Revenues of $468.8
million
Operating loss of $438.2 million (includes $511.4 million impairment taken on U.S. Transit
and Other)
Net loss attributable to OUTFRONT Media
Inc. of $478.9 million
Adjusted OIBDA of $122.2 million
AFFO attributable to OUTFRONT Media Inc. of
$78.0 million
Quarterly dividend of $0.30 per share, payable September 29, 2023
NEW
YORK, Aug. 3, 2023 /PRNewswire/ -- OUTFRONT
Media Inc. (NYSE: OUT) today reported results for the quarter ended
June 30, 2023.
"Second quarter revenues grew 4%, driven by higher billboard
yields and growth from both our local and national businesses,"
said Jeremy Male, Chairman and Chief
Executive Officer of OUTFRONT Media. "Though we expect modest
growth in the third quarter, we are seeing some impact from the
ongoing strikes within the media industry in the second half,
particularly in our transit business. Despite this current
headwind, we remain excited by the long-term opportunity for of our
business and the out of home industry."
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
$ in Millions,
except per share amounts
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues
|
|
$468.8
|
|
$450.2
|
|
$864.6
|
|
$823.7
|
Organic
revenues
|
|
465.0
|
|
446.3
|
|
857.9
|
|
818.7
|
Operating income
(loss)
|
|
(438.2)
|
|
79.9
|
|
(428.0)
|
|
108.4
|
Adjusted
OIBDA
|
|
122.2
|
|
125.3
|
|
182.4
|
|
195.5
|
Net income (loss)
before allocation to non-controlling interests
|
|
(478.4)
|
|
48.4
|
|
(507.1)
|
|
48.5
|
Net income
(loss)1
|
|
(478.9)
|
|
48.0
|
|
(507.8)
|
|
47.9
|
Net income (loss)
per share1,2,3
|
|
($2.92)
|
|
$0.28
|
|
($3.11)
|
|
$0.25
|
Funds From
Operations (FFO)1
|
|
(59.8)
|
|
92.4
|
|
(42.7)
|
|
134.2
|
Adjusted FFO
(AFFO)1
|
|
78.0
|
|
93.2
|
|
86.8
|
|
128.7
|
Shares
outstanding3
|
|
165.0
|
|
164.6
|
|
164.8
|
|
158.8
|
|
Notes: See exhibits for
reconciliations of non-GAAP financial measures; 1) References to
"Net income (loss)", "Net income (loss) per share", "FFO" and
"AFFO" mean "Net income (loss) attributable to OUTFRONT Media
Inc.", "Net income (loss) attributable to OUTFRONT Media Inc. per
common share", "FFO attributable to OUTFRONT Media Inc." and "AFFO
attributable to OUTFRONT Media Inc.," respectively; 2) References
to "per share" mean per common share for diluted earnings per
weighted average share; 3) Diluted weighted average shares
outstanding.
|
Second Quarter 2023 Results
Consolidated
Reported revenues of $468.8 million increased $18.6 million, or 4.1%, for the second quarter of
2023 as compared to the same prior-year period. Organic revenues of
$465.0 million increased $18.7 million, or 4.2%.
Reported billboard revenues of $371.6
million increased $17.6
million, or 5.0%, due primarily to an increase in average
revenue per display (yield), and the impact of new and lost
billboards in the period, including acquisitions. Organic billboard
revenues of $367.8 million increased
$17.5 million, or 5.0%.
Reported transit and other revenues of $97.2 million increased $1.0 million, or 1.0%, due primarily to the
impact of a new transit franchise contract. Organic transit and
other revenues of $97.2 million
increased $1.2 million, or 1.3%.
Total operating expenses of $245.9
million increased $19.4
million, or 8.6%, due primarily to higher billboard property
lease expenses and higher guaranteed minimum annual payments to the
New York Metropolitan Transportation Authority (the "MTA").
Selling, General and Administrative expenses ("SG&A") of
$108.6 million increased $1.7 million, or 1.6%, primarily due to the
impact of market fluctuations on an unfunded equity-linked
retirement plan offered by the Company to certain employees,
partially offset by lower compensation-related expenses.
Adjusted OIBDA of $122.2 million
decreased $3.1 million, or 2.5%,
compared to the same prior-year period.
Segment Results
U.S. Media
Reported revenues of
$443.0 million increased $20.5 million, or 4.9%, due primarily to higher
billboard revenues. Billboard revenues increased 6.1% and Transit
and other revenues increased 0.4%. Organic revenues increased
$19.1 million, or 4.5%.
Operating expenses increased $20.3 million, or 9.6%, primarily driven by
higher variable billboard property lease expenses, the impact of
new locations, including through acquisitions, higher guaranteed
minimum annual payments to the MTA, higher taxes, and higher
compensation-related expenses. SG&A expenses increased
$1.3 million, or 1.6%, primarily
driven by higher compensation-related expenses, partially offset by
a lower provision of doubtful accounts.
Adjusted OIBDA of $128.1
million decreased $1.1
million, or 0.9%, compared to the same prior-year
period.
Other
Reported revenues of
$25.8 million decreased $1.9 million, or 6.9%, due primarily to the
impact of foreign currency exchange rates and a decrease in average
revenue per display (yield) as we have experienced decreases in
overall demand for our services, partially offset by the impact of
acquisitions. Organic revenues decreased $0.4 million, or 1.5%.
Operating expenses decreased $0.9 million, or 6.3%, due primarily to the
impact of foreign currency exchange rates and lower expenses in
Canada. SG&A expenses
increased $0.1 million, or 1.8%,
driven primarily by higher expenses in Canada, partially offset by the impact of
foreign currency exchange rates.
Adjusted OIBDA of $6.7
million decreased $1.1
million, or 14.1%, compared to the same prior-year
period.
Corporate
Corporate costs,
excluding stock-based compensation, increased $0.9 million, or 7.7%, to $12.6 million, due primarily to the impact of
market fluctuations on an equity-linked retirement plan offered by
the Company to certain employees, partially offset by lower
compensation-related expenses
Impairment Charges
In the three months ended
June 30, 2023, we recorded impairment
charges of $511.4 million. By the end
of the first half of 2023, we determined that our transit revenue
recovery, including our MTA transit revenue recovery, had stalled
since our U.S. Transit and Other reporting unit, including our MTA
transit revenue, did not meet revenue expectations, and as of
June 30, 2023, our revenue pacing and
outlook for the remainder of 2023 reflects a continued decline in
transit revenues, including MTA transit revenues, as compared to
our 2023 forecast due to the underperformance across our transit
business, including the MTA transit system. As a result, the
Company determined that there was a triggering event requiring an
interim goodwill impairment analysis of our U.S. Transit and Other
reporting unit and a triggering event requiring an interim
impairment analysis of our MTA long-lived asset group in the second
quarter of 2023. We determined that the carrying value of our U.S.
Transit and Other reporting unit exceeded its fair value and we
recorded an impairment charge of $47.6
million in the Consolidated Statements of Operations,
representing the entire goodwill balance associated with the
reporting unit. We also performed an analysis of carrying value of
our long-lived asset groups within our U.S. Transit and Other
reporting unit as a result of the triggering event noted above
utilizing undiscounted cash flows compared to the carrying value of
the asset groups. As a result, we recorded an impairment charge of
$463.5 million in the second quarter
of 2023, primarily representing a $443.1
million impairment charge related to our MTA asset group.
The impairment charges do not affect the Company's current cash
position, cash flow from operating activities, or debt
covenants.
Interest Expense
Net interest expense in the second
quarter of 2023 was $39.7 million,
including amortization of deferred financing costs of $1.8 million, as compared to $31.6 million in the same prior-year period,
including amortization of deferred financing costs of $1.7 million. The increase was due primarily to
higher interest rates compared to the same prior-year period and a
higher average debt balance. The weighted average cost of debt at
June 30, 2023 was 5.4% and at
June 30, 2022 was 4.6%.
Income Taxes
The provision for income taxes decreased
$0.8 million, or 66.7%, compared to
the same prior-year period due primarily to changes in taxable
income for our U.S. TRS (as defined below). Cash paid for income
taxes in the six months ended June 30,
2023 was $5.5 million.
Net Income (Loss) Attributable to OUTFRONT Media
Inc.
Net loss attributable to OUTFRONT Media Inc. was
$478.9 million compared to Net income
attributable to OUTFRONT Media Inc. of $48.0
million in the same prior-year period. Diluted weighted
average shares outstanding were 165.0 million for the second
quarter of 2023 compared to 164.6 million for the same prior-year
period. Net loss attributable to OUTFRONT Media Inc. per common
share for diluted earnings per weighted average share was
$2.92 in the second quarter of 2023
compared to Net income attributable to OUTFRONT Media Inc. per
common share for diluted earnings per weighted average share of
$0.28 in the same prior-year
period.
FFO & AFFO
FFO attributable to OUTFRONT Media Inc.
was a deficit of $59.8 million in the
second quarter of 2023 compared to FFO attributable to OUTFRONT
Media Inc. of $92.4 million in the
same prior-year period due primarily to impairment charges on
non-real estate assets, and higher interest expense. AFFO
attributable to OUTFRONT Media Inc. decreased $15.2 million, or 16.3%, in the second quarter of
2023, compared to the same prior-year period, due primarily to
higher interest expense and lower Adjusted OIBDA.
Cash Flow & Capital Expenditures
Net cash flow
provided by operating activities decreased $13.4 million, or 13.3%, for the six months ended
June 30, 2023, compared to the same
prior-year period. Total capital expenditures increased
$3.1 million, or 7.4%, to
$44.9 million for the six months
ended June 30, 2023, compared to the
same prior-year period.
Dividends
In the six months ended June 30, 2023, we paid cash dividends of
$103.7 million, including
$99.3 million on our common stock and
vested restricted share units granted to employees and $4.4 million on our Series A Convertible
Perpetual Preferred Stock (the "Series A Preferred Stock"). We
announced on August 3, 2023, that our
board of directors has approved a quarterly cash dividend on our
common stock of $0.30 per share
payable on September 29, 2023, to
stockholders of record at the close of business on September 1, 2023.
Balance Sheet and Liquidity
As of June 30, 2023,
our liquidity position included unrestricted cash of $42.2 million, $493.5
million of availability under our $500.0 million revolving credit facility, net of
$6.5 million of issued letters of
credit against the letter of credit facility sublimit under the
revolving credit facility, and $15.0
million of additional availability under our accounts
receivable securitization facility. During the three months ended
June 30, 2023, no shares of our common stock were sold under
our at-the-market equity offering program, of which $232.5 million remains available. As of
June 30, 2023, the maximum number of shares of our common
stock that could be required to be issued on conversion of the
outstanding shares of the Series A Preferred Stock was
approximately 7.8 million shares. Total indebtedness as of
June 30, 2023 was $2.8 billion,
excluding $20.2 million of deferred
financing costs, and includes a $600.0
million term loan, $2.1
billion of senior unsecured notes and $135.0 million of borrowings under our accounts
receivable securitization facility.
Conference Call
We will host a conference call to
discuss the results on August 3, 2023, at 4:30 p.m. Eastern Time. The conference call
numbers are 800-599-2055 (U.S. callers) and 646-394-9535
(International callers) and the passcode for both is 6988870. Live
and replay versions of the conference call will be webcast in the
Investor Relations section of our website, www.outfront.com.
Supplemental Materials
In addition to this press
release, we have provided a supplemental investor presentation
which can be viewed on our website, www.outfront.com.
About OUTFRONT Media Inc.
OUTFRONT leverages the power of technology, location and creativity
to connect brands with consumers outside of their homes through one
of the largest and most diverse sets of billboard, transit, and
mobile assets in North America.
Through its technology platform, OUTFRONT will fundamentally change
the ways advertisers engage audiences on-the-go.
Contacts:
|
|
|
|
|
|
Investors
|
|
Media
|
Stephan
Bisson
|
|
Courtney
Richards
|
Investor
Relations
|
|
PR & Events
Specialist
|
(212)
297-6573
|
|
(646)
876-9404
|
stephan.bisson@outfront.com
|
|
courtney.richards@outfront.com
|
Non-GAAP Financial Measures
In addition to the results
prepared in accordance with generally accepted accounting
principles in the United States
("GAAP") provided throughout this document, this document and the
accompanying tables include non-GAAP financial measures as
described below. We calculate organic revenues as reported revenues
excluding revenues associated with a significant acquisition and
the impact of foreign currency exchange rates ("non-organic
revenues"). We provide organic revenues to understand the
underlying growth rate of revenue excluding the impact of
non-organic revenue items. Our management believes organic revenues
are useful to users of our financial data because it enables them
to better understand the level of growth of our business period to
period. We calculate and define "Adjusted OIBDA" as operating
income (loss) before depreciation, amortization, net (gain) loss on
dispositions, stock-based compensation, and impairment charges. We
calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total
revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the
primary measures we use for managing our business, evaluating our
operating performance and planning and forecasting future periods,
as each is an important indicator of our operational strength and
business performance. Our management believes users of our
financial data are best served if the information that is made
available to them allows them to align their analysis and
evaluation of our operating results along the same lines that our
management uses in managing, planning and executing our business
strategy. Our management also believes that the presentations of
Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures,
are useful in evaluating our business because eliminating certain
non-comparable items highlight operational trends in our business
that may not otherwise be apparent when relying solely on GAAP
financial measures. It is management's opinion that these
supplemental measures provide users of our financial data with an
important perspective on our operating performance and also make it
easier for users of our financial data to compare our results with
other companies that have different financing and capital
structures or tax rates. When used herein, references to "FFO" and
"AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO
attributable to OUTFRONT Media Inc.," respectively. We calculate
FFO in accordance with the definition established by the National
Association of Real Estate Investment Trusts ("NAREIT"). FFO
reflects net income (loss) attributable to OUTFRONT Media Inc.
adjusted to exclude gains and losses from the sale of real estate
assets, impairment charges, depreciation and amortization of real
estate assets, amortization of direct lease acquisition costs and
the same adjustments for our equity-based investments and
non-controlling interests, as well as the related income tax effect
of adjustments, as applicable. We calculate AFFO as FFO adjusted to
include cash paid for direct lease acquisition costs as such costs
are generally amortized over a period ranging from four weeks to
one year and therefore are incurred on a regular basis. AFFO also
includes cash paid for maintenance capital expenditures since these
are routine uses of cash that are necessary for our operations. In
addition, AFFO excludes certain non-cash items, including non-real
estate depreciation and amortization, impairment charges on
non-real estate assets, stock-based compensation expense, accretion
expense, the non-cash effect of straight-line rent, amortization of
deferred financing costs and the same adjustments for our
non-controlling interests, along with the non-cash portion of
income taxes, and the related income tax effect of adjustments, as
applicable. We use FFO and AFFO measures for managing our business
and for planning and forecasting future periods, and each is an
important indicator of our operational strength and business
performance, especially compared to other real estate investment
trusts ("REITs"). Our management believes users of our financial
data are best served if the information that is made available to
them allows them to align their analysis and evaluation of our
operating results along the same lines that our management uses in
managing, planning and executing our business strategy. Our
management also believes that the presentations of FFO and AFFO, as
supplemental measures, are useful in evaluating our business
because adjusting results to reflect items that have more bearing
on the operating performance of REITs highlight trends in our
business that may not otherwise be apparent when relying solely on
GAAP financial measures. It is management's opinion that these
supplemental measures provide users of our financial data with an
important perspective on our operating performance and also make it
easier to compare our results to other companies in our industry,
as well as to REITs. Since organic revenues, Adjusted OIBDA,
Adjusted OIBDA margin, FFO and AFFO are not measures calculated in
accordance with GAAP, they should not be considered in isolation
of, or as a substitute for, revenues, operating income (loss) and
net income (loss) attributable to OUTFRONT Media Inc., the most
directly comparable GAAP financial measures, as indicators of
operating performance. These measures, as we calculate them, may
not be comparable to similarly titled measures employed by other
companies. In addition, these measures do not necessarily represent
funds available for discretionary use and are not necessarily a
measure of our ability to fund our cash needs.
Please see Exhibits 4-6 of this release for a reconciliation of
the above non-GAAP financial measures to the most directly
comparable GAAP financial measures.
Cautionary Statement Regarding Forward-Looking
Statements
We have made statements in this document that are
forward-looking statements within the meaning of the federal
securities laws, including the Private Securities Litigation Reform
Act of 1995. You can identify forward-looking statements by the use
of forward-looking terminology such as "believes," "expects,"
"could," "would," "may," "might," "will," "should," "seeks,"
"likely," "intends," "plans," "projects," "predicts," "estimates,"
"forecast" or "anticipates" or the negative of these words and
phrases or similar words or phrases that are predictions of or
indicate future events or trends and that do not relate solely to
historical matters. You can also identify forward-looking
statements by discussions of strategy, plans or intentions related
to our capital resources, portfolio performance and results of
operations. Forward-looking statements involve numerous risks and
uncertainties and you should not rely on them as predictions of
future events. Forward-looking statements depend on assumptions,
data or methods that may be incorrect or imprecise and may not be
able to be realized. We do not guarantee that the transactions and
events described will happen as described (or that they will happen
at all). The following factors, among others, could cause actual
results and future events to differ materially from those set forth
or contemplated in the forward-looking statements: declines in
advertising and general economic conditions, including the current
heightened levels of inflation; the severity and duration of
pandemics, and the impact on our business, financial condition and
results of operations; competition; government regulation; our
ability to implement our digital display platform and deploy
digital advertising displays to our transit franchise partners;
losses and costs resulting from recalls and product liability,
warranty and intellectual property claims; our ability to obtain
and renew key municipal contracts on favorable terms; taxes, fees
and registration requirements; decreased government compensation
for the removal of lawful billboards; content-based restrictions on
outdoor advertising; seasonal variations; acquisitions and other
strategic transactions that we may pursue could have a negative
effect on our results of operations; dependence on our management
team and other key employees; diverse risks in our Canadian
business; experiencing a cybersecurity incident; changes in
regulations and consumer concerns regarding privacy, information
security and data, or any failure or perceived failure to comply
with these regulations or our internal policies; asset impairment
charges for our long-lived assets and goodwill; environmental,
health and safety laws and regulations; expectations relating to
environmental, social and governance considerations; our
substantial indebtedness; restrictions in the agreements governing
our indebtedness; incurrence of additional debt; interest rate risk
exposure from our variable-rate indebtedness; our ability to
generate cash to service our indebtedness; cash available for
distributions; hedging transactions; the ability of our board of
directors to cause us to issue additional shares of stock without
common stockholder approval; certain provisions of Maryland law may limit the ability of a third
party to acquire control of us; our rights and the rights of our
stockholders to take action against our directors and officers are
limited; our failure to remain qualified to be taxed as a REIT;
REIT distribution requirements; availability of external sources of
capital; we may face other tax liabilities even if we remain
qualified to be taxed as a REIT; complying with REIT requirements
may cause us to liquidate investments or forgo otherwise attractive
investments or business opportunities; our ability to contribute
certain contracts to a taxable REIT subsidiary ("TRS"); our planned
use of TRSs may cause us to fail to remain qualified to be taxed as
a REIT; REIT ownership limits; complying with REIT requirements may
limit our ability to hedge effectively; failure to meet the REIT
income tests as a result of receiving non-qualifying income; the
Internal Revenue Service may deem the gains from sales of our
outdoor advertising assets to be subject to a 100% prohibited
transaction tax; establishing operating partnerships as part of our
REIT structure; and other factors described in our filings with the
Securities and Exchange Commission (the "SEC"), including but not
limited to the section entitled "Risk Factors" in our Annual Report
on Form 10-K for the year ended December 31,
2022, filed with the SEC on February
23, 2023. All forward-looking statements in this document
apply as of the date of this document or as of the date they were
made and, except as required by applicable law, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
of new information, data or methods, future events or other
changes.
EXHIBITS
Exhibit 1:
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) See Notes on Page 14
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
(in millions, except
per share amounts)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
371.6
|
|
$
354.0
|
|
$
692.2
|
|
$
652.2
|
Transit and
other
|
|
97.2
|
|
96.2
|
|
172.4
|
|
171.5
|
Total
revenues
|
|
468.8
|
|
450.2
|
|
864.6
|
|
823.7
|
Expenses:
|
|
|
|
|
|
|
|
|
Operating
|
|
245.9
|
|
226.5
|
|
481.4
|
|
439.3
|
Selling, general and
administrative
|
|
108.6
|
|
106.9
|
|
216.5
|
|
205.3
|
Net (gain) loss on
dispositions
|
|
(0.1)
|
|
0.2
|
|
0.2
|
|
(0.1)
|
Impairment
charges
|
|
511.4
|
|
—
|
|
511.4
|
|
—
|
Depreciation
|
|
19.7
|
|
19.4
|
|
39.8
|
|
38.7
|
Amortization
|
|
21.5
|
|
17.3
|
|
43.3
|
|
32.1
|
Total
expenses
|
|
907.0
|
|
370.3
|
|
1,292.6
|
|
715.3
|
Operating income
(loss)
|
|
(438.2)
|
|
79.9
|
|
(428.0)
|
|
108.4
|
Interest expense,
net
|
|
(39.7)
|
|
(31.6)
|
|
(77.4)
|
|
(62.3)
|
Other expense,
net
|
|
0.2
|
|
0.1
|
|
0.2
|
|
—
|
Income (loss) before
benefit (provision) for income taxes and
equity in earnings of investee companies
|
|
(477.7)
|
|
48.4
|
|
(505.2)
|
|
46.1
|
Benefit (provision)
for income taxes
|
|
(0.4)
|
|
(1.2)
|
|
(0.8)
|
|
0.9
|
Equity in earnings of
investee companies, net of tax
|
|
(0.3)
|
|
1.2
|
|
(1.1)
|
|
1.5
|
Net income (loss)
before allocation to non-controlling interests
|
|
(478.4)
|
|
48.4
|
|
(507.1)
|
|
48.5
|
Net income attributable
to non-controlling interests
|
|
0.5
|
|
0.4
|
|
0.7
|
|
0.6
|
Net income (loss)
attributable to OUTFRONT Media Inc.
