What changed in this filing

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Item 1. Financial Statements

2024-08-07 compared with 2024-05-03 · 223 added, 149 removed, 513 unchanged (42% of the section changed)

2 unchanged sentences

Consolidated Statements of Financial Position

(in millions) March 31,

(in millions) June 30,

2024 December 31,

48 unchanged sentences

Consolidated Statements of Operations

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions, except per share amounts) 2024 2023 2024 2023

4 unchanged sentences

Selling, general and administrative 119.1 108.6 229.6 216.5

Net loss on dispositions 0.1 0.3

Net (gain) loss on dispositions ( 155.2 ) ( 0.1 ) ( 155.1 ) 0.2

Impairment charges 8.8 511.4 17.9 511.4

2 unchanged sentences

Total expenses 248.2 907.0 642.7 1,292.6

Operating income 14.0 10.2

Operating income (loss) 229.1 ( 438.2 ) 243.1 ( 428.0 )

Interest expense, net ( 41.1 ) ( 39.7 ) ( 82.5 ) ( 77.4 )

Loss before benefit (provision) for income taxes and equity in earnings of investee companies ( 27.4 ) ( 27.5 )

Benefit (provision) for income taxes 0.5 ( 0.4 )

Loss on extinguishment of debt ( 1.2 ) — ( 1.2 ) —

Other income, net 1.1 0.2 1.1 0.2

Income (loss) before provision for income taxes and equity in earnings of investee companies 187.9 ( 477.7 ) 160.5 ( 505.2 )

Provision for income taxes ( 11.1 ) ( 0.4 ) ( 10.6 ) ( 0.8 )

Equity in earnings of investee companies, net of tax 0.2 ( 0.3 ) — ( 1.1 )

Net loss before allocation to non-controlling interests ( 27.1 ) ( 28.7 )

Net income (loss) before allocation to non-controlling interests 177.0 ( 478.4 ) 149.9 ( 507.1 )

Net income attributable to non-controlling interests 0.2 0.5 0.3 0.7

Net loss attributable to OUTFRONT Media Inc.

Net income (loss) attributable to OUTFRONT Media Inc.

$ 176.8 $ ( 478.9 ) $ 149.6 $ ( 507.8 )

Net loss per common share:

Net income (loss) per common share:

Basic $ 1.05 $ ( 2.92 ) $ 0.88 $ ( 3.11 )

5 unchanged sentences

OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Loss

Three Months Ended

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

Net loss before allocation to non-controlling interests $ ( 27.1 ) $ ( 28.7 )

Net income (loss) before allocation to non-controlling interests $ 177.0 $ ( 478.4 ) $ 149.9 $ ( 507.1 )

Net income attributable to non-controlling interests 0.2 0.5 0.3 0.7

Net loss attributable to OUTFRONT Media Inc.

Net income (loss) attributable to OUTFRONT Media Inc.

176.8 ( 478.9 ) 149.6 ( 507.8 )

1 unchanged sentence

Cumulative translation adjustments ( 0.9 ) 2.5 ( 4.0 ) 2.8

Total other comprehensive income (loss), net of tax ( 3.1 ) 0.3

Total comprehensive loss $ ( 30.3 ) $ ( 28.6 )

Write-off of currency translation losses related to a disposition 9.5 — 9.5 —

Total other comprehensive income, net of tax 8.6 2.5 5.5 2.8

Total comprehensive income (loss) $ 185.4 $ ( 476.4 ) $ 155.1 $ ( 505.0 )

See accompanying notes to unaudited consolidated financial statements.

5 unchanged sentences

Additional Paid-In Capital Distribution in Excess of Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non-Controlling Interests Total Equity

Balance as of December 31, 2022 0.1 $ 119.8 164.2 $ 1.6 $ 2,416.3 $ ( 1,183.4 ) $ ( 9.1 ) $ 1,225.4 $ 4.0 $ 1,349.2

Balance as of

March 31, 2023 0.1 $ 119.8 165.0 $ 1.6 $ 2,411.8 $ ( 1,264.2 ) $ ( 8.8 ) $ 1,140.4 $ 4.1 $ 1,264.3

Net income (loss) — — — — — ( 478.9 ) — ( 478.9 ) 0.5 ( 478.4 )

10 unchanged sentences

Balance as of

June 30, 2023 0.1 $ 119.8 165.0 $ 1.7 $ 2,419.6 $ ( 1,794.9 ) $ ( 6.3 ) $ 620.1 $ 4.7 $ 744.6

Balance as of

March 31, 2024 0.1 $ 119.8 165.9 $ 1.7 $ 2,431.9 $ ( 1,900.5 ) $ ( 8.9 ) $ 524.2 $ 3.2 $ 647.2

Net income — — — — — 176.8 — 176.8 0.2 177.0

Other comprehensive income — — — — — — 8.6 8.6 — 8.6

Stock-based payments:

Vested — — 0.1 — — — — — — —

Amortization — — — — 7.6 — — 7.6 — 7.6

Shares paid for tax withholding for stock-based payments — — — — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Series A Preferred Stock dividends ( 7 %)

— — — — — ( 2.2 ) — ( 2.2 ) — ( 2.2 )

Dividends ($ 0.30 per share)

— — — — — ( 49.9 ) — ( 49.9 ) — ( 49.9 )

Other — — — — — — — — 0.2 0.2

Balance as of

June 30, 2024 0.1 $ 119.8 166.0 $ 1.7 $ 2,439.3 $ ( 1,775.8 ) $ ( 0.3 ) $ 664.9 $ 3.6 $ 788.3

OUTFRONT Media Inc.

