What changed in this filing

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Item 1. Financial Statements

2025-08-06 compared with 2025-05-09 · 212 added, 175 removed, 608 unchanged (39% of the section changed)

2 unchanged sentences

Consolidated Statements of Financial Position

(in millions) March 31,

(in millions) June 30,

2025 December 31,

44 unchanged sentences

Consolidated Statements of Operations

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions, except per share amounts) 2025 2024 2025 2024

2 unchanged sentences

Selling, general and administrative 110.6 119.1 225.3 229.6

Net loss on dispositions 0.1 0.1

Restructuring charges 19.8 — 19.8 —

Net (gain) loss on dispositions 1.1 ( 155.2 ) 1.2 ( 155.1 )

Impairment charges — 8.8 — 17.9

4 unchanged sentences

Interest expense, net ( 36.5 ) ( 41.1 ) ( 72.5 ) ( 82.5 )

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

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

Other income, net — 1.1 — 1.1

Income (loss) before provision for income taxes and equity in earnings of investee companies 19.7 187.9 ( 2.4 ) 160.5

Provision for income taxes ( 0.2 ) ( 11.1 ) ( 0.7 ) ( 10.6 )

Equity in earnings of investee companies, net of tax — 0.2 1.9 —

Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 20.7 ) ( 27.1 )

Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 19.5 177.0 ( 1.2 ) 149.9

Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests — 0.2 ( 0.1 ) 0.3

Net loss attributable to OUTFRONT Media Inc.

Net income (loss) attributable to OUTFRONT Media Inc.

$ 19.5 $ 176.8 $ ( 1.1 ) $ 149.6

Net loss per common share:

Net income (loss) per common share:

Basic $ 0.10 $ 1.08 $ ( 0.03 ) $ 0.90

5 unchanged sentences

OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Loss

Three Months Ended

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

Net loss before allocation to redeemable and non-redeemable noncontrolling interests $ ( 20.7 ) $ ( 27.1 )

Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests $ 19.5 $ 177.0 $ ( 1.2 ) $ 149.9

Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests — 0.2 ( 0.1 ) 0.3

Net loss attributable to OUTFRONT Media Inc.

Net income (loss) attributable to OUTFRONT Media Inc.

19.5 176.8 ( 1.1 ) 149.6

Other comprehensive loss, net of tax:

Other comprehensive income, net of tax:

Cumulative translation adjustments — ( 0.9 ) — ( 4.0 )

Total other comprehensive loss, net of tax — ( 3.1 )

Total comprehensive loss $ ( 20.6 ) $ ( 30.3 )

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

Total other comprehensive income, net of tax — 8.6 — 5.5

Total comprehensive income (loss) $ 19.5 $ 185.4 $ ( 1.1 ) $ 155.1

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

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 ) —

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

Balance as of

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

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

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

Stock-based payments:

9 unchanged sentences

Balance as of

June 30, 2024 $ 38.2 0.1 $ 119.8 162.0 $ 1.7 $ 2,403.1 $ ( 1,775.8 ) $ ( 0.3 ) $ 628.7 $ 1.6

Balance as of

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

Net income — — — — — — 19.5 — 19.5 —

Stock-based payments:

Amortization — — — — — 8.2 — — 8.2 —

Shares paid for tax withholding for stock-based payments — — — — — ( 0.9 ) — — ( 0.9 ) —

Series A Preferred Stock dividends ( 7 %)

— — — — — — ( 2.2 ) — ( 2.2 ) —

Dividends ($ 0.30 per share)

— — — — — — ( 50.5 ) — ( 50.5 ) —

Adjustment to redeemable value of noncontrolling interests 1.9 — — — — ( 1.9 ) — — ( 1.9 ) —

Other 0.1 — — — — — — — — ( 0.1 )

Balance as of

June 30, 2025 $ 19.4 0.1 $ 119.8 167.1 $ 1.7 $ 2,489.8 $ ( 1,952.3 ) $ ( 0.1 ) $ 539.1 $ 1.5

OUTFRONT Media Inc.

Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)

Stockholders’ Equity

(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)

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

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

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 0.3 — — — — — 149.6 — 149.6 —

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

Stock-based payments:

Vested — — — 1.5 — — — — — —

Amortization — — — — — 14.8 — — 14.8 —

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

Series A Preferred Stock dividends ( 7 %)

— — — — — — ( 4.4 ) — ( 4.4 ) —

Dividends ($ 0.60 per share)

— — — — — — ( 99.9 ) — ( 99.9 ) —

Adjustment to redeemable value of noncontrolling interests 6.5 — — — — ( 6.5 ) — — ( 6.5 ) —

Other 0.1 — — — — — — — — ( 0.1 )

Balance as of

June 30, 2024 $ 38.2 0.1 $ 119.8 162.0 $ 1.7 $ 2,403.1 $ ( 1,775.8 ) $ ( 0.3 ) $ 628.7 $ 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

Net loss ( 0.1 ) — — — — — ( 1.1 ) — ( 1.1 ) —

10 unchanged sentences

Balance as of

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

June 30, 2025 $ 19.4 0.1 $ 119.8 167.1 $ 1.7 $ 2,489.8 $ ( 1,952.3 ) $ ( 0.1 ) $ 539.1 $ 1.5

See accompanying notes to unaudited consolidated financial statements.

1 unchanged sentence

Consolidated Statements of Cash Flows

Three Months Ended

Six Months Ended

(in millions) 2025 2024

Operating activities:

Net loss attributable to OUTFRONT Media Inc.

Net income (loss) attributable to OUTFRONT Media Inc.

$ ( 1.1 ) $ 149.6

2 unchanged sentences

Depreciation and amortization 81.7 71.8

Deferred tax provision — 1.0

Deferred tax benefit — ( 1.2 )

Stock-based compensation 17.7 14.8

1 unchanged sentence

Accretion expense 1.4 1.5

Net loss on dispositions 0.1 0.1

Net (gain) loss on dispositions 1.2 ( 155.1 )

Loss on extinguishment of debt — 1.2

Equity in earnings of investee companies, net of tax ( 1.9 ) —

3 unchanged sentences

Decrease in receivables 2.8 11.0

(Increase) decrease in prepaid expenses and other current assets 0.8 ( 2.0 )

Decrease in prepaid expenses and other current assets 5.9 3.8

Decrease in accounts payable and accrued expenses ( 36.2 ) ( 26.8 )

1 unchanged sentence

Increase in deferred revenues 1.7 6.6

Increase in income taxes 0.5 1.2

Increase (decrease) in income taxes ( 0.7 ) 10.6

Decrease in assets and liabilities held for sale, net — ( 2.1 )

7 unchanged sentences

Return of investment in investee companies 1.5 —

Net cash flow used for investing activities ( 24.7 ) ( 19.0 )

Net cash flow provided by (used for) investing activities ( 61.5 ) 259.5

Financing activities:

Repayments of long-term debt borrowings — ( 200.0 )

Proceeds from borrowings under short-term debt facilities 90.0 95.0

7 unchanged sentences

Consolidated Statements of Cash Flows (Continued)

Three Months Ended

Six Months Ended

(in millions) 2025 2024

1 unchanged sentence

Net increase (decrease) in cash and cash equivalents

( 18.4 ) 13.6

Cash and cash equivalents at beginning of period

16 unchanged sentences

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

In total, we have displays in all of the 25 largest markets in the U.S.

and approximately 120 markets across the U.S.

In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S.

We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit .

25 unchanged sentences

Revised Consolidated Financial Information .)

The impact of the revisions have been reflected throughout the Consolidated Financial Statements, including the applicable Notes to the Consolidated Financial Statements, as appropriate.

The impact of the revisions has been reflected throughout the Consolidated Financial Statements, including the applicable Notes to the Consolidated Financial Statements, as appropriate.

OUTFRONT Media Inc.

