10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

or

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from	to

Commission File Number: 001-36367

OUTFRONT Media Inc.

(Exact name of registrant as specified in its charter)

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)

(212) 297-6400

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x Yes        o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).        x Yes     o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    o    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    o Yes    x No

As of November 5, 2018, the number of shares outstanding of the registrant’s common stock was 139,453,420.

OUTFRONT MEDIA INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2018

TABLE OF CONTENTS

PART I	3
Item 1. Financial Statements (Unaudited)	3
Consolidated Statements of Financial Position as of September 30, 2018, and December 31, 2017	3
Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017	4
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2018 and 2017	5
Consolidated Statements of Equity for the three and nine months ended September 30, 2018 and 2017	6
Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017	8
Notes to Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3. Quantitative and Qualitative Disclosures About Market Risk	57
Item 4. Controls and Procedures	58
PART II	59
Item 1. Legal Proceedings	59
Item 1A. Risk Factors	59
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3. Defaults Upon Senior Securities	59
Item 4. Mine Safety Disclosures	59
Item 5. Other Information	59
Item 6. Exhibits	59
SIGNATURES	61

PART 1

Item 1.    Financial Statements.

OUTFRONT Media Inc.

Consolidated Statements of Financial Position

(Unaudited)

	As of
(in millions)	September 30, 2018			December 31, 2017
Assets:
Current assets:
Cash and cash equivalents	$	56.7		$	48.3
Restricted cash	1.4			—
Receivables, less allowance ($10.5 in 2018 and $11.5 in 2017)	260.8			231.1
Prepaid lease and transit franchise costs	62.9			68.6
Prepaid MTA equipment deployment costs (Note 17)	20.2			4.7
Other prepaid expenses	18.2			13.5
Other current assets	9.8			9.8
Total current assets	430.0			376.0
Property and equipment, net (Note 3)	657.5			662.1
Goodwill (Note 4)	2,082.6			2,128.0
Intangible assets (Note 4)	548.0			580.9
Prepaid MTA equipment deployment costs (Note 17)	33.3			—
Other assets	64.6			61.2
Total assets	$	3,816.0		$	3,808.2
Liabilities:
Current liabilities:
Accounts payable	$	47.7		$	56.1
Accrued compensation	34.4			34.6
Accrued interest	25.9			16.1
Accrued lease costs	29.6			30.5
Other accrued expenses	38.2			42.3
Deferred revenues	30.1			21.3
Short-term debt (Note 8)	175.0			80.0
Other current liabilities	17.5			18.7
Total current liabilities	398.4			299.6
Long-term debt, net (Note 8)	2,158.5			2,145.3
Deferred income tax liabilities, net	19.8			19.6
Asset retirement obligation (Note 6)	34.6			34.7
Other liabilities	81.0			82.4
Total liabilities	2,692.3			2,581.6
Commitments and contingencies (Note 17)
Stockholders’ equity (Note 9):
Common stock (2018 - 450.0 shares authorized, and 139.5 shares issued
and outstanding; 2017 - 450.0 shares authorized, and 138.6 issued and outstanding)	1.4			1.4
Additional paid-in capital	1,974.5			1,963.0
Distribution in excess of earnings	(877.6		)	(775.6		)
Accumulated other comprehensive loss	(16.9		)	(7.7		)
Total stockholders’ equity	1,081.4			1,181.1
Non-controlling interests	42.3			45.5
Total equity	1,123.7			1,226.6
Total liabilities and equity	$	3,816.0		$	3,808.2

See accompanying notes to unaudited consolidated financial statements.

3

OUTFRONT Media Inc.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions, except per share amounts)	2018			2017			2018			2017
Revenues:
Billboard	$	290.6		$	272.4		$	810.3		$	782.6
Transit and other	123.6			120.0			343.5			336.6
Total revenues	414.2			392.4			1,153.8			1,119.2
Expenses:
Operating	215.3			212.6			624.4			617.8
Selling, general and administrative	74.4			64.2			209.1			194.5
Restructuring charges	0.1			1.6			1.4			6.3
Net gain on dispositions	(1.3		)	(14.1		)	(4.2		)	(13.6		)
Impairment charge	—			—			42.9			—
Depreciation	21.0			22.3			63.4			68.3
Amortization	25.8			25.5			73.3			74.6
Total expenses	335.3			312.1			1,010.3			947.9
Operating income	78.9			80.3			143.5			171.3
Interest expense, net	(32.0		)	(29.2		)	(93.0		)	(85.9		)
Other income (expense), net	0.2			0.2			(0.1		)	0.3
Income before benefit (provision) for income taxes and equity in earnings of investee companies	47.1			51.3			50.4			85.7
Benefit (provision) for income taxes	(1.0		)	(2.0		)	(2.4		)	0.8
Equity in earnings of investee companies, net of tax	0.7			1.4			2.7			3.8
Net income	$	46.8		$	50.7		$	50.7		$	90.3
Net income per common share:
Basic	$	0.33		$	0.36		$	0.35		$	0.65
Diluted	$	0.33		$	0.36		$	0.35		$	0.65
Weighted average shares outstanding:
Basic	139.3			138.6			139.1			138.5
Diluted	141.5			140.9			139.4			139.7

See accompanying notes to unaudited consolidated financial statements.

4

OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in millions)	2018		2017			2018			2017
Net income	$	46.8	$	50.7		$	50.7		$	90.3
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	1.7		8.6			(9.8		)	14.1
Net actuarial gain (loss)	—		(0.3		)	0.6			(0.4		)
Total other comprehensive income (loss), net of tax	1.7		8.3			(9.2		)	13.7
Total comprehensive income	$	48.5	$	59.0		$	41.5		$	104.0

See accompanying notes to unaudited consolidated financial statements.

5

OUTFRONT Media Inc.

Consolidated Statements of Equity

(Unaudited)

(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 June 30, 2017	138.6	$	1.4	$	1,953.9		$	(760.3	)	$	(13.1	)	$	1,181.9		$	44.7		$	1,226.6
Net income	—	—		—			50.7			—			50.7			—			50.7
Other comprehensive income	—	—		—			—			8.3			8.3			—			8.3
Stock-based payments:
Amortization	—	—		5.2			—			—			5.2			—			5.2
Shares paid for tax withholding for stock-based payments	—	—		(0.4		)	—			—			(0.4		)	—			(0.4		)
Dividends ($0.36 per share)	—	—		—			(50.7		)	—			(50.7		)	—			(50.7		)
Other	—	—		—			—			—			—			0.8			0.8
Balance as of September 30, 2017	138.6	$	1.4	$	1,958.7		$	(760.3	)	$	(4.8	)	$	1,195.0		$	45.5		$	1,240.5
Balance as of June 30, 2018	139.3	$	1.4	$	1,965.5		$	(873.5	)	$	(18.6	)	$	1,074.8		$	45.7		$	1,120.5
Net income	—	—		—			46.8			—			46.8			—			46.8
Other comprehensive loss	—	—		—			—			1.7			1.7			—			1.7
Stock-based payments:
Amortization	—	—		4.8			—			—			4.8			—			4.8
Shares paid for tax withholding for stock-based payments	—	—		(0.1		)	—			—			(0.1		)	—			(0.1		)
Dividends ($0.36 per share)	—	—		—			(50.9		)	—			(50.9		)	—			(50.9		)
Class A equity interest redemptions	0.2	—		4.2			—			—			4.2			(4.2		)	—
Other	—	—		0.1			—			—			0.1			0.8			0.9
Balance as of September 30, 2018	139.5	$	1.4	$	1,974.5		$	(877.6	)	$	(16.9	)	$	1,081.4		$	42.3		$	1,123.7

6

OUTFRONT Media Inc.

Consolidated Statements of Equity (Continued)

(Unaudited)

(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	138.0		$	1.4	$	1,949.5		$	(699.5	)	$	(18.5	)	$	1,232.9		$	0.1		$	1,233.0
Net income	—		—		—			90.3			—			90.3			—			90.3
Other comprehensive income	—		—		—			—			13.7			13.7			—			13.7
Stock-based payments:
Cumulative prior period adjustment to amortization of estimated forfeitures	—		—		0.5			(0.5		)	—			—			—			—
Vested	0.7		—		—			—			—			—			—			—
Exercise of stock options	0.2		—		1.2			—			—			1.2			—			1.2
Amortization	—		—		16.1			—			—			16.1			—			16.1
Shares paid for tax withholding for stock-based payments	(0.3	)	—		(8.6		)	—			—			(8.6		)	—			(8.6		)
Issuance of shares of a subsidiary	—		—		—			—			—			—			44.6			44.6
Dividends ($1.08 per share)	—		—		—			(150.6		)	—			(150.6		)	—			(150.6		)
Other	—		—		—			—			—			0.0			0.8			0.8
Balance as of September 30, 2017	138.6		$	1.4	$	1,958.7		$	(760.3	)	$	(4.8	)	$	1,195.0		$	45.5		$	1,240.5
Balance as of December 31, 2017	138.6		$	1.4	$	1,963.0		$	(775.6	)	$	(7.7	)	$	1,181.1		$	45.5		$	1,226.6
Net income	—		—		—			50.7			—			50.7			—			50.7
Other comprehensive loss	—		—		—			—			(9.2		)	(9.2		)	—			(9.2		)
Stock-based payments:
Vested	1.0		—		—			—			—			—			—			—
Amortization	—		—		15.4			—			—			15.4			—			15.4
Shares paid for tax withholding for stock-based payments	(0.3	)	—		(8.2		)	—			—			(8.2		)	—			(8.2		)
Class A equity interest redemptions	0.2		—		4.2			—			—			4.2			(4.2		)	—
Dividends ($1.08 per share)	—		—		—			(152.7		)	—			(152.7		)	—			(152.7		)
Other	—		—		0.1			—			—			0.1			1.0			1.1
Balance as of September 30, 2018	139.5		$	1.4	$	1,974.5		$	(877.6	)	$	(16.9	)	$	1,081.4		$	42.3		$	1,123.7

See accompanying notes to unaudited consolidated financial statements.

7

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2018			2017
Operating activities:
Net income	$	50.7		$	90.3
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	136.7			142.9
Deferred tax benefit	(1.8		)	(3.9		)
Stock-based compensation	15.4			16.1
Provision for doubtful accounts	0.7			2.3
Accretion expense	1.8			1.8
Net gain on dispositions	(4.2		)	(13.6		)
Impairment charge	42.9			—
Equity in earnings of investee companies, net of tax	(2.7		)	(3.8		)
Distributions from investee companies	1.5			2.1
Amortization of deferred financing costs and debt discount and premium	4.2			4.6
Cash paid for direct lease acquisition costs	(30.2		)	(30.0		)
Change in assets and liabilities, net of investing and financing activities:
Increase in receivables	(30.9		)	(16.6		)
Increase in prepaid MTA equipment deployment costs	(48.8		)	—
Decrease in prepaid expenses and other current assets	1.1			19.0
Decrease in accounts payable and accrued expenses	(0.4		)	(34.9		)
Increase in deferred revenues	8.8			8.6
Decrease in income taxes	(3.1		)	(3.5		)
Other, net	(4.3		)	1.2
Net cash flow provided by operating activities	137.4			182.6
Investing activities:
Capital expenditures	(62.1		)	(58.6		)
Acquisitions	(5.6		)	(62.8		)
MTA franchise rights	(9.4		)	—
Net proceeds from dispositions	6.0			1.6
Net cash flow used for investing activities	(71.1		)	(119.8		)
Financing activities:
Proceeds from long-term debt borrowings	89.0			8.3
Repayments of long-term debt borrowings	(79.0		)	—
Proceeds from borrowings under short-term debt facilities	200.0			223.0
Repayments of borrowings under short-term debt facilities	(105.0		)	(150.0		)
Payments of deferred financing costs	(0.2		)	(7.7		)
Proceeds from stock option exercises	—			1.2
Earnout payment related to prior acquisition	—			(2.0		)
Taxes withheld for stock-based compensation	(8.2		)	(8.2		)
Dividends	(152.9		)	(151.0		)
Other	—			(0.2		)
Net cash flow used for financing activities	(56.3		)	(86.6		)

8

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2018			2017
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.2		)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	9.8			(23.2		)
Cash, cash equivalents and restricted cash at beginning of period	48.3			65.2
Cash, cash equivalents and restricted cash at end of period	$	58.1		$	42.0
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	7.2		$	6.6
Cash paid for interest	79.2			72.8
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	6.1		$	5.4
Issuance of shares of a subsidiary for an acquisition	—			44.6
Acquisitions	—			(15.4		)
Dispositions	—			15.4
Taxes withheld for stock-based compensation	—			0.3

See accompanying notes to unaudited consolidated financial statements.

9

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. 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 approximately 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.

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.

Note 2. 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. Under that new guidance, which is applied prospectively, if the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. 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

10

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 $1.8 million, additional operating expenses of $1.3 million and additional selling, general and administrative expenses of $0.5 million in our Sports Marketing operating segment in the three months ended September 30, 2018, and additional revenues of $5.6 million, additional operating expenses of $3.9 million and additional selling, general and administrative expenses of $1.7 million in our Sports Marketing operating segment in the nine months ended September 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 10. 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. The update in July 2018 provides an additional (optional) transition method to adopt the new lease standard, allowing entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The update also provides lessors a practical expedient to allow them to not separate non-lease components from the associated lease component and instead to account for those components as a single component if certain criteria are met. We plan to utilize the updated transition method beginning January 1, 2019. The updated practical expedient for lessors will not have a material effect on our consolidated financial statements.

As of September 30, 2018, we had approximately 20,900 lease agreements in the U.S. and approximately 2,800 lease agreements in Canada, the majority of which will be classified as operating leases under the new guidance. We are currently evaluating our lease contracts and are in the process of implementing a new lease software system which will enable us to comply with this standard. This standard will require us to recognize a right-of-use asset and lease liability for the present value of minimum lease payments for operating leases with a term greater than 12 months and will have a significant impact on our consolidated financial statements. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms.

11

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 3. Property and Equipment

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

		As of
(in millions)	Estimated Useful Lives	September 30, 2018		December 31, 2017
Land		$	97.7	$	94.4
Buildings	20 to 40 years	49.7		51.3
Advertising structures	5 to 20 years	1,788.3		1,750.8
Furniture, equipment and other	3 to 10 years	127.9		120.7
Construction in progress		23.5		27.4
		2,087.1		2,044.6
Less: accumulated depreciation		1,429.6		1,382.5
Property and equipment, net		$	657.5	$	662.1

Depreciation expense was $21.0 million in the three months ended September 30, 2018, and $22.3 million in the three months ended September 30, 2017. Depreciation expense was $63.4 million in the nine months ended September 30, 2018, and $68.3 million in the nine months ended September 30, 2017.

Note 4. Goodwill and Other Intangible Assets

Goodwill

For the nine months ended September 30, 2018 and the year ended December 31, 2017, the changes in the book value of goodwill by segment were as follows:

(in millions)	U.S. Media		Other			Total
As of December 31, 2016	$	2,054.0	$	35.4		$	2,089.4
Currency translation adjustments	—		4.3			4.3
Additions(a)	—		34.3			34.3
As of December 31, 2017	2,054.0		74.0			2,128.0
Currency translation adjustments	—		(2.5		)	(2.5		)
Impairment	—		(42.9		)	(42.9		)
As of September 30, 2018	$	2,054.0	$	28.6		$	2,082.6

(a) Non-tax deductible goodwill associated with the Transaction (as defined below, see Note 9. Equity and Note 12. Acquisitions to the Consolidated Financial Statements).

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 a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill 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

12

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 September 30, 2018, goodwill related to our Canadian reporting unit, net of accumulated impairment of $42.9 million, was $22.7 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:

(in millions)	Gross		Accumulated Amortization			Net
As of September 30, 2018:
Permits and leasehold agreements	$	1,109.6	$	(688.8	)	$	420.8
Franchise agreements(a)	465.6		(354.3		)	111.3
Other intangible assets	47.1		(31.2		)	15.9
Total intangible assets	$	1,622.3	$	(1,074.3	)	$	548.0
As of December 31, 2017:
Permits and leasehold agreements	$	1,111.3	$	(661.6	)	$	449.7
Franchise agreements(a)	455.4		(346.2		)	109.2
Other intangible assets	47.1		(25.1		)	22.0
Total intangible assets	$	1,613.8	$	(1,032.9	)	$	580.9

(a) As of September 30, 2018, includes $10.3 million and as of December 31, 2017, includes $0.9 million related to MTA equipment deployment costs. (See Note 17. Commitments and Contingencies to the Consolidated Financial Statements.)

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $25.8 million in the three months ended September 30, 2018, and $25.5 million in the three months ended September 30, 2017, which includes the amortization of direct lease acquisition costs of $11.9 million in the three months ended September 30, 2018, and $10.6 million in the three months ended September 30, 2017. Amortization expense was $73.3 million in the nine months ended September 30, 2018, and $74.6 million in the nine months ended September 30, 2017, which includes the amortization of direct lease acquisition costs of $31.7 million in the nine months ended September 30, 2018, and $29.5 million in the nine months ended September 30, 2017. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year.

Note 5. Restricted Cash

Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments.

13

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash. In the third quarter of 2018, we entered into an escrow agreement in connection with one of our transit franchise contracts, which requires us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract. As of September 30, 2018, we have $1.4 million of restricted cash deposited in the escrow account.

	As of
(in millions)	September 30, 2018		September 30, 2017		December 31, 2017
Cash and cash equivalents	$	56.7	$	42.0	$	48.3
Restricted cash	1.4		—		—
Cash, cash equivalents and restricted cash	$	58.1	$	42.0	$	48.3

Note 6. 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.

(in millions)
As of December 31, 2017	$	34.7
Accretion expense	1.8
Additions	0.1
Liabilities settled	(1.8		)
Foreign currency translation adjustments	(0.2		)
As of September 30, 2018	$	34.6

Note 7. Related Party Transactions

We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures which currently operate a total of 15 billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $20.8 million as of September 30, 2018, and $19.5 million as of December 31, 2017, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $2.2 million in the three months ended September 30, 2018, $2.1 million in the three months ended September 30, 2017, and $5.7 million in the nine months ended September 30, 2018 and $5.6 million in the nine months ended September 30, 2017.

14

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 8. Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2018			December 31, 2017
Short-term debt:
AR Facility	$	100.0		$	80.0
Repurchase Facility	75.0			—
Total short-term debt	175.0			80.0
Long-term debt:
Revolving credit facility	10.0			—
Term loan, due 2024	668.1			667.8
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	549.7			549.6
5.625% senior unsecured notes, due 2024	502.2			502.6
5.875% senior unsecured notes, due 2025	450.0			450.0
Total senior unsecured notes	1,501.9			1,502.2
Debt issuance costs	(21.5		)	(24.7		)
Total long-term debt, net	2,158.5			2,145.3
Total debt, net	$	2,333.5		$	2,225.3
Weighted average cost of debt	5.0		%	4.8		%

Term Loan

The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.1% per annum as of September 30, 2018. As of September 30, 2018, a discount of $1.9 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 September 30, 2018, there were $10.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.5%. As of November 5, 2018, there were $25.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.5%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended September 30, 2018 and 2017, and $1.0 million in the nine months ended September 30, 2018, and $1.1 million in the nine months ended September 30, 2017. As of September 30, 2018, we had issued letters of credit totaling approximately $66.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

15

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Standalone Letter of Credit Facilities

As of September 30, 2018, we had issued letters of credit totaling approximately $128.8 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 nine months ended September 30, 2018 and 2017.

Accounts Receivable Securitization Facilities

On September 6, 2018, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (“MUFG”) entered into amendments to the agreements governing the Company’s $100.0 million three-year revolving accounts receivable securitization facility (the “AR Facility”), along with other agreements with MUFG, pursuant to which the Company (i) extended the term of the AR Facility for one year so that it will now terminate on June 30, 2021, unless further extended, and (ii) entered into a 364-day $75.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”).  

In connection with the AR Securitization Facilities, Outfront Media LLC, a wholly-owned subsidiary of the Company (the “Originator”), 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 will transfer an undivided interest in the accounts receivable assets to certain purchasers from time to time (the “Purchasers”). 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.

In connection with the Repurchase Facility, the Originator may borrow up to $75.0 million, collateralized by a subordinated note (the “Subordinated Note”) issued by the SPV in favor of the Originator and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originator to the SPV under the AR Facility. The Subordinated Note will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the Originator on termination of the Repurchase Facility. The Originator has granted MUFG a security interest in the Subordinated Note to secure its obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originator’s obligations under the agreements governing the Repurchase Facility.

As of September 30, 2018, there were $100.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.1%, and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.4%. As of September 30, 2018, we had no borrowing capacity remaining under either the AR Facility or the Repurchase Facility, based on approximately $216.8 million of accounts receivables used as collateral for the AR Securitization Facilities, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and nine months ended September 30, 2018. As of November 5, 2018, there were $75.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.2%, and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.5%.

Senior Unsecured Notes

As of September 30, 2018, a discount of $0.3 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 September 30, 2018, a premium of $2.2 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.

16

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 Securitization Facilities) 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 September 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 September 30, 2018, our Consolidated Total Leverage Ratio was 4.9 to 1.0 in accordance with the Credit Agreement. As of September 30, 2018, we are in compliance with our debt covenants.

Deferred Financing Costs

As of September 30, 2018, we had deferred $25.5 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities 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

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.4 billion as of September 30, 2018, and $2.3 billion as of December 31, 2017. The fair value of our debt as of both September 30, 2018, and December 31, 2017, is classified as Level 2.

Note 9. Equity

As of September 30, 2018, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 139,453,420 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 12. 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”).

17

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 nine months ended September 30, 2018, we made distributions of $2.0 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 September 30, 2018, 183,354 Class A equity interests have been redeemed for shares of the Company’s common stock.

In the third quarter of 2018, we issued 7,442 shares of our common stock under the Outfront Media Inc. Amended and Restated Omnibus Stock Incentive Plan, valued at $0.1 million, to a consultant for services rendered.

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 November 5, 2018, no shares of our common stock have been sold under the ATM Program, and accordingly, as of November 5, 2018, $300.0 million remained available to be sold under the sales agreement.

On October 23, 2018, we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on December 31, 2018, to stockholders of record at the close of business on December 7, 2018.

Note 10. 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.

18

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 $77.7 million as of September 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:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Billboard:
Static displays	$	223.9	$	216.6	$	630.6	$	623.7
Digital displays	57.4		46.3		152.6		123.6
Other	9.3		9.5		27.1		35.3
Billboard revenues	290.6		272.4		810.3		782.6
Transit:
Static displays	87.0		91.7		238.8		251.5
Digital displays	15.2		10.9		39.9		30.1
Other	9.6		8.8		27.2		25.3
Total transit revenues	111.8		111.4		305.9		306.9
Sports marketing and other	11.8		8.6		37.6		29.7
Transit and other revenues	123.6		120.0		343.5		336.6
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

Rental income was $281.3 million in the three months ended September 30, 2018, $262.9 million in the three months ended September 30, 2017, $783.2 million in the nine months ended September 30, 2018, and $747.3 million in the nine months ended September 30, 2017, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

19

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

The following table summarizes revenues by geography:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
United States:
Billboard	$	271.3	$	254.9	$	760.1	$	739.2
Transit and other	108.4		108.1		296.7		298.0
Sports marketing and other	11.8		8.6		37.6		29.7
Total United States revenues	391.5		371.6		1,094.4		1,066.9
Canada	22.7		20.8		59.4		52.3
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

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.

Amounts to be collected from customers for revenues recognized in previous periods are included in Receivables, less allowance, on the Consolidated Statement of Financial Position. Amounts collected from customers for revenues to be recognized in future periods are included in Deferred revenues on the Consolidated Statement of Financial Position. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2017, during the three months ended March 31, 2018.

Note 11. Restructuring Charges

For the three months ended September 30, 2018, we recorded restructuring charges of $0.1 million, which was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the three months ended September 30, 2017, we recorded restructuring charges of $1.6 million, of which $1.2 million was recorded in Other for severance charges primarily associated with the Transaction and $0.4 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. For the nine months ended September 30, 2018, we recorded restructuring charges of $1.4 million, of which $0.8 million was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team and $0.6 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the nine months ended September 30, 2017, we recorded restructuring charges of $6.3 million, of which $4.0 million was recorded in Other for severance charges primarily associated with the Transaction and $2.3 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of September 30, 2018, $2.1 million in restructuring reserves remain outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position.

20

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 12. 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 (see Note 9. Equity to the Consolidated Financial Statements), 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 $5.6 million in the nine months ended September 30, 2018, and including the Transaction, $107.4 million in the nine months ended September 30, 2017.

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and 7 static billboard displays in California for a total estimated purchase price of $35.4 million, subject to post-closing adjustments for the achievement of operating income before depreciation and amortization targets relating to the acquired displays. The transaction is expected to close in 2019, subject to customary closing conditions and the timing of site development.

Note 13. Stock-Based Compensation

The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2018 and 2017.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)	$	4.8		$	5.1		$	15.4		$	15.9
Stock options	—			0.1			—			0.2
Stock-based compensation expense, before income taxes	4.8			5.2			15.4			16.1
Tax benefit	(0.4		)	(0.6		)	(1.1		)	(1.6		)
Stock-based compensation expense, net of tax	$	4.4		$	4.6		$	14.3		$	14.5

As of September 30, 2018, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $25.4 million, which is expected to be recognized over a weighted average period of 2.0 years.

