Good day, and welcome to the fourth quarter 2021 earnings conference call. At this time, I would like to turn the conference over to Mr. Stephan Bisson. Please go ahead, sir. Good afternoon, and thank you for joining our 2021 fourth quarter earnings call. With me on the call today are Jeremy Male, 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 up 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, an audio archive 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 2020 Form 10-K and our 2021 quarterly reports, as well as our 2021 Form 10-K, which we expect to file this week. 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, Stephan, and thank you everyone for joining us today. We just heard from Stephan Bisson, our new Vice President in Investor Relations, who we are delighted to have joined us in mid-November from sell-side research covering out-of-home. Seems like Stephan has chosen a good time to join Outfront and indeed our industry. It's great to be here today and share my enthusiasm for our recent results and optimism and confidence for 2022. Our fourth quarter was even stronger than we expected and communicated on our call in November as momentum continued right through the end of the year and indeed into 2022. Billboard and transit were sharply ahead again, and our diversified portfolio of clients enabled us to keep demand high, even as certain parts of the economy reacted to short-term changes in consumer behavior and municipal guidelines. You can see the highlights on slide three. Total revenue grew 38% above our low 30s expectation. Business continues to book later within each quarter, in particular, due to the flexibility of digital inventory that enables us to write business on very short notice. Once again, this growth was seen on all products across our company, with U.S. billboard up 27% from 2020 and transit another revenue doubling year-over-year. We are seeing strong performance in almost all of our geographies, large and small, in both billboard and transit. We were especially encouraged by gradual ridership gains in various transit franchises during the fourth quarter prior to mid-December, when the Omicron variant concerns quite reasonably put a short-term pause on that trend. We are pleased to see audience improvement resuming again as more companies and employees return to their offices. This strong revenue performance further demonstrates our attractive operating leverage with OIBDA and AFFO growth rates more than double and triple, respectively, that of our revenue growth. We also far surpassed our full year A-AFFO guidance about which Matt will go into in more detail and also provide our outlook for 2022 AFFO. I also want to make sure everyone noticed our earlier press release announcing that our board of directors has raised our quarterly common dividend to $0.30 per share starting this quarter. Our performance and outlook for 2022 encourages to bring the dividend closer to our pre-pandemic level, and this is a major step towards that goal. Slide four highlights that our revenue growth was driven by our U.S. media segment, which grew 39% for the quarter. Other, which consists almost entirely of Outfront Canada, grew almost 24% despite some continued lockdowns. On slide five, you can see a more detailed look at our U.S. media revenues. Billboard grew by 27% from last year, but even more impressively, it was up around 11% versus the same quarter in 2019, a significant widening compared to the 2% achieved in the third quarter. Transit also accelerated its year-over-year performance, more than doubling prior year revenue, which was obviously impacted by lower ridership in 2020. In New York, our largest transit market, daily subway ridership eclipsed three million people again. We're also pleased to see transit revenue recovery outpace the ridership recovery when both are measured against the same periods in 2019. Turning to slide six, where we can see U.S. media sources of revenue. You'll notice that national business growth again led our overall growth and was up almost 47% from last year. This represents larger advertiser interest in our billboard inventory, with national transit revenue almost more than double 2020's level. Our local U.S. business, which has been less volatile through the pandemic, also performed extremely well, growing 34% this quarter with impressive growth in both billboard and transit. Notably, our mix returned to our more typical 55%, 45% local-national split in Q4. Another really positive indicator for our company is the large increase in yield that you can see on slide seven. $2,750 represents a 29% increase from last year and 15% above the comparable quarter in 2019. Strong demand for our billboards is helping us push both occupancy and price higher, and we think there's further room for improvement in both. Focusing further on digital on slide eight. Digital revenue grew more than 70% in the quarter to above 31% of total revenue as a result of increased yield, new inventory, and the opportunity for later incremental bookings. Billboard digital grew an impressive 46%, and transit digital continued its acceleration from last quarter and more than tripled its pandemic impacted level from last year. Transit was led by New York MTA performance with improving demand and more digital inventory above and below ground. Our digital opportunity is hugely exciting and a great indicator for our future. To complete the revenue picture on slide nine is other, primarily Canada, where we had good growth in the quarter that was again, somewhat impacted by government restrictions. Let me now hand it over to Matt to review the rest of our financials. Thanks, Jeremy, and good afternoon, everyone. Thank you for joining our call today. For a deeper dive into our P&L, please turn to slide 10 for a look at our expenses. Overall, our total expenses were up $61 million