2 unchanged sentences
Consolidated Statements of Financial Position
−Removed: (in millions) September 30,
+Added: (in millions) March 31,
2025 December 31,
4 unchanged sentences
Other prepaid expenses 17.4 17.8
−Removed: Assets held for sale (Note 12) — 34.6
Other current assets 11.0 11.8
4 unchanged sentences
Operating lease assets (Note 5) 1,495.3 1,503.8
−Removed: Assets held for sale (Note 12) — 214.3
Other assets 17.6 18.3
9 unchanged sentences
Short-term operating lease liabilities (Note 5) 177.4 168.7
−Removed: Liabilities held for sale (Note 12) — 24.1
Other current liabilities 23.1 19.6
3 unchanged sentences
Operating lease liabilities (Note 5) 1,336.3 1,351.8
−Removed: Liabilities held for sale (Note 12) — 90.9
Other liabilities 42.6 42.2
16 unchanged sentences
Consolidated Statements of Operations
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(in millions, except per share amounts) 2025 2024
−Removed: Billboard $ 360.6 $ 363.6 $ 1,062.8 $ 1,055.8
−Removed: Transit and other 91.3 91.2 274.9 263.6
−Removed: Total revenues 451.9 454.8 1,337.7 1,319.4
+Added: Revenues $ 390.7 $ 408.5
Operating 221.3 238.7
Selling, general and administrative 114.7 110.5
−Removed: Net (gain) loss on dispositions 1.5 — ( 153.6 ) 0.2
+Added: Net loss on dispositions 0.1 0.1
Impairment charges — 9.1
2 unchanged sentences
Total expenses 376.8 394.5
−Removed: Operating income (loss) 71.3 58.6 314.4 ( 364.2 )
+Added: Operating income 13.9 14.0
Interest expense, net ( 36.0 ) ( 41.4 )
−Removed: Loss on extinguishment of debt — — ( 1.2 ) —
−Removed: Other income (loss), net ( 0.1 ) ( 0.1 ) 1.0 0.1
−Removed: Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies 34.1 18.3 194.6 ( 481.7 )
+Added: Loss before benefit (provision) for income taxes and equity in earnings of investee companies ( 22.1 ) ( 27.4 )
Benefit (provision) for income taxes ( 0.5 ) 0.5
Equity in earnings of investee companies, net of tax 1.9 ( 0.2 )
−Removed: Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 34.8 16.7 184.7 ( 485.2 )
+Added: Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 20.7 ) ( 27.1 )
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests ( 0.1 ) 0.1
−Removed: Net income (loss) attributable to OUTFRONT Media Inc.
+Added: Net loss attributable to OUTFRONT Media Inc.
$ ( 20.6 ) $ ( 27.2 )
−Removed: Net income (loss) per common share:
+Added: Net loss per common share:
Basic $ ( 0.14 ) $ ( 0.18 )
5 unchanged sentences
OUTFRONT Media Inc.
−Removed: Consolidated Statements of Comprehensive Income (Loss)
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Consolidated Statements of Comprehensive Loss
+Added: Three Months Ended
(in millions) 2025 2024
−Removed: Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests $ 34.8 $ 16.7 $ 184.7 $ ( 485.2 )
+Added: Net loss before allocation to redeemable and non-redeemable noncontrolling interests $ ( 20.7 ) $ ( 27.1 )
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests ( 0.1 ) 0.1
−Removed: Net income (loss) attributable to OUTFRONT Media Inc.
+Added: Net loss attributable to OUTFRONT Media Inc.
( 20.6 ) ( 27.2 )
−Removed: Other comprehensive income (loss), net of tax:
+Added: Other comprehensive loss, net of tax:
Cumulative translation adjustments — ( 3.1 )
−Removed: Write-off of currency translation losses related to a disposition — — 9.5 —
−Removed: Total other comprehensive income (loss), net of tax — ( 2.2 ) 5.5 0.6
−Removed: Total comprehensive income (loss) $ 34.6 $ 14.8 $ 189.7 $ ( 485.0 )
+Added: Total other comprehensive loss, net of tax — ( 3.1 )
+Added: Total comprehensive loss $ ( 20.6 ) $ ( 30.3 )
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
−Removed: Balance as of
−Removed: June 30, 2023 $ 28.9 0.1 $ 119.8 165.0 $ 1.7 $ 2,393.7 $ ( 1,794.9 ) $ ( 6.3 ) $ 594.2 $ 1.7
−Removed: Net income (loss) ( 0.2 ) — — — — — 17.0 — 17.0 ( 0.1 )
−Removed: Other comprehensive loss — — — — — — — ( 2.2 ) ( 2.2 ) —
−Removed: Stock-based payments:
−Removed: Amortization — — — — — 7.2 — — 7.2 —
−Removed: Shares paid for tax withholding for stock-based payments — — — — — ( 0.1 ) — — ( 0.1 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — — — — — ( 2.2 ) — ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — — — — — ( 49.7 ) — ( 49.7 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 0.2 — — — — ( 0.2 ) — 0 — ( 0.2 ) —
−Removed: Other ( 0.7 ) — — — — — — — — 0.1
−Removed: Balance as of September 30, 2023 $ 28.2 0.1 $ 119.8 165.0 $ 1.7 $ 2,400.6 $ ( 1,829.8 ) $ ( 8.5 ) $ 564.0 $ 1.7
−Removed: OUTFRONT Media Inc.
−Removed: Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Shares of Series A Preferred Stock Series A Preferred Stock ($ 0.01 per share par value)
−Removed: Shares of Common Stock Common Stock ($ 0.01 per share par value)
−Removed: Additional Paid-In Capital Distribution in Excess of Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of
−Removed: June 30, 2024 $ 38.2 0.1 $ 119.8 166.0 $ 1.7 $ 2,403.1 $ ( 1,775.8 ) $ ( 0.3 ) $ 628.7 $ 1.6
−Removed: Net income (loss) 0.3 — — — — — 34.6 — 34.6 ( 0.1 )
−Removed: Stock-based payments:
−Removed: Amortization — — — — — 7.0 — — 7.0 —
−Removed: Purchase of non-controlling interest ( 24.6 ) — — — — 0.3 — — 0.3 —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — — — — — ( 2.2 ) — ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — — — — — ( 49.9 ) — ( 49.9 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 0.3 — — — — ( 0.3 ) — — ( 0.3 ) —
−Removed: Other ( 0.7 ) — — — — — — — — 0.1
−Removed: Balance as of September 30, 2024 $ 13.5 0.1 $ 119.8 166.0 $ 1.7 $ 2,410.1 $ ( 1,793.3 ) $ ( 0.3 ) $ 618.2 $ 1.6
−Removed: OUTFRONT Media Inc.
−Removed: Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Shares of Series A Preferred Stock Series A Preferred Stock ($ 0.01 per share par value)
−Removed: Shares of Common Stock Common Stock ($ 0.01 per share par value)
−Removed: Additional Paid-In Capital Distribution in Excess of Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non-controlling Interests
Balance as of December 31, 2023 $ 31.3 0.1 $ 119.8 161.1 $ 1.7 $ 2,402.5 $ ( 1,821.1 ) $ ( 5.8 ) $ 577.3 $ 1.7
Net income (loss) 0.1 — — — — — ( 27.2 ) — ( 27.2 ) —
−Removed: Other comprehensive income — — — — — — — 0.6 0.6 —
+Added: Other comprehensive loss — — — — — — — ( 3.1 ) ( 3.1 ) —
Stock-based payments:
8 unchanged sentences
Other ( 0.1 ) — — — — — — — — ( 0.1 )
−Removed: Balance as of September 30, 2023 $ 28.2 0.1 $ 119.8 165.0 $ 1.7 $ 2,400.6 $ ( 1,829.8 ) $ ( 8.5 ) $ 564.0 $ 1.7
−Removed: OUTFRONT Media Inc.
−Removed: Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Shares of Series A Preferred Stock Series A Preferred Stock ($ 0.01 per share par value)
−Removed: Shares of Common Stock Common Stock ($ 0.01 per share par value)
−Removed: Additional Paid-In Capital Distribution in Excess of Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non-controlling Interests
+Added: Balance as of
+Added: March 31, 2024 $ 34.9 0.1 $ 119.8 161.9 $ 1.7 $ 2,398.6 $ ( 1,900.5 ) $ ( 8.9 ) $ 490.9 $ 1.6
Balance as of December 31, 2024 $ 13.6 0.1 $ 119.8 166.0 $ 1.7 $ 2,493.6 $ ( 1,846.2 ) $ ( 0.1 ) $ 649.0 $ 1.6
−Removed: Net income (loss) 0.6 — — — — — 184.2 — 184.2 ( 0.1 )
−Removed: Other comprehensive income — — — — — — — 5.5 5.5 —
+Added: Net loss ( 0.1 ) — — — — — ( 20.6 ) — ( 20.6 ) —
Stock-based payments:
2 unchanged sentences
Shares paid for tax withholding for stock-based payments — — — ( 0.8 ) — ( 14.9 ) — — ( 14.9 ) —
−Removed: Purchase of non-controlling interest ( 24.6 ) — — — — 0.3 — — 0.3 —
Series A Preferred Stock dividends ( 7 %)
4 unchanged sentences
Other 0.1 — — — — — — — — —
−Removed: Balance as of September 30, 2024 $ 13.5 0.1 $ 119.8 166.0 $ 1.7 $ 2,410.1 $ ( 1,793.3 ) $ ( 0.3 ) $ 618.2 $ 1.6
+Added: Balance as of
+Added: March 31, 2025 $ 17.4 0.1 $ 119.8 167.1 $ 1.7 $ 2,484.4 $ ( 1,919.1 ) $ ( 0.1 ) $ 566.9 $ 1.6
See accompanying notes to unaudited consolidated financial statements.
1 unchanged sentence
Consolidated Statements of Cash Flows
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
(in millions) 2025 2024
Operating activities:
−Removed: Net income (loss) attributable to OUTFRONT Media Inc.
+Added: Net loss attributable to OUTFRONT Media Inc.
$ ( 20.6 ) $ ( 27.2 )
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
−Removed: Net income attributable to redeemable and non-redeemable noncontrolling interests 0.5 0.4
+Added: Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests ( 0.1 ) 0.1
Depreciation and amortization 40.7 36.1
−Removed: Deferred tax benefit ( 1.2 ) ( 0.3 )
+Added: Deferred tax provision — 1.0
Stock-based compensation 9.5 7.2
1 unchanged sentence
Accretion expense 0.7 0.8
−Removed: Net (gain) loss on dispositions ( 153.6 ) 0.2
−Removed: Impairment charges — 511.4
−Removed: Loss on extinguishment of debt 1.2 —
+Added: Net loss on dispositions 0.1 0.1
Equity in earnings of investee companies, net of tax ( 1.9 ) 0.2
3 unchanged sentences
Decrease in receivables 45.3 34.9
−Removed: Increase in prepaid MTA equipment deployment costs — ( 21.8 )
−Removed: Increase in prepaid expenses and other current assets ( 2.6 ) ( 5.4 )
+Added: (Increase) decrease in prepaid expenses and other current assets 0.8 ( 2.0 )
Decrease in accounts payable and accrued expenses ( 67.8 ) ( 41.6 )
1 unchanged sentence
Increase in deferred revenues 16.7 14.7
−Removed: Increase (decrease) in income taxes 0.3 ( 3.4 )
+Added: Increase in income taxes 0.5 1.2
Decrease in assets and liabilities held for sale, net — ( 0.5 )
6 unchanged sentences
Net proceeds from dispositions 0.7 5.4
−Removed: Investment in investee companies ( 1.2 ) —
−Removed: Net cash flow provided by (used for) investing activities
−Removed: 230.7 ( 93.4 )
+Added: Return of investment in investee companies 1.5 —
+Added: Net cash flow used for investing activities ( 24.7 ) ( 19.0 )
Financing activities:
−Removed: Repayments of long-term debt borrowings ( 200.0 ) —
Proceeds from borrowings under short-term debt facilities 50.0 65.0
2 unchanged sentences
Taxes withheld for stock-based compensation ( 12.3 ) ( 7.4 )
−Removed: Purchase of redeemable noncontrolling interest ( 23.9 ) —
Dividends ( 53.0 ) ( 52.4 )
3 unchanged sentences
Consolidated Statements of Cash Flows (Continued)
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
(in millions) 2025 2024
21 unchanged sentences
and approximately 120 markets across the U.S.
−Removed: We currently manage our operations through one operating segment, U.S.
−Removed: Billboard and Transit, which is included in our U.S.
−Removed: Media reportable segment.
+Added: We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit .
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.
−Removed: 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”).
+Added: On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which held all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”).
(See Note 12.
1 unchanged sentence
Dispositions .)
−Removed: Canadian Business .)
Basis of Presentation and Use of Estimates
The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”).
−Removed: In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented.
+Added: In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the periods presented.
These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025.
2 unchanged sentences
Actual results may differ materially from these estimates under different assumptions or conditions.
+Added: On January 17, 2025, the Company effected a Reverse Stock Split (as defined below) of the Company’s common stock (see Note 10.
+Added: All shares of the Company’s common stock and per-share data included in these consolidated financial statements have been retroactively adjusted as though the Reverse Stock Split has been effected prior to all periods presented.
Revision of Previously Issued Financial Information
9 unchanged sentences
Revised Consolidated Financial Information .)
−Removed: As previously disclosed, 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.
−Removed: The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s SAB No.
−Removed: 99 and SAB No.
−Removed: 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements.
−Removed: In the third quarter of 2024, we voluntarily revised our previously issued financial information to reflect
+Added: The impact of the revisions have been reflected throughout the Consolidated Financial Statements, including the applicable Notes to the Consolidated Financial Statements, as appropriate.
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
−Removed: the out-of-period adjustment amount.
−Removed: Prior periods not presented herein will be voluntarily revised, as applicable, in future filings.
−Removed: (See Note 19.
−Removed: Revised Consolidated Financial Information .)
−Removed: The impact of the revisions have been reflected throughout the Consolidated Financial Statements, including the applicable Notes to the Consolidated Financial Statements, as appropriate.
New Accounting Standards
+Added: Adoption of New Accounting Standards
+Added: In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information.
+Added: The guidance is effective for annual periods beginning after December 15, 2024.
+Added: Retrospective application is permitted.
+Added: We are currently evaluating the impact of this guidance on our 2025 annual consolidated financial statements.
Recent Pronouncements
−Removed: In November 2024, the Financial Accounting Standards Board (the “FASB”) issued guidance to improve disclosure of expenses by providing more detailed information about specific expense categories included in commonly presented financial statement expense captions in the notes to the financial statements.
+Added: In November 2024 and January 2025, the FASB issued guidance to improve disclosure of expenses by providing more detailed information about specific expense categories included in commonly presented financial statement expense captions in the notes to the financial statements.
The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.
1 unchanged sentence
This guidance does not change or remove current expense disclosure requirements and will not have any impact on our consolidated financial statements.
−Removed: In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
−Removed: The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
−Removed: Early adoption is permitted.
−Removed: We are currently evaluating the impact of this guidance on our consolidated financial statements.
−Removed: 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.
−Removed: The guidance is effective for annual periods beginning after December 15, 2024.
−Removed: Early adoption is permitted.
−Removed: Retrospective application is permitted.
−Removed: We are currently evaluating the impact of this guidance on our consolidated financial statements.
Property and Equipment, Net
The table below presents the balances of major classes of assets and accumulated depreciation.
−Removed: (in millions) Estimated Useful Lives September 30,
+Added: (in millions) Estimated Useful Lives March 31,
2025 December 31,
8 unchanged sentences
Property and equipment, net $ 648.8 $ 648.9
−Removed: Depreciation expense was $ 18.6 million in the three months ended September 30, 2024, $ 19.3 million in the three months ended September 30, 2023, $ 55.5 million in the nine months ended September 30, 2024, and $ 59.1 million in the nine months ended September 30, 2023.
+Added: Depreciation expense was $ 23.6 million in the three months ended March 31, 2025, and $ 18.5 million in the three months ended March 31, 2024.
Intangible Assets
5 unchanged sentences
(in millions) Gross Accumulated Amortization Impairment Net
−Removed: As of September 30, 2024:
+Added: As of March 31, 2025:
Permits and leasehold agreements $ 1,539.5 $ ( 948.9 ) $ — $ 590.6
10 unchanged sentences
(a) We reclassified all Prepaid MTA equipment deployment costs (see Note 16.
−Removed: 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.
−Removed: Transit and Other reporting unit.
−Removed: In the nine months ended September 30, 2024, we acquired 8 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $ 8.6 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 16.5 years.
+Added: Commitments and Contingencies ) and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit.
+Added: In the three months ended March 31, 2025, we acquired 6 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $ 4.9 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 18.8 years.
All of our intangible assets, except goodwill, are subject to amortization.
−Removed: Amortization expense was $ 18.7 million in the three months ended September 30, 2024, $ 19.7 million in the three months ended September 30, 2023, $ 53.6 million in the nine months ended September 30, 2024, and $ 63.0 million in the nine months ended September 30, 2023.
−Removed: As a result of negative aggregate cash flow forecasts related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group during the three months ended March 31, 2024 and June 30, 2024, and recorded impairment charges of $ 9.1 million and $ 8.8 million, respectively, in those periods for a total of $ 17.9 million in the six months ended June 30, 2024.
−Removed: The impairment charges recorded during 2024 represented additional MTA equipment deployment cost spending during the six months ended June 30, 2024.
−Removed: Our analysis performed as of September 30, 2024, resulted in positive aggregate cash flows in excess of the carrying value of our MTA asset group.
−Removed: As such, no impairment charges were recorded during the three months ended September 30, 2024.
−Removed: In the three months ended September 30, 2023, we recorded impairment charges of $ 12.1 million representing additional MTA equipment deployment costs spending during the quarter, and in the nine months ended September 30, 2023, we recorded impairment charges of $ 523.5 million, primarily representing $ 455.2 million of impairment charges related to our MTA asset group.
+Added: Amortization expense was $ 17.1 million in the three months ended March 31, 2025, and $ 17.6 million in the three months ended March 31, 2024.
+Added: As a result of negative aggregate undiscounted cash flow forecasts related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed a quarterly impairment analysis on the MTA asset group during the three months ended March 31, 2024, and recorded an impairment charge of $ 9.1 million, representing additional MTA equipment deployment cost spending during the quarter.
+Added: No impairment charges were recorded during the three months ended March 31, 2025.
The following table presents our operating lease assets and liabilities:
−Removed: (in millions, except years and percentages) September 30,
+Added: (in millions, except years and percentages) March 31,
2025 December 31,
7 unchanged sentences
The components of our lease expenses were as follows:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(in millions) 2025 2024
3 unchanged sentences
Cash paid for operating leases (a)
−Removed: 108.6 107.1 364.6 358.0
Leased assets obtained in exchange for new operating lease liabilities 56.1 60.5
−Removed: (a) Includes amounts related to Canada.
+Added: (a) In 2024, includes amounts related to Canada.
(See Note 12.
1 unchanged sentence
Dispositions .)
−Removed: Canadian Business .)
−Removed: For each of the three and nine months ended September 30, 2024 and 2023, sublease income related to office properties was immaterial.
−Removed: We recorded rental income of $ 338.4 million for the three months ended September 30, 2024, $ 340.8 million for the three months ended September 30, 2023, $ 988.3 million for the nine months ended September 30, 2024, and $ 988.5 million for the nine months ended September 30, 2023, in Revenues on our Consolidated Statement of Operations.
+Added: For each of the three months ended March 31, 2025 and 2024, sublease income related to office properties was immaterial.
+Added: We recorded rental income of $ 289.1 million for the three months ended March 31, 2025, and $ 304.1 million for the three months ended March 31, 2024, in Revenues on our Consolidated Statement of Operations.
Asset Retirement Obligation
7 unchanged sentences
Liabilities settled ( 0.5 )
−Removed: Foreign currency translation adjustments ( 0.1 )
−Removed: As of September 30, 2024 $ 33.7
+Added: As of March 31, 2025 $ 34.2
Related Party Transactions
8 unchanged sentences
and (v) a one-time payment of $ 10.0 million paid to the Providence Affiliate on the fifth anniversary of the closing of the Billboard Transaction (the “Billboard Transaction Closing”) if we have not yet acquired the Assets as described below.