Consolidated Statements of Equity (Continued)

Stockholders’ Equity

(in millions, except per share amounts) Shares of Series A Preferred Stock Series A Preferred Stock ($ 0.01 per share par value)

Shares of Common Stock Common Stock ($ 0.01 per share par value)

Additional Paid-In Capital Distribution in Excess of Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non-Controlling Interests Total Equity

Balance as of December 31, 2022 0.1 $ 119.8 164.2 $ 1.6 $ 2,416.3 $ ( 1,183.4 ) $ ( 9.1 ) $ 1,225.4 $ 4.0 $ 1,349.2

Net income (loss) — — — — — ( 507.8 ) — ( 507.8 ) 0.7 ( 507.1 )

Other comprehensive loss — — — — — — ( 3.1 ) ( 3.1 ) — ( 3.1 )

Other comprehensive income — — — — — — 2.8 2.8 — 2.8

Stock-based payments:

6 unchanged sentences

— — — — — ( 99.3 ) — ( 99.3 ) — ( 99.3 )

Other — — — — — — — — ( 0.2 ) ( 0.2 )

Balance as of

March 31, 2024 0.1 $ 119.8 165.9 $ 1.7 $ 2,431.9 $ ( 1,900.5 ) $ ( 8.9 ) $ 524.2 $ 3.2 $ 647.2

June 30, 2023 0.1 $ 119.8 165.0 $ 1.7 $ 2,419.6 $ ( 1,794.9 ) $ ( 6.3 ) $ 620.1 $ 4.7 $ 744.6

Balance as of December 31, 2023 0.1 $ 119.8 165.1 $ 1.7 $ 2,432.2 $ ( 1,821.1 ) $ ( 5.8 ) $ 607.0 $ 3.3 $ 730.1

Net income — — — — — 149.6 — 149.6 0.3 149.9

Other comprehensive income — — — — — — 5.5 5.5 — 5.5

Stock-based payments:

Vested — — 1.5 — — — — — — —

Amortization — — — — 14.8 — — 14.8 — 14.8

Shares paid for tax withholding for stock-based payments — — ( 0.6 ) — ( 7.7 ) — — ( 7.7 ) — ( 7.7 )

Series A Preferred Stock dividends ( 7 %)

— — — — — ( 4.4 ) — ( 4.4 ) — ( 4.4 )

Dividends ($ 0.60 per share)

— — — — — ( 99.9 ) — ( 99.9 ) — ( 99.9 )

Balance as of

June 30, 2024 0.1 $ 119.8 166.0 $ 1.7 $ 2,439.3 $ ( 1,775.8 ) $ ( 0.3 ) $ 664.9 $ 3.6 $ 788.3

See accompanying notes to unaudited consolidated financial statements.

1 unchanged sentence

Consolidated Statements of Cash Flows

Three Months Ended

Six Months Ended

(in millions) 2024 2023

Operating activities:

Net loss attributable to OUTFRONT Media Inc.

Net income (loss) attributable to OUTFRONT Media Inc.

$ 149.6 $ ( 507.8 )

Adjustments to reconcile net loss to net cash flow provided by operating activities:

Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:

Net income attributable to non-controlling interests 0.3 0.7

Depreciation and amortization 71.8 83.1

Deferred tax provision 1.0 1.0

Deferred tax provision (benefit) ( 1.2 ) 0.1

Stock-based compensation 14.8 15.7

1 unchanged sentence

Accretion expense 1.5 1.5

Net loss on dispositions 0.1 0.3

Net (gain) loss on dispositions ( 155.1 ) 0.2

Impairment charges — 511.4

Loss on extinguishment of debt 1.2 —

Equity in earnings of investee companies, net of tax — 1.1

17 unchanged sentences

Net proceeds from dispositions 309.4 0.2

Net cash flow used for investing activities

Net cash flow provided by (used for) investing activities

259.5 ( 71.5 )

Financing activities:

Repayments of long-term debt borrowings ( 200.0 ) —

Proceeds from borrowings under short-term debt facilities 95.0 105.0

3 unchanged sentences

Dividends ( 104.4 ) ( 103.7 )

Net cash flow provided by (used for) financing activities

Net cash flow used for financing activities

( 347.1 ) ( 14.7 )

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows (Continued)

Six Months Ended

(in millions) 2024 2023

Effect of exchange rate changes on cash and cash equivalents

3 unchanged sentences

$ 49.6 $ 42.2

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows (Continued)

Three Months Ended

(in millions) 2024 2023

Supplemental disclosure of cash flow information:

11 unchanged sentences

OUTFRONT Media Inc.

(the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada.

Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S.

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and approximately 120 markets across the U.S.

We currently manage our operations through two operating segments—U.S.

We currently manage our operations through one operating segment, U.S.

Billboard and Transit, which is included in our U.S.

Media reportable segment, and International.

On October 22, 2023, the Company, Outfront Canada HoldCo 2 LLC, a wholly-owned subsidiary of the Company, and Outfront Canada Sub LLC, a wholly-owned subsidiary of the Company (together, the “Selling Subsidiaries”), entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Bell Media Inc.

(the “Buyer”), relating to the sale of the Company’s outdoor advertising business in Canada (the “Canadian Business”).

Pursuant to the Share Purchase Agreement, the Selling Subsidiaries agreed to sell all of its (and its affiliates) equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of the Canadian Business, to the Buyer, for C$ 410.0 million in cash, payable on the date of the consummation of the Transaction (the “Closing”).

Media reportable segment.

Prior to its sale, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other .

Historical operating results of our Canadian operations are included in Other through the date of sale.

On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”).

(See Note 11.

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Out-of-Period Adjustment

For the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease expenses and accrued lease and franchise costs in 2022, resulting in a $ 5.2 million increase in Operating expenses for the three months ended March 31, 2023.

For the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease costs and accrued lease and franchise costs in 2022, resulting in a $ 5.2 million increase in Operating expenses for the three months ended March 31, 2023.

The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No.

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The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Early adoption is permitted.

We are currently evaluating the impact of this guidance on our consolidated financial statements.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information.

5 unchanged sentences

The table below presents the balances of major classes of assets and accumulated depreciation.

(in millions) Estimated Useful Lives March 31,

(in millions) Estimated Useful Lives June 30,

2024 December 31,

8 unchanged sentences

Property and equipment, net $ 656.6 $ 657.8

Depreciation expense was $ 18.5 million in the three months ended March 31, 2024, and $ 20.1 million in the three months ended March 31, 2023.

Depreciation expense was $ 18.4 million in the three months ended June 30, 2024, $ 19.7 million in the three months ended June 30, 2023, $ 36.9 million in the six months ended June 30, 2024, and $ 39.8 million in the six months ended June 30, 2023.

Intangible Assets

3 unchanged sentences

(in millions) Gross Accumulated Amortization Impairment Net

As of March 31, 2024:

As of June 30, 2024:

Permits and leasehold agreements $ 1,540.3 $ ( 921.2 ) $ — $ 619.1

10 unchanged sentences

(a) We reclassified all Prepaid MTA equipment deployment costs (see Note 16.

Commitments and Contingencies ) and recorded impairments in the second, third and fourth quarters of 2023, as well as the first quarter of 2024, due to the long-term outlook of our U.S.

Commitments and Contingencies ) and recorded impairments in the second, third and fourth quarters of 2023, as well as the first and second quarters of 2024, due to the long-term outlook of our U.S.

Transit and Other reporting unit.

In the three months ended March 31, 2024, we acquired 2 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $ 4.5 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 15.2 years.

In the six months ended June 30, 2024, we acquired 4 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $ 5.2 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 14.6 years.

OUTFRONT Media Inc.

1 unchanged sentence

All of our intangible assets, except goodwill, are subject to amortization.

Amortization expense was $ 17.6 million in the three months ended March 31, 2024, and $ 21.8 million in the three months ended March 31, 2023.

As a result of our continued expectation of negative aggregate cash flows related to our MTA asset group, we recorded an additional impairment charge of $ 9.1 million in the first quarter of 2024, representing additional MTA equipment deployment cost spending during the quarter.

Amortization expense was $ 17.3 million in the three months ended June 30, 2024, $ 21.5 million in the three months ended June 30, 2023, $ 34.9 million in the six months ended June 30, 2024, and $ 43.3 million in the six months ended June 30, 2023.

As a result of negative aggregate cash flows related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group and recorded impairment charges of $ 8.8 million in the three months ended June 30, 2024, and $ 17.9 million in the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods.

In the three and six months ended June 30, 2023, we recorded impairment charges of $ 511.4 million, primarily representing a $ 443.1 million impairment charge related to our MTA asset group.

The following table presents our operating lease assets and liabilities:

(in millions, except years and percentages) March 31,

(in millions, except years and percentages) June 30,

2024 December 31,

5 unchanged sentences

The components of our lease expenses were as follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

3 unchanged sentences

Variable costs (a)

30.3 38.1 58.9 70.6

Cash paid for operating leases (b)

113.5 113.2 256.0 250.9

Leased assets obtained in exchange for new operating lease liabilities 45.1 83.9 105.6 256.0

(a) Includes an out-of-period adjustment of $ 5.2 million recorded in the first quarter of 2023 related to variable billboard property lease expenses (see Note 1.