year-over-year. This has been our trend for most of the year following the first quarter. Strong revenue growth across the whole company has led to increases in variable and performance-related costs. Our largest cost component, billboard lease expense, is primarily a fixed cost with some revenue-sharing component in certain geographies. This is demonstrated this quarter by our lease costs, which only increased 9.5% versus a 27% increase in billboard revenue that Jeremy noted, demonstrating very strong operating leverage in the business. Most of our transit franchises were operating under revenue share arrangements in 2021, and you can see our franchise expenses increased by approximately 85% as revenue went up 101%. The exception to this in 2021 has been the New York MTA franchise, which has been under its minimum annual guarantee or MAG level all year. However, during the fourth quarter, stronger revenue performance moved the MTA franchise to a positive gross margin and mitigated some of the full year cost impact of the minimum annual guarantee. For 2022, we expect New York MTA revenue to improve, but likely still remain under its MAG level, which requires around $230 million of revenue to reach. Posting maintenance and other expense was up nearly 15% given additional activity related to higher revenues. Lastly, corporate and SG&A expense combined were up almost 26% over last year. This reflects higher revenue and OIBDA driving increases in performance-based compensation costs, partially offset by a reduction in bad debt expense. Once again, this quarter, you can see the operating leverage inherent in our business model. On slide 11, you can see our OIBDA for the quarter is up 82% from last year, or more than twice as high as our revenue growth of 38%. This was our highest quarterly OIBDA figure since our inception, higher than $140 million in the fourth quarter of 2019. Our OIBDA margin of 32.5% was 120 basis points higher than 2019 and a year-over-year increase of almost eight full percentage points. Our higher margins were driven by greater billboard yields, higher MTA revenue, and a favorable mix of business. Lots of moving parts going our way this quarter. Slide 12 has more detail on the sources and growth of OIBDA. Looking at the breakdown of OIBDA, you can see 49% growth in U.S. media billboard to $139 million, comfortably above our 2019 fourth quarter level. Billboard OIBDA margin was 41.7%, up more than six percentage points from a year ago and higher than our peak revenue performance of 2019. This improvement is driven by general yield growth, increased digital share of billboard revenue, and a favorable geographic mix of revenue. Transit OIBDA turned more positive this quarter and margin returned to a more typical 21% as seasonally strong MTA performance lifted that franchise in our total transit business. 2021 full year MTA revenue remained below the minimum annual guarantee. As previously mentioned, we expect this will likely be true for 2022 also. As a reminder, quarterly transit revenue has seasonal fluctuations, and the MAG is accounted for on a straight line basis. While Q1 OIBDA will reflect this over the full year, we expect the MTA revenue gap to the MAG to narrow and annual transit OIBDA to significantly improve versus 2021. Let's now turn to capital expenditures on slide 13. As we expected, we had a large quarter in both growth and maintenance spend as some supply chain restrictions opened up and we received various screens, equipment, and other tools that we had waited for to meet our digital targets and general operational needs. We finished the year with CapEx spend of $74 million, in line with our previously communicated expectation. We added 188 digital billboards this year through a combination of conversion and acquisition, with all but 15 of those in the U.S. market. We spent $136 million on acquisitions in 2021, more than half of that in the fourth quarter. The largest transaction was $30 million, and all of them were tuck-ins to existing Outfront markets. Our pipeline of digital conversion locations and acquisition discussions remains very active, so we again have a target of 150-200 new large format digitals for 2022. We have seen some improvement in the supply chain for screens, but we still intend to order earlier in the year to hold some inventory and manage expected demand. We expect annual CapEx to bounce back to a familiar level of $85 million, including around $25 million identified as maintenance spend. Slide 14 is an attractive chart that shows AFFO this quarter more than double last year. Full year AFFO growth was 113%, sharply above our recently raised guidance of around 80%, reflecting late booking revenue flowing straight through to AFFO. For 2022, we currently expect AFFO growth around 60% from 2021's $205 million as we look forward to another strong year. We see continued billboard strength and transit improving throughout 2022, but transit not yet back to pre-pandemic full year revenue of 2019 until next year. Our cash tax expectation remains low, around $5 million as our REIT structure retains its efficiency for our revenue growth. Slide 15 has our quarterly MTA deployment update, and you can see we picked up our pace of subway deployments from the third quarter and almost doubled our spend from last quarter. In 2022, we expect to spend approximately $150 million on MTA deployment, and it is unlikely we will recoup deployment costs during the year. The pace and spend will partially depend on the supply chain availability of various parts and tools used for rolling stock attachment. We were pleased with MTA performance at the end of the year with a strong fourth quarter, maintaining momentum through the Omicron variant surge, and we look forward to further improvement. Please turn to slide 16 for an update on our balance sheet. Committed liquidity is over $900 million, down