OUTFRONT Media Inc.

Hello and welcome to the Outfront Q3 2022 earnings call. My name is Josh and I will be your coordinator for today's event. Please note that this conference is being recorded and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 at any time on your telephone keypad to register your questions. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Stéphane Bisson, to begin. Thank you.

Good afternoon, and thank you for joining our 2022 third quarter earnings call. With me on the call today are Jeremy Mayle, Chairman and Chief Executive Officer, and Matthew Siegel, Executive Vice President and Chief Financial Officer. After a discussion of our financial results, we'll open the lines for a question and answer session. Our comments today will refer to the earnings release and a slide presentation that you can find on the investor relations section of our website, outfrontmedia.com. After today's call has concluded, a replay will be available there as well. This conference call may include forward-looking statements. Relevant factors that could cause actual results to differ materially from these forward-looking statements are listed in our earnings materials and in our SEC filings, including our 2021 Form 10-K and our September 30, 2022 Form 10-Q, which we expect to file tomorrow. We will refer to certain non-GAAP financial measures on this call. Any references to OIBDA made today will be on an adjusted basis. Reconciliations of OIBDA and other non-GAAP financial measures are in the appendix of the slide presentation, the earnings release, and on our website, which also includes presentations with prior period reconciliations. Let me now turn the call over to Jeremy.

Thanks, Stefan, and thank you, everyone, for joining us today. We're pleased to be here sharing our third quarter results and reporting another strong quarter of double-digit growth, comfortably in line with the guidance we provided three months ago. Advertiser demand continues to be robust, driving billboard yields to another quarterly record and pushing further recovery in transit as riders returned to the rails and buses in greater numbers post-Labor Day. Starting with our headline numbers on slide three, you'll see that total consolidated revenue grew nearly 14%, including our acquisition in Portland. This revenue growth led to a $15 million year-over-year improvement in Oyveda and an $8 million improvement in AFFO during the quarter. Speaking of AFFO, and without wishing to steal your best lines, Matt, with this result and the trends we're seeing in Q4, we believe we're right on track to achieve the 60% growth we guided to for the year. As usual, I'll provide more detail on the fourth quarter later, but needless to say, our business continues to feel like it's in a good place. Slide four shows our segment results. with total US media increasing 14% year over year. Other, which consists mostly of Canada, was up 12% versus the prior year. On slide five, you can see our US media revenues in more detail. Billboard grew over 12% with strong performances in all regions, though we should call out New York and Miami as being particularly striking. Nearly every category in Billboard was up year over year, with significant strength coming from auto, entertainment, technology, and retail. Transit revenue is up 19% versus the prior year, continuing its steady improvement towards returning to 2019 levels as subway, rail, and bus ridership increases. The breakdown of local and national revenues in our U.S. business can be seen on slide six. While we continue to see strength in both parts of the business, national growth was ahead of local again this quarter, up 20% year-over-year compared to local's 9%. This returns us to our historic split of 45% national and 55% local. Slide 7 shows our healthy U.S. billboard yield growth, which grew 11% year-over-year to just over $2,700. As has been the trend throughout the year, our yield growth was principally driven by rate, reflecting continued robust advertiser demand for our premium inventory, particularly in major markets. Slide 8 highlights our strong digital performance, with revenue growing 27% in the quarter and representing nearly 30% of our total revenue, up from 27% last year. This growth continues to be driven by three main factors. Higher yields resulting from improved rates, increased inventory as we convert to additional digital boards, and early steps in programmatic, which remains a small but growing part of our business. As you can see, billboard digital grew a healthy 20%, and transit digital grew an outsized 51% to $34 million. The largest driver of our digital transit revenues continues to be the New York MTA, where we installed around 400 displays during Q3, increasing our total to over 9,400 installed digital advertising displays since renewing our contract in 2017. Let me now hand it over to Matt to review the rest of our financials.