Everyone, and thank you for joining us for OUTFRONT Media's second quarter 2025 earnings call. My name's Lydia, and I'll be your operator today. After the prepared remarks, there'll be an opportunity to ask questions. If you'd like to participate in the Q&A, you can do so by pressing *1 on your telephone keypad. I'll now hand you over to Stephan Bisson to begin. Please go ahead. Good afternoon, and thank you for joining our 2025 second quarter earnings call. With me on the call today are Nick Brien and Matthew Siegel. After a discussion of our financial results, we'll open the lines for a question and answer session. Our comments today will refer to the earnings release and slide presentation that you can find on the Investor Relations section of our website, outfront.com. After today's call has concluded, an audio archive replay 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 2024 Form 10-K, as well as our Q2 2025 Form 10-Q, which we expect to file tomorrow. 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. With that, let me hand the call over to Nick. Thanks, Stephan, and good afternoon, everyone. Before sharing our quarterly results, I'm excited to discuss some of the recent changes we have made within the organization, which have been undertaken to accelerate our revenue growth and reinforce OUTFRONT position as a leading in-real-life media company in today's rapidly changing marketing world. Looking at our structural changes first, we have undergone a large internal reorganization, rebranding our local sales teams as Commercial and our national sales teams as Enterprise. This important change reflects a more appropriate definition of U.S. sales categories between Enterprise, mid-market, and SMB advertisers. Going forward, we will extend these definitions into our financial documents and earnings calls, using the Enterprise and Commercial nomenclature rather than the traditional national and local. Second, as part of this effort, we've also redesigned our brand solutions group, which has been tasked to drive demand from Enterprise marketers within the largest industry verticals across the U.S. We will begin with six heads of industry, colloquially referred to as OIs, who will be responsible for the automotive, entertainment, finance, CPG, retail, and sports industry verticals. This group will assist advertisers through every phase of their campaign implementation, from planning to ideation to activation to measurement. Third, we have centralized all of our operational and real estate functions. Our primary goal with this change is to ensure excellence in all functions while reducing the administrative burden on our in-market sales leaders. This will allow them to focus on deepening existing client relationships while more aggressively prospecting non-out-of-home advertisers. Our regional sales leaders will continue to be very involved in key business decisions regarding their markets, given the knowledge and expertise provided by their local proximity and deep market experience. Fourth, we are strengthening both our revenue operations and sales enablement functions. These are increasingly critical to fully optimize our assets to maximize both revenue yield and overall profitability. Fifth, we have moved from having four sales regions to three. We've done this to reduce overhead expenses, improve sales focus, and create speed and agility across the entire company. As part of this transformation process, we've also made several significant leadership changes to our sales organization, which we announced earlier today. Mark Bonanni, previously EVP of our sales division, has been promoted to Chief Revenue Officer of Commercial Sales. Mark will focus on accelerating demand from important regional and local advertisers. In addition, Mark will be responsible for overseeing our focus on the independent agency sector, which today represents a growing number of important advertisers. He has had more than 25 years of experience in the digital transformation of media companies, including at OUTFRONT, and will continue to play a key role in bridging the URL and the IRL as out-of-home advertising evolves as a dynamic digital channel. Jim Norton has been hired as our Chief Revenue Officer of Enterprise Sales. In this role, he will focus on growth opportunities for the country's largest enterprise advertisers, which have traditionally underutilized out-of-home as part of their broader media strategies. Jim and the Enterprise Sales team will drive increased demand for our advertising solutions by implementing a full-funnel sales strategy in conjunction with our brand solutions group, partnering with enterprise marketers throughout their entire advertising process. Jim comes to us with over 25 years of sales experience across both media and advertising companies, where he has scaled teams at both SaaS startups and global media companies. Most recently, he was CRO at Brightco, where he led the global go-to-market strategy and helped position the company for a successful sale. Speaking of our brand solutions group, Brad Alpern has joined to lead our efforts here. In this role, he will develop strategic solutions for the enterprise and mid-market brands to accomplish their marketing goals by thoughtfully integrating out-of-home's power to influence in-real-life decisions into their broader media plans. Brad has more than 25 years of agency experience, most recently as EVP Integrated Strategy at Dentsu. These new sales leaders will work with our experienced Regional Vice Presidents, Bill Simpson, Art Martinez, and Dan Scherer, and our highly regarded enterprise sales leader, Marc Miller, who is directly responsible for all of our whole co-agencies and out-of-home specialist relationships. This new sales organization will be enhanced and supported by our growing technology function, led by Klemen Proyel, our Chief Technology Officer, who have weaved paths with delivering enhanced programmatic scale, a simplified out-of-home planning and buying process, and improved audience measurement capabilities. With our new organizational structure and talented people in place, we are primed to accelerate demand with increasing support from automation and digitization to deliver the advertising solutions that today's results-focused marketers demand. Now turning to our quarter two results, the headline numbers of which you can see on slide four. Organic revenues were essentially flat, brought in line with the guidance we provided in May, while OIBDA was $124 million and AFFO was $85 million. Slide five shows our organic revenue results. Billboard revenues were down 2.5%, primarily due to our previously announced exits of two large, marginally profitable billboard contracts, one in New York and the other in Los Angeles. The revenues and expenses of these contracts are still included in our reported 2024 financial statements. Excluding the results of the New York and Los Angeles contracts we have exited for both years, billboard revenues would have been essentially flat. Transit grew 5.6%, with nice broad-based growth across most of our franchises. Slide six shows our detailed billboard revenue, which, as I mentioned earlier, was impacted by the two large billboard contracts we have exited. Static and other billboard revenues were down 1.6% during the quarter, and digital billboard revenues were down 4.5%. Slide seven shows our detailed transit revenue. The 5.6% top line growth was driven by 17% growth in our digital revenues, which were partially offset by a 2.9% decline in our static revenues. Enterprise and Commercial contributed relatively evenly to our transit growth, and the New York MTA was up in the mid-single digits during the quarter, despite a strong showing in 2024 when it grew 20%. On a consolidated revenue basis, our stronger categories during the quarter were legal, financial, service providers, and insurance. The weaker categories during the quarter were entertainment, health and medical, restaurants, and alcohol. Slide eight shows our combined digital revenue performance, which grew 1.5% in the quarter and represented over 34% of total organic revenues. However, digital revenues would have grown by about 5%, excluding the aforementioned New York and Los Angeles contracts. Programmatic and digital direct automated sales were up nearly 20% during the period and represented 16.5% of our total digital revenues, up from 14.8% in the same period last year. Automated digital, and by extension digital generally, is a paramount focus here at OUTFRONT. There is a large growing universe of dedicated digital media buyers who have not yet embraced the digital out-of-home ecosystem at all. This underserved market represents a massive opportunity for us moving forward, and we are making concerted efforts to engage, educate, and inspire these important digital agencies as to the unique power of digital out-of-home. The breakdown of Commercial and Enterprise revenues can be seen on slide nine. Commercial, previously called local, was up 1.4% year on year during the quarter, with transit growing nicely and billboard up slightly. Enterprise, previously called national, declined 4% during the second quarter, with mid-single-digit growth in transit being offset by weaker billboard results. Slide 10 shows our billboard yield growth, which was up about half a percent year on year to nearly $3,000 per month, driven primarily by our continued digital conversions, which continue to see an approximate four times uplift versus their pre-conversion revenue levels. Summing up, quarter-due revenues ended broadly in line with our expectations, as our Enterprise billboard revenue results were offset by better performance within transit and continued organic acceleration across digital out-of-home. Encouragingly, we have seen top line acceleration across both our lines of business in the second half. With that, let me now hand it over to Matt to review the rest of our financials. Thanks, Nick, and good afternoon, everyone. Before taking a deeper dive into our financial statements, I would also like to briefly discuss the financial impact of the restructuring Nick described earlier. As noted in our earnings release, we incurred a $19.8 million restructuring charge in the second quarter due to the reduction of approximately 120 people from the company during the quarter. This is in addition to the nearly $5 million we expensed in the first quarter as a corporate expense, entirely due to some of the recent senior management changes. As a result of the restructuring, we expect an annualized expense savings of approximately $18 million- $20 million, of which about half should be realized over the balance of this year. We felt this action was necessary to reduce our cost base and increase our financial flexibility. We acknowledge change can be difficult, and I'd like to take a moment to thank all of our impacted colleagues for their years of dedicated work and wish them all the best in their future endeavors. Now, please turn to slide 11 for a more detailed look at our Billboard expenses. In total, Billboard expenses were down just over $7 million, or 3.3% year over year. Zooming in on Billboard release costs, these expenses were down just over $6 million, or 5.2% year over year. This decline includes approximately $7 million related to two large Billboard contracts we recently exited, some of which were partially offset by contractual escalators on other leases. Excluding the impact of the portfolio exits, Billboard property lease expense would have been up about 2%. Posting maintenance and other expenses were up about $1 million, or 3.1%, due to higher production costs and compensation-related expenses from regular annual merit increases. SGA expenses declined just over $2 million, or 3.3%, due primarily to lower credit card usage by customers, a result of newly implemented payment policies. This $7 million improvement in total Billboard expenses was offset by the modest decline in Billboard revenues Nick described earlier and led to Billboard adjusted OIBDA falling just over $1 million, or about 1%. We are pleased to see Billboard adjusted OIBDA margin increase again, this time by 50 basis points year over year to 38.3%, helped by recent portfolio management decisions, as well as the geographic mix of revenue generated in the second quarter. We continue to expect that billboard margins will improve on a year-on-year basis for the remainder of 2025. Now turning to transit on slide 12. In total, transit expenses were up about $3 million, or 3% year over year. The transit franchise expense was up 5% due to the annual inflation adjustment to the MAG of the MTA contract and higher variable payments to other franchises as a result of improved revenue. Posting, maintenance, and other expenses were up just under $1 million, or about 5%, due primarily to the higher maintenance and utilities costs. SG&A expenses were down $1 million, or about 5%, primarily due to lower compensation-related expenses and lower professional fees. 3% in total transit expenses, a 3% increase in total transit expenses, combined with the nearly 6% transit revenue growth described earlier, led to transit adjusted OIBDA improving by almost $3 million during the quarter. Slide 13 shows the company's combined billboard, transit, and corporate adjusted OIBDA in the second quarter. Corporate expense was up by about $2 million, nearly entirely due to the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees and higher professional fees, including fees related to a management consulting project, partially offset by lower compensation-related expenses. Combined with the billboard and transit OIBDA I covered earlier, consolidated adjusted OIBDA totaled about $124 million, essentially flat versus the prior year. Transit capital expenditures on slide 14, Q2 CapEx spend was about $26 million, including about $7 million of maintenance spend. The $7 million increase in growth CapEx was primarily related to digital conversions, as well as the timing of payments for new displays. We converted 22 new boards in this quarter. However, our digital count was lowered by a decline of 114 small format digital boards, primarily found in lifestyle centers, as a result of our exit of the Los Angeles billboard contract. In 2025, we still expect to spend approximately $85 million of CapEx and also still expect $35 million of this total for maintenance. Looking at AFFO on slide 15, you can see the bridge to our Q2 AFFO of $85 million. The improvement is principally driven by higher billboard and transit OIBDA and lower interest expense, a result of lower debt balance following the sale of our Canadian business and lower interest rates. These benefits were partially offset by higher corporate expense. For the full year, we continue to expect reported 2025 consolidated AFFO will grow in the mid-single-digit range, reflecting cost reduction from the recent RIF and our current revenue expectations. Also included in this guidance is $35 million of maintenance CapEx, interest expense of approximately $145 million, and a small amount of cash taxes. Please turn to slide 16 for an update on our balance sheet. Committed liquidity is over $600 million, including about $30 million of cash, around $500 million available via our revolver, and $80 million available via our accounts receivable securitization facility. As of June 30th, our total net leverage was 4.8 times within our four to five times target range. Our next maturity is a $400 million term loan in late 2026, which we intend to refinance in the coming months. Turning to our dividend, we announced today that our board of directors maintained a $0.30 cash dividend payable on September 30th to shareholders of record at the close of business on September 5th. We spent approximately $3 million on acquisitions during the quarter, and looking at our current acquisition pipeline, we continue to expect our 2025 deal activity to be focused on opportunistic tuck-ins and remain at a similar aggregate level to those seen in the last couple of years. With that, let me turn the call back over to Nick. Thank you, Matt. We have accomplished a lot this quarter, and while our work is far from finished, we have made meaningful progress on each of the four strategic pillars I outlined three months ago. First, we have begun optimizing our sales strategy through our broad reorganization into distinct Enterprise and Commercial go-to-market teams. Second, we have started to modernize our workflow and processes by centralizing many of our