OUTFRONT CEO Jeremy Male said that second quarter revenue will be down 50% as OUTFRONT’s urban and transit billboard plant is heavily impacted by stay at home orders.  Here are the highlights of last Friday’s earnings call.

On future revenues

As we look at Q2 to date, we expect our total revenues to be down approximately 50%…In Q2 we expect transit to be down around 75% while our billboard business is expected to be down in the region of 35%…We see a trough in July and an improving trend from August onward…

On cost-cutting

…restrictions on discretionary expenses, workforce reduction, furloughs, a hiring freeze and the temporary step-back in compensation for certain employees and our executive offices.  We’re also addressing our fixed costs with focus on our larger billboard leases and our transit guarantees.  Additionally we are suspending billboard and transit digital deployment, reducing or deferring…discretionary capital expenditures and pausing new acquisition activity.

Some good news: impressions are rising.

This is data from our proprietary Smart Scout platform.  We’ve been giving it to our clients by market and by location to help them in their planning and to show that our media are still delivering significant impressions.  It shows that our overall audience is at 80% of pre-COVID levels and there is a nice uptick in the seven-day trend.

Insider’s take:  Nice to see OUTFRONT’s data that impressions are starting to improve.  Notice, that Insider said impressions, not just traffic.  Outfront’s future will depend on how fast transit riders return.

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