from $1 billion last quarter, as we were very active in the acquisition market during the quarter, closing six separate deals with a value of approximately $80 million. Our teams continued to look for more opportunities for growth, so we are excited by the prospect of additive inventory to our existing geographies. Our net total leverage declined to under 6x as our OIBDA continues to climb back toward pre-pandemic levels. We are watching interest rate movements, but feel very comfortable as our next maturity is over three years away and only 21% of total debt is subject to floating rates. As Jeremy mentioned, our board of directors approved a substantial increase in our quarterly common dividend to $0.30 a share payable in March. This reflects our confidence in current outlook for our business this year and is an appropriate increase to manage our potential REIT dividend requirement and also our desire to further grow our dividend as we move forward. We are really pleased about our strong finish to 2021, and we are excited about 2022. I look forward to talking with many of you in the next few weeks, increasingly in person, to share our enthusiasm and answer your questions. With that, let me turn the call back to Jeremy. Thanks, Matt. The fourth quarter was certainly markedly above our expectations, and as excited as we are to share these results today, we are even more excited about the future. Our industry is in a great place, with people on the move again and growing audiences seeing our displays every day. Further, demand for digital billboards has never been hotter as marketers enjoy the flexibility to display eye-catching messages at the right time in the right place. Given our diverse set of assets, we believe Outfront is in a great position to capitalize on some of the challenges currently facing other media and once again capture incremental share of the advertising pie. More specifically, looking to Q1, while geopolitical and pandemic-related uncertainties obviously remain, it is shaping up to be a great quarter. The Omicron surge has passed, restrictions are loosening, and attitudes towards COVID are changing. The economy remains vibrant, and we are seeing this in the pace of our business. Specifically, we currently anticipate that Q1 revenues will further strengthen from Q4 and be up in the low 40s range from last year. Billboard will again further widen its performance versus 2019's levels, and transit will likely again be more than double last year. This strong performance is rooted in the strength of historically active out-of-home users, technology and various forms of entertainment like movies and television, but also helped by newer categories of advertisers, such as online sports betting. We're also pleased to see retail strength return to our book. We feel our diversified portfolio of categories and advertisers will continue to serve as well as the economy shifts and constantly yields opportunities for a broad range of advertisers to communicate with our audiences. I look forward to seeing many of you at various conferences and events in the coming months. It will be a pleasure to be meeting so many of you again in person. For those of you that we don't, we'll hopefully see you on the train, riding the subway, or indeed stuck in traffic in front of some of our great signs. We feel really positive about our business and are looking forward to talking about it and sharing updates on our continued growth and progress. Operator, with that, if we can now open the line for questions. Thank you, Mr. Speaker. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. We will take the first question from Ben Swinburne from Morgan Stanley. Your line is open. Please go ahead, sir. Thank you. Good afternoon. I guess a couple of questions, Jeremy. In the prepared remarks, you guys talked about geographic mix, I think favorably helping revenue. Could you just talk about kind of large market versus small market and, you know, whether you're seeing the markets like New York and L.A., which I think have been holding you back a bit now take the lead in terms of of revenue growth. I couldn't help but notice on your outlook slide, you have a sports betting ad, which actually has been getting a lot of attention lately because there's been some comments from Caesars they might pull back on spending. Just maybe you could talk about the size of sports betting and if you're seeing any moderation in growth in that area. For Matt, any help in thinking about expenses in 2022, at least maybe the SG&A and corporate stuff, the stuff that's in your control, how we should think about that relative to kind of the Q4 run rate. Thanks, guys. Thanks, Ben. Yeah. Let me take the first couple. When we look at geographies, a couple of things were going on last year. One, big cities were slightly holding us back versus more rural markets. Obviously, you know, transit was a drag. When we look back to Q4, and we look at markets that were still behind the 2019 level, that would include New York, obviously largely exposed to transit, and also L.A. As we now sort of look forward in our billboard business, it really seems that just about every billboard market is now ahead. We actually think that in those larger markets that maybe had a bit of a slower catch up last year, there could indeed be the opportunity for them to sort of relatively outperform, as we go forward. If we then just get back to sports betting. You know, right now, in Q1, you know, we think it could be, you know, around about $5 million category, something like that. That's up from about $1 million going back to Q1 2021. That's the scale of the delta. You know, obviously, definitely a nice tailwind for us. Thank you. On expenses, it's Matthew, first, next year, billboard margins, we think are gonna continue to improve, as revenue growth keeps going and digitization keeps having its