21

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

RSUs and PRSUs

The following table summarizes activity for the nine months ended September 30, 2018, of RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2017	1,632,120		$	24.43
Granted:
RSUs	837,517		21.43
PRSUs	383,913		21.52
Vested:
RSUs	(590,383	)	24.38
PRSUs	(295,945	)	24.75
Forfeitures:
RSUs	(87,604	)	22.76
PRSUs	(123,843	)	24.25
Non-vested as of September 30, 2018	1,755,775		22.42

Stock Options

The following table summarizes activity for the nine months ended September 30, 2018, of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2017	165,293		$	20.69
Exercised	(23,446	)	6.25
Outstanding as of September 30, 2018	141,847		23.08
Exercisable as of September 30, 2018	141,847		23.08

22

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 14. 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:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Components of net periodic pension cost:
Service cost	$	0.3		$	0.4		$	1.1		$	1.1
Interest cost	0.5			0.5			1.4			1.4
Expected return on plan assets	(0.5		)	(0.5		)	(1.6		)	(1.6		)
Amortization of net actuarial losses(a)	0.2			0.1			0.5			0.4
Amortization of transitional obligation	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Net periodic pension cost	$	0.4		$	0.4		$	1.3		$	1.2

(a) Reflects amounts reclassified from accumulated other comprehensive income to net income.

In the nine months ended September 30, 2018, we contributed $1.8 million to our pension plans. In 2018, we expect to contribute approximately $2.5 million to our pension plans.

Note 15. 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.

In the three and nine months ended September 30, 2018 and 2017, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations.

23

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 16. Earnings Per Share (“EPS”)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Net income available for common stockholders, diluted	$	46.8	$	50.7	$	50.7	$	90.3
Less: Distributions to holders of Class A equity interests of a subsidiary	0.6		0.7		2.0		0.7
Net income available for common stockholders, basic	$	46.2	$	50.0	$	48.7	$	89.6
Weighted average shares for basic EPS	139.3		138.6		139.1		138.5
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a)	0.3		0.3		0.3		0.4
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(b)	1.9		2.0		—		0.8
Weighted average shares for diluted EPS	141.5		140.9		139.4		139.7

(a) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.6 million in the three months ended September 30, 2017, 0.4 million in the nine months ended September 30, 2018, and 0.4 million in the nine months ended September 30, 2017, were antidilutive.

(b) The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada in the nine months ended September 30, 2018, was antidilutive. (See Note 9. Equity to the Consolidated Financial Statements.)

Note 17. 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

24

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 nine months ended September 30, 2018, several transit franchise contracts were renewed and/or awarded, resulting in additional guaranteed minimum annual payments. As of September 30, 2018, guaranteed minimum annual payments are as follows:

(in millions)	Guaranteed Minimum Annual Payments
2018	$	60.3
2019	188.4
2020	166.7
2021	161.6
2022	159.6
2023 and thereafter	827.3
Total	$	1,563.9

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 September 30, 2018, the outstanding letters of credit were approximately $194.9 million and outstanding surety bonds were approximately $27.2 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

Note 18. 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.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Revenues:
U.S. Media	$	379.7	$	363.0	$	1,056.8	$	1,037.2
Other	34.5		29.4		97.0		82.0
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

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

25

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Net income	$	46.8		$	50.7		$	50.7		$	90.3
(Benefit) provision for income taxes	1.0			2.0			2.4			(0.8		)
Equity in earnings of investee companies, net of tax	(0.7		)	(1.4		)	(2.7		)	(3.8		)
Interest expense, net	32.0			29.2			93.0			85.9
Other income (expense), net	(0.2		)	(0.2		)	0.1			(0.3		)
Operating income	78.9			80.3			143.5			171.3
Restructuring charges	0.1			1.6			1.4			6.3
Net gain on dispositions	(1.3		)	(14.1		)	(4.2		)	(13.6		)
Impairment charge	—			—			42.9			—
Depreciation and amortization	46.8			47.8			136.7			142.9
Stock-based compensation	4.8			5.2			15.4			16.1
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0
Adjusted OIBDA:
U.S. Media	$	136.2		$	129.2		$	356.3		$	349.9
Other	4.2			1.9			7.6			4.8
Corporate	(11.1		)	(10.3		)	(28.2		)	(31.7		)
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0

26

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Operating income (loss):
U.S. Media	$	96.0		$	100.7		$	240.4		$	232.1
Other	(1.2		)	(4.9		)	(53.3		)	(13.0		)
Corporate	(15.9		)	(15.5		)	(43.6		)	(47.8		)
Total operating income	$	78.9		$	80.3		$	143.5		$	171.3
Net gain on dispositions:
U.S. Media	$	(1.1	)	$	(14.1	)	$	(4.0	)	$	(13.6	)
Other	(0.2		)	—			(0.2		)	—
Total gain on dispositions	$	(1.3	)	$	(14.1	)	$	(4.2	)	$	(13.6	)
Impairment charge:
Other	$	—		$	—		$	42.9		$	—
Total impairment charge	$	—		$	—		$	42.9		$	—
Depreciation and amortization:
U.S. Media	$	41.2		$	42.2		$	119.3		$	129.1
Other	5.6			5.6			17.4			13.8
Total depreciation and amortization	$	46.8		$	47.8		$	136.7		$	142.9
Capital expenditures:
U.S. Media	$	14.0		$	15.1		$	54.0		$	54.6
Other	1.7			1.3			8.1			4.0
Total capital expenditures	$	15.7		$	16.4		$	62.1		$	58.6

	As of
(in millions)	September 30, 2018		December 31, 2017
Assets:
U.S. Media	$	3,582.0	$	3,528.8
Other	209.4		263.8
Corporate	24.6		15.6
Total assets	$	3,816.0	$	3,808.2

27

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 19. 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 8. 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.

	As of September 30, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	19.9	$	7.3	$	29.5	$	—		$	56.7
Receivables, less allowance	—		—		50.2		231.9		(21.3		)	260.8
Other current assets	—		1.1		174.0		87.9		(150.5		)	112.5
Total current assets	—		21.0		231.5		349.3		(171.8		)	430.0
Property and equipment, net	—		—		606.8		50.7		—			657.5
Goodwill	—		—		2,059.9		22.7		—			2,082.6
Intangible assets	—		—		485.1		62.9		—			548.0
Investment in subsidiaries	1,081.4		3,241.6		246.5		—		(4,569.5		)	—
Prepaid MTA equipment deployment costs	—		—		33.3		—		—			33.3
Other assets	—		2.5		58.9		3.2		—			64.6
Intercompany	—		—		123.9		144.1		(268.0		)	—
Total assets	$	1,081.4	$	3,265.1	$	3,845.9	$	632.9	$	(5,009.3	)	$	3,816.0
Total current liabilities	$	—	$	25.2	$	354.0	$	191.0	$	(171.8	)	$	398.4
Long-term debt, net	—		2,158.5		—		—		—			2,158.5
Deferred income tax liabilities, net	—		—		—		19.8		—			19.8
Asset retirement obligation	—		—		29.9		4.7		—			34.6
Deficit in excess of investment of subsidiaries	—		—		2,160.2		—		(2,160.2		)	—
Other liabilities	—		—		76.3		4.7		—			81.0
Intercompany	—		—		144.1		123.9		(268.0		)	—
Total liabilities	—		2,183.7		2,764.5		344.1		(2,600.0		)	2,692.3
Total stockholders’ equity	1,081.4		1,081.4		1,081.4		246.5		(2,409.3		)	1,081.4
Non-controlling interests	—		—		—		42.3		—			42.3
Total equity	1,081.4		1,081.4		1,081.4		288.8		(2,409.3		)	1,123.7
Total liabilities and equity	$	1,081.4	$	3,265.1	$	3,845.9	$	632.9	$	(5,009.3	)	$	3,816.0

28

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	As of December 31, 2017
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	10.2	$	3.7	$	34.4	$	—		$	48.3
Receivables, less allowance	—		—		42.1		202.7		(13.7		)	231.1
Other current assets	—		1.0		89.0		20.0		(13.4		)	96.6
Total current assets	—		11.2		134.8		257.1		(27.1		)	376.0
Property and equipment, net	—		—		609.1		53.0		—			662.1
Goodwill	—		—		2,059.9		68.1		—			2,128.0
Intangible assets	—		—		511.5		69.4		—			580.9
Investment in subsidiaries	1,181.1		3,333.6		293.4		—		(4,808.1		)	—
Other assets	—		3.3		55.1		2.8		—			61.2
Intercompany	—		—		123.9		148.3		(272.2		)	—
Total assets	$	1,181.1	$	3,348.1	$	3,787.7	$	598.7	$	(5,107.4	)	$	3,808.2
Total current liabilities	$	—	$	21.7	$	199.4	$	105.6	$	(27.1	)	$	299.6
Long-term debt, net	—		2,145.3		—		—		—			2,145.3
Deferred income tax liabilities, net	—		—		—		19.6		—			19.6
Asset retirement obligation	—		—		29.7		5.0		—			34.7
Deficit in excess of investment of subsidiaries	—		—		2,152.5		—		(2,152.5		)	—
Other liabilities	—		—		76.7		5.7		—			82.4
Intercompany	—		—		148.3		123.9		(272.2		)	—
Total liabilities	—		2,167.0		2,606.6		259.8		(2,451.8		)	2,581.6
Total stockholders’ equity	1,181.1		1,181.1		1,181.1		293.4		(2,655.6		)	1,181.1
Non-controlling interests	—		—		—		45.5		—			45.5
Total equity	1,181.1		1,181.1		1,181.1		338.9		(2,655.6		)	1,226.6
Total liabilities and equity	$	1,181.1	$	3,348.1	$	3,787.7	$	598.7	$	(5,107.4	)	$	3,808.2

29

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	271.1		$	19.5		$	—		$	290.6
Transit and other	—			—			120.3			3.3			—			123.6
Total revenues	—			—			391.4			22.8			—			414.2
Expenses:
Operating	—			—			202.6			12.7			—			215.3
Selling, general and administrative	0.4			0.1			71.1			2.8			—			74.4
Restructuring charges	—			—			0.1			—			—			0.1
Net gain on dispositions	—			—			(1.1		)	(0.2		)	—			(1.3		)
Impairment charge	—			—			—			—			—			—
Depreciation	—			—			18.1			2.9			—			21.0
Amortization	—			—			23.4			2.4			—			25.8
Total expenses	0.4			0.1			314.2			20.6			—			335.3
Operating income (loss)	(0.4		)	(0.1		)	77.2			2.2			—			78.9
Interest expense, net	—			(30.1		)	(1.0		)	(0.9		)	—			(32.0		)
Other income, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(30.2		)	76.2			1.5			—			47.1
Benefit (provision) for income taxes	—			—			(1.6		)	0.6			—			(1.0		)
Equity in earnings of investee companies, net of tax	47.2			77.4			(27.4		)	0.4			(96.9		)	0.7
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Total other comprehensive income, net of tax	1.7			1.7			1.7			1.7			(5.1		)	1.7
Total comprehensive income	$	48.5		$	48.9		$	48.9		$	4.2		$	(102.0	)	$	48.5

30

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	254.6		$	17.8		$	—		$	272.4
Transit and other	—			—			116.7			3.3			—			120.0
Total revenues	—			—			371.3			21.1			—			392.4
Expenses:
Operating	—			—			198.9			13.7			—			212.6
Selling, general and administrative	0.4			—			61.1			2.7			—			64.2
Restructuring charges	—			—			0.7			0.9			—			1.6
Net gain on dispositions	—			—			(14.1		)	—			—			(14.1		)
Depreciation	—			—			18.9			3.4			—			22.3
Amortization	—			—			23.6			1.9			—			25.5
Total expenses	0.4			—			289.1			22.6			—			312.1
Operating income (loss)	(0.4		)	—			82.2			(1.5		)	—			80.3
Interest expense, net	—			(28.7		)	(0.1		)	(0.4		)	—			(29.2		)
Other income, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(28.7		)	82.1			(1.7		)	—			51.3
Benefit (provision) for income taxes	—			—			(2.8		)	0.8			—			(2.0		)
Equity in earnings of investee companies, net of tax	51.1			79.8			(28.2		)	0.2			(101.5		)	1.4
Net income (loss)	$	50.7		$	51.1		$	51.1		$	(0.7	)	$	(101.5	)	$	50.7
Net income (loss)	$	50.7		$	51.1		$	51.1		$	(0.7	)	$	(101.5	)	$	50.7
Total other comprehensive income, net of tax	8.3			8.3			8.3			8.3			(24.9		)	8.3
Total comprehensive income	$	59.0		$	59.4		$	59.4		$	7.6		$	(126.4	)	$	59.0

31

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	759.6		$	50.7		$	—		$	810.3
Transit and other	—			—			334.4			9.1			—			343.5
Total revenues	—			—			1,094.0			59.8			—			1,153.8
Expenses:
Operating	—			—			585.3			39.1			—			624.4
Selling, general and administrative	1.2			0.2			202.1			5.6			—			209.1
Restructuring charges	—			—			1.4			—			—			1.4
Net gain on dispositions	—			—			(4.0		)	(0.2		)	—			(4.2		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			53.6			9.8			—			63.4
Amortization	—			—			67.0			6.3			—			73.3
Total expenses	1.2			0.2			905.4			103.5			—			1,010.3
Operating income (loss)	(1.2		)	(0.2		)	188.6			(43.7		)	—			143.5
Interest expense, net	—			(88.1		)	(2.8		)	(2.1		)	—			(93.0		)
Other expense, net	—			—			—			(0.1		)	—			(0.1		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.2		)	(88.3		)	185.8			(45.9		)	—			50.4
Benefit (provision) for income taxes	—			—			(4.1		)	1.7			—			(2.4		)
Equity in earnings of investee companies, net of tax	51.9			140.2			(129.8		)	0.8			(60.4		)	2.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Total other comprehensive loss, net of tax	(9.2		)	(9.2		)	(9.2		)	(9.2		)	27.6			(9.2		)
Total comprehensive income (loss)	$	41.5		$	42.7		$	42.7		$	(52.6	)	$	(32.8	)	$	41.5

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	738.9		$	43.7		$	—		$	782.6
Transit and other	—			—			327.7			8.9			—			336.6
Total revenues	—			—			1,066.6			52.6			—			1,119.2
Expenses:
Operating	—			—			580.8			37.0			—			617.8
Selling, general and administrative	1.2			0.8			182.8			9.7			—			194.5
Restructuring charges	—			—			2.5			3.8			—			6.3
Net gain on dispositions	—			—			(13.6		)	—			—			(13.6		)
Depreciation	—			—			59.1			9.2			—			68.3
Amortization	—			—			71.3			3.3			—			74.6
Total expenses	1.2			0.8			882.9			63.0			—			947.9
Operating income (loss)	(1.2		)	(0.8		)	183.7			(10.4		)	—			171.3
Interest expense, net	—			(85.2		)	(0.4		)	(0.3		)	—			(85.9		)
Other income, net	—			—			—			0.3			—			0.3
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(1.2		)	(86.0		)	183.3			(10.4		)	—			85.7
Benefit (provision) for income taxes	—			—			(2.8		)	3.6			—			0.8
Equity in earnings of investee companies, net of tax	91.5			177.5			(89.0		)	0.6			(176.8		)	3.8
Net income (loss)	$	90.3		$	91.5		$	91.5		$	(6.2	)	$	(176.8	)	$	90.3
Net income (loss)	$	90.3		$	91.5		$	91.5		$	(6.2	)	$	(176.8	)	$	90.3
Total other comprehensive income, net of tax	13.7			13.7			13.7			13.7			(41.1		)	13.7
Total comprehensive income	$	104.0		$	105.2		$	105.2		$	7.5		$	(217.9	)	$	104.0

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(74.5	)	$	216.2		$	(3.1	)	$	—	$	137.4
Investing activities:
Capital expenditures	—			—			(52.5		)	(9.6		)	—		(62.1		)
Acquisitions	—			—			(5.6		)	—			—		(5.6		)
MTA franchise rights	—			—			(9.4		)	—			—		(9.4		)
Net proceeds from dispositions	—			—			5.7			0.3			—		6.0
Net cash flow used for investing activities	—			—			(61.8		)	(9.3		)	—		(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			89.0			—			—			—		89.0
Repayments of long-term debt borrowings	—			(79.0		)	—			—			—		(79.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			125.0			—		200.0
Repayments of borrowings under short-term debt facilities	—			—			—			(105.0		)	—		(105.0		)
Payments of deferred financing costs	—			(0.1		)	—			(0.1		)	—		(0.2		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.9		)	—			—			(2.0		)	—		(152.9		)
Intercompany	152.1			74.3			(216.2		)	(10.2		)	—		—
Net cash flow provided by (used for) financing activities	1.2			84.2			(149.4		)	7.7			—		(56.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(0.2		)	—		(0.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			9.7			5.0			(4.9		)	—		9.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	19.9		$	8.7		$	29.5		$	—	$	58.1

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(73.0	)	$	229.1		$	27.7		$	—	$	182.6
Investing activities:
Capital expenditures	—			—			(53.7		)	(4.9		)	—		(58.6		)
Acquisitions	—			—			(11.2		)	(51.6		)	—		(62.8		)
Net proceeds from dispositions	—			—			1.6			—			—		1.6
Net cash flow used for investing activities	—			—			(63.3		)	(56.5		)	—		(119.8		)
Financing activities:
Proceeds from long-term debt borrowings	—			8.3			—			—			—		8.3
Proceeds from borrowings under short-term debt facilities	—			90.0			—			133.0			—		223.0
Repayments of borrowings under short-term debt facilities	—			(90.0		)	—			(60.0		)	—		(150.0		)
Payments of deferred financing costs	—			(7.5		)	—			(0.2		)	—		(7.7		)
Proceeds from stock option exercises	1.2			—			—			—			—		1.2
Earnout payment related to prior acquisition	—			—			(2.0		)	—			—		(2.0		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.3		)	—			(0.7		)	—			—		(151.0		)
Intercompany	150.3			65.4			(187.6		)	(28.1		)	—		—
Other	—			—			(0.2		)	—			—		(0.2		)
Net cash flow provided by (used for) financing activities	1.2			66.2			(198.7		)	44.7			—		(86.6		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.6			—		0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(6.8		)	(32.9		)	16.5			—		(23.2		)
Cash, cash equivalents and restricted cash at beginning of period	—			11.4			35.8			18.0			—		65.2
Cash, cash equivalents and restricted cash at end of period	$	—		$	4.6		$	2.9		$	34.5		$	—	$	42.0

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our historical consolidated financial statements and the notes thereto appearing in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2018, and the unaudited consolidated financial statements and the notes thereto included in this Quarterly Report on Form 10-Q. This MD&A contains forward-looking statements that involve numerous risks and uncertainties. The forward-looking statements are subject to a number of important factors, including, but not limited to, those factors discussed in the sections entitled “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 28, 2018, and the section entitled “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q, that could cause our actual results to differ materially from the results described herein or implied by such forward-looking statements. Except as otherwise indicated or unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to (i) “OUTFRONT Media,” “the Company,” “we,” “our,” “us” and “our company” mean OUTFRONT Media Inc., a Maryland corporation, and unless the context requires otherwise, its consolidated subsidiaries, and (ii) the “25 largest markets in the U.S.,” “approximately 140 markets in the U.S. and Canada” and “Nielsen Designated Market Areas” are based, in whole or in part, on Nielsen Media Research’s Designated Market Area rankings as of January 1, 2018.

Overview

OUTFRONT Media 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. 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 (see Note 18. Segment Information to the Consolidated Financial Statements).

Business

We are one of the largest providers of advertising space on out-of-home advertising structures and sites across 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 approximately 140 markets in the U.S. and Canada. Our top market, high profile location focused portfolio includes sites such as the Bay Bridge in San Francisco, various locations along Sunset Boulevard in Los Angeles, and sites in and around both Grand Central Station and Times Square in New York. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives, from national, brand-building campaigns to hyper-local campaigns that drive customers to the advertiser’s website or retail location “one mile down the road.” 

Using Geopath, the out-of-home advertising industry’s audience measurement system, we provide advertisers with the size and demographic composition of the audience that is exposed to individual displays or a complete campaign. As part of our ON Smart Media platform, we are developing hardware and software solutions for enhanced demographic and location targeting, and engaging ways to connect with consumers on-the-go. Additionally, our OUTFRONT Mobile Network allows our customers to further leverage location targeting with interactive mobile advertising that uses geofence technology to push mobile ads to consumers within a pre-defined radius around a corresponding billboard display or other designated advertising location.

We believe out-of-home advertising continues to be an attractive form of advertising, as our displays are ALWAYS ON™, are always viewable and cannot be turned off, skipped, blocked or fast-forwarded. Further, out-of-home advertising can be an effective “stand-alone” medium, as well as an integral part of a campaign to reach audiences using multiple forms of media, including television, radio, print, online, mobile and social media advertising platforms. We provide our customers with a differentiated advertising solution at an attractive price point relative to other forms of advertising. In addition to leasing displays, we provide other value-added services to our customers, such as pre-campaign category research, consumer insights, creative design support, print production and post-campaign tracking and analytics, as well as use of a real-time mobile operations reporting system that facilitates proof of performance to customers for substantially all of our business.

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U.S. Media. Our U.S. Media segment generated 22% of its revenues in the New York City metropolitan area in the three months ended September 30, 2018, 23% in the three months ended September 30, 2017, 22% in the nine months ended September 30, 2018 and 23% in the nine months ended September 30, 2017, and generated 17% in the Los Angeles metropolitan area in the three months ended September 30, 2018 and 16% in the three months ended September 30, 2017, and 16% in each of the nine months ended September 30, 2018 and 2017. In the three months ended September 30, 2018, our U.S. Media segment generated $379.7 million of Revenues and $136.2 million of Operating income before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and Impairment charges (“Adjusted OIBDA”). In the three months ended September 30, 2017, our U.S. Media segment generated $363.0 million of Revenues and $129.2 million of Adjusted OIBDA. In the nine months ended September 30, 2018, our U.S. Media segment generated $1,056.8 million of Revenues and $356.3 million of Adjusted OIBDA. In the nine months ended September 30, 2017, our U.S. Media segment generated $1,037.2 million of Revenues and $349.9 million of Adjusted OIBDA. (See the “Segment Results of Operations” section of this MD&A.)

Other (includes International and Sports Marketing). In the three months ended September 30, 2018, Other generated $34.5 million of Revenues and $4.2 million of Adjusted OIBDA. In the three months ended September 30, 2017, Other generated $29.4 million of Revenues and $1.9 million of Adjusted OIBDA. In the nine months ended September 30, 2018, Other generated $97.0 million of Revenues and $7.6 million of Adjusted OIBDA. In the nine months ended September 30, 2017, Other generated $82.0 million of Revenues and $4.8 million of Adjusted OIBDA.

Economic Environment

Our revenues and operating results are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control.

Business Environment

The outdoor advertising industry is fragmented, consisting of several companies operating on a national basis, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and structure and display locations. We also compete with other media, including online, mobile and social media advertising platforms (such as Facebook, Alphabet and Amazon) and traditional advertising platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters, supermarkets and taxis.

Increasing the number of digital displays in our most heavily trafficked locations is an important element of our organic growth strategy, as digital displays have the potential to attract additional business from both new and existing customers. We believe digital displays are attractive to our customers because they allow for the development of richer and more visually engaging messages, provide our customers with the flexibility both to target audiences by time of day and to quickly launch new advertising campaigns, and eliminate or greatly reduce print production costs. In addition, digital displays enable us to run multiple advertisements on each display. Digital billboard displays generate approximately four times more revenue per display on average than traditional static billboard displays. Digital billboard displays also incur, on average, approximately two to four times more costs, including higher variable costs associated with the increase in revenue than traditional static billboard displays. As a result, digital billboard displays generate higher profits and cash flows than traditional static billboard displays. The majority of our digital billboard displays were converted from traditional static billboard displays.

In 2017, we commenced deployment of state-of-the-art digital transit displays in connection with several transit franchises and are planning to increase deployments significantly over the coming years. Once the digital transit displays have been deployed at scale, we expect that revenue generated on digital transit displays will be a multiple of the revenue generated on comparable static transit displays. We intend to incur significant equipment deployment costs and capital expenditures in the coming years to continue increasing the number of digital displays in our portfolio.

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We have built or converted 41 new digital billboard displays in the United States and 27 in Canada during the nine months ended September 30, 2018. Additionally, in the nine months ended September 30, 2018, we installed 54 small-format digital displays and entered into marketing arrangements to sell advertising on 20 third-party digital billboard displays in the U.S. and one third-party digital billboard display in Canada. In the nine months ended September 30, 2018, we have built, converted or replaced 696 digital transit and other displays in the United States. The following table sets forth information regarding our digital displays.

	Digital Revenues (in millions) for the Nine Months Ended September 30, 2018(a)						Number of Digital Displays as of September 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	$	135.5	$	39.8	$	175.3	937	1,868	2,805	92	%
Canada	17.1		0.1		17.2		182	58	240	8
Total	$	152.6	$	39.9	$	192.5	1,119	1,926	3,045	100	%

(a) Digital revenue and digital display amounts (1) include 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.