|
|
$
(478.9)
|
|
$
48.0
|
|
$
(507.8)
|
|
$
47.9
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(2.92)
|
|
$
0.28
|
|
$
(3.11)
|
|
$
0.25
|
Diluted
|
|
$
(2.92)
|
|
$
0.28
|
|
$
(3.11)
|
|
$
0.25
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
165.0
|
|
164.0
|
|
164.8
|
|
158.0
|
Diluted
|
|
165.0
|
|
164.6
|
|
164.8
|
|
158.8
|
Exhibit 2:
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) See Notes on Page 14
|
|
|
As of
|
(in
millions)
|
|
June 30,
2023
|
|
December 31,
2022
|
Assets:
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
42.2
|
|
$
40.4
|
Receivables, less
allowance ($17.2 in 2023 and $20.2 in 2022)
|
|
293.0
|
|
315.5
|
Prepaid lease and
franchise costs
|
|
6.5
|
|
9.1
|
Other prepaid
expenses
|
|
21.3
|
|
19.8
|
Other current
assets
|
|
6.9
|
|
5.6
|
Total current
assets
|
|
369.9
|
|
390.4
|
Property and equipment,
net
|
|
694.3
|
|
699.8
|
Goodwill
|
|
2,029.3
|
|
2,076.4
|
Intangible
assets
|
|
779.6
|
|
858.5
|
Operating lease
assets
|
|
1,679.4
|
|
1,562.6
|
Prepaid MTA equipment
deployment costs
|
|
—
|
|
363.2
|
Other assets
|
|
33.4
|
|
39.1
|
Total
assets
|
|
$
5,585.9
|
|
$
5,990.0
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
54.8
|
|
$
65.4
|
Accrued
compensation
|
|
35.0
|
|
68.0
|
Accrued
interest
|
|
31.6
|
|
31.1
|
Accrued lease and
franchise costs
|
|
58.7
|
|
64.9
|
Other accrued
expenses
|
|
54.3
|
|
47.6
|
Deferred
revenues
|
|
48.0
|
|
35.3
|
Short-term
debt
|
|
135.0
|
|
30.0
|
Short-term operating
lease liabilities
|
|
202.9
|
|
188.1
|
Other current
liabilities
|
|
19.4
|
|
21.2
|
Total current
liabilities
|
|
639.7
|
|
551.6
|
Long-term debt,
net
|
|
2,628.6
|
|
2,626.0
|
Deferred income tax
liabilities, net
|
|
15.6
|
|
15.2
|
Asset retirement
obligation
|
|
38.0
|
|
37.8
|
Operating lease
liabilities
|
|
1,477.8
|
|
1,369.0
|
Other
liabilities
|
|
41.6
|
|
41.2
|
Total
liabilities
|
|
4,841.3
|
|
4,640.8
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Preferred stock (2023 -
50.0 shares authorized, and 0.1 shares of Series A Preferred
Stock
issued and outstanding; 2022 - 50.0 shares authorized, and 0.1
shares issued and
outstanding)
|
|
119.8
|
|
119.8
|
Stockholders'
equity:
|
|
|
|
|
Common stock (2023 -
450.0 shares authorized, and 165.0 shares issued and
outstanding; 2022 - 450.0 shares authorized, and 164.2 issued and
outstanding)
|
|
1.7
|
|
1.6
|
Additional paid-in
capital
|
|
2,419.6
|
|
2,416.3
|
Distribution in excess
of earnings
|
|
(1,794.9)
|
|
(1,183.4)
|
Accumulated other
comprehensive loss
|
|
(6.3)
|
|
(9.1)
|
Total stockholders'
equity
|
|
620.1
|
|
1,225.4
|
Non-controlling
interests
|
|
4.7
|
|
4.0
|
Total equity
|
|
744.6
|
|
1,349.2
|
Total liabilities
and equity
|
|
$
5,585.9
|
|
$
5,990.0
|
Exhibit 3:
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) See Notes on Page 14
|
|
|
Six Months
Ended
|
|
|
June
30,
|
(in
millions)
|
|
2023
|
|
2022
|
Operating
activities:
|
|
|
|
|
Net income (loss)
attributable to OUTFRONT Media Inc.
|
|
$
(507.8)
|
|
$
47.9
|
Adjustments to
reconcile net income (loss) to net cash flow provided by operating
activities:
|
|
|
|
|
Net income
attributable to non-controlling interests
|
|
0.7
|
|
0.6
|
Depreciation and
amortization
|
|
83.1
|
|
70.8
|
Deferred tax (benefit)
provision
|
|
0.1
|
|
(2.5)
|
Stock-based
compensation
|
|
15.7
|
|
16.4
|
Provision for doubtful
accounts
|
|
0.7
|
|
1.7
|
Accretion
expense
|
|
1.5
|
|
1.4
|
Net (gain) loss on
dispositions
|
|
0.2
|
|
(0.1)
|
Impairment
charges
|
|
511.4
|
|
—
|
Equity in earnings of
investee companies, net of tax
|
|
1.1
|
|
(1.5)
|
Distributions from
investee companies
|
|
0.8
|
|
0.4
|
Amortization of
deferred financing costs and debt discount and premium
|
|
3.4
|
|
3.3
|
Change in assets and
liabilities, net of investing and financing activities:
|
|
|
|
|
Decrease in
receivables
|
|
22.3
|
|
20.1
|
Increase in prepaid
MTA equipment deployment costs
|
|
(21.8)
|
|
(48.1)
|
Decrease in prepaid
expenses and other current assets
|
|
1.3
|
|
4.5
|
Decrease in accounts
payable and accrued expenses
|
|
(40.5)
|
|
(24.9)
|
Increase in operating
lease assets and liabilities
|
|
8.9
|
|
2.9
|
Increase in deferred
revenues
|
|
12.7
|
|
11.0
|
Decrease in income
taxes
|
|
(4.8)
|
|
(1.3)
|
Other, net
|
|
(1.3)
|
|
(1.5)
|
Net cash flow
provided by operating activities
|
|
87.7
|
|
101.1
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
Capital
expenditures
|
|
(44.9)
|
|
(41.8)
|
Acquisitions
|
|
(27.4)
|
|
(248.6)
|
MTA franchise
rights
|
|
0.6
|
|
(5.1)
|
Net proceeds from
dispositions
|
|
0.2
|
|
1.1
|
Net cash flow used
for investing activities
|
|
(71.5)
|
|
(294.4)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Proceeds from
borrowings under short-term debt facilities
|
|
105.0
|
|
—
|
Payments of deferred
financing costs
|
|
(3.7)
|
|
(0.4)
|
Taxes withheld for
stock-based compensation
|
|
(12.3)
|
|
(10.9)
|
Dividends
|
|
(103.7)
|
|
(102.9)
|
Net cash flow used
for financing activities
|
|
(14.7)
|
|
(114.2)
|
|
|
|
|
|
Exhibit 3:
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) See Notes on Page 14
|
|
|
Six Months
Ended
|
|
|
June
30,
|
(in
millions)
|
|
2023
|
|
2022
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
0.3
|
|
(0.3)
|
Net increase
(decrease) in cash and cash equivalents
|
|
1.8
|
|
(307.8)
|
Cash and cash
equivalents at beginning of period
|
|
40.4
|
|
424.8
|
Cash and cash
equivalents at end of period
|
|
$
42.2
|
|
$
117.0
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
Cash paid for income
taxes
|
|
$
5.5
|
|
$
2.9
|
Cash paid for
interest
|
|
74.4
|
|
59.6
|
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
Accrued purchases of
property and equipment
|
|
3.9
|
|
4.9
|
Accrued MTA franchise
rights
|
|
2.9
|
|
3.6
|
Taxes withheld for
stock-based compensation
|
|
0.1
|
|
—
|
Exhibit 4:
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL
INFORMATION
(Unaudited) See Notes on Page 14
|
|
|
Three Months Ended
June 30, 2023
|
(in millions, except
percentages)
|
|
U.S.
Media
|
|
Other
|
|
|
Corporate
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
352.2
|
|
$
19.4
|
|
|
$
—
|
|
$
371.6
|
Transit and
other
|
|
90.8
|
|
6.4
|
|
|
—
|
|
97.2
|
Total
revenues
|
|
$
443.0
|
|
$
25.8
|
|
|
$
—
|
|
$
468.8
|
Organic
revenues(a):
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
348.4
|
|
$
19.4
|
|
|
$
—
|
|
$
367.8
|
Transit and
other
|
|
90.8
|
|
6.4
|
|
|
—
|
|
97.2
|
Total organic
revenues(a)
|
|
$
439.2
|
|
$
25.8
|
|
|
$
—
|
|
$
465.0
|
Non-organic
revenues(b):
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
3.8
|
|
$
—
|
|
|
$
—
|
|
$
3.8
|
Transit and
other
|
|
—
|
|
—
|
|
|
—
|
|
—
|
Total non-organic
revenues(b)
|
|
$
3.8
|
|
$
—
|
|
|
$
—
|
|
$
3.8
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
$
(420.9)
|
|
$
3.2
|
|
|
$
(20.5)
|
|
$
(438.2)
|
Net gain on
dispositions
|
|
(0.1)
|
|
—
|
|
|
—
|
|
(0.1)
|
Impairment
charges
|
|
511.4
|
|
—
|
|
|
—
|
|
511.4
|
Depreciation and
amortization
|
|
37.7
|
|
3.5
|
|
|
—
|
|
41.2
|
Stock-based
compensation
|
|
—
|
|
—
|
|
|
7.9
|
|
7.9
|
Adjusted
OIBDA
|
|
$
128.1
|
|
$
6.7
|
|
|
$
(12.6)
|
|
$
122.2
|
|
|
|
|
|
|
|
|
|
|
Adjusted OIBDA
margin
|
|
28.9 %
|
|
26.0 %
|
|
|
*
|
|
26.1 %
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
19.6
|
|
$
2.7
|
|
|
$
—
|
|
$
22.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2022
|
(in millions, except
percentages)
|
|
U.S.
Media
|
|
Other
|
|
|
Corporate
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
332.1
|
|
$
21.9
|
|
|
$
—
|
|
$
354.0
|
Transit and
other
|
|
90.4
|
|
5.8
|
|
|
—
|
|
96.2
|
Total
revenues
|
|
$
422.5
|
|
$
27.7
|
|
|
$
—
|
|
$
450.2
|
Organic
revenues(a):
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
329.7
|
|
$
20.6
|
|
|
$
—
|
|
$
350.3
|
Transit and
other
|
|
90.4
|
|
5.6
|
|
|
—
|
|
96.0
|
Total organic
revenues(a)
|
|
$
420.1
|
|
$
26.2
|
|
|
$
—
|
|
$
446.3
|
Non-organic
revenues(b):
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
2.4
|
|
$
1.3
|
|
|
$
—
|
|
$
3.7
|
Transit and
other
|
|
—
|
|
0.2
|
|
|
—
|
|
0.2
|
Total non-organic
revenues(b)
|
|
$
2.4
|
|
$
1.5
|
|
|
$
—
|
|
$
3.9
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
$
95.3
|
|
$
4.8
|
|
|
$
(20.2)
|
|
$
79.9
|
Net loss on
dispositions
|
|
0.2
|
|
—
|
|
|
—
|
|
0.2
|
Depreciation and
amortization
|
|
33.7
|
|
3.0
|
|
|
—
|
|
36.7
|
Stock-based
compensation
|
|
—
|
|
—
|
|
|
8.5
|
|
8.5
|
Adjusted
OIBDA
|
|
$
129.2
|
|
$
7.8
|
|
|
$
(11.7)
|
|
$
125.3
|
|
|
|
|
|
|
|
|
|
|
Adjusted OIBDA
margin
|
|
30.6 %
|
|
28.2 %
|
|
|
*
|
|
27.8 %
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
24.2
|
|
$
0.7
|
|
|
$
—
|
|
$
24.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2023
|
(in millions, except
percentages)
|
|
U.S.
Media
|
|
Other
|
|
|
Corporate
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
658.3
|
|
$
33.9
|
|
|
$
—
|
|
$
692.2
|
Transit and
other
|
|
161.1
|
|
11.3
|
|
|
—
|
|
172.4
|
Total
revenues
|
|
$
819.4
|
|
$
45.2
|
|
|
$
—
|
|
$
864.6
|
Organic
revenues(a):
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
651.6
|
|
$
33.9
|
|
|
$
—
|
|
$
685.5
|
Transit and
other
|
|
161.1
|
|
11.3
|
|
|
—
|
|
172.4
|
Total organic
revenues(a)
|
|
$
812.7
|
|
$
45.2
|
|
|
$
—
|
|
$
857.9
|
Non-organic
revenues(b):
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
6.7
|
|
$
—
|
|
|
$
—
|
|
$
6.7
|
Transit and
other
|
|
—
|
|
—
|
|
|
—
|
|
—
|
Total non-organic
revenues(b)
|
|
$
6.7
|
|
$
—
|
|
|
$
—
|
|
$
6.7
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
$
(387.6)
|
|
$
0.9
|
|
|
$
(41.3)
|
|
$
(428.0)
|
Net loss on
dispositions
|
|
0.2
|
|
—
|
|
|
—
|
|
0.2
|
Impairment
charges
|
|
511.4
|
|
—
|
|
|
—
|
|
511.4
|
Depreciation and
amortization
|
|
76.2
|
|
6.9
|
|
|
—
|
|
83.1
|
Stock-based
compensation
|
|
—
|
|
—
|
|
|
15.7
|
|
15.7
|
Adjusted
OIBDA
|
|
$
200.2
|
|
$
7.8
|
|
|
$
(25.6)
|
|
$
182.4
|
|
|
|
|
|
|
|
|
|
|
Adjusted OIBDA
margin
|
|
24.4 %
|
|
17.3 %
|
|
|
*
|
|
21.1 %
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
41.6
|
|
$
3.3
|
|
|
$
—
|
|
$
44.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2022
|
(in millions, except
percentages)
|
|
U.S.
Media
|
|
Other
|
|
|
Corporate
|
|
Consolidated
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
615.5
|
|
$
36.7
|
|
|
$
—
|
|
$
652.2
|
Transit and
other
|
|
161.2
|
|
10.3
|
|
|
—
|
|
171.5
|
Total
revenues
|
|
$
776.7
|
|
$
47.0
|
|
|
$
—
|
|
$
823.7
|
Organic
revenues(a)
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
613.1
|
|
$
34.5
|
|
|
$
—
|
|
$
647.6
|
Transit and
other
|
|
161.2
|
|
9.9
|
|
|
—
|
|
171.1
|
Total organic
revenues(a)
|
|
$
774.3
|
|
$
44.4
|
|
|
$
—
|
|
$
818.7
|
Non-organic
revenues(b):
|
|
|
|
|
|
|
|
|
|
Billboard
|
|
$
2.4
|
|
$
2.2
|
|
|
$
—
|
|
$
4.6
|
Transit and
other
|
|
—
|
|
0.4
|
|
|
—
|
|
0.4
|
Total non-organic
revenues(b)
|
|
$
2.4
|
|
$
2.6
|
|
|
$
—
|
|
$
5.0
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
$
144.6
|
|
$
2.4
|
|
|
$
(38.6)
|
|
$
108.4
|
Net gain on
dispositions
|
|
(0.1)
|
|
—
|
|
|
—
|
|
(0.1)
|
Depreciation and
amortization
|
|
64.8
|
|
6.0
|
|
|
—
|
|
70.8
|
Stock-based
compensation
|
|
—
|
|
—
|
|
|
16.4
|
|
16.4
|
Adjusted
OIBDA
|
|
$
209.3
|
|
$
8.4
|
|
|
$
(22.2)
|
|
$
195.5
|
|
|
|
|
|
|
|
|
|
|
Adjusted OIBDA
margin
|
|
26.9 %
|
|
17.9 %
|
|
|
*
|
|
23.7 %
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
40.3
|
|
$
1.5
|
|
|
$
—
|
|
$
41.8
|
|
|
|
|
|
|
|
|
|
|
Exhibit 5:
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL
MEASURES
(Unaudited) See Notes on Page 14
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
(in
millions)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net income (loss)
attributable to OUTFRONT Media Inc.
|
|
$
(478.9)
|
|
$
48.0
|
|
$
(507.8)
|
|
$
47.9
|
Depreciation of
billboard advertising structures
|
|
15.1
|
|
14.0
|
|
30.2
|
|
27.6
|
Amortization of real
estate-related intangible assets
|
|
18.1
|
|
14.5
|
|
36.4
|
|
27.9
|
Amortization of direct
lease acquisition costs
|
|
15.0
|
|
15.7
|
|
27.4
|
|
31.0
|
Net (gain) loss on
disposition of real estate assets
|
|
(0.1)
|
|
0.2
|
|
0.2
|
|
(0.1)
|
Impairment
charges(c)
|
|
371.1
|
|
—
|
|
371.1
|
|
—
|
Adjustment related to
non-controlling interests
|
|
(0.1)
|
|
—
|
|
(0.2)
|
|
(0.1)
|
FFO attributable to
OUTFRONT Media Inc.