−Removed: The Billboard Agreement also provides that (i) we have the option to
+Added: The Billboard Agreement also provides that (i) we have the option to acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Billboard Transaction Closing at pre-agreed prices depending on the time at which we exercise the option;
+Added: (ii) prior to the seventh anniversary of the Billboard Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
−Removed: acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Billboard Transaction Closing at pre-agreed prices depending on the time at which we exercise the option;
−Removed: (ii) prior to the seventh anniversary of the Billboard Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-party;
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.
−Removed: As of September 30, 2024, operating lease assets related to the Billboard Agreement were $ 87.0 million , current operating lease liabilities related to the Billboard Agreement were $ 4.1 million and non-current operating lease liabilities related to the Billboard Agreement were $ 90.0 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.
−Removed: Billboard revenues related to the Billboard Agreement were $ 2.5 million in the three months ended September 30, 2024, $ 1.9 million in the three months ended September 30, 2023, $ 7.7 million in the nine months ended September 30, 2024 and $ 5.7 million in the nine months ended September 30, 2023, and recorded in Revenues on the Consolidated Statement of Operations.
−Removed: Operating lease expenses related to the Billboard Agreement were $ 2.8 million in the three months ended September 30, 2024, $ 2.4 million in the three months ended September 30, 2023, $ 9.1 million in the nine months ended September 30, 2024, and $ 7.3 million in the nine months ended September 30, 2023, and recorded in Operating expenses on the Consolidated Statement of Operations.
+Added: As of March 31, 2025, operating lease assets related to the Billboard Agreement were $ 83.0 million , current operating lease liabilities related to the Billboard Agreement were $ 4.3 million and non-current operating lease liabilities related to the Billboard Agreement were $ 87.8 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.
+Added: Billboard revenues related to the Billboard Agreement were $ 3.0 million in the three months ended March 31, 2025, $ 2.8 million in the three months ended March 31, 2024, and recorded in Revenues on the Consolidated Statement of Operations.
+Added: Operating lease expenses related to the Billboard Agreement were $ 3.0 million in the three months ended March 31, 2025, and $ 3.5 million in the three months ended March 31, 2024, and recorded in Operating expenses on the Consolidated Statement of Operations.
+Added: Joint Ventures
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 nine billboard displays in New York and Boston.
All of these joint ventures are accounted for as equity investments.
−Removed: These investments totaled $ 9.4 million as of September 30, 2024, and $ 8.2 million as of December 31, 2023, and are included in Other assets on the Consolidated Statements of Financial Position.
−Removed: In 2023, in connection with the Transaction, an equity investment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position.
−Removed: (See Note 12.
−Removed: Acquisitions and Dispositions :
−Removed: Dispositions :
−Removed: 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 the three months ended September 30, 2024, $ 1.0 million in the three months ended September 30, 2023, $ 3.2 million in the nine months ended September 30, 2024 and $ 3.4 million in the nine months ended September 30, 2023.
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
+Added: These investments totaled $ 8.8 million as of March 31, 2025, and $ 8.6 million as of December 31, 2024, and are included in Other assets on the Consolidated Statements of Financial Position.
+Added: We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $ 0.6 million in the three months ended March 31, 2025 and $ 1.0 million in the three months ended March 31, 2024.
Debt, net, consists of the following:
−Removed: (in millions, except percentages) September 30,
+Added: (in millions, except percentages) March 31,
2025 December 31,
15 unchanged sentences
Weighted average cost of debt 5.4 % 5.4 %
−Removed: The interest rate on the term loan due in 2026 (the “Term Loan”) was 6.6 % per annum as of September 30, 2024.
−Removed: As of September 30, 2024, a discount of $ 0.5 million on the Term Loan remains unamortized.
+Added: OUTFRONT Media Inc.
+Added: Notes to Consolidated Financial Statements
+Added: The interest rate on the term loan due in 2026 (the “Term Loan”) was 6.1 % per annum as of March 31, 2025.
+Added: As of March 31, 2025, a discount of $ 0.4 million on the Term Loan remains unamortized.
The discount is being amortized through Interest expense, net , on the Consolidated Statement of Operations.
−Removed: In June 2024, we prepaid $ 200.0 million of the outstanding principal balance on the Term Loan.
−Removed: In the nine months ended September 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”).
−Removed: As of September 30, 2024, there were no outstanding borrowings under the Revolving Credit Facility.
−Removed: The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $ 0.5 million in each of the three months ended September 30, 2024 and 2023, $ 1.5 million in the nine months ended September 30, 2024, and $ 1.3 million in the nine months ended September 30, 2023.
−Removed: As of September 30, 2024, we had issued letters of credit totaling approximately $ 5.7 million against the letter of credit facility sublimit under the Revolving Credit Facility.
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
+Added: As of March 31, 2025, there were no outstanding borrowings under the Revolving Credit Facility.
+Added: The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $ 0.5 million in each of the three months ended March 31, 2025, and 2024.
+Added: As of March 31, 2025, we had issued letters of credit totaling approximately $ 5.2 million against the letter of credit facility sublimit under the Revolving Credit Facility.
Standalone Letter of Credit Facilities
−Removed: As of September 30, 2024, we had issued letters of credit totaling approximately $ 65.0 million under our aggregate $ 81.0 million standalone letter of credit facilities.
−Removed: The total fees under the letter of credit facilities were immaterial in each of the three and nine months ended September 30, 2024 and 2023.
+Added: As of March 31, 2025, we had issued letters of credit totaling approximately $ 64.7 million under our aggregate $ 81.0 million standalone letter of credit facilities.
+Added: The total fees under the letter of credit facilities were immaterial in each of the three months ended March 31, 2025 and 2024.
Accounts Receivable Securitization Facility
−Removed: As of September 30, 2024, we have a $ 150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended.
−Removed: 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;
−Removed: 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).
−Removed: The amendment to the agreements governing the AR Facility do not change how we account for the AR Facility as a collateralized financing activity.
+Added: As of March 31, 2025, we have a $ 150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended.
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”).
6 unchanged sentences
Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.
−Removed: As of September 30, 2024, there were $ 40.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 6.3 %.
−Removed: As of September 30, 2024, borrowing capacity remaining under the AR Facility was $ 110.0 million based on approximately $ 339.8 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility.
−Removed: The commitment fee based on the amount of unused commitments under the AR Facility was $ 0.1 million in the three months ended September 30, 2024, immaterial for the three months ended September 30, 2023, $ 0.2 million in the nine months ended September 30, 2024, and $ 0.1 million in the nine months ended September 30, 2023.
−Removed: In October and November 2024, we made repayments totaling $ 20.0 million under the AR Facility.
+Added: As of March 31, 2025, there were $ 50.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 5.6 %.
+Added: As of March 31, 2025, borrowing capacity remaining under the AR Facility was $ 100.0 million based on approximately $ 312.9 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility.
+Added: The commitment fee based on the amount of unused commitments under the AR Facility was $ 0.1 million in each of the three months ended March 31, 2025 and 2024.
+Added: In April 2025, we made a repayment of $ 10.0 million under the AR Facility.
Debt Covenants
−Removed: Our credit agreement, dated as of January 31, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness.
−Removed: 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.
−Removed: As of September 30, 2024, our Consolidated Total Leverage Ratio was 4.9 to 1.0, as adjusted to give pro forma effect to the Transaction, in accordance with the Credit Agreement.
+Added: Our credit agreement, dated as of January 31, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions,
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
+Added: including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness.
+Added: 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.
+Added: As of March 31, 2025, our Consolidated Total Leverage Ratio was 4.8 to 1.0, as adjusted to give pro forma effect to the Transaction, 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.
−Removed: As of September 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.
−Removed: As of September 30, 2024, we are in compliance with our debt covenants.
+Added: As of March 31, 2025, 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.
+Added: As of March 31, 2025, we are in compliance with our debt covenants.
Deferred Financing Costs
−Removed: As of September 30, 2024, we had deferred $ 22.4 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes.
+Added: As of March 31, 2025, we had deferred $ 19.6 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.
2 unchanged sentences
and unobservable inputs for the asset or liability are defined as Level 3.
−Removed: 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 September 30, 2024, and $ 2.7 billion as of December 31, 2023.
−Removed: The fair value of our debt as of both September 30, 2024, and December 31, 2023, is classified as Level 2.
+Added: 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 both March 31, 2025, and December 31, 2024.
+Added: The fair value of our debt as of both March 31, 2025, and December 31, 2024, is classified as Level 2.
Redeemable Noncontrolling Interests
−Removed: Independent noncontrolling shareholders in certain consolidated subsidiaries of the Company have buy/sell arrangements under their respective joint venture operating agreements that allow them to sell their equity interests to the Company upon the satisfaction of certain conditions, principally the passage of time.
−Removed: To the extent that the redemption amount of these interests exceeds the value determined by normal noncontrolling interest accounting, the value of such interests is adjusted to the redemption amount with a corresponding adjustment to Additional Paid-In Capital on our Consolidated Statements of Financial Position.
To the extent that the noncontrolling interests’ buy/sell arrangement redemption amount is correlated with the estimated fair value of the subsidiary or its underlying assets, we have used the market method to estimate such fair values.
The redemption value of these interests, as of all periods presented, is classified as Level 3.
−Removed: In the third quarter of 2024, as a result of the exercise of a buy/sell arrangement by one of our joint venture partners, we purchased the outstanding noncontrolling interest in a consolidated subsidiary for cash and non-cash consideration totaling $ 24.6 million.
−Removed: As of September 30, 2024, 450,000,000 shares of our common stock, par value $ 0.01 per share, were authorized;
+Added: Fair Value .)
+Added: As of March 31, 2025, 450,000,000 shares of our common stock, par value $ 0.01 per share, were authorized;
167,073,066 shares were issued and outstanding;
4 unchanged sentences
So long as any shares of Series A Preferred Stock remain outstanding, the Company may not, without the consent of a specified percentage of holders of shares of Series A Preferred Stock, declare a dividend on, or make any distributions relating to, capital stock that ranks junior to, or on a parity basis with, the Series A Preferred Stock, subject to certain exceptions, including but not limited to (i) any dividend or distribution in cash or capital stock of the Company on or in respect of the capital stock of the Company to the extent that such dividend or distribution is necessary to maintain the Company’s status as a REIT;
−Removed: and (ii) any dividend or distribution in cash in respect of our common stock that, together with the dividends or distributions during the 12 -month period immediately preceding such dividend or distribution, is
+Added: and (ii) any dividend or distribution in cash in respect of our common stock that,
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
−Removed: not in excess of 5 % of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12 -month period.
