10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2021

or

☐	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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01, par value	OUT	New York Stock Exchange

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.     ☒ Yes        ☐ 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).        ☒ Yes     ☐ 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	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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.    ☐

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

As of August 5, 2021, the number of shares outstanding of the registrant’s common stock was 145,598,601.

OUTFRONT MEDIA INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021

TABLE OF CONTENTS

PART I	3
Item 1. Financial Statements (Unaudited)	3
Consolidated Statements of Financial Position as of June 30, 2021, and December 31, 2020	3
Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020	4
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020	5
Consolidated Statements of Equity for the three and six months ended June 30, 2021 and 2020	6
Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020	8
Notes to Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3. Quantitative and Qualitative Disclosures About Market Risk	49
Item 4. Controls and Procedures	51
PART II	52
Item 1. Legal Proceedings	52
Item 1A. Risk Factors	52
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3. Defaults Upon Senior Securities	53
Item 4. Mine Safety Disclosures	53
Item 5. Other Information	53
Item 6. Exhibits	53
SIGNATURES	55

PART I

Item 1.    Financial Statements.

OUTFRONT Media Inc.

Consolidated Statements of Financial Position

(Unaudited)

	As of
(in millions)	June 30, 2021		December 31, 2020
Assets:
Current assets:
Cash and cash equivalents	$	529.0	$	710.4
Restricted cash	1.6		1.6
Receivables, less allowance ($19.8 in 2021 and $26.3 in 2020)	206.4		209.2
Prepaid lease and franchise costs	11.7		5.4
Other prepaid expenses	15.7		14.4
Other current assets	17.8		33.7
Total current assets	782.2		974.7
Property and equipment, net (Note 4)	631.2		634.2
Goodwill	2,078.5		2,077.8
Intangible assets (Note 5)	559.0		547.5
Operating lease assets (Note 6)	1,452.8		1,421.3
Prepaid MTA equipment deployment costs (Note 18)	229.6		204.6
Other assets	38.7		36.8
Total assets	$	5,772.0	$	5,896.9
Liabilities:
Current liabilities:
Accounts payable	$	51.6	$	64.9
Accrued compensation	44.9		35.0
Accrued interest	30.4		24.5
Accrued lease and franchise costs	48.8		65.8
Other accrued expenses	38.7		38.0
Deferred revenues	43.7		29.5
Short-term debt (Note 9)	—		80.0
Short-term operating lease liabilities (Note 6)	187.7		176.5
Other current liabilities	21.8		20.7
Total current liabilities	467.6		534.9
Long-term debt, net (Note 9)	2,617.9		2,620.8
Deferred income tax liabilities, net	13.5		14.6
Asset retirement obligation (Note 7)	35.8		35.9
Operating lease liabilities (Note 6)	1,275.1		1,252.0
Other liabilities	54.7		55.0
Total liabilities	4,464.6		4,513.2
Commitments and contingencies (Note 18)
Preferred stock (2021 - 50.0 shares authorized, and 0.4 shares of Series A Preferred Stock issued and outstanding; 2020 - 50.0 shares authorized, and 0.4 shares of Series A Preferred Stock issued and outstanding) (Note 10)	383.4		383.4
Stockholders’ equity (Note 10):
Common stock (2021 - 450.0 shares authorized, and 145.6 shares issued and outstanding; 2020 - 450.0 shares authorized, and 144.5 issued and outstanding)	1.5		1.4
Additional paid-in capital	2,103.1		2,090.8
Distribution in excess of earnings	(1,183.0)		(1,100.4)
Accumulated other comprehensive loss	(11.7)		(18.0)
Total stockholders’ equity	909.9		973.8
Non-controlling interests	14.1		26.5
Total equity	1,307.4		1,383.7
Total liabilities and equity	$	5,772.0	$	5,896.9

See accompanying notes to unaudited consolidated financial statements.

3

OUTFRONