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) | June 30, 2018 | December 31, 2017 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Receivables, less allowance ($9.5 in 2018 and $11.5 in 2017) | ||||||||
Prepaid lease and transit franchise costs | ||||||||
Prepaid MTA equipment deployment costs (Note 16) | ||||||||
Other prepaid expenses | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property and equipment, net (Note 3) | ||||||||
Goodwill (Note 4) | ||||||||
Intangible assets (Note 4) | ||||||||
Prepaid MTA equipment deployment costs (Note 16) | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Accrued compensation | ||||||||
Accrued interest | ||||||||
Accrued lease costs | ||||||||
Other accrued expenses | ||||||||
Deferred revenues | ||||||||
Short-term debt (Note 7) | ||||||||
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 16) | ||||||||
Stockholders’ equity (Note 8): | ||||||||
Common stock (2018 - 450.0 shares authorized, and 139.3 shares issued | ||||||||
and outstanding; 2017 - 450.0 shares authorized, and 138.6 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions, except per share amounts) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | ||||||||||||||||
Billboard | $ | $ | $ | $ | ||||||||||||
Transit and other | ||||||||||||||||
Total revenues | ||||||||||||||||
Expenses: | ||||||||||||||||
Operating | ||||||||||||||||
Selling, general and administrative | ||||||||||||||||
Restructuring charges | ||||||||||||||||
Net (gain) loss on dispositions | ( | ) | ( | ) | ||||||||||||
Impairment charge | ||||||||||||||||
Depreciation | ||||||||||||||||
Amortization | ||||||||||||||||
Total expenses | ||||||||||||||||
Operating income | ||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other income (expense), net | ( | ) | ( | ) | ||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | ||||||||||||||||
Benefit (provision) 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | ( | ) | $ | $ | $ | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Cumulative translation adjustments | ( | ) | ( | ) | ||||||||||||
Net actuarial gain (loss) | ( | ) | ( | ) | ||||||||||||
Total other comprehensive income (loss), net of tax | ( | ) | ( | ) | ||||||||||||
Total comprehensive income (loss) | $ | ( | ) | $ | $ | ( | ) | $ |
(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, 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 | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Issuance of shares of a subsidiary | — | — | — | — | — | — | |||||||||||||||||||||||||
Dividends ($0.72 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Balance as of June 30, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Balance as of December 31, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||
Vested | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization | — | — | — | — | — | ||||||||||||||||||||||||||
Shares paid for tax withholding for stock-based payments | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Dividends ($0.72 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||
Balance as of June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Six Months Ended | ||||||||
June 30, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Deferred tax benefit | ( | ) | ( | ) | ||||
Stock-based compensation | ||||||||
Provision for doubtful accounts | ( | ) | ||||||
Accretion expense | ||||||||
Net (gain) loss on dispositions | ( | ) | ||||||
Impairment charge | ||||||||
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: | ||||||||
Increase in receivables | ( | ) | ( | ) | ||||
Increase in prepaid MTA equipment deployment costs | ( | ) | ||||||
(Increase) decrease in prepaid expenses and other current assets | ( | ) | ||||||
Decrease in accounts payable and accrued expenses | ( | ) | ( | ) | ||||
Increase in deferred revenues | ||||||||
Decrease in income taxes | ( | ) | ( | ) | ||||
Other, net | ||||||||
Net cash flow provided by operating activities | ||||||||
Investing activities: | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Acquisitions | ( | ) | ( | ) | ||||
MTA franchise rights | ( | ) | ||||||
Net proceeds from dispositions | ||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ||||
Financing activities: | ||||||||
Proceeds from long-term debt borrowings | ||||||||
Repayments of long-term debt borrowings | ( | ) | ||||||
Proceeds from borrowings under short-term debt facilities | ||||||||
Repayments of borrowings under short-term debt facilities | ( | ) | ( | ) | ||||
Payments of deferred financing costs | ( | ) | ( | ) | ||||
Proceeds from stock option exercises | ||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||
Dividends | ( | ) | ( | ) | ||||
Other | ( | ) | ||||||
Net cash flow used for financing activities | ( | ) | ( | ) |
Six Months Ended | ||||||||
June 30, | ||||||||
(in millions) | 2018 | 2017 | ||||||
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 | $ | $ | ||||||
Issuance of shares of a subsidiary for an acquisition |
As of | ||||||||||
(in millions) | Estimated Useful Lives | June 30, 2018 | December 31, 2017 | |||||||
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) | U.S. Media | Other | Total | |||||||||
As of December 31, 2016 | $ | $ | $ | |||||||||
Currency translation adjustments | ||||||||||||
Additions(a) | ||||||||||||
As of December 31, 2017 | ||||||||||||
Currency translation adjustments | ( | ) | ( | ) | ||||||||
Impairment | ( | ) | ( | ) | ||||||||
As of June 30, 2018 | $ | $ | $ |
(a) |
(in millions) | Gross | Accumulated Amortization | Net | |||||||||
As of June 30, 2018: | ||||||||||||
Permits and leasehold agreements | $ | $ | ( | ) | $ | |||||||
Franchise agreements(a) | ( | ) | ||||||||||
Other intangible assets | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ | |||||||
As of December 31, 2017: | ||||||||||||
Permits and leasehold agreements | $ | $ | ( | ) | $ | |||||||
Franchise agreements(a) | ( | ) | ||||||||||
Other intangible assets | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ |
(a) |
(in millions) | ||||
As of December 31, 2017 | $ | |||
Accretion expense | ||||
Additions | ||||
Liabilities settled | ( | ) | ||
Foreign currency translation adjustments | ( | ) | ||
As of June 30, 2018 | $ |
As of | ||||||||
(in millions, except percentages) | June 30, 2018 | December 31, 2017 | ||||||
Short-term debt: | ||||||||
AR Facility | $ | $ | ||||||
Total short-term debt | ||||||||
Long-term debt: | ||||||||
Revolving credit facility | ||||||||
Term loan, due 2024 | ||||||||
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 | ||||||||
Total debt, net | $ | $ | ||||||
Weighted average cost of debt | % | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Billboard: | ||||||||||||||||
Static displays | $ | $ | $ | $ | ||||||||||||
Digital displays | ||||||||||||||||
Other | ||||||||||||||||
Billboard revenues | ||||||||||||||||
Transit: | ||||||||||||||||
Static displays | ||||||||||||||||
Digital displays | ||||||||||||||||
Other | ||||||||||||||||
Total transit revenues | ||||||||||||||||
Sports marketing and other | ||||||||||||||||
Transit and other revenues | ||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
United States: | ||||||||||||||||
Billboard | $ | $ | $ | $ | ||||||||||||
Transit and other | ||||||||||||||||
Sports marketing and other | ||||||||||||||||
Total United States revenues | ||||||||||||||||
Canada | ||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
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, 2017 | $ | ||||||
Granted: | |||||||
RSUs | |||||||
PRSUs | |||||||
Vested: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Forfeitures: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Non-vested as of June 30, 2018 |
Activity | Weighted Average Exercise Price | ||||||
Outstanding as of December 31, 2017 | $ | ||||||
Exercised | ( | ) | |||||
Outstanding as of June 30, 2018 | |||||||
Exercisable as of June 30, 2018 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) available for common stockholders | $ | ( | ) | $ | $ | $ | ||||||||||
Less: Distributions to holders of Class A equity interests of a subsidiary | ||||||||||||||||
Net income (loss) available for common stockholders, basic and diluted | $ | ( | ) | $ | $ | $ | ||||||||||
Weighted average shares for basic EPS | ||||||||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | ||||||||||||||||
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(b) | ||||||||||||||||
Weighted average shares for diluted EPS |
(a) |
(b) |
(in millions) | Guaranteed Minimum Annual Payments | |||
2018 | $ | |||
2019 | ||||
2020 | ||||
2021 | ||||
2022 | ||||
2023 and thereafter | ||||
Total minimum payments | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | ( | ) | $ | $ | $ | ||||||||||
Benefit (provision) for income taxes | ( | ) | ||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest expense, net | ||||||||||||||||
Other income (expense), net | ( | ) | ( | ) | ||||||||||||
Operating income | ||||||||||||||||
Restructuring charges | ||||||||||||||||
Net (gain) loss on dispositions | ( | ) | ( | ) | ||||||||||||
Impairment charge | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Stock-based compensation | ||||||||||||||||
Total Adjusted OIBDA | $ | $ | $ | $ | ||||||||||||
Adjusted OIBDA: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Corporate | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total Adjusted OIBDA | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating income (loss): | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Corporate | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total operating income | $ | $ | $ | $ | ||||||||||||
Net (gain) loss on dispositions: | ||||||||||||||||
U.S. Media | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Total (gain) loss on dispositions | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Impairment charge: | ||||||||||||||||
Other | $ | $ | $ | $ | ||||||||||||
Total impairment charge | $ | $ | $ | $ | ||||||||||||
Depreciation and amortization: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ | ||||||||||||
Capital expenditures: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Total capital expenditures | $ | $ | $ | $ |
As of | ||||||||
(in millions) | June 30, 2018 | December 31, 2017 | ||||||
Assets: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Corporate | ||||||||
Total assets | $ | $ |
As of June 30, 2018 | ||||||||||||||||||||||||
(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 | ( | ) | ||||||||||||||||||||||
Prepaid MTA equipment deployment costs | ||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | ( | ) | $ |
Three Months Ended June 30, 2018 | ||||||||||||||||||||||||
(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 | ( | ) | ( | ) | ||||||||||||||||||||
Impairment charge | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ||||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Other expense, net | ( | ) | ( | ) | ||||||||||||||||||||
Income (loss) before provision for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Provision 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 loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Three Months Ended June 30, 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 income (expense), net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other income, net | ||||||||||||||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Benefit (provision) 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 | $ | $ | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||
(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 | ( | ) | ( | ) | ||||||||||||||||||||
Impairment charge | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Other expense, net | ( | ) | ( | ) | ||||||||||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ||||||||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||
Total other comprehensive loss, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
Total comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Six Months Ended June 30, 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 loss on dispositions | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other income, 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 income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Total other comprehensive income, net of tax | ( | ) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||
(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 | ( | ) | ( | ) | ||||||||||||||||||||
MTA franchise rights | ( | ) | ( | ) | ||||||||||||||||||||
Net proceeds from dispositions | ||||||||||||||||||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from long-term debt borrowings | ||||||||||||||||||||||||
Repayments of long-term debt borrowings | ( | ) | ( | ) | ||||||||||||||||||||
Proceeds from borrowings under short-term debt facilities | ||||||||||||||||||||||||
Repayments of borrowings under short-term debt facilities | ( | ) | ( | ) | ||||||||||||||||||||
Payments of deferred financing costs | ( | ) | ( | ) | ||||||||||||||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||||||||||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Intercompany | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 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 debt borrowings | ||||||||||||||||||||||||
Proceeds from borrowings under short-term debt facilities | ||||||||||||||||||||||||
Repayments of borrowings under short-term debt facilities | ( | ) | ( | ) | ||||||||||||||||||||
Payments of 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 | $ | $ | $ | $ | $ | $ |
Digital Revenues (in millions) for the Six Months Ended June 30, 2018(a) | Number of Digital Displays as of June 30, 2018(a) | |||||||||||||||||||||||
Location | Digital Billboard | Digital Transit and Other | Total Digital Revenues | Digital Billboard Displays | Digital Transit and Other Displays | Total Digital Displays | Percentage of Total Digital Displays | |||||||||||||||||
United States | $ | 85.9 | $ | 24.3 | $ | 110.2 | 867 | 1,423 | 2,290 | 91 | % | |||||||||||||
Canada | 9.3 | — | 9.3 | 176 | 58 | 234 | 9 | |||||||||||||||||
Total | $ | 95.2 | $ | 24.3 | $ | 119.5 | 1,043 | 1,481 | 2,524 | 100 | % |
(a) | Digital revenue and digital display amounts (1) include revenues and displays reserved for transit agency use and (2) exclude: (i) all revenues and displays under our multimedia rights agreements with colleges, universities and other educational institutions; and (ii) 1,649 MetroCard vending machine digital screens. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
(in millions, except percentages) | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||
Revenues | $ | 401.7 | $ | 396.2 | 1 | % | $ | 739.6 | $ | 726.8 | 2 | % | ||||||||||
Organic revenues(a)(b) | 397.0 | 396.3 | — | 731.0 | 727.5 | — | ||||||||||||||||
Operating income | 32.9 | 65.0 | (49 | ) | 64.6 | 91.0 | (29 | ) | ||||||||||||||
Adjusted OIBDA(b) | 125.2 | 122.0 | 3 | 206.4 | 202.2 | 2 | ||||||||||||||||
Adjusted OIBDA(b) margin | 31 | % | 31 | % | 28 | % | 28 | % | ||||||||||||||
Funds from operations (“FFO”)(b) | 74.1 | 79.7 | (7 | ) | 119.4 | 123.6 | (3 | ) | ||||||||||||||
Adjusted FFO (“AFFO”)(b) | 77.2 | 78.1 | (1 | ) | 115.3 | 116.6 | (1 | ) | ||||||||||||||
Net income (loss) | (5.2 | ) | 37.1 | (114 | ) | 3.9 | 39.6 | (90 | ) |
(a) | Organic revenues exclude revenues associated with a significant acquisition, the impact of a new accounting standard (See Note 2. New Accounting Standards to the Consolidated Financial Statements) 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 to FFO and AFFO and Revenues to organic revenues. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions, except per share amounts) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Total revenues | $ | 401.7 | $ | 396.2 | $ | 739.6 | $ | 726.8 | ||||||||
Operating income | $ | 32.9 | $ | 65.0 | $ | 64.6 | $ | 91.0 | ||||||||
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 | ||||||||||||
Net (gain) loss on dispositions | (2.7 | ) | 0.1 | (2.9 | ) | 0.5 | ||||||||||
Impairment charge | 42.9 | — | 42.9 | — | ||||||||||||
Depreciation | 21.3 | 23.1 | 42.4 | 46.0 | ||||||||||||
Amortization | 25.0 | 25.4 | 47.5 | 49.1 | ||||||||||||
Stock-based compensation | 5.6 | 5.5 | 10.6 | 10.9 | ||||||||||||
Adjusted OIBDA | $ | 125.2 | $ | 122.0 | $ | 206.4 | $ | 202.2 | ||||||||
Adjusted OIBDA margin | 31 | % | 31 | % | 28 | % | 28 | % | ||||||||
Net income (loss) | $ | (5.2 | ) | $ | 37.1 | $ | 3.9 | $ | 39.6 | |||||||
Depreciation of billboard advertising structures | 17.1 | 20.0 | 34.1 | 40.0 | ||||||||||||
Amortization of real estate-related intangible assets | 10.6 | 12.2 | 21.2 | 24.4 | ||||||||||||
Amortization of direct lease acquisition costs | 11.1 | 10.2 | 19.8 | 18.9 | ||||||||||||
Net (gain) loss on disposition of real estate assets | (2.7 | ) | 0.1 | (2.9 | ) | 0.5 | ||||||||||
Impairment charge | 42.9 | — | 42.9 | — | ||||||||||||
Adjustment related to equity-based investments | — | 0.1 | 0.1 | 0.2 | ||||||||||||
Income tax effect of adjustments(a) | 0.3 | — | 0.3 | — | ||||||||||||
FFO | $ | 74.1 | $ | 79.7 | $ | 119.4 | $ | 123.6 | ||||||||
FFO per weighted average shares outstanding, diluted | $ | 0.53 | $ | 0.57 | $ | 0.86 | $ | 0.89 | ||||||||
FFO | $ | 74.1 | $ | 79.7 | $ | 119.4 | $ | 123.6 | ||||||||
Non-cash portion of income taxes | 2.4 | (1.8 | ) | (4.5 | ) | (6.1 | ) | |||||||||
Cash paid for direct lease acquisition costs | (8.0 | ) | (8.6 | ) | (20.5 | ) | (20.3 | ) | ||||||||
Maintenance capital expenditures | (7.0 | ) | (7.5 | ) | (10.1 | ) | (12.6 | ) | ||||||||
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 | ||||||||||||
Other depreciation | 4.2 | 3.1 | 8.3 | 6.0 | ||||||||||||
Other amortization | 3.3 | 3.0 | 6.5 | 5.8 | ||||||||||||
Stock-based compensation | 5.6 | 5.5 | 10.6 | 10.9 | ||||||||||||
Non-cash effect of straight-line rent | 0.4 | 0.7 | 0.5 | 1.0 | ||||||||||||
Accretion expense | 0.6 | 0.6 | 1.2 | 1.2 | ||||||||||||
Amortization of deferred financing costs | 1.4 | 1.3 | 2.8 | 3.2 | ||||||||||||
Income tax effect of adjustments(b) | — | (0.8 | ) | (0.2 | ) | (0.8 | ) | |||||||||
AFFO | $ | 77.2 | $ | 78.1 | $ | 115.3 | $ | 116.6 | ||||||||
AFFO per weighted average shares outstanding, diluted | $ | 0.55 | $ | 0.56 | $ | 0.83 | $ | 0.84 | ||||||||
Net income (loss) per common share, diluted | $ | (0.04 | ) | $ | 0.27 | $ | 0.02 | $ | 0.28 | |||||||
Weighted average shares outstanding, diluted | 139.2 | 139.3 | 139.3 | 139.1 |
(a) | Income tax effect related to Net (gain) loss on disposition of real estate assets. |
(b) | Income tax effect related to Restructuring charges. |
(in constant dollars)(a) | (in constant dollars)(a) | |||||||||||||||||||||||||||||||||||
(in millions, except | Three Months Ended June 30, | % | Three Months Ended June 30, | % | Six Months Ended June 30, | % | Six Months Ended June 30, | % | ||||||||||||||||||||||||||||
percentages) | 2018 | 2017 | Change | 2017 | Change | 2018 | 2017 | Change | 2017 | Change | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 280.4 | $ | 274.2 | 2 | % | $ | 274.8 | 2 | % | $ | 519.7 | $ | 510.2 | 2 | % | $ | 511.4 | 2 | % | ||||||||||||||||
Transit and other | 121.3 | 122.0 | (1 | ) | 122.2 | (1 | ) | 219.9 | 216.6 | 2 | 216.8 | 1 | ||||||||||||||||||||||||
Total revenues | 401.7 | 396.2 | 1 | $ | 397.0 | 1 | 739.6 | 726.8 | 2 | $ | 728.2 | 2 | ||||||||||||||||||||||||
Foreign currency exchange impact | — | 0.8 | — | 1.4 | ||||||||||||||||||||||||||||||||
Constant dollar revenues(a) | $ | 401.7 | $ | 397.0 | $ | 739.6 | $ | 728.2 | ||||||||||||||||||||||||||||
Organic revenues(b): | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 277.7 | $ | 274.1 | 1 | $ | 274.1 | 1 | $ | 514.9 | $ | 510.7 | 1 | $ | 510.7 | 1 | ||||||||||||||||||||
Transit and other | 119.3 | 122.2 | (2 | ) | 122.2 | (2 | ) | 216.1 | 216.8 | — | 216.8 | — | ||||||||||||||||||||||||
Total organic revenues(b) | 397.0 | 396.3 | — | 396.3 | — | 731.0 | 727.5 | — | 727.5 | — | ||||||||||||||||||||||||||
Non-organic revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | 2.7 | 0.1 | * | 0.7 | * | 4.8 | (0.5 | ) | * | 0.7 | * | |||||||||||||||||||||||||
Transit and other | 2.0 | (0.2 | ) | * | — | * | 3.8 | (0.2 | ) | * | — | * | ||||||||||||||||||||||||
Total non-organic revenues | 4.7 | (0.1 | ) | * | 0.7 | * | 8.6 | (0.7 | ) | * | 0.7 | * | ||||||||||||||||||||||||
Total revenues | $ | 401.7 | $ | 396.2 | 1 | $ | 397.0 | 1 | $ | 739.6 | $ | 726.8 | 2 | $ | 728.2 | 2 |
• | 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. 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. |
(b) | Organic revenues exclude revenues associated with a significant acquisition, the impact of a new accounting standard (See Note 2. New Accounting Standards to the Consolidated Financial Statements) and the impact of foreign currency exchange rates (“non-organic revenues”). |
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, | % | June 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||
Expenses: | ||||||||||||||||||||||
Operating | $ | 212.0 | $ | 213.3 | (1 | )% | $ | 409.1 | $ | 405.2 | 1 | % | ||||||||||
Selling, general and administrative | 70.1 | 66.4 | 6 | 134.7 | 130.3 | 3 | ||||||||||||||||
Restructuring charges | 0.2 | 2.9 | (93 | ) | 1.3 | 4.7 | (72 | ) | ||||||||||||||
Net (gain) loss on dispositions | (2.7 | ) | 0.1 | * | (2.9 | ) | 0.5 | * | ||||||||||||||
Impairment charge | 42.9 | — | * | 42.9 | — | * | ||||||||||||||||
Depreciation | 21.3 | 23.1 | (8 | ) | 42.4 | 46.0 | (8 | ) | ||||||||||||||
Amortization | 25.0 | 25.4 | (2 | ) | 47.5 | 49.1 | (3 | ) | ||||||||||||||
Total expenses | $ | 368.8 | $ | 331.2 | 11 | $ | 675.0 | $ | 635.8 | 6 |
* | Calculation is not meaningful. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, | % | June 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Billboard property lease | $ | 94.5 | $ | 93.9 | 1 | % | $ | 188.0 | $ | 181.4 | 4 | % | ||||||||||
Transit franchise | 59.2 | 63.4 | (7 | ) | 106.5 | 113.2 | (6 | ) | ||||||||||||||
Posting, maintenance and other | 58.3 | 56.0 | 4 | 114.6 | 110.6 | 4 | ||||||||||||||||
Total operating expenses | $ | 212.0 | $ | 213.3 | (1 | ) | $ | 409.1 | $ | 405.2 | 1 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | ||||||||||||||||
U.S. Media | $ | 367.2 | $ | 367.1 | $ | 677.1 | $ | 674.2 | ||||||||
Other | 34.5 | 29.1 | 62.5 | 52.6 | ||||||||||||
Total revenues | 401.7 | 396.2 | 739.6 | 726.8 | ||||||||||||
Foreign currency exchange impact | — | 0.8 | — | 1.4 | ||||||||||||
Constant dollar revenues(a) | $ | 401.7 | $ | 397.0 | $ | 739.6 | $ | 728.2 | ||||||||
Operating income | $ | 32.9 | $ | 65.0 | $ | 64.6 | $ | 91.0 | ||||||||
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 | ||||||||||||
Net (gain) loss on dispositions | (2.7 | ) | 0.1 | (2.9 | ) | 0.5 | ||||||||||
Impairment charge | 42.9 | — | 42.9 | — | ||||||||||||
Depreciation | 21.3 | 23.1 | 42.4 | 46.0 | ||||||||||||
Amortization | 25.0 | 25.4 | 47.5 | 49.1 | ||||||||||||
Stock-based compensation | 5.6 | 5.5 | 10.6 | 10.9 | ||||||||||||
Total Adjusted OIBDA | $ | 125.2 | $ | 122.0 | $ | 206.4 | $ | 202.2 | ||||||||
Adjusted OIBDA: | ||||||||||||||||
U.S. Media | $ | 131.2 | $ | 128.3 | $ | 220.1 | $ | 220.7 | ||||||||
Other | 4.2 | 4.0 | 3.4 | 2.9 | ||||||||||||
Corporate | (10.2 | ) | (10.3 | ) | (17.1 | ) | (21.4 | ) | ||||||||
Total Adjusted OIBDA | $ | 125.2 | $ | 122.0 | $ | 206.4 | $ | 202.2 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating income (loss): | ||||||||||||||||
U.S. Media | $ | 93.8 | $ | 83.9 | $ | 144.4 | $ | 131.4 | ||||||||
Other | (45.1 | ) | (3.1 | ) | (52.1 | ) | (8.1 | ) | ||||||||
Corporate | (15.8 | ) | (15.8 | ) | (27.7 | ) | (32.3 | ) | ||||||||
Total operating income | $ | 32.9 | $ | 65.0 | $ | 64.6 | $ | 91.0 |
(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 | Six Months Ended | |||||||||||||||||||||
June 30, | % | June 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||
Revenues: | ||||||||||||||||||||||
Billboard | $ | 262.5 | $ | 259.2 | 1 | % | $ | 488.8 | $ | 484.3 | 1 | % | ||||||||||
Transit and other | 104.7 | 107.9 | (3 | ) | 188.3 | 189.9 | (1 | ) | ||||||||||||||
Total revenues | 367.2 | 367.1 | — | 677.1 | 674.2 | — | ||||||||||||||||
Operating expenses | (189.3 | ) | (194.1 | ) | (2 | ) | (364.8 | ) | (367.2 | ) | (1 | ) | ||||||||||
SG&A expenses | (46.7 | ) | (44.7 | ) | 4 | (92.2 | ) | (86.3 | ) | 7 | ||||||||||||
Adjusted OIBDA | $ | 131.2 | $ | 128.3 | 2 | $ | 220.1 | $ | 220.7 | — | ||||||||||||
Adjusted OIBDA margin | 36 | % | 35 | % | 33 | % | 33 | % | ||||||||||||||
Operating income | $ | 93.8 | $ | 83.9 | 12 | $ | 144.4 | $ | 131.4 | 10 | ||||||||||||
Restructuring charges | — | 0.1 | * | 0.5 | 1.9 | (74 | ) | |||||||||||||||
Net (gain) loss on dispositions | (2.7 | ) | 0.1 | * | (2.9 | ) | 0.5 | * | ||||||||||||||
Depreciation and amortization | 40.1 | 44.2 | (9 | ) | 78.1 | 86.9 | (10 | ) | ||||||||||||||
Adjusted OIBDA | $ | 131.2 | $ | 128.3 | 2 | $ | 220.1 | $ | 220.7 | — |
* | Calculation is not meaningful. |
(in constant dollars)(a) | (in constant dollars)(a) | |||||||||||||||||||||||||||||||||||
(in millions, except | Three Months Ended June 30, | % | Three Months Ended June 30, | % | Six Months Ended June 30, | % | Six Months Ended June 30, | % | ||||||||||||||||||||||||||||
percentages) | 2018 | 2017 | Change | 2017 | Change | 2018 | 2017 | Change | 2017 | Change | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 17.9 | $ | 15.0 | 19 | % | $ | 15.6 | 15 | % | $ | 30.9 | $ | 25.9 | 19 | % | $ | 27.1 | 14 | % | ||||||||||||||||
Transit and other | 16.6 | 14.1 | 18 | 14.3 | 16 | 31.6 | 26.7 | 18 | 26.9 | 17 | ||||||||||||||||||||||||||
Total revenues | $ | 34.5 | $ | 29.1 | 19 | $ | 29.9 | 15 | $ | 62.5 | $ | 52.6 | 19 | $ | 54.0 | 16 | ||||||||||||||||||||
Organic revenues(b): | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 15.2 | $ | 14.9 | 2 | $ | 14.9 | 2 | $ | 26.1 | $ | 26.4 | (1 | ) | $ | 26.4 | (1 | ) | ||||||||||||||||||
Transit and other | 14.6 | 14.3 | 2 | 14.3 | 2 | 27.8 | 26.9 | 3 | 26.9 | 3 | ||||||||||||||||||||||||||
Total organic revenues(b) | 29.8 | 29.2 | 2 | 29.2 | 2 | 53.9 | 53.3 | 1 | 53.3 | 1 | ||||||||||||||||||||||||||
Non-organic revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | 2.7 | 0.1 | * | 0.7 | * | 4.8 | (0.5 | ) | * | 0.7 | * | |||||||||||||||||||||||||
Transit and other | 2.0 | (0.2 | ) | * | — | * | 3.8 | (0.2 | ) | * | — | * | ||||||||||||||||||||||||
Total non-organic revenues | 4.7 | (0.1 | ) | * | 0.7 | * | 8.6 | (0.7 | ) | * | 0.7 | * | ||||||||||||||||||||||||
Total revenues | 34.5 | 29.1 | 19 | 29.9 | 15 | 62.5 | 52.6 | 19 | 54.0 | 16 | ||||||||||||||||||||||||||
Operating expenses | (22.7 | ) | (19.2 | ) | 18 | (19.7 | ) | 15 | (44.3 | ) | (38.0 | ) | 17 | (39.0 | ) | 14 | ||||||||||||||||||||
SG&A expenses | (7.6 | ) | (5.9 | ) | 29 | (6.0 | ) | 27 | (14.8 | ) | (11.7 | ) | 26 | (12.0 | ) | 23 | ||||||||||||||||||||
Adjusted OIBDA | $ | 4.2 | $ | 4.0 | 5 | $ | 4.2 | — | $ | 3.4 | $ | 2.9 | 17 | $ | 3.0 | 13 | ||||||||||||||||||||
Adjusted OIBDA margin | 12 | % | 14 | % | 5 | % | 6 | % | ||||||||||||||||||||||||||||
Operating loss | $ | (45.1 | ) | $ | (3.1 | ) | * | $ | (52.1 | ) | $ | (8.1 | ) | * | ||||||||||||||||||||||
Restructuring charges | 0.2 | 2.8 | (93 | ) | 0.8 | 2.8 | (71 | ) | ||||||||||||||||||||||||||||
Impairment charge | 42.9 | — | * | 42.9 | — | * | ||||||||||||||||||||||||||||||
Depreciation and amortization | 6.2 | 4.3 | 44 | 11.8 | 8.2 | 44 | ||||||||||||||||||||||||||||||
Adjusted OIBDA | $ | 4.2 | $ | 4.0 | 5 | $ | 3.4 | $ | 2.9 | 17 |
* | 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. |
(b) | Organic revenues exclude revenues associated with a significant acquisition, the impact of a new accounting standard (See Note 2. New Accounting Standards to the Consolidated Financial Statements) and the impact of foreign currency exchange rates (“non-organic revenues”). |
As of | |||||||||||
(in millions, except percentages) | June 30, 2018 | December 31, 2017 | % Change | ||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 41.7 | $ | 48.3 | (14 | )% | |||||
Receivables, less allowance ($9.5 in 2018 and $11.5 in 2017) | 239.9 | 231.1 | 4 | ||||||||
Prepaid lease and transit franchise costs | 68.0 | 68.6 | (1 | ) | |||||||
Prepaid MTA equipment deployment costs | 11.9 | 4.7 | 153 | ||||||||
Other prepaid expenses | 17.8 | 13.5 | 32 | ||||||||
Other current assets | 8.2 | 9.8 | (16 | ) | |||||||
Total current assets | 387.5 | 376.0 | 3 | ||||||||
Liabilities: | |||||||||||
Accounts payable | 55.0 | 56.1 | (2 | ) | |||||||
Accrued compensation | 27.2 | 34.6 | (21 | ) | |||||||
Accrued interest | 16.0 | 16.1 | (1 | ) | |||||||
Accrued lease costs | 26.6 | 30.5 | (13 | ) | |||||||
Other accrued expenses | 31.5 | 42.3 | (26 | ) | |||||||
Deferred revenues | 28.8 | 21.3 | 35 | ||||||||
Short-term debt | 100.0 | 80.0 | 25 | ||||||||
Other current liabilities | 18.3 | 18.7 | (2 | ) | |||||||
Total current liabilities | 303.4 | 299.6 | 1 | ||||||||
Working capital | $ | 84.1 | $ | 76.4 | 10 |
• | Calculation is not meaningful. |
As of | ||||||||
(in millions, except percentages) | June 30, 2018 | December 31, 2017 | ||||||
Short-term debt: | ||||||||
AR Facility | $ | 100.0 | $ | 80.0 | ||||
Total short-term debt | 100.0 | 80.0 | ||||||
Long-term debt: | ||||||||
Revolving credit facility | 69.0 | — | ||||||
Term loan, due 2024 | 668.0 | 667.8 | ||||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.6 | 549.6 | ||||||
5.625% senior unsecured notes, due 2024 | 502.4 | 502.6 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,502.0 | 1,502.2 | ||||||
Debt issuance costs | (22.5 | ) | (24.7 | ) | ||||
Total long-term debt, net | 2,216.5 | 2,145.3 | ||||||
Total debt, net | $ | 2,316.5 | $ | 2,225.3 | ||||
Weighted average cost of debt | 5.0 | % | 4.8 | % |
Payments Due by Period | ||||||||||||||||||||
(in millions) | Total | 2018 | 2019-2020 | 2021-2022 | 2023 and thereafter | |||||||||||||||
Long-term debt | $ | 2,239.0 | $ | — | $ | — | $ | 619.0 | $ | 1,620.0 | ||||||||||
Interest | 670.2 | 113.0 | 222.2 | 200.5 | 134.5 | |||||||||||||||
Total | $ | 2,909.2 | $ | 113.0 | $ | 222.2 | $ | 819.5 | $ | 1,754.5 |
Six Months Ended | |||||||||||
June 30, | % | ||||||||||
(in millions, except percentages) | 2018 | 2017 | Change | ||||||||
Cash provided by operating activities | $ | 68.2 | $ | 79.1 | (14 | )% | |||||
Cash used for investing activities | (53.4 | ) | (99.9 | ) | (47 | ) | |||||
Cash used for financing activities | (21.2 | ) | (21.7 | ) | (2 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | (0.2 | ) | 0.4 | * | |||||||
Net decrease to cash and cash equivalents | $ | (6.6 | ) | $ | (42.1 | ) | (84 | ) |
* | Calculation is not meaningful. |
Six Months Ended | |||||||||||
June 30, | % | ||||||||||
(in millions, except percentages) | 2018 | 2017 | Change | ||||||||
Growth | $ | 36.3 | $ | 29.6 | 23 | % | |||||
Maintenance | 10.1 | 12.6 | (20 | ) | |||||||
Total capital expenditures | $ | 46.4 | $ | 42.2 | 10 |
• | Declines in advertising and general economic conditions; |
• | Competition; |
• | Government regulation; |
• | Our inability to increase the number of digital advertising displays in our portfolio; |
• | Our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners; |
• | 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; |
• | Establishing operating partnerships as part of our REIT structure; and |
• | U.S. federal tax reform legislation could affect us in ways that are difficult to anticipate. |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Remaining Authorizations | ||||||||||
April 1, 2018 through April 30, 2018 | — | $ | — | — | — | ||||||||
May 1, 2018 through May 31, 2018 | — | — | — | — | |||||||||
June 1, 2018 through June 30, 2018 | — | — | — | — | |||||||||
Total | — | — | — | — |
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 | |
OUTFRONT MEDIA INC. | ||||
By: | /s/ Matthew Siegel | |||
Name: | Matthew Siegel | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
(Principal Financial 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/ 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/ Matthew Siegel | |||
Name: | Matthew Siegel | |||
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/ Matthew Siegel | |||
Name: | Matthew Siegel | |||
Title: | Executive Vice President and | |||
Chief Financial Officer |
Document and Entity Information Document - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Aug. 08, 2018 |
|
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 | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 139,269,843 |
Consolidated Statement of Financial Position (Parenthetical) (Unaudited) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 9.5 | $ 11.5 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares Issued | 139,256,951 | 138,644,917 |
Common Stock, Shares Outstanding | 139,256,951 | 138,644,917 |
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenues: | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122.0 | 219.9 | 216.6 |
Total revenues | 401.7 | 396.2 | 739.6 | 726.8 |
Expenses: | ||||
Operating | 212.0 | 213.3 | 409.1 | 405.2 |
Selling, general and administrative | 70.1 | 66.4 | 134.7 | 130.3 |
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0.0 | 42.9 | 0.0 |
Depreciation | 21.3 | 23.1 | 42.4 | 46.0 |
Amortization | 25.0 | 25.4 | 47.5 | 49.1 |
Total expenses | 368.8 | 331.2 | 675.0 | 635.8 |
Operating income | 32.9 | 65.0 | 64.6 | 91.0 |
Interest expense, net | (31.0) | (28.6) | (61.0) | (56.7) |
Other income (expense), net | (0.2) | 0.1 | (0.3) | 0.1 |
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 1.7 | 36.5 | 3.3 | 34.4 |
Benefit (provision) for income taxes | (8.1) | (0.9) | (1.4) | 2.8 |
Equity in earnings of investee companies, net of tax | 1.2 | 1.5 | 2.0 | 2.4 |
Net income (loss) | $ (5.2) | $ 37.1 | $ 3.9 | $ 39.6 |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ (0.04) | $ 0.27 | $ 0.02 | $ 0.29 |
Diluted (in dollars per share) | $ (0.04) | $ 0.27 | $ 0.02 | $ 0.28 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 139.2 | 138.6 | 139.0 | 138.4 |
Diluted (in shares) | 139.2 | 139.3 | 139.3 | 139.1 |
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 0.72 | $ 0.72 |
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (5.2) | $ 37.1 | $ 3.9 | $ 39.6 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | (6.1) | 4.4 | (11.5) | 5.5 |
Net actuarial gain (loss) | 0.3 | (0.1) | 0.6 | (0.1) |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income (loss) | $ (11.0) | $ 41.4 | $ (7.0) | $ 45.0 |
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 0.72 | $ 0.72 |
Description of Business and Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
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 140 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. 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, 2017, filed with the SEC on February 28, 2018. |
New Accounting Standards |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Goodwill In the second quarter of 2018, we early adopted the Financial Accounting Standard Board’s (the “FASB’s”) 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 value of that goodwill. Applying the prospective method of adoption, we recognized an impairment charge for the amount by which the carrying value of our Canadian reporting unit exceeded its fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In the second quarter of 2018, we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations and an impairment balance of $42.9 million in Goodwill on the Consolidated Statement of Financial Position related to our Canadian reporting unit. (See Note 4. Goodwill and Other Intangible Assets to the Consolidated Financial Statements.) Revenue from Contracts with Customers In the first quarter of 2018, we adopted the FASB’s principles-based guidance addressing revenue recognition issues, applying the modified retrospective method of adoption. The guidance is being 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. The revenue recognition guidance is 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. Our billboard lease revenues are recognized under the lease accounting standard. The adoption of this guidance did not impact revenues from our multi-year transit advertising contracts, but resulted in the recognition of additional revenues of $2.0 million, additional operating expenses of $1.4 million and additional selling, general and administrative expenses of $0.6 million in our Sports Marketing operating segment in the three months ended June 30, 2018, and additional revenues of $3.8 million, additional operating expenses of $2.6 million and additional selling, general and administrative expenses of $1.2 million in our Sports Marketing operating segment in the six months ended June 30, 2018, related to revenues that would have been recognized on a net basis under the old standard. Adoption of this guidance did not have a material effect on our consolidated financial statements. (See Note 9. Revenues to the Consolidated Financial Statements.) Recent Pronouncements Leases In February 2016 (updated in July 2018), 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 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. |
Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill For the six months ended June 30, 2018 and the year ended December 31, 2017, the changes in the book value of goodwill by segment were as follows:
On April 1, 2018, we early adopted the FASB’s guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. (See Note 2. New Accounting Standards to the Consolidated Financial Statements.) If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge not to exceed the goodwill balance allocated to that reporting unit. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying value. We compute the estimated fair value of each reporting unit by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. The estimated fair value of the Canadian reporting unit exceeded its carrying value by 2.9% as of December 31, 2017, based on our goodwill impairment assessment in the prior year. In the second quarter of 2018, our Canadian reporting unit did not meet revenue expectations and pacing reflected a decline as compared to the 2018 forecast due to the underperformance of our static poster assets and digital displays. As a result, we determined that there was a decline in the outlook for our Canadian reporting unit. This determination constituted a triggering event, requiring an interim goodwill impairment analysis of our Canadian reporting unit. As a result of the impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million in the Consolidated Statements of Operations. As of June 30, 2018, goodwill related to our Canadian reporting unit, net of accumulated impairment of $42.9 million, was $21.7 million. As of December 31, 2017, goodwill associated with our Canadian reporting unit was $68.1 million. Other 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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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
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 |
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Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt, net, consists of the following:
Term Loan The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.1% per annum as of June 30, 2018. As of June 30, 2018, a discount of $2.0 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Revolving Credit Facility We also have a $430.0 million revolving credit facility, which matures in 2022 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”). As of June 30, 2018, there were $69.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.3%. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.3 million in the three months ended June 30, 2018, $0.4 million in the three months ended June 30, 2017, and $0.6 million in each of the six months ended June 30, 2018 and 2017. As of June 30, 2018, we had issued letters of credit totaling approximately $65.8 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of June 30, 2018, we had issued letters of credit totaling approximately $130.1 million under our aggregate $150.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2018 and 2017. Accounts Receivable Securitization Facility As of June 30, 2018, there were $100.0 million of outstanding borrowings under our $100.0 million revolving accounts receivable securitization facility (the “AR Facility”), which expires in 2020, at a borrowing rate of approximately 3.1%. As of June 30, 2018, we had no borrowing capacity remaining under the AR Facility, based on approximately $189.2 million of eligible accounts receivables used as collateral for the AR Facility, in accordance with the agreement governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and six months ended June 30, 2018. As of August 8, 2018, there were $90.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 3.1%. In connection with the AR Facility, Outfront Media LLC, a wholly-owned subsidiary of the Company, will sell and/or contribute its existing and future accounts receivable and certain related assets to Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company (the “SPV”). The SPV is a separate legal entity with its own separate creditors who will be entitled to access the SPV’s assets before the assets become available to the Company. Accordingly, the SPV’s assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPV may be remitted to the Company. Senior Unsecured Notes As of June 30, 2018, a discount of $0.4 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 June 30, 2018, a premium of $2.4 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. Debt Covenants Our credit agreement, dated as of January 31, 2014 (as amended, supplemented or otherwise modified, the “Credit Agreement”), governing the Senior Credit Facilities, the agreements governing the AR 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, Outfront Media Capital LLC’s (“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 third party transfers. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. As of June 30, 2018, our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy 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 June 30, 2018, our Consolidated Total Leverage Ratio was 4.9 to 1.0 in accordance with the Credit Agreement. As of June 30, 2018, we are in compliance with our debt covenants. Deferred Financing Costs As of June 30, 2018, we had deferred $26.8 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR 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, AR Facility and our senior unsecured notes. Fair Value |
Equity |
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Jun. 30, 2018 | |
Equity [Abstract] | |
Equity | Equity As of June 30, 2018, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 139,256,951 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. On June 13, 2017, certain subsidiaries of OUTFRONT Media Inc. acquired the equity interests of certain subsidiaries of All Vision LLC (“All Vision”), which hold substantially all of All Vision’s outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”) (see Note 11. Acquisitions). In connection with the Transaction, the Company issued 1,953,407 shares of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”). The Class A equity interests are entitled to receive priority cash distributions from Outfront Canada at the same time and in the same per share amount as the dividends paid on shares of the Company’s common stock. The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability. During the six months ended June 30, 2018, we made distributions of $1.4 million to holders of the Class A equity interests, which are recorded in Dividends on our Consolidated Statements of Equity and Consolidated Statements of Cash Flows. As of June 30, 2018, no Class A equity interests have been redeemed for shares of the Company’s common stock. On November 21, 2017, we entered into a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. As of August 8, 2018, no shares of our common stock have been sold under the ATM Program, and accordingly, as of August 8, 2018, $300.0 million remained available to be sold under the sales agreement. |
Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues Effective January 1, 2018, we adopted the FASB’s principles-based guidance addressing revenue recognition issues, applying the modified retrospective method of adoption. Accordingly, historical financial information has not been affected (see Note 2. New Accounting Standards to the Consolidated Financial Statements). We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other. Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues are recognized under the lease accounting standard as rental income on a straight-line basis over the customer lease term. Transit display revenues are derived from 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. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period. Other revenues are derived primarily from (i) the production of advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from 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. Production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period. Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations, are allocated primarily based on the residual approach, as we sell our services at a broad range of amounts depending on seasonality, the packaging of various advertising displays within a contract, and other economic factors. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, which primarily represent the transaction price allocated to the remaining display period for unsatisfied transit franchise contracts. Unsatisfied performance obligations with an original expected term of over one year relate to multi-year marketing and multimedia rights agreements with customers of our Sports Marketing operating segment, the value of which is $59.1 million as of June 30, 2018, are expected to be satisfied over the next 5 years. For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). Except for an insignificant number of smaller sports marketing contracts, we are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators, educational institutions and suppliers are recorded as expenses. We are considered the principal because we control the advertising space and multi-media rights before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions. The following table summarizes revenues by source:
Rental income was $270.5 million in the three months ended June 30, 2018, $262.0 million in the three months ended June 30, 2017, $501.9 million in the six months ended June 30, 2018, and $484.4 million in the six months ended June 30, 2017, and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography:
Our revenues are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control. Contract Costs and Balances Variable sales commission costs directly associated with billboard display revenues are considered direct lease acquisition costs in accordance with the lease accounting standard and are capitalized and amortized on a straight-line basis over the related customer lease term (see Note 4. Goodwill and Other Intangible Assets to the Consolidated Financial Statements). Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. Variable sales commission costs which are directly associated with transit display and other revenues are included in Selling, general, and administrative expenses on the Consolidated Statement of Operations, and are expensed as incurred since the amortization period of the asset would have been less than one year. |
Restructuring Charges |
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Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges | Restructuring Charges |
Acquisitions |
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Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In connection with the Transaction, the Company paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million, or 1,953,407 shares, of Class A equity interests of Outfront Canada, subject to post-closing adjustments (upward or downward) for closing date working capital and indebtedness, and for the achievement of certain operating income before depreciation and amortization targets relating to the acquired assets in 2017 and 2018. The issued Class A equity interests of Outfront Canada are redeemable non-controlling interests and are included in Non-controlling interests on our Consolidated Statement of Financial Position based on actual foreign currency exchange rates on the closing date of the Transaction compared to the negotiated foreign currency exchange rate used in the valuation described above. The allocation of the purchase price of approximately $94.4 million is based on management’s estimate of the fair value of the assets acquired and liabilities assumed on the closing date of the Transaction, which was $68.0 million of identified intangible assets, $34.3 million of goodwill, $17.0 million of deferred tax liabilities and $9.1 million of other assets and liabilities (primarily property and equipment). We completed several acquisitions for a total purchase price of approximately $4.3 million in the six months ended June 30, 2018, and including the Transaction, $102.4 million in the six months ended June 30, 2017. |
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 and six months ended June 30, 2018 and 2017.
As of June 30, 2018, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $30.6 million, which is expected to be recognized over a weighted average period of 2.2 years. RSUs and PRSUs The following table summarizes activity for the six months ended June 30, 2018, of RSUs and PRSUs issued to our employees.
Stock Options The following table summarizes activity for the six months ended June 30, 2018, of stock options issued to our employees.
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Retirement Benefits |
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Retirement Benefits [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 |
6 Months Ended |
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Jun. 30, 2018 | |
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 distribute 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. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act amends the Code to reduce tax rates and modify policies, credits and deductions. The Tax Act reduced the federal tax rate from a maximum of 35% to a flat 21% rate, as well as added many new provisions including changes to bonus depreciation, the deduction for executive compensation and interest expense. From an international tax perspective, a tax on global intangible low-taxed income and a base erosion anti-abuse tax were added. Tax years 2014 to present are open for examination by the tax authorities. We are currently under examination by the Internal Revenue Service for the 2016 tax year and by New York State for the 2014-2016 tax years. New York City has completed its audit of the 2014 tax year with no changes. 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”)
(b) The potential impact of 2.0 million shares of Class A equity interests of Outfront Canada in each of the three and six months ended June 30, 2018, was antidilutive. (See Note 8. Equity to the Consolidated Financial Statements.)
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Commitment and Contingencies |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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. On December 8, 2017, we entered into a transit advertising and communications concession agreement with the New York Metropolitan Transportation Authority (the “MTA”) for subway, commuter rail and buses for a 10-year term, with an additional 5-year extension at our option. Under the agreement, we are obligated to deploy over 50,000 digital displays for advertising and MTA communications across the transit system over a number of years and the MTA is entitled to receive the greater of a percentage of revenues or a guaranteed minimum annual payment. Incremental revenues that exceed an annual base revenue amount will be retained by us for the cost of deploying advertising and communications screens throughout the transit system. Our currently estimated deployment cost is approximately $800 million for the full 15-year term and approximately $600 million for the first eight years of the term, and these deployment costs will be recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position. We expect to utilize third party financing to fund deployment costs, and have increased our letters of credit for the benefit of the MTA from approximately $30.0 million to $136.0 million, which is subject to change as equipment installations are completed and revenues are generated. During the six months ended June 30, 2018, several transit franchise contracts were renewed and/or awarded, resulting in additional guaranteed minimum annual payments. As of June 30, 2018, guaranteed minimum annual payments are as follows:
Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of June 30, 2018, the outstanding letters of credit were approximately $195.9 million and outstanding surety bonds were approximately $25.1 million, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
Segment Information |
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Segment Information | Segment Information 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.
We present Operating income before Depreciation, Amortization, Net gain (loss) on dispositions, Stock-based compensation and Restructuring charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.
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Condensed Consolidating Financial Information |
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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 to the Consolidated Financial Statements). 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, including the SPV; (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) |
6 Months Ended |
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Jun. 30, 2018 | |
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) |
6 Months Ended |
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Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | Adoption of New Accounting Standards Goodwill In the second quarter of 2018, we early adopted the Financial Accounting Standard Board’s (the “FASB’s”) 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 value of that goodwill. Applying the prospective method of adoption, we recognized an impairment charge for the amount by which the carrying value of our Canadian reporting unit exceeded its fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In the second quarter of 2018, we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations and an impairment balance of $42.9 million in Goodwill on the Consolidated Statement of Financial Position related to our Canadian reporting unit. (See Note 4. Goodwill and Other Intangible Assets to the Consolidated Financial Statements.) Revenue from Contracts with Customers In the first quarter of 2018, we adopted the FASB’s principles-based guidance addressing revenue recognition issues, applying the modified retrospective method of adoption. The guidance is being 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. The revenue recognition guidance is 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. Our billboard lease revenues are recognized under the lease accounting standard. The adoption of this guidance did not impact revenues from our multi-year transit advertising contracts, but resulted in the recognition of additional revenues of $2.0 million, additional operating expenses of $1.4 million and additional selling, general and administrative expenses of $0.6 million in our Sports Marketing operating segment in the three months ended June 30, 2018, and additional revenues of $3.8 million, additional operating expenses of $2.6 million and additional selling, general and administrative expenses of $1.2 million in our Sports Marketing operating segment in the six months ended June 30, 2018, related to revenues that would have been recognized on a net basis under the old standard. Adoption of this guidance did not have a material effect on our consolidated financial statements. (See Note 9. Revenues to the Consolidated Financial Statements.) |
Goodwill and Other Intangible Assets (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | On April 1, 2018, we early adopted the FASB’s guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. (See Note 2. New Accounting Standards to the Consolidated Financial Statements.) If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge not to exceed the goodwill balance allocated to that reporting unit. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying value. We compute the estimated fair value of each reporting unit by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. |
Revenues Revenue from Contract with Customers (Policies) |
6 Months Ended |
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Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other. Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues are recognized under the lease accounting standard as rental income on a straight-line basis over the customer lease term. Transit display revenues are derived from 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. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period. Other revenues are derived primarily from (i) the production of advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from 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. Production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period. |
Property and Equipment (Tables) |
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Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation.
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | For the six months ended June 30, 2018 and the year ended December 31, 2017, the changes in the book value of goodwill by segment were as follows:
(a) Non-tax deductible addition associated with the Transaction (as defined below, see Note 8. Equity and Note 11. Acquisitions to the Consolidated Financial Statements).
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Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following:
(a) As of June 30, 2018, includes $7.0 million and as of December 31, 2017, includes $0.9 million related to MTA equipment deployment costs. (See Note 16. Commitments and Contingencies to the Consolidated Financial Statements.)
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Asset Retirement Obligation (Tables) |
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
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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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Debt, net, consists of the following:
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table summarizes revenues by source:
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Revenue from External Customers by Geographic Areas | The following table summarizes revenues by geography:
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Stock-Based Compensation (Tables) |
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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 and six months ended June 30, 2018 and 2017.
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Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2018, 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 six months ended June 30, 2018, of stock options issued to our employees.
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Retirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [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 to net income.
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Earnings Per Share ("EPS") (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
(b) The potential impact of 2.0 million shares of Class A equity interests of Outfront Canada in each of the three and six months ended June 30, 2018, was antidilutive. (See Note 8. Equity to the Consolidated Financial Statements.)
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Commitment and Contingencies Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation, fiscal year maturity schedule | During the six months ended June 30, 2018, several transit franchise contracts were renewed and/or awarded, resulting in additional guaranteed minimum annual payments. As of June 30, 2018, guaranteed minimum annual payments are as follows:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment.
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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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statement of Financial Position |
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Condensed Statement of Operations |
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Condensed Statements of Cash Flows |
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Description of Business and Basis of Presentation - Narrative (Details) |
6 Months Ended |
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Jun. 30, 2018
markets
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of largest domestic markets in which the entity operates | 25 |
Number of markets in which the entity operates | 140 |
Number of operating segments | segment | 3 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 21.3 | $ 23.1 | $ 42.4 | $ 46.0 |
Goodwill and Other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
||||
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | $ 2,128.0 | $ 2,089.4 | $ 2,089.4 | |||||
Currency translation adjustments | (3.5) | 4.3 | ||||||
Additions | [1] | 34.3 | 34.3 | |||||
Impairment | $ (42.9) | $ 0.0 | (42.9) | 0.0 | ||||
Goodwill, Ending Balance | 2,081.6 | 2,081.6 | 2,128.0 | |||||
U.S. Media | ||||||||
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | 2,054.0 | 2,054.0 | 2,054.0 | |||||
Currency translation adjustments | 0.0 | 0.0 | ||||||
Additions | 0.0 | |||||||
Impairment | 0.0 | |||||||
Goodwill, Ending Balance | 2,054.0 | 2,054.0 | 2,054.0 | |||||
Other | ||||||||
Goodwill [Roll Forward] | ||||||||
Goodwill, Beginning Balance | 74.0 | $ 35.4 | 35.4 | |||||
Currency translation adjustments | (3.5) | 4.3 | ||||||
Additions | [1] | 34.3 | ||||||
Impairment | (42.9) | |||||||
Goodwill, Ending Balance | $ 27.6 | $ 27.6 | $ 74.0 | |||||
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Goodwill and Other Intangible Assets Narrative (Details) - Goodwill - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | ||||||
Impairment charge | $ 42.9 | $ 0.0 | $ 42.9 | $ 0.0 | ||
Goodwill | 2,081.6 | 2,081.6 | $ 2,128.0 | $ 2,089.4 | ||
CANADA | ||||||
Goodwill [Line Items] | ||||||
Fair value in excess of carrying value percentage | 2.90% | |||||
Goodwill, accumulated impairment | 42.9 | 42.9 | ||||
Goodwill | $ 21.7 | $ 21.7 | $ 68.1 |
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||||
Gross | $ 1,617.6 | $ 1,613.8 | ||
Accumulated amortization | (1,060.4) | (1,032.9) | ||
Intangible assets | 557.2 | 580.9 | ||
Permits and leasehold agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross | 1,108.3 | 1,111.3 | ||
Accumulated amortization | (679.7) | (661.6) | ||
Intangible assets | 428.6 | 449.7 | ||
Franchise agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross | [1] | 462.3 | 455.4 | |
Accumulated amortization | (351.5) | (346.2) | ||
Intangible assets | 110.8 | 109.2 | ||
Other intangible assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross | 47.0 | 47.1 | ||
Accumulated amortization | (29.2) | (25.1) | ||
Intangible assets | $ 17.8 | $ 22.0 | ||
|
Goodwill and Other Intangible Assets Narrative (Details) - Intangible Assets - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|||
Finite-Lived Intangible Assets [Line Items] | |||||||
Gross intangible assets | $ 1,617.6 | $ 1,617.6 | $ 1,613.8 | ||||
Amortization of intangible assets | 25.0 | $ 25.4 | 47.5 | $ 49.1 | |||
Amortization of direct lease acquisition costs | 11.1 | $ 10.2 | 19.8 | $ 18.9 | |||
Franchise agreements | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Gross intangible assets | [1] | 462.3 | $ 462.3 | 455.4 | |||
Direct lease acquisition costs | Minimum | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset, useful life | 28 days | ||||||
Direct lease acquisition costs | Maximum | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset, useful life | 1 year | ||||||
MTA equipment deployment costs | Franchise agreements | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Gross intangible assets | $ 7.0 | $ 7.0 | $ 0.9 | ||||
|
Asset Retirement Obligation - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
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 |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2017 | $ 34.7 |
Accretion expense | 1.2 |
Additions | 0.1 |
Liabilities settled | (1.1) |
Foreign currency translation adjustments | (0.2) |
As of June 30, 2018 | $ 34.7 |
Related Party Transactions - Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
joint_venture
Displays
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
joint_venture
Displays
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Equity method investments | $ | $ 20.1 | $ 20.1 | $ 19.5 | ||
Management fee revenue | $ | $ 1.9 | $ 2.0 | $ 3.5 | $ 3.5 | |
Transit shelter joint ventures | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 2 | 2 | |||
Acquired businesses | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 4 | 4 | |||
Equity method investment, number of displays | Displays | 15 | 15 |
Equity - Narrative (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 07, 2018 |
Aug. 08, 2018
USD ($)
shares
|
Jul. 24, 2018
$ / shares
|
Jun. 13, 2017
shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
Jun. 30, 2017
USD ($)
$ / shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
Jun. 30, 2017
USD ($)
$ / shares
|
Dec. 31, 2017
$ / shares
shares
|
Nov. 21, 2017
USD ($)
|
Dec. 31, 2016
$ / shares
|
|
Class of Stock [Line Items] | ||||||||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 450,000,000 | |||||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares Issued | 139,256,951 | 139,256,951 | 138,644,917 | |||||||||
Common Stock, Shares Outstanding | 139,256,951 | 139,256,951 | 138,644,917 | |||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||
Preferred stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||||||
Temporary equity, contract terms | The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability | |||||||||||
Exchange ratio Class A Equity Interests for common stock | 1 | |||||||||||
Restriction for disposition of assets acquired | 5 years | |||||||||||
Distributions to holders of Class A equity interests of a subsidiary | $ | $ 102.0 | $ 100.4 | ||||||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ | $ 300.0 | |||||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | $ 0.36 | $ 0.72 | $ 0.72 | ||||||||
Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ | $ 300.0 | |||||||||||
Dividends Payable, Date Declared | Jul. 24, 2018 | |||||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | |||||||||||
Ordinary dividend | Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividends Payable, Date to be Paid | Sep. 28, 2018 | |||||||||||
Dividends Payable, Date of Record | Sep. 07, 2018 | |||||||||||
At-The-Market Equity Offering Program | Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | |||||||||||
Noncontrolling Interest | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||||||||
Distributions to holders of Class A equity interests of a subsidiary | $ | $ 0.7 | $ 0.0 | $ 1.4 | $ 0.0 | ||||||||
Equity interests redeemed during the period | 0 | |||||||||||
Noncontrolling Interest | Tranche 1 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption restriction period | 1 year | |||||||||||
Percentage of redeemable equity interests | 55.00% | |||||||||||
Noncontrolling Interest | Tranche 2 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption restriction period | 18 months | |||||||||||
Percentage of redeemable equity interests | 45.00% |
Revenues - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenue from Contract with Customer [Abstract] | ||||
Customer billing term | 30 days | |||
Remaining performance obligation | $ 59.1 | $ 59.1 | ||
Remaining performance obligation, expected timing of satisfaction | 5 years | 5 years | ||
Rental income | $ 270.5 | $ 262.0 | $ 501.9 | $ 484.4 |
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122.0 | 219.9 | 216.6 |
Revenues | 401.7 | 396.2 | 739.6 | 726.8 |
Static displays | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 217.2 | 218.0 | 406.7 | 407.1 |
Transit and other | 84.0 | 90.6 | 151.8 | 159.8 |
Digital displays | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 53.3 | 44.0 | 95.2 | 77.3 |
Transit and other | 14.0 | 10.8 | 24.7 | 19.2 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 9.9 | 12.2 | 17.8 | 25.8 |
Transit and other | 10.3 | 9.9 | 17.6 | 16.5 |
Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 108.3 | 111.3 | 194.1 | 195.5 |
Sports marketing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | $ 13.0 | $ 10.7 | $ 25.8 | $ 21.1 |
Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122.0 | 219.9 | 216.6 |
Revenues | 401.7 | 396.2 | 739.6 | 726.8 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 262.5 | 259.2 | 488.8 | 484.3 |
Revenues | 380.2 | 377.8 | 702.9 | 695.3 |
CANADA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21.5 | 18.4 | 36.7 | 31.5 |
Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 108.3 | 111.3 | 194.1 | 195.5 |
Transit | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 104.7 | 107.9 | 188.3 | 189.9 |
Sports marketing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 13.0 | 10.7 | 25.8 | 21.1 |
Sports marketing and other | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | $ 13.0 | $ 10.7 | $ 25.8 | $ 21.1 |
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.2 | $ 2.9 | $ 1.3 | $ 4.7 |
Restructuring reserve | 2.8 | 2.8 | ||
Operating segments | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.2 | 2.8 | 0.8 | 2.8 |
Operating segments | U.S. Media | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.1 | $ 0.5 | $ 1.9 |
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 5.6 | $ 5.5 | $ 10.6 | $ 10.9 |
Tax benefit | (0.4) | (0.5) | (0.7) | (1.0) |
Stock-based compensation expense, net of tax | 5.2 | 5.0 | 9.9 | 9.9 |
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 | 5.6 | 5.5 | 10.6 | 10.8 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.1 |
Stock-Based Compensation - Narrative (Details) - Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation not yet recognized, share-based awards other than options | $ 30.6 |
Compensation cost not yet recognized, period for recognition | 2 years 2 months 12 days |
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) |
6 Months Ended |
---|---|
Jun. 30, 2018
$ / shares
shares
| |
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Non-vested as of December 31, 2017 | shares | 1,632,120 |
Non-vested as of June 30, 2018 | shares | 1,776,030 |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2017 (per share) | $ / shares | $ 24.43 |
Weighted Average Grant Date Fair Value, Non-Vested, as of June 30, 2018 (per share) | $ / shares | $ 22.43 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 837,517 |
Vested | shares | (586,273) |
Forfeitures | shares | (74,295) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 21.43 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.39 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 22.88 |
Performance Restricted Stock Units (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 383,913 |
Vested | shares | (293,109) |
Forfeitures | shares | (123,843) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 21.52 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.71 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.25 |
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options |
6 Months Ended |
---|---|
Jun. 30, 2018
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of December 31, 2017 | shares | 165,293 |
Exercised | shares | (23,446) |
Outstanding as of June 30, 2018 | shares | 141,847 |
Exercisable as of June 30, 2018 | shares | 141,847 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price, options outstanding, as of December 31, 2017 | $ / shares | $ 20.69 |
Weighted average exercise price, options exercised | $ / shares | 6.25 |
Weighted average exercise price, options outstanding, as of June 30, 2018 | $ / shares | 23.08 |
Weighted average exercise price, options exercisable, as of June 30, 2018 | $ / shares | $ 23.08 |
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
Service cost | $ 0.4 | $ 0.4 | $ 0.8 | $ 0.7 | ||
Interest cost | 0.4 | 0.4 | 0.9 | 0.9 | ||
Expected return on plan assets | (0.5) | (0.6) | (1.1) | (1.1) | ||
Amortization of net actuarial losses | [1] | 0.2 | 0.2 | 0.3 | 0.3 | |
Net periodic pension cost | $ 0.5 | $ 0.4 | $ 0.9 | $ 0.8 | ||
|
Retirement Benefits - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Retirement Benefits [Abstract] | |
Pension contributions | $ 1.1 |
Estimated future employer contributions in current fiscal year | $ 2.5 |
Income Taxes - Narrative (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Maximum | ||
Operating Loss Carryforwards [Line Items] | ||
Federal statutory income tax rate | 21.00% | 35.00% |
Minimum | ||
Operating Loss Carryforwards [Line Items] | ||
Open Tax Year | 2014 | |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2016 | |
New York State Division of Taxation and Finance | Maximum | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2016 | |
New York State Division of Taxation and Finance | Minimum | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2014 | |
New York City Department of Finance | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2014 |
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||
Net income (loss) available to common stockholders, diluted | $ 37.1 | $ 39.6 | |||||||
Net income (loss) | $ (5.2) | 37.1 | $ 3.9 | 39.6 | |||||
Less: Distributions to holders of Class A equity interests of a subsidiary | 102.0 | 100.4 | |||||||
Net income (loss) available to common stockholders, basic | $ 37.1 | $ 39.6 | |||||||
Net income available for common shareholders, basic and diluted | $ (5.9) | $ 2.5 | |||||||
Weighted average shares for basic EPS | 139.2 | 138.6 | 139.0 | 138.4 | |||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 0.0 | 0.3 | 0.3 | 0.5 | ||||
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary | [2] | 0.0 | 0.4 | 0.0 | 0.2 | ||||
Weighted average shares for diluted EPS | 139.2 | 139.3 | 139.3 | 139.1 | |||||
Noncontrolling Interest | |||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||
Less: Distributions to holders of Class A equity interests of a subsidiary | $ 0.7 | $ 0.0 | $ 1.4 | $ 0.0 | |||||
Noncontrolling Interest | |||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share, number of shares | 2.0 | 2.0 | |||||||
Stock compensation plan | |||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share, number of shares | 1.3 | 0.6 | 1.0 | 0.4 | |||||
|
Commitment and Contingencies - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
Displays
| |
Standalone letters of credit and sublimit to revolving credit facility [Member] | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | $ 195.9 |
Surety Bond | |
Other Commitments [Line Items] | |
Surety Bonds Outstanding | $ 25.1 |
Transit Franchise Contract | |
Other Commitments [Line Items] | |
Franchise Contract Term | 10 years |
Franchise Contract Term Extension | 5 years |
Transit Franchise Contract | Digital displays | |
Other Commitments [Line Items] | |
Number of displays | Displays | 50,000 |
Letter of Credit | Minimum | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | $ 30.0 |
Letter of Credit | Maximum | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | 136.0 |
2025 | |
Other Commitments [Line Items] | |
Deployment costs | 600.0 |
2032 | |
Other Commitments [Line Items] | |
Deployment costs | $ 800.0 |
Commitment and Contingencies Contractual Obligation, Fiscal Year Maturity Schedule (Details) - Guaranteed Minimum Contractual Payments $ in Millions |
Jun. 30, 2018
USD ($)
|
---|---|
Other Commitment, Fiscal Year Maturity [Abstract] | |
2018 | $ 109.3 |
2019 | 183.9 |
2020 | 164.1 |
2021 | 161.7 |
2022 | 159.6 |
2023 and thereafter | 827.5 |
Guaranteed minimum annual payments | $ 1,606.1 |
Segment Information - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2018
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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 401.7 | $ 396.2 | $ 739.6 | $ 726.8 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 367.2 | 367.1 | 677.1 | 674.2 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 34.5 | $ 29.1 | $ 62.5 | $ 52.6 |
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Segment Reporting Information [Line Items] | ||||
Net income (loss) | $ (5.2) | $ 37.1 | $ 3.9 | $ 39.6 |
Benefit (provision) for income taxes | 8.1 | 0.9 | 1.4 | (2.8) |
Equity in earnings of investee companies, net of tax | (1.2) | (1.5) | (2.0) | (2.4) |
Interest expense, net | 31.0 | 28.6 | 61.0 | 56.7 |
Other income (expense), net | 0.2 | (0.1) | 0.3 | (0.1) |
Operating income (loss) | 32.9 | 65.0 | 64.6 | 91.0 |
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0.0 | 42.9 | 0.0 |
Depreciation and amortization | 46.3 | 48.5 | 89.9 | 95.1 |
Stock-based compensation | 5.6 | 5.5 | 10.6 | 10.9 |
Adjusted OIBDA | 125.2 | 122.0 | 206.4 | 202.2 |
Capital expenditures | 46.4 | 42.2 | ||
U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charge | 0.0 | |||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charge | 42.9 | |||
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 32.9 | 65.0 | 64.6 | 91.0 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0.0 | 42.9 | 0.0 |
Depreciation and amortization | 46.3 | 48.5 | 89.9 | 95.1 |
Capital expenditures | 29.6 | 25.6 | 46.4 | 42.2 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 93.8 | 83.9 | 144.4 | 131.4 |
Restructuring charges | 0.1 | 0.5 | 1.9 | |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Depreciation and amortization | 40.1 | 44.2 | 78.1 | 86.9 |
Adjusted OIBDA | 131.2 | 128.3 | 220.1 | 220.7 |
Capital expenditures | 25.6 | 23.7 | 40.0 | 39.5 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (45.1) | (3.1) | (52.1) | (8.1) |
Restructuring charges | 0.2 | 2.8 | 0.8 | 2.8 |
Impairment charge | 42.9 | 0.0 | 42.9 | 0.0 |
Depreciation and amortization | 6.2 | 4.3 | 11.8 | 8.2 |
Adjusted OIBDA | 4.2 | 4.0 | 3.4 | 2.9 |
Capital expenditures | 4.0 | 1.9 | 6.4 | 2.7 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (15.8) | (15.8) | (27.7) | (32.3) |
Adjusted OIBDA | $ (10.2) | $ (10.3) | $ (17.1) | $ (21.4) |
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,775.1 | $ 3,808.2 |
Operating segments | U.S. Media | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,553.2 | 3,528.8 |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 207.5 | 263.8 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 14.4 | $ 15.6 |
Condensed Consolidating Financial Information - Narrative (Details) |
Jun. 30, 2018 |
---|---|
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% |
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | $ 41.7 | $ 48.3 | $ 23.1 | $ 65.2 |
Receivables, less allowance | 239.9 | 231.1 | ||
Other current assets | 105.9 | 96.6 | ||
Total current assets | 387.5 | 376.0 | ||
Property and equipment, net | 663.3 | 662.1 | ||
Goodwill | 2,081.6 | 2,128.0 | 2,089.4 | |
Intangible assets | 557.2 | 580.9 | ||
Investment in subsidiaries | 0.0 | 0.0 | ||
Prepaid MTA equipment deployment costs | 24.6 | 0.0 | ||
Other assets | 60.9 | 61.2 | ||
Intercompany | 0.0 | 0.0 | ||
Total assets | 3,775.1 | 3,808.2 | ||
Total current liabilities | 303.4 | 299.6 | ||
Long-term debt, net | 2,216.5 | 2,145.3 | ||
Deferred income tax liabilities, net | 19.2 | 19.6 | ||
Asset retirement obligation | 34.7 | 34.7 | ||
Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
Other liabilities | 80.8 | 82.4 | ||
Intercompany | 0.0 | 0.0 | ||
Total liabilities | 2,654.6 | 2,581.6 | ||
Total stockholders' equity | 1,074.8 | 1,181.1 | 1,181.9 | 1,232.9 |
Non-controlling interests | 45.7 | 45.5 | ||
Total equity | 1,120.5 | 1,226.6 | 1,226.6 | 1,233.0 |
Total liabilities and equity | 3,775.1 | 3,808.2 | ||
Eliminations | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
Receivables, less allowance | (25.6) | (13.7) | ||
Other current assets | (88.6) | (13.4) | ||
Total current assets | (114.2) | (27.1) | ||
Property and equipment, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Intangible assets | 0.0 | 0.0 | ||
Investment in subsidiaries | (4,684.0) | (4,808.1) | ||
Prepaid MTA equipment deployment costs | 0.0 | |||
Other assets | 0.0 | 0.0 | ||
Intercompany | (272.1) | (272.2) | ||
Total assets | (5,070.3) | (5,107.4) | ||
Total current liabilities | (114.2) | (27.1) | ||
Long-term debt, net | 0.0 | 0.0 | ||
Deferred income tax liabilities, net | 0.0 | 0.0 | ||
Asset retirement obligation | 0.0 | 0.0 | ||
Deficit in excess of investment in subsidiaries | (2,218.7) | (2,152.5) | ||
Other liabilities | 0.0 | 0.0 | ||
Intercompany | (272.1) | (272.2) | ||
Total liabilities | (2,605.0) | (2,451.8) | ||
Total stockholders' equity | (2,465.3) | (2,655.6) | ||
Non-controlling interests | 0.0 | 0.0 | ||
Total equity | (2,465.3) | (2,655.6) | ||
Total liabilities and equity | (5,070.3) | (5,107.4) | ||
Parent Company | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
Receivables, less allowance | 0.0 | 0.0 | ||
Other current assets | 0.0 | 0.0 | ||
Total current assets | 0.0 | 0.0 | ||
Property and equipment, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Intangible assets | 0.0 | 0.0 | ||
Investment in subsidiaries | 1,074.8 | 1,181.1 | ||
Prepaid MTA equipment deployment costs | 0.0 | |||
Other assets | 0.0 | 0.0 | ||
Intercompany | 0.0 | 0.0 | ||
Total assets | 1,074.8 | 1,181.1 | ||
Total current liabilities | 0.0 | 0.0 | ||
Long-term debt, net | 0.0 | 0.0 | ||
Deferred income tax liabilities, net | 0.0 | 0.0 | ||
Asset retirement obligation | 0.0 | 0.0 | ||
Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
Other liabilities | 0.0 | 0.0 | ||
Intercompany | 0.0 | 0.0 | ||
Total liabilities | 0.0 | 0.0 | ||
Total stockholders' equity | 1,074.8 | 1,181.1 | ||
Non-controlling interests | 0.0 | 0.0 | ||
Total equity | 1,074.8 | 1,181.1 | ||
Total liabilities and equity | 1,074.8 | 1,181.1 | ||
Subsidiary Issuer | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 9.2 | 10.2 | 13.6 | 11.4 |
Receivables, less allowance | 0.0 | 0.0 | ||
Other current assets | 1.2 | 1.0 | ||
Total current assets | 10.4 | 11.2 | ||
Property and equipment, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Intangible assets | 0.0 | 0.0 | ||
Investment in subsidiaries | 3,293.5 | 3,333.6 | ||
Prepaid MTA equipment deployment costs | 0.0 | |||
Other assets | 2.8 | 3.3 | ||
Intercompany | 0.0 | 0.0 | ||
Total assets | 3,306.7 | 3,348.1 | ||
Total current liabilities | 15.4 | 21.7 | ||
Long-term debt, net | 2,216.5 | 2,145.3 | ||
Deferred income tax liabilities, net | 0.0 | 0.0 | ||
Asset retirement obligation | 0.0 | 0.0 | ||
Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
Other liabilities | 0.0 | 0.0 | ||
Intercompany | 0.0 | 0.0 | ||
Total liabilities | 2,231.9 | 2,167.0 | ||
Total stockholders' equity | 1,074.8 | 1,181.1 | ||
Non-controlling interests | 0.0 | 0.0 | ||
Total equity | 1,074.8 | 1,181.1 | ||
Total liabilities and equity | 3,306.7 | 3,348.1 | ||
Guarantor Subsidiaries | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 5.5 | 3.7 | 3.3 | 35.8 |
Receivables, less allowance | 45.7 | 42.1 | ||
Other current assets | 93.5 | 89.0 | ||
Total current assets | 144.7 | 134.8 | ||
Property and equipment, net | 613.1 | 609.1 | ||
Goodwill | 2,059.9 | 2,059.9 | ||
Intangible assets | 494.0 | 511.5 | ||
Investment in subsidiaries | 315.7 | 293.4 | ||
Prepaid MTA equipment deployment costs | 24.6 | |||
Other assets | 55.3 | 55.1 | ||
Intercompany | 123.8 | 123.9 | ||
Total assets | 3,831.1 | 3,787.7 | ||
Total current liabilities | 283.5 | 199.4 | ||
Long-term debt, net | 0.0 | 0.0 | ||
Deferred income tax liabilities, net | 0.0 | 0.0 | ||
Asset retirement obligation | 29.9 | 29.7 | ||
Deficit in excess of investment in subsidiaries | 2,218.7 | 2,152.5 | ||
Other liabilities | 75.9 | 76.7 | ||
Intercompany | 148.3 | 148.3 | ||
Total liabilities | 2,756.3 | 2,606.6 | ||
Total stockholders' equity | 1,074.8 | 1,181.1 | ||
Non-controlling interests | 0.0 | 0.0 | ||
Total equity | 1,074.8 | 1,181.1 | ||
Total liabilities and equity | 3,831.1 | 3,787.7 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 27.0 | 34.4 | $ 6.2 | $ 18.0 |
Receivables, less allowance | 219.8 | 202.7 | ||
Other current assets | 99.8 | 20.0 | ||
Total current assets | 346.6 | 257.1 | ||
Property and equipment, net | 50.2 | 53.0 | ||
Goodwill | 21.7 | 68.1 | ||
Intangible assets | 63.2 | 69.4 | ||
Investment in subsidiaries | 0.0 | 0.0 | ||
Prepaid MTA equipment deployment costs | 0.0 | |||
Other assets | 2.8 | 2.8 | ||
Intercompany | 148.3 | 148.3 | ||
Total assets | 632.8 | 598.7 | ||
Total current liabilities | 118.7 | 105.6 | ||
Long-term debt, net | 0.0 | 0.0 | ||
Deferred income tax liabilities, net | 19.2 | 19.6 | ||
Asset retirement obligation | 4.8 | 5.0 | ||
Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
Other liabilities | 4.9 | 5.7 | ||
Intercompany | 123.8 | 123.9 | ||
Total liabilities | 271.4 | 259.8 | ||
Total stockholders' equity | 315.7 | 293.4 | ||
Non-controlling interests | 45.7 | 45.5 | ||
Total equity | 361.4 | 338.9 | ||
Total liabilities and equity | $ 632.8 | $ 598.7 |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122.0 | 219.9 | 216.6 |
Total revenues | 401.7 | 396.2 | 739.6 | 726.8 |
Operating | 212.0 | 213.3 | 409.1 | 405.2 |
Selling, general and administrative | 70.1 | 66.4 | 134.7 | 130.3 |
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0.0 | 42.9 | 0.0 |
Depreciation | 21.3 | 23.1 | 42.4 | 46.0 |
Amortization | 25.0 | 25.4 | 47.5 | 49.1 |
Total expenses | 368.8 | 331.2 | 675.0 | 635.8 |
Operating income (loss) | 32.9 | 65.0 | 64.6 | 91.0 |
Interest income (expense), net | (31.0) | (28.6) | (61.0) | (56.7) |
Other income (expense), net | (0.2) | 0.1 | (0.3) | 0.1 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | 1.7 | 36.5 | 3.3 | 34.4 |
Benefit (provision) for income taxes | (8.1) | (0.9) | (1.4) | 2.8 |
Equity in earnings of investee companies, net of tax | 1.2 | 1.5 | 2.0 | 2.4 |
Net income (loss) | (5.2) | 37.1 | 3.9 | 39.6 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (11.0) | 41.4 | (7.0) | 45.0 |
Eliminations | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
Operating | 0.0 | 0.0 | 0.0 | 0.0 |
Selling, general and administrative | 0.0 | 0.0 | 0.0 | 0.0 |
Restructuring charges | 0.0 | 0.0 | 0.0 | 0.0 |
Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment charge | 0.0 | 0.0 | ||
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
Total expenses | 0.0 | 0.0 | 0.0 | 0.0 |
Operating income (loss) | 0.0 | 0.0 | 0.0 | 0.0 |
Interest income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
Other income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | 0.0 | 0.0 | 0.0 | 0.0 |
Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
Equity in earnings of investee companies, net of tax | 56.4 | (72.8) | 36.5 | (75.3) |
Net income (loss) | 56.4 | (72.8) | 36.5 | (75.3) |
Total other comprehensive income (loss), net of tax | 17.4 | (12.9) | 32.7 | (16.2) |
Total comprehensive income | 73.8 | (85.7) | 69.2 | (91.5) |
Parent Company | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
Operating | 0.0 | 0.0 | 0.0 | 0.0 |
Selling, general and administrative | 0.4 | 0.4 | 0.8 | 0.8 |
Restructuring charges | 0.0 | 0.0 | 0.0 | 0.0 |
Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment charge | 0.0 | 0.0 | ||
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
Total expenses | 0.4 | 0.4 | 0.8 | 0.8 |
Operating income (loss) | (0.4) | (0.4) | (0.8) | (0.8) |
Interest income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
Other income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (0.4) | (0.4) | (0.8) | (0.8) |
Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
Equity in earnings of investee companies, net of tax | (4.8) | 37.5 | 4.7 | 40.4 |
Net income (loss) | (5.2) | 37.1 | 3.9 | 39.6 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (11.0) | 41.4 | (7.0) | 45.0 |
Subsidiary Issuer | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
Operating | 0.0 | 0.0 | 0.0 | 0.0 |
Selling, general and administrative | 0.0 | 0.1 | 0.1 | 0.8 |
Restructuring charges | 0.0 | 0.0 | 0.0 | 0.0 |
Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment charge | 0.0 | 0.0 | ||
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
Total expenses | 0.0 | 0.1 | 0.1 | 0.8 |
Operating income (loss) | 0.0 | (0.1) | (0.1) | (0.8) |
Interest income (expense), net | (29.4) | (28.5) | (58.0) | (56.5) |
Other income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (29.4) | (28.6) | (58.1) | (57.3) |
Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
Equity in earnings of investee companies, net of tax | 24.6 | 66.1 | 62.8 | 97.7 |
Net income (loss) | (4.8) | 37.5 | 4.7 | 40.4 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (10.6) | 41.8 | (6.2) | 45.8 |
Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 262.3 | 259.2 | 488.5 | 484.3 |
Transit and other | 117.7 | 118.7 | 214.1 | 211.0 |
Total revenues | 380.0 | 377.9 | 702.6 | 695.3 |
Operating | 198.5 | 201.5 | 382.7 | 381.9 |
Selling, general and administrative | 68.1 | 62.4 | 131.0 | 121.7 |
Restructuring charges | 0.2 | 0.0 | 1.3 | 1.8 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 0.0 | 0.0 | ||
Depreciation | 17.8 | 20.2 | 35.5 | 40.2 |
Amortization | 22.9 | 24.5 | 43.6 | 47.7 |
Total expenses | 304.8 | 308.7 | 591.2 | 593.8 |
Operating income (loss) | 75.2 | 69.2 | 111.4 | 101.5 |
Interest income (expense), net | (0.9) | (0.2) | (1.8) | (0.3) |
Other income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | 74.3 | 69.0 | 109.6 | 101.2 |
Benefit (provision) for income taxes | (3.8) | (1.9) | (2.5) | 0.0 |
Equity in earnings of investee companies, net of tax | (75.3) | (29.6) | (102.4) | (60.8) |
Net income (loss) | (4.8) | 37.5 | 4.7 | 40.4 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (10.6) | 41.8 | (6.2) | 45.8 |
Non-Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 18.1 | 15.0 | 31.2 | 25.9 |
Transit and other | 3.6 | 3.3 | 5.8 | 5.6 |
Total revenues | 21.7 | 18.3 | 37.0 | 31.5 |
Operating | 13.5 | 11.8 | 26.4 | 23.3 |
Selling, general and administrative | 1.6 | 3.5 | 2.8 | 7.0 |
Restructuring charges | 0.0 | 2.9 | 0.0 | 2.9 |
Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
Impairment charge | 42.9 | 42.9 | ||
Depreciation | 3.5 | 2.9 | 6.9 | 5.8 |
Amortization | 2.1 | 0.9 | 3.9 | 1.4 |
Total expenses | 63.6 | 22.0 | 82.9 | 40.4 |
Operating income (loss) | (41.9) | (3.7) | (45.9) | (8.9) |
Interest income (expense), net | (0.7) | 0.1 | (1.2) | 0.1 |
Other income (expense), net | (0.2) | 0.1 | (0.3) | 0.1 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (42.8) | (3.5) | (47.4) | (8.7) |
Benefit (provision) for income taxes | (4.3) | 1.0 | 1.1 | 2.8 |
Equity in earnings of investee companies, net of tax | 0.3 | 0.3 | 0.4 | 0.4 |
Net income (loss) | (46.8) | (2.2) | (45.9) | (5.5) |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | $ (52.6) | $ 2.1 | $ (56.8) | $ (0.1) |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | $ 68.2 | $ 79.1 |
Capital expenditures | (46.4) | (42.2) |
Acquisitions | (4.3) | (57.8) |
MTA franchise rights | (6.1) | 0.0 |
Net proceeds from dispositions | 3.4 | 0.1 |
Net cash flow provided by (used for) investing activities | (53.4) | (99.9) |
Proceeds from long-term debt borrowings | 79.0 | 8.3 |
Repayments of long-term debt borrowings | (10.0) | 0.0 |
Proceeds from borrowings under short-term debt facilities | 75.0 | 90.0 |
Repayments of borrowings under short-term debt facilities | (55.0) | (5.0) |
Payments of deferred financing costs | (0.1) | (7.5) |
Proceeds from stock option exercises | 0.0 | 1.2 |
Taxes withheld for stock-based compensation | (8.1) | (8.1) |
Dividends | (102.0) | (100.4) |
Intercompany | 0.0 | 0.0 |
Other | 0.0 | (0.2) |
Net cash flow provided by (used for) financing activities | (21.2) | (21.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.4 |
Net increase (decrease) in cash and cash equivalents | (6.6) | (42.1) |
Cash and cash equivalents at beginning of period | 48.3 | 65.2 |
Cash and cash equivalents at end of period | 41.7 | 23.1 |
Eliminations | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 0.0 | 0.0 |
Capital expenditures | 0.0 | 0.0 |
Acquisitions | 0.0 | 0.0 |
MTA franchise rights | 0.0 | |
Net proceeds from dispositions | 0.0 | 0.0 |
Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
Proceeds from long-term debt borrowings | 0.0 | 0.0 |
Repayments of long-term debt borrowings | 0.0 | |
Proceeds from borrowings under short-term debt facilities | 0.0 | 0.0 |
Repayments of borrowings under short-term debt facilities | 0.0 | 0.0 |
Payments of deferred financing costs | 0.0 | 0.0 |
Proceeds from stock option exercises | 0.0 | |
Taxes withheld for stock-based compensation | 0.0 | 0.0 |
Dividends | 0.0 | 0.0 |
Intercompany | 0.0 | 0.0 |
Other | 0.0 | |
Net cash flow provided by (used for) financing activities | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Net increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
Cash and cash equivalents at beginning of period | 0.0 | 0.0 |
Cash and cash equivalents at end of period | 0.0 | 0.0 |
Parent Company | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (0.8) | (0.8) |
Capital expenditures | 0.0 | 0.0 |
Acquisitions | 0.0 | 0.0 |
MTA franchise rights | 0.0 | |
Net proceeds from dispositions | 0.0 | 0.0 |
Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
Proceeds from long-term debt borrowings | 0.0 | 0.0 |
Repayments of long-term debt borrowings | 0.0 | |
Proceeds from borrowings under short-term debt facilities | 0.0 | 0.0 |
Repayments of borrowings under short-term debt facilities | 0.0 | 0.0 |
Payments of deferred financing costs | 0.0 | 0.0 |
Proceeds from stock option exercises | 1.2 | |
Taxes withheld for stock-based compensation | 0.0 | 0.0 |
Dividends | (100.6) | (100.4) |
Intercompany | 101.4 | 100.0 |
Other | 0.0 | |
Net cash flow provided by (used for) financing activities | 0.8 | 0.8 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Net increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
Cash and cash equivalents at beginning of period | 0.0 | 0.0 |
Cash and cash equivalents at end of period | 0.0 | 0.0 |
Subsidiary Issuer | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (55.6) | (53.8) |
Capital expenditures | 0.0 | 0.0 |
Acquisitions | 0.0 | 0.0 |
MTA franchise rights | 0.0 | |
Net proceeds from dispositions | 0.0 | 0.0 |
Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
Proceeds from long-term debt borrowings | 79.0 | 8.3 |
Repayments of long-term debt borrowings | (10.0) | |
Proceeds from borrowings under short-term debt facilities | 0.0 | 90.0 |
Repayments of borrowings under short-term debt facilities | 0.0 | (5.0) |
Payments of deferred financing costs | (0.1) | (7.5) |
Proceeds from stock option exercises | 0.0 | |
Taxes withheld for stock-based compensation | 0.0 | 0.0 |
Dividends | 0.0 | 0.0 |
Intercompany | (14.3) | (29.8) |
Other | 0.0 | |
Net cash flow provided by (used for) financing activities | 54.6 | 56.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Net increase (decrease) in cash and cash equivalents | (1.0) | 2.2 |
Cash and cash equivalents at beginning of period | 10.2 | 11.4 |
Cash and cash equivalents at end of period | 9.2 | 13.6 |
Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 130.6 | 132.5 |
Capital expenditures | (39.7) | (39.5) |
Acquisitions | (4.3) | (6.2) |
MTA franchise rights | (6.1) | |
Net proceeds from dispositions | 3.4 | 0.1 |
Net cash flow provided by (used for) investing activities | (46.7) | (45.6) |
Proceeds from long-term debt borrowings | 0.0 | 0.0 |
Repayments of long-term debt borrowings | 0.0 | |
Proceeds from borrowings under short-term debt facilities | 0.0 | 0.0 |
Repayments of borrowings under short-term debt facilities | 0.0 | 0.0 |
Payments of deferred financing costs | 0.0 | 0.0 |
Proceeds from stock option exercises | 0.0 | |
Taxes withheld for stock-based compensation | (8.1) | (8.1) |
Dividends | 0.0 | 0.0 |
Intercompany | (74.0) | (111.1) |
Other | (0.2) | |
Net cash flow provided by (used for) financing activities | (82.1) | (119.4) |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Net increase (decrease) in cash and cash equivalents | 1.8 | (32.5) |
Cash and cash equivalents at beginning of period | 3.7 | 35.8 |
Cash and cash equivalents at end of period | 5.5 | 3.3 |
Non-Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (6.0) | 1.2 |
Capital expenditures | (6.7) | (2.7) |
Acquisitions | 0.0 | (51.6) |
MTA franchise rights | 0.0 | |
Net proceeds from dispositions | 0.0 | 0.0 |
Net cash flow provided by (used for) investing activities | (6.7) | (54.3) |
Proceeds from long-term debt borrowings | 0.0 | 0.0 |
Repayments of long-term debt borrowings | 0.0 | |
Proceeds from borrowings under short-term debt facilities | 75.0 | 0.0 |
Repayments of borrowings under short-term debt facilities | (55.0) | 0.0 |
Payments of deferred financing costs | 0.0 | 0.0 |
Proceeds from stock option exercises | 0.0 | |
Taxes withheld for stock-based compensation | 0.0 | 0.0 |
Dividends | (1.4) | 0.0 |
Intercompany | (13.1) | 40.9 |
Other | 0.0 | |
Net cash flow provided by (used for) financing activities | 5.5 | 40.9 |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.4 |
Net increase (decrease) in cash and cash equivalents | (7.4) | (11.8) |
Cash and cash equivalents at beginning of period | 34.4 | 18.0 |
Cash and cash equivalents at end of period | $ 27.0 | $ 6.2 |
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