(a) Includes an out-of-period adjustment of $ 5.2 million recorded in the first quarter of 2023 related to variable billboard property lease costs (see Note 1.

Description of Business and Basis of Presentation ).

4 unchanged sentences

Canadian Business .)

For each of the three months ended March 31, 2024 and 2023, sublease income related to office properties was immaterial.

We recorded rental income of $ 304.1 million for the three months ended March 31, 2024, and $ 298.4 million for the three months ended March 31, 2023, in Revenues on our Consolidated Statement of Operations.

For each of the three and six months ended June 30, 2024 and 2023, sublease income related to office properties was immaterial.

We recorded rental income of $ 345.8 million for the three months ended June 30, 2024, $ 349.3 million for the three months ended June 30, 2023, $ 649.9 million for the six months ended June 30, 2024, and $ 647.7 million for the six months ended June 30, 2023, in Revenues on our Consolidated Statement of Operations.

OUTFRONT Media Inc.

10 unchanged sentences

Foreign currency translation adjustments ( 0.2 )

As of March 31, 2024 $ 33.3

As of June 30, 2024 $ 33.4

Related Party Transactions

11 unchanged sentences

and (iii) in the event of a termination of the Billboard Agreement by the Providence Affiliate after a sale to a third-party, we may in certain circumstances be entitled to receive a termination payment.

As of March 31, 2024, operating lease assets related to the Billboard Agreement were $ 90.9 million , current operating lease liabilities related to the Billboard Agreement were $ 3.9 million and non-current operating lease liabilities related to the Billboard Agreement were $ 92.2 million , and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities , respectively, on the Consolidated Statements of Financial Position.

Billboard revenues related to the Billboard Agreement were $ 2.8 million in the three months ended March 31, 2024 and $ 1.9 million in the three months ended March 31, 2023, and recorded in Revenues on the Consolidated Statement of Operations.

Operating lease expenses related to the Billboard Agreement were $ 3.5 million in the three months ended March 31, 2024, and $ 2.3 million in the three months ended March 31, 2023, and recorded in Operating expenses on the Consolidated Statement of Operations.

Joint Ventures

We have a 50 % ownership interest in two active joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and two active joint ventures which operate a total of seven billboard displays in New York and Boston.

As of June 30, 2024, operating lease assets related to the Billboard Agreement were $ 89.0 million , current operating lease liabilities related to the Billboard Agreement were $ 4.0 million and non-current operating lease liabilities related to the Billboard Agreement were $ 91.1 million , and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities , respectively, on the Consolidated Statements of Financial Position.

Billboard revenues related to the Billboard Agreement were $ 2.4 million in the three months ended June 30, 2024, $ 1.9 million in the three months ended June 30, 2023, $ 5.2 million in the six months ended June 30, 2024 and $ 3.8 million in the six months ended June 30, 2023, and recorded in Revenues on the Consolidated Statement of Operations.

Operating lease expenses related to the Billboard Agreement were $ 2.8 million in the three months ended June 30, 2024, $ 2.6 million in the three months ended June 30, 2023, $ 6.3 million in the six months ended June 30, 2024, and $ 4.9 million in the six months ended June 30, 2023, and recorded in Operating expenses on the Consolidated Statement of Operations.

Additionally, we have a 50 % ownership interest in one active joint venture that operates transit shelters in the greater Los Angeles area and two active joint ventures which operate a total of seven billboard displays in New York and Boston.

All of these joint ventures are accounted for as equity investments.

These investments totaled $ 7.8 million as of March 31, 2024, and $ 8.2 million as of December 31, 2023, and are included in Other assets on the Consolidated Statements of Financial Position.

These investments totaled $ 7.8 million as of June 30, 2024, and $ 8.2 million as of December 31, 2023, and are included in Other assets on the Consolidated Statements of Financial Position.

In 2023, in connection with the Transaction, an equity investment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position.

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Dispositions :

Canadian Business .) We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $ 1.0 million in each of the three months ended March 31, 2024 and 2023.

Canadian Business .) We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Statement of Operations of $ 1.2 million in the three months ended June 30, 2024, $ 1.4 million in the three months ended June 30, 2023, $ 2.2 million in the six months ended June 30, 2024 and $ 2.4 million in the six months ended June 30, 2023.

Debt, net, consists of the following:

(in millions, except percentages) March 31,

(in millions, except percentages) June 30,

2024 December 31,

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Weighted average cost of debt 5.6 % 5.7 %

The interest rate on the term loan due in 2026 (the “Term Loan”) was 7.1 % per annum as of March 31, 2024.

As of March 31, 2024, a discount of $ 1.0 million on the Term Loan remains unamortized.

The interest rate on the term loan due in 2026 (the “Term Loan”) was 7.1 % per annum as of June 30, 2024.

As of June 30, 2024, a discount of $ 0.6 million on the Term Loan remains unamortized.

The discount is being amortized through Interest expense, net , on the Consolidated Statement of Operations.

In June 2024, we prepaid $ 200.0 million of the outstanding principal balance on the Term Loan.

In the three and six months ended June 30, 2024, we recorded a Loss on extinguishment of debt of $ 1.2 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on the Term Loan.

Revolving Credit Facility

We also have a $ 500.0 million revolving credit facility, which matures in 2028 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”).

As of March 31, 2024, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $ 0.5 million in the three months ended March 31, 2024, and $ 0.4 million in the three months ended March 31, 2023.

As of March 31, 2024, we had issued letters of credit totaling approximately $ 6.4 million against the letter of credit facility sublimit under the Revolving Credit Facility.

As of June 30, 2024, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $ 0.5 million in the three months ended June 30, 2024, $ 0.4 million in the three months ended June 30, 2023, $ 1.0 million in the six months ended June 30, 2024, and $ 0.8 million in the six months ended June 30, 2023.

As of June 30, 2024, we had issued letters of credit totaling approximately $ 6.3 million against the letter of credit facility sublimit under the Revolving Credit Facility.

OUTFRONT Media Inc.

1 unchanged sentence

Standalone Letter of Credit Facilities

As of March 31, 2024, we had issued letters of credit totaling approximately $ 67.3 million under our aggregate $ 81.0 million standalone letter of credit facilities.

The total fees under the letter of credit facilities were immaterial in each of the three months ended March 31, 2024 and 2023.

As of June 30, 2024, we had issued letters of credit totaling approximately $ 67.3 million under our aggregate $ 81.0 million standalone letter of credit facilities.

The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2024 and 2023.

Accounts Receivable Securitization Facility

As of March 31, 2024, we have a $ 150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in May 2025, unless further extended.

As of June 30, 2024, we have a $ 150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended.

On June 14, 2024, we entered into an amendment to the agreements governing the AR Facility, pursuant to which we (i) extended the term of the AR Facility so that it now terminates on June 14, 2027, unless further extended;

and (ii) modified the upfront fee and modified the program fee so that the program fee may increase or decrease based on the Company’s Consolidated Net Secured Leverage Ratio (as defined and described below).

The amendment to the agreements governing the AR Facility do not change how we account for the AR Facility as a collateralized financing activity.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”).

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Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

As of March 31, 2024, there were $ 120.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 6.3 %.

As of March 31, 2024, borrowing capacity remaining under the AR Facility was $ 30.0 million based on approximately $ 294.1 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility.

The commitment fee based on the amount of unused commitments under the AR Facility was $ 0.1 million for each of the three months ended March 31, 2024 and 2023.

As of June 30, 2024, there were $ 30.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 6.6 %.

As of June 30, 2024, borrowing capacity remaining under the AR Facility was $ 120.0 million based on approximately $ 314.6 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility.

The commitment fee based on the amount of unused commitments under the AR Facility was $ 0.1 million for each of the six months ended June 30, 2024 and 2023, and was immaterial for each of the three months ended June 30, 2024 and 2023.

In July and August 2024, we made repayments totaling $ 30.0 million under the AR Facility.

Debt Covenants

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One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.0 to 1.0.

As of March 31, 2024, our Consolidated Total Leverage Ratio was 5.3 to 1.0 in accordance with the Credit Agreement.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $ 150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0.

As of March 31, 2024, our Consolidated Net Secured Leverage Ratio was 2.0 to 1.0 in accordance with the Credit Agreement.

As of March 31, 2024, we are in compliance with our debt covenants.

As of June 30, 2024, our Consolidated Total Leverage Ratio was 5.0 to 1.0, as adjusted to give pro forma effect to the Transaction, in accordance with the Credit Agreement.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

As of June 30, 2024, our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0, as adjusted to give pro forma effect to the Transaction,- in accordance with the Credit Agreement.

As of June 30, 2024, we are in compliance with our debt covenants.

Deferred Financing Costs

As of March 31, 2024, we had deferred $ 25.9 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes.

As of June 30, 2024, we had deferred $ 23.8 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes.

We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes.

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and unobservable inputs for the asset or liability are defined as Level 3.

The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $ 2.7 billion as of both March 31, 2024, and December 31, 2023.

The fair value of our debt as of both March 31, 2024, and December 31, 2023, is classified as Level 2.

As of March 31, 2024, 450,000,000 shares of our common stock, par value $ 0.01 per share, were authorized;

The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $ 2.5 billion as of June 30, 2024, and $ 2.7 billion as of December 31, 2023.

The fair value of our debt as of both June 30, 2024, and December 31, 2023, is classified as Level 2.

As of June 30, 2024, 450,000,000 shares of our common stock, par value $ 0.01 per share, were authorized;

165,979,058 shares were issued and outstanding;

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Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.

During the three months ended March 31, 2024, we paid cash dividends of $ 2.2 million on the Series A Preferred Stock.

As of March 31, 2024, the maximum number of shares of common stock that could be required to be issued on conversion of the outstanding shares of Series A Preferred Stock was approximately 7.8 million shares.

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $ 300.0 million.

We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement.

No shares were sold under the ATM Program during the three months ended March 31, 2024.

