Financial Data and Key Metrics Changes - Consolidated revenues increased by 3.45%, driven by a 24% growth in transit [4] - Consolidated OIBDA rose by 17% to $137 million, while AFFO increased by 24% to $100 million [4][12] - Billboard revenues decreased by 2.2%, primarily due to the exit of two large contracts [4][5] - Excluding the exited contracts, billboard revenues would have increased by over 1% [5] Business Line Data and Key Metrics Changes - Transit revenues grew by 24%, with New York MTA seeing a 37% increase [4][6] - Digital transit revenues surged over 50% to $56 million, while static revenues rose almost 4% [6] - Billboard yield growth was up about 1.4% year over year to over $3,000 per month [8] Market Data and Key Metrics Changes - Strong performance in legal, financial, tech, and travel sectors, while retail, alcohol, and government political sectors were weaker [6] - Combined digital revenue performance grew over 12%, representing 35.4% of total revenues [7] Company Strategy and Development Direction - The company is focusing on enhancing its transit growth team and developing distinct go-to-market sales solutions [6] - A strategic partnership with AWS aims to improve planning, buying, and measurement of inventory [7] - The company is positioning itself as a leader in out-of-home advertising, emphasizing real-life brand experiences [17][18] Management's Comments on Operating Environment and Future Outlook - Management expects fourth-quarter revenue growth to improve slightly, driven by mid-teens growth in transit and low single-digit growth in billboard [16] - The media and marketing landscape is undergoing significant changes, with a shift towards brand equity and emotional experiences [17] - Management is optimistic about the entertainment sector's recovery in 2026, despite current challenges [34] Other Important Information - The company raised its AFFO guidance for the full year, now expecting high single-digit growth [12] - Total net leverage dropped to 4.7 times, within the target range of four to five times [15] Q&A Session Summary Question: How does the company compare to its strategic objectives as it exits 2025? - Management expressed confidence in the execution of strategic imperatives and noted impressive results in Q3 [20][21] Question: What are the drivers of transit growth and expectations for next year? - The growth was attributed to a dedicated transit team, product marketing focus, and successful brand campaigns [23][24] Question: Can you elaborate on the restructuring of the sales function in transit? - The restructuring aimed to create more tailored sales conversations for different client types, enhancing engagement with major brands [27][29] Question: What is the outlook for the entertainment sector and events like the World Cup? - Management is optimistic about the entertainment sector's recovery and sees significant opportunities related to the World Cup [34][36] Question: Has the government shutdown impacted advertising trends? - Management indicated no material impact from the government shutdown on advertising trends [41]