Our revenues and profits may fluctuate due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season.

We have a diversified base of customers across various industries. During the three months ended September 30, 2018, our largest categories of advertisers were television, retail and computers/internet, each of which represented approximately 8% of our total U.S. Media segment revenues, respectively. During the three months ended September 30, 2017, our largest categories of advertisers were television, retail and healthcare/pharmaceuticals, which represented approximately 9%, 8% and 7% of our total U.S. Media segment revenues, respectively. During the nine months ended September 30, 2018, our largest categories of advertisers were retail, computers/internet and television, each of which represented approximately 8% of our total U.S. Media segment revenues, respectively. During the nine months ended September 30, 2017, our largest categories of advertisers were retail, television and healthcare/pharmaceuticals, each of which represented approximately 8% of our total U.S. Media segment revenues, respectively.

Our large-scale portfolio allows our customers to reach a national audience and also provides the flexibility to tailor campaigns to specific regions or markets. In the three months ended September 30, 2018 we generated approximately 46% of our U.S. Media segment revenues from national advertising campaigns compared to approximately 48% in the same prior-year period. In the nine months ended September 30, 2018, we generated approximately 43% of our U.S. Media segment revenues from national advertising campaigns compared to approximately 45% in the same prior-year period.

Our transit business requires us to obtain and renew contracts with municipalities and other governmental entities. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts.

Key Performance Indicators

Our management reviews our performance by focusing on the indicators described below.

Several of our key performance indicators are not prepared in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for, their most directly comparable GAAP financial measures.

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	Three Months Ended September 30,						%		Nine Months Ended September 30,						%
(in millions, except percentages)	2018			2017			Change		2018			2017			Change
Revenues	$	414.2		$	392.4		6	%	$	1,153.8		$	1,119.2		3	%
Organic revenues(a)(b)	412.4			391.6			5		1,139.8			1,115.8			2
Operating income	78.9			80.3			(2	)	143.5			171.3			(16	)
Adjusted OIBDA(b)	129.3			120.8			7		335.7			323.0			4
Adjusted OIBDA(b) margin	31		%	31		%			29		%	29		%
Funds from operations (“FFO”)(b)	85.2			78.2			9		204.6			201.8			1
Adjusted FFO (“AFFO”)(b)	86.4			78.2			10		201.7			194.8			4
Net income	46.8			50.7			(8	)	50.7			90.3			(44	)

(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.

Adjusted OIBDA

We calculate Adjusted OIBDA as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates.

FFO and AFFO

We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes costs related to restructuring charges, as well as certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent and amortization of deferred financing costs, and the non-cash portion of income taxes, as well as the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO, AFFO, and related per weighted average share amounts, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these

39

supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs.

Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO and, as applicable, related per weighted average share amounts, are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss), net income (loss), revenues and net income (loss) per common share for diluted earnings per share, the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.

40

Reconciliation of Non-GAAP Financial Measures

The following table reconciles Operating income to Adjusted OIBDA, and Net income to FFO and AFFO.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions, except per share amounts)	2018			2017			2018			2017
Total revenues	$	414.2		$	392.4		$	1,153.8		$	1,119.2
Operating income	$	78.9		$	80.3		$	143.5		$	171.3
Restructuring charges	0.1			1.6			1.4			6.3
Net gain on dispositions	(1.3		)	(14.1		)	(4.2		)	(13.6		)
Impairment charge	—			—			42.9			—
Depreciation	21.0			22.3			63.4			68.3
Amortization	25.8			25.5			73.3			74.6
Stock-based compensation	4.8			5.2			15.4			16.1
Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0
Adjusted OIBDA margin	31		%	31		%	29		%	29		%
Net income	$	46.8		$	50.7		$	50.7		$	90.3
Depreciation of billboard advertising structures	16.9			19.1			51.0			59.1
Amortization of real estate-related intangible assets	10.6			11.7			31.8			36.1
Amortization of direct lease acquisition costs	11.9			10.6			31.7			29.5
Net gain on disposition of real estate assets	(1.3		)	(14.1		)	(4.2		)	(13.6		)
Impairment charge	—			—			42.9			—
Adjustment related to equity-based investments	0.1			0.2			0.2			0.4
Income tax effect of adjustments(a)	0.2			—			0.5			—
FFO	$	85.2		$	78.2		$	204.6		$	201.8
FFO per weighted average shares outstanding, diluted	$	0.60		$	0.56		$	1.47		$	1.44
FFO	$	85.2		$	78.2		$	204.6		$	201.8
Non-cash portion of income taxes	(0.3		)	(1.3		)	(4.8		)	(7.4		)
Cash paid for direct lease acquisition costs	(9.7		)	(9.7		)	(30.2		)	(30.0		)
Maintenance capital expenditures	(3.5		)	(4.8		)	(13.6		)	(17.4		)
Restructuring charges	0.1			1.6			1.4			6.3
Other depreciation	4.1			3.2			12.4			9.2
Other amortization	3.3			3.2			9.8			9.0
Stock-based compensation	4.8			5.2			15.4			16.1
Non-cash effect of straight-line rent	0.4			0.9			0.9			1.9
Accretion expense	0.6			0.6			1.8			1.8
Amortization of deferred financing costs	1.4			1.4			4.2			4.6
Income tax effect of adjustments(b)	—			(0.3		)	(0.2		)	(1.1		)
AFFO	$	86.4		$	78.2		$	201.7		$	194.8
AFFO per weighted average shares outstanding, diluted	$	0.61		$	0.56		$	1.45		$	1.39
Net income per common share, diluted	$	0.33		$	0.36		$	0.35		$	0.65
Weighted average shares outstanding, diluted	141.5			140.9			139.4			139.7

(a) Income tax effect related to Net gain on disposition of real estate assets.

(b) Income tax effect related to Restructuring charges.

41

FFO in the three months ended September 30, 2018, of $85.2 million increased $7.0 million, or 9%, compared to the same prior-year period, primarily due to higher net income, as adjusted for non-cash items. AFFO in the three months ended September 30, 2018, of $86.4 million increased $8.2 million, or 10%, compared to the same prior-year period, primarily due to net income, as adjusted for non-cash items, and lower maintenance capital expenditures, partially offset by lower restructuring charges. FFO in the nine months ended September 30, 2018, of $204.6 million increased $2.8 million, or 1%, compared to the same prior-year period, primarily due to higher net income, as adjusted for non-cash items. AFFO in the nine months ended September 30, 2018, of $201.7 million increased $6.9 million, or 4%, compared to the same prior-year period, primarily due to higher net income, as adjusted for non-cash items and lower maintenance capital expenditures, partially offset by lower restructuring charges.

Analysis of Results of Operations

Revenues

We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized over the contract period. (See Note 10. Revenues to the Consolidated Financial Statements.)

	Three Months Ended September 30,				%		Nine Months Ended September 30,					%
(in millions, except percentages)	2018		2017		Change		2018		2017			Change
Revenues:
Billboard	$	290.6	$	272.4	7	%	$	810.3	$	782.6		4	%
Transit and other	123.6		120.0		3		343.5		336.6			2
Total revenues	414.2		392.4		6		1,153.8		1,119.2			3
Organic revenues(a):
Billboard	$	290.6	$	271.7	7		$	801.9	$	779.1		3
Transit and other	121.8		119.9		2		337.9		336.7			—
Total organic revenues(a)	412.4		391.6		5		1,139.8		1,115.8			2
Non-organic revenues:
Billboard	—		0.7		*		8.4		3.5			140
Transit and other	1.8		0.1		*		5.6		(0.1		)	*
Total non-organic revenues	1.8		0.8		125		14.0		3.4			*
Total revenues	$	414.2	$	392.4	6		$	1,153.8	$	1,119.2		3

• Calculation is not meaningful.

(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”).

Total revenues increased by $21.8 million, or 6%, and organic revenues increased $20.8 million, or 5%, in the three months ended September 30, 2018, compared to the same prior-year period. Total revenues increased by $34.6 million, or 3%, and organic revenues increased $24.0 million, or 2%, in the nine months ended September 30, 2018, compared to the same prior-year period.

In the three months ended September 30, 2018, non-organic revenues reflect the impact of a new accounting standard (see Note 2. New Accounting Standards to the Consolidated Financial Statements). In the three months ended September 30, 2017, non-organic revenues reflect the impact of foreign currency exchange rates. In the nine months ended September 30, 2018, non-organic revenues reflect an acquisition and the impact of a new accounting standard (see Note 2. New Accounting Standards to the Consolidated Financial Statements). In the nine months ended September 30, 2017, non-organic revenues reflect an acquisition and the impact of foreign currency exchange rates.

Total billboard revenues increased $18.2 million, or 7%, in the three months ended September 30, 2018, compared to the same prior-year period, principally driven by an increase in average revenue per display (yield), the conversion of traditional static billboard displays to digital billboard displays and the impact in 2017 of hurricanes in the Florida and Texas markets, partially

42

offset by lower proceeds from condemnations. Total billboard revenues increased $27.7 million, or 4%, in the nine months ended September 30, 2018, compared to the same prior-year period, principally driven by the conversion of traditional static billboard displays to digital billboard displays, an increase in average revenue per display (yield) and the impact of the Transaction, partially offset by lower proceeds from condemnations.

Organic billboard revenues in the three months ended September 30, 2018, increased $18.9 million, or 7%, compared to the same prior-year period, due to an increase in average revenue per display (yield) and the conversion of traditional static billboard displays to digital billboard displays, as discussed above, partially offset by lower proceeds from condemnations. Organic billboard revenues in the nine months ended September 30, 2018, increased $22.8 million, or 3%, compared to the same prior-year period, due to the conversion of traditional static billboard displays to digital billboard displays and an increase in average revenue per display (yield), as discussed above, partially offset by lower proceeds from condemnations.

Total transit and other revenues increased $3.6 million, or 3%, in the three months ended September 30, 2018, compared to the same prior-year period, driven by growth in digital displays and the impact of a new accounting standard on our Sports Marketing operating segment, partially offset by a decline of advertising revenues from national accounts. Total transit and other revenues increased $6.9 million, or 2%, in the nine months ended September 30, 2018, compared to the same prior-year period, driven by growth in digital displays and the impact of a new accounting standard on our Sports Marketing operating segment, partially offset by a decline of advertising revenues from national accounts.

The increase in organic transit and other revenues in the three months ended September 30, 2018, compared to the same prior-year period, is due to growth in digital displays, partially offset by a decline of advertising revenues from national accounts. The increase in organic transit and other revenues in the nine months ended September 30, 2018, compared to the same prior-year period, is due to growth in digital displays, partially offset by a decline of advertising revenues from national accounts.

Expenses

	Three Months Ended September 30,						%		Nine Months Ended September 30,						%
(in millions, except percentages)	2018			2017			Change		2018			2017			Change
Expenses:
Operating	$	215.3		$	212.6		1	%	$	624.4		$	617.8		1	%
Selling, general and administrative	74.4			64.2			16		209.1			194.5			8
Restructuring charges	0.1			1.6			(94	)	1.4			6.3			(78	)
Net (gain) loss on dispositions	(1.3		)	(14.1		)	(91	)	(4.2		)	(13.6		)	(69	)
Impairment charge	—			—			*		42.9			—			*
Depreciation	21.0			22.3			(6	)	63.4			68.3			(7	)
Amortization	25.8			25.5			1		73.3			74.6			(2	)
Total expenses	$	335.3		$	312.1		7		$	1,010.3		$	947.9		7

* Calculation is not meaningful.

Operating Expenses

	Three Months Ended September 30,				%		Nine Months Ended September 30,				%
(in millions, except percentages)	2018		2017		Change		2018		2017		Change
Operating expenses:
Billboard property lease	$	96.1	$	93.8	2	%	$	284.1	$	275.2	3	%
Transit franchise	57.8		62.3		(7	)	164.3		175.5		(6	)
Posting, maintenance and other	61.4		56.5		9		176.0		167.1		5
Total operating expenses	$	215.3	$	212.6	1		$	624.4	$	617.8	1

Billboard property lease expenses represented 33% of billboard revenues in the three months ended September 30, 2018 and 34% in the same prior-year period. Billboard property lease expenses represented 35% of billboard revenues in each of the nine months ended September 30, 2018 and 2017.

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Transit franchise expenses represented 57% of transit display revenues in the three months ended September 30, 2018 and 62% in the same prior-year period. The decrease in transit franchise expenses in the three months ended September 30, 2018, compared to the same prior-year period, was primarily due to the terms of the new New York Metropolitan Transportation Authority (“MTA”) transit franchise agreement. Transit franchise expenses represented 59% of transit display revenues in the nine months ended September 30, 2018 and 63% in the same prior-year period. The decrease in transit franchise expenses in the nine months ended September 30, 2018, compared to the same prior-year period, was primarily due to the terms of the new MTA transit franchise agreement.

Billboard property lease and transit franchise expenses decreased by $2.2 million in the three months ended September 30, 2018, compared to the same prior-year period. Billboard property lease and transit franchise expenses decreased by $2.3 million in the nine months ended September 30, 2018, compared to the same prior-year period.

Posting, maintenance and other expenses increased $4.9 million, or 9%, in the three months ended September 30, 2018, compared to the same prior-year period, primarily due to the impact of a new accounting standard on our Sports Marketing operating segment (see Note 2. New Accounting Standards to the Consolidated Financial Statements). Posting, maintenance and other expenses increased $8.9 million, or 5%, in the nine months ended September 30, 2018, compared to the same prior-year period, primarily due to the impact of a new accounting standard on our Sports Marketing operating segment (see Note 2. New Accounting Standards to the Consolidated Financial Statements).

Selling, General and Administrative Expenses (“SG&A”)

SG&A expenses represented 18% of Revenues in the three months ended September 30, 2018, and 16% in the three months ended September 30, 2017. SG&A expenses increased $10.2 million, or 16%, in the three months ended September 30, 2018, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs, higher professional fees and higher strategic business development costs. SG&A expenses represented 18% of Revenues in the nine months ended September 30, 2018, and 17% in the nine months ended September 30, 2017. SG&A expenses increased $14.6 million, 8%, in the nine months ended September 30, 2018, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs and higher strategic business development costs, partially offset by lower bad debt expense.

Net Gain on Dispositions

Net gain on dispositions was $1.3 million for the three months ended September 30, 2018, compared to $14.1 million for the same prior-year period. Net gain on dispositions was $4.2 million for the nine months ended September 30, 2018, compared to $13.6 million for the same prior-year period. We recorded a net gain on disposition of $2.7 million in the second quarter of 2018, related to the sale of an office building in the Los Angeles, California, market. Net gain on dispositions in the three and nine months ended September 30, 2017, includes a non-cash gain of $13.2 million from the acquisition of digital billboards in the Boston, Massachusetts, DMA in exchange for static billboards in four non-metropolitan market clusters.

Impairment Charge

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.

Depreciation

Depreciation decreased $1.3 million, or 6%, in the three months ended September 30, 2018, compared to the same prior-year period, primarily due to the increase in fully-depreciated advertising billboards, partially offset by higher depreciation as a result of an increased number of digital billboards. Depreciation decreased $4.9 million, or 7%, in the nine months ended September 30, 2018, compared to the same prior-year period, primarily due to the increase in fully-depreciated advertising billboards, partially offset by higher depreciation as a result of an increased number of digital billboards.

Amortization

Amortization increased $0.3 million, or 1%, in the three months ended September 30, 2018, compared to the same prior-year period, principally driven by higher direct lease acquisition costs, partially offset by lower amortization of intangible assets.

44

Amortization of direct lease acquisition costs was $11.9 million in the three months ended September 30, 2018 and $10.6 million in the three months ended September 30, 2017. Capitalized direct lease acquisition costs were $11.9 million in the three months ended September 30, 2018 and $10.2 million in the three months ended September 30, 2017. Amortization decreased $1.3 million, or 2%, in the nine months ended September 30, 2018, compared to the same prior-year period, principally driven by lower amortization of intangible assets, partially offset by higher direct lease acquisition costs. Amortization of direct lease acquisition costs was $31.7 million in the nine months ended September 30, 2018 and $29.5 million in the nine months ended September 30, 2017. Capitalized direct lease acquisition costs were $31.7 million in the nine months ended September 30, 2018 and $29.1 million in the nine months ended September 30, 2017.

Interest Expense, Net

Interest expense, net, was $32.0 million (including $1.4 million of deferred financing costs) in the three months ended September 30, 2018, and $29.2 million (including $1.4 million of deferred financing costs) in the same prior-year period. The increase in Interest expense, net, was primarily due to higher interest rates, a higher outstanding average debt balance and letter of credit facility fees associated with the new MTA transit franchise agreement in 2018. Interest expense, net, was $93.0 million (including $4.2 million of deferred financing costs) in the nine months ended September 30, 2018, and $85.9 million (including $4.6 million of deferred financing costs) in the same prior-year period. The increase in Interest expense, net, was primarily due to higher interest rates, a higher outstanding average debt balance and letter of credit facility fees associated with the new MTA transit franchise agreement in 2018. (See the “Liquidity and Capital Resources” section of this MD&A.)

Benefit (Provision) for Income Taxes

The provision for income taxes was $1.0 million in the three months ended September 30, 2018, compared to $2.0 million in the same prior-year period. The provision for income taxes was $2.4 million in the nine months ended September 30, 2018, compared to a benefit for income taxes of $0.8 million in the same prior-year period. The increase in provision for income taxes in the nine months ended September 30, 2018, was primarily due to a lower deferred tax benefit related to book tax depreciation differences, as well as taxes on built-in gains on properties sold in 2018 by our qualified REIT subsidiaries.

Net Income

Net income was $46.8 million in the three months ended September 30, 2018, a decrease of $3.9 million compared to the same prior-year period. Net income was $50.7 million in the nine months ended September 30, 2018, a decrease of $39.6 million compared to the same prior-year period, due primarily to a impairment charge of $42.9 million recorded in the second quarter of 2018 related to our Canadian reporting unit (see the “Critical Accounting Policies” section of this MD&A).

Segment Results of Operations

We present Adjusted OIBDA as the primary measure of profit and loss for our reportable segments. (See the “Key Performance Indicators” section of this MD&A and Note 18. Segment Information to the Consolidated Financial Statements.)

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. Our segment reporting therefore includes U.S. Media and Other.

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The following table presents our Revenues, Adjusted OIBDA and Operating income (loss) by segment in the three and nine months ended September 30, 2018 and 2017.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Revenues:
U.S. Media	$	379.7		$	363.0		$	1,056.8		$	1,037.2
Other	34.5			29.4			97.0			82.0
Total revenues	414.2			392.4			1,153.8			1,119.2
Operating income	$	78.9		$	80.3		$	143.5		$	171.3
Restructuring charges	0.1			1.6			1.4			6.3
Net gain on dispositions	(1.3		)	(14.1		)	(4.2		)	(13.6		)
Impairment charge	—			—			42.9			—
Depreciation	21.0			22.3			63.4			68.3
Amortization	25.8			25.5			73.3			74.6
Stock-based compensation	4.8			5.2			15.4			16.1
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0
Adjusted OIBDA:
U.S. Media	$	136.2		$	129.2		$	356.3		$	349.9
Other	4.2			1.9			7.6			4.8
Corporate	(11.1		)	(10.3		)	(28.2		)	(31.7		)
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0
Operating income (loss):
U.S. Media	$	96.0		$	100.7		$	240.4		$	232.1
Other	(1.2		)	(4.9		)	(53.3		)	(13.0		)
Corporate	(15.9		)	(15.5		)	(43.6		)	(47.8		)
Total operating income	$	78.9		$	80.3		$	143.5		$	171.3

46

U.S. Media

	Three Months Ended September 30,						%		Nine Months Ended September 30,						%
(in millions, except percentages)	2018			2017			Change		2018			2017			Change
Revenues:
Billboard	$	271.3		$	254.9		6	%	$	760.1		$	739.2		3	%
Transit and other	108.4			108.1			—		296.7			298.0			—
Total revenues	379.7			363.0			5		1,056.8			1,037.2			2
Operating expenses	(192.2		)	(191.4		)	—		(557.0		)	(558.6		)	—
SG&A expenses	(51.3		)	(42.4		)	21		(143.5		)	(128.7		)	11
Adjusted OIBDA	$	136.2		$	129.2		5		$	356.3		$	349.9		2
Adjusted OIBDA margin	36		%	36		%			34		%	34		%
Operating income	$	96.0		$	100.7		(5	)	$	240.4		$	232.1		4
Restructuring charges	0.1			0.4			(75	)	0.6			2.3			(74	)
Net gain on dispositions	(1.1		)	(14.1		)	(92	)	(4.0		)	(13.6		)	(71	)
Depreciation and amortization	41.2			42.2			(2	)	119.3			129.1			(8	)
Adjusted OIBDA	$	136.2		$	129.2		5		$	356.3		$	349.9		2

Total U.S. Media segment revenues increased $16.7 million, or 5%, in the three months ended September 30, 2018, compared to the same prior-year period. Total U.S. Media segment revenues increased $19.6 million, or 2%, in the nine months ended September 30, 2018, compared to the same prior-year period.

Total U.S. Media segment revenue increased 5% in the three months ended September 30, 2018, reflecting an increase in average revenue per display (yield) in billboards, the conversion of traditional static billboard and transit displays to digital displays, and the impact in 2017 of hurricanes in the Florida and Texas markets, partially offset by lower proceeds from condemnations. In the three months ended September 30, 2018, we generated approximately 46% of our U.S. Media segment revenues from national advertising campaigns compared to approximately 48% in the same prior-year period. Total U.S. Media segment revenue increased 2% in the nine months ended September 30, 2018, reflecting the conversion of traditional static billboard and transit displays to digital displays, an increase in average revenue per display (yield) in billboards, partially offset by lower proceeds from condemnations and a decline in advertising revenues from national accounts. In the nine months ended September 30, 2018, we generated approximately 43% of our U.S. Media segment revenues from national advertising campaigns compared to approximately 45% in the same prior-year period.

Revenues from U.S. Media segment billboards increased $16.4 million, or 6%, in the three months ended September 30, 2018, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), the conversion of traditional static billboard displays to digital billboard displays, and the impact in 2017 of hurricanes in the Florida and Texas markets, partially offset by lower proceeds from condemnations. Revenues from U.S. Media segment billboards increased $20.9 million, or 3%, in the nine months ended September 30, 2018, compared to the same prior-year period, reflecting the conversion of traditional static billboard displays to digital billboard displays and an increase in average revenue per display (yield), partially offset by lower proceeds from condemnations.

Transit and other revenues in the U.S. Media segment increased $0.3 million in the three months ended September 30, 2018, compared to the same prior-year period, reflecting a growth in digital displays, partially offset by a decline in advertising revenues from national accounts. Transit and other revenues in the U.S. Media segment decreased $1.3 million in the nine months ended September 30, 2018, compared to the same prior-year period, reflecting a decline in advertising revenues from national accounts, partially offset by growth in digital displays.

U.S. Media segment operating expenses increased $0.8 million in the three months ended September 30, 2018, compared to the same prior-year period, primarily due to higher billboard property lease costs, due primarily to the new MTA billboard agreement, partially offset by lower transit franchise expenses in connection with the new MTA transit franchise agreement. U.S. Media segment SG&A expenses increased $8.9 million, or 21%, in the three months ended September 30, 2018, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs, higher strategic business development costs and higher professional fees. U.S. Media segment operating expenses decreased $1.6 million in the nine

47

months ended September 30, 2018, compared to the same prior-year period, primarily due to lower transit franchise expenses in connection with the new MTA transit franchise agreement, partially offset by higher billboard property lease costs, due primarily to the new MTA billboard agreement. U.S. Media segment SG&A expenses increased $14.8 million, or 11%, in the nine months ended September 30, 2018, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs, higher strategic business development costs and higher professional fees, partially offset by lower bad debt expense.

U.S. Media segment Adjusted OIBDA increased $7.0 million, or 5%, in the three months ended September 30, 2018, compared to the same prior-year period. Adjusted OIBDA margin was 36% in each of the three months ended September 30, 2018 and 2017. U.S. Media segment Adjusted OIBDA increased $6.4 million in the nine months ended September 30, 2018, compared to the same prior-year period. Adjusted OIBDA margin was 34% in each of the nine months ended September 30, 2018, and 2017.

Other

	Three Months Ended September 30,						%		Nine Months Ended September 30,						%
(in millions, except percentages)	2018			2017			Change		2018			2017			Change
Revenues:
Billboard	$	19.3		$	17.5		10	%	$	50.2		$	43.4		16	%
Transit and other	15.2			11.9			28		46.8			38.6			21
Total revenues	$	34.5		$	29.4		17		$	97.0		$	82.0		18
Organic revenues(a):
Billboard	$	19.3		$	16.8		15		$	41.8		$	39.9		5
Transit and other	13.4			11.8			14		41.2			38.7			6
Total organic revenues(a)	32.7			28.6			14		83.0			78.6			6
Non-organic revenues:
Billboard	—			0.7			*		8.4			3.5			*
Transit and other	1.8			0.1			*		5.6			(0.1		)	*
Total non-organic revenues	1.8			0.8			*		14.0			3.4			*
Total revenues	34.5			29.4			17		97.0			82.0			18
Operating expenses	(23.1		)	(21.2		)	9		(67.4		)	(59.2		)	14
SG&A expenses	(7.2		)	(6.3		)	14		(22.0		)	(18.0		)	22
Adjusted OIBDA	$	4.2		$	1.9		121		$	7.6		$	4.8		58
Adjusted OIBDA margin	12		%	6		%			8		%	6		%
Operating loss	$	(1.2	)	$	(4.9	)	(76	)	$	(53.3	)	$	(13.0	)	*
Restructuring charges	—			1.2			*		0.8			4.0			(80	)
Net gain on dispositions	(0.2		)	—			*		(0.2		)	—			*
Impairment charge	—			—			*		42.9			—			*
Depreciation and amortization	5.6			5.6			—		17.4			13.8			26
Adjusted OIBDA	$	4.2		$	1.9		121		$	7.6		$	4.8		58

* Calculation is not meaningful.

(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”).

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”).

Total Other revenues increased $5.1 million, or 17%, in the three months ended September 30, 2018, compared to the same prior-year period, reflecting improved performance in Canada and the impact of a new accounting standard on our Sports

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Marketing operating segment. Total Other revenues increased $15.0 million, or 18%, in the nine months ended September 30, 2018, compared to the same prior-year period, reflecting the impact of a new accounting standard on our Sports Marketing operating segment and the impact of the Transaction.

Other operating expenses increased $1.9 million, or 9%, in the three months ended September 30, 2018, compared to the same prior-year period, driven by the impact of a new accounting standard on our Sports Marketing operating segment (see Note 2. New Accounting Standards to the Consolidated Financial Statements). Other SG&A expenses increased $0.9 million, or 14%, in the three months ended September 30, 2018, compared to the prior-year period, primarily driven by the impact of a new accounting standard on our Sports Marketing operating segment. Other operating expenses increased $8.2 million, or 14%, in the nine months ended September 30, 2018, compared to the same prior-year period, driven by the impact of a new accounting standard on our Sports Marketing operating segment (see Note 2. New Accounting Standards to the Consolidated Financial Statements) and the impact of the Transaction. Other SG&A expenses increased $4.0 million, or 22%, in the nine months ended September 30, 2018, compared to the prior-year period, primarily driven by the impact of a new accounting standard on our Sports Marketing operating segment and the impact of the Transaction.

Other Adjusted OIBDA of $4.2 million increased $2.3 million, or 121%, in the three months ended September 30, 2018, compared to the same prior-year period, primarily driven by improved performance in Canada. Other Adjusted OIBDA of $7.6 million increased $2.8 million, or 58%, in the nine months ended September 30, 2018, compared to the same prior-year period, primarily driven by the impact of the Transaction and improved performance in Canada.

Corporate

Corporate expenses primarily include expenses associated with employees who provide centralized services. Corporate expenses, excluding stock-based compensation, were $11.1 million in the three months ended September 30, 2018, compared to $10.3 million in the same prior-year period, primarily due to higher professional fees. Corporate expenses, excluding stock-based compensation, were $28.2 million in the nine months ended September 30, 2018, compared to $31.7 million in the same prior-year period, primarily due to lower compensation-related expenses in 2018 and one-time expenses in 2017, including higher professional fees and costs incurred in connection with an amendment of the Credit Agreement (as defined in the “Liquidity and Capital Resources” section of this MD&A).

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Liquidity and Capital Resources

	As of
(in millions, except percentages)	September 30, 2018		December 31, 2017		% Change
Assets:
Cash and cash equivalents	$	56.7	$	48.3	17	%
Restricted cash	1.4		—		*
Receivables, less allowance ($10.5 in 2018 and $11.5 in 2017)	260.8		231.1		13
Prepaid lease and transit franchise costs	62.9		68.6		(8	)
Prepaid MTA equipment deployment costs	20.2		4.7		*
Other prepaid expenses	18.2		13.5		35
Other current assets	9.8		9.8		—
Total current assets	430.0		376.0		14
Liabilities:
Accounts payable	47.7		56.1		(15	)
Accrued compensation	34.4		34.6		(1	)
Accrued interest	25.9		16.1		61
Accrued lease costs	29.6		30.5		(3	)
Other accrued expenses	38.2		42.3		(10	)
Deferred revenues	30.1		21.3		41
Short-term debt	175.0		80.0		119
Other current liabilities	17.5		18.7		(6	)
Total current liabilities	398.4		299.6		33
Working capital	$	31.6	$	76.4	(59	)

• Calculation is not meaningful.

We continually project anticipated cash requirements for our operating, investing and financing needs as well as cash flows generated from operating activities available to meet these needs. Due to seasonal advertising patterns and influences on advertising markets, our revenues and operating income are typically highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season. Further, certain of our municipal transit contracts, as well as our marketing and multimedia rights agreements with colleges and universities, require guaranteed minimum annual payments to be paid at the beginning of the year.

Our short-term cash requirements primarily include payments for operating leases, guaranteed minimum annual payments, capital expenditures, equipment deployment costs, interest and dividends. Funding for short-term cash needs will come primarily from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowing capacity under the Revolving Credit Facility (as defined below), the AR Securitization Facilities (as defined below) or other secured credit facilities that we may establish.

In addition, as part of our growth strategy, we frequently evaluate strategic opportunities to acquire new businesses, assets or digital technology. Consistent with this strategy, we regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions, which transactions could be funded through cash on hand, additional borrowings, equity or other securities, or some combination thereof.

Our long-term cash needs include principal payments on outstanding indebtedness and commitments related to operating leases and franchise and other agreements, including any related guaranteed minimum annual payments, and equipment deployment costs. Funding for long-term cash needs will come from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowing capacity under the Revolving Credit Facility or other secured credit facilities that we may establish.

The decrease in working capital during the nine months ended September 30, 2018, is primarily due to higher short-term debt and higher deferred revenues, partially offset by higher accounts receivables and higher prepaid MTA equipment deployment costs.

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Under the MTA 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. Due to the change in the MTA’s revenue share percentage under the agreement, we expect our transit franchise operating expenses to decline in year one of the agreement as compared to prior historical periods, and gradually increase in subsequent years if our revenues increase over an annual base revenue amount. 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 equipment 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 equipment deployment costs will be recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recovered, which could have an adverse effect on our business, financial condition and results of operation. We expect to utilize third party financing to fund equipment 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. For the full year of 2018, we expect our equipment deployment costs to be approximately $130.0 million. We incurred $58.2 million related to MTA equipment deployment costs in the nine months ended September 30, 2018, for a total of $63.7 million to date.

As of September 30, 2018, we had total indebtedness of $2.4 billion.

On October 23, 2018, we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on December 31, 2018, to stockholders of record at the close of business on December 7, 2018.

Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2018			December 31, 2017
Short-term debt:
AR Facility	$	100.0		$	80.0
Repurchase Facility	75.0			—
Total short-term debt	175.0			80.0
Long-term debt:
Revolving credit facility	10.0			—
Term loan, due 2024	668.1			667.8
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	549.7			549.6
5.625% senior unsecured notes, due 2024	502.2			502.6
5.875% senior unsecured notes, due 2025	450.0			450.0
Total senior unsecured notes	1,501.9			1,502.2
Debt issuance costs	(21.5		)	(24.7		)
Total long-term debt, net	2,158.5			2,145.3
Total debt, net	$	2,333.5		$	2,225.3
Weighted average cost of debt	5.0		%	4.8		%

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	Payments Due by Period
(in millions)	Total		2018		2019-2020		2021-2022		2023 and thereafter
Long-term debt	$	2,180.0	$	—	$	—	$	560.0	$	1,620.0
Interest	676.6		112.9		224.7		203.0		136.0
Total	$	2,856.6	$	112.9	$	224.7	$	763.0	$	1,756.0

Term Loan

The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.1% per annum as of September 30, 2018. As of September 30, 2018, a discount of $1.9 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 September 30, 2018, there were $10.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.5%. As of November 5, 2018, there were $25.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.5%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended September 30, 2018 and 2017, and $1.0 million in the nine months ended September 30, 2018, and $1.1 million in the nine months ended September 30, 2017. As of September 30, 2018, we had issued letters of credit totaling approximately $66.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of September 30, 2018, we had issued letters of credit totaling approximately $128.8 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 nine months ended September 30, 2018 and 2017.

Accounts Receivable Securitization Facilities

On September 6, 2018, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (“MUFG”) entered into amendments to the agreements governing the Company’s $100.0 million three-year revolving accounts receivable securitization facility (the “AR Facility”), along with other agreements with MUFG, pursuant to which the Company (i) extended the term of the AR Facility for one year so that it will now terminate on June 30, 2021, unless further extended, and (ii) entered into a 364-day $75.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”).  

In connection with the AR Securitization Facilities, Outfront Media LLC, a wholly-owned subsidiary of the Company (the “Originator”), 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 will transfer an undivided interest in the accounts receivable assets to certain purchasers from time to time (the “Purchasers”). 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.

In connection with the Repurchase Facility, the Originator may borrow up to $75.0 million, collateralized by a subordinated note (the “Subordinated Note”) issued by the SPV in favor of the Originator and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originator to the SPV under the AR Facility. The Subordinated Note will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the Originator on termination of the Repurchase Facility. The Originator has granted MUFG a security interest in the Subordinated Note to secure

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its obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originator’s obligations under the agreements governing the Repurchase Facility.

As of September 30, 2018, there were $100.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.1%, and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.4%. As of September 30, 2018, we had no borrowing capacity remaining under either the AR Facility or the Repurchase Facility, based on approximately $216.8 million of accounts receivables used as collateral for the AR Securitization Facilities, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and nine months ended September 30, 2018. As of November 5, 2018, there were $75.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.2%, and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.5%.

Senior Unsecured Notes

As of September 30, 2018, a discount of $0.3 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 September 30, 2018, a premium of $2.2 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 Securitization Facilities) 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 September 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 September 30, 2018, our Consolidated Total Leverage Ratio was 4.9 to 1.0 in accordance with the Credit Agreement. As of September 30, 2018, we are in compliance with our debt covenants.

Deferred Financing Costs

As of September 30, 2018, we had deferred $25.5 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities 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.

At-the-Market Equity Offering Program

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 November 5, 2018, no shares of our common stock have been sold under the ATM Program and accordingly, as of November 5, 2018, $300.0 million remained available to be sold under the sales agreement.

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Cash Flows

The following table presents our cash flows in the nine months ended September 30, 2018 and 2017.

	Nine Months Ended September 30,						%
(in millions, except percentages)	2018			2017			Change
Cash provided by operating activities	$	137.4		$	182.6		(25	)%
Cash used for investing activities	(71.1		)	(119.8		)	(41	)
Cash used for financing activities	(56.3		)	(86.6		)	(35	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.2		)	0.6			*
Net increase (decrease) to cash, cash equivalents and restricted cash	$	9.8		$	(23.2	)	*

* Calculation is not meaningful.

Cash provided by operating activities decreased $45.2 million in the nine months ended September 30, 2018, compared to the same prior-year period, principally as a result of prepaid MTA equipment deployment costs, an increase in accounts receivables due to the timing of collections, partially offset by the timing of payments of percentage rents due under the MTA transit franchise agreement and higher net income, as adjusted for non-cash items. In the nine months ended September 30, 2018, we paid $58.2 million related to MTA equipment deployment costs.

Cash used for investing activities decreased $48.7 million in the nine months ended September 30, 2018, compared to the same prior-year period. In the nine months ended September 30, 2018, we incurred $62.1 million in capital expenditures and completed several acquisitions for total cash payments of approximately $5.6 million. In the nine months ended September 30, 2017, we incurred $58.6 million in capital expenditures and completed several acquisitions for total cash payments of approximately $62.8 million.

The following table presents our capital expenditures in the nine months ended September 30, 2018 and 2017.

	Nine Months Ended September 30,				%
(in millions, except percentages)	2018		2017		Change
Growth	$	48.5	$	41.2	18	%
Maintenance	13.6		17.4		(22	)
Total capital expenditures	$	62.1	$	58.6	6

Capital expenditures increased $3.5 million, or 6%, in the nine months ended September 30, 2018, compared to the same prior-year period, as we continue to spend on digital billboard and/or transit displays, partially offset by lower spending on vehicles and safety equipment, as well as on renovations of certain office facilities.

For the full year of 2018, we expect our capital expenditures to be approximately $75.0 million, which will be used primarily for maintenance, growth in digital displays, installation of the most current LED lighting technology to improve the quality and extend the life of our static billboards, and to renovate certain office facilities. This estimate does not include equipment deployment costs that will be incurred in connection with the MTA agreement (as described above), which will be recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, as applicable.

Cash used for financing activities decreased $30.3 million in the nine months ended September 30, 2018, compared to the same prior-year period. In the nine months ended September 30, 2018, we drew net borrowings of $10.0 million on the Revolving Credit Facility, drew net borrowings of $95.0 million on the AR Securitization Facilities and paid cash dividends of $152.9 million. In the nine months ended September 30, 2017, we received net proceeds from an incremental borrowing on our Term Loan of $8.3 million, drew net borrowings of $73.0 million on the AR Facility, incurred additional deferred financing costs of $7.7 million and paid cash dividends of $151.0 million.

Cash paid for income taxes was $7.2 million for the nine months ended September 30, 2018, compared to $6.6 million for the nine months ended September 30, 2017. The increase was due primarily to payments in 2018 related to income from taxable REIT subsidiaries in 2017 and the payment of taxes on built-in gains on properties sold.

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Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of operating lease arrangements and guaranteed minimum annual payments. (See Note 17. Commitments and Contingencies to the Consolidated Financial Statements for information about our off-balance sheet commitments.)

Critical Accounting Policies

The preparation of our financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, we evaluate these estimates, which are based on historical experience and on various assumptions that we believe are reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of revenues and expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions.

Goodwill

On April 1, 2018, we early adopted the Financial Accounting Standard Board’s guidance simplifying the test for goodwill impairment. (See Note 2. New Accounting Standards to the Consolidated Financial Statements.) Under that new guidance, which is applied prospectively, if the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill.

We test goodwill for impairment on an annual basis on October 31 of each year and between annual tests should factors or indicators become apparent that would require an interim test. Goodwill is tested for impairment at the reporting-unit level. 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.

In estimating the fair value of the Canadian reporting unit in the second quarter of 2018, our projections include accelerating growth from digital boards as structures continue to be built or converted in future periods, partially offset by declining revenue from our static poster structures and production business. We utilized a discount rate of 9.5% and a long-term growth rate 3.0% in our discounted cash flow model.

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 September 30, 2018, goodwill related to our Canadian reporting unit, net of accumulated impairment of $42.9 million, was $22.7 million. As of December 31, 2017, goodwill associated with our Canadian reporting unit was $68.1 million.

Accounting Standards

See Note 2. New Accounting Standards to the Consolidated Financial Statements for information about the adoption of new accounting standards and recent accounting pronouncements.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

We have made statements in this MD&A and other sections of this Quarterly Report on Form 10-Q that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations.

Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:

• Declines in advertising and general economic conditions;

• 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;

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• The Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax;

• Establishing operating partnerships as part of our REIT structure; and

• U.S. federal tax reform legislation could affect us in ways that are difficult to anticipate.

While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements in this Quarterly Report on Form 10-Q apply as of the date of this report or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section entitled “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 28, 2018. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk related to commodity prices and foreign currency exchange rates, and to a limited extent, interest rates and credit risks.

Commodity Price Risk

We incur various operating costs that are subject to price risk caused by volatility in underlying commodity values. Commodity price risk is present in electricity costs associated with powering our digital billboard displays and lighting our traditional static billboard displays at night.

We do not currently use derivatives or other financial instruments to mitigate our exposure to commodity price risk. However, we do enter into contracts with commodity providers to limit our exposure to commodity price fluctuations. For the year ended December 31, 2017, such contracts accounted for 13.5% of our total utility costs. As of November 5, 2018, we have active electricity purchase agreements with fixed contract rates for locations throughout Connecticut, Illinois, New Jersey, New York, Pennsylvania, Ohio and Texas, which expire at various dates until June 2021.

Foreign Exchange Risk

Foreign currency translation risk is the risk that exchange rate gains or losses arise from translating our Canadian business’s statements of earnings and statements of financial position from functional currency to our reporting currency (the U.S. Dollar) for consolidation purposes. Any gain or loss on translation is included within comprehensive income and Accumulated other comprehensive income on our Consolidated Statement of Financial Position. The functional currency of our international subsidiaries is their respective local currency. As of September 30, 2018, we have $7.9 million of unrecognized foreign currency translation losses included within Accumulated other comprehensive loss on our Consolidated Statement of Financial Position.

Substantially all of our transactions at our Canadian subsidiary are denominated in their local functional currency, thereby reducing our risk of foreign currency transaction gains or losses.

We do not currently use derivatives or other financial instruments to mitigate foreign currency risk, although we may do so in the future.

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Interest Rate Risk

We are subject to interest rate risk to the extent we have variable-rate debt outstanding including under the Senior Credit Facilities, Revolving Credit Facility and the AR Facility.

As of September 30, 2018, we had a $670.0 million variable-rate Term Loan due 2024 outstanding, which has an interest rate of 4.1% per year. An increase or decrease of 1/4% in our interest rate on the Term Loan will change our annualized interest expense by approximately $1.7 million.

As of September 30, 2018, we had $100.0 million of outstanding borrowings under our variable-rate AR Facility, at a borrowing rate of approximately 3.1% and $75.0 million of outstanding borrowings under our variable-rate Repurchase Facility, at a borrowing rate of approximately 3.4%. An increase or decrease of 1/4% in our interest rate on the AR Securitization Facilities will change our annualized interest expense by approximately $0.4 million. As of November 5, 2018, there were $75.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 3.2% and $75.0 million of outstanding borrowings under the Repurchase Facility at a borrowing rate of approximately 3.5%.

We do not currently use derivatives or other financial instruments to mitigate interest rate risk, although we may do so in the future.

Credit Risk

In the opinion of our management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. We do not currently use derivatives or other financial instruments to mitigate credit risk.

Item 4.    Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q, were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act, during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting

In designing and evaluating our disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

58

PART II

Item 1. Legal Proceedings.

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

Item 1A. Risk Factors.

We have disclosed the risk factors affecting our business, results of operations and financial condition in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 28, 2018. There have been no material changes from the risk factors previously disclosed.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities

None.

Purchases of Equity Securities by the Issuer

	Total Number of Shares  Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Remaining Authorizations
July 1, 2018 through July 31, 2018	—	$	—	—	—
August 1, 2018 through August 31, 2018	—	—		—	—
September 1, 2018 through September 30, 2018	—	—		—	—
Total	—	—		—	—

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

See Exhibit Index immediately following this Item, which is incorporated herein by reference.

59

EXHIBIT INDEX

Exhibit Number	Description
10.1	Amendment No. 1 to Purchase and Sale Agreement, dated as of September 6, 2018, between Outfront Media LLC and Outfront Media Receivables LLC (including the Form of Subordinated Note) (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on September 7, 2018).
10.2	Amendment No. 3 to Receivables Purchase Agreement, dated as of September 6, 2018, by and among Outfront Media LLC, Outfront Media Receivables LLC, OUTFRONT Media Inc., MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.) and Gotham Funding Corporation (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on September 7, 2018).
10.3	Master Framework Agreement, dated as of September 6, 2018, between Outfront Media LLC and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on September 7, 2018).
10.4	Master Repurchase Agreement, dated as of September 6, 2018, between Outfront Media LLC and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on September 7, 2018).
10.5	Guaranty, dated as of September 6, 2018, between OUTFRONT Media Inc. and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on September 7, 2018).
31.1	Certification of the Chief Executive Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Chief Financial Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
32.2	Certification of the Chief Financial Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
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

60

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

OUTFRONT MEDIA INC.
By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer
		(Principal Financial Officer)

Date: November 6, 2018

61

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jeremy J. Male, certify that:

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.

Date: November 6, 2018

By:	/s/ Jeremy J. Male
	Name:	Jeremy J. Male
	Title:	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Matthew Siegel, certify that:

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.

Date: November 6, 2018

By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Quarterly Report of OUTFRONT Media Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeremy J. Male, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2018

By:	/s/ Jeremy J. Male
	Name:	Jeremy J. Male
	Title:	Chairman and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Quarterly Report of OUTFRONT Media Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew Siegel, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2018

By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer

XML

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 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
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		139,453,420

XML

Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 56.7	$ 48.3
Restricted cash	1.4	0.0
Receivables, less allowance ($10.5 in 2018 and $11.5 in 2017)	260.8	231.1
Prepaid lease and transit franchise costs	62.9	68.6
Prepaid MTA equipment deployment costs	20.2	4.7
Other prepaid expenses	18.2	13.5
Other current assets	9.8	9.8
Total current assets	430.0	376.0
Noncurrent assets:
Property and equipment, net	657.5	662.1
Goodwill	2,082.6	2,128.0
Intangible assets	548.0	580.9
Prepaid MTA equipment deployment costs	33.3	0.0
Other assets	64.6	61.2
Total assets	3,816.0	3,808.2
Current liabilities:
Accounts payable	47.7	56.1
Accrued compensation	34.4	34.6
Accrued interest	25.9	16.1
Accrued lease costs	29.6	30.5
Other accrued expenses	38.2	42.3
Deferred revenues	30.1	21.3
Short-term debt	175.0	80.0
Other current liabilities	17.5	18.7
Total current liabilities	398.4	299.6
Noncurrent liabilities:
Long-term debt, net	2,158.5	2,145.3
Deferred income tax liabilities, net	19.8	19.6
Asset retirement obligation	34.6	34.7
Other liabilities	81.0	82.4
Total liabilities	2,692.3	2,581.6
Commitments and contingencies
Stockholders’ equity:
Common stock (2018 - 450.0 shares authorized, and 139.5 shares issued and outstanding; 2017 - 450.0 shares authorized, and 138.6 issued and outstanding)	1.4	1.4
Additional paid-in capital	1,974.5	1,963.0
Distribution in excess of earnings	(877.6)	(775.6)
Accumulated other comprehensive loss	(16.9)	(7.7)
Total stockholders' equity	1,081.4	1,181.1
Non-controlling interests	42.3	45.5
Total equity	1,123.7	1,226.6
Total liabilities and equity	$ 3,816.0	$ 3,808.2

XML

Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for receivables	$ 10.5	$ 11.5
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Shares Issued	139,453,420	138,644,917
Common Stock, Shares Outstanding	139,453,420	138,644,917

XML

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Billboard	$ 290.6	$ 272.4	$ 810.3	$ 782.6
Transit and other	123.6	120.0	343.5	336.6
Total revenues	414.2	392.4	1,153.8	1,119.2
Expenses:
Operating	215.3	212.6	624.4	617.8
Selling, general and administrative	74.4	64.2	209.1	194.5
Restructuring charges	0.1	1.6	1.4	6.3
Net gain on dispositions	(1.3)	(14.1)	(4.2)	(13.6)
Impairment charge	0.0	0.0	42.9	0.0
Depreciation	21.0	22.3	63.4	68.3
Amortization	25.8	25.5	73.3	74.6
Total expenses	335.3	312.1	1,010.3	947.9
Operating income	78.9	80.3	143.5	171.3
Interest expense, net	(32.0)	(29.2)	(93.0)	(85.9)
Other income (expense), net	0.2	0.2	(0.1)	0.3
Income before benefit (provision) for income taxes and equity in earnings of investee companies	47.1	51.3	50.4	85.7
Benefit (provision) for income taxes	(1.0)	(2.0)	(2.4)	0.8
Equity in earnings of investee companies, net of tax	0.7	1.4	2.7	3.8
Net income	$ 46.8	$ 50.7	$ 50.7	$ 90.3
Net income per common share:
Basic (in dollars per share)	$ 0.33	$ 0.36	$ 0.35	$ 0.65
Diluted (in dollars per share)	$ 0.33	$ 0.36	$ 0.35	$ 0.65
Weighted average shares outstanding:
Basic (in shares)	139.3	138.6	139.1	138.5
Diluted (in shares)	141.5	140.9	139.4	139.7

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 46.8	$ 50.7	$ 50.7	$ 90.3
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	1.7	8.6	(9.8)	14.1
Net actuarial gain (loss)	0.0	(0.3)	0.6	(0.4)
Total other comprehensive income (loss), net of tax	1.7	8.3	(9.2)	13.7
Total comprehensive income	$ 48.5	$ 59.0	$ 41.5	$ 104.0

XML

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Distribution in Excess of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Acquired businesses	Acquired businesses Noncontrolling Interest
Total stockholders' equity, beginning balance at Dec. 31, 2016	$ 1,232.9
Non-controlling interests, beginning balance at Dec. 31, 2016						$ 0.1
Total equity, beginning balance at Dec. 31, 2016	1,233.0	$ 1.4	$ 1,949.5	$ (699.5)	$ (18.5)
Shares of Common Stock at Dec. 31, 2016		138,000,000.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	90.3			90.3
Other comprehensive income (loss)	13.7				13.7
Other comprehensive income (loss) - total equity	13.7
Stock-based payments: Vested (shares)		700,000
Share-based payments: Exercise of stock options	1.2		1.2
Share-based payments: Exercise of stock options (shares)		200,000
Stock-based payments: Amortization	16.1		16.1
Stock-based payments: Amortization | Adjustments for New Accounting Pronouncement			0.5	(0.5)
Shares paid for tax withholding for stock-based payments (shares)		(300,000)
Shares paid for tax withholding for stock-based payments	(8.6)		(8.6)
Dividends	(150.6)			(150.6)
Other	0.8
Issuance of shares of a subsidiary						0.8	$ 44.6	$ 44.6
Shares of Common Stock at Sep. 30, 2017		138,600,000
Total stockholders' equity, ending balance at Sep. 30, 2017	1,195.0
Non-controlling interests, ending balance at Sep. 30, 2017						45.5
Total equity, ending balance at Sep. 30, 2017	1,240.5	$ 1.4	1,958.7	(760.3)	(4.8)
Total stockholders' equity, beginning balance at Jun. 30, 2017	1,181.9
Non-controlling interests, beginning balance at Jun. 30, 2017						44.7
Total equity, beginning balance at Jun. 30, 2017	1,226.6	$ 1.4	1,953.9	(760.3)	(13.1)
Shares of Common Stock at Jun. 30, 2017		138,600,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	50.7			50.7
Other comprehensive income (loss)	8.3				8.3
Other comprehensive income (loss) - total equity	8.3
Stock-based payments: Amortization	5.2		5.2
Shares paid for tax withholding for stock-based payments (shares)		0
Shares paid for tax withholding for stock-based payments	(0.4)		(0.4)
Dividends	(50.7)			(50.7)
Other	0.8
Issuance of shares of a subsidiary						0.8
Shares of Common Stock at Sep. 30, 2017		138,600,000
Total stockholders' equity, ending balance at Sep. 30, 2017	1,195.0
Non-controlling interests, ending balance at Sep. 30, 2017						45.5
Total equity, ending balance at Sep. 30, 2017	1,240.5	$ 1.4	1,958.7	(760.3)	(4.8)
Total stockholders' equity, beginning balance at Dec. 31, 2017	1,181.1
Non-controlling interests, beginning balance at Dec. 31, 2017	45.5					45.5
Total equity, beginning balance at Dec. 31, 2017	$ 1,226.6	$ 1.4	1,963.0	(775.6)	(7.7)
Shares of Common Stock at Dec. 31, 2017	138,644,917	138,600,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 50.7			50.7
Other comprehensive income (loss)	(9.2)				(9.2)
Other comprehensive income (loss) - total equity	(9.2)
Stock-based payments: Vested (shares)		1,000,000.0
Stock-based payments: Amortization	15.4		15.4
Shares paid for tax withholding for stock-based payments (shares)		(300,000)
Shares paid for tax withholding for stock-based payments	(8.2)		(8.2)
Class A equity interest redemptions (shares)		200,000
Class A equity interest redemptions	4.2	$ 0.0	4.2
Decrease in non-controlling interests due to redemptions						(4.2)
Other	0.1		0.1
Dividends	(152.7)			(152.7)
Other	$ 1.1
Issuance of shares of a subsidiary						1.0
Shares of Common Stock at Sep. 30, 2018	139,453,420	139,500,000
Total stockholders' equity, ending balance at Sep. 30, 2018	$ 1,081.4
Non-controlling interests, ending balance at Sep. 30, 2018	42.3					42.3
Total equity, ending balance at Sep. 30, 2018	1,123.7	$ 1.4	1,974.5	(877.6)	(16.9)
Total stockholders' equity, beginning balance at Jun. 30, 2018	1,074.8
Non-controlling interests, beginning balance at Jun. 30, 2018						45.7
Total equity, beginning balance at Jun. 30, 2018	1,120.5	$ 1.4	1,965.5	(873.5)	(18.6)
Shares of Common Stock at Jun. 30, 2018		139,300,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46.8			46.8
Other comprehensive income (loss)	1.7				1.7
Other comprehensive income (loss) - total equity	1.7
Stock-based payments: Amortization	4.8		4.8
Shares paid for tax withholding for stock-based payments (shares)		0
Shares paid for tax withholding for stock-based payments	(0.1)		(0.1)
Class A equity interest redemptions (shares)		200,000
Class A equity interest redemptions	4.2	$ 0.0	4.2
Decrease in non-controlling interests due to redemptions						(4.2)
Other	0.1		0.1
Dividends	(50.9)			(50.9)
Other	$ 0.9
Issuance of shares of a subsidiary						0.8
Shares of Common Stock at Sep. 30, 2018	139,453,420	139,500,000
Total stockholders' equity, ending balance at Sep. 30, 2018	$ 1,081.4
Non-controlling interests, ending balance at Sep. 30, 2018	42.3					$ 42.3
Total equity, ending balance at Sep. 30, 2018	$ 1,123.7	$ 1.4	$ 1,974.5	$ (877.6)	$ (16.9)

XML

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 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	$ 0.01	$ 0.01
Dividends declared per common share (in dollars per share)	$ 0.36	$ 0.36	$ 1.08	$ 1.08

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net income	$ 50.7	$ 90.3
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	136.7	142.9
Deferred tax benefit	(1.8)	(3.9)
Stock-based compensation	15.4	16.1
Provision for doubtful accounts	0.7	2.3
Accretion expense	1.8	1.8
Net gain on dispositions	(4.2)	(13.6)
Impairment charge	42.9	0.0
Equity in earnings of investee companies, net of tax	(2.7)	(3.8)
Distributions from investee companies	1.5	2.1
Amortization of deferred financing costs and debt discount and premium	4.2	4.6
Cash paid for direct lease acquisition costs	(30.2)	(30.0)
Change in assets and liabilities, net of investing and financing activities:
Increase in receivables	(30.9)	(16.6)
Increase in prepaid MTA equipment deployment costs	(48.8)	0.0
Decrease in prepaid expenses and other current assets	1.1	19.0
Decrease in accounts payable and accrued expenses	(0.4)	(34.9)
Increase in deferred revenues	8.8	8.6
Decrease in income taxes	(3.1)	(3.5)
Other, net	(4.3)	1.2
Net cash flow provided by (used for) operating activities	137.4	182.6
Investing Activities:
Capital expenditures	(62.1)	(58.6)
Acquisitions	(5.6)	(62.8)
MTA franchise rights	(9.4)	0.0
Net proceeds from dispositions	6.0	1.6
Net cash flow provided by (used for) investing activities	(71.1)	(119.8)
Financing Activities:
Proceeds from long-term debt borrowings	89.0	8.3
Repayments of long-term debt borrowings	(79.0)	0.0
Proceeds from borrowings under short-term debt facilities	200.0	223.0
Repayments of borrowings under short-term debt facilities	(105.0)	(150.0)
Payments of deferred financing costs	(0.2)	(7.7)
Proceeds from stock option exercises	0.0	1.2
Earnout payment related to prior acquisition	0.0	(2.0)
Taxes withheld for stock-based compensation	(8.2)	(8.2)
Dividends	(152.9)	(151.0)
Other	0.0	(0.2)
Net cash flow provided by (used for) financing activities	(56.3)	(86.6)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.2)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	9.8	(23.2)
Cash, cash equivalents and restricted cash, beginning of period	48.3	65.2
Cash, cash equivalents and restricted cash, end of period	58.1	42.0
Supplemental disclosure of cash flow Information:
Cash paid for income taxes	7.2	6.6
Cash paid for interest	79.2	72.8
Non-cash investing and financing activities:
Accrued purchases of property and equipment	6.1	5.4
Issuance of shares of a subsidiary for an acquisition	0.0	44.6
Acquisitions	0.0	(15.4)
Dispositions	0.0	15.4
Taxes withheld for stock-based compensation	$ 0.0	$ 0.3

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Description of Business and Basis of Presentation

9 Months Ended

Sep. 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 approximately 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.

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.

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New Accounting Standards

9 Months Ended

Sep. 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. Under that new guidance, which is applied prospectively, if the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. 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 $1.8 million, additional operating expenses of $1.3 million and additional selling, general and administrative expenses of $0.5 million in our Sports Marketing operating segment in the three months ended September 30, 2018, and additional revenues of $5.6 million, additional operating expenses of $3.9 million and additional selling, general and administrative expenses of $1.7 million in our Sports Marketing operating segment in the nine months ended September 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 10. 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. The update in July 2018 provides an additional (optional) transition method to adopt the new lease standard, allowing entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The update also provides lessors a practical expedient to allow them to not separate non-lease components from the associated lease component and instead to account for those components as a single component if certain criteria are met. We plan to utilize the updated transition method beginning January 1, 2019. The updated practical expedient for lessors will not have a material effect on our consolidated financial statements.

As of September 30, 2018, we had approximately 20,900 lease agreements in the U.S. and approximately 2,800 lease agreements in Canada, the majority of which will be classified as operating leases under the new guidance. We are currently evaluating our lease contracts and are in the process of implementing a new lease software system which will enable us to comply with this standard. This standard will require us to recognize a right-of-use asset and lease liability for the present value of minimum lease payments for operating leases with a term greater than 12 months and will have a significant impact on our consolidated financial statements. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms.

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Property and Equipment

9 Months Ended

Sep. 30, 2018

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.

		As of
(in millions)	Estimated Useful Lives	September 30, 2018		December 31, 2017
Land		$	97.7	$	94.4
Buildings	20 to 40 years	49.7		51.3
Advertising structures	5 to 20 years	1,788.3		1,750.8
Furniture, equipment and other	3 to 10 years	127.9		120.7
Construction in progress		23.5		27.4
		2,087.1		2,044.6
Less: accumulated depreciation		1,429.6		1,382.5
Property and equipment, net		$	657.5	$	662.1

Depreciation expense was $21.0 million in the three months ended September 30, 2018, and $22.3 million in the three months ended September 30, 2017. Depreciation expense was $63.4 million in the nine months ended September 30, 2018, and $68.3 million in the nine months ended September 30, 2017.

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Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

For the nine months ended September 30, 2018 and the year ended December 31, 2017, the changes in the book value of goodwill by segment were as follows:

(in millions)	U.S. Media		Other			Total
As of December 31, 2016	$	2,054.0	$	35.4		$	2,089.4
Currency translation adjustments	—		4.3			4.3
Additions(a)	—		34.3			34.3
As of December 31, 2017	2,054.0		74.0			2,128.0
Currency translation adjustments	—		(2.5		)	(2.5		)
Impairment	—		(42.9		)	(42.9		)
As of September 30, 2018	$	2,054.0	$	28.6		$	2,082.6

(a) Non-tax deductible goodwill associated with the Transaction (as defined below, see Note 9. Equity and Note 12. Acquisitions to the Consolidated Financial Statements).

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 a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill 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 September 30, 2018, goodwill related to our Canadian reporting unit, net of accumulated impairment of $42.9 million, was $22.7 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:

(in millions)	Gross		Accumulated Amortization			Net
As of September 30, 2018:
Permits and leasehold agreements	$	1,109.6	$	(688.8	)	$	420.8
Franchise agreements(a)	465.6		(354.3		)	111.3
Other intangible assets	47.1		(31.2		)	15.9
Total intangible assets	$	1,622.3	$	(1,074.3	)	$	548.0
As of December 31, 2017:
Permits and leasehold agreements	$	1,111.3	$	(661.6	)	$	449.7
Franchise agreements(a)	455.4		(346.2		)	109.2
Other intangible assets	47.1		(25.1		)	22.0
Total intangible assets	$	1,613.8	$	(1,032.9	)	$	580.9

(a) As of September 30, 2018, includes $10.3 million and as of December 31, 2017, includes $0.9 million related to MTA equipment deployment costs. (See Note 17. Commitments and Contingencies to the Consolidated Financial Statements.)

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $25.8 million in the three months ended September 30, 2018, and $25.5 million in the three months ended September 30, 2017, which includes the amortization of direct lease acquisition costs of $11.9 million in the three months ended September 30, 2018, and $10.6 million in the three months ended September 30, 2017. Amortization expense was $73.3 million in the nine months ended September 30, 2018, and $74.6 million in the nine months ended September 30, 2017, which includes the amortization of direct lease acquisition costs of $31.7 million in the nine months ended September 30, 2018, and $29.5 million in the nine months ended September 30, 2017. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year.

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Restricted Cash

9 Months Ended

Sep. 30, 2018

Restricted Cash [Abstract]

Restricted Cash

Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments.

We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash. In the third quarter of 2018, we entered into an escrow agreement in connection with one of our transit franchise contracts, which requires us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract. As of September 30, 2018, we have $1.4 million of restricted cash deposited in the escrow account.

	As of
(in millions)	September 30, 2018		September 30, 2017		December 31, 2017
Cash and cash equivalents	$	56.7	$	42.0	$	48.3
Restricted cash	1.4		—		—
Cash, cash equivalents and restricted cash	$	58.1	$	42.0	$	48.3

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Asset Retirement Obligation

9 Months Ended

Sep. 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.

(in millions)
As of December 31, 2017	$	34.7
Accretion expense	1.8
Additions	0.1
Liabilities settled	(1.8		)
Foreign currency translation adjustments	(0.2		)
As of September 30, 2018	$	34.6

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Related Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions [Abstract]

Related Party Transactions

Related Party TransactionsWe have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures which currently operate a total of 15 billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $20.8 million as of September 30, 2018, and $19.5 million as of December 31, 2017, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $2.2 million in the three months ended September 30, 2018, $2.1 million in the three months ended September 30, 2017, and $5.7 million in the nine months ended September 30, 2018 and $5.6 million in the nine months ended September 30, 2017.

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Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt

Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2018			December 31, 2017
Short-term debt:
AR Facility	$	100.0		$	80.0
Repurchase Facility	75.0			—
Total short-term debt	175.0			80.0
Long-term debt:
Revolving credit facility	10.0			—
Term loan, due 2024	668.1			667.8
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	549.7			549.6
5.625% senior unsecured notes, due 2024	502.2			502.6
5.875% senior unsecured notes, due 2025	450.0			450.0
Total senior unsecured notes	1,501.9			1,502.2
Debt issuance costs	(21.5		)	(24.7		)
Total long-term debt, net	2,158.5			2,145.3
Total debt, net	$	2,333.5		$	2,225.3
Weighted average cost of debt	5.0		%	4.8		%

Term Loan

The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.1% per annum as of September 30, 2018. As of September 30, 2018, a discount of $1.9 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 September 30, 2018, there were $10.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.5%. As of November 5, 2018, there were $25.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.5%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended September 30, 2018 and 2017, and $1.0 million in the nine months ended September 30, 2018, and $1.1 million in the nine months ended September 30, 2017. As of September 30, 2018, we had issued letters of credit totaling approximately $66.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of September 30, 2018, we had issued letters of credit totaling approximately $128.8 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 nine months ended September 30, 2018 and 2017.

Accounts Receivable Securitization Facilities

On September 6, 2018, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (“MUFG”) entered into amendments to the agreements governing the Company’s $100.0 million three-year revolving accounts receivable securitization facility (the “AR Facility”), along with other agreements with MUFG, pursuant to which the Company (i) extended the term of the AR Facility for one year so that it will now terminate on June 30, 2021, unless further extended, and (ii) entered into a 364-day $75.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”).  

In connection with the AR Securitization Facilities, Outfront Media LLC, a wholly-owned subsidiary of the Company (the “Originator”), 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 will transfer an undivided interest in the accounts receivable assets to certain purchasers from time to time (the “Purchasers”). 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.

In connection with the Repurchase Facility, the Originator may borrow up to $75.0 million, collateralized by a subordinated note (the “Subordinated Note”) issued by the SPV in favor of the Originator and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originator to the SPV under the AR Facility. The Subordinated Note will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the Originator on termination of the Repurchase Facility. The Originator has granted MUFG a security interest in the Subordinated Note to secure its obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originator’s obligations under the agreements governing the Repurchase Facility.

As of September 30, 2018, there were $100.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.1%, and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.4%. As of September 30, 2018, we had no borrowing capacity remaining under either the AR Facility or the Repurchase Facility, based on approximately $216.8 million of accounts receivables used as collateral for the AR Securitization Facilities, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and nine months ended September 30, 2018. As of November 5, 2018, there were $75.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.2%, and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.5%.

Senior Unsecured Notes

As of September 30, 2018, a discount of $0.3 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 September 30, 2018, a premium of $2.2 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 Securitization Facilities) 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 September 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 September 30, 2018, our Consolidated Total Leverage Ratio was 4.9 to 1.0 in accordance with the Credit Agreement. As of September 30, 2018, we are in compliance with our debt covenants.

Deferred Financing Costs

As of September 30, 2018, we had deferred $25.5 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities 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

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.4 billion as of September 30, 2018, and $2.3 billion as of December 31, 2017. The fair value of our debt as of both September 30, 2018, and December 31, 2017, is classified as Level 2.

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Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Equity

Equity

As of September 30, 2018, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 139,453,420 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 12. 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 nine months ended September 30, 2018, we made distributions of $2.0 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 September 30, 2018, 183,354 Class A equity interests have been redeemed for shares of the Company’s common stock.

In the third quarter of 2018, we issued 7,442 shares of our common stock under the Outfront Media Inc. Amended and Restated Omnibus Stock Incentive Plan, valued at $0.1 million, to a consultant for services rendered.

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 November 5, 2018, no shares of our common stock have been sold under the ATM Program, and accordingly, as of November 5, 2018, $300.0 million remained available to be sold under the sales agreement.

On October 23, 2018, we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on December 31, 2018, to stockholders of record at the close of business on December 7, 2018.

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Revenues

9 Months Ended

Sep. 30, 2018

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 $77.7 million as of September 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:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Billboard:
Static displays	$	223.9	$	216.6	$	630.6	$	623.7
Digital displays	57.4		46.3		152.6		123.6
Other	9.3		9.5		27.1		35.3
Billboard revenues	290.6		272.4		810.3		782.6
Transit:
Static displays	87.0		91.7		238.8		251.5
Digital displays	15.2		10.9		39.9		30.1
Other	9.6		8.8		27.2		25.3
Total transit revenues	111.8		111.4		305.9		306.9
Sports marketing and other	11.8		8.6		37.6		29.7
Transit and other revenues	123.6		120.0		343.5		336.6
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

Rental income was $281.3 million in the three months ended September 30, 2018, $262.9 million in the three months ended September 30, 2017, $783.2 million in the nine months ended September 30, 2018, and $747.3 million in the nine months ended September 30, 2017, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
United States:
Billboard	$	271.3	$	254.9	$	760.1	$	739.2
Transit and other	108.4		108.1		296.7		298.0
Sports marketing and other	11.8		8.6		37.6		29.7
Total United States revenues	391.5		371.6		1,094.4		1,066.9
Canada	22.7		20.8		59.4		52.3
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

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.

Amounts to be collected from customers for revenues recognized in previous periods are included in Receivables, less allowance, on the Consolidated Statement of Financial Position. Amounts collected from customers for revenues to be recognized in future periods are included in Deferred revenues on the Consolidated Statement of Financial Position. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2017, during the three months ended March 31, 2018.

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Restructuring Charges

9 Months Ended

Sep. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring charges

Restructuring ChargesFor the three months ended September 30, 2018, we recorded restructuring charges of $0.1 million, which was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the three months ended September 30, 2017, we recorded restructuring charges of $1.6 million, of which $1.2 million was recorded in Other for severance charges primarily associated with the Transaction and $0.4 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. For the nine months ended September 30, 2018, we recorded restructuring charges of $1.4 million, of which $0.8 million was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team and $0.6 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the nine months ended September 30, 2017, we recorded restructuring charges of $6.3 million, of which $4.0 million was recorded in Other for severance charges primarily associated with the Transaction and $2.3 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of September 30, 2018, $2.1 million in restructuring reserves remain outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position.

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Acquisitions

9 Months Ended

Sep. 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 (see Note 9. Equity to the Consolidated Financial Statements), 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 $5.6 million in the nine months ended September 30, 2018, and including the Transaction, $107.4 million in the nine months ended September 30, 2017.

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and 7 static billboard displays in California for a total estimated purchase price of $35.4 million, subject to post-closing adjustments for the achievement of operating income before depreciation and amortization targets relating to the acquired displays. The transaction is expected to close in 2019, subject to customary closing conditions and the timing of site development.

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2018

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 nine months ended September 30, 2018 and 2017.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)	$	4.8		$	5.1		$	15.4		$	15.9
Stock options	—			0.1			—			0.2
Stock-based compensation expense, before income taxes	4.8			5.2			15.4			16.1
Tax benefit	(0.4		)	(0.6		)	(1.1		)	(1.6		)
Stock-based compensation expense, net of tax	$	4.4		$	4.6		$	14.3		$	14.5

As of September 30, 2018, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $25.4 million, which is expected to be recognized over a weighted average period of 2.0 years.

RSUs and PRSUs

The following table summarizes activity for the nine months ended September 30, 2018, of RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2017	1,632,120		$	24.43
Granted:
RSUs	837,517		21.43
PRSUs	383,913		21.52
Vested:
RSUs	(590,383	)	24.38
PRSUs	(295,945	)	24.75
Forfeitures:
RSUs	(87,604	)	22.76
PRSUs	(123,843	)	24.25
Non-vested as of September 30, 2018	1,755,775		22.42

Stock Options

The following table summarizes activity for the nine months ended September 30, 2018, of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2017	165,293		$	20.69
Exercised	(23,446	)	6.25
Outstanding as of September 30, 2018	141,847		23.08
Exercisable as of September 30, 2018	141,847		23.08

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Retirement Benefits

9 Months Ended

Sep. 30, 2018

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:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Components of net periodic pension cost:
Service cost	$	0.3		$	0.4		$	1.1		$	1.1
Interest cost	0.5			0.5			1.4			1.4
Expected return on plan assets	(0.5		)	(0.5		)	(1.6		)	(1.6		)
Amortization of net actuarial losses(a)	0.2			0.1			0.5			0.4
Amortization of transitional obligation	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Net periodic pension cost	$	0.4		$	0.4		$	1.3		$	1.2

(a) Reflects amounts reclassified from accumulated other comprehensive income to net income.

In the nine months ended September 30, 2018, we contributed $1.8 million to our pension plans. In 2018, we expect to contribute approximately $2.5 million to our pension plans.

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Income Taxes

9 Months Ended

Sep. 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.

In the three and nine months ended September 30, 2018 and 2017, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations.

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Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

Earnings Per Share (“EPS”)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Net income available for common stockholders, diluted	$	46.8	$	50.7	$	50.7	$	90.3
Less: Distributions to holders of Class A equity interests of a subsidiary	0.6		0.7		2.0		0.7
Net income available for common stockholders, basic	$	46.2	$	50.0	$	48.7	$	89.6
Weighted average shares for basic EPS	139.3		138.6		139.1		138.5
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a)	0.3		0.3		0.3		0.4
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(b)	1.9		2.0		—		0.8
Weighted average shares for diluted EPS	141.5		140.9		139.4		139.7

(a) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.6 million in the three months ended September 30, 2017, 0.4 million in the nine months ended September 30, 2018, and 0.4 million in the nine months ended September 30, 2017, were antidilutive.

(b)

The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada in the nine months ended September 30, 2018, was antidilutive. (See Note 9. Equity to the Consolidated Financial Statements.)

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Commitment and Contingencies

9 Months Ended

Sep. 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 nine months ended September 30, 2018, several transit franchise contracts were renewed and/or awarded, resulting in additional guaranteed minimum annual payments. As of September 30, 2018, guaranteed minimum annual payments are as follows:

(in millions)	Guaranteed Minimum Annual Payments
2018	$	60.3
2019	188.4
2020	166.7
2021	161.6
2022	159.6
2023 and thereafter	827.3
Total	$	1,563.9

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 September 30, 2018, the outstanding letters of credit were approximately $194.9 million and outstanding surety bonds were approximately $27.2 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

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Segment Information

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

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.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Revenues:
U.S. Media	$	379.7	$	363.0	$	1,056.8	$	1,037.2
Other	34.5		29.4		97.0		82.0
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Net income	$	46.8		$	50.7		$	50.7		$	90.3
(Benefit) provision for income taxes	1.0			2.0			2.4			(0.8		)
Equity in earnings of investee companies, net of tax	(0.7		)	(1.4		)	(2.7		)	(3.8		)
Interest expense, net	32.0			29.2			93.0			85.9
Other income (expense), net	(0.2		)	(0.2		)	0.1			(0.3		)
Operating income	78.9			80.3			143.5			171.3
Restructuring charges	0.1			1.6			1.4			6.3
Net gain on dispositions	(1.3		)	(14.1		)	(4.2		)	(13.6		)
Impairment charge	—			—			42.9			—
Depreciation and amortization	46.8			47.8			136.7			142.9
Stock-based compensation	4.8			5.2			15.4			16.1
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0
Adjusted OIBDA:
U.S. Media	$	136.2		$	129.2		$	356.3		$	349.9
Other	4.2			1.9			7.6			4.8
Corporate	(11.1		)	(10.3		)	(28.2		)	(31.7		)
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Operating income (loss):
U.S. Media	$	96.0		$	100.7		$	240.4		$	232.1
Other	(1.2		)	(4.9		)	(53.3		)	(13.0		)
Corporate	(15.9		)	(15.5		)	(43.6		)	(47.8		)
Total operating income	$	78.9		$	80.3		$	143.5		$	171.3
Net gain on dispositions:
U.S. Media	$	(1.1	)	$	(14.1	)	$	(4.0	)	$	(13.6	)
Other	(0.2		)	—			(0.2		)	—
Total gain on dispositions	$	(1.3	)	$	(14.1	)	$	(4.2	)	$	(13.6	)
Impairment charge:
Other	$	—		$	—		$	42.9		$	—
Total impairment charge	$	—		$	—		$	42.9		$	—
Depreciation and amortization:
U.S. Media	$	41.2		$	42.2		$	119.3		$	129.1
Other	5.6			5.6			17.4			13.8
Total depreciation and amortization	$	46.8		$	47.8		$	136.7		$	142.9
Capital expenditures:
U.S. Media	$	14.0		$	15.1		$	54.0		$	54.6
Other	1.7			1.3			8.1			4.0
Total capital expenditures	$	15.7		$	16.4		$	62.1		$	58.6

	As of
(in millions)	September 30, 2018		December 31, 2017
Assets:
U.S. Media	$	3,582.0	$	3,528.8
Other	209.4		263.8
Corporate	24.6		15.6
Total assets	$	3,816.0	$	3,808.2

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Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2018

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 8. 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.

	As of September 30, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	19.9	$	7.3	$	29.5	$	—		$	56.7
Receivables, less allowance	—		—		50.2		231.9		(21.3		)	260.8
Other current assets	—		1.1		174.0		87.9		(150.5		)	112.5
Total current assets	—		21.0		231.5		349.3		(171.8		)	430.0
Property and equipment, net	—		—		606.8		50.7		—			657.5
Goodwill	—		—		2,059.9		22.7		—			2,082.6
Intangible assets	—		—		485.1		62.9		—			548.0
Investment in subsidiaries	1,081.4		3,241.6		246.5		—		(4,569.5		)	—
Prepaid MTA equipment deployment costs	—		—		33.3		—		—			33.3
Other assets	—		2.5		58.9		3.2		—			64.6
Intercompany	—		—		123.9		144.1		(268.0		)	—
Total assets	$	1,081.4	$	3,265.1	$	3,845.9	$	632.9	$	(5,009.3	)	$	3,816.0
Total current liabilities	$	—	$	25.2	$	354.0	$	191.0	$	(171.8	)	$	398.4
Long-term debt, net	—		2,158.5		—		—		—			2,158.5
Deferred income tax liabilities, net	—		—		—		19.8		—			19.8
Asset retirement obligation	—		—		29.9		4.7		—			34.6
Deficit in excess of investment of subsidiaries	—		—		2,160.2		—		(2,160.2		)	—
Other liabilities	—		—		76.3		4.7		—			81.0
Intercompany	—		—		144.1		123.9		(268.0		)	—
Total liabilities	—		2,183.7		2,764.5		344.1		(2,600.0		)	2,692.3
Total stockholders’ equity	1,081.4		1,081.4		1,081.4		246.5		(2,409.3		)	1,081.4
Non-controlling interests	—		—		—		42.3		—			42.3
Total equity	1,081.4		1,081.4		1,081.4		288.8		(2,409.3		)	1,123.7
Total liabilities and equity	$	1,081.4	$	3,265.1	$	3,845.9	$	632.9	$	(5,009.3	)	$	3,816.0

	As of December 31, 2017
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	10.2	$	3.7	$	34.4	$	—		$	48.3
Receivables, less allowance	—		—		42.1		202.7		(13.7		)	231.1
Other current assets	—		1.0		89.0		20.0		(13.4		)	96.6
Total current assets	—		11.2		134.8		257.1		(27.1		)	376.0
Property and equipment, net	—		—		609.1		53.0		—			662.1
Goodwill	—		—		2,059.9		68.1		—			2,128.0
Intangible assets	—		—		511.5		69.4		—			580.9
Investment in subsidiaries	1,181.1		3,333.6		293.4		—		(4,808.1		)	—
Other assets	—		3.3		55.1		2.8		—			61.2
Intercompany	—		—		123.9		148.3		(272.2		)	—
Total assets	$	1,181.1	$	3,348.1	$	3,787.7	$	598.7	$	(5,107.4	)	$	3,808.2
Total current liabilities	$	—	$	21.7	$	199.4	$	105.6	$	(27.1	)	$	299.6
Long-term debt, net	—		2,145.3		—		—		—			2,145.3
Deferred income tax liabilities, net	—		—		—		19.6		—			19.6
Asset retirement obligation	—		—		29.7		5.0		—			34.7
Deficit in excess of investment of subsidiaries	—		—		2,152.5		—		(2,152.5		)	—
Other liabilities	—		—		76.7		5.7		—			82.4
Intercompany	—		—		148.3		123.9		(272.2		)	—
Total liabilities	—		2,167.0		2,606.6		259.8		(2,451.8		)	2,581.6
Total stockholders’ equity	1,181.1		1,181.1		1,181.1		293.4		(2,655.6		)	1,181.1
Non-controlling interests	—		—		—		45.5		—			45.5
Total equity	1,181.1		1,181.1		1,181.1		338.9		(2,655.6		)	1,226.6
Total liabilities and equity	$	1,181.1	$	3,348.1	$	3,787.7	$	598.7	$	(5,107.4	)	$	3,808.2

	Three Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	271.1		$	19.5		$	—		$	290.6
Transit and other	—			—			120.3			3.3			—			123.6
Total revenues	—			—			391.4			22.8			—			414.2
Expenses:
Operating	—			—			202.6			12.7			—			215.3
Selling, general and administrative	0.4			0.1			71.1			2.8			—			74.4
Restructuring charges	—			—			0.1			—			—			0.1
Net gain on dispositions	—			—			(1.1		)	(0.2		)	—			(1.3		)
Impairment charge	—			—			—			—			—			—
Depreciation	—			—			18.1			2.9			—			21.0
Amortization	—			—			23.4			2.4			—			25.8
Total expenses	0.4			0.1			314.2			20.6			—			335.3
Operating income (loss)	(0.4		)	(0.1		)	77.2			2.2			—			78.9
Interest expense, net	—			(30.1		)	(1.0		)	(0.9		)	—			(32.0		)
Other income, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(30.2		)	76.2			1.5			—			47.1
Benefit (provision) for income taxes	—			—			(1.6		)	0.6			—			(1.0		)
Equity in earnings of investee companies, net of tax	47.2			77.4			(27.4		)	0.4			(96.9		)	0.7
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Total other comprehensive income, net of tax	1.7			1.7			1.7			1.7			(5.1		)	1.7
Total comprehensive income	$	48.5		$	48.9		$	48.9		$	4.2		$	(102.0	)	$	48.5

	Three Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	254.6		$	17.8		$	—		$	272.4
Transit and other	—			—			116.7			3.3			—			120.0
Total revenues	—			—			371.3			21.1			—			392.4
Expenses:
Operating	—			—			198.9			13.7			—			212.6
Selling, general and administrative	0.4			—			61.1			2.7			—			64.2
Restructuring charges	—			—			0.7			0.9			—			1.6
Net gain on dispositions	—			—			(14.1		)	—			—			(14.1		)
Depreciation	—			—			18.9			3.4			—			22.3
Amortization	—			—			23.6			1.9			—			25.5
Total expenses	0.4			—			289.1			22.6			—			312.1
Operating income (loss)	(0.4		)	—			82.2			(1.5		)	—			80.3
Interest expense, net	—			(28.7		)	(0.1		)	(0.4		)	—			(29.2		)
Other income, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(28.7		)	82.1			(1.7		)	—			51.3
Benefit (provision) for income taxes	—			—			(2.8		)	0.8			—			(2.0		)
Equity in earnings of investee companies, net of tax	51.1			79.8			(28.2		)	0.2			(101.5		)	1.4
Net income (loss)	$	50.7		$	51.1		$	51.1		$	(0.7	)	$	(101.5	)	$	50.7
Net income (loss)	$	50.7		$	51.1		$	51.1		$	(0.7	)	$	(101.5	)	$	50.7
Total other comprehensive income, net of tax	8.3			8.3			8.3			8.3			(24.9		)	8.3
Total comprehensive income	$	59.0		$	59.4		$	59.4		$	7.6		$	(126.4	)	$	59.0

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	759.6		$	50.7		$	—		$	810.3
Transit and other	—			—			334.4			9.1			—			343.5
Total revenues	—			—			1,094.0			59.8			—			1,153.8
Expenses:
Operating	—			—			585.3			39.1			—			624.4
Selling, general and administrative	1.2			0.2			202.1			5.6			—			209.1
Restructuring charges	—			—			1.4			—			—			1.4
Net gain on dispositions	—			—			(4.0		)	(0.2		)	—			(4.2		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			53.6			9.8			—			63.4
Amortization	—			—			67.0			6.3			—			73.3
Total expenses	1.2			0.2			905.4			103.5			—			1,010.3
Operating income (loss)	(1.2		)	(0.2		)	188.6			(43.7		)	—			143.5
Interest expense, net	—			(88.1		)	(2.8		)	(2.1		)	—			(93.0		)
Other expense, net	—			—			—			(0.1		)	—			(0.1		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.2		)	(88.3		)	185.8			(45.9		)	—			50.4
Benefit (provision) for income taxes	—			—			(4.1		)	1.7			—			(2.4		)
Equity in earnings of investee companies, net of tax	51.9			140.2			(129.8		)	0.8			(60.4		)	2.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Total other comprehensive loss, net of tax	(9.2		)	(9.2		)	(9.2		)	(9.2		)	27.6			(9.2		)
Total comprehensive income (loss)	$	41.5		$	42.7		$	42.7		$	(52.6	)	$	(32.8	)	$	41.5

	Nine Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	738.9		$	43.7		$	—		$	782.6
Transit and other	—			—			327.7			8.9			—			336.6
Total revenues	—			—			1,066.6			52.6			—			1,119.2
Expenses:
Operating	—			—			580.8			37.0			—			617.8
Selling, general and administrative	1.2			0.8			182.8			9.7			—			194.5
Restructuring charges	—			—			2.5			3.8			—			6.3
Net gain on dispositions	—			—			(13.6		)	—			—			(13.6		)
Depreciation	—			—			59.1			9.2			—			68.3
Amortization	—			—			71.3			3.3			—			74.6
Total expenses	1.2			0.8			882.9			63.0			—			947.9
Operating income (loss)	(1.2		)	(0.8		)	183.7			(10.4		)	—			171.3
Interest expense, net	—			(85.2		)	(0.4		)	(0.3		)	—			(85.9		)
Other income, net	—			—			—			0.3			—			0.3
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(1.2		)	(86.0		)	183.3			(10.4		)	—			85.7
Benefit (provision) for income taxes	—			—			(2.8		)	3.6			—			0.8
Equity in earnings of investee companies, net of tax	91.5			177.5			(89.0		)	0.6			(176.8		)	3.8
Net income (loss)	$	90.3		$	91.5		$	91.5		$	(6.2	)	$	(176.8	)	$	90.3
Net income (loss)	$	90.3		$	91.5		$	91.5		$	(6.2	)	$	(176.8	)	$	90.3
Total other comprehensive income, net of tax	13.7			13.7			13.7			13.7			(41.1		)	13.7
Total comprehensive income	$	104.0		$	105.2		$	105.2		$	7.5		$	(217.9	)	$	104.0

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(74.5	)	$	216.2		$	(3.1	)	$	—	$	137.4
Investing activities:
Capital expenditures	—			—			(52.5		)	(9.6		)	—		(62.1		)
Acquisitions	—			—			(5.6		)	—			—		(5.6		)
MTA franchise rights	—			—			(9.4		)	—			—		(9.4		)
Net proceeds from dispositions	—			—			5.7			0.3			—		6.0
Net cash flow used for investing activities	—			—			(61.8		)	(9.3		)	—		(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			89.0			—			—			—		89.0
Repayments of long-term debt borrowings	—			(79.0		)	—			—			—		(79.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			125.0			—		200.0
Repayments of borrowings under short-term debt facilities	—			—			—			(105.0		)	—		(105.0		)
Payments of deferred financing costs	—			(0.1		)	—			(0.1		)	—		(0.2		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.9		)	—			—			(2.0		)	—		(152.9		)
Intercompany	152.1			74.3			(216.2		)	(10.2		)	—		—
Net cash flow provided by (used for) financing activities	1.2			84.2			(149.4		)	7.7			—		(56.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(0.2		)	—		(0.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			9.7			5.0			(4.9		)	—		9.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	19.9		$	8.7		$	29.5		$	—	$	58.1

	Nine Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(73.0	)	$	229.1		$	27.7		$	—	$	182.6
Investing activities:
Capital expenditures	—			—			(53.7		)	(4.9		)	—		(58.6		)
Acquisitions	—			—			(11.2		)	(51.6		)	—		(62.8		)
Net proceeds from dispositions	—			—			1.6			—			—		1.6
Net cash flow used for investing activities	—			—			(63.3		)	(56.5		)	—		(119.8		)
Financing activities:
Proceeds from long-term debt borrowings	—			8.3			—			—			—		8.3
Proceeds from borrowings under short-term debt facilities	—			90.0			—			133.0			—		223.0
Repayments of borrowings under short-term debt facilities	—			(90.0		)	—			(60.0		)	—		(150.0		)
Payments of deferred financing costs	—			(7.5		)	—			(0.2		)	—		(7.7		)
Proceeds from stock option exercises	1.2			—			—			—			—		1.2
Earnout payment related to prior acquisition	—			—			(2.0		)	—			—		(2.0		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.3		)	—			(0.7		)	—			—		(151.0		)
Intercompany	150.3			65.4			(187.6		)	(28.1		)	—		—
Other	—			—			(0.2		)	—			—		(0.2		)
Net cash flow provided by (used for) financing activities	1.2			66.2			(198.7		)	44.7			—		(86.6		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.6			—		0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(6.8		)	(32.9		)	16.5			—		(23.2		)
Cash, cash equivalents and restricted cash at beginning of period	—			11.4			35.8			18.0			—		65.2
Cash, cash equivalents and restricted cash at end of period	$	—		$	4.6		$	2.9		$	34.5		$	—	$	42.0

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Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 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.

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New Accounting Standards (Policies)

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

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. Under that new guidance, which is applied prospectively, if the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. 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 $1.8 million, additional operating expenses of $1.3 million and additional selling, general and administrative expenses of $0.5 million in our Sports Marketing operating segment in the three months ended September 30, 2018, and additional revenues of $5.6 million, additional operating expenses of $3.9 million and additional selling, general and administrative expenses of $1.7 million in our Sports Marketing operating segment in the nine months ended September 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 10. Revenues to the Consolidated Financial Statements.)

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Goodwill and Other Intangible Assets (Policies)

9 Months Ended

Sep. 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 a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill 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.

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Restricted Cash (Policies)

9 Months Ended

Sep. 30, 2018

Restricted Cash [Abstract]

Cash, cash equivalents and restricted cash

Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments.We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash.

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Revenues Revenue from Contract with Customers (Policies)

9 Months Ended

Sep. 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.

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.

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Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

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

		As of
(in millions)	Estimated Useful Lives	September 30, 2018		December 31, 2017
Land		$	97.7	$	94.4
Buildings	20 to 40 years	49.7		51.3
Advertising structures	5 to 20 years	1,788.3		1,750.8
Furniture, equipment and other	3 to 10 years	127.9		120.7
Construction in progress		23.5		27.4
		2,087.1		2,044.6
Less: accumulated depreciation		1,429.6		1,382.5
Property and equipment, net		$	657.5	$	662.1

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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

For the nine months ended September 30, 2018 and the year ended December 31, 2017, the changes in the book value of goodwill by segment were as follows:

(in millions)	U.S. Media		Other			Total
As of December 31, 2016	$	2,054.0	$	35.4		$	2,089.4
Currency translation adjustments	—		4.3			4.3
Additions(a)	—		34.3			34.3
As of December 31, 2017	2,054.0		74.0			2,128.0
Currency translation adjustments	—		(2.5		)	(2.5		)
Impairment	—		(42.9		)	(42.9		)
As of September 30, 2018	$	2,054.0	$	28.6		$	2,082.6

(a)

Non-tax deductible goodwill associated with the Transaction (as defined below, see Note 9. Equity and Note 12. Acquisitions to the Consolidated Financial Statements).

Schedule of Finite-Lived Intangible Assets

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization			Net
As of September 30, 2018:
Permits and leasehold agreements	$	1,109.6	$	(688.8	)	$	420.8
Franchise agreements(a)	465.6		(354.3		)	111.3
Other intangible assets	47.1		(31.2		)	15.9
Total intangible assets	$	1,622.3	$	(1,074.3	)	$	548.0
As of December 31, 2017:
Permits and leasehold agreements	$	1,111.3	$	(661.6	)	$	449.7
Franchise agreements(a)	455.4		(346.2		)	109.2
Other intangible assets	47.1		(25.1		)	22.0
Total intangible assets	$	1,613.8	$	(1,032.9	)	$	580.9

(a)

As of September 30, 2018, includes $10.3 million and as of December 31, 2017, includes $0.9 million related to MTA equipment deployment costs. (See Note 17. Commitments and Contingencies to the Consolidated Financial Statements.)

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Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2018

Restricted Cash [Abstract]

Restricted Cash

	As of
(in millions)	September 30, 2018		September 30, 2017		December 31, 2017
Cash and cash equivalents	$	56.7	$	42.0	$	48.3
Restricted cash	1.4		—		—
Cash, cash equivalents and restricted cash	$	58.1	$	42.0	$	48.3

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Asset Retirement Obligation (Tables)

9 Months Ended

Sep. 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.

(in millions)
As of December 31, 2017	$	34.7
Accretion expense	1.8
Additions	0.1
Liabilities settled	(1.8		)
Foreign currency translation adjustments	(0.2		)
As of September 30, 2018	$	34.6

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Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2018			December 31, 2017
Short-term debt:
AR Facility	$	100.0		$	80.0
Repurchase Facility	75.0			—
Total short-term debt	175.0			80.0
Long-term debt:
Revolving credit facility	10.0			—
Term loan, due 2024	668.1			667.8
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	549.7			549.6
5.625% senior unsecured notes, due 2024	502.2			502.6
5.875% senior unsecured notes, due 2025	450.0			450.0
Total senior unsecured notes	1,501.9			1,502.2
Debt issuance costs	(21.5		)	(24.7		)
Total long-term debt, net	2,158.5			2,145.3
Total debt, net	$	2,333.5		$	2,225.3
Weighted average cost of debt	5.0		%	4.8		%

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Revenues (Tables)

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes revenues by source:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Billboard:
Static displays	$	223.9	$	216.6	$	630.6	$	623.7
Digital displays	57.4		46.3		152.6		123.6
Other	9.3		9.5		27.1		35.3
Billboard revenues	290.6		272.4		810.3		782.6
Transit:
Static displays	87.0		91.7		238.8		251.5
Digital displays	15.2		10.9		39.9		30.1
Other	9.6		8.8		27.2		25.3
Total transit revenues	111.8		111.4		305.9		306.9
Sports marketing and other	11.8		8.6		37.6		29.7
Transit and other revenues	123.6		120.0		343.5		336.6
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

Revenue from External Customers by Geographic Areas

The following table summarizes revenues by geography:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
United States:
Billboard	$	271.3	$	254.9	$	760.1	$	739.2
Transit and other	108.4		108.1		296.7		298.0
Sports marketing and other	11.8		8.6		37.6		29.7
Total United States revenues	391.5		371.6		1,094.4		1,066.9
Canada	22.7		20.8		59.4		52.3
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

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 nine months ended September 30, 2018 and 2017.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)	$	4.8		$	5.1		$	15.4		$	15.9
Stock options	—			0.1			—			0.2
Stock-based compensation expense, before income taxes	4.8			5.2			15.4			16.1
Tax benefit	(0.4		)	(0.6		)	(1.1		)	(1.6		)
Stock-based compensation expense, net of tax	$	4.4		$	4.6		$	14.3		$	14.5

Activity of RSUs and PRSUs Issued to Our Employees

The following table summarizes activity for the nine months ended September 30, 2018, of RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2017	1,632,120		$	24.43
Granted:
RSUs	837,517		21.43
PRSUs	383,913		21.52
Vested:
RSUs	(590,383	)	24.38
PRSUs	(295,945	)	24.75
Forfeitures:
RSUs	(87,604	)	22.76
PRSUs	(123,843	)	24.25
Non-vested as of September 30, 2018	1,755,775		22.42

Activity of Stock Options Issued to Our Employees

The following table summarizes activity for the nine months ended September 30, 2018, of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2017	165,293		$	20.69
Exercised	(23,446	)	6.25
Outstanding as of September 30, 2018	141,847		23.08
Exercisable as of September 30, 2018	141,847		23.08

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Retirement Benefits (Tables)

9 Months Ended

Sep. 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:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Components of net periodic pension cost:
Service cost	$	0.3		$	0.4		$	1.1		$	1.1
Interest cost	0.5			0.5			1.4			1.4
Expected return on plan assets	(0.5		)	(0.5		)	(1.6		)	(1.6		)
Amortization of net actuarial losses(a)	0.2			0.1			0.5			0.4
Amortization of transitional obligation	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Net periodic pension cost	$	0.4		$	0.4		$	1.3		$	1.2

(a)

Reflects amounts reclassified from accumulated other comprehensive income to net income.

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Earnings Per Share ("EPS") (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Net income available for common stockholders, diluted	$	46.8	$	50.7	$	50.7	$	90.3
Less: Distributions to holders of Class A equity interests of a subsidiary	0.6		0.7		2.0		0.7
Net income available for common stockholders, basic	$	46.2	$	50.0	$	48.7	$	89.6
Weighted average shares for basic EPS	139.3		138.6		139.1		138.5
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a)	0.3		0.3		0.3		0.4
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(b)	1.9		2.0		—		0.8
Weighted average shares for diluted EPS	141.5		140.9		139.4		139.7

(a) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.6 million in the three months ended September 30, 2017, 0.4 million in the nine months ended September 30, 2018, and 0.4 million in the nine months ended September 30, 2017, were antidilutive.

(b)

The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada in the nine months ended September 30, 2018, was antidilutive. (See Note 9. Equity to the Consolidated Financial Statements.)

