All right. Thanks, everyone. We're going to go ahead and get started. For those who don't know me, I'm Daniel Osley. I'm an analyst at Wells Fargo, and I'm happy to welcome Nick Brien, CEO of OUTFRONT. Thank you, Daniel. Thank you. All right. Just wanted to start out with a question. Just given your ad agency background, wanted to get a sense of how the large agencies have historically viewed the out-of-home medium, how they view it now, and what your outlook is for driving deeper relationships in the future. I think the large agencies have had—I kind of love how you relate to the out-of-home medium in the sense that it has always been a scale awareness builder. It has always had the opportunity for creative impact. At the same time, agencies are looking for the efficiencies of the way that they operate. This is a complex medium to buy. You have to piece it all together. The measurement has been lacking. Overall, it does not aggregate in with industry standards, and there has not been one obvious place to go. I mean, if you want to, as a big agency, you want to talk about social, you know who to call. You want to go to search, you know who to call. You want to talk about shopping, you know who to call. This medium has, in a way, handicapped itself by not organizing itself to be a much more user-friendly medium for both clients and agencies. I guess, how do you see that evolving or changing? What are some of the steps that you guys are all taking, both from an OUTFRONT perspective and maybe from an industry perspective, to address some of those shortcomings? I think there's two opportunities that are significant that I wanted to talk about briefly. I'll start with the industry—not really the industry, but the macro circumstances to do with AI. You and I, when we think about AI's arrival and its impact in the digital world that we're seeing and we're all witnessing and experiencing, not just in the open web, but increasingly within the walled gardens as well, what is true, what is trusted, what is real, is becoming less certain. That, combined with digital fatigue and with a lot of the concerns of, obviously, the younger generation of excessive screen time, means that the Web3 positioning that has been so strong, certainly for the last 10, especially probably 20 years, around the attention economy, has favored the digital and the tech giants. I believe we're moving to Web4, and the Web4 is the action economy. The action economy is rooted in engagement, and engagement is built on trust. Our medium, the out-of-home medium, is real. It is there. It is part of it. That transit, that billboard, that bus, it is a real thing. You see it. There's no AI that's going to be fabricating that. There is a natural opportunity that this medium that has not lost audience share, that is becoming more digital by the day, that is connected with mobility, and most importantly, is real and authentic, is presenting a great opportunity for the reinvention, rebirth, and repositioning of out-of-home to IRL. That's about the opportunity that big brand marketers are looking for because a lot of the biggest marketers, they have all the awareness they need. No one doesn't know Coca-Cola or McDonald's. What they want are the experiences that people are going to share, people are going to talk about, they're going to be memorable, and they're going to create distinction. From an OUTRONT point of view, we are the leader in the industry. We're in the key DMAs. We are the majority of our revenues in the top 15 DMAs. Our positioning is very much as a premium brand, premium inventory. Therefore, we need to have an attractive value proposition to the enterprise marketers, as we do to the regional marketers, as we do to the local SMB businesses. That's our opportunity. There has been, since I've come in, a significant focus on reorganizing to seize that opportunity, both with the talent, a lot of new talent that's coming from outside of the out-of-home industry, as well as systems and processes in the way that we work. Sorry. That's helpful. Across the industry, it seems like large advertisers are accelerating their spend on out-of-home. Can you speak to the resurgence that you're seeing in the enterprise customers or the enterprise vertical? I think we've seen it in pockets, and it's exciting to see it because we're seeing some of the existing enterprise advertisers spending more, and then new logos who maybe have been out-of-home advertisers a long time ago coming back to the medium. There are certain categories that are still absent. I would highlight auto, CPG, a lot of the retail, but there are other industry categories where they're really coming back in force. I think it just takes one to create a very compelling campaign as part of their overall advertising and marketing. It's never going to be exclusive, but when there's a major credit card launch, the other credit cards are going to be looking at it. When there's a major GLP launch that we've had some significant ones, especially in the New York MTA, others take notice. You have that. We're seeing across the board an increase in the CPG sector, in the pharma sector, in the financial services sector. We are organizing ourselves against that to make sure that we can be much more relevant to the industry verticals and represent why our medium should be integrated into their campaign activities. That makes sense. To the extent that you've had conversations with advertisers around their plans for 2026, how are those conversations trending versus this time last year? Is there any directional pacings that you can share for the way 2026 is shaping up right now? I think it's a mix of both the tailwinds and the headwinds. The tailwinds, there seems to be, especially for some of the bigger marketers and the brands we've been talking about, a real enthusiasm around things like FIFA World Cup, the midterm elections, whatever that represents, and the general sort of decline in the volatility that we had with all things tariffs and the consequences this year. At the same time, there's still uncertainty. We won't know until the holiday season finishes the implications of the inflationary impact of tariffs and what that does with consumer spending, also then interest rates. I think there's some caution, but there's cautious optimism, if I had to say that. That's the sentiment that I can share with you from the brands we're talking to. You mentioned the World Cup. With that event taking place in a lot of markets where you have a large presence, how should we think about the size of the potential growth tailwind that that specific event or the magnitude of that specific event could have for next year? It's a good question. I mean, we're not going to give specific guidance on that. We're still actively negotiating, pitching, and implementing campaigns. It is a tail for us when we think about it. It's going to be the biggest World Cup. As you said, in our key DMAs, so many of the host cities, it is something very exciting. We are also not just looking to talk to FIFA sponsors in and around the host cities. We're also looking to make sure that we can develop opportunities and campaigns and IRL experiences outside of those host cities where we can capture the enthusiasm, as well as potentially the conversations we're having with some of the non-FIFA sponsors. There's a general enthusiasm and excitement that this is going to be the biggest World Cup in terms of attendees, in terms of viewership, in terms of number of games. We've got a dedicated task force who's looking at all things World Cup, not just in terms of concept, but activation at the local level, at the regional level, at the mid-market level, as well as enterprise. Again, they're different kinds of conversations because many of the enterprise marketers already have FIFA sponsorship, which means it comes with a lot of the benefit, but they want to activate that. This is our opportunity to be able to talk about how our medium and also the medium we might not have leases on, but what we can uniquely contract to be able to activate those brands. That's really helpful. You mentioned this before, but measurement is obviously an area that out-of-home has lagged for quite some time. Can you walk us through your partnership with AWS? That was a pretty large announcement. Any early feedback you've gotten from advertisers on that product and the benefits you expect to see from it longer term? I can. That was a lengthy and in-depth RFI and RFP process between a number of the tech giants about who and how we'd consolidate cloud in return, our cloud services in return for not just their access to their DMP and their unique data sets, but also their technology and their ability to create tech infrastructure. I would say the AWS alliance is first and foremost to ensure that their tech and systems capability helps us create the necessary infrastructure and pipes into the holding companies and the holding companies' centralized planning and buying systems because those are increasingly AI-enabled. They're pure play digital, and increasingly they're adding analog as well. We need to be plugged in. To really understand and work with someone like AWS who's active in that role, not just with the holding companies, but with a lot of the big clients direct. First and foremost, it's about our data and our inventory integration into those systems. Secondly, it's what data sets that we can pull down from the cloud, what we can pull up to the cloud, and obviously the promises with Amazon, the fidelity of their data sets when it comes to purchasing. Now, they run in different divisions, so we're seeing how that plays out. The enthusiasm when we've talked to a number of significant big brands who are managing their media in-house, as well as the agencies, is very positive. Now, how are you going to land that? What does it look like? How does it become tangible? How do you integrate there? We're at that stage now because we concluded the agreement six weeks ago, and now we've got a dedicated workstream. I have to say, Amazon AWS has been fantastic to work with. Is this something that you would expect to start to contribute to growth next year? A contribution, but I think it's going to be more meaningful. It's going to be significantly more meaningful, we believe, in 2027. 2026 is still going to be putting those partnerships in place on the basis that we have technology platform capability that can smoothly integrate. Again, the number of holdco is shrinking, IPG and Omnicom are coming together. The other part of this is clients direct. I mean, there are a number of significant brand marketers who we all know so well whose programmatic training media stack is an in-house affair. How do we ensure digital out-of-home and out-of-home inventory in general is completely integrated and smooth and frictionless to work with them? There are some of the biggest independent agencies, Horizon Media. I mean, they're as powerful a competitor with the holdco media agencies. You've got Canvas Worldwide. They handle Hyundai Kia. They're here in Orange County. They're a massive board. They're an independent agency. We have also got to recognize that the proficiency of a lot of the independent agencies and a lot of that talent is spilling out of the whole code to say, "We want to run our own operations." They're digital. They want seamless. They've got very good ad tech stacks that we need to integrate into. I think it's more of a safeguarding that our ad tech and our systems capability is frictionless and it can integrate wherever we can go because if we don't integrate our pipes, we won't integrate our data, and we won't integrate our inventory. It's a combination. It's not just one aspect of it. It's all of it. Just in terms of proof points to look for, the next step or stage or progress in this process, should we expect to see announcements from you all that XYZ agency or XYZ advertiser has signed up to integrate their data? Yes. Yes. Yes. I mean, that's exactly what we're going to be looking for. Some of the early conversations, they're not keen to do that, and they're keen to just test it and operationalize it as we go. As soon as we can, clearly, we'd like to be able to put the evidence of that. By the way, Amazon AWS would as well. It is in both our interests to be able to do that. Your automated or programmatic channel growth was up nicely in the third quarter. Can you help us to unpack what factors are driving the growth there? Are you pulling in new advertisers to the out-of-home medium through that channel? Yes, we are. We are widening our pipes and looking to get more direct integration with some of the big DSPs. Our focus on programmatic internally has become much more pronounced. I do not think the organization was as discerning between the way it was taking digital money. We recognize that that is a significant improvement opportunity because the economics around programmatic are obviously so superior. If the media industry trades, if you include search, and over 90% of all digital media is traded plannable programmatically, in the out-of-home industry, it is less than 15%. We have a ways to go to be able to flip that, which is obviously going to be a benefit. I have been making a number of hires of digital expertise, and especially our Chief Revenue Officer on the enterprise side came from Google, came from AOL, most recently at Highstack. There's a lot of sophistication around this space and a lot of focus on our side. Out-of-home broadly has been pretty stable at 2-3% of the total US ad market over the last as many years as you look back. Would you expect this programmatic push? Would you expect these improvements in measurement to help grow that share of the pie over time? Yes, I do, because I believe there's an opportunity that if I look at other markets and I look at the U.K., I look at Australia, I look at Germany at 9%, I look at France at 7%. Australia's increasing. It's now up to over 6%. The U.K. is increasing. There are a lot of them. They collaborate well. They don't compete with one another. They've got their measurement sorted out, and they are very focused on all things digital. You start to say, "If we're in the U.S. and the U.S. paid media marketplace this year is going to be roughly $400 billion, we're taking 9.2 of $400 billion. We're less than 2.5%." Why? Print takes more than we do. Radio takes more than we do. Linear TV still takes a significant sizable share if you include CTV. Even forget about the money spent in pure play digital and say that I'm not going to start to take money off Google, TikTok, or Facebook anytime soon. There's still $100 billion spent in analog media, and we are only taking 9%. My view is very strongly, and I'm not going to speak for the industry. I'm going to speak for OUTFRONT. I have a very strong point of view and a clear vision of how we are going to secure new revenues, both in terms of revenue growth from the new logo as well as the yield increase on the prices we're selling to our current clients. Because that's the other issue here is not just revenue share. The CPMs of out-of-home are the lowest of any medium. Why? Why? It's an amazing medium. It's an amazing medium. It has a scale. It has a reach that is unparalleled. It has influence, and it has the highest trust level. Trust is going to be an equity that we're going to be leaning into so much more. I've got a new CMO starting on December the 1st. Again, her experience coming in again from outside industry, no one joining from out-of-home, is going to bring the new context for us to basically, I was going to say, force a reappraisal. You can't force a reappraisal. We can encourage a reappraisal by our marketing of the go-to-market, the value proposition that we're taking. We are going to be doing that. That's incredibly helpful. Maybe switching gears here, local or commercial has been a bit softer across the industry recently. Does any of the optimism you've seen from larger clients or on the national side extend over to local? How is local or commercial shaping up into 2026? Again, I think you have to kind of look at it also on a category basis. I mean, legal, and when you look at the legal category, it's the most unbelievable rocket ship category for the industry. And essentially, it's rooted in the local commercial side of the business. Although increasingly, a lot of those businesses are really starting to extend into other states and be much more competitive. I think local automotive was always a very strong bedrock. That has declined a bit. Local city, municipality, utility kind of capabilities also holding their own. We believe that the unlock that we're going to have is thinking more mid-market regionally. So we're thinking about the regional banks. We think about, for example, PNC. I mean, they're based in Pittsburgh. They bought the Bank of