As of March 31, 2024, we had approximately $ 232.5 million of capacity remaining under the ATM Program.

During the three months ended June 30, 2024, we paid cash dividends of $ 2.2 million on the Series A Preferred Stock and during the six months ended June 30, 2024, we paid cash dividends of $ 4.4 million on the Series A Preferred Stock.

As of June 30, 2024, the maximum number of shares of common stock that could be required to be issued on conversion of the outstanding shares of Series A Preferred Stock was approximately 7.8 million shares.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

On May 2, 2024 , we announced that our board of directors approved a quarterly cash dividend of $ 0.30 per share on our common stock, payable on June 28, 2024 , to stockholders of record at the close of business on June 7, 2024 .

We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement.

No shares were sold under the ATM Program during the six months ended June 30, 2024.

As of June 30, 2024, we had approximately $ 232.5 million of capacity remaining under the ATM Program.

On August 6, 2024 , we announced that our board of directors approved a quarterly cash dividend of $ 0.30 per share on our common stock, payable on September 27, 2024 , to stockholders of record at the close of business on September 6, 2024 .

The following table summarizes revenues by source:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

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Total revenues $ 477.3 $ 468.8 $ 885.8 $ 864.6

Rental income was $ 304.1 million in the three months ended March 31, 2024, and $ 298.4 million in the three months ended March 31, 2023, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

Rental income was $ 345.8 million in the three months ended June 30, 2024, $ 349.3 million in the three months ended June 30, 2023, $ 649.9 million in the six months ended June 30, 2024, and $ 647.7 million in the six months ended June 30, 2023, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

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We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2023, during the three months ended March 31, 2024.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Acquisitions and Dispositions

We completed several asset acquisitions for a total purchase price of approximately $ 6.0 million in the three months ended March 31, 2024, and $ 5.1 million in the three months ended March 31, 2023.

We completed several asset acquisitions for a total purchase price of approximately $ 7.6 million in the six months ended June 30, 2024, and $ 27.4 million in the six months ended June 30, 2023.

The value of the assets acquired during 2024 and 2023 has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4.

Intangible Assets ).

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Canadian Business

On October 22, 2023, the Selling Subsidiaries entered into a Share Purchase Agreement with the Buyer, relating to the sale of the Canadian Business.

Pursuant to the Share Purchase Agreement, the Selling Subsidiaries agreed to sell all of its (and its affiliates) equity interests in Outdoor Systems Americas ULC and its subsidiaries, which hold all of the assets of the Canadian Business, to the Buyer, for C$ 410.0 million in cash, payable on the date of the consummation of the Transaction.

The purchase price is subject to (i) adjustments at and following the Closing for working capital, cash, indebtedness, capital expenditures and transaction expenses, and (ii) a holdback to be released at or following the Closing, in whole or in part, if certain third-party contracts are renewed or extended on certain terms.

The consummation of the Transaction is expected to occur in the first half of 2024, subject to certain closing conditions, including, among others, (i) the absence of any enacted or pending law, order, judgment or litigation by a governmental authority prohibiting the consummation of the Transaction, and (ii) receipt of antitrust approval in Canada (the “Antitrust Approval”).

The obligation of the Buyer to consummate the Transaction is also conditioned on the absence of a material adverse effect on the Canadian Business following the date of the Share Purchase Agreement and the Selling Subsidiaries’ obligation to spend a target percentage of forecasted capital expenditures through the Closing.

The obligation of each party to consummate the Transaction is conditioned on each party’s representations and warranties being true and correct and each party having performed in all material respects its obligations under the Share Purchase Agreement.

In addition, the Share Purchase Agreement may be terminated under certain circumstances, including (i) by mutual written agreement of the Buyer and the Selling Subsidiaries;

(ii) by either the Buyer or the Selling Subsidiaries if the Closing does not occur by July 22, 2024, with extensions by the Buyer or the Selling Subsidiaries under certain conditions until no later than October 22, 2024 (the “Outside Date”);

or (iii) by either the Buyer or the Selling Subsidiaries if a failure by either the Buyer or the Seller Subsidiaries is the principal cause of any closing condition not being satisfied.

If the Antitrust Approval is not received by the Outside Date and the principal cause of such failure is not a failure of the Selling Subsidiaries or its subsidiaries to perform any of their obligations under the Share Purchase Agreement, the Buyer will pay a termination fee to the Selling Subsidiaries in the amount of C$ 20.0 million.

In connection with the Transaction, the assets of our outdoor advertising business in Canada has been classified as Assets held for sale on the Consolidated Statement of Financial Position.

On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction.

In connection with the Transaction, the Company received C$ 410.0 million in cash, which is subject to certain purchase price adjustments.

In connection with the Transaction, the assets of our outdoor advertising business in Canada had been classified as Assets held for sale on the Consolidated Statement of Financial Position as of December 31, 2023.

It is required that we measure assets held for sale at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell.

The components of Assets held for sale and Liabilities held for sale were as follows:

The components of Assets held for sale and Liabilities held for sale , which were written off upon completion of the Transaction, were as follows:

(in millions) As of

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Stock-Based Compensation

The following table summarizes our stock-based compensation expense for the three months ended March 31, 2024 and 2023.

Three Months Ended

The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2024 and 2023.

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

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Stock-based compensation expense, net of tax $ 7.2 $ 7.8 $ 14.2 $ 15.2

As of March 31, 2024, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $ 48.2 million, which is expected to be recognized over a weighted average period of 2.1 years.

As of June 30, 2024, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $ 41.0 million, which is expected to be recognized over a weighted average period of 1.9 years.

RSUs and PRSUs

The following table summarizes activity for the three months ended March 31, 2024, of RSUs and PRSUs issued to our employees.

The following table summarizes activity for the six months ended June 30, 2024, of RSUs and PRSUs issued to our employees.

Activity Weighted Average Per Share Grant Date Fair Market Value

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PRSUs ( 196,486 ) 18.66

Non-vested as of March 31, 2024 3,654,077 15.43

Non-vested as of June 30, 2024 3,571,174 15.37

Retirement Benefits

The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

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Net periodic pension cost $ — $ ( 0.2 ) $ ( 0.1 ) $ ( 0.3 )

In the three months ended March 31, 2024, we contributed $ 0.2 million to our defined benefit pension plans.

In 2024, we expect to contribute approximately $ 0.2 million to our defined benefit pension plans.

In the six months ended June 30, 2024, we contributed $ 0.2 million to our defined benefit pension plans.

In connection with the Transaction, we sold the Outfront Media Canada LP pension plan.

We do not expect to make any additional contributions to our remaining defined benefit pension plan in the U.S.

during the remainder of 2024.

OUTFRONT Media Inc.

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Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results.

In the three months ended March 31, 2024 and 2023, our effective tax rate differed from the U.S.

federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations.

In the three and six months ended June 30, 2024 and 2023, our effective tax rate differed from the U.S.

federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations (including the impact of the Transaction).

Earnings Per Share (“EPS”)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

Net loss available for common stockholders $ ( 27.2 ) $ ( 28.9 )

Net income (loss) available for common stockholders (a)

$ 176.8 $ ( 478.9 ) $ 149.6 $ ( 507.8 )

Distributions to holders of Series A Preferred Stock

Net loss available for common stockholders, basic and diluted $ ( 29.4 ) $ ( 31.1 )

Weighted average shares for basic and diluted EPS (a)(b)

(a) The potential impact of 1.8 million granted RSUs and PRSUs in the three months ended March 31, 2024, and 1.4 million granted RSUs and PRSUs in the three months ended March 31, 2023, were antidilutive.

(b) The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in each of the three months ended March 31, 2024 and 2023, were antidilutive.

2.2 2.2 4.4 4.4

Net income (loss) available for common stockholders, basic (b)

$ 174.6 $ ( 481.1 ) $ 145.2 $ ( 512.2 )

Weighted average shares for basic EPS 165.9 165.0 165.7 164.8

Dilutive potential shares from grants of RSUs and PRSUs (c)

Dilutive potential shares issuable upon conversion of Series A Preferred Stock (d)

Weighted average shares for diluted EPS (c)(d)

174.5 165.0 174.2 164.8

(a) In 2024, Net income available for common stockholders for the calculation of diluted EPS.

(b) In 2023, Net loss available for common stockholders for the calculation of both basic and diluted EPS .

(c) The potential impact of 0.9 million granted RSUs and PRSUs in the three months ended June 30, 2024, 2.5 million granted RSUs and PRSUs in the three months ended June 30, 2023, 1.0 million granted RSUs and PRSUs in the six months ended June 30, 2024, and 2.1 million granted RSUs and PRSUs in the six months ended June 30, 2023, were antidilutive.

(d) The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three and six months ended June 30, 2023, were antidilutive.

Commitments and Contingencies

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Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Under the current MTA agreement, which was amended in June 2020 and July 2021 and is subject to modification as agreed-upon by us and the MTA (as amended, the “MTA Agreement”):

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We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

in the table below, recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced.

As presented in the table below, recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced.

If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges (see Note 4.

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For any deployment costs deemed authorized after December 31, 2020, the MTA and the Company will no longer be obligated to directly pay 70 % and 30 % of the costs, respectively, and these costs will be subject to recoupment in accordance with the MTA Agreement.

We did not recoup any equipment deployment costs in the three months ended March 31, 2024, and we do not expect to recoup any equipment deployment costs in the remainder of 2024.

We did not recoup any equipment deployment costs in the six months ended June 30, 2024, and we do not expect to recoup any equipment deployment costs in the remainder of 2024.

We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment.

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We have the option to extend the Amended Term for an additional five-year period at the end of the Amended Term, subject to satisfying certain quantitative and qualitative conditions.

During the three months ended March 31, 2024, we had no recoupment from incremental revenues.

As of March 31, 2024, 22,195 digital displays had been installed, composed of 5,118 digital advertising screens on subway and train platforms and entrances, 11,854 smaller-format digital advertising screens on rolling stock and 5,223 MTA communications displays.