+Added: together with the dividends or distributions during the 12 -month period immediately preceding such dividend or distribution, is not in excess of 5 % of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12 -month period.
If any dividends or distributions in respect of the shares of our common stock are paid in cash, the shares of Series A Preferred Stock will participate in the dividends or distributions on an as-converted basis up to the amount of their accrued dividend for such quarter, which amounts will reduce the dividends payable on the shares of Series A Preferred Stock dollar-for-dollar for such quarter.
1 unchanged sentence
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.
−Removed: During the three months ended September 30, 2024, we paid cash dividends of $ 2.2 million on the Series A Preferred Stock and during the nine months ended September 30, 2024, we paid cash dividends of $ 6.6 million on the Series A Preferred Stock.
−Removed: As of September 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.
+Added: During the three months ended March 31, 2025, we paid cash dividends of $ 2.2 million on the Series A Preferred Stock.
+Added: As of March 31, 2025, 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.
−Removed: No shares were sold under the ATM Program during the nine months ended September 30, 2024.
−Removed: As of September 30, 2024, we had approximately $ 232.5 million of capacity remaining under the ATM Program.
−Removed: On November 12, 2024 , we announced that our board of directors approved a special dividend of $ 0.75 per share on our common stock payable on December 31, 2024 , to stockholders of record at the close of business on November 15, 2024 .
−Removed: Approximately $ 0.30 per share will be paid in cash (exclusive of cash paid in lieu of fractional shares) and approximately $ 0.45 per share will be paid in shares of our common stock.
−Removed: Stockholders will have the option to elect to receive their special dividend in all cash or all stock, however the aggregate amount of cash to be distributed will be equal to approximately $ 49.8 million, with the balance of the special dividend payable in the form of our common stock.
+Added: No shares were sold under the ATM Program during the three months ended March 31, 2025.
+Added: As of March 31, 2025, we had approximately $ 232.5 million of capacity remaining under the ATM Program.
+Added: On January 17, 2025, we effectuated a 1-for- 1.024549 reverse stock split on our common stock (the “Reverse Stock Split”).
+Added: All shares of the Company’s common stock included in these Consolidated Financial Statements have been retroactively adjusted as though the Reverse Stock Split has been effected prior to all periods presented.
+Added: On May 8, 2025 , we announced that our board of directors approved a quarterly cash dividend of $ 0.30 per share on our common stock payable on June 30, 2025 , to stockholders of record at the close of business on June 6, 2025 .
The following table summarizes revenues by source:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(in millions) 2025 2024
6 unchanged sentences
Other 8.0 7.9
−Removed: Total transit revenues 90.9 89.4 274.1 258.1
+Added: Transit revenues 77.7 79.4
Other 2.3 0.3
−Removed: Transit and other revenues 91.3 91.2 274.9 263.6
Total revenues $ 390.7 $ 408.5
−Removed: Rental income was $ 338.4 million in the three months ended September 30, 2024, $ 340.8 million in the three months ended September 30, 2023, $ 988.3 million in the nine months ended September 30, 2024, and $ 988.5 million in the nine months ended September 30, 2023, and is recorded in Billboard revenues on the Consolidated Statement of Operations.
+Added: Rental income was $ 289.1 million in the three months ended March 31, 2025, and $ 304.1 million in the three months ended March 31, 2024, and is recorded in Revenues on the Consolidated Statement of Operations.
OUTFRONT Media Inc.
1 unchanged sentence
The following table summarizes revenues by geography:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(in millions) 2025 2024
1 unchanged sentence
Billboard $ 310.7 $ 313.9
−Removed: Transit and other 90.9 84.7 267.3 245.8
+Added: Transit 77.7 75.7
Other 2.3 0.3
4 unchanged sentences
Acquisitions and Dispositions
−Removed: We completed several asset acquisitions for a total purchase price of approximately $ 11.2 million in the nine months ended September 30, 2024, and $ 30.7 million in the nine months ended September 30, 2023.
+Added: We completed several asset acquisitions for a total purchase price of approximately $ 5.7 million in the three months ended March 31, 2025, and $ 6.0 million in the three months ended March 31, 2024.
The value of the assets acquired during 2025 and 2024 has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4.
Intangible Assets ).
−Removed: Canadian Business
On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction.
−Removed: In connection with the Transaction, the Company received C$ 410.0 million in cash, which is subject to certain purchase price adjustments.
−Removed: 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.
−Removed: 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.
−Removed: The components of Assets held for sale and Liabilities held for sale , which were written off upon completion of the Transaction, were as follows:
+Added: In connection with the Transaction, the Company received C$ 410.0 million in cash, subject to certain purchase price adjustments.
+Added: Stock-Based Compensation
+Added: In the first quarter of 2025, the Company updated its long-term equity incentive compensation program for the Company’s executive officers and certain other employees by adding a relative total shareholder return (“TSR”) financial measure and removing adjusted funds from operations as a financial measure for the allocation and calculation of performance-based restricted share units (“PRSUs”) awards.
+Added: The Company modified the vesting schedule for the PRSU awards as well.
+Added: Accordingly, the Company’s annual long-term equity incentive compensation awards for these employees will be allocated as follows going forward:
+Added: (i) 60 % PRSUs, which contain market and service conditions, (1) with 60 % of the awards earned based on one-year Adjusted OIBDA (as defined below) performance, subject to ratable vesting over a three-year period following the grant date, and (2) 40 % earned based on the Company’s TSR relative to the TSRs of the companies in a custom peer group based on a three-year performance period from January 1, 2025 to December 31, 2027, subject to cliff vesting in full on the third anniversary of the award grant date;
+Added: and (ii) 40 % time-based restricted share units (“RSUs"), which only contain a service condition, subject to ratable vesting over a three-year period following the grant date.
+Added: The number of PRSUs eligible to vest will range from 0 % to 120 % or 0 % to 200 % of target based on the Company’s Adjusted OIBDA performance and the Company’s relative TSR performance, as applicable.
+Added: Monte Carlo method simulation has been used to estimate the grant date fair value of the PRSUs that have a market condition.
+Added: In addition, in the first quarter of 2025, the Company granted one-time grants of PRSUs to certain executive officers and other employees to, among other things, address the change in vesting periods of the PRSU awards, from PRSU awards that had one-year determination periods in 2024 to PRSU awards that had a combination of one-year and three-year determination periods in 2025.
+Added: The terms and conditions of these PRSU grants are substantially similar to those of the PRSU grants described above, except that the Company’s TSR relative to the TSRs of the companies in a custom peer group will be measured over a two-year performance period from January 1, 2025 to December 31, 2026, and these PRSU grants will cliff vest in full on the second anniversary of the award grant date.
+Added: Monte Carlo method simulation has been used to estimate the grant date fair value of these one-time PRSU grants.
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
−Removed: (in millions) As of
−Removed: December 31, 2023
−Removed: Current assets:
−Removed: Receivables, less allowances $ 22.9 $ 26.7
−Removed: Other current assets 9.3 7.9
−Removed: Current assets held for sale 32.2 34.6
−Removed: Property and equipment, net 44.7 39.9
−Removed: Goodwill 22.2 22.9
−Removed: Intangible assets 51.3 53.0
−Removed: Operating lease assets 84.7 85.9
−Removed: Other assets 11.9 12.6
−Removed: Total assets held for sale $ 247.0 $ 248.9
−Removed: Current liabilities held for sale $ 24.7 $ 24.1
−Removed: Deferred income tax liabilities, net 13.7 15.5
−Removed: Asset retirement obligation 4.9 5.0
−Removed: Operating lease liabilities 69.4 70.4
−Removed: Total liabilities held for sale $ 112.7 $ 115.0
−Removed: Stock-Based Compensation
−Removed: The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: The following table summarizes our stock-based compensation expense for the three months ended March 31, 2025 and 2024.
+Added: Three Months Ended
(in millions) 2025 2024
−Removed: Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 7.0 $ 7.2 $ 21.8 $ 22.9
+Added: Stock-based compensation expenses (RSUs and PRSUs), before income taxes $ 9.5 $ 7.2
Tax benefit ( 0.4 ) ( 0.2 )
Stock-based compensation expense, net of tax $ 9.1 $ 7.0
−Removed: As of September 30, 2024, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $ 33.6 million, which is expected to be recognized over a weighted average period of 1.8 years.
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
+Added: As of March 31, 2025, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $ 42.1 million, which is expected to be recognized over a weighted average period of 2.3 years.
RSUs and PRSUs
−Removed: The following table summarizes activity for the nine months ended September 30, 2024, of RSUs and PRSUs issued to our employees.
+Added: The following table summarizes activity for the three months ended March 31, 2025, of RSUs and PRSUs issued to our employees.
Activity Weighted Average Per Share Grant Date Fair Market Value
5 unchanged sentences
RSUs ( 17,031 ) 15.33
−Removed: PRSUs ( 196,486 ) 18.66
−Removed: Non-vested as of September 30, 2024 3,545,528 15.38
−Removed: Retirement Benefits
−Removed: The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: (in millions) 2024 2023 2024 2023
−Removed: Components of net periodic pension cost:
−Removed: Interest cost $ 0.1 $ 0.6 $ 0.6 $ 1.7
−Removed: Expected return on plan assets ( 0.1 ) ( 0.7 ) ( 0.7 ) ( 2.1 )
−Removed: Net periodic pension cost $ — $ ( 0.1 ) $ ( 0.1 ) $ ( 0.4 )
−Removed: In the nine months ended September 30, 2024, we contributed $ 0.2 million to our defined benefit pension plans.
−Removed: In connection with the Transaction, we sold the Outfront Media Canada LP pension plan.
−Removed: We do not expect to make any significant additional contributions to our remaining defined benefit pension plan in the U.S.
−Removed: during the remainder of 2024.
+Added: Non-vested as of March 31, 2025 3,180,375 16.25
We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S.
4 unchanged sentences
Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results.
−Removed: In the three and nine months ended September 30, 2024 and 2023, our effective tax rate differed from the U.S.
−Removed: 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).
+Added: In the three months ended March 31, 2025, our effective tax rate differed from the U.S.
+Added: federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, and the impact of state and local taxes.
+Added: In the three months ended March 31, 2024, our effective tax rate also included the effect of foreign operations before the impact of the Transaction.
OUTFRONT Media Inc.
1 unchanged sentence
Earnings Per Share (“EPS”)
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(in millions) 2025 2024
−Removed: Net income (loss) available for common stockholders (a)
−Removed: $ 34.6 $ 17.0 $ 184.2 $ ( 485.6 )
+Added: Net loss available for common stockholders $ ( 20.6 ) $ ( 27.2 )
Distributions to holders of Series A Preferred Stock
−Removed: 2.2 2.2 6.6 6.6
−Removed: Net income (loss) available for common stockholders (b)
−Removed: $ 32.4 $ 14.8 $ 177.6 $ ( 492.2 )
+Added: Net loss available for common stockholders, basic and diluted $ ( 22.8 ) $ ( 29.4 )
Weighted average shares for basic EPS 166.4 161.4
−Removed: Dilutive potential shares from grants of RSUs and PRSUs (c)
−Removed: 1.2 0.2 0.8 —
−Removed: Dilutive potential shares issuable upon conversion of Series A Preferred Stock (d)
−Removed: Weighted average shares for diluted EPS (c)(d)
−Removed: 167.2 165.2 174.4 164.9
−Removed: (a) In the nine months ended September 30, 2024, Net income available for common stockholders for the calculation of diluted EPS.
−Removed: (b) In the three months ended September 30, 2024 and 2023, and the nine months ended September 30, 2023, Net income (loss) available for common stockholders for the calculation of both basic and diluted EPS.
−Removed: For the nine months ended September 30, 2024, Net income (loss) available for common stockholders for the calculation of basic EPS.
−Removed: (c) The potential impact of 2.0 million granted RSUs and PRSUs in the three months ended September 30, 2023, 1.0 million granted RSUs and PRSUs in the nine months ended September 30, 2024, and 2.1 million granted RSUs and PRSUs in the nine months ended September 30, 2023, were antidilutive.
−Removed: The potential impact of granted RSUs and PRSUs in the three months ended September 30, 2024, that were antidilutive was immaterial.
−Removed: (d) 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 September 30, 2024 and 2023, and nine months ended September 30, 2023, were antidilutive.
+Added: Weighted average shares for diluted EPS (a)(b)
+Added: (a) The potential impact of 2.4 million granted RSUs and PRSUs in the three months ended March 31, 2025, and 1.8 million granted RSUs and PRSUs in the three months ended March 31, 2024, were antidilutive.
+Added: (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, 2025 and 2024, were antidilutive.
Commitments and Contingencies
Off-Balance Sheet Arrangements
−Removed: Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments.
+Added: Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments and letters of credit.
These arrangements result from our normal course of business and represent obligations that are payable over several years.
4 unchanged sentences
• Deployments .
−Removed: We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays.
+Added: We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, which amounts are subject to the MTA’s ability to fulfill its pre-installation obligations under the MTA Agreement.
We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”).
1 unchanged sentence
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.
−Removed: 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.
−Removed: 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
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: business, financial condition and results of operations, including impairment charges (see Note 4.
+Added: 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.
+Added: 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.
Intangible Assets ).
2 unchanged sentences
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.
−Removed: We did not recoup any equipment deployment costs in the nine months ended September 30, 2024, and we do not expect to recoup any equipment deployment costs in the remainder of 2024.
+Added: We did not recoup any equipment deployment costs in the three months ended March 31, 2025.
+Added: In addition, we currently do not expect to recoup any equipment deployment costs throughout the remainder of the Amended Term (as defined below) of the MTA Agreement.
+Added: OUTFRONT Media Inc.
+Added: Notes to Consolidated Financial Statements
We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment.
3 unchanged sentences
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.
−Removed: During the nine months ended September 30, 2024, we had no recoupment from incremental revenues.
−Removed: As of September 30, 2024, 25,345 digital displays had been installed, composed of 5,008 digital advertising screens on subway and train platforms and entrances, 14,548 smaller-format digital advertising screens on rolling stock and 5,789 MTA communications displays.
−Removed: In the three months ended September 30, 2024, 1,374 installations occurred, for a total of 5,648 installations in the nine months ended September 30, 2024.
−Removed: As a result of negative aggregate cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group during the three months ended March 31, 2024 and June 30, 2024, and recorded impairment charges of $ 9.1 million and $ 8.8 million, respectively, in those periods for a total of $ 17.9 million in the six months ended June 30, 2024.
−Removed: The impairment charges recorded during 2024 represented additional MTA equipment deployment cost spending during the six months ended June 30, 2024.
−Removed: Our analysis performed as of September 30, 2024, resulted in positive aggregate cash flows in excess of the carrying value of our MTA asset group.
−Removed: As such, no impairment charges were recorded during the three months ended September 30, 2024.
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: (in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization/Impairment Reclassification Ending Balance
−Removed: Nine months ended September 30, 2024:
−Removed: Other current assets $ 1.1 $ — $ — $ — $ — $ 1.1
−Removed: Intangible assets (franchise agreements) — 24.5 — ( 18.1 ) — 6.4
−Removed: Total $ 1.1 $ 24.5 $ — $ ( 18.1 ) $ — $ 7.5
−Removed: Year ended December 31, 2023:
−Removed: Prepaid MTA equipment deployment costs $ 363.2 $ 21.8 $ — $ — $ ( 385.0 ) $ —
−Removed: Other current assets 1.6 ( 0.4 ) ( 0.1 ) — — 1.1
−Removed: Intangible assets (franchise agreements) 62.0 22.3 — ( 469.3 ) 385.0 —
−Removed: Total $ 426.8 $ 43.7 $ ( 0.1 ) $ ( 469.3 ) $ — $ 1.1
+Added: During the three months ended March 31, 2025, we had no recoupment from incremental revenues.
+Added: As of March 31, 2025, 27,033 digital displays had been installed, composed of 4,998 digital advertising screens on subway and train platforms and entrances, 15,664 smaller-format digital advertising screens on rolling stock and 6,371 MTA communications displays.
+Added: In the three months ended March 31, 2025, 788 installations occurred.
+Added: During the three months ended March 31, 2025, we incurred equipment deployment costs of $ 3.7 million, which were recorded as Intangible assets related to franchise agreements.
+Added: As of March 31, 2025, we had Intangible assets related to franchise agreements balance related to the MTA Agreement of $ 13.9 million.
+Added: As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed a quarterly impairment analysis on the MTA asset group during the three months ended March 31, 2024, and recorded an impairment charge of $ 9.1 million, representing additional MTA equipment deployment cost spending during the quarter.
+Added: No impairment charges were recorded during the three months ended March 31, 2025.
Letters of Credit
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.
−Removed: As of September 30, 2024, the outstanding letters of credit were approximately $ 70.7 million and outstanding surety bonds were approximately $ 172.5 million, and were not recorded on the Consolidated Statements of Financial Position.
+Added: As of March 31, 2025, the outstanding letters of credit were approximately $ 69.9 million and outstanding surety bonds were approximately $ 172.6 million, and were not recorded on the Consolidated Statements of Financial Position.
Legal Matters
3 unchanged sentences
Segment Information
−Removed: We currently manage our operations through one operating segment, U.S.
−Removed: Billboard and Transit, which is included in our U.S.
−Removed: Media reportable segment.
−Removed: 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 .
+Added: We have identified our Interim Chief Executive Officer as the chief operating decision maker for purposes of determining segments.
+Added: We currently manage our operations through two reportable operating segments—(1) Billboard, which provides advertising space on billboard advertising structures and sites in the U.S., and (2) Transit , which provides advertising space on transit advertising displays operating under exclusive multi-year contracts with municipalities in large cities across the U.S.
+Added: 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.
+Added: Also included in Other are operating results for third-party digital equipment sales.
+Added: OUTFRONT Media Inc.
+Added: Notes to Consolidated Financial Statements
The following tables set forth our financial performance by segment.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: (in millions) 2024 2023 2024 2023
−Removed: Media $ 451.5 $ 428.7 $ 1,302.0 $ 1,248.1
−Removed: Other 0.4 26.1 35.7 71.3
−Removed: Total revenues $ 451.9 $ 454.8 $ 1,337.7 $ 1,319.4
+Added: We present Operating income (loss) before Depreciation , Amortization , Net (gain) loss on dispositions, Stock-based compensation and Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.
+Added: Adjusted OIBDA margin is a secondary measure utilized to measure performance of our operating segments.
+Added: Our chief operating decision maker utilized Adjusted OIBDA and Adjusted OIBDA margin in evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance.
+Added: We believe these measures highlight operational trends and provide an important perspective on operational performance across periods.
+Added: Three Months Ended
+Added: (in millions, except percentages) March 31, 2025 March 31, 2024
+Added: Billboard revenues
+Added: $ 310.7 $ 313.9
+Added: Billboard property lease (a)
+Added: ( 109.2 ) ( 115.5 )
+Added: Posting, maintenance and other (a)
+Added: ( 35.7 ) ( 36.6 )
+Added: Significant Billboard segment operating expenses (a)
+Added: ( 144.9 ) ( 152.1 )
+Added: Significant Billboard segment selling, general and administrative (b)
+Added: ( 66.8 ) ( 64.7 )
+Added: Billboard Adjusted OIBDA
+Added: $ 99.0 $ 97.1
+Added: Billboard Adjusted OIBDA margin
+Added: 31.9 % 30.9 %
+Added: Transit revenues
+Added: $ 77.7 $ 75.7
+Added: Transit franchise (a)
+Added: ( 58.0 ) ( 58.0 )
+Added: Posting, maintenance and other (a)
+Added: ( 16.6 ) ( 16.1 )
+Added: Significant Transit segment operating expenses (a)
+Added: ( 74.6 ) ( 74.1 )
+Added: Significant Transit segment selling, general and administrative (b)
+Added: ( 17.3 ) ( 16.9 )
+Added: Transit Adjusted OIBDA
+Added: $ ( 14.2 ) $ ( 15.3 )
+Added: Transit Adjusted OIBDA margin
+Added: ( 18.3 ) % ( 20.2 ) %
+Added: Total segments:
+Added: Segment revenues $ 388.4 $ 389.6
+Added: Billboard property lease (a)
+Added: ( 109.2 ) ( 115.5 )
+Added: Transit franchise (a)
+Added: ( 58.0 ) ( 58.0 )
+Added: Posting, maintenance and other (a)
+Added: ( 52.3 ) ( 52.7 )
+Added: Significant segment operating expenses (a)
+Added: ( 219.5 ) ( 226.2 )
+Added: Significant segment selling, general and administrative (b)
+Added: ( 84.1 ) ( 81.6 )
+Added: Segment Adjusted OIBDA
+Added: $ 84.8 $ 81.8
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
−Removed: 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.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: (in millions) 2024 2023 2024 2023
−Removed: Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests $ 34.8 $ 16.7 $ 184.7 $ ( 485.2 )
−Removed: (Benefit) provision for income taxes ( 0.2 ) 1.4 10.4 2.2
−Removed: Equity in earnings of investee companies, net of tax ( 0.5 ) 0.2 ( 0.5 ) 1.3
+Added: Three Months Ended
+Added: (in millions) March 31, 2025 March 31, 2024
+Added: Reconciliation to net loss:
+Added: Segment Adjusted OIBDA $ 84.8 $ 81.8
+Added: Non-segment Adjusted OIBDA ( 20.6 ) ( 15.3 )
+Added: Total Adjusted OIBDA 64.2 66.5
+Added: Net loss on dispositions ( 0.1 ) ( 0.1 )
+Added: Impairment charge — ( 9.1 )
+Added: Depreciation ( 23.6 ) ( 18.5 )
+Added: Amortization ( 17.1 ) ( 17.6 )
+Added: Stock-based compensation ( 9.5 ) ( 7.2 )
+Added: Total operating income 13.9 14.0
Interest expense, net ( 36.0 ) ( 41.4 )
−Removed: Loss on extinguishment of debt — — 1.2 —
−Removed: Other income (loss), net 0.1 0.1 ( 1.0 ) ( 0.1 )
−Removed: Operating income (loss) 71.3 58.6 314.4 ( 364.2 )
−Removed: Net (gain) loss on dispositions 1.5 — ( 153.6 ) 0.2
−Removed: Impairment charges — 12.1 17.9 523.5
−Removed: Depreciation and amortization 37.3 39.0 109.1 122.1
+Added: Loss before benefit (provision) for income taxes and equity in earnings of investee companies ( 22.1 ) ( 27.4 )
+Added: (Provision) benefit for income taxes ( 0.5 ) 0.5
+Added: Equity in earnings of investee companies, net of tax 1.9 ( 0.2 )
+Added: Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 20.7 ) ( 27.1 )
+Added: Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests ( 0.1 ) 0.1
+Added: Net loss attributable to OUTFRONT Media Inc.
+Added: $ ( 20.6 ) $ ( 27.2 )
+Added: Revenues $ 390.7 $ 408.5
+Added: Billboard property lease (a)
+Added: $ ( 109.2 ) $ ( 121.7 )
+Added: Transit franchise (a)
+Added: ( 58.0 ) ( 59.0 )
+Added: Posting, maintenance and other (a)
+Added: ( 54.1 ) ( 58.0 )
+Added: Operating expenses (a)
+Added: ( 221.3 ) ( 238.7 )
+Added: Selling, general and administrative (b)
+Added: ( 114.7 ) ( 110.5 )
Stock-based compensation 9.5 7.2
−Removed: Total Adjusted OIBDA $ 117.1 $ 116.9 $ 309.6 $ 304.5
Adjusted OIBDA $ 64.2 $ 66.5
−Removed: Media $ 133.5 $ 120.2 $ 355.8 $ 325.6
−Removed: Other ( 0.1 ) 6.3 2.4 14.1
−Removed: Corporate ( 16.3 ) ( 9.6 ) ( 48.6 ) ( 35.2 )
−Removed: Total Adjusted OIBDA $ 117.1 $ 116.9 $ 309.6 $ 304.5
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: (in millions) 2024 2023 2024 2023
−Removed: Operating income (loss):
−Removed: Media $ 94.9 $ 72.7 $ 227.3 $ ( 309.7 )
−Removed: Other ( 0.3 ) 2.7 157.5 3.6
−Removed: Corporate ( 23.3 ) ( 16.8 ) ( 70.4 ) ( 58.1 )
−Removed: Total operating income (loss) $ 71.3 $ 58.6 $ 314.4 $ ( 364.2 )
−Removed: Net gain (loss) on dispositions:
−Removed: Media $ 1.3 $ — $ 1.5 $ 0.2
−Removed: Other 0.2 — ( 155.1 ) —
−Removed: Total gain (loss) on dispositions $ 1.5 $ — $ ( 153.6 ) $ 0.2
−Removed: Impairment charges (a)(b) :
−Removed: Media $ — $ 12.1 $ 17.9 $ 523.5
−Removed: Total impairment charges $ — $ 12.1 $ 17.9 $ 523.5
−Removed: Depreciation and amortization:
−Removed: Media $ 37.3 $ 35.4 $ 109.1 $ 111.6
−Removed: Other — 3.6 — 10.5
−Removed: Total depreciation and amortization $ 37.3 $ 39.0 $ 109.1 $ 122.1
−Removed: Capital expenditures:
−Removed: Media $ 17.6 $ 16.4 $ 53.7 $ 58.0
−Removed: Other — 2.3 6.2 5.6
−Removed: Total capital expenditures $ 17.6 $ 18.7 $ 59.9 $ 63.6
−Removed: (a) In 2024, Impairment charges related to the long-term outlook of our U.S.
−Removed: Transit and Other reporting unit (see Note 4.
−Removed: Intangible Assets ).
−Removed: (b) In the three and nine months ended September 30, 2023, Impairment charges related to the long-term outlook of our U.S.
−Removed: Transit and Other reporting unit (see Note 4.
−Removed: Intangible Assets ) and in the nine months ended September 30, 2023, also includes an other-than-temporary decline in fair value of a cost-method investment.
−Removed: (in millions) September 30,
−Removed: 2024 December 31, 2023
−Removed: Media $ 5,163.1 $ 5,297.2
−Removed: Corporate 37.5 26.0
−Removed: Total assets $ 5,203.6 $ 5,582.9
−Removed: (a) As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.
−Removed: (See Note 12.
−Removed: Acquisitions and Dispositions :
−Removed: Dispositions :
−Removed: Canadian Business .)
+Added: (a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
+Added: (b) Selling, general and administrative expenses includes, but is not limited to, compensation and benefits, including commissions, professional fees, office rent and travel and entertainment.
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
−Removed: (in millions) September 30,
−Removed: 2024 December 31, 2023
−Removed: Long-lived assets (a) :
+Added: Other disclosures (a) :
+Added: Three Months Ended
+Added: (in millions) March 31, 2025 March 31, 2024
+Added: Revenues (b) :
United States $ 390.7 $ 389.9
−Removed: Total assets $ 4,850.2 $ 5,176.9
−Removed: (a) Reflects total assets less current assets, investments and non-current deferred tax assets.
−Removed: (b) As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position.
−Removed: (See Note 12.
−Removed: Acquisitions and Dispositions :
−Removed: Dispositions :
−Removed: Canadian Business .)
+Added: Canada — 18.6
+Added: Total revenues $ 390.7 $ 408.5
+Added: March 31, 2025 December 31, 2024
+Added: Long-lived Assets (c) :
+Added: United States $ 4,802.1 $ 4,820.7
+Added: (a) Total assets and capital expenditures by segment are not regularly provided or reviewed by the chief operating decision maker.
+Added: These metrics are reviewed and managed on a consolidated basis.
+Added: (b) Revenues classifications are based on the geography of the advertising.
+Added: (c) Reflects total assets less current assets, investments and non-current deferred tax assets.
Revised Consolidated Financial Information
7 unchanged sentences
Any prior periods not presented herein may be revised in future filings to the extent necessary.
−Removed: As previously disclosed, 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.
−Removed: The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s SAB No.
−Removed: 99 and SAB No.
−Removed: 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements.
−Removed: In the third quarter of 2024, we voluntarily revised our previously issued financial information to reflect the out-of-period adjustment amount.
−Removed: Prior periods not presented herein will be voluntarily revised, as applicable, in future filings.
There is no impact to net cash provided by operating activities, investing activities or financing activities in our Consolidated Statements of Cash Flows.
−Removed: The following table presents the impact of correcting the error related to the classification of redeemable noncontrolling interests on the affected line items of our Consolidated Statement of Financial Position as of December 31, 2023.
−Removed: As of December 31, 2023
−Removed: (in millions) As Reported Adjustments As Revised
−Removed: Redeemable noncontrolling interests $ — $ 31.3 $ 31.3
−Removed: Additional paid-in capital 2,432.2 ( 29.7 ) 2,402.5
−Removed: Total stockholders’ equity 607.0 ( 29.7 ) 577.3
−Removed: Noncontrolling interests 3.3 ( 1.6 ) 1.7
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
−Removed: The following tables present the impact of correcting the errors related to the classification of redeemable noncontrolling interests and variable lease costs on the affected line items of our Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity for the three and six months ended June 30, 2024, three months ended March 31, 2024, year ended December 31, 2023, three and nine months ended September 30, 2023, three and six months ended June 30, 2023, three months ended March 31, 2023, and year ended December 31, 2022.
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of March 31, 2024 $ — $ 2,431.9 $ 524.2 $ 3.2
−Removed: Net income — — 176.8 0.2
−Removed: Other comprehensive income — — 8.6 —
−Removed: Stock-based payments:
−Removed: Amortization — 7.6 7.6 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 0.2 ) ( 0.2 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — ( 49.9 ) —
−Removed: Other — — — 0.2
−Removed: Balance as of June 30, 2024 $ — $ 2,439.3 $ 664.9 $ 3.6
−Removed: Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of March 31, 2024 $ 34.9 $ ( 33.3 ) $ ( 33.3 ) $ ( 1.6 )
−Removed: Net income (loss) 0.2 — — ( 0.2 )
−Removed: Adjustment to redeemable value of noncontrolling interests 2.9 ( 2.9 ) ( 2.9 ) —
−Removed: Other 0.2 — — ( 0.2 )
−Removed: Balance as of June 30, 2024 $ 38.2 $ ( 36.2 ) $ ( 36.2 ) $ ( 2.0 )
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of March 31, 2024 $ 34.9 $ 2,398.6 $ 490.9 $ 1.6
−Removed: Net income 0.2 — 176.8 —
−Removed: Other comprehensive income — — 8.6 —
−Removed: Stock-based payments:
−Removed: Amortization — 7.6 7.6 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 0.2 ) ( 0.2 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — ( 49.9 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 2.9 ( 2.9 ) ( 2.9 ) —
−Removed: Other 0.2 — — —
−Removed: Balance as of June 30, 2024 $ 38.2 $ 2,403.1 $ 628.7 $ 1.6
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2023 $ — 2,432.2 $ 607.0 $ 3.3
−Removed: Net income — — 149.6 0.3
−Removed: Other comprehensive income — — 5.5 —
−Removed: Stock-based payments:
−Removed: Amortization — 14.8 14.8 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 7.7 ) ( 7.7 ) —
−Removed: Series A Preferred Stock dividends 7 %)
−Removed: — — ( 4.4 ) —
−Removed: Dividends ($ 0.60 per share)
−Removed: — — ( 99.9 ) —
−Removed: Balance as of June 30, 2024 $ — $ 2,439.3 $ 664.9 $ 3.6
−Removed: Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2023 $ 31.3 $ ( 29.7 ) $ ( 29.7 ) $ ( 1.6 )
−Removed: Net income (loss) 0.3 — — ( 0.3 )
−Removed: Adjustment to redeemable value of noncontrolling interests 6.5 ( 6.5 ) ( 6.5 ) —
−Removed: Other 0.1 — — ( 0.1 )
−Removed: Balance as of June 30, 2024 $ 38.2 $ ( 36.2 ) $ ( 36.2 ) $ ( 2.0 )
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2023 $ 31.3 $ 2,402.5 $ 577.3 $ 1.7
−Removed: Net income 0.3 — 149.6 —
−Removed: Other comprehensive income — — 5.5 —
−Removed: Stock-based payments:
−Removed: Amortization — 14.8 14.8 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 7.7 ) ( 7.7 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 4.4 ) —
−Removed: Dividends ($ 0.60 per share)
−Removed: — — ( 99.9 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 6.5 ( 6.5 ) ( 6.5 ) —
−Removed: Other 0.1 — — ( 0.1 )
−Removed: Balance as of June 30, 2024 $ 38.2 $ 2,403.1 $ 628.7 $ 1.6
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
+Added: The following tables present the impact of correcting the errors related to the classification of redeemable noncontrolling interests and variable lease costs on the affected line items of our Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity for the three months ended March 31, 2024, and the three and six months ended June 30, 2024.
Stockholders’ Equity
37 unchanged sentences
Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ — $ 2,416.3 $ ( 1,183.4 ) $ 1,225.4 $ 4.0
−Removed: Net income (loss) — — ( 430.4 ) ( 430.4 ) 0.7
−Removed: Other comprehensive income — — — 3.3 —
−Removed: Stock-based payments:
−Removed: Vested — — — 0.1 —
−Removed: Amortization — 28.4 — 28.4 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 12.5 ) — ( 12.5 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 8.8 ) ( 8.8 ) —
−Removed: Dividends ($ 1.20 per share)
−Removed: — — ( 198.5 ) ( 198.5 ) —
−Removed: Other — — — — ( 1.4 )
−Removed: Balance as of December 31, 2023 $ — $ 2,432.2 $ ( 1,821.1 ) $ 607.0 $ 3.3
−Removed: Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ 27.2 $ ( 25.0 ) $ ( 5.2 ) $ ( 30.2 ) $ ( 2.2 )
−Removed: Net income (loss) 0.7 — 5.2 5.2 ( 0.7 )
−Removed: Adjustment to redeemable value of noncontrolling interests 4.7 ( 4.7 ) — ( 4.7 ) —
−Removed: Other ( 1.3 ) — — — 1.3
−Removed: Balance as of December 31, 2023 $ 31.3 $ ( 29.7 ) $ — $ ( 29.7 ) $ ( 1.6 )
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ 27.2 $ 2,391.3 $ ( 1,188.6 ) $ 1,195.2 $ 1.8
−Removed: Net income (loss) 0.7 — ( 425.2 ) ( 425.2 ) —
−Removed: Other comprehensive income — — — 3.3 —
−Removed: Stock-based payments:
−Removed: Vested — — — 0.1 —
−Removed: Amortization — 28.4 — 28.4 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 12.5 ) — ( 12.5 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 8.8 ) ( 8.8 ) —
−Removed: Dividends ($ 1.20 per share)
−Removed: — — ( 198.5 ) ( 198.5 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 4.7 ( 4.7 ) — ( 4.7 ) —
−Removed: Other ( 1.3 ) — — — ( 0.1 )
−Removed: Balance as of December 31, 2023 $ 31.3 $ 2,402.5 $ ( 1,821.1 ) $ 577.3 $ 1.7
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Stockholders’ Equity
(in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of June 30, 2023 $ — $ 2,419.6 $ 620.1 $ 4.7
−Removed: Net income (loss) — — 17.0 ( 0.3 )
−Removed: Other comprehensive loss — — ( 2.2 ) —
−Removed: Stock-based payments:
−Removed: Amortization — 7.2 7.2 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 0.1 ) ( 0.1 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — ( 49.7 ) —
−Removed: Other — — — ( 0.6 )
−Removed: Balance as of September 30, 2023 $ — $ 2,426.7 $ 590.1 $ 3.8
−Removed: Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of June 30, 2023 $ 28.9 $ ( 25.9 ) $ ( 25.9 ) $ ( 3.0 )
−Removed: Net income (loss) ( 0.2 ) — — 0.2
−Removed: Adjustment to redeemable value of noncontrolling interests 0.2 ( 0.2 ) ( 0.2 ) —
−Removed: Other ( 0.7 ) — — 0.7
−Removed: Balance as of September 30, 2023 $ 28.2 $ ( 26.1 ) $ ( 26.1 ) $ ( 2.1 )
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of June 30, 2023 $ 28.9 $ 2,393.7 $ 594.2 $ 1.7
−Removed: Net income (loss) ( 0.2 ) — 17.0 ( 0.1 )
−Removed: Other comprehensive loss — — ( 2.2 ) —
−Removed: Stock-based payments:
−Removed: Amortization — 7.2 7.2 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 0.1 ) ( 0.1 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — ( 49.7 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 0.2 ( 0.2 ) ( 0.2 ) —
−Removed: Other ( 0.7 ) — — 0.1
−Removed: Balance as of September 30, 2023 $ 28.2 $ 2,400.6 $ 564.0 $ 1.7
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ — $ 2,416.3 $ ( 1,183.4 ) $ 1,225.4 $ 4.0
−Removed: Net income (loss) — — ( 490.8 ) ( 490.8 ) 0.4
−Removed: Other comprehensive income — — — 0.6 —
−Removed: Stock-based payments:
−Removed: Vested — — — 0.1 —
−Removed: Amortization — 22.9 — 22.9 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 12.5 ) — ( 12.5 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 6.6 ) ( 6.6 ) —
−Removed: Dividends ($ 0.90 per share)
−Removed: — — ( 149.0 ) ( 149.0 ) —
−Removed: Other — — — — ( 0.6 )
−Removed: Balance as of September 30, 2023 $ — $ 2,426.7 $ ( 1,829.8 ) $ 590.1 $ 3.8
−Removed: Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ 27.2 $ ( 25.0 ) $ ( 5.2 ) $ ( 30.2 ) $ ( 2.2 )
−Removed: Net income (loss) 0.5 — 5.2 5.2 ( 0.5 )
−Removed: Adjustment to redeemable value of noncontrolling interests 1.1 ( 1.1 ) — ( 1.1 ) —
−Removed: Other ( 0.6 ) — — — 0.6
−Removed: Balance as of September 30, 2023 $ 28.2 $ ( 26.1 ) $ — $ ( 26.1 ) $ ( 2.1 )
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ 27.2 $ 2,391.3 $ ( 1,188.6 ) $ 1,195.2 $ 1.8
−Removed: Net income (loss) 0.5 — ( 485.6 ) ( 485.6 ) ( 0.1 )
−Removed: Other comprehensive income — — — 0.6 —
−Removed: Stock-based payments:
−Removed: Vested — — — 0.1 —
−Removed: Amortization — 22.9 — 22.9 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 12.5 ) — ( 12.5 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 6.6 ) ( 6.6 ) —
−Removed: Dividends ($ 0.90 per share)
−Removed: — — ( 149.0 ) ( 149.0 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 1.1 ( 1.1 ) — ( 1.1 ) —
−Removed: Other ( 0.6 ) — — — —
−Removed: Balance as of September 30, 2023 $ 28.2 $ 2,400.6 $ ( 1,829.8 ) $ 564.0 $ 1.7
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
Balance as of March 31, 2024 $ — $ 2,431.9 $ 524.2 $ 3.2
−Removed: Net income (loss) — — ( 478.9 ) 0.5
+Added: Net income — — 176.8 0.2
Other comprehensive income — — 8.6 —
Stock-based payments:
−Removed: Vested — — 0.1 —
Amortization — 7.6 7.6 —
16 unchanged sentences
Balance as of March 31, 2024 $ 34.9 $ 2,398.6 $ 490.9 $ 1.6
−Removed: Net income (loss) 0.5 — ( 478.9 ) —
+Added: Net income 0.2 — 176.8 —
Other comprehensive income — — 8.6 —
Stock-based payments:
−Removed: Vested — — 0.1 —
Amortization — 7.6 7.6 —
10 unchanged sentences
Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
+Added: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
Balance as of December 31, 2023 $ — 2,432.2 $ 607.0 $ 3.3
−Removed: Net income (loss) — — ( 507.8 ) ( 507.8 ) 0.7