11 unchanged sentences

This guidance does not change or remove current expense disclosure requirements and will not have any impact on our consolidated financial statements.

We are evaluating the impact to our Notes to the Consolidated Financial Statements.

Property and Equipment, Net

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

(in millions) Estimated Useful Lives March 31,

(in millions) Estimated Useful Lives June 30,

2025 December 31,

8 unchanged sentences

Property and equipment, net $ 647.5 $ 648.9

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.

Depreciation expense was $ 23.6 million in the three months ended June 30, 2025, $ 18.4 million in the three months ended June 30, 2024, $ 47.2 million in the six months ended June 30, 2025, and $ 36.9 million in the six months ended June 30, 2024.

Intangible Assets

5 unchanged sentences

(in millions) Gross Accumulated Amortization Impairment Net

As of March 31, 2025:

As of June 30, 2025:

Permits and leasehold agreements $ 1,539.6 $ ( 961.7 ) $ — $ 577.9

11 unchanged sentences

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.

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.

In the six months ended June 30, 2025, we acquired 10 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $ 6.7 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 18.1 years.

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

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.

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.

No impairment charges were recorded during the three months ended March 31, 2025.

Amortization expense was $ 17.4 million in the three months ended June 30, 2025, $ 17.3 million in the three months ended June 30, 2024, $ 34.5 million in the six months ended June 30, 2025, and $ 34.9 million in the six months ended June 30, 2024.

As a result of negative aggregate undiscounted 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 six months ended June 30, 2024, and recorded impairment charges of $ 8.8 million during the three months ended June 30, 2024, and $ 17.9 million during the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods.

No impairment charges were recorded during the three and six months ended June 30, 2025.

The following table presents our operating lease assets and liabilities:

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

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

2025 December 31,

7 unchanged sentences

The components of our lease expenses were as follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

3 unchanged sentences

Cash paid for operating leases (a)

104.5 113.5 237.5 256.0

Leased assets obtained in exchange for new operating lease liabilities 57.2 45.1 113.3 105.6

3 unchanged sentences

Dispositions .)

For each of the three months ended March 31, 2025 and 2024, sublease income related to office properties was immaterial.

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.

For each of the three and six months ended June 30, 2025 and 2024, sublease income related to office properties was immaterial.

We recorded rental income of $ 324.7 million for the three months ended June 30, 2025, $ 345.8 million for the three months ended June 30, 2024, $ 613.8 million for the six months ended June 30, 2025, and $ 649.9 million for the six months ended June 30, 2024, in Revenues on our Consolidated Statement of Operations.

Asset Retirement Obligation

7 unchanged sentences

Liabilities settled ( 1.2 )

As of March 31, 2025 $ 34.2

As of June 30, 2025 $ 34.3

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.

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;

(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-

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

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Closing at pre-agreed prices depending on the time at which we exercise the option;

(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.

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.

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.

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.

As of June 30, 2025, operating lease assets related to the Billboard Agreement were $ 81.0 million , current operating lease liabilities related to the Billboard Agreement were $ 4.7 million and non-current operating lease liabilities related to the Billboard Agreement were $ 86.2 million , and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities , respectively, on the Consolidated Statements of Financial Position.

Billboard revenues related to the Billboard Agreement were $ 3.1 million in the three months ended June 30, 2025, $ 2.4 million in the three months ended June 30, 2024, $ 6.1 million in the six months ended June 30, 2025, and $ 5.2 million in the six months ended June 30, 2024, and recorded in Revenues on the Consolidated Statement of Operations.

Operating lease expenses related to the Billboard Agreement were $ 2.9 million in the three months ended June 30, 2025, $ 2.8 million in the three months ended June 30, 2024, $ 5.9 million in the six months ended June 30, 2025, and $ 6.3 million in the six months ended June 30, 2024, and recorded in Operating expenses on the Consolidated Statement of Operations.

Joint Ventures

1 unchanged sentence

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

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.

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.

These investments totaled $ 8.7 million as of June 30, 2025, and $ 8.6 million as of December 31, 2024, and are included in Other assets on the Consolidated Statements of Financial Position.

We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $ 0.7 million in the three months ended June 30, 2025, $ 1.2 million in the three months ended June 30, 2024, $ 1.3 million in the six months ended June 30, 2025, and $ 2.2 million in the six months ended June 30, 2024.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Debt, net, consists of the following:

(in millions, except percentages) March 31,

(in millions, except percentages) June 30,

2025 December 31,

15 unchanged sentences

Weighted average cost of debt 5.4 % 5.4 %

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

The interest rate on the term loan due in 2026 (the “Term Loan”) was 6.1 % per annum as of March 31, 2025.

As of March 31, 2025, a discount of $ 0.4 million on the Term Loan remains unamortized.

The interest rate on the term loan due in 2026 (the “Term Loan”) was 6.1 % per annum as of June 30, 2025.

As of June 30, 2025, a discount of $ 0.3 million on the Term Loan remains unamortized.

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

1 unchanged sentence

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

As of March 31, 2025, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $ 0.5 million in each of the three months ended March 31, 2025, and 2024.

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.

As of June 30, 2025, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $ 0.5 million in each of the three months ended June 30, 2025 and 2024, and $ 1.0 million in each of the six months ended June 30, 2025 and 2024.

As of June 30, 2025, we had issued letters of credit totaling approximately $ 5.3 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

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.

The total fees under the letter of credit facilities were immaterial in each of the three months ended March 31, 2025 and 2024.

As of June 30, 2025, we had issued letters of credit totaling approximately $ 64.6 million under our aggregate $ 81.0 million standalone letter of credit facilities.

The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2025 and 2024.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Accounts Receivable Securitization Facility

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.

As of June 30, 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.

As of March 31, 2025, there were $ 50.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 5.6 %.

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.

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.

In April 2025, we made a repayment of $ 10.0 million under the AR Facility.

As of June 30, 2025, there were $ 70.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 5.6 %.

As of June 30, 2025, borrowing capacity remaining under the AR Facility was $ 80.0 million based on approximately $ 360.1 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility.

The commitment fee based on the amount of unused commitments under the AR Facility was $ 0.1 million in the three months ended June 30, 2025, $ 0.2 million in the six months ended June 30, 2025, and $ 0.1 million in the six months ended June 30, 2024, and was immaterial for three months ended June 30, 2024.

In August 2025, we made a repayment of $ 20.0 million under the AR Facility.

Debt Covenants

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

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.

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.

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

As of March 31, 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.

As of June 30, 2025, our Consolidated Total Leverage Ratio was 4.8 to 1.0 in accordance with the Credit Agreement.

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

As of March 31, 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.

As of March 31, 2025, we are in compliance with our debt covenants.

As of June 30, 2025, our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0 in accordance with the Credit Agreement.

As of June 30, 2025, we are in compliance with our debt covenants.

Deferred Financing Costs

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.

As of June 30, 2025, we had deferred $ 18.2 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

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes.

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1;

1 unchanged sentence

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

The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $ 2.5 billion as of both March 31, 2025, and December 31, 2024.

The fair value of our debt as of both March 31, 2025, and December 31, 2024, is classified as Level 2.

The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $ 2.6 billion as of June 30, 2025, and $ 2.5 billion as of December 31, 2024.

The fair value of our debt as of both June 30, 2025, and December 31, 2024, is classified as Level 2.

Redeemable Noncontrolling Interests

2 unchanged sentences

Fair Value .)

As of March 31, 2025, 450,000,000 shares of our common stock, par value $ 0.01 per share, were authorized;

As of June 30, 2025, 450,000,000 shares of our common stock, par value $ 0.01 per share, were authorized;

167,148,980 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;

and (ii) any dividend or distribution in cash in respect of our common stock that,

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

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.

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 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.

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

During the three months ended March 31, 2025, we paid cash dividends of $ 2.2 million on the Series A Preferred Stock.

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.