In the three months ended March 31, 2024, 2,498 installations occurred.

During the six months ended June 30, 2024, we had no recoupment from incremental revenues.

As of June 30, 2024, 23,971 digital displays had been installed, composed of 5,004 digital advertising screens on subway and train platforms and entrances, 13,430 smaller-format digital advertising screens on rolling stock and 5,537 MTA communications displays.

In the three months ended June 30, 2024, 1,776 installations occurred, for a total of 4,274 installations in the six months ended June 30, 2024.

As a result of negative aggregate cash flows related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group and recorded impairment charges of $ 8.8 million in the three months ended June 30, 2024, and $ 17.9 million in the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods.

OUTFRONT Media Inc.

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(in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization/Impairment Reclassification Ending Balance

Three months ended March 31, 2024:

Six months ended June 30, 2024:

Other current assets $ 1.1 $ — $ — $ — $ — $ 1.1

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We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business.

As of March 31, 2024, the outstanding letters of credit were approximately $ 73.7 million and outstanding surety bonds were approximately $ 172.6 million, and were not recorded on the Consolidated Statements of Financial Position.

As of June 30, 2024, the outstanding letters of credit were approximately $ 73.6 million and outstanding surety bonds were approximately $ 172.5 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

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Segment Information

We currently manage our operations through two operating segments—U.S.

We currently manage our operations through one operating segment, U.S.

Billboard and Transit, which is included in our U.S.

Media reportable segment, and International.

International does not meet the criteria to be a reportable segment and accordingly, is included in Other .

Media reportable segment.

Prior to the Transaction, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other .

Historical operating results of our Canadian operations are included in Other through the date of sale.

The following tables set forth our financial performance by segment.

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

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We present Operating income (loss) before Depreciation , Amortization , Net (gain) loss on dispositions, Stock-based compensation and Impairment charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

Net loss before allocation to non-controlling interests $ ( 27.1 ) $ ( 28.7 )

(Benefit) provision for income taxes ( 0.5 ) 0.4

Net income (loss) before allocation to non-controlling interests $ 177.0 $ ( 478.4 ) $ 149.9 $ ( 507.1 )

Provision for income taxes 11.1 0.4 10.6 0.8

Equity in earnings of investee companies, net of tax ( 0.2 ) 0.3 — 1.1

Interest expense, net 41.1 39.7 82.5 77.4

Operating income 14.0 10.2

Net loss on dispositions 0.1 0.3

Loss on extinguishment of debt 1.2 — 1.2 —

Other income, net ( 1.1 ) ( 0.2 ) ( 1.1 ) ( 0.2 )

Operating income (loss) 229.1 ( 438.2 ) 243.1 ( 428.0 )

Net (gain) loss on dispositions ( 155.2 ) ( 0.1 ) ( 155.1 ) 0.2

Impairment charges 8.8 511.4 17.9 511.4

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Notes to Consolidated Financial Statements

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2024 2023 2024 2023

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Corporate ( 23.7 ) ( 20.5 ) ( 47.1 ) ( 41.3 )

Total operating income $ 14.0 $ 10.2

Net loss on dispositions:

Total operating income (loss) $ 229.1 $ ( 438.2 ) $ 243.1 $ ( 428.0 )

Net gain (loss) on dispositions:

Media $ 0.1 $ ( 0.1 ) $ 0.2 $ 0.2

Total loss on dispositions $ 0.1 $ 0.3

Impairment charges (a) :

Other ( 155.3 ) — ( 155.3 ) —

Total gain (loss) on dispositions $ ( 155.2 ) $ ( 0.1 ) $ ( 155.1 ) $ 0.2

Impairment charges (a)(b) :

Media $ 8.8 $ 511.4 $ 17.9 $ 511.4

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Media $ 35.7 $ 37.7 $ 71.8 $ 76.2

Other — 3.5 — 6.9

Total depreciation and amortization $ 35.7 $ 41.2 $ 71.8 $ 83.1

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Total capital expenditures $ 23.9 $ 22.3 $ 42.3 $ 44.9

(a) Impairment charges related to the long-term outlook of our U.S.

(a) In 2024, Impairment charges related to the long-term outlook of our U.S.

Transit and Other reporting unit (see Note 4.

Intangible Assets ).

(in millions) March 31,

(b) In 2023, Impairment charges related to the long-term outlook of our U.S.

Transit and Other reporting unit (see Note 4.

Intangible Assets ) and an other-than-temporary decline in fair value of a cost-method investment.

(in millions) June 30,

2024 December 31, 2023

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Total assets $ 5,252.2 $ 5,582.9

(a) Includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.

(a) As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.

(See Note 11.

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Canadian Business .)

(in millions) March 31,

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(in millions) June 30,

2024 December 31, 2023

3 unchanged sentences

(a) Reflects total assets less current assets, investments and non-current deferred tax assets.

(b) Includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.

(b) As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.

(See Note 11.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements