the United States. "As we move forward, our business will see significant impacts from the pandemic ahead of early signs of improvement we are seeing in audience trends. Recognizing this challenging economic period, we moved quickly to enhance our liquidity, relieve our expense base and cash outflows and, importantly, position ourselves to emerge with financial flexibility as the crisis passes. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. We really believe we have the best people and the best assets and we're looking forward to helping our clients reinvigorate their demand as the economy improves. So the $100 million [Phonetic] savings that Jeremy mentioned for the quarter, probably a little less in the third quarter and fourth quarter. The local story reflects some good Billboard performance, offset by the decline in Transit. Thanks, Jeremy, and good morning everyone. At Outfront Media Inc., we promise to treat your data with respect and will not share your information with any third party. For the last few weeks, it's been one step forward and a few steps back, but we expect this ratio to significantly improve in the second half of this year. You can read further details here. Total Operating expenses of $224.8 million increased $7.9 million, or 3.6%, due primarily to higher billboard lease expense and higher posting, maintenance and other expenses. Before we do that, let's proceed with business as usual and review the first quarter financial and operational results on Slide 4. Outfront Media Inc. (NYSE:OUT) Q1 2020 Results Earnings Conference Call. And then maybe just one for Matt on, again going back to the opex, and thank you for all the details you've already provided. I guess the short answer is, Jim, that we don't know exactly how the State of New York and indeed others right now are going to open up. Looking at it further forward, right now, we see a trough in July and an improving trend from August onwards. Are there some issues that are being developed and ideas that have been advanced so far to address that sort of issue? Our cumulative project costs were $270 million as of March 31. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. One thing you should be encouraged by is that we are writing some good new business. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations, including but not limited to the impact of the COVID-19 pandemic on our capital resources, portfolio performance and results of operations. By clicking on the “Accept” button, you hereby acknowledge that you have read and understood the following cautionary statement. Revenues of $282.3 million . Thanks for squeezing me in. OUTFRONT drew $495 million of its $500 million revolver due 2024 ($2 million of LCs outstanding) in Q1 2020 and issued $400 million in new preferred equity in Q2 2020. Right now, ridership is down and reflecting that, obviously, services are down pretty much in all of our key markets. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. We believe the improvements we're seeing in our Q3 numbers imply an expectation from our advertisers of some normalization in people's lifestyle and work patterns over the coming weeks. As of yesterday, our cash and equivalents on hand were approximately $850 million. COVID-19 PandemicThe COVID-19 pandemic and the related preventative measures taken to help curb the spread, have had, and may continue to have, a significant impact on the global economy and our business. Adjusted OIBDA of $86.8 million was flat. Ben Swinburne - Morgan Stanley. Net Income Attributable to OUTFRONT Media Inc.Net income attributable to OUTFRONT Media Inc. was $6.1 million in both the first quarter of 2020 and the same prior-year period. Selling, General and Administrative expenses ("SG&A") of $79.5 million increased $6.2 million, or 8.5%, due primarily to a higher provision for doubtful accounts from the COVID-19 pandemic. Thanks. Thank you. Given the New York stay-at-home order, we're hosting today's call remotely and joining us from their homes are Jeremy Male, Chairman and Chief Executive Officer and Matthew Siegel, Executive Vice President and Chief Financial Officer. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the severity and duration of the novel coronavirus (COVID-19) and any other pandemics, and the impact on our business, financial condition and results of operations; declines in advertising and general economic conditions, including declines caused by the COVID-19 pandemic; competition; government regulation; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners, including the impact of the COVID-19 pandemic; taxes, fees and registration requirements; our ability to obtain and renew key municipal contracts on favorable terms; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; environmental, health and safety laws and regulations; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; the ability of our board of directors to cause us to issue additional shares of stock without stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; diverse risks in our Canadian business; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; our failure to remain qualified to be taxed as a real estate investment trust (“REIT”); REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020, and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed with the SEC on May 8, 2020. 1000+ of OUTFRONT Street Level & Roadside Digital Assets are now available programmatically in the top markets nationwide - averaging 991M* impressions. FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and non-controlling interests, as well as the related income tax effect of adjustments, as applicable.
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