During the three months ended June 30, 2025, we paid cash dividends of $ 2.2 million on the Series A Preferred Stock and during the six months ended June 30, 2025, we paid cash dividends of $ 4.4 million on the Series A Preferred Stock.

As of June 30, 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.

No shares were sold under the ATM Program during the three months ended March 31, 2025.

As of March 31, 2025, we had approximately $ 232.5 million of capacity remaining under the ATM Program.

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

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

offers under the sales agreement.

No shares were sold under the ATM Program during the six months ended June 30, 2025.

As of June 30, 2025, we had approximately $ 232.5 million of capacity remaining under the ATM Program.

On January 17, 2025, we effectuated a 1-for- 1.024549 reverse stock split on our common stock (the “Reverse Stock Split”).

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.

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 .

On August 5, 2025 , we announced that our board of directors approved a quarterly cash dividend of $ 0.30 per share on our common stock payable on September 30, 2025 , to stockholders of record at the close of business on September 5, 2025 .

The following table summarizes revenues by source:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

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Total revenues $ 460.2 $ 477.3 $ 850.9 $ 885.8

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.

Notes to Consolidated Financial Statements

Rental income was $ 324.7 million in the three months ended June 30, 2025, $ 345.8 million in the three months ended June 30, 2024, $ 613.8 million in the six months ended June 30, 2025, and $ 649.9 million in the six months ended June 30, 2024, and is recorded in Revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

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We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2024, during the three months ended March 31, 2025.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Restructuring Charges

On June 23, 2025, we announced a restructuring and reduction in force plan (the “Plan”) intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization.

The Plan provides for a reduction of the Company’s workforce by approximately 120 employees, or 6 % of the Company’s total employees as of June 23, 2025.

As of June 30, 2025, all reductions have been completed.

In the three months ended June 30, 2025, we recorded restructuring charges of approximately $ 19.8 million associated with the Plan, consisting of $ 17.6 million of severance payments, employee benefits and related costs (including approximately $ 2.2 million in non-cash charges for stock-based compensation), and $ 2.2 million of professional fees.

Restructuring charges of $ 8.2 million were recorded in Billboard , $ 3.6 million were recorded in Transit and $ 8.0 million were recorded in Corporate.

As of June 30, 2025, approximately $ 14.3 million in restructuring reserves related to severance payments, employee benefits and related costs remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position.

Acquisitions and Dispositions

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.

We completed several asset acquisitions for a total purchase price of approximately $ 8.5 million in the six months ended June 30, 2025, and $ 7.6 million in the six months ended June 30, 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.

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Notes to Consolidated Financial Statements

The following table summarizes our stock-based compensation expense for the three months ended March 31, 2025 and 2024.

Three Months Ended

The following table summarizes our stock-based compensation expense for the six months ended June 30, 2025 and 2024.

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

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Stock-based compensation expense, net of tax $ 7.5 $ 7.2 $ 16.6 $ 14.2

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.

As of June 30, 2025, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $ 33.0 million, which is expected to be recognized over a weighted average period of 2.1 years.

RSUs and PRSUs

The following table summarizes activity for the three months ended March 31, 2025, of RSUs and PRSUs issued to our employees.

The following table summarizes activity for the six months ended June 30, 2025, of RSUs and PRSUs issued to our employees.

Activity Weighted Average Per Share Grant Date Fair Market Value

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RSUs ( 116,631 ) 17.41

Non-vested as of March 31, 2025 3,180,375 16.25

PRSUs ( 17,456 ) 18.33

Non-vested as of June 30, 2025 3,044,341 16.24

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.

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

In the three months ended March 31, 2025, our effective tax rate differed from the U.S.

In the six months ended June 30, 2025, our effective tax rate differed from the U.S.

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

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.

In the six months ended June 30, 2024, our effective tax rate also included the effect of foreign operations before the impact of the Transaction.

OUTFRONT Media Inc.