Colorado. They bought a big bank in Arizona. There's more consolidation going on in that sector. When we're looking at the regional insurance companies, when we're looking at the Chicago Hospital Group, the Illinois Hospital, there are many of the conversations that I believe that our local sales focus have really failed to really acknowledge, which is the big opportunities on a state-by-state basis in these businesses. I don't think it's a consequence of the fact that their advertising has been slowing down. I don't think the medium has been as proactive in saying, "Why are you going to run another digital campaign? Why are you going to run more ads on CTV? Why are you going to spend? Where do we fit into your mix?" For us, a lot of people say, "Well, it's not really your focus. You're more in the enterprise. You're in the top DMAs." No. I mean, 60% of our revenue, we're not like Lamar, 85-90%, they're a local affair. We're not a local affair. We are a premium brand, but we still take a huge amount of our revenue in what we are now calling the commercial market. And that's as important to us as it is on the enterprise side. Maybe moving to everyone's favorite topic, transit. Taking a step back, can you walk us through the changes you've made in approaching transit sales and how it relates to the acceleration you're seeing in that segment? Three things have significantly changed. One is the leadership of the transit. It wasn't being led with the kind of enthusiasm, commitment, or professionalism that I believed it deserved. I completely changed the leadership team, created a transit velocity team. That wasn't just sales. It included marketing, product marketing, research, and creative. We took to the market a different value proposition for both the mid-market as well as the enterprise clients. We took to them the opportunity that transit, especially New York MTA, which is where the lion's share of our transit is, as an opportunity for in-real-life experiences, not just running ads. The MTA were very open to our kind of, "What's the big idea? How would you like to activate it? Would you like to wrap the E-train? It becomes the ESPN train and brings the CEO, the leadership team, and all the mascots and some of the players down from Grand Central all the way to Wall Street. Right? How do we amplify that? Using platform experiences. We've got Bath and Body Works right now running a campaign that each week they push a different scent through. Experience. You've experienced it. What we did with Humans of New York—for New Yorkers, this is a way we need to think about it. It's not just an asset or a mobile billboard. The very fabric of the world's most powerful city, economically and culturally, is New York City. It moves between 5-6 million people a day with huge economic firepower. We are part of that fabric. We are starting to market it and sell it in a different way. The team changed, the focus changed, the commitment changed, and also the compensation changed because it had not been—and I think the world's well aware of the circumstances of the contract—notwithstanding that element, the asset, the capabilities, and the platform to create these brand experiences in real life is unparalleled. We are now selling it a different way. It's been led in a different way. It has focus, and it has compensation tied to it. Guess what? Now you're seeing the flywheel start to move. That's really helpful. On the New York MTA specifically, that asset grew 37% in the third quarter. You mentioned the launch of several large campaigns. Can you speak to how enterprise advertisers now view your transit assets, how your new value proposition is resonating in the market with these larger advertisers? Do you expect large campaigns to be a permanent feature on that New York MTA? Oh, yeah. We're very determined that our marketing and the representation, not just of the idea, the concept, the execution, but the results, give us a tremendous case study portfolio across individual categories, whether it be finance, or auto, or pharma, or entertainment, about what can be done. It's all about cutting through. All of advertising, the challenge for all the brands is, "How do I get noticed? How do I get remembered? And how do I turn that level of memorability and engagement into some kind of action?" That's where we're working hard to ensure that we tie together to other media and say, "How are we integrating it? And what kind of traffic can we be driving? And what kind of business outcomes can we be delivering?" We're not slowing down. I'm very confident that you'll see we'll see new logos. We'll see more spending from our current logos. You'll see more spending from new logos as well as our existing clients who are stable clients who are the bedrock of a lot of the sort of ongoing activity like SUNY, right, and the educational systems in New York. I mean, they're significant. They love the medium. We're going to do more of it. Given your growth trajectory with the New York MTA, would you expect the revenue share to start to kick in next year? Is it even possible that you start to recoup some of your initial capital spend on that contract? It is definitely a possibility. I'm not going to give forward projections on that, but I think it's fair to say that it's a possibility. Outside the New York MTA, are there any other transit systems that are seeing similar strength? Not to the same degree, but yeah, a significant uptick. Again, the transit team that we put together is not just an MTA transit team. It is a transit team. Whether it be Bath, whether it be San Francisco, whether it be Boston, whether it be LA on the buses. It is about championing the medium as something unique and something part of the social fabric of connecting with communities and creating memorable experiences. You can do that with them. That marketing and that momentum has improved everywhere, not to the same degree that we have seen it within the MTA. Just on the sustainability of transit growth moving forward, you've guided to mid-teens growth in Q4, but what gives you confidence of the growth trajectory continuing into 2026? Bookings for quarter one. The logos are the committed that are re-upping, the level of transit involvement in the World Cup, and the mobility of people, right, and fans and what that represents, as well as our improved marketing and not just sort of brand marketing and a go-to-market and a value proposition, but also from a product marketing point of view. It is not slowing down. The team are getting stronger. They're becoming more confident. They're becoming better armed with outcomes and results. We're going to be taking those to market. Do you think double-digit growth on transit is sustainable in 2026? Now, is that guidance or not? I look at Stephan. He's my IR guy. He gives me the nod or not. I do not know. I think that's guidance. I am not really going to answer that. Fair enough. Fair enough. Does. It's going to be healthy. We'll take that. We'll take that. Does the growth in transit you've seen give you opportunities to cross-sell your billboards inventory specifically on the enterprise side? Oh, yeah. Yeah, yeah, yeah. It really does. I think we will always want to do that. The more we can bundle, the better because it gets stickier. We get bigger campaigns and obviously more money against it. We also want to integrate with creators. We want to integrate with social. We want to start integrating more with retail media network. Retail media networks are huge. You look at the amount of money they're taking out of the ecosystem. They have in-store. We have near-store. Why aren't we aggregating these together and looking at how we can work? Is it with Dwayne Reed? Is it with Albertsons? Is it with Target? That is a focus. The more that we can aggregate—and by the way, this is not just about selling what we have. It's also what we have to create and what we have to secure. What unique short-term wall postings? What kind of experiential events can we put together? We are not limited to only selling and marketing what we have leases on. That's where, as Arne, I'll say it, we are going to be moving from a legacy out-of-home company to becoming a legendary IRL platform business. When you're in the business of saying out-of-home comes into in-real life, you are in an exciting place because it is the core ingredient, but it's not the only thing we're selling. That's where it's a big sea change for the organization. Different people in the organization are getting quicker than others. When you start to move from selling products with audiences and you start thinking about selling solutions with outcomes, it's a different kind of mindset. It is not inherently available within most media owners because most media owners, whether you're selling print or banner takeovers or CTV video or out-of-home, you are used to be selling it purely on a product basis. You allow the agencies to take it and mix and match and aggregate and create omnichannel campaigns. When we are having more direct discourse with brands and with the marketeers, we have got to be smarter on our strategy. We have got to be integrating with their campaign ideas, with their brand ideas. We have got to be much sharper on execution and measurement. That is our challenge, but it is also our opportunity to unlock that money. I think the point you made on retail media and that integration is particularly interesting. I think earlier this year, we saw the sale of Vistar Media to T-Mobile. A lot of the industry or people around the industry got excited about the potential tie-in of retail media and out-of-home. Have you started to see any progress there? Are things moving in the right direction or any proof points you are seeing? Yeah. I think the Vistar one—and it was not just on the retail stores—it was retail. It was out-of-home. It was also handsets. I mean, when you think about—and again, obviously with GDPR regulations and around what can and cannot be done with handset data, their ability to aggregate together. I mean, we are seeing that more and more and more, not just with retail media networks because now you have got commerce media. There is now Chase Media. I am surprised there is no Wells Fargo media. You have got all these—everyone is sending out their media networks. They become real when you integrate our medium with that. Otherwise, it is purely virtual. It is purely online. There is so much competition. Our opportunity is to not beat online advertising and attack it, but recognize that we will make it stronger if you aggregate it together. We've had a number of conversations with significant retail media networks who have maxed out on basically their endemic brands. They're looking to bring in now outside brands that they wouldn't normally get because you're not stocking a Toyota or a credit card or home insurance inside an Albertsons. What is it we can do? How can we partner together? These are the three areas we're focusing on expansion because we talk about it. I talk about it a lot with the organization. There's business growth, and there's brand expansion. The business growth, we've been talking about it. Where are we going to generate the business growth? The expansion of our brand, clearly retail