+Added: Net income — — 149.6 0.3
Other comprehensive income — — 5.5 —
Stock-based payments:
−Removed: Vested — — — 0.1 —
Amortization — 14.8 14.8 —
6 unchanged sentences
Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
+Added: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
Balance as of December 31, 2023 $ 31.3 $ ( 29.7 ) $ ( 29.7 ) $ ( 1.6 )
4 unchanged sentences
Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
+Added: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Total Stockholders’ Equity Non-controlling Interests
Balance as of December 31, 2023 $ 31.3 $ 2,402.5 $ 577.3 $ 1.7
−Removed: Net income (loss) 0.7 — ( 502.6 ) ( 502.6 ) —
+Added: Net income 0.3 — 149.6 —
Other comprehensive income — — 5.5 —
Stock-based payments:
−Removed: Vested — — — 0.1 —
Amortization — 14.8 14.8 —
7 unchanged sentences
Balance as of June 30, 2024 $ 38.2 $ 2,403.1 $ 628.7 $ 1.6
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ — $ 2,416.3 $ ( 1,183.4 ) $ 1,225.4 $ 4.0
−Removed: Net income (loss) — — ( 28.9 ) ( 28.9 ) 0.2
−Removed: Other comprehensive income — — — 0.3 —
−Removed: Stock-based payments:
−Removed: Amortization — 7.8 — 7.8 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 12.3 ) — ( 12.3 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 2.2 ) ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — ( 49.7 ) ( 49.7 ) —
−Removed: Other — — — — ( 0.1 )
−Removed: Balance as of March 31, 2023 $ — $ 2,411.8 $ ( 1,264.2 ) $ 1,140.4 $ 4.1
−Removed: Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ 27.2 $ ( 25.0 ) $ ( 5.2 ) $ ( 30.2 ) $ ( 2.2 )
−Removed: Net income (loss) 0.2 — 5.2 5.2 ( 0.2 )
−Removed: Adjustment to redeemable value of noncontrolling interests ( 2.1 ) 2.1 — 2.1 —
−Removed: Balance as of March 31, 2023 $ 25.3 $ ( 22.9 ) $ — $ ( 22.9 ) $ ( 2.4 )
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2022 $ 27.2 $ 2,391.3 $ ( 1,188.6 ) $ 1,195.2 $ 1.8
−Removed: Net income (loss) 0.2 — ( 23.7 ) ( 23.7 ) —
−Removed: Other comprehensive income — — — 0.3 —
−Removed: Stock-based payments:
−Removed: Amortization — 7.8 — 7.8 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 12.3 ) — ( 12.3 ) —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 2.2 ) ( 2.2 ) —
−Removed: Dividends ($ 0.30 per share)
−Removed: — — ( 49.7 ) ( 49.7 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests ( 2.1 ) 2.1 — 2.1 —
−Removed: Other — — — — ( 0.1 )
−Removed: Balance as of March 31, 2023 $ 25.3 $ 2,388.9 $ ( 1,264.2 ) $ 1,117.5 $ 1.7
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2021 $ — 2,119.0 $ ( 1,122.0 ) $ 994.1 $ 13.0
−Removed: Net income — — 147.9 147.9 1.2
−Removed: Other comprehensive loss — — — ( 4.7 ) —
−Removed: Stock-based payments:
−Removed: Amortization — 33.8 — 33.8 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 11.8 ) — ( 11.8 ) —
−Removed: Class A equity interest redemptions — 8.6 — 8.6 ( 8.6 )
−Removed: Series A Preferred Stock Conversions — 266.7 — 266.8
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 12.0 ) ( 12.0 ) —
−Removed: Dividends ($ 1.20 per share)
−Removed: — — ( 197.3 ) ( 197.3 ) —
−Removed: Other — — — — ( 1.6 )
−Removed: Balance as of December 31, 2022 $ — $ 2,416.3 $ ( 1,183.4 ) $ 1,225.4 $ 4.0
−Removed: Stockholders’ Equity
−Removed: (in millions) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2021 $ 24.3 $ ( 21.8 ) $ — $ ( 21.8 ) $ ( 2.5 )
−Removed: Net income (loss) 1.2 — ( 5.2 ) ( 5.2 ) ( 1.2 )
−Removed: Adjustment to redeemable value of noncontrolling interests 3.2 ( 3.2 ) — ( 3.2 ) —
−Removed: Other ( 1.5 ) — — — 1.5
−Removed: Balance as of December 31, 2022 $ 27.2 $ ( 25.0 ) $ ( 5.2 ) $ ( 30.2 ) $ ( 2.2 )
−Removed: Stockholders’ Equity
−Removed: (in millions, except per share amounts) Redeemable Non-controlling Interests Additional Paid-In Capital Distribution in Excess of Earnings Total Stockholders’ Equity Non-controlling Interests
−Removed: Balance as of December 31, 2021 $ 24.3 $ 2,097.2 $ ( 1,122.0 ) $ 972.3 $ 10.5
−Removed: Net income 1.2 — 142.7 142.7 —
−Removed: Other comprehensive loss — — — ( 4.7 ) —
−Removed: Stock-based payments:
−Removed: Amortization — 33.8 — 33.8 —
−Removed: Shares paid for tax withholding for stock-based payments — ( 11.8 ) — ( 11.8 ) —
−Removed: Class A equity interest redemptions — 8.6 — 8.6 ( 8.6 )
−Removed: Series A Preferred Stock Conversions — 266.7 — 266.8 —
−Removed: Series A Preferred Stock dividends ( 7 %)
−Removed: — — ( 12.0 ) ( 12.0 ) —
−Removed: Dividends ($ 1.20 per share)
−Removed: — — ( 197.3 ) ( 197.3 ) —
−Removed: Adjustment to redeemable value of noncontrolling interests 3.2 ( 3.2 ) — ( 3.2 ) —
−Removed: Other ( 1.5 ) — — — ( 0.1 )
−Removed: Balance as of December 31, 2022 $ 27.2 $ 2,391.3 $ ( 1,188.6 ) $ 1,195.2 $ 1.8
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: The following tables present the impact of correcting the error related to variable lease costs on the affected line items of our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2023, nine months ended September 30, 2023, six months ended June 30, 2023, three months ended March 31, 2023, and year ended December 31, 2022, which is being revised on a voluntary basis to reflect the previously disclosed out-of-period adjustment.
−Removed: Year Ended December 31, 2023
−Removed: (in millions) As Reported Adjustments As Revised
−Removed: Operating $ 968.3 $ ( 5.2 ) $ 963.1
−Removed: Total expenses 2,079.0 ( 5.2 ) 2,073.8
−Removed: Operating loss ( 258.4 ) 5.2 ( 253.2 )
−Removed: Loss before provision for income taxes and equity in earnings of investee companies ( 424.6 ) 5.2 ( 419.4 )
−Removed: Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 429.7 ) 5.2 ( 424.5 )
−Removed: Net loss attributable to OUTFRONT Media Inc.
−Removed: ( 430.4 ) 5.2 ( 425.2 )
−Removed: Net loss per common share:
−Removed: Basic $ ( 2.66 ) $ 0.03 $ ( 2.63 )
−Removed: Diluted $ ( 2.66 ) $ 0.03 $ ( 2.63 )
−Removed: Total comprehensive loss $ ( 427.1 ) $ 5.2 $ ( 421.9 )
−Removed: Nine Months Ended September 30, 2023
−Removed: (in millions) As Reported Adjustments As Revised
−Removed: Operating $ 721.2 $ ( 5.2 ) $ 716.0
−Removed: Total expenses 1,688.8 ( 5.2 ) 1,683.6
−Removed: Operating loss ( 369.4 ) 5.2 ( 364.2 )
−Removed: Loss before provision for income taxes and equity in earnings of investee companies ( 486.9 ) 5.2 ( 481.7 )
−Removed: Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 490.4 ) 5.2 ( 485.2 )
−Removed: Net loss attributable to OUTFRONT Media Inc.
−Removed: ( 490.8 ) 5.2 ( 485.6 )
−Removed: Net loss per common share:
−Removed: Basic $ ( 3.02 ) $ 0.04 $ ( 2.98 )
−Removed: Diluted $ ( 3.02 ) $ 0.04 $ ( 2.98 )
−Removed: Total comprehensive loss $ ( 490.2 ) $ 5.2 $ ( 485.0 )
−Removed: OUTFRONT Media Inc.
−Removed: Notes to Consolidated Financial Statements
−Removed: Six Months Ended June 30, 2023
−Removed: (in millions) As Reported Adjustments As Revised
−Removed: Operating $ 481.4 $ ( 5.2 ) $ 476.2
−Removed: Total expenses 1,292.6 ( 5.2 ) 1,287.4
−Removed: Operating loss ( 428.0 ) 5.2 ( 422.8 )
−Removed: Loss before provision for income taxes and equity in earnings of investee companies ( 505.2 ) 5.2 ( 500.0 )
−Removed: Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 507.1 ) 5.2 ( 501.9 )
−Removed: Net loss attributable to OUTFRONT Media Inc.
−Removed: ( 507.8 ) 5.2 ( 502.6 )
−Removed: Net loss per common share:
−Removed: Basic $ ( 3.11 ) $ 0.04 $ ( 3.07 )
−Removed: Diluted $ ( 3.11 ) $ 0.04 $ ( 3.07 )
−Removed: Total comprehensive loss $ ( 505.0 ) $ 5.2 $ ( 499.8 )
−Removed: Three Months Ended March 31, 2023
−Removed: (in millions) As Reported Adjustments As Revised
−Removed: Operating $ 235.5 $ ( 5.2 ) $ 230.3
−Removed: Total expenses 385.6 ( 5.2 ) 380.4
−Removed: Operating income 10.2 5.2 15.4
−Removed: Loss before provision for income taxes and equity in earnings of investee companies ( 27.5 ) 5.2 ( 22.3 )
−Removed: Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 28.7 ) 5.2 ( 23.5 )
−Removed: Net loss attributable to OUTFRONT Media Inc.
−Removed: ( 28.9 ) 5.2 ( 23.7 )
−Removed: Net loss per common share:
−Removed: Basic $ ( 0.19 ) $ 0.03 $ ( 0.16 )
−Removed: Diluted $ ( 0.19 ) $ 0.03 $ ( 0.16 )
−Removed: Total comprehensive loss $ ( 28.6 ) $ 5.2 $ ( 23.4 )
−Removed: Year Ended December 31, 2022
−Removed: (in millions) As Reported Adjustments As Revised
−Removed: Operating $ 911.4 $ 5.2 $ 916.6
−Removed: Total expenses 1,484.4 5.2 1,489.6
−Removed: Operating income 287.7 ( 5.2 ) 282.5
−Removed: Income before provision for income taxes and equity in earnings of investee companies 155.7 ( 5.2 ) 150.5
−Removed: Net income before allocation to redeemable and non-redeemable noncontrolling interests 149.1 ( 5.2 ) 143.9
−Removed: Net income attributable to OUTFRONT Media Inc.
−Removed: 147.9 ( 5.2 ) 142.7
−Removed: Net income per common share:
−Removed: Basic $ 0.84 $ ( 0.03 ) $ 0.81
−Removed: Diluted $ 0.84 $ ( 0.03 ) $ 0.81
−Removed: Total comprehensive income $ 143.2 $ ( 5.2 ) $ 138.0
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.