Billboard Insider asked Geopath interim CEO Rob Peterson if he wanted to comment on Geopath’s financial woes and he wrote the following  response which we are reprinting in its entirety…

Dave,  (cc: Ali Broback – Geopath Board Chair)

Thanks very much for the opportunity to respond to your article, Geopath’s Financial Woes.  I believe the numbers you have reported regarding 2024 are accurate, however they lack significant context. Most importantly, they are 12 months old and, in my opinion, well beyond many of the concerns you bring to the report.  To add the context required, I have compiled a few notes below.  I expect you will print this email in its entirety.

Have a Happy New Year!

Rob

As stated, I believe the numbers you have reported regarding Geopath 2024 are accurate, however they lack significant context. Most importantly, they are 12 months old, unsurprising to many who paid attention this past year and, in my opinion, well beyond many of the concerns you bring to the report.

As you are aware, four months prior to the closing of the 2024 financials (August 2024), the Geopath Board hired The Wyse Group to review and assess the continuation of Geopath as an organization.  The concerns you list in your report were well known and documented at that time. While willing to discuss your article and refute point by point, I have selected a few relevant items to address below.

1. I believe your comment surrounding accounts receivable decline from 2023 to 2024 is an incorrect conclusion. A/R decline at the end of the year, for an association which bills all members in January, is a good thing, not a bad thing. It highlights the billings were collected. This was one of the challenges in 2023. Those collections helped with the Geopath poor cash position.  We implemented some proper processes and controls to enable A/R collections, which had not been there previously.  These processes and controls remain in place.
2. The bad debt you point out are aged receivables from 2023 and prior years, which were not paid nor written off properly. There are many reasons for the bad debt, and while you point out “a typical Fortune 1000 Company” standard is 1.5% of annual revenue, you should also note, Geopath is nowhere close to a Fortune 1000 company. In most cases, we found the receivables to be incorrect due to issues like poor record keeping or carrying balances which should have been written off previously. These processes have also been corrected, and 2025 Geopath bad debt is currently less than 1% (we may be on our way to Fortune 1000 after all).
3. Perhaps most importantly, in 2025 Geopath embraced providing significantly more transparency to our members, with multiple board and member meetings during which we have provided updates on the financial situation and operational challenges.  Most recently, on November 20^th we reported to our Board the projected end of year 2025 financial position and on December 12^th we hosted our annual member meeting. In both meetings we walked through the past year of actual financial revenue and expenses, as well as the projections and budget for 2026.  The Board approved the proposed 2026 budget, and the members were able to understand not only from where Geopath came from a financial perspective, but how it has addressed these challenges, implemented controls, and refocused the culture toward the member support, technology and measurement.
4. Finally, with regard to the following statement “Billboard Insider expects another Geopath loss in 2025”, I am completely bewildered at how Billboard Insider can make such a claim with absolutely zero information or data.  By simply looking at the data you put forth and the year over year from 2023 to 2024 trending, you should conclude Geopath is getting better not worse.  I can simply advise your readers as I have advised the Board and the members of Geopath, we managed to the 2025 budget, we addressed situations as they came up, collectively, and, while we can always be better, we believe Geopath is on firm financial ground. I hope you will be as forthcoming with your praise as you have been with your criticism once you have actual 2025 data to review.

Other important strides Geopath have been taken this past year:

1. A change of culture with a refocus on our members and their needs, to include more transparency and rebuild of the Geopath credibility.
2. An updated measurement release in September. This update was long overdue from 2019 measurement.  Geopath worked very closely with the appropriate sub-committee to ensure voices were heard and questions answered.  Geopath followed this with multiple webinars and support material.   The latest measurement dataset is the default as of November. Further, we have already begun the work on our 2026 release.
3. Much greater involvement by both the Executive Committee and the Board. Since the time of The Wyse Group engagement, the Executive Committee has met weekly to remain deeply involved in the decisions and movement of Geopath.  Once the cashflow position was strengthened, the Executive Committee refocused toward other initiatives such as next generation measurement, greater transparency of the financials and more involvement from the smaller independent operators and agencies.  The Board has also stepped up by approving a resolution requiring all board members to be actively involved in the oversight of Geopath, with each Board member being asked to sit on a sub-committee to help direct the organization in key areas.  Sub-committee examples are Technology, Independent Operators, Place-based, Media Buyers and Agencies as well as a Finance Subcommittee (existing).  The direction of these Board activities reinforces the need for more voices and more perspectives in the management of Geopath.  It is an industry organization and should be directed to accomplish the goals and objectives set by the full OOH industry.  This increased focus on representation of smaller member companies on the Board, while requiring all Board members’ active participation, are important steps to ensure that Geopath represents the full industry’s needs and perspective.

With regard to the collaboration project brought forward by both the OAAA and the Geopath Executive Committees, the RFP which went to numerous potential vendors and providers does not provide a roadmap to, “…little need for an independent Geopath.”  Rather, this collaboration between OAAA & Geopath reinforces the need for a trusted, transparent, contemporary and tradable currency on which the OOH industry can agree.

I appreciate you offering me the platform to respond to your article and welcome more involvement and commentary from yourself and members.  Having been with Geopath for more than 16 months, I have fully embraced the OOH world, the great people who represent it and the many who support it.  An engaged member community is needed for the betterment of the industry and will allow all participants in this industry to grow.

Best Regards,

Rob Peterson

Interim CEO – Geopath

Managing Director – The Wyse Group

New OOH Industry Disciple

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