media, clearly the creators, and working with the powerful creator networks who—they're the ones that have the economic power today. Right? Why are not we talking to Kim Kardashian directly about Skims? The third one is experiential because there are a lot of budgets that are handled on behalf of CMOs. They are being organized by Jack Morton, Momentum, Octagon, a lot of independent experiential agencies. They do not come through the media agencies because it is not paid media. Those are the other conversations we are having going on. That's interesting. Moving to the cost side of the business, how should we think about billboard margin expansion in 2026? I know you'll still see some benefit from lapping the large contract exits, but just generally, how should we think about the flow-through of incremental revenue to margin at billboards? We're seeing it in terms of a positive and making sure that we can optimize all the leases we have within our portfolio. We've centralized all things real estate on the supply side now. And Chris Steinbecker, who's running that side of the business, he's very expert and is applying one set of standards and approaches all over the country. That was not the case before. What we're seeing is basically a sort of underlying philosophy that if we're going to have it in the portfolio, it has to have value. Whether it has value at the SMB level, at the regional level, at the enterprise level, or for a strategic account, what is its value and what is the price point? We've now set up pricing parameters. We have a deal desk. He is very exacting on what we are paying on the leases. He is going to continue to focus on optimizing the portfolio. How that gives its benefit, both in terms of lease cost reduction or revenue expansion, I am not going to give predictions on that today. I am going to say that that centralized focus of human professionalism, AI systems capability is bringing that to bear. You are going to see our portfolio. We are reviewing it all the time. What belongs in it? What does not? What should we be developing? What the long-term development that we are focusing on in LA, in Dallas, you name it. Those are longer-term conversations. What are we prepared to bid and what are we prepared to pay? I would say now the supply side and the demand side of our business are working much more hand in glove. I'm very optimistic that when it comes to our cost, our overall OpEx, when you're thinking about whether it be lease cost or any other kind of cost in the business, we've got a very strong grip on it. In 2025, OUTFRONT has gone through some large organizational changes. You entered a CEO. The sales force was reorganized. You exited some large billboard contracts. As you look towards 2026, are there any other strategic changes you would like to implement? Is it really just about continued execution from here? It is continued execution while always looking to leverage what is occurring with all of us. We read about it and see it daily, which is continued AI promise, the promise of AI and automation to better automate, to better systematize, to better ensure that any wasteful processes or overly lengthy processes continue to get optimized and we run a better business. There are no more structural side. The significant structural changes on the design of the organization, those all were implemented on July 1. The centralization of all functions, the clarity around the sales org, the last piece that is going to be reorganized is going to be the marketing function. We've already taken steps to separate performance marketing and brand marketing to ensure, not separate, to make sure there's professionalism dedicated in each area whilst making sure there's full funnel marketing. I think it's all to do with marketing, content, creativity. That's the area that you're going to see strengthened with the new leadership coming in that's arriving now. The heavy lifting of the reorganization, now it's about execution. Maybe with the last question on capital allocation. With leverage comfortably inside five times now, how are you thinking about capital allocation from here? Is there an opportunity to accelerate digital conversions? Is there any appetite for M&A or larger-scale M&A from the tuck-in acquisitions you've historically done? It's a former. I was very clear with the board when I came in that my principal focus was not on M&A, but the business. The underlying business is running the best business we can. Without doubt, digitization and being shrewd and thoughtful about which boards to digitize because this is a strength of the medium. You can't make more of it. We're in a very—it's a fantastic position to be really thoughtful and precise about in which major cities we're going to be spending the money for significant investment, but with a massive return. That is now a centralized process. I would say if you're going to look at any area, the M&A. We're always going to be open to conversations. We're going to be—we'll have ears listening. Is it an area that strategically we're focusing on now? No. It is on making sure we run a world-class—I have said this to the executive team. There are only three things that matter to me. If we are going to be in the business, we are going to be number one. If we are going to be in the business, we are going to run a world-class business. Third, we are going to be an attractor of the best talent in the industry. They have got to be queuing up to want to work with us. Once we have done that, we can go shopping. Right now, we are not where we need to be. Thank you so much, Nick. Thank you very much. Thank you all.