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Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Contractual obligation, fiscal year maturity schedule

During the nine months ended September 30, 2018, several transit franchise contracts were renewed and/or awarded, resulting in additional guaranteed minimum annual payments. As of September 30, 2018, guaranteed minimum annual payments are as follows:

(in millions)	Guaranteed Minimum Annual Payments
2018	$	60.3
2019	188.4
2020	166.7
2021	161.6
2022	159.6
2023 and thereafter	827.3
Total	$	1,563.9

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The following tables set forth our financial performance by segment.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Revenues:
U.S. Media	$	379.7	$	363.0	$	1,056.8	$	1,037.2
Other	34.5		29.4		97.0		82.0
Total revenues	$	414.2	$	392.4	$	1,153.8	$	1,119.2

Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Net income	$	46.8		$	50.7		$	50.7		$	90.3
(Benefit) provision for income taxes	1.0			2.0			2.4			(0.8		)
Equity in earnings of investee companies, net of tax	(0.7		)	(1.4		)	(2.7		)	(3.8		)
Interest expense, net	32.0			29.2			93.0			85.9
Other income (expense), net	(0.2		)	(0.2		)	0.1			(0.3		)
Operating income	78.9			80.3			143.5			171.3
Restructuring charges	0.1			1.6			1.4			6.3
Net gain on dispositions	(1.3		)	(14.1		)	(4.2		)	(13.6		)
Impairment charge	—			—			42.9			—
Depreciation and amortization	46.8			47.8			136.7			142.9
Stock-based compensation	4.8			5.2			15.4			16.1
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0
Adjusted OIBDA:
U.S. Media	$	136.2		$	129.2		$	356.3		$	349.9
Other	4.2			1.9			7.6			4.8
Corporate	(11.1		)	(10.3		)	(28.2		)	(31.7		)
Total Adjusted OIBDA	$	129.3		$	120.8		$	335.7		$	323.0

Tabular Disclosure by Reportable Segments

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Operating income (loss):
U.S. Media	$	96.0		$	100.7		$	240.4		$	232.1
Other	(1.2		)	(4.9		)	(53.3		)	(13.0		)
Corporate	(15.9		)	(15.5		)	(43.6		)	(47.8		)
Total operating income	$	78.9		$	80.3		$	143.5		$	171.3
Net gain on dispositions:
U.S. Media	$	(1.1	)	$	(14.1	)	$	(4.0	)	$	(13.6	)
Other	(0.2		)	—			(0.2		)	—
Total gain on dispositions	$	(1.3	)	$	(14.1	)	$	(4.2	)	$	(13.6	)
Impairment charge:
Other	$	—		$	—		$	42.9		$	—
Total impairment charge	$	—		$	—		$	42.9		$	—
Depreciation and amortization:
U.S. Media	$	41.2		$	42.2		$	119.3		$	129.1
Other	5.6			5.6			17.4			13.8
Total depreciation and amortization	$	46.8		$	47.8		$	136.7		$	142.9
Capital expenditures:
U.S. Media	$	14.0		$	15.1		$	54.0		$	54.6
Other	1.7			1.3			8.1			4.0
Total capital expenditures	$	15.7		$	16.4		$	62.1		$	58.6

Reconciliation of Assets from Segment to Consolidated

	As of
(in millions)	September 30, 2018		December 31, 2017
Assets:
U.S. Media	$	3,582.0	$	3,528.8
Other	209.4		263.8
Corporate	24.6		15.6
Total assets	$	3,816.0	$	3,808.2

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Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Consolidating Financial Information [Abstract]

Condensed Statement of Financial Position

	As of September 30, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	19.9	$	7.3	$	29.5	$	—		$	56.7
Receivables, less allowance	—		—		50.2		231.9		(21.3		)	260.8
Other current assets	—		1.1		174.0		87.9		(150.5		)	112.5
Total current assets	—		21.0		231.5		349.3		(171.8		)	430.0
Property and equipment, net	—		—		606.8		50.7		—			657.5
Goodwill	—		—		2,059.9		22.7		—			2,082.6
Intangible assets	—		—		485.1		62.9		—			548.0
Investment in subsidiaries	1,081.4		3,241.6		246.5		—		(4,569.5		)	—
Prepaid MTA equipment deployment costs	—		—		33.3		—		—			33.3
Other assets	—		2.5		58.9		3.2		—			64.6
Intercompany	—		—		123.9		144.1		(268.0		)	—
Total assets	$	1,081.4	$	3,265.1	$	3,845.9	$	632.9	$	(5,009.3	)	$	3,816.0
Total current liabilities	$	—	$	25.2	$	354.0	$	191.0	$	(171.8	)	$	398.4
Long-term debt, net	—		2,158.5		—		—		—			2,158.5
Deferred income tax liabilities, net	—		—		—		19.8		—			19.8
Asset retirement obligation	—		—		29.9		4.7		—			34.6
Deficit in excess of investment of subsidiaries	—		—		2,160.2		—		(2,160.2		)	—
Other liabilities	—		—		76.3		4.7		—			81.0
Intercompany	—		—		144.1		123.9		(268.0		)	—
Total liabilities	—		2,183.7		2,764.5		344.1		(2,600.0		)	2,692.3
Total stockholders’ equity	1,081.4		1,081.4		1,081.4		246.5		(2,409.3		)	1,081.4
Non-controlling interests	—		—		—		42.3		—			42.3
Total equity	1,081.4		1,081.4		1,081.4		288.8		(2,409.3		)	1,123.7
Total liabilities and equity	$	1,081.4	$	3,265.1	$	3,845.9	$	632.9	$	(5,009.3	)	$	3,816.0

	As of December 31, 2017
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	10.2	$	3.7	$	34.4	$	—		$	48.3
Receivables, less allowance	—		—		42.1		202.7		(13.7		)	231.1
Other current assets	—		1.0		89.0		20.0		(13.4		)	96.6
Total current assets	—		11.2		134.8		257.1		(27.1		)	376.0
Property and equipment, net	—		—		609.1		53.0		—			662.1
Goodwill	—		—		2,059.9		68.1		—			2,128.0
Intangible assets	—		—		511.5		69.4		—			580.9
Investment in subsidiaries	1,181.1		3,333.6		293.4		—		(4,808.1		)	—
Other assets	—		3.3		55.1		2.8		—			61.2
Intercompany	—		—		123.9		148.3		(272.2		)	—
Total assets	$	1,181.1	$	3,348.1	$	3,787.7	$	598.7	$	(5,107.4	)	$	3,808.2
Total current liabilities	$	—	$	21.7	$	199.4	$	105.6	$	(27.1	)	$	299.6
Long-term debt, net	—		2,145.3		—		—		—			2,145.3
Deferred income tax liabilities, net	—		—		—		19.6		—			19.6
Asset retirement obligation	—		—		29.7		5.0		—			34.7
Deficit in excess of investment of subsidiaries	—		—		2,152.5		—		(2,152.5		)	—
Other liabilities	—		—		76.7		5.7		—			82.4
Intercompany	—		—		148.3		123.9		(272.2		)	—
Total liabilities	—		2,167.0		2,606.6		259.8		(2,451.8		)	2,581.6
Total stockholders’ equity	1,181.1		1,181.1		1,181.1		293.4		(2,655.6		)	1,181.1
Non-controlling interests	—		—		—		45.5		—			45.5
Total equity	1,181.1		1,181.1		1,181.1		338.9		(2,655.6		)	1,226.6
Total liabilities and equity	$	1,181.1	$	3,348.1	$	3,787.7	$	598.7	$	(5,107.4	)	$	3,808.2

Condensed Statement of Operations

	Three Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	271.1		$	19.5		$	—		$	290.6
Transit and other	—			—			120.3			3.3			—			123.6
Total revenues	—			—			391.4			22.8			—			414.2
Expenses:
Operating	—			—			202.6			12.7			—			215.3
Selling, general and administrative	0.4			0.1			71.1			2.8			—			74.4
Restructuring charges	—			—			0.1			—			—			0.1
Net gain on dispositions	—			—			(1.1		)	(0.2		)	—			(1.3		)
Impairment charge	—			—			—			—			—			—
Depreciation	—			—			18.1			2.9			—			21.0
Amortization	—			—			23.4			2.4			—			25.8
Total expenses	0.4			0.1			314.2			20.6			—			335.3
Operating income (loss)	(0.4		)	(0.1		)	77.2			2.2			—			78.9
Interest expense, net	—			(30.1		)	(1.0		)	(0.9		)	—			(32.0		)
Other income, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(30.2		)	76.2			1.5			—			47.1
Benefit (provision) for income taxes	—			—			(1.6		)	0.6			—			(1.0		)
Equity in earnings of investee companies, net of tax	47.2			77.4			(27.4		)	0.4			(96.9		)	0.7
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Total other comprehensive income, net of tax	1.7			1.7			1.7			1.7			(5.1		)	1.7
Total comprehensive income	$	48.5		$	48.9		$	48.9		$	4.2		$	(102.0	)	$	48.5

	Three Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	254.6		$	17.8		$	—		$	272.4
Transit and other	—			—			116.7			3.3			—			120.0
Total revenues	—			—			371.3			21.1			—			392.4
Expenses:
Operating	—			—			198.9			13.7			—			212.6
Selling, general and administrative	0.4			—			61.1			2.7			—			64.2
Restructuring charges	—			—			0.7			0.9			—			1.6
Net gain on dispositions	—			—			(14.1		)	—			—			(14.1		)
Depreciation	—			—			18.9			3.4			—			22.3
Amortization	—			—			23.6			1.9			—			25.5
Total expenses	0.4			—			289.1			22.6			—			312.1
Operating income (loss)	(0.4		)	—			82.2			(1.5		)	—			80.3
Interest expense, net	—			(28.7		)	(0.1		)	(0.4		)	—			(29.2		)
Other income, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(28.7		)	82.1			(1.7		)	—			51.3
Benefit (provision) for income taxes	—			—			(2.8		)	0.8			—			(2.0		)
Equity in earnings of investee companies, net of tax	51.1			79.8			(28.2		)	0.2			(101.5		)	1.4
Net income (loss)	$	50.7		$	51.1		$	51.1		$	(0.7	)	$	(101.5	)	$	50.7
Net income (loss)	$	50.7		$	51.1		$	51.1		$	(0.7	)	$	(101.5	)	$	50.7
Total other comprehensive income, net of tax	8.3			8.3			8.3			8.3			(24.9		)	8.3
Total comprehensive income	$	59.0		$	59.4		$	59.4		$	7.6		$	(126.4	)	$	59.0

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	759.6		$	50.7		$	—		$	810.3
Transit and other	—			—			334.4			9.1			—			343.5
Total revenues	—			—			1,094.0			59.8			—			1,153.8
Expenses:
Operating	—			—			585.3			39.1			—			624.4
Selling, general and administrative	1.2			0.2			202.1			5.6			—			209.1
Restructuring charges	—			—			1.4			—			—			1.4
Net gain on dispositions	—			—			(4.0		)	(0.2		)	—			(4.2		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			53.6			9.8			—			63.4
Amortization	—			—			67.0			6.3			—			73.3
Total expenses	1.2			0.2			905.4			103.5			—			1,010.3
Operating income (loss)	(1.2		)	(0.2		)	188.6			(43.7		)	—			143.5
Interest expense, net	—			(88.1		)	(2.8		)	(2.1		)	—			(93.0		)
Other expense, net	—			—			—			(0.1		)	—			(0.1		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.2		)	(88.3		)	185.8			(45.9		)	—			50.4
Benefit (provision) for income taxes	—			—			(4.1		)	1.7			—			(2.4		)
Equity in earnings of investee companies, net of tax	51.9			140.2			(129.8		)	0.8			(60.4		)	2.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Total other comprehensive loss, net of tax	(9.2		)	(9.2		)	(9.2		)	(9.2		)	27.6			(9.2		)
Total comprehensive income (loss)	$	41.5		$	42.7		$	42.7		$	(52.6	)	$	(32.8	)	$	41.5

	Nine Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	738.9		$	43.7		$	—		$	782.6
Transit and other	—			—			327.7			8.9			—			336.6
Total revenues	—			—			1,066.6			52.6			—			1,119.2
Expenses:
Operating	—			—			580.8			37.0			—			617.8
Selling, general and administrative	1.2			0.8			182.8			9.7			—			194.5
Restructuring charges	—			—			2.5			3.8			—			6.3
Net gain on dispositions	—			—			(13.6		)	—			—			(13.6		)
Depreciation	—			—			59.1			9.2			—			68.3
Amortization	—			—			71.3			3.3			—			74.6
Total expenses	1.2			0.8			882.9			63.0			—			947.9
Operating income (loss)	(1.2		)	(0.8		)	183.7			(10.4		)	—			171.3
Interest expense, net	—			(85.2		)	(0.4		)	(0.3		)	—			(85.9		)
Other income, net	—			—			—			0.3			—			0.3
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(1.2		)	(86.0		)	183.3			(10.4		)	—			85.7
Benefit (provision) for income taxes	—			—			(2.8		)	3.6			—			0.8
Equity in earnings of investee companies, net of tax	91.5			177.5			(89.0		)	0.6			(176.8		)	3.8
Net income (loss)	$	90.3		$	91.5		$	91.5		$	(6.2	)	$	(176.8	)	$	90.3
Net income (loss)	$	90.3		$	91.5		$	91.5		$	(6.2	)	$	(176.8	)	$	90.3
Total other comprehensive income, net of tax	13.7			13.7			13.7			13.7			(41.1		)	13.7
Total comprehensive income	$	104.0		$	105.2		$	105.2		$	7.5		$	(217.9	)	$	104.0

Condensed Statements of Cash Flows

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(74.5	)	$	216.2		$	(3.1	)	$	—	$	137.4
Investing activities:
Capital expenditures	—			—			(52.5		)	(9.6		)	—		(62.1		)
Acquisitions	—			—			(5.6		)	—			—		(5.6		)
MTA franchise rights	—			—			(9.4		)	—			—		(9.4		)
Net proceeds from dispositions	—			—			5.7			0.3			—		6.0
Net cash flow used for investing activities	—			—			(61.8		)	(9.3		)	—		(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			89.0			—			—			—		89.0
Repayments of long-term debt borrowings	—			(79.0		)	—			—			—		(79.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			125.0			—		200.0
Repayments of borrowings under short-term debt facilities	—			—			—			(105.0		)	—		(105.0		)
Payments of deferred financing costs	—			(0.1		)	—			(0.1		)	—		(0.2		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.9		)	—			—			(2.0		)	—		(152.9		)
Intercompany	152.1			74.3			(216.2		)	(10.2		)	—		—
Net cash flow provided by (used for) financing activities	1.2			84.2			(149.4		)	7.7			—		(56.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(0.2		)	—		(0.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			9.7			5.0			(4.9		)	—		9.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	19.9		$	8.7		$	29.5		$	—	$	58.1

	Nine Months Ended September 30, 2017
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(73.0	)	$	229.1		$	27.7		$	—	$	182.6
Investing activities:
Capital expenditures	—			—			(53.7		)	(4.9		)	—		(58.6		)
Acquisitions	—			—			(11.2		)	(51.6		)	—		(62.8		)
Net proceeds from dispositions	—			—			1.6			—			—		1.6
Net cash flow used for investing activities	—			—			(63.3		)	(56.5		)	—		(119.8		)
Financing activities:
Proceeds from long-term debt borrowings	—			8.3			—			—			—		8.3
Proceeds from borrowings under short-term debt facilities	—			90.0			—			133.0			—		223.0
Repayments of borrowings under short-term debt facilities	—			(90.0		)	—			(60.0		)	—		(150.0		)
Payments of deferred financing costs	—			(7.5		)	—			(0.2		)	—		(7.7		)
Proceeds from stock option exercises	1.2			—			—			—			—		1.2
Earnout payment related to prior acquisition	—			—			(2.0		)	—			—		(2.0		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.3		)	—			(0.7		)	—			—		(151.0		)
Intercompany	150.3			65.4			(187.6		)	(28.1		)	—		—
Other	—			—			(0.2		)	—			—		(0.2		)
Net cash flow provided by (used for) financing activities	1.2			66.2			(198.7		)	44.7			—		(86.6		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.6			—		0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(6.8		)	(32.9		)	16.5			—		(23.2		)
Cash, cash equivalents and restricted cash at beginning of period	—			11.4			35.8			18.0			—		65.2
Cash, cash equivalents and restricted cash at end of period	$	—		$	4.6		$	2.9		$	34.5		$	—	$	42.0

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Description of Business and Basis of Presentation - Narrative (Details)	9 Months Ended
	Sep. 30, 2018 markets segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of largest domestic markets in which the entity operates	25
Approximate number of markets in which the entity operates	140
Number of operating segments | segment	3

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New Accounting Standards Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2018 USD ($) leases	Jun. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) leases	Sep. 30, 2017 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment charge	$ 0.0	$ 42.9	$ 0.0	$ 42.9	$ 0.0
Transit and other	123.6		120.0	343.5	336.6
Operating	215.3		212.6	624.4	617.8
Selling, general and administrative	$ 74.4		$ 64.2	$ 209.1	$ 194.5
United States
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of leases | leases	20,900			20,900
Canada
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of leases | leases	2,800			2,800
Adjustments for New Accounting Pronouncement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transit and other	$ 1.8			$ 5.6
Operating	1.3			3.9
Selling, general and administrative	0.5			1.7
Canada
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill, accumulated impairment	$ 42.9			$ 42.9

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Property and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Property and Equipment [Line Items]
Property and equipment	$ 2,087.1	$ 2,044.6
Less: accumulated depreciation	1,429.6	1,382.5
Property and equipment, net	657.5	662.1
Land
Property and Equipment [Line Items]
Property and equipment	97.7	94.4
Buildings
Property and Equipment [Line Items]
Property and equipment	$ 49.7	51.3
Buildings | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years
Buildings | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	40 years
Advertising structures
Property and Equipment [Line Items]
Property and equipment	$ 1,788.3	1,750.8
Advertising structures | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	5 years
Advertising structures | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years
Furniture, equipment and other
Property and Equipment [Line Items]
Property and equipment	$ 127.9	120.7
Furniture, equipment and other | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture, equipment and other | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	10 years
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 23.5	$ 27.4

XML

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation	$ 21.0	$ 22.3	$ 63.4	$ 68.3

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Goodwill and Other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended		12 Months Ended
		Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill, Beginning Balance					$ 2,128.0	$ 2,089.4	$ 2,089.4
Currency translation adjustments					(2.5)		4.3
Additions	[1]				34.3		34.3
Impairment		$ 0.0	$ (42.9)	$ 0.0	(42.9)	0.0
Goodwill, Ending Balance		2,082.6			2,082.6		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					(2.5)		4.3
Additions	[1]						34.3
Impairment					(42.9)
Goodwill, Ending Balance		$ 28.6			$ 28.6		$ 74.0

[1] Non-tax deductible goodwill associated with the Transaction (as defined below, see Note 9. Equity and Note 12. Acquisitions to the Consolidated Financial Statements).

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Goodwill and Other Intangible Assets Narrative (Details) - Goodwill - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Impairment charge	$ 0.0	$ 42.9	$ 0.0	$ 42.9	$ 0.0
Goodwill	2,082.6			2,082.6		$ 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	$ 22.7			$ 22.7		$ 68.1

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Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions		Sep. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross		$ 1,622.3	$ 1,613.8
Accumulated amortization		(1,074.3)	(1,032.9)
Intangible assets		548.0	580.9
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross		1,109.6	1,111.3
Accumulated amortization		(688.8)	(661.6)
Intangible assets		420.8	449.7
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	[1]	465.6	455.4
Accumulated amortization		(354.3)	(346.2)
Intangible assets		111.3	109.2
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross		47.1	47.1
Accumulated amortization		(31.2)	(25.1)
Intangible assets		$ 15.9	$ 22.0

[1] As of September 30, 2018, includes $10.3 million and as of December 31, 2017, includes $0.9 million related to MTA equipment deployment costs. (See Note 17. Commitments and Contingencies to the Consolidated Financial Statements.)

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Goodwill and Other Intangible Assets Narrative (Details) - Intangible Assets - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets		$ 1,622.3		$ 1,622.3		$ 1,613.8
Amortization of intangible assets		25.8	$ 25.5	73.3	$ 74.6
Amortization of direct lease acquisition costs		11.9	$ 10.6	31.7	$ 29.5
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	[1]	465.6		$ 465.6		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		$ 10.3		$ 10.3		$ 0.9

[1] As of September 30, 2018, includes $10.3 million and as of December 31, 2017, includes $0.9 million related to MTA equipment deployment costs. (See Note 17. Commitments and Contingencies to the Consolidated Financial Statements.)

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Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Restricted Cash [Abstract]
Cash and cash equivalents	$ 56.7	$ 48.3	$ 42.0
Restricted cash	1.4	0.0	0.0
Cash, cash equivalents and restricted cash	$ 58.1	$ 48.3	$ 42.0	$ 65.2

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Asset Retirement Obligation - Narrative (Details)	9 Months Ended
	Sep. 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.

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Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2017	$ 34.7
Accretion expense	1.8
Additions	0.1
Liabilities settled	(1.8)
Foreign currency translation adjustments	(0.2)
As of September 30, 2018	$ 34.6

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Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) joint_venture Displays	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) joint_venture Displays	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Equity method investments | $	$ 20.8		$ 20.8		$ 19.5
Management fee revenue | $	$ 2.2	$ 2.1	$ 5.7	$ 5.6
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

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Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total short-term debt	$ 175.0	$ 80.0
Long-term debt, net	2,158.5	2,145.3
Debt issuance costs	(21.5)	(24.7)
Total debt, net	$ 2,333.5	$ 2,225.3
Weighted average cost of debt	5.00%	4.80%
Secured debt | Term loan, due 2024
Debt Instrument [Line Items]
Long-term debt, net	$ 668.1	$ 667.8
Maturity date	Mar. 16, 2024	Mar. 16, 2024
Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	$ 1,501.9	$ 1,502.2
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Long-term debt, net	$ 549.7	$ 549.6
Stated interest rate	5.25%	5.25%
Maturity date	Jan. 31, 2022	Jan. 31, 2022
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Long-term debt, net	$ 502.2	$ 502.6
Stated interest rate	5.625%	5.625%
Maturity date	Jan. 31, 2024	Jan. 31, 2024
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Long-term debt, net	$ 450.0	$ 450.0
Stated interest rate	5.875%	5.875%
Maturity date	Mar. 15, 2025	Mar. 15, 2025
Short-term debt | AR Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 100.0	$ 80.0
Short-term debt | Repurchase facility
Debt Instrument [Line Items]
Credit facility, outstanding amount	75.0	0.0
Long-term debt | Revolving credit facility
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 10.0	$ 0.0

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Debt - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Nov. 05, 2018 USD ($)
Line of Credit Facility [Line Items]
Debt instrument, covenant description			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.
Maximum consolidated total leverage ratio			6.0
Consolidated total leverage ratio			4.9
Debt Instrument [Line Items]
Deferred financing costs	$ 25.5		$ 25.5
Secured debt | Term loan, due 2024
Debt Instrument [Line Items]
Interest rate at period end	4.10%		4.10%
Unamortized debt discount	$ 1.9		$ 1.9
Maturity date			Mar. 16, 2024		Mar. 16, 2024
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Unamortized debt discount	0.3		$ 0.3
Debt face amount	$ 150.0		$ 150.0
Stated interest rate	5.25%		5.25%		5.25%
Maturity date			Jan. 31, 2022		Jan. 31, 2022
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Debt face amount	$ 100.0		$ 100.0
Unamortized premium	$ 2.2		$ 2.2
Stated interest rate	5.625%		5.625%		5.625%
Maturity date			Jan. 31, 2024		Jan. 31, 2024
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Stated interest rate	5.875%		5.875%		5.875%
Maturity date			Mar. 15, 2025		Mar. 15, 2025
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt at fair value	$ 2,400.0		$ 2,400.0		$ 2,300.0
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	430.0		$ 430.0
Credit facility, expiration date			Mar. 16, 2022		Mar. 16, 2022
Commitment fee for unused commitments	0.4	$ 0.4	$ 1.0	$ 1.1
Debt instrument, covenant description			The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) 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.
Maximum consolidated net secured coverage ratio			4.0
Consolidated net secured leverage ratio			1.5
Revolving credit facility | Long-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount	$ 10.0		$ 10.0		$ 0.0
Line of credit facility, interest rate at period end	4.50%		4.50%
Revolving credit facility | Long-term debt | Subsequent Event
Line of Credit Facility [Line Items]
Credit facility, outstanding amount						$ 25.0
Line of credit facility, interest rate at period end						4.50%
Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Debt covenant, restricted cash limit	$ 150.0		$ 150.0
Letter of credit sublimit to revolving credit facility
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount	66.1		66.1
Letter of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	150.0		150.0
Letters of credit outstanding, amount	128.8		128.8
AR Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100.0		$ 100.0
Credit facility, expiration date			Jun. 30, 2021
AR Facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount	$ 100.0		$ 100.0		80.0
Short-term debt, weighted average interest rate, at point in time	3.10%		3.10%
Line of credit facility, remaining borrowing capacity	$ 0.0		$ 0.0
AR Facility | Short-term debt | Subsequent Event
Line of Credit Facility [Line Items]
Credit facility, outstanding amount						$ 75.0
Short-term debt, weighted average interest rate, at point in time						3.20%
Repurchase facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	75.0		$ 75.0
Repurchase facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, expiration date			Sep. 06, 2019
Credit facility, outstanding amount	$ 75.0		$ 75.0		$ 0.0
Short-term debt, weighted average interest rate, at point in time	3.40%		3.40%
Line of credit facility, remaining borrowing capacity	$ 0.0		$ 0.0
Repurchase facility | Short-term debt | Subsequent Event
Line of Credit Facility [Line Items]
Credit facility, outstanding amount						$ 75.0
Short-term debt, weighted average interest rate, at point in time						3.50%
AR securitization facilities | Maximum
Line of Credit Facility [Line Items]
Debt instrument, collateral amount	$ 216.8		$ 216.8

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Equity - Narrative (Details) $ / shares in Units, $ in Millions					3 Months Ended		9 Months Ended
	Dec. 28, 2018	Dec. 07, 2018	Nov. 05, 2018 USD ($) $ / shares shares	Jun. 13, 2017 shares	Sep. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) $ / shares	Sep. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) $ / shares	Jun. 30, 2018 $ / shares	Dec. 31, 2017 $ / shares shares	Nov. 21, 2017 USD ($)	Jun. 30, 2017 $ / shares	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		$ 0.01	$ 0.01
Common Stock, Shares Issued					139,453,420		139,453,420			138,644,917
Common Stock, Shares Outstanding					139,453,420		139,453,420			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 | $							$ 152.9	$ 151.0
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $											$ 300.0
New shares issued (shares)					7,442
New shares issued (value) | $					$ 0.1		$ 0.1
Dividends declared per common share (in dollars per share) | $ / shares					$ 0.36	$ 0.36	$ 1.08	$ 1.08
Subsequent Event
Class of Stock [Line Items]
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $			$ 300.0
Dividends Payable, Date Declared			Oct. 23, 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	Dec. 31, 2018
Dividends Payable, Date of Record		Dec. 07, 2018
At-The-Market Equity Offering Program | Subsequent Event
Class of Stock [Line Items]
New shares issued (shares)			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 | $					$ 0.6	$ 0.7	$ 2.0	$ 0.7
Equity interests redeemed during the period							183,354
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%

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Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue from Contract with Customer [Abstract]
Customer billing term			30 days
Remaining performance obligation	$ 77.7		$ 77.7
Remaining performance obligation, expected timing of satisfaction	5 years		5 years
Rental income	$ 281.3	$ 262.9	$ 783.2	$ 747.3

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Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Billboard	$ 290.6	$ 272.4	$ 810.3	$ 782.6
Transit and other	123.6	120.0	343.5	336.6
Revenues	414.2	392.4	1,153.8	1,119.2
Static displays
Disaggregation of Revenue [Line Items]
Billboard	223.9	216.6	630.6	623.7
Transit and other	87.0	91.7	238.8	251.5
Digital displays
Disaggregation of Revenue [Line Items]
Billboard	57.4	46.3	152.6	123.6
Transit and other	15.2	10.9	39.9	30.1
Other
Disaggregation of Revenue [Line Items]
Billboard	9.3	9.5	27.1	35.3
Transit and other	9.6	8.8	27.2	25.3
Transit
Disaggregation of Revenue [Line Items]
Transit and other	111.8	111.4	305.9	306.9
Sports marketing and other
Disaggregation of Revenue [Line Items]
Transit and other	$ 11.8	$ 8.6	$ 37.6	$ 29.7

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Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Billboard	$ 290.6	$ 272.4	$ 810.3	$ 782.6
Transit and other	123.6	120.0	343.5	336.6
Revenues	414.2	392.4	1,153.8	1,119.2
United States
Disaggregation of Revenue [Line Items]
Billboard	271.3	254.9	760.1	739.2
Revenues	391.5	371.6	1,094.4	1,066.9
Canada
Disaggregation of Revenue [Line Items]
Revenues	22.7	20.8	59.4	52.3
Transit
Disaggregation of Revenue [Line Items]
Transit and other	111.8	111.4	305.9	306.9
Transit | United States
Disaggregation of Revenue [Line Items]
Transit and other	108.4	108.1	296.7	298.0
Sports marketing and other
Disaggregation of Revenue [Line Items]
Transit and other	11.8	8.6	37.6	29.7
Sports marketing and other | United States
Disaggregation of Revenue [Line Items]
Transit and other	$ 11.8	$ 8.6	$ 37.6	$ 29.7

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Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.1	$ 1.6	$ 1.4	$ 6.3
Restructuring reserve	2.1		2.1
Operating segments | Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1.2	0.8	4.0
Operating segments | U.S. Media
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.1	$ 0.4	$ 0.6	$ 2.3

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Acquisitions - Narrative (Details) $ in Millions			9 Months Ended		12 Months Ended
		Jun. 13, 2017 USD ($) shares	Sep. 30, 2018 USD ($) shares	Sep. 30, 2017 USD ($)	Dec. 31, 2019 USD ($) Displays	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired			$ 5.6	$ 107.4
Payments to acquire businesses, net of cash acquired			(5.6)	(62.8)
Equity interest of a subsidiary issued for an acquisition (value)			0.0	$ 44.6
Acquired intangible assets			68.0
Acquired goodwill	[1]		34.3			$ 34.3
Acquired deferred tax liabilities			17.0
Acquired other assets and liabilities			$ 9.1
Noncontrolling Interest
Business Acquisition [Line Items]
Equity interest of a subsidiary issued for an acquisition (value)		$ 44.4
Equity interest issued for an acquisition (in shares) | shares		1,953,407	1,953,407
Acquired businesses
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired		$ 94.4	$ 94.4
Payments to acquire businesses, net of cash acquired		$ (50.0)
Acquired businesses | Subsequent Event
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired					$ 35.4
Acquired businesses | Digital displays | Subsequent Event
Business Acquisition [Line Items]
Number of displays | Displays					14
Acquired businesses | Static displays | Subsequent Event
Business Acquisition [Line Items]
Number of displays | Displays					7

[1] Non-tax deductible goodwill associated with the Transaction (as defined below, see Note 9. Equity and Note 12. Acquisitions to the Consolidated Financial Statements).

