Here’s a selection of OUTFRONT CEO Jeremy Male’s comments at this week’s 52nd annual  JP Morgan 2024 Global Technology, Media and Communications Conference.

Why has OOH been able to maintain ad share

It comes down to one word – audience…More and more activities activities are outside of the home.

OUTFRONT has been getting better economics on transit contract amendments.

We inherited a set of sort of pre COVID contracts…they were set at at at a different time. So as these contracts roll off it gives us the opportunity to reset terms of the contract to better reflect the you know the economics of of today….We’ve recently just renewed a contract with WMATA in DC….If you look at the the main differences between that renewal and the contract…The first thing is it’s at a lower revenue share. The second thing is it has a floating minimum guarantee that can go up and down linked to…audience levels…And the third point is…we won’t carry the capital burden…we renewed it successfully…

On reducing leverage.

We mentioned Canada.  In terms of a sale…that’s $300 million US and that will be used for deleveraging…there will be a requirement to pay out the capital gain of around $80-90 million…that’s $0.50 a share round numbers…we have the option…of paying that in stock or in cash

M&A

Acquisitions are a little bit like buses – they will come along at the same time…we had that in 2022…In 2023…there wasn’t that much activity… still some sellers out there but…maybe a mismatch of…expectations because most of the public company multiples have changed somewhat and private company expectations haven’t maybe totally reflected that…We anticipate that 24 will look much like 23…

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