|
|
$
(59.8)
|
|
$
92.4
|
|
$
(42.7)
|
|
$
134.2
|
Non-cash portion of
income taxes
|
|
(1.5)
|
|
0.4
|
|
(4.7)
|
|
(3.8)
|
Cash paid for direct
lease acquisition costs
|
|
(14.6)
|
|
(13.0)
|
|
(31.1)
|
|
(29.0)
|
Maintenance capital
expenditures
|
|
(7.7)
|
|
(7.0)
|
|
(16.5)
|
|
(11.4)
|
Other
depreciation
|
|
4.6
|
|
5.4
|
|
9.6
|
|
11.1
|
Other
amortization
|
|
3.4
|
|
2.8
|
|
6.9
|
|
4.2
|
Impairment charges on
non-real estate assets(c)(d)
|
|
140.3
|
|
—
|
|
140.3
|
|
—
|
Stock-based
compensation
|
|
7.9
|
|
8.5
|
|
15.7
|
|
16.4
|
Non-cash effect of
straight-line rent
|
|
2.9
|
|
1.3
|
|
4.4
|
|
2.3
|
Accretion
expense
|
|
0.7
|
|
0.7
|
|
1.5
|
|
1.4
|
Amortization of
deferred financing costs
|
|
1.8
|
|
1.7
|
|
3.4
|
|
3.3
|
AFFO attributable to
OUTFRONT Media Inc.
|
|
$
78.0
|
|
$
93.2
|
|
$
86.8
|
|
$
128.7
|
Exhibit 6:
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL
MEASURES
(Unaudited) See Notes on Page 14
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
(in
millions)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Adjusted
OIBDA
|
|
$
122.2
|
|
$
125.3
|
|
$
182.4
|
|
$
195.5
|
Interest expense, net,
less amortization of deferred financing costs
|
|
(37.9)
|
|
(29.9)
|
|
(74.0)
|
|
(59.0)
|
Cash paid for income
taxes
|
|
(1.9)
|
|
(0.8)
|
|
(5.5)
|
|
(2.9)
|
Direct lease
acquisition costs
|
|
0.4
|
|
2.7
|
|
(3.7)
|
|
2.0
|
Maintenance capital
expenditures
|
|
(7.7)
|
|
(7.0)
|
|
(16.5)
|
|
(11.4)
|
Equity in earnings of
investee companies, net of tax
|
|
(0.3)
|
|
1.2
|
|
(1.1)
|
|
1.5
|
Non-cash effect of
straight-line rent
|
|
2.9
|
|
1.3
|
|
4.4
|
|
2.3
|
Accretion
expense
|
|
0.7
|
|
0.7
|
|
1.5
|
|
1.4
|
Other expense,
net
|
|
0.2
|
|
0.1
|
|
0.2
|
|
—
|
Adjustment related to
non-controlling interests
|
|
(0.6)
|
|
(0.4)
|
|
(0.9)
|
|
(0.7)
|
AFFO attributable to
OUTFRONT Media Inc.
|
|
$
78.0
|
|
$
93.2
|
|
$
86.8
|
|
$
128.7
|
Exhibit 7:
OPERATING EXPENSES
|
(Unaudited) See Notes on Page
14
|
|
|
Three Months
Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
June
30,
|
|
%
|
|
June
30,
|
|
%
|
(in millions, except
percentages)
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Billboard property
lease(e)
|
|
$
128.3
|
|
$
112.5
|
|
14.0 %
|
|
$
249.5
|
|
$
219.8
|
|
13.5 %
|
Transit
franchise
|
|
61.0
|
|
59.4
|
|
2.7
|
|
120.6
|
|
113.1
|
|
6.6
|
Posting, maintenance
and other
|
|
56.6
|
|
54.6
|
|
3.7
|
|
111.3
|
|
106.4
|
|
4.6
|
Total operating
expenses
|
|
$
245.9
|
|
$
226.5
|
|
8.6
|
|
$
481.4
|
|
$
439.3
|
|
9.6
|
Exhibit 8:
EXPENSES BY SEGMENT
|
(Unaudited) See Notes on Page
14
|
|
|
Three Months
Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
June
30,
|
|
%
|
|
June
30,
|
|
%
|
(in millions, except
percentages)
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
U.S. Media:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(e)
|
|
$
232.5
|
|
$
212.2
|
|
9.6 %
|
|
$
455.1
|
|
$
411.6
|
|
10.6 %
|
SG&A
expenses
|
|
82.4
|
|
81.1
|
|
1.6
|
|
164.1
|
|
155.8
|
|
5.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
13.4
|
|
14.3
|
|
(6.3)
|
|
26.3
|
|
27.7
|
|
(5.1)
|
SG&A
expenses
|
|
5.7
|
|
5.6
|
|
1.8
|
|
11.1
|
|
10.9
|
|
1.8
|
NOTES TO
EXHIBITS
|
|
PRIOR PERIOD
PRESENTATION CONFORMS TO CURRENT REPORTING
CLASSIFICATIONS.
|
|
|
(a)
|
Organic revenues
exclude revenues associated with a significant acquisition and the
impact of foreign currency exchange rates ("non-organic
revenues").
|
(b)
|
In the three and six
months ended June 30, 2023, non-organic revenues reflect the impact
of a significant acquisition. In the three and six months ended
June 30, 2022, non-organic revenues reflect the impact of a
significant acquisition and the impact of foreign currency exchange
rates.
|
(c)
|
Impairment charges
related to a decline in the long-term outlook of our U.S. Transit
and Other reporting unit.
|
(d)
|
Impairment charge
related to an other-than-temporary decline in fair value of a
cost-method investment.
|
(e)
|
Includes an
out-of-period adjustment of $5.2 million recorded in the six months
ended June 30, 2023, related to variable billboard property lease
expenses.
|
|
* Calculation not
meaningful.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/outfront-media-reports-second-quarter-2023-results-301893081.html
SOURCE OUTFRONT Media Inc.