x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
For the transition period from | to | |||
Maryland | 46-4494703 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
405 Lexington Avenue, 17th Floor New York, NY | 10174 | |
(Address of principal executive offices) | (Zip Code) | |
Large accelerated filer | x | Accelerated filer | o | |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o | |
Emerging growth company | o | |||
As of | ||||||||
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Receivables, less allowance ($9.2 in 2017 and $9.2 in 2016) | ||||||||
Prepaid lease and transit franchise costs | ||||||||
Other prepaid expenses | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property and equipment, net (Note 3) | ||||||||
Goodwill | ||||||||
Intangible assets (Note 4) | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Accrued compensation | ||||||||
Accrued interest | ||||||||
Accrued lease costs | ||||||||
Other accrued expenses | ||||||||
Deferred revenues | ||||||||
Other current liabilities | ||||||||
Total current liabilities | ||||||||
Long-term debt, net (Note 7) | ||||||||
Deferred income tax liabilities, net | ||||||||
Asset retirement obligation (Note 5) | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 14) | ||||||||
Stockholders’ equity (Note 8): | ||||||||
Common stock (2017 - 450.0 shares authorized, and 138.6 shares issued | ||||||||
and outstanding; 2016 - 450.0 shares authorized, and 138.0 issued and outstanding) | ||||||||
Additional paid-in capital | ||||||||
Distribution in excess of earnings | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total stockholders’ equity | ||||||||
Non-controlling interests | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2017 | 2016 | ||||||
Revenues: | ||||||||
Billboard | $ | $ | ||||||
Transit and other | ||||||||
Total revenues | ||||||||
Expenses: | ||||||||
Operating | ||||||||
Selling, general and administrative | ||||||||
Restructuring charges | ||||||||
Loss on real estate assets held for sale | ||||||||
Net loss on dispositions | ||||||||
Depreciation | ||||||||
Amortization | ||||||||
Total expenses | ||||||||
Operating income | ||||||||
Interest expense, net | ( | ) | ( | ) | ||||
Other expense, net | ( | ) | ||||||
Loss before benefit for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ||||
Benefit for income taxes | ||||||||
Equity in earnings of investee companies, net of tax | ||||||||
Net income (loss) | $ | $ | ( | ) | ||||
Net income (loss) per common share: | ||||||||
Basic | $ | $ | ( | ) | ||||
Diluted | $ | $ | ( | ) | ||||
Weighted average shares outstanding: | ||||||||
Basic | ||||||||
Diluted | ||||||||
Dividends declared per common share | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Net income (loss) | $ | $ | ( | ) | ||||
Other comprehensive income, net of tax: | ||||||||
Cumulative translation adjustments | ||||||||
Net actuarial loss | ( | ) | ||||||
Total other comprehensive income, net of tax | ||||||||
Total comprehensive income | $ | $ | ||||||
(in millions, except per share amounts) | Shares of Common Stock | Common Stock ($0.01 per share par value) | Additional Paid-In Capital | Distribution in Excess of Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||
Balance as of December 31, 2015 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ( | ) | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based payments: | — | — | |||||||||||||||||||||||||||||
Vested | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization | — | — | — | — | — | ||||||||||||||||||||||||||
Shares paid for tax withholding for stock-based payments | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Dividends ($0.34 per share) | — | — | — | ( | ) | — | ( | ) | ( | ) | |||||||||||||||||||||
Balance as of March 31, 2016 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Balance as of December 31, 2016 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||
Cumulative prior period adjustment to amortization of estimated forfeitures | — | — | ( | ) | — | — | — | ||||||||||||||||||||||||
Vested | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||
Amortization | — | — | — | — | — | ||||||||||||||||||||||||||
Shares paid for tax withholding for stock-based payments | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Dividends ($0.36 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Balance as of March 31, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Operating activities: | ||||||||
Net income (loss) | $ | $ | ( | ) | ||||
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Deferred tax benefit | ( | ) | ( | ) | ||||
Stock-based compensation | ||||||||
Provision for doubtful accounts | ||||||||
Accretion expense | ||||||||
Loss on real estate assets held for sale | ||||||||
Net loss on dispositions | ||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||
Distributions from investee companies | ||||||||
Amortization of deferred financing costs and debt discount and premium | ||||||||
Cash paid for direct lease acquisition costs | ( | ) | ( | ) | ||||
Change in assets and liabilities, net of investing and financing activities | ( | ) | ( | ) | ||||
Net cash flow provided by operating activities | ||||||||
Investing activities: | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Acquisitions | ( | ) | ( | ) | ||||
Net proceeds from dispositions | ||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ||||
Financing activities: | ||||||||
Proceeds from long-term debt borrowings - term loan | ||||||||
Proceeds from borrowings under revolving credit facility | ||||||||
Deferred financing costs | ( | ) | ( | ) | ||||
Proceeds from stock option exercises | ||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||
Dividends | ( | ) | ( | ) | ||||
Other | ( | ) | ( | ) | ||||
Net cash flow used for financing activities | ( | ) | ( | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||
Net decrease in cash and cash equivalents | ( | ) | ( | ) | ||||
Cash and cash equivalents at beginning of period | ||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for income taxes | $ | $ | ||||||
Cash paid for interest | ||||||||
Non-cash investing and financing activities: | ||||||||
Accrued purchases of property and equipment | $ | $ | ||||||
Taxes withheld for stock-based compensation | ||||||||
As of | ||||||||||
(in millions) | Estimated Useful Lives | March 31, 2017 | December 31, 2016 | |||||||
Land | $ | $ | ||||||||
Buildings | 20 to 40 years | |||||||||
Advertising structures | 5 to 20 years | |||||||||
Furniture, equipment and other | 3 to 10 years | |||||||||
Construction in progress | ||||||||||
Less: accumulated depreciation | ||||||||||
Property and equipment, net | $ | $ | ||||||||
(in millions) | Gross | Accumulated Amortization | Net | |||||||||
As of March 31, 2017: | ||||||||||||
Permits and leasehold agreements | $ | $ | ( | ) | $ | |||||||
Franchise agreements | ( | ) | ||||||||||
Other intangible assets | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ | |||||||
As of December 31, 2016: | ||||||||||||
Permits and leasehold agreements | $ | $ | ( | ) | $ | |||||||
Franchise agreements | ( | ) | ||||||||||
Other intangible assets | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ | |||||||
(in millions) | ||||
As of December 31, 2016 | $ | |||
Accretion expense | ||||
Additions | ||||
Liabilities settled | ( | ) | ||
As of March 31, 2017 | $ | |||
As of | ||||||||
(in millions, except percentages) | March 31, 2017 | December 31, 2016 | ||||||
Term loan | $ | $ | ||||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | ||||||||
5.625% senior unsecured notes, due 2024 | ||||||||
5.875% senior unsecured notes, due 2025 | ||||||||
Total senior unsecured notes | ||||||||
Debt issuance costs | ( | ) | ( | ) | ||||
Total long-term debt, net | $ | $ | ||||||
Weighted average cost of debt | % | % | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | $ | $ | ||||||
Stock options | ||||||||
Stock-based compensation expense, before income taxes | ||||||||
Tax benefit | ( | ) | ( | ) | ||||
Stock-based compensation expense, net of tax | $ | $ | ||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | ||||||
Non-vested as of December 31, 2016 | $ | ||||||
Granted: | |||||||
RSUs | |||||||
PRSUs | |||||||
Vested: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Forfeitures: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Non-vested as of March 31, 2017 | |||||||
Activity | Weighted Average Exercise Price | ||||||
Outstanding as of December 31, 2016 | $ | ||||||
Exercised | ( | ) | |||||
Outstanding as of March 31, 2017 | |||||||
Exercisable as of March 31, 2017 | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Components of net periodic pension cost: | ||||||||
Service cost | $ | $ | ||||||
Interest cost | ||||||||
Expected return on plan assets | ( | ) | ( | ) | ||||
Amortization of net actuarial losses(a) | ||||||||
Net periodic pension cost | $ | $ | ||||||
(a) |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Net income (loss) | $ | $ | ( | ) | ||||
Weighted average shares for basic EPS | ||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | ||||||||
Weighted average shares for diluted EPS | ||||||||
(a) |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Revenues: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Total revenues | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Net income (loss) | $ | $ | ( | ) | ||||
Benefit for income taxes | ( | ) | ( | ) | ||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||
Interest expense, net | ||||||||
Other expense, net | ||||||||
Operating income | ||||||||
Restructuring charges | ||||||||
Loss on real estate assets held for sale | ||||||||
Net loss on dispositions | ||||||||
Depreciation and amortization | ||||||||
Stock-based compensation | ||||||||
Total Adjusted OIBDA | $ | $ | ||||||
Adjusted OIBDA: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ( | ) | ||||||
Corporate | ( | ) | ( | ) | ||||
Total Adjusted OIBDA | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Operating income (loss): | ||||||||
U.S. Media | $ | $ | ||||||
Other | ( | ) | ( | ) | ||||
Corporate | ( | ) | ( | ) | ||||
Total operating income | $ | $ | ||||||
Net loss on dispositions: | ||||||||
U.S. Media | $ | $ | ||||||
Total loss on dispositions | $ | $ | ||||||
Depreciation and amortization: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Total depreciation and amortization | $ | $ | ||||||
Capital expenditures: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Total capital expenditures | $ | $ | ||||||
As of | ||||||||
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Assets: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Corporate | ||||||||
Total assets | $ | $ | ||||||
As of March 31, 2017 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Receivables, less allowance | ||||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||
Total current assets | ( | ) | ||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||
Investment in subsidiaries | ( | ) | ||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Total current liabilities | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Long-term debt, net | ||||||||||||||||||||||||
Deferred income tax liabilities, net | ||||||||||||||||||||||||
Asset retirement obligation | ||||||||||||||||||||||||
Deficit in excess of investment of subsidiaries | ( | ) | ||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total liabilities | ( | ) | ||||||||||||||||||||||
Total stockholders’ equity | ( | ) | ||||||||||||||||||||||
Non-controlling interests | ( | ) | ||||||||||||||||||||||
Total equity | ( | ) | ||||||||||||||||||||||
Total liabilities and equity | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
As of December 31, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Receivables, less allowances | ||||||||||||||||||||||||
Other current assets | ||||||||||||||||||||||||
Total current assets | ||||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||
Investment in subsidiaries | ( | ) | ||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Total current liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Long-term debt, net | ||||||||||||||||||||||||
Deferred income tax liabilities, net | ||||||||||||||||||||||||
Asset retirement obligation | ||||||||||||||||||||||||
Deficit in excess of investment of subsidiaries | ( | ) | ||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total liabilities | ( | ) | ||||||||||||||||||||||
Total stockholders’ equity | ( | ) | ||||||||||||||||||||||
Non-controlling interests | ( | ) | ||||||||||||||||||||||
Total equity | ( | ) | ||||||||||||||||||||||
Total liabilities and equity | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Transit and other | ||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Restructuring charges | ||||||||||||||||||||||||
Net gain on dispositions | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Benefit for income taxes | ||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Total other comprehensive income, net of tax | ( | ) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Three Months Ended March 31, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Transit and other | ||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Restructuring charges | ||||||||||||||||||||||||
Loss on real estate assets held for sale | ||||||||||||||||||||||||
Net loss on dispositions | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other expense, net | ( | ) | ( | ) | ||||||||||||||||||||
Income (loss) before benefit for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Benefit for income taxes | ||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||||||||||||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Total other comprehensive loss, net of tax | ( | ) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Three Months Ended March 31, 2017 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash flow provided by (used for) operating activities | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Acquisitions | ( | ) | ( | ) | ||||||||||||||||||||
Net proceeds from dispositions | ||||||||||||||||||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from long-term borrowings - term loan | ||||||||||||||||||||||||
Deferred financing costs | ( | ) | ( | ) | ||||||||||||||||||||
Proceeds from stock option exercises | ||||||||||||||||||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||||||||||||||||||
Dividends | ( | ) | ( | ) | ||||||||||||||||||||
Intercompany | ( | ) | ( | ) | ||||||||||||||||||||
Other | ( | ) | ( | ) | ||||||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Three Months Ended March 31, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash flow provided by (used for) operating activities | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Acquisitions | ( | ) | ( | ) | ||||||||||||||||||||
Net proceeds from dispositions | ||||||||||||||||||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | ||||||||||||||||||||||||
Deferred financing costs | ( | ) | ( | ) | ||||||||||||||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||||||||||||||||||
Dividends | ( | ) | ( | ) | ||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Other | ( | ) | ( | ) | ||||||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ) | ( | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in millions, except percentages) | 2017 | 2016 | % Change | ||||||||
Revenues | $ | 330.6 | $ | 348.4 | (5 | )% | |||||
Organic revenues(a)(b) | 328.5 | 335.8 | (2 | ) | |||||||
Operating income | 26.0 | 24.2 | 7 | ||||||||
Adjusted OIBDA(b) | 80.2 | 88.1 | (9 | ) | |||||||
Funds from operations (“FFO”)(b) | 43.9 | 48.5 | (9 | ) | |||||||
Adjusted FFO (“AFFO”)(b) | 38.5 | 46.2 | (17 | ) | |||||||
Net income (loss) | 2.5 | (2.3 | ) | * | |||||||
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, 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. Since organic revenues are not calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Organic revenues, as we calculate it, may not be comparable to similarly titled measures employed by other companies. |
(b) | See the “Reconciliation of Non-GAAP Financial Measures” and “Revenues” sections of this MD&A for reconciliations of Operating income to Adjusted OIBDA, Net income (loss) to FFO and AFFO, and Revenues to organic revenues. |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2017 | 2016 | ||||||
Operating income | $ | 26.0 | $ | 24.2 | ||||
Restructuring charges | 1.8 | — | ||||||
Loss on real estate assets held for sale | — | 1.3 | ||||||
Net loss on dispositions | 0.4 | 0.4 | ||||||
Depreciation | 22.9 | 29.1 | ||||||
Amortization | 23.7 | 28.3 | ||||||
Stock-based compensation | 5.4 | 4.8 | ||||||
Adjusted OIBDA | $ | 80.2 | $ | 88.1 | ||||
Net income (loss) | $ | 2.5 | $ | (2.3 | ) | |||
Depreciation of billboard advertising structures | 20.0 | 26.6 | ||||||
Amortization of real estate-related intangible assets | 12.2 | 13.4 | ||||||
Amortization of direct lease acquisition costs | 8.7 | 8.9 | ||||||
Loss on real estate assets held for sale | — | 1.3 | ||||||
Net loss on disposition of billboard advertising structures | 0.4 | 0.4 | ||||||
Adjustment related to equity-based investments | 0.1 | 0.2 | ||||||
FFO | $ | 43.9 | $ | 48.5 | ||||
FFO per weighted average shares outstanding: | ||||||||
Basic | $ | 0.32 | $ | 0.35 | ||||
Diluted | $ | 0.32 | $ | 0.35 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2017 | 2016 | ||||||
FFO | $ | 43.9 | $ | 48.5 | ||||
Non-cash portion of income taxes | (4.3 | ) | (3.3 | ) | ||||
Cash paid for direct lease acquisition costs | (11.7 | ) | (10.6 | ) | ||||
Maintenance capital expenditures | (5.1 | ) | (4.0 | ) | ||||
Restructuring charges | 1.8 | — | ||||||
Other depreciation | 2.9 | 2.5 | ||||||
Other amortization | 2.8 | 6.0 | ||||||
Stock-based compensation | 5.4 | 4.8 | ||||||
Non-cash effect of straight-line rent | 0.3 | 0.3 | ||||||
Accretion expense | 0.6 | 0.6 | ||||||
Amortization of deferred financing costs | 1.9 | 1.4 | ||||||
AFFO | $ | 38.5 | $ | 46.2 | ||||
AFFO per weighted average shares outstanding: | ||||||||
Basic | $ | 0.28 | $ | 0.34 | ||||
Diluted | $ | 0.28 | $ | 0.34 | ||||
Net income (loss) per common share: | ||||||||
Basic | $ | 0.02 | $ | (0.02 | ) | |||
Diluted | $ | 0.02 | $ | (0.02 | ) | |||
Weighted average shares outstanding: | ||||||||
Basic | 138.3 | 137.6 | ||||||
Diluted | 138.9 | 137.6 | ||||||
(in constant dollars)(b) | ||||||||||||||||||
Three Months Ended March 31, | % | Three Months Ended March 31, | % | |||||||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | 2016 | Change | |||||||||||||
Revenues: | ||||||||||||||||||
Billboard | $ | 236.0 | $ | 250.4 | (6 | )% | $ | 250.8 | (6 | )% | ||||||||
Transit and other | 94.6 | 98.0 | (3 | ) | 98.0 | (3 | ) | |||||||||||
Total revenues | 330.6 | 348.4 | (5 | ) | $ | 348.8 | (5 | ) | ||||||||||
Foreign currency exchange impact | — | 0.4 | ||||||||||||||||
Constant dollar revenues(b) | $ | 330.6 | $ | 348.8 | ||||||||||||||
Organic revenues(a): | ||||||||||||||||||
Billboard | $ | 235.3 | $ | 240.0 | (2 | ) | $ | 240.0 | (2 | ) | ||||||||
Transit and other | 93.2 | 95.8 | (3 | ) | 95.8 | (3 | ) | |||||||||||
Total organic revenues(a) | 328.5 | 335.8 | (2 | ) | 335.8 | (2 | ) | |||||||||||
Non-organic revenues: | ||||||||||||||||||
Billboard | 0.7 | 10.4 | (93 | ) | 10.8 | (94 | ) | |||||||||||
Transit and other | 1.4 | 2.2 | (36 | ) | 2.2 | (36 | ) | |||||||||||
Total non-organic revenues | 2.1 | 12.6 | (83 | ) | 13.0 | (84 | ) | |||||||||||
Total revenues | $ | 330.6 | $ | 348.4 | (5 | ) | $ | 348.8 | (5 | ) | ||||||||
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, and the impact of foreign currency exchange rates (“non-organic revenues”). |
(b) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. We provide constant dollar revenues to understand the underlying growth rate of revenue excluding the impact of changes in foreign currency exchange rates between periods, which are not under management’s direct control. Our management believes constant dollar 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. Since constant dollar revenues are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Constant dollar revenues, as we calculate them, may not be comparable to similarly titled measures employed by other companies. |
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||
Expenses: | |||||||||||
Operating | $ | 191.9 | $ | 199.8 | (4 | )% | |||||
Selling, general and administrative | 63.9 | 65.3 | (2 | ) | |||||||
Restructuring charges | 1.8 | — | * | ||||||||
Loss on real estate assets held for sale | — | 1.3 | * | ||||||||
Net loss on dispositions | 0.4 | 0.4 | — | ||||||||
Depreciation | 22.9 | 29.1 | (21 | ) | |||||||
Amortization | 23.7 | 28.3 | (16 | ) | |||||||
Total expenses | $ | 304.6 | $ | 324.2 | (6 | ) | |||||
* | Calculation is not meaningful. |
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||
Operating expenses: | |||||||||||
Billboard property lease | $ | 87.5 | $ | 90.4 | (3 | )% | |||||
Transit franchise | 49.8 | 52.1 | (4 | ) | |||||||
Posting, maintenance and other | 54.6 | 57.3 | (5 | ) | |||||||
Total operating expenses | $ | 191.9 | $ | 199.8 | (4 | ) | |||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Revenues: | ||||||||
U.S. Media | $ | 307.1 | $ | 312.6 | ||||
Other | 23.5 | 35.8 | ||||||
Total revenues | 330.6 | 348.4 | ||||||
Foreign currency exchange impact | — | 0.4 | ||||||
Constant dollar revenues(a) | $ | 330.6 | $ | 348.8 | ||||
(a) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Operating income | $ | 26.0 | $ | 24.2 | ||||
Restructuring charges | 1.8 | — | ||||||
Loss on real estate assets held for sale | — | 1.3 | ||||||
Net loss on dispositions | 0.4 | 0.4 | ||||||
Depreciation | 22.9 | 29.1 | ||||||
Amortization | 23.7 | 28.3 | ||||||
Stock-based compensation | 5.4 | 4.8 | ||||||
Total Adjusted OIBDA | $ | 80.2 | $ | 88.1 | ||||
Adjusted OIBDA: | ||||||||
U.S. Media | $ | 92.4 | $ | 94.9 | ||||
Other | (1.1 | ) | 2.2 | |||||
Corporate | (11.1 | ) | (9.0 | ) | ||||
Total Adjusted OIBDA | $ | 80.2 | $ | 88.1 | ||||
Operating income (loss): | ||||||||
U.S. Media | $ | 47.5 | $ | 43.1 | ||||
Other | (5.0 | ) | (5.1 | ) | ||||
Corporate | (16.5 | ) | (13.8 | ) | ||||
Total operating income | $ | 26.0 | $ | 24.2 | ||||
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||
Revenues: | |||||||||||
Billboard | $ | 225.1 | $ | 228.3 | (1 | )% | |||||
Transit and other | 82.0 | 84.3 | (3 | ) | |||||||
Total revenues | $ | 307.1 | $ | 312.6 | (2 | ) | |||||
Organic revenues(a): | |||||||||||
Billboard | $ | 224.4 | $ | 227.7 | (1 | ) | |||||
Transit and other | 80.6 | 83.3 | (3 | ) | |||||||
Total organic revenues | 305.0 | 311.0 | (2 | ) | |||||||
Non-organic revenues: | |||||||||||
Billboard | 0.7 | 0.6 | 17 | ||||||||
Transit and other | 1.4 | 1.0 | 40 | ||||||||
Total non-organic revenues | 2.1 | 1.6 | 31 | ||||||||
Total revenues | 307.1 | 312.6 | (2 | ) | |||||||
Operating expenses | (173.1 | ) | (174.4 | ) | (1 | ) | |||||
SG&A expenses | (41.6 | ) | (43.3 | ) | (4 | ) | |||||
Adjusted OIBDA | $ | 92.4 | $ | 94.9 | (3 | ) | |||||
Operating income | $ | 47.5 | $ | 43.1 | 10 | ||||||
Restructuring charges | 1.8 | — | * | ||||||||
Net loss on dispositions | 0.4 | 0.4 | — | ||||||||
Depreciation and amortization | 42.7 | 51.4 | (17 | ) | |||||||
Adjusted OIBDA | $ | 92.4 | $ | 94.9 | (3 | ) | |||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures (“non-organic revenues”). |
(in constant dollars)(a) | ||||||||||||||||||
Three Months Ended March 31, | % | Three Months Ended March 31, | % | |||||||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | 2016 | Change | |||||||||||||
Total revenues | $ | 23.5 | $ | 35.8 | (34 | )% | $ | 36.2 | (35 | )% | ||||||||
Operating expenses | (18.8 | ) | (25.4 | ) | (26 | ) | (25.7 | ) | (27 | ) | ||||||||
SG&A expenses | (5.8 | ) | (8.2 | ) | (29 | ) | (8.4 | ) | (31 | ) | ||||||||
Adjusted OIBDA | $ | (1.1 | ) | $ | 2.2 | (150 | ) | $ | 2.1 | (152 | ) | |||||||
Operating loss | $ | (5.0 | ) | $ | (5.1 | ) | (2 | ) | ||||||||||
Loss on real estate assets held for sale | — | 1.3 | * | |||||||||||||||
Depreciation and amortization | 3.9 | 6.0 | (35 | ) | ||||||||||||||
Adjusted OIBDA | $ | (1.1 | ) | $ | 2.2 | (150 | ) | |||||||||||
* | Calculation is not meaningful. |
(a) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. |
As of | |||||||||||
(in millions, except percentages) | March 31, 2017 | December 31, 2016 | % Change | ||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 26.3 | $ | 65.2 | (60 | )% | |||||
Receivables, less allowance ($9.2 in 2017 and $9.2 in 2016) | 181.9 | 222.0 | (18 | ) | |||||||
Prepaid lease and transit franchise costs | 74.1 | 67.4 | 10 | ||||||||
