Transit, however, is still lagging. You may now disconnect. We have obviously given some color on Billboard and Transit for 4Q, but beyond that color, we don’t typically give incremental guidance at this stage. Well, I guess the important point is now that Billboard audiences are sort of back to kind of pre-pandemic level. We are OUTFRONT by name and by nature. The trend continues. Thank you, Greg and thanks for joining us today. And we were able actually to retain a lot of business through actually having that degree of granular information billboard – billboard-by-billboard. I’ll note that we won’t see all of this in OIBDA, but you will in AFFO due to lease accounting. It was also reduced from proactive discussions with our landlords, and to-date, negotiations have reduced our fiscal year 2020 billboard lease expense by $16 million. Executive Vice President, Chief Revenue Officer. I think that – I am afraid I will not be able to provide a little – a little bit more – a bit more color than that. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. And now, let’s turn our attention to our outlook on Slide 20. I know that many of you have asked about what happens with these agreements in 2021. We’re looking at couple of right now. [Operator Instructions] And we will take our next question from Jim Goss from Barrington Research. One of our reduction or decrease has been variable cost components, a lot of the transit – the maintenance benefits from lower revenue, all of our Transit agreements are in revenue shares, from revenues that are depressed because of COVID, dramatically down. The last topic on revenues I’d like to cover is Digital, on Slide 10. Our net adds were 827 displays compared to just 97 in the second quarter. So, continue to evaluate this as our business improves. Turning to Slide 17, as usual, you can see our dividend coverage. Gregory Lundberg - Senior Vice President, IR. When you look at how our Billboard portfolio in particular, we are the biggest player by quite a long way in both New York and LA, which are very disposed through those meager advertising dollars. Our board evaluates our capital allocation on ongoing basis, and our stated intention remains that we will meet our minimum rate distribution requirements. But as we think about capital spending, your appetite for M&A and even things like new Transit yields, we saw that there was some Port Authority business you picked. Hopefully, we can see increased ridership partly because of that and benefit everybody. I would now like to hand it back over to our speakers for any additional or closing remarks. Jeremy Male, Chairman & CEO, Director at Outfront Media (OUT), is currently unranked, see this insider's latest transactions. Chairman, Chief Executive Officer. 20 Feb 2020. Or do you think there is going to be a little bit of a lag where the market does want to make sure that the audience is sort of there before they begin to redeploy dollars, that sort of comparable levels to the audience trends? So, that implies kind of couple of hundred boards and CapEx slightly in that $70 million, $80 million range next year. In the chart, you can see we were able to offset 60% of the revenue decline through expense reduction. Follow SA Transcripts and get email alerts. Overall, OIBDA margins came in at 24%, not quite back toward 29% historical annual run rate, but a good step closer. Capital expenditures on Slide 15 were still down significantly from last year in both maintenance and growth. And as we look at the fourth quarter, we expect total revenues to be down in the low 30% range. Now, these categories will obviously come back. Well, the fact is that Matt and I sign off every proposal for digital conversion, and but still making great returns. Maybe I could just jump in there as well. And one other thing, Slide 19, you are outlining the MTA deployment.
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