functions, reducing the administrative burden on our key sales managers. Third, we are focused on generating new demand, particularly with our redesigned brand solutions group. Fourth, we are demanding operational excellence from all of our team members, with a particular focus on eliminating unnecessary activities and streamlining processes across the entire organization. While we are still early in the process of transformation, we are encouraged by the energy and enthusiasm we have seen thus far. I'm pleased to say that business has picked up recently. From where we sit today, we expect third quarter revenue growth to accelerate meaningfully from its quarter two level, with consolidated revenues up low single digits, driven by double-digit growth in transit and a low single-digit decline in billboard. Our expected decline in billboard revenues is a result of our strategic decision to exit the two large, marginally profitable billboard contracts in New York and Los Angeles. Excluding nearly $13 million of billboard revenue generated by these two exited contracts in the third quarter of 2024, we believe quarter three billboard revenues would be up low single digits, and consolidated revenue would be up low to mid-single digits. Looking at the longer term, I'm extremely excited about what lies ahead for OUTFRONT and the industry. We recently participated in the Cannes Lions International Festival of Creativity, one of only two out-of-home companies to officially activate there. We hosted over 60 meetings with some of the world's biggest brands and agencies to discuss how and why out-of-home drives impactful outcomes in real life and should become a core part of their marketing strategy. We also illustrated the incredible possibilities of out-of-home through a demonstration we entitled "A Moment in Cannes, a Memory in Time," whereby we snapped photos of each of our guests at the festival, and generative AI created a soulful, timeless portrait to be displayed seconds later in Times Square. You can see an example on the cover of our quarter two earnings presentation. Overall, it's clear to me that there is a general positivity about out-of-home, which is viewed as a trusted marketing channel in what has become an increasingly fragmented digital world that seemingly becomes less real by the day. There are still some hurdles that the industry must overcome to lessen complexity, strengthen measurement, and provide better attribution to deliver desired business outcomes. OUTFRONT is determined to solve these challenges, and when we accomplish these goals, we will prove to be an indispensable part of the marketing mix and meaningfully grow our share of the advertising marketplace. To close, OUTFRONT has a very exciting future, and we have spent much of 2024 improving our already strong foundations upon which we will create the industry's leading media company to build trusted brands in real life. With that, operator, let's now open up the lines for questions. Thank you. Please press star followed by the number one if you'd like to ask a question, and ensure your devices are muted locally when it's your turn to speak. Our first question today comes from Daniel Osley with Wells Fargo. Please go ahead, your line is open. Thank you. The business has gone through an elevated period of change over the last year with new senior leadership, a salesforce restructuring, and the exit of large billboard contracts. My question is, are you through the heaviest period of these changes to the business, or are there additional areas to address? I have a follow-up. Thank you. Hello, Daniel, and thank you for the question. We were very clear at our previous earnings call that this was going to be the year we would be focusing on the fundamental transformational issues, and those were around those four strategic imperatives I said. If I look at each of them, when I think about the importance of resetting the sales strategy and ways of working, that was really about creating that new demand engine that was going to engage the non-out-of-home advertisers, which were significantly coming from the enterprise sector. Restructuring the way we have, and today's announcement of Jim Norton leading that operation in close collaboration with Brad Alpern on the brand solutions group, we're very excited that that significant organizational structure restructuring has happened. Modernizing the workflow and processes is ongoing. We talked about AI and automation. We talked about modernizing the tech stack and making sure that our OMS and data was as tight as it needed to be. We knew that our ad tech stack, the programmatic side of the business, needed to be strengthened. That work is well underway. Improving external demand is ongoing, and that was largely, as I said earlier, ensuring that we engaged and educated and excited the independent agencies and the digital agencies, and we involved that channel strategy ongoing effort. Our transit focus, we're very excited that we feel our transit task force and the transit leadership as part of the restructuring has seen tremendous improvement, and we'll share that with you soon. Last but not least, the ongoing operational excellence that involves the sales KPIs, the pipeline strength, the RevOps improvements, sales enablement, as well as optimizing and centralizing all of our real estate, that is ongoing for the balance of the year. Long-winded way of saying, yes, we believe we've cracked the back of the transformation changes we committed to, but the work goes on for the balance. That's helpful. As a follow-up, can you help us unpack the weakness you called out in the entertainment vertical? We were assuming you start to see some benefit from the strong box office year to date. Thank you. Our entertainment boy is certainly very experienced and has been very involved in making sure that the work that we have in quarter two involves securing big deals from Universal, HBO, Disney, Warner Brothers. I look at the logos and the money they spent. They were up year on year. It was the absence of some of the other entertainment companies and the studios who just weren't supporting the slate that they had. I think we're feeling more bullish about the entertainment sector in quarter three when I look at the deals that have been committed, but that really does explain not just that it was a lower spend, it was an absence of a number of the key studios that were supporting. Thank you. Our next question comes from David Karnovsky with J.P. Morgan. Please go ahead. Hi, thank you. Maybe just two on the Q3 outlook. Just with the acceleration in transit, I don't know if you can walk through some of the drivers there, like ridership, which looks like it's up nicely year to date or initiatives in your control. With billboard in Q3, can you just maybe give the anticipated impact from MTA and Los Angeles contract exit as we're just trying to get to what the underlying growth looks like in the quarter? Thank you. Sure. David, on transit, it's a bunch of things. As you point out, the key performance is really in New York, which is our biggest transit franchise, doing very well. Ridership is up a little bit, but it's really, I would say, more the focus of the team. We have a transit task force focused a lot on New York. We have management focused, extra incentives. I think the team is doing a great job reinvigorating the New York franchise, and we're seeing improvement in some of the other smaller ones as well. As far as the billboard franchises, each of them, both in New York and Los Angeles, were about 2% of our billboard revenues in 2024, and you translate it to about 1.5% to each of our overall revenues. I think you'll see that the biggest headwind is going to be third quarter when we're going to be without both. By the fourth quarter, we start to lap the New York franchise that we lost, and then later in 2026, we lap both. Thank you. Thanks. Our next question comes from Cameron McVey with Morgan Stanley. Please go ahead, your line's open. Hey, thanks. I just wanted to, one, just to follow up on the transit. Was the decline in static transit revenue this quarter a function of ridership, or do you think there has been more of a structural shift away from static transit boards? Secondly, I just wanted to ask about some of the cost-related actions that you recently noted. I was curious if you could help size the opportunity for potential margin expansion in the back half of this year and next year. Thanks. Sure. Thanks, Jim. On transit, when we first went into the MTA contract, I think back in 2017, the original plan was really to digitize everything, take down all the static. We decided midway through to keep the static up because it was doing okay, but recognizing that it was a tired or a tiring product. We are not surprised by the decline of static because everyone wants the shiny new objects. You are in New York, and you can see it in Boston and DC, very similar. Plus, overall, the bus product across the country, not just ours, but others, I think, pales in comparison to some of the digital that we have that others have in all the big cities. I think the decline of static transit is not a surprise, and to your terminology, I would probably declare it structural and likely to continue. That being said, I think there is a small test just starting in DC on some digital bus that I am sure the ultimate decision or solution will be years away. There is hope yet for digitizing some buses. We will see about that. Great. Thanks. Just to ask on the potential margin expansion. I'm sorry. Yeah, you said about $18 million, $20 million of full-year savings. We really think probably almost half felt in 2025. Full-year impact in 2026, we'll get a pickup half year in each, $9 million, $10 million in improvement in both years. Tim, does that answer your question? That does, yeah. Thanks. Thanks. Thank you. Our next question comes from Jonathan Navarrete with TD Cowen. Please go ahead. Thank you. First, it's on billboard. I think the margin held up relatively well, I guess, despite the revenue pressure. Any cost levers left to pull if revenue remains lost in the back half? are always cost levers left to pull. Right now, we're continuing to look at our billboard portfolio. We don't have any other large low-margin portfolios to look at. Over time, we certainly expect to manage the portfolio to optimize margin, billboard margin, and overall margin. I wouldn't be surprised if we can continue to cull the herd, if you will, pardon the expression, of some of our expensive static. I'm not sure the impact in 2025, but I think overall it's a positive, accretive nature. As far as other costs, we're always looking to be efficient and nimble. As Dan asked earlier, we've had a lot of change in 2025 and probably more focused on seeing the impact of that change through 2025 and pulling more cost levers at this time. Got it. Thanks. Related, it's just on AFFO. Should we continue to expect growth in the second half, given the stability of interest expenses or CapEx, and presumably some growth in OIBDA? Thank you. Yes, as we said, we're keeping our AFFO guided at mid-single-digit growth. As you probably noticed, that implies some acceleration in revenue in the second half, which we feel pretty confident about. As Nick pointed out, we're seeing some improvement. Interest expense benefit mostly from the sale of our Canadian business last year with lower debt. We have a little bit of floating rate debt, so there could be some improvement as rates do trend down in the second half of the year. Understood. Thank you. Thanks. Our next question comes from Patrick Sholl with Barrington Research. Please go ahead. Hi. Thank you. Just a question on the guidance expectations. Could you maybe talk about some of the regional variations and what you're seeing for the acceleration in the second half, or if it's mostly format-driven? Hi, Patrick. It's Nick here. Could you do me a favor and repeat that question? I didn't quite hear the beginning bit clearly. Sorry. Is this better? I was just wondering if you could talk about any of the regional variations in the expectation for the revenue growth improvement in the second half. Yeah, I think the, no, thank you for that question, Patrick. We track in our sort of daily Monday morning when we look at our growth, when we have our growth meeting, we're looking at every region and the key states in each of our sales regions. One of the reasons we said earlier that we had consolidated from four regions to three and reorganized some of the states accordingly was to ensure that we could get that greater consistency of focus where the pressures were. I think we could see that it varies a lot. Now we're starting to analyze our revenues between new logos, as in new wins to the medium and those who have lost, as well as increases and decreases. It's hard to yet see a pattern where there has been a consistent regional consequence of either the market in general or anything that we're doing because where we've had enterprise clients suddenly very active, whether they're launching a car or launching a credit card, whatever it is in a particular part of a country, then we have the Commercial side of the business strengthening it or vice versa. I wouldn't say that there's been any regional variation that's been so significant other than the strengths of the regions that we have in terms of the biggest markets being California and New York. There's not been, and so far in my time in the seat, and when we look at the first half actuals and what we're looking at now for quarter three and certainly the early signs in the final quarter, we're not seeing significant regional variation over the norms. I don't know if that helps answer your question, Patrick. I guess maybe sort of like following up on that, just with your Los Angeles footprint and the loss of that contract, you can maybe just talk about your go-to-market there and your ability to reach a portion of the market. Are you seeing any sort of effect on the loss of that contract on the broader footprint? No, we're not. We feel very strongly that was a very heavy entertainment-oriented contract. That sector, that industry vertical, has been suffering for all the reasons we know, starting back in the writer's strike in 2024 all the way through to 2023. Where we are with all things, the strength of streaming in the creative economy. I think what we're recognizing is that we need to be more consistent in our relationship building with the very strong independent agencies in the LA area, whether it be 72 and Sunny, whether it be Horizon, whether it be Dentsu, 360i. There are so many strong independent players, as well as the independent multicultural agencies, as well as a very strong increase across California of the digital agencies. Those are an opportunity to generate revenues at the Enterprise level, as well as the Commercial level. The second thing we're doing is being much more proactive with the focus of this restructuring on growth, organic growth. When we're talking about account leaders and focusing on a customer success growth function, it's about making sure that we can get more out of what we've got with the resources we have. We've been clear, and we were very clear at the last earnings call that we were going to be very deliberate and judicial around the contracts and at what level we would continue to bid when our models and our math, even at the most optimistic levels, would see us basically taking on loss-making leases. We balanced that knowing that, particularly when you cite Los Angeles, that the Enterprise sector had been the category that significantly propped up certain of these contracts that we've basically chosen to walk away from. We didn't do it lightly because obviously then, as you're surmising, we have to focus on where we're generating the new revenues, both from existing clients as well as the new non-out-of-home advertisers. That work is well underway, especially in New York and LA. Okay, thank you so much. Thanks, Patrick. Thank you. We have no further questions in the queue, so I'll pass the call back over to Nick Brien for any closing comments. Thank you for joining us today. We hope to see and meet with many of you at our various conferences and events throughout the autumn. For those who we don't, we look forward to presenting our quarter three results to you in early November. Thank you so much for your time today. This concludes today's call. Thank you very much for joining. You may now disconnect your line.