Other prepaid expenses | 18.1 | 15.8 | 15 | ||||||||
Other current assets | 11.1 | 7.8 | 42 | ||||||||
Total current assets | 311.5 | 378.2 | (18 | ) | |||||||
Liabilities: | |||||||||||
Accounts payable | 50.5 | 85.6 | (41 | ) | |||||||
Accrued compensation | 17.1 | 33.9 | (50 | ) | |||||||
Accrued interest | 23.7 | 15.7 | 51 | ||||||||
Accrued lease costs | 21.3 | 26.7 | (20 | ) | |||||||
Other accrued expenses | 49.0 | 54.8 | (11 | ) | |||||||
Deferred revenues | 33.1 | 20.2 | 64 | ||||||||
Other current liabilities | 16.0 | 14.6 | 10 | ||||||||
Total current liabilities | 210.7 | 251.5 | (16 | ) | |||||||
Working capital | $ | 100.8 | $ | 126.7 | (20 | ) | |||||
As of | ||||||||
(in millions, except percentages) | March 31, 2017 | December 31, 2016 | ||||||
Term loan | $ | 667.5 | $ | 659.0 | ||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.5 | 549.5 | ||||||
5.625% senior unsecured notes, due 2024 | 502.9 | 503.0 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,502.4 | 1,502.5 | ||||||
Debt issuance costs | (27.4 | ) | (24.7 | ) | ||||
Total long-term debt, net | $ | 2,142.5 | $ | 2,136.8 | ||||
Weighted average cost of debt | 4.8 | % | 4.8 | % | ||||
Payments Due by Period | ||||||||||||||||||||
(in millions) | Total | 2017 | 2018-2019 | 2020-2021 | 2022 and thereafter | |||||||||||||||
Long-term debt | $ | 2,170.0 | $ | — | $ | — | $ | — | $ | 2,170.0 | ||||||||||
Interest | 738.3 | 104.9 | 211.0 | 211.0 | 211.4 | |||||||||||||||
Total | $ | 2,908.3 | $ | 104.9 | $ | 211.0 | $ | 211.0 | $ | 2,381.4 | ||||||||||
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||
Cash provided by operating activities | $ | 32.2 | $ | 33.8 | (5 | )% | |||||
Cash used for investing activities | (17.4 | ) | (74.6 | ) | (77 | ) | |||||
Cash used for financing activities | (53.9 | ) | (17.8 | ) | * | ||||||
Effect of exchange rate changes on cash and cash equivalents | 0.2 | 0.2 | — | ||||||||
Net decrease to cash and cash equivalents | $ | (38.9 | ) | $ | (58.4 | ) | (33 | ) | |||
* | Calculation is not meaningful. |
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||
Growth | $ | 11.5 | $ | 10.4 | 11 | % | |||||
Maintenance | 5.1 | 4.0 | 28 | ||||||||
Total capital expenditures | $ | 16.6 | $ | 14.4 | 15 | ||||||
• | Declines in advertising and general economic conditions; |
• | Competition; |
• | Government regulation; |
• | Our inability to increase the number of digital advertising displays in our portfolio or provide digital advertising displays to our customers; |
• | Taxes, fees and registration requirements; |
• | Our ability to obtain and renew key municipal contracts on favorable terms; |
• | Decreased government compensation for the removal of lawful billboards; |
• | Content-based restrictions on outdoor advertising; |
• | Environmental, health and safety laws and regulations; |
• | 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; |
• | The ability of our board of directors to cause us to issue additional shares of stock without 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 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; |
• | Diverse risks in our Canadian business; |
• | A breach of our security measures; |
• | 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 goodwill; |
• | 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 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; |
• | Even if we remain qualified to be taxed as a REIT, and we sell assets, we could be subject to tax on any unrealized net built-in gains in the assets held before electing to be treated as a REIT; |
• | The Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; and |
• | Establishing an operating partnership as part of our REIT structure. |
Total Number of Shares Purchased(a) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Remaining Authorizations | ||||||||||
January 1, 2017 through January 31, 2017 | — | $ | — | — | — | ||||||||
February 1, 2017 through February 28, 2017 | 6,704 | 24.98 | — | — | |||||||||
March 1, 2017 through March 31, 2017 | — | — | — | — | |||||||||
Total | 6,704 | — | — | — | |||||||||
(a) | Reflects shares deemed to be surrendered to the Company in connection with tax withholding payments upon exercise of employee stock options at the related exercise prices. |
OUTFRONT MEDIA INC. | ||||
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
(Principal Financial Officer and Principal Accounting Officer) | ||||
Exhibit Number | Description | |
10.1 | ||
10.2 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Calculation Linkbase | |
101.DEF | XBRL Taxonomy Definition Document | |
101.LAB | XBRL Taxonomy Label Linkbase | |
101.PRE | XBRL Taxonomy Presentation Linkbase | |
(b) | The Term shall end upon the first to occur of any of the following events: |
(i) | Executive’s death; |
(ii) | OUTFRONT’s termination of Executive’s employment due to Executive’s Disability (as defined in paragraph 7); |
(iii) | OUTFRONT’s termination of Executive’s employment for Cause (as defined in paragraph 8(a)); |
(iv) | a Termination Without Cause (as defined in paragraph 8(b)); |
(v) | a Termination For Good Reason (as defined in paragraph 8(b)); or |
(vi) | Executive’s voluntary termination without Good Reason. |
(b) | During the Term, Executive assumes a duty to perform the obligations of Executive’s position with OUTFRONT in a loyal and diligent manner, including, among other things, avoiding conflicts of interest (e.g., leveraging business relationships, contacts or other assets for any personal gain or advantage or the gain or advantage of any person or entity other than OUTFRONT) and promptly informing OUTFRONT of any business opportunities Executive has been offered and that may be of interest to OUTFRONT. Executive represents and agrees that it shall be a violation of the obligations of this Agreement to, among other things, engage in or prepare to engage in competitive activity while employed by OUTFRONT (e.g., to plan, coordinate or prepare to start to engage in any competitive activity). If Executive desires to engage in outside business activities during the scope of Executive’s employment with OUTFRONT, such activities must be fully disclosed in writing in advance to a member of OUTFRONT’s Legal Department so that OUTFRONT may evaluate whether such outside business activities violate the terms of this Agreement, with such evaluation and determination being made by OUTFRONT in its sole discretion. This paragraph shall not in any way limit any common law or statutory duties owed by Executive to OUTFRONT. |
(a) | Salary. For all the services rendered by Executive in any capacity under this Agreement, OUTFRONT agrees to pay Executive a base salary (“Salary”) at the rate of Five Hundred Seventy-Five Thousand Dollars ($575,000) per annum, less applicable deductions and withholding taxes, in accordance with OUTFRONT’s payroll practices as they may exist from time to time. During the Term, Executive’s Salary may be increased, and such increases, if any, shall be made at a time, and in an amount, that OUTFRONT shall determine in its sole discretion. |
(b) | Bonus Compensation. Executive shall be eligible to receive annual bonus compensation (“Bonus”) during Executive’s employment with OUTFRONT under this Agreement, determined and payable as follows: |
(i) | OUTFRONT agrees Executive shall be eligible to be considered for participation in OUTFRONT’s Executive Bonus Plan (the “EBP”), i.e., OUTFRONT’s current bonus plan, or any successor plans to the EBP. Executive shall have an annual bonus target equal to sixty-five percent (65%) of his Salary (“Target Bonus”). Since the EBP is administered under procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the EBP, if any, shall be determined on an annual basis at the sole discretion of the Board of Directors of OUTFRONT (the “Board”), or the appropriate committee of such Board. The Bonus for any calendar year may be subject to proration for the portion of such calendar year that Executive was employed by OUTFRONT. |
(ii) | Notwithstanding the foregoing, Executive’s Bonus for any calendar year shall be payable, less applicable deductions and withholding taxes, by no later than March 15 of the year following the year in which the Bonus was considered earned. |