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Earnings Per Share (“EPS”)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2024 2025 2024

Net loss available for common stockholders $ ( 20.6 ) $ ( 27.2 )

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

$ 19.5 $ 176.8 $ ( 1.1 ) $ 149.6

Distributions to holders of Series A Preferred Stock

Net loss available for common stockholders, basic and diluted $ ( 22.8 ) $ ( 29.4 )

2.2 2.2 4.4 4.4

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

$ 17.3 $ 174.6 $ ( 5.5 ) $ 145.2

Weighted average shares for basic EPS 167.1 161.9 166.8 161.7

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

(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.

(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.

Dilutive potential shares from grants of RSUs and PRSUs 0.9 0.8 — 0.7

Dilutive potential shares issuable upon conversion of Series A Preferred Stock — 7.8 — 7.8

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

168.0 170.5 166.8 170.2

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

(b) For 2025, Net income (loss) available for common stockholders for the calculation of both basic and diluted EPS.

For 2024, Net income available for common stockholders for the calculation of basic EPS.

(c) The potential impact of 1.2 million granted RSUs and PRSUs in the three months ended June 30, 2025, 0.9 million granted RSUs and PRSUs in the three months ended June 30, 2024, 1.9 million granted RSUs and PRSUs in the six months ended June 30, 2025, and 1.0 million granted RSUs and PRSUs in the six months ended June 30, 2024, were antidilutive.

(d) The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in each of the three and six months ended June 30, 2025, were antidilutive.

Commitments and Contingencies

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Intangible Assets ).

If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs.

Deployment costs in an amount not to exceed $ 50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA.

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

We did not recoup any equipment deployment costs in the three months ended March 31, 2025.

We did not recoup any equipment deployment costs in the six months ended June 30, 2025.

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.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

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

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

During the three months ended March 31, 2025, we had no recoupment from incremental revenues.

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.

In the three months ended March 31, 2025, 788 installations occurred.

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.

As of March 31, 2025, we had Intangible assets related to franchise agreements balance related to the MTA Agreement of $ 13.9 million.

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.

No impairment charges were recorded during the three months ended March 31, 2025.

During the six months ended June 30, 2025, we had no recoupment from incremental revenues.

As of June 30, 2025, 27,251 digital displays had been installed, composed of 5,011 digital advertising screens on subway and train platforms and entrances, 15,824 smaller-format digital advertising screens on rolling stock and 6,416 MTA communications displays.

In the three months ended June 30, 2025, 218 installations occurred, for a total of 1,006 in the six months ended June 30, 2025.

During the six months ended June 30, 2025, we incurred equipment deployment costs of $ 12.3 million, which were recorded as Intangible assets related to franchise agreements.

As of June 30, 2025, we had Intangible assets related to franchise agreements balance related to the MTA Agreement of $ 21.6 million.

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

No impairment charges were recorded during the three and six months ended June 30, 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.

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.

As of June 30, 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

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Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

Segment Information

4 unchanged sentences

Also included in Other are operating results for third-party digital equipment sales.

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

The following tables set forth our financial performance by segment.

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.

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

Adjusted OIBDA margin is a secondary measure utilized to measure performance of our operating segments.

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We believe these measures highlight operational trends and provide an important perspective on operational performance across periods.

Three Months Ended

(in millions, except percentages) March 31, 2025 March 31, 2024

Three Months Ended Six Months Ended

(in millions, except percentages) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Billboard revenues

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Notes to Consolidated Financial Statements

Three Months Ended

(in millions) March 31, 2025 March 31, 2024

Reconciliation to net loss:

Three Months Ended Six Months Ended

(in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Reconciliation to net income (loss):

Segment Adjusted OIBDA $ 141.6 $ 140.5 $ 226.4 $ 222.3

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Total Adjusted OIBDA 124.1 126.0 188.3 192.5

Net loss on dispositions ( 0.1 ) ( 0.1 )

Impairment charge — ( 9.1 )

Restructuring charges (c)

( 19.8 ) — ( 19.8 ) —

Net gain (loss) on dispositions ( 1.1 ) 155.2 ( 1.2 ) 155.1

Impairment charges — ( 8.8 ) — ( 17.9 )

