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Patrick Shultz

Research Analyst at Barrington Research

Patrick Shultz is a finance professional with a background in macrofinance, currently holding a Ph.D. from the Wharton School of the University of Pennsylvania. His prior roles include Research Associate at the Federal Reserve Bank of San Francisco and Financial Analyst at ICONIQ Capital, where he specialized in financial intermediation, monetary policy, and economic analysis. Shultz has published in peer-reviewed journals such as The Quarterly Journal of Finance and the Journal of International Money and Finance, and his research has focused on topics ranging from bond flows to long-term interest rates. He holds a B.A. in Economics from Claremont McKenna College and possesses advanced research credentials, though no direct evidence links him to an analyst or director position at Barrington Research.

Patrick Shultz's questions to OUTFRONT Media (OUT) leadership

Question · Q4 2025

Patrick Shute asked for clarification on CapEx allocation beyond maintenance, specifically if digital development primarily targets digital boards. He also inquired if AI ad spending is grouped within tech and its sustainability, and if the MTA's MetroCard to OMNY transition caused any comp issues.

Answer

CFO Matthew Siegel clarified that the CapEx increase from $85M to $90M is primarily for growth, focusing on digital conversions and new digital boards. He confirmed AI ad spending is grouped within tech. Regarding MTA, he stated no comp issues from the MetroCard to OMNY transition, noting ridership is slowly increasing (80-85% of 2019 levels). CEO Nick Brien added that MTA ridership is up 30% from 2022, with over 1.3 billion trips.

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Question · Q4 2025

Patrick Shute first asked for clarification on CapEx, specifically if digital development primarily covers digital boards or other digital investments. He then inquired if AI and other tech ad spending, including prediction markets, are grouped within the broader tech category and if this trend is considered sustainable. Finally, he asked if there were any comparative issues for MTA revenue due to the transition from MetroCard to OMNY or related government advertising.

Answer

CFO Matthew Siegel clarified that the increased CapEx, moving from $85 million to $90 million, is primarily for growth, focusing on digital conversions and new digital boards, with maintenance CapEx remaining stable. He confirmed that AI and prediction market advertising are grouped within the tech category. Regarding MTA, Matthew Siegel stated there were no comparative issues from the MetroCard to OMNY transition, noting ridership is slowly increasing to 80-85% of 2019 levels. CEO Nick Brien added that MTA ridership was up 30% from 2022, with over 1.3 billion total trips, and the transit team is actively fostering innovation with the MTA.

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Patrick Shultz's questions to LGF-A leadership

Question · Q2 2025

Asked how recent theatrical underperformance is affecting the company's approach to marketing films.

Answer

The focus is less on changing marketing tactics and more on reevaluating which films get greenlit. The strategy is to select projects with strong creative and inherent marketing propositions (filmmakers, talent) that can break through the noise, rather than simply increasing marketing spend.

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