impact. Transit, we also think will improve as the MTA gets a little closer to its MAG level, and narrows that gap. On SG&A, we think it'll stay elevated from our pre-pandemic levels as our comp costs, commissions, bonuses, anything performance related is expected to still stay elevated. This doesn't seem the year, the time to pull back on that just yet. Again, with performance, we think it's appropriate to reward the performance again. Thank you, Matt. Thanks, Jeremy. Thanks, Ben. We will take the next question from Alexia Quadrani from J.P. Morgan. Your line is open. Please go ahead, ma'am. Hi. Thank you so much for the question. I was wondering if we can also talk more about the verticals of strength or weakness now that we're coming out of the pandemic. Are you seeing any various verticals allocating more of their ad spend to outdoor advertising? On the other hand, are you seeing any verticals that have pulled back on ad spend due to inflation or supply chain issues? Thanks. Thanks, Alexia. I think as we look forward, I think time will tell across the year rather than just in a quarter in terms of, you know, percentage allocations of some of the larger clients. But, you know, I did remark that, you know, I would hope and expect that out-of-home might again start capturing more share of the media pie as indeed it was doing prior to the pandemic. I think generally the trends are good, but that will come, you know, more apparent as we go through the year and we see how the broader market does also. But as I sit here today and look at Q1. We're seeing good strength in tech, which is obviously one of our, you know, sort of core categories. Movies, entertainment, television and streaming, live entertainment, so venue-based entertainment, fashion, and even travel is starting to show, you know, some signs of life. As I say, broadly based with some of the that outdoor advertising as favorite advertisers and then with the, you know, the fresh blood of sports betting and others. Great. Thank you. The next question came from Mr. Jim Goss from Barrington Research. Your line is open. Please go ahead, sir. Thanks. I was wondering about the dividend issue. Are you intending to try to create more of a regular quarterly flow for dependability and then potentially return to a true up at year-end if need be to meet the requirements? Hi, Jim, it's Matt. Thanks for the question. We're increasing our dividend to $0.30 starting this quarter. We expect to carry that quarterly through the year until we you know increase it again or you know our business changes. We think people can annualize it at a $1.20. We think it meets our outlook and requirement. We think it's generally you know great news all around reflective of performance and outlook. Okay. As you mentioned, there are a lot of moving parts in what's been going on. You had traffic return, your yield is increasing, you are gaining some market share and maybe some mix going your right way. I wonder if you could take us behind the scenes in terms of how the pricing negotiations go at that point. Like, have you seen the tide shift to where you are more in control of what you're able to command, especially as you've been able to hold your own and, you know, demonstrate the value of the medium? Yeah, I mean, you know, increasingly, I think of out of home as being able to demonstrate value to advertisers. Still now when you look at our CPMs, we are, you know, well below the majority of other media. When we look to our, the pricing increases that we've been achieving, to be fair, it's been across the board in both national and local. We're seeing our ability to achieve higher rate. You know, as always, demand is playing, you know, a good piece of that. I think one other interesting sort of trend that's going on in the business is that, we have sold more billboards on a permanent basis, in other words, for 12 months. What that has done is taken out, if you like, some, you know, attractive inventory that is therefore not available in the market. I think that's helped us achieve rate on a number of our other signs. Okay. Where are you picking up market share, do you think? Which of the competing media do you think are giving way to you? Well, you know, we're only February 24, so it's an early time in the year, and I think we'll need to sort of look at that as we see the media trends for a year as a whole. I would expect that linear TV is still under some sort of stress. Radio, I also suspect that we will outpace. Look, right at the margin, I do think that some of the issues regarding digital media in total, you know, while the digital will still obviously be, you know, a huge part of the media mix and still grow, I actually think that at the margin we may be picking up some dollars from there also. Okay. Just lastly, as you look for tuck-in acquisitions in your current geographies, could I presume that billboard is where you're focused given the high margins you've been able to achieve and the added challenges you've been exposed to with transit recently? Yeah. Well, billboard has been our focus throughout on tuck-ins. We haven't made a transit acquisition. The prime reason for that, Jim, is that transit operates with franchises, which are obviously time-based. Unless it you know, it doesn't always make sense to acquire transit businesses unless the multiple is very low and that it makes sense on a kind of DCF basis. Billboard will undoubtedly be our focus. Okay. No, very fair. Thank you. Thanks, Jim. Thank you. Again, press star one to ask a question. We'll pause for just a moment to allow everyone opportunity to signal for questions. Okay. Well, if there's no more questions, thanks again for joining us today and really very much looking forward to speaking to many of you over the next few weeks and months. Thanks very much. This concludes today's call. Everyone can now disconnect. Thank you.