Depreciation ( 23.6 ) ( 18.4 ) ( 47.2 ) ( 36.9 )

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Interest expense, net ( 36.5 ) ( 41.1 ) ( 72.5 ) ( 82.5 )

Loss before benefit (provision) for income taxes and equity in earnings of investee companies ( 22.1 ) ( 27.4 )

(Provision) benefit for income taxes ( 0.5 ) 0.5

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

Other income, net — 1.1 — 1.1

Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies 19.7 187.9 ( 2.4 ) 160.5

Provision for income taxes ( 0.2 ) ( 11.1 ) ( 0.7 ) ( 10.6 )

Equity in earnings of investee companies, net of tax — 0.2 1.9 —

Net loss before allocation to redeemable and non-redeemable noncontrolling interests ( 20.7 ) ( 27.1 )

Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 19.5 177.0 ( 1.2 ) 149.9

Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests — 0.2 ( 0.1 ) 0.3

Net loss attributable to OUTFRONT Media Inc.

Net income (loss) attributable to OUTFRONT Media Inc.

$ 19.5 $ 176.8 $ ( 1.1 ) $ 149.6

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( 56.9 ) ( 57.1 ) ( 111.0 ) ( 115.1 )

Operating expenses (a)

( 221.3 ) ( 238.7 )

Operating expenses ( 231.5 ) ( 239.8 ) ( 452.8 ) ( 478.5 )

Selling, general and administrative (b)

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(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.

(c) In the three and six months ended June 30, 2025, Restructuring charges associated with the Plan, consists of severance payments, employee benefits and related costs, and professional fees, and includes approximately $ 2.2 million in non-cash charges for stock-based compensation .

OUTFRONT Media Inc.

1 unchanged sentence

Other disclosures (a) :

Three Months Ended

(in millions) March 31, 2025 March 31, 2024

Three Months Ended Six Months Ended

(in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Revenues (b) :

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Total revenues $ 460.2 $ 477.3 $ 850.9 $ 885.8

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Long-lived Assets (c) :

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Notes to Consolidated Financial Statements

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

(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

Net income (loss) — — ( 27.2 ) 0.1

Other comprehensive loss — — ( 3.1 ) —

Stock-based payments:

Amortization — 7.2 7.2 —

Shares paid for tax withholding for stock-based payments — ( 7.5 ) ( 7.5 ) —

Series A Preferred Stock dividends ( 7 %)

— — ( 2.2 ) —

Dividends ($ 0.30 per share)

— — ( 50.0 ) —

Other — — — ( 0.2 )

Balance as of March 31, 2024 $ — $ 2,431.9 $ 524.2 $ 3.2

Stockholders’ Equity

(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 )

Net income (loss) 0.1 — — ( 0.1 )

Adjustment to redeemable value of noncontrolling interests 3.6 ( 3.6 ) ( 3.6 ) —

Other ( 0.1 ) — — 0.1

Balance as of March 31, 2024 $ 34.9 $ ( 33.3 ) $ ( 33.3 ) $ ( 1.6 )

Stockholders’ Equity

(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

Net income (loss) 0.1 — ( 27.2 ) —

Other comprehensive loss — — ( 3.1 ) —

Stock-based payments:

Amortization — 7.2 7.2 —

Shares paid for tax withholding for stock-based payments — ( 7.5 ) ( 7.5 ) —

Series A Preferred Stock dividends ( 7 %)

— — ( 2.2 ) —

Dividends ($ 0.30 per share)

— — ( 50.0 ) —

Adjustment to redeemable value of noncontrolling interests 3.6 ( 3.6 ) ( 3.6 ) —

Other ( 0.1 ) — — ( 0.1 )

Balance as of March 31, 2024 $ 34.9 $ 2,398.6 $ 490.9 $ 1.6

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

The following tables present the impact of correcting the errors related to the classification of redeemable noncontrolling interests 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.

Stockholders’ Equity

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

What changed 10-Q

Item 1. Financial Statements