(c) | During the Term, Executive shall be eligible to be considered for participation in the OUTFRONT Media Inc. Omnibus Stock Incentive Plan (the “LTIP”), or any successor plans to the LTIP, and shall be recommended for an annual grant with a Target Long-Term Incentive value equal to Six Hundred Thousand Dollars ($600,000). Since the LTIP is administered under procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the LTIP, if any, shall be determined on an annual basis at the sole discretion of the Board, or the appropriate committee of such Board. |
(i) | employ or solicit the employment of any person who is then or has been within six (6) months prior thereto, an employee of OUTFRONT or any of its affiliated companies; or |
(ii) | do any act or thing to cause, bring about, or induce any interference with, disturbance to, or interruption of any of the then-existing relationships (whether or not such relationships have been reduced to formal contracts) of OUTFRONT or any of its affiliated companies with any customer, employee, consultant or supplier. |
(e) | Litigation. |
(i) | Executive agrees that during the Term, and for the greater of: (i) twelve (12) months thereafter; or (ii) during the pendency of any litigation or other proceeding, (x) Executive shall not communicate with anyone (other than Executive’s own attorneys and tax advisors), except to the extent necessary in the performance of Executive’s duties under this Agreement, with respect to the facts or subject matter of any pending or potential litigation, or regulatory or administrative proceeding involving OUTFRONT, or any of OUTFRONT’s affiliated companies, other than any litigation or other proceeding in which Executive is a party-in-opposition, without giving prior notice to OUTFRONT or its counsel; and (y) in the event that any other party attempts to obtain information or documents from Executive with respect to such matters, either through formal legal process such as a subpoena or by informal means such as interviews, Executive shall promptly notify OUTFRONT’s counsel before providing any information or documents. |
(ii) | Executive agrees to cooperate with OUTFRONT and its attorneys, both during and after the termination of Executive’s employment, in connection with any litigation or other proceeding arising out of or relating to matters |
(iii) | Executive agrees that during the Term and at any time thereafter, to the fullest extent permitted by law, Executive will not testify voluntarily in any lawsuit or other proceeding which directly or indirectly involves OUTFRONT or any of its affiliated companies, or which may create the impression that such testimony is endorsed or approved by OUTFRONT or any of its affiliated companies, without advance notice (including the general nature of the testimony) to and, if such testimony is without subpoena or other compulsory legal process, the approval of the CEO. |
(iv) | Notwithstanding the foregoing, this Agreement shall not preclude Executive from participating in any governmental investigation of OUTFRONT, and Executive is not obligated under this Agreement to provide any notice to OUTFRONT regarding Executive’s participation in any governmental investigation of OUTFRONT. |
(i) | for the portion of the calendar year from January 1st until the date on which Executive first receives compensation under the STD program, bonus compensation shall be determined in accordance with the EBP (i.e., based upon the OUTFRONT’s achievement of its goals and OUTFRONT’s good faith estimate of Executive’ achievement of Executive’s personal goals) and prorated for such period; and |
(ii) | for any subsequent portion of that calendar year and any portion of the following calendar year in which Executive receives compensation under the STD program, bonus compensation shall be in an amount equal to Executive’s Target Bonus and prorated for such period(s). |
(ii) | For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following without Executive’s consent (other than in connection with the termination or suspension of Executive’s employment or duties for Cause or in connection with Executive’s physical and mental incapacity): (A) a material reduction in Executive’s Salary or Bonus Target percentage in effect prior to such reduction; (B) a material reduction in Executive’s positions, titles, authorities, duties or responsibilities from those in effect immediately prior to such reduction; (C) without Executive’s prior consent, the assignment to Executive of duties or responsibilities that are materially inconsistent with Executive’s authorities, duties or responsibilities as they shall exist on the Effective Date or that materially impair Executive’s ability to function as Chief Financial Officer of OUTFRONT; (D) the material breach by OUTFRONT of any of its obligations under this Agreement or any other agreement between it and Executive; or (E) the requirement that Executive relocate more than a 50 mile radius outside the Borough of Manhattan. OUTFRONT |
(i) | a severance amount equal to twelve (12) months of Executive’s then current base Salary described in paragraph 3(a), payable in accordance with OUTFRONT’s then effective payroll practices (the “Severance Payment”); |
(ii) | a prorated bonus for that portion of the year of such termination during which Executive actively rendered services, paid in accordance with the EBP (the “Pro-Rata Bonus”). The precise amount of bonus payable, if any, will be determined in a manner consistent with the manner bonus pay determinations are made for comparable executives, and such bonus, if any, less applicable deductions and withholding taxes, shall be payable by March 15 of the calendar year following the calendar year in which the termination occurs in accordance with EBP guidelines; and |
(iii) | to the extent that the Termination Without Cause or Termination for Good Reason is considered a “separation from service” within the meaning of Section 409A, and which results in Executive’s loss of eligibility for medical and/or dental benefits under OUTFRONT’s then effective benefit plans, Executive shall be eligible for continued coverage under the existing plans applicable to Executive and/or continued medical and dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act, 29 U.S.C. section 1161 et seq. (“COBRA”) until the earlier of (A) the date that is twelve (12) months from the date of Executive’s termination, or (B) the date on which Executive becomes eligible for medical and dental coverage from a third-party employer. If Executive elects to continue Executive’s coverage under OUTFRONT’s medical and/or dental plans under COBRA, and if Executive signs the release described in paragraph 8(f) hereof, OUTFRONT will provide Executive’s coverage at no cost for a time period up to twelve (12) months (assuming Executive does not become covered under another group plan sooner). Any COBRA coverage beyond this time period will be |
(iv) | Life Insurance: life insurance coverage until the end of the Term pursuant to OUTFRONT’s then current policy in effect on the date of termination in the amount then furnished to employees at no cost (the amount of which coverage will be reduced by the amount of life insurance coverage furnished to Executive at no cost by a third party employer). |
(v) | Equity Vesting: all outstanding equity awards granted to Executive on or after the date of the Executive’s 2017 equity award in connection with Executive’s employment with OUTFRONT shall accelerate and vest immediately in full on the date of Executive’s termination of employment and be settled as soon as administratively feasible (but no later than ten (10) business days thereafter); provided, however, that with respect to awards that remain subject to performance-based vesting conditions on Executive’s termination date, in the event, and limited to the extent, that compliance with the performance-based compensation exception is required in order to ensure the deductibility of any such award under Section 162(m) of the Internal Revenue Code of 1986, as amended, such awards shall vest if and to the extent the Compensation Committee of the Board certifies that a level of the performance goal relating to such awards have been met, or, if later, the Release Effective Date (as defined in paragraph 8(f)), and shall be settled within ten (10) business days thereafter; provided, further, that with respect to awards that remain subject to performance-based vesting conditions on Executive’s termination date, in the event and to the extent that compliance with the performance-based compensation exception under Section 162(m) of the Internal Revenue Code of 1986, as amended, is not required in order to ensure the deductibility of any such award, such award shall immediately vest (with an assumption that the performance goal(s) were achieved at target level, if and to the extent applicable) on the Release Effective Date and be settled within ten (10) business days thereafter. |
(i) | Notwithstanding any provision in this Agreement to the contrary, prior to payment by OUTFRONT of any amount or provision of any benefit pursuant to paragraph 8(c), within sixty (60) days following Executive’s termination of employment, (x) Executive shall have executed and delivered to OUTFRONT a general release in a form satisfactory to OUTFRONT and (y) such general release shall have become effective and irrevocable in its entirety (such date, the “Release Effective Date”); provided, however, that if, at the time any cash severance payments are scheduled to be paid to Executive pursuant to paragraph 8(c) Executive has not executed a general release that has become effective and irrevocable in its entirety, then any such cash severance payments shall be held and accumulated without interest, and shall be paid to him on the first regular payroll date following the Release Effective Date. Executive’s failure or refusal to sign and deliver the release or his revocation of an executed and delivered release in accordance with applicable laws, whether intentionally or unintentionally, will result in the forfeiture of the payments and benefits under paragraph 8(c). Notwithstanding the foregoing, if the sixty (60) day period does not begin and end in the same calendar year, then the Release Effective Date shall occur no earlier than January 1st of the calendar year following the calendar year in which his termination occurs. |
(ii) | Notwithstanding any provision in this Agreement to the contrary, the payments and benefits described in paragraph 8(c) shall immediately cease, and OUTFRONT shall have no further obligations to Executive with respect thereto, in the event that Executive materially breaches any provision of paragraph 6 hereof. |
1. | I have reviewed this Quarterly Report on Form 10-Q of OUTFRONT Media Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Jeremy J. Male | |||
Name: | Jeremy J. Male | |||
Title: | Chairman and Chief Executive Officer | |||
1. | I have reviewed this Quarterly Report on Form 10-Q of OUTFRONT Media Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
By: | /s/ Jeremy J. Male | |||
Name: | Jeremy J. Male | |||
Title: | Chairman and Chief Executive Officer | |||
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
Document and Entity Information Document - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
May 03, 2017 |
|
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | OUTFRONT Media Inc. | |
| Entity Central Index Key | 0001579877 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2017 | |
| Document Fiscal Year Focus | 2017 | |
| Document Fiscal Period Focus | Q1 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 138,587,346 |
Consolidated Statement of Financial Position (Parenthetical) (Unaudited) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for receivables | $ 9.2 | $ 9.2 |
| Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
| Common Stock, Shares Issued | 138,575,870 | 138,044,896 |
| Common Stock, Shares Outstanding | 138,575,870 | 138,044,896 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
| Statement of Comprehensive Income [Abstract] | ||
| Net income (loss) | $ 2.5 | $ (2.3) |
| Other comprehensive income, net of tax: | ||
| Cumulative translation adjustments | 1.1 | 6.5 |
| Net actuarial loss | 0.0 | (0.5) |
| Total other comprehensive income, net of tax | 1.1 | 6.0 |
| Total comprehensive income | $ 3.6 | $ 3.7 |
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Statement of Stockholders' Equity [Abstract] | ||||
| Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.34 | ||
Description of Business and Basis of Presentation |
3 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. In total, we have displays in all of the 25 largest markets in the U.S. and over 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries (the “Disposition”), which held all of the assets of our outdoor advertising business in Latin America (see Note 9. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America through April 1, 2016, are included in our Consolidated Financial Statements for the three months ended March 31, 2016. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 23, 2017. |
New Accounting Standards |
3 Months Ended |
|---|---|
Mar. 31, 2017 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance that simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. We have elected to account for forfeitures as they occur, which we adopted on a modified retrospective basis and resulted in an increase of $0.5 million to Additional paid in capital, offset by a decrease of $0.5 million to Distribution in excess of earnings on our Consolidated Statement of Financial Position and Consolidated Statement of Equity as of March 31, 2017. Business Combinations During the first quarter of 2017, we adopted the FASB’s guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is being applied on a prospective basis. Adoption of this guidance did not have a material effect on our consolidated financial statements. Recent Pronouncements Goodwill In January 2017, the FASB issued guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for interim and annual impairment tests performed on testing dates after January 1, 2017. We do not expect this guidance to have a material effect on our consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued guidance which clarifies presentation of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is to be applied on a retrospective basis and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact of this guidance on our consolidated financial statements. Leases In February 2016, the FASB issued guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Lessors will account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is to be applied on a modified retrospective basis and is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not been previously issued. As of December 31, 2016, we had approximately 22,600 lease agreements in the U.S. and approximately 3,200 lease agreements in Canada, the majority of which will be classified as operating leases under the new guidance. We are currently evaluating our lease contracts and planning for the implementation of this standard. This standard will require us to recognize a right-of-use asset and lease liability for the present value of minimum lease payments for operating leases with a term greater than 12 months and will have a significant impact on our consolidated financial statements. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Revenue from Contracts with Customers In May 2014 (updated in August 2015, March 2016, April 2016 and May 2016), the FASB issued principles-based guidance addressing revenue recognition issues. The guidance will be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. The guidance requires that the amount of revenue a company should recognize reflect the consideration it expects to be entitled to in exchange for goods and services. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2017. Our billboard lease revenues will be recognized under the new lease standard. The revenue recognition guidance will be primarily applicable to our multi-year transit advertising contracts with municipalities in the U.S. and Canada, and marketing and multimedia rights agreements with colleges, universities and other educational institutions. We are currently evaluating the impact of this guidance on our consolidated financial statements.
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Property and Equipment |
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| Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation.
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Intangible Assets |
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| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following:
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Asset Retirement Obligation |
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| Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
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Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions |
Debt |
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| Debt | Debt Long-term debt, net, consists of the following:
On March 16, 2017, the Company, along with its wholly owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (together with Finance LLC, the “Borrowers”), and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to its credit agreement and its related security agreement, each dated January 31, 2014 (together, and as amended, supplemented or otherwise modified, the “Credit Agreement”). The Amendment provides for (i) the extension of the maturity date of the Borrower’s existing revolving credit facility (the “Revolving Credit Facility”) from January 31, 2019, to March 16, 2022, (ii) the extension of the maturity date of the Borrower’s existing term loan (the “Term Loan”) from January 31, 2021, to March 16, 2024, (iii) an increase to the Revolving Credit Facility by $5.0 million to $430.0 million, (iv) the incurrence of a $10.0 million incremental term loan primarily to cover transaction fees and expenses, which increases the outstanding principal balance of the Term Loan to $670.0 million, and (v) revisions to certain provisions of the Credit Agreement to, among other things, lower the interest rate floor for all loans to 0.0% and update covenants for greater operational and financial flexibility to the Company (including incurrence of additional indebtedness), as well as include other ministerial changes to the Credit Agreement. The remaining terms of the Credit Agreement, as amended by the Amendment, are substantially the same as the terms under the existing Credit Agreement, including with respect to events of default and loan acceleration. Term Loan The interest rate on the Term Loan was 3.2% per annum as of March 31, 2017. As of March 31, 2017, a discount of $2.5 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Senior Unsecured Notes As of March 31, 2017, a discount of $0.5 million on $150.0 million aggregate principal amount of the 5.250% Senior Unsecured Notes due 2022, remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. As of March 31, 2017, a premium of $2.9 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes due 2024, remains unamortized. The premium is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Revolving Credit Facility As of March 31, 2017, there were no outstanding borrowings under the Revolving Credit Facility. On April 3, 2017, we borrowed $15.0 million against the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.2 million in the three months ended March 31, 2017, and $0.5 million in the three months ended March 31, 2016. As of March 31, 2017, we had issued letters of credit totaling approximately $31.7 million against the Revolving Credit Facility. Debt Covenants The Credit Agreement governing the Term Loan and the Revolving Credit Facility, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Finance 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 (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers. The terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, 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 4.0 to 1.0. As of March 31, 2017, our Consolidated Net Secured Leverage Ratio was 1.4 to 1.0. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of March 31, 2017, our Consolidated Total Leverage Ratio was 4.8 to 1.0. As of March 31, 2017, we are in compliance with our debt covenants. Letter of Credit Facilities As of March 31, 2017, we issued letters of credit totaling approximately $66.9 million under our aggregate $80.0 million letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three months ended March 31, 2017 and 2016. Deferred Financing Costs As of March 31, 2017, we had deferred $32.5 million in fees and expenses associated with the Term Loan, Revolving Credit Facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on the Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility and our senior unsecured notes. Fair Value |
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Equity |
3 Months Ended |
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Mar. 31, 2017 | |
| Equity [Abstract] | |
| Equity | Equity As of March 31, 2017, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 138,575,870 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding. |
Acquisitions and Dispositions |
3 Months Ended |
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Mar. 31, 2017 | |
| Business Combinations [Abstract] | |
| Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions We completed several acquisitions for a total purchase price of approximately $0.9 million in the three months ended March 31, 2017, and $60.5 million in the three months ended March 31, 2016. Dispositions |
Stock-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months ended March 31, 2017 and 2016.
As of March 31, 2017, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $33.5 million, which is expected to be recognized over a weighted average period of 2.2 years, and total unrecognized compensation cost related to non-vested stock options was $0.1 million, which is expected to be recognized over a weighted average period of 0.5 years. RSUs and PRSUs The following table summarizes activity for the three months ended March 31, 2017, of RSUs and PRSUs issued to our employees.
Stock Options The following table summarizes activity for the three months ended March 31, 2017, of stock options issued to our employees.
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Retirement Benefits |
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| Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits | Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
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Income Taxes |
3 Months Ended |
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Mar. 31, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes 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. federal income tax on our REIT taxable income that we distributed to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. |
Earnings Per Share ("EPS") |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share (EPS) | Earnings Per Share (“EPS”)
(a) The potential impact of an aggregate 0.3 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2017, and 1.0 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2016, were antidilutive.
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Commitment and Contingencies |
3 Months Ended |
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Mar. 31, 2017 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of operating lease arrangements and guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations We have long-term operating leases for office space, billboard sites and equipment, which expire at various dates. Certain leases contain renewal and escalation clauses. We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment. The New York Metropolitan Transportation Authority (the “MTA”) has issued a “Request for Proposals” to prospective operators for the subway, bus and commuter rail (Metro-North and Long Island Railroad) concessions, in any combination, each for a ten-year contract, with an additional potential five-year renewal period. On May 18, 2016, we submitted a response to the MTA. In mid-October, the MTA issued a follow-up request that refined its timeline and bid requirements, particularly relating to digital deployment and the communications platform and we submitted our response on December 12, 2016. On November 7, 2016, we entered into an agreement with the MTA to extend the expiration of our existing contracts for transit advertising services from December 31, 2016, to June 30, 2017. 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. The outstanding letters of credit and surety bonds approximated $126.1 million as of March 31, 2017, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
Segment Information |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information As of April 1, 2016, we manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other. The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other.
We present Operating income before Depreciation, Amortization, Net loss on dispositions, Stock-based compensation, Restructuring charges and Loss on real estate assets held for sale (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with the FASB guidance for segment reporting.
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| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information | Condensed Consolidating Financial Information We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 7. Debt). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below.
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Description of Business and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2017 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards (Policies) |
3 Months Ended |
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Mar. 31, 2017 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Pronouncements | Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance that simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. We have elected to account for forfeitures as they occur, which we adopted on a modified retrospective basis and resulted in an increase of $0.5 million to Additional paid in capital, offset by a decrease of $0.5 million to Distribution in excess of earnings on our Consolidated Statement of Financial Position and Consolidated Statement of Equity as of March 31, 2017. Business Combinations During the first quarter of 2017, we adopted the FASB’s guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is being applied on a prospective basis. Adoption of this guidance did not have a material effect on our consolidated financial statements. |
Property and Equipment (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation.
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Intangible Assets (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following:
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Asset Retirement Obligation (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Schedule of Change in Asset Retirement Obligation | The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Long-term debt, net, consists of the following:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three months ended March 31, 2017 and 2016.
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| Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the three months ended March 31, 2017, of RSUs and PRSUs issued to our employees.
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| Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the three months ended March 31, 2017, of stock options issued to our employees.
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Retirement Benefits (Tables) |
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss).
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted |
(a) The potential impact of an aggregate 0.3 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2017, and 1.0 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2016, were antidilutive.
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Segment Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other.
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| Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income |
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| Tabular Disclosure by Reportable Segments |
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| Reconciliation of Assets from Segment to Consolidated |
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Condensed Consolidating Financial Information (Tables) |
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| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheet |
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| Condensed Income Statement |
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| Condensed Cash Flow Statement |
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Description of Business and Basis of Presentation - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2017
markets
segment
| |
| Description of Business and Basis of Presentation [Line Items] | |
| Number of largest domestic markets in which the entity operates | 25 |
| Number of operating segments | segment | 3 |
| Minimum | |
| Description of Business and Basis of Presentation [Line Items] | |
| Number of markets in which the entity operates | 150 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
| Property, Plant and Equipment [Abstract] | ||
| Depreciation | $ 22.9 | $ 29.1 |
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | $ 1,539.5 | $ 1,535.0 |
| Accumulated amortization | (1,004.7) | (989.7) |
| Net | 534.8 | 545.3 |
| Permits and leasehold agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 1,042.0 | 1,038.0 |
| Accumulated amortization | (646.8) | (636.1) |
| Net | 395.2 | 401.9 |
| Franchise agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 452.1 | 451.6 |
| Accumulated amortization | (338.9) | (336.6) |
| Net | 113.2 | 115.0 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 45.4 | 45.4 |
| Accumulated amortization | (19.0) | (17.0) |
| Net | $ 26.4 | $ 28.4 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization of intangible assets | $ 23.7 | $ 28.3 |
| Amortization of direct lease acquisition costs | $ 8.7 | $ 8.9 |
| Minimum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Direct lease acquisition costs, useful life | 28 days | |
| Maximum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Direct lease acquisition costs, useful life | 1 year | |
Asset Retirement Obligation - Narrative (Details) |
3 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Asset Retirement Obligation Disclosure [Abstract] | |
| Asset retirement obligation, expected term | 50 years |
| Asset retirement obligations, description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. |
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2017
USD ($)
| |
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
| As of December 31, 2016 | $ 34.1 |
| Accretion expense | 0.6 |
| Additions | 0.1 |
| Liabilities settled | (0.2) |
| As of March 31, 2017 | $ 34.6 |
Related Party Transactions - Narrative (Details) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2017
USD ($)
joint_venture
Displays
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
| Related Party Transaction [Line Items] | |||
| Equity method investment, ownership percentage | 50.00% | ||
| Equity method investments | $ | $ 21.0 | $ 21.7 | |
| Management fee revenue | $ | $ 1.5 | $ 1.7 | |
| Transit shelter joint ventures | |||
| Related Party Transaction [Line Items] | |||
| Equity method investment, number of investments | joint_venture | 2 | ||
| Acquired joint ventures | |||
| Related Party Transaction [Line Items] | |||
| Equity method investment, number of investments | joint_venture | 3 | ||
| Equity method investment, number of displays | Displays | 15 | ||
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Apr. 01, 2016 |
|
| Business Combinations [Abstract] | |||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 0.9 | $ 60.5 | |
| Proceeds from dispositions | $ 82.0 | ||
Stock-Based Compensation - Narrative (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2017
USD ($)
| |
| Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation not yet recognized, share-based awards other than options | $ 33.5 |
| Compensation cost not yet recognized, period for recognition | 2 years 2 months 12 days |
| Stock options | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation cost not yet recognized, period for recognition | 6 months |
| Compensation not yet recognized, stock options | $ 0.1 |
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense, before income taxes | $ 5.4 | $ 4.8 |
| Tax benefit | (0.5) | (0.5) |
| Stock-based compensation expense, net of tax | 4.9 | 4.3 |
| Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense, before income taxes | 5.3 | 4.7 |
| Stock options | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense, before income taxes | $ 0.1 | $ 0.1 |
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options - $ / shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
| Outstanding | 165,293 | 294,897 |
| Exercised | 129,604 | |
| Exercisable as of end of period | 139,439 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
| Weighted average exercise price, options outstanding | $ 20.69 | $ 15.72 |
| Weighted average exercise price, options exercised | 9.37 | |
| Weighted average exercise price, options exercisable | $ 19.64 |
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|||
| Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
| Service cost | $ 0.3 | $ 0.4 | ||
| Interest cost | 0.5 | 0.4 | ||
| Expected return on plan assets | (0.5) | (0.5) | ||
| Amortization of net actuarial losses | [1] | 0.1 | 0.1 | |
| Net periodic pension cost | $ 0.4 | $ 0.4 | ||
| ||||
Retirement Benefits - Narrative (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2017
USD ($)
| |
| Compensation and Retirement Disclosure [Abstract] | |
| Pension contributions | $ 0.5 |
| Estimated future employer contributions in current fiscal year | $ 2.1 |
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|||
| Earnings Per Share [Abstract] | ||||
| Net income (loss) | $ 2.5 | $ (2.3) | ||
| Weighted average shares for basic EPS | 138.3 | 137.6 | ||
| Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 0.6 | 0.0 | |
| Weighted average shares for diluted EPS | 138.9 | 137.6 | ||
| Antidilutive securities excluded from computation of earnings per share | 0.3 | 1.0 | ||
| ||||
Commitment and Contingencies - Narrative (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Outstanding letters of credit and surety bonds | $ 126.1 |
Segment Information - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2017
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 3 |
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
| Segment Reporting Information [Line Items] | ||
| Revenues | $ 330.6 | $ 348.4 |
| Operating segments | U.S. Media | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | 307.1 | 312.6 |
| Operating segments | Other | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | $ 23.5 | $ 35.8 |
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 3,656.5 | $ 3,738.5 |
| Operating segments | U.S. Media | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 3,508.9 | 3,578.8 |
| Operating segments | Other | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 125.4 | 145.5 |
| Corporate | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 22.2 | $ 14.2 |
Condensed Consolidating Financial Information - Narrative (Details) |
Mar. 31, 2017 |
|---|---|
| Wholly Owned Domestic Subsidiaries [Line Items] | |
| Equity method investment, ownership percentage | 50.00% |
| Parent Company | |
| Wholly Owned Domestic Subsidiaries [Line Items] | |
| Equity method investment, ownership percentage | 100.00% |