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Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 4.8	$ 5.2	$ 15.4	$ 16.1
Tax benefit	(0.4)	(0.6)	(1.1)	(1.6)
Stock-based compensation expense, net of tax	4.4	4.6	14.3	14.5
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	4.8	5.1	15.4	15.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 0.0	$ 0.1	$ 0.0	$ 0.2

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Stock-Based Compensation - Narrative (Details) - Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized, share-based awards other than options	$ 25.4
Compensation cost not yet recognized, period for recognition	2 years

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Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details)	9 Months Ended
	Sep. 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 September 30, 2018 | shares	1,755,775
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 September 30, 2018 (per share) | $ / shares	$ 22.42
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	837,517
Vested | shares	(590,383)
Forfeitures | shares	(87,604)
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	24.38
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares	$ 22.76
Performance Restricted Stock Units (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	383,913
Vested | shares	(295,945)
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	24.75
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares	$ 24.25

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Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options	9 Months Ended
	Sep. 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 September 30, 2018 | shares	141,847
Exercisable as of September 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 September 30, 2018 | $ / shares	23.08
Weighted average exercise price, options exercisable, as of September 30, 2018 | $ / shares	$ 23.08

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Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost		$ 0.3	$ 0.4	$ 1.1	$ 1.1
Interest cost		0.5	0.5	1.4	1.4
Expected return on plan assets		(0.5)	(0.5)	(1.6)	(1.6)
Amortization of net actuarial losses	[1]	0.2	0.1	0.5	0.4
Amortization of transition obligation		(0.1)	(0.1)	(0.1)	(0.1)
Net periodic pension cost		$ 0.4	$ 0.4	$ 1.3	$ 1.2

[1] Reflects amounts reclassified from accumulated other comprehensive income to net income.

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Retirement Benefits - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($)
Retirement Benefits [Abstract]
Pension contributions	$ 1.8
Estimated future employer contributions in current fiscal year	$ 2.5

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Income Taxes - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 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

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Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to common stockholders, diluted		$ 46.8	$ 50.7	$ 50.7	$ 90.3
Less: Distributions to holders of Class A equity interests of a subsidiary				152.9	151.0
Net income available to common stockholders, basic		$ 46.2	$ 50.0	$ 48.7	$ 89.6
Weighted average shares for basic EPS		139.3	138.6	139.1	138.5
Dilutive potential shares from grants of RSUs, PRSUs and stock options	[1]	0.3	0.3	0.3	0.4
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary	[2]	1.9	2.0	0.0	0.8
Weighted average shares for diluted EPS		141.5	140.9	139.4	139.7
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		$ 0.6	$ 0.7	$ 2.0	$ 0.7
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				1.9
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		0.4	0.6	0.4	0.4

[1] The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.6 million in the three months ended September 30, 2017, 0.4 million in the nine months ended September 30, 2018, and 0.4 million in the nine months ended September 30, 2017, were antidilutive.

[2] The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada in the nine months ended September 30, 2018, was antidilutive. (See Note 9. Equity to the Consolidated Financial Statements.)

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Commitment and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($) Displays
Standalone letters of credit and sublimit to revolving credit facility [Member]
Other Commitments [Line Items]
Letters of credit outstanding, amount	$ 194.9
Surety Bond
Other Commitments [Line Items]
Surety Bonds Outstanding	$ 27.2
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

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Commitment and Contingencies Contractual Obligation, Fiscal Year Maturity Schedule (Details) - Guaranteed Minimum Contractual Payments $ in Millions	Sep. 30, 2018 USD ($)
Other Commitment, Fiscal Year Maturity [Abstract]
2018	$ 60.3
2019	188.4
2020	166.7
2021	161.6
2022	159.6
2023 and thereafter	827.3
Total	$ 1,563.9

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Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2018 segment
Segment Reporting [Abstract]
Number of operating segments	3

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Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Revenues	$ 414.2	$ 392.4	$ 1,153.8	$ 1,119.2
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Revenues	379.7	363.0	1,056.8	1,037.2
Operating segments | Other
Segment Reporting Information [Line Items]
Revenues	$ 34.5	$ 29.4	$ 97.0	$ 82.0

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Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Net income	$ 46.8		$ 50.7	$ 50.7	$ 90.3
(Benefit) provision for income taxes	1.0		2.0	2.4	(0.8)
Equity in earnings of investee companies, net of tax	(0.7)		(1.4)	(2.7)	(3.8)
Interest expense, net	32.0		29.2	93.0	85.9
Other income (expense), net	(0.2)		(0.2)	0.1	(0.3)
Operating income (loss)	78.9		80.3	143.5	171.3
Restructuring charges	0.1		1.6	1.4	6.3
Net gain on dispositions	(1.3)		(14.1)	(4.2)	(13.6)
Impairment charge	0.0	$ 42.9	0.0	42.9	0.0
Depreciation and amortization	46.8		47.8	136.7	142.9
Stock-based compensation	4.8		5.2	15.4	16.1
Adjusted OIBDA	129.3		120.8	335.7	323.0
Capital expenditures				62.1	58.6
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)	78.9		80.3	143.5	171.3
Net gain on dispositions	(1.3)		(14.1)	(4.2)	(13.6)
Impairment charge	0.0		0.0	42.9	0.0
Depreciation and amortization	46.8		47.8	136.7	142.9
Capital expenditures	15.7		16.4	62.1	58.6
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Operating income (loss)	96.0		100.7	240.4	232.1
Restructuring charges	0.1		0.4	0.6	2.3
Net gain on dispositions	(1.1)		(14.1)	(4.0)	(13.6)
Depreciation and amortization	41.2		42.2	119.3	129.1
Adjusted OIBDA	136.2		129.2	356.3	349.9
Capital expenditures	14.0		15.1	54.0	54.6
Operating segments | Other
Segment Reporting Information [Line Items]
Operating income (loss)	(1.2)		(4.9)	(53.3)	(13.0)
Restructuring charges			1.2	0.8	4.0
Net gain on dispositions	(0.2)		0.0	(0.2)	0.0
Impairment charge	0.0		0.0	42.9	0.0
Depreciation and amortization	5.6		5.6	17.4	13.8
Adjusted OIBDA	4.2		1.9	7.6	4.8
Capital expenditures	1.7		1.3	8.1	4.0
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(15.9)		(15.5)	(43.6)	(47.8)
Adjusted OIBDA	$ (11.1)		$ (10.3)	$ (28.2)	$ (31.7)

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Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total assets	$ 3,816.0	$ 3,808.2
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Total assets	3,582.0	3,528.8
Operating segments | Other
Segment Reporting Information [Line Items]
Total assets	209.4	263.8
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 24.6	$ 15.6

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Condensed Consolidating Financial Information - Narrative (Details)	Sep. 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%

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Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	$ 56.7		$ 48.3	$ 42.0
Receivables, less allowance	260.8		231.1
Other current assets	112.5		96.6
Total current assets	430.0		376.0
Property and equipment, net	657.5		662.1
Goodwill	2,082.6		2,128.0			$ 2,089.4
Intangible assets	548.0		580.9
Investment in subsidiaries	0.0		0.0
Prepaid MTA equipment deployment costs	33.3		0.0
Other assets	64.6		61.2
Intercompany	0.0		0.0
Total assets	3,816.0		3,808.2
Total current liabilities	398.4		299.6
Long-term debt, net	2,158.5		2,145.3
Deferred income tax liabilities, net	19.8		19.6
Asset retirement obligation	34.6		34.7
Deficit in excess of investment in subsidiaries	0.0		0.0
Other liabilities	81.0		82.4
Intercompany	0.0		0.0
Total liabilities	2,692.3		2,581.6
Total stockholders' equity	1,081.4	$ 1,074.8	1,181.1	1,195.0	$ 1,181.9	1,232.9
Non-controlling interests	42.3		45.5
Total equity	1,123.7	$ 1,120.5	1,226.6	$ 1,240.5	$ 1,226.6	$ 1,233.0
Total liabilities and equity	3,816.0		3,808.2
Eliminations
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	0.0		0.0
Receivables, less allowance	(21.3)		(13.7)
Other current assets	(150.5)		(13.4)
Total current assets	(171.8)		(27.1)
Property and equipment, net	0.0		0.0
Goodwill	0.0		0.0
Intangible assets	0.0		0.0
Investment in subsidiaries	(4,569.5)		(4,808.1)
Prepaid MTA equipment deployment costs	0.0
Other assets	0.0		0.0
Intercompany	(268.0)		(272.2)
Total assets	(5,009.3)		(5,107.4)
Total current liabilities	(171.8)		(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	(2,160.2)		(2,152.5)
Other liabilities	0.0		0.0
Intercompany	(268.0)		(272.2)
Total liabilities	(2,600.0)		(2,451.8)
Total stockholders' equity	(2,409.3)		(2,655.6)
Non-controlling interests	0.0		0.0
Total equity	(2,409.3)		(2,655.6)
Total liabilities and equity	(5,009.3)		(5,107.4)
Parent Company
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	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	1,081.4		1,181.1
Prepaid MTA equipment deployment costs	0.0
Other assets	0.0		0.0
Intercompany	0.0		0.0
Total assets	1,081.4		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	1,081.4		1,181.1
Non-controlling interests	0.0		0.0
Total equity	1,081.4		1,181.1
Total liabilities and equity	1,081.4		1,181.1
Subsidiary Issuer
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	19.9		10.2
Receivables, less allowance	0.0		0.0
Other current assets	1.1		1.0
Total current assets	21.0		11.2
Property and equipment, net	0.0		0.0
Goodwill	0.0		0.0
Intangible assets	0.0		0.0
Investment in subsidiaries	3,241.6		3,333.6
Prepaid MTA equipment deployment costs	0.0
Other assets	2.5		3.3
Intercompany	0.0		0.0
Total assets	3,265.1		3,348.1
Total current liabilities	25.2		21.7
Long-term debt, net	2,158.5		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	2,183.7		2,167.0
Total stockholders' equity	1,081.4		1,181.1
Non-controlling interests	0.0		0.0
Total equity	1,081.4		1,181.1
Total liabilities and equity	3,265.1		3,348.1
Guarantor Subsidiaries
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	7.3		3.7
Receivables, less allowance	50.2		42.1
Other current assets	174.0		89.0
Total current assets	231.5		134.8
Property and equipment, net	606.8		609.1
Goodwill	2,059.9		2,059.9
Intangible assets	485.1		511.5
Investment in subsidiaries	246.5		293.4
Prepaid MTA equipment deployment costs	33.3
Other assets	58.9		55.1
Intercompany	123.9		123.9
Total assets	3,845.9		3,787.7
Total current liabilities	354.0		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	2,160.2		2,152.5
Other liabilities	76.3		76.7
Intercompany	144.1		148.3
Total liabilities	2,764.5		2,606.6
Total stockholders' equity	1,081.4		1,181.1
Non-controlling interests	0.0		0.0
Total equity	1,081.4		1,181.1
Total liabilities and equity	3,845.9		3,787.7
Non-Guarantor Subsidiaries
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	29.5		34.4
Receivables, less allowance	231.9		202.7
Other current assets	87.9		20.0
Total current assets	349.3		257.1
Property and equipment, net	50.7		53.0
Goodwill	22.7		68.1
Intangible assets	62.9		69.4
Investment in subsidiaries	0.0		0.0
Prepaid MTA equipment deployment costs	0.0
Other assets	3.2		2.8
Intercompany	144.1		148.3
Total assets	632.9		598.7
Total current liabilities	191.0		105.6
Long-term debt, net	0.0		0.0
Deferred income tax liabilities, net	19.8		19.6
Asset retirement obligation	4.7		5.0
Deficit in excess of investment in subsidiaries	0.0		0.0
Other liabilities	4.7		5.7
Intercompany	123.9		123.9
Total liabilities	344.1		259.8
Total stockholders' equity	246.5		293.4
Non-controlling interests	42.3		45.5
Total equity	288.8		338.9
Total liabilities and equity	$ 632.9		$ 598.7

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Statements of Operations, Captions [Line Items]
Billboard	$ 290.6		$ 272.4	$ 810.3	$ 782.6
Transit and other	123.6		120.0	343.5	336.6
Total revenues	414.2		392.4	1,153.8	1,119.2
Operating	215.3		212.6	624.4	617.8
Selling, general and administrative	74.4		64.2	209.1	194.5
Restructuring charges	0.1		1.6	1.4	6.3
Net gain on dispositions	(1.3)		(14.1)	(4.2)	(13.6)
Impairment charge	0.0	$ 42.9	0.0	42.9	0.0
Depreciation	21.0		22.3	63.4	68.3
Amortization	25.8		25.5	73.3	74.6
Total expenses	335.3		312.1	1,010.3	947.9
Operating income (loss)	78.9		80.3	143.5	171.3
Interest expense, net	(32.0)		(29.2)	(93.0)	(85.9)
Other income (expense), net	0.2		0.2	(0.1)	0.3
Income (loss) before benefit for income taxes and equity in earnings of investee companies	47.1		51.3	50.4	85.7
Benefit (provision) for income taxes	(1.0)		(2.0)	(2.4)	0.8
Equity in earnings of investee companies, net of tax	0.7		1.4	2.7	3.8
Net income (loss)	46.8		50.7	50.7	90.3
Total other comprehensive income (loss), net of tax	1.7		8.3	(9.2)	13.7
Total comprehensive income	48.5		59.0	41.5	104.0
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 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 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	(96.9)		(101.5)	(60.4)	(176.8)
Net income (loss)	(96.9)		(101.5)	(60.4)	(176.8)
Total other comprehensive income (loss), net of tax	(5.1)		(24.9)	27.6	(41.1)
Total comprehensive income	(102.0)		(126.4)	(32.8)	(217.9)
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	1.2	1.2
Restructuring charges	0.0		0.0	0.0	0.0
Net gain 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	1.2	1.2
Operating income (loss)	(0.4)		(0.4)	(1.2)	(1.2)
Interest 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)	(1.2)	(1.2)
Benefit (provision) for income taxes	0.0		0.0	0.0	0.0
Equity in earnings of investee companies, net of tax	47.2		51.1	51.9	91.5
Net income (loss)	46.8		50.7	50.7	90.3
Total other comprehensive income (loss), net of tax	1.7		8.3	(9.2)	13.7
Total comprehensive income	48.5		59.0	41.5	104.0
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	0.1		0.0	0.2	0.8
Restructuring charges	0.0		0.0	0.0	0.0
Net gain 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	0.1		0.0	0.2	0.8
Operating income (loss)	(0.1)		0.0	(0.2)	(0.8)
Interest expense, net	(30.1)		(28.7)	(88.1)	(85.2)
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	(30.2)		(28.7)	(88.3)	(86.0)
Benefit (provision) for income taxes	0.0		0.0	0.0	0.0
Equity in earnings of investee companies, net of tax	77.4		79.8	140.2	177.5
Net income (loss)	47.2		51.1	51.9	91.5
Total other comprehensive income (loss), net of tax	1.7		8.3	(9.2)	13.7
Total comprehensive income	48.9		59.4	42.7	105.2
Guarantor Subsidiaries
Condensed Statements of Operations, Captions [Line Items]
Billboard	271.1		254.6	759.6	738.9
Transit and other	120.3		116.7	334.4	327.7
Total revenues	391.4		371.3	1,094.0	1,066.6
Operating	202.6		198.9	585.3	580.8
Selling, general and administrative	71.1		61.1	202.1	182.8
Restructuring charges	0.1		0.7	1.4	2.5
Net gain on dispositions	(1.1)		(14.1)	(4.0)	(13.6)
Impairment charge	0.0			0.0
Depreciation	18.1		18.9	53.6	59.1
Amortization	23.4		23.6	67.0	71.3
Total expenses	314.2		289.1	905.4	882.9
Operating income (loss)	77.2		82.2	188.6	183.7
Interest expense, net	(1.0)		(0.1)	(2.8)	(0.4)
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	76.2		82.1	185.8	183.3
Benefit (provision) for income taxes	(1.6)		(2.8)	(4.1)	(2.8)
Equity in earnings of investee companies, net of tax	(27.4)		(28.2)	(129.8)	(89.0)
Net income (loss)	47.2		51.1	51.9	91.5
Total other comprehensive income (loss), net of tax	1.7		8.3	(9.2)	13.7
Total comprehensive income	48.9		59.4	42.7	105.2
Non-Guarantor Subsidiaries
Condensed Statements of Operations, Captions [Line Items]
Billboard	19.5		17.8	50.7	43.7
Transit and other	3.3		3.3	9.1	8.9
Total revenues	22.8		21.1	59.8	52.6
Operating	12.7		13.7	39.1	37.0
Selling, general and administrative	2.8		2.7	5.6	9.7
Restructuring charges	0.0		0.9	0.0	3.8
Net gain on dispositions	(0.2)		0.0	(0.2)	0.0
Impairment charge	0.0			42.9
Depreciation	2.9		3.4	9.8	9.2
Amortization	2.4		1.9	6.3	3.3
Total expenses	20.6		22.6	103.5	63.0
Operating income (loss)	2.2		(1.5)	(43.7)	(10.4)
Interest expense, net	(0.9)		(0.4)	(2.1)	(0.3)
Other income (expense), net	0.2		0.2	(0.1)	0.3
Income (loss) before benefit for income taxes and equity in earnings of investee companies	1.5		(1.7)	(45.9)	(10.4)
Benefit (provision) for income taxes	0.6		0.8	1.7	3.6
Equity in earnings of investee companies, net of tax	0.4		0.2	0.8	0.6
Net income (loss)	2.5		(0.7)	(43.4)	(6.2)
Total other comprehensive income (loss), net of tax	1.7		8.3	(9.2)	13.7
Total comprehensive income	$ 4.2		$ 7.6	$ (52.6)	$ 7.5

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Condensed Statements of Cash Flows, Captions [Line Items]
Net cash flow provided by (used for) operating activities	$ 137.4	$ 182.6
Capital expenditures	(62.1)	(58.6)
Acquisitions	(5.6)	(62.8)
MTA franchise rights	(9.4)	0.0
Net proceeds from dispositions	6.0	1.6
Net cash flow provided by (used for) investing activities	(71.1)	(119.8)
Proceeds from long-term debt borrowings	89.0	8.3
Repayments of long-term debt borrowings	(79.0)	0.0
Proceeds from borrowings under short-term debt facilities	200.0	223.0
Repayments of borrowings under short-term debt facilities	(105.0)	(150.0)
Payments of deferred financing costs	(0.2)	(7.7)
Proceeds from stock option exercises	0.0	1.2
Earnout payment related to prior acquisition	0.0	(2.0)
Taxes withheld for stock-based compensation	(8.2)	(8.2)
Dividends	(152.9)	(151.0)
Intercompany	0.0	0.0
Other	0.0	(0.2)
Net cash flow provided by (used for) financing activities	(56.3)	(86.6)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.2)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	9.8	(23.2)
Cash, cash equivalents and restricted cash, beginning of period	48.3	65.2
Cash, cash equivalents and restricted cash, end of period	58.1	42.0
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
Earnout payment related to prior acquisition		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, cash equivalents and restricted cash	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	0.0	0.0
Cash, cash equivalents and restricted cash, beginning of period	0.0	0.0
Cash, cash equivalents and restricted cash, 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	(1.2)	(1.2)
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
Earnout payment related to prior acquisition		0.0
Taxes withheld for stock-based compensation	0.0	0.0
Dividends	(150.9)	(150.3)
Intercompany	152.1	150.3
Other		0.0
Net cash flow provided by (used for) financing activities	1.2	1.2
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	0.0	0.0
Cash, cash equivalents and restricted cash, beginning of period	0.0	0.0
Cash, cash equivalents and restricted cash, 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	(74.5)	(73.0)
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	89.0	8.3
Repayments of long-term debt borrowings	(79.0)
Proceeds from borrowings under short-term debt facilities	0.0	90.0
Repayments of borrowings under short-term debt facilities	0.0	(90.0)
Payments of deferred financing costs	(0.1)	(7.5)
Proceeds from stock option exercises		0.0
Earnout payment related to prior acquisition		0.0
Taxes withheld for stock-based compensation	0.0	0.0
Dividends	0.0	0.0
Intercompany	74.3	65.4
Other		0.0
Net cash flow provided by (used for) financing activities	84.2	66.2
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	9.7	(6.8)
Cash, cash equivalents and restricted cash, beginning of period	10.2	11.4
Cash, cash equivalents and restricted cash, end of period	19.9	4.6
Guarantor Subsidiaries
Condensed Statements of Cash Flows, Captions [Line Items]
Net cash flow provided by (used for) operating activities	216.2	229.1
Capital expenditures	(52.5)	(53.7)
Acquisitions	(5.6)	(11.2)
MTA franchise rights	(9.4)
Net proceeds from dispositions	5.7	1.6
Net cash flow provided by (used for) investing activities	(61.8)	(63.3)
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	0.0	0.0
Payments of deferred financing costs	0.0	0.0
Proceeds from stock option exercises		0.0
Earnout payment related to prior acquisition		(2.0)
Taxes withheld for stock-based compensation	(8.2)	(8.2)
Dividends	0.0	(0.7)
Intercompany	(216.2)	(187.6)
Other		(0.2)
Net cash flow provided by (used for) financing activities	(149.4)	(198.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.0	0.0
Net increase (decrease) in cash, cash equivalents and restricted cash	5.0	(32.9)
Cash, cash equivalents and restricted cash, beginning of period	3.7	35.8
Cash, cash equivalents and restricted cash, end of period	8.7	2.9
Non-Guarantor Subsidiaries
Condensed Statements of Cash Flows, Captions [Line Items]
Net cash flow provided by (used for) operating activities	(3.1)	27.7
Capital expenditures	(9.6)	(4.9)
Acquisitions	0.0	(51.6)
MTA franchise rights	0.0
Net proceeds from dispositions	0.3	0.0
Net cash flow provided by (used for) investing activities	(9.3)	(56.5)
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	125.0	133.0
Repayments of borrowings under short-term debt facilities	(105.0)	(60.0)
Payments of deferred financing costs	(0.1)	(0.2)
Proceeds from stock option exercises		0.0
Earnout payment related to prior acquisition		0.0
Taxes withheld for stock-based compensation	0.0	0.0
Dividends	(2.0)	0.0
Intercompany	(10.2)	(28.1)
Other		0.0
Net cash flow provided by (used for) financing activities	7.7	44.7
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.2)	0.6
Net increase (decrease) in cash, cash equivalents and restricted cash	(4.9)	16.5
Cash, cash equivalents and restricted cash, beginning of period	34.4	18.0
Cash, cash equivalents and restricted cash, end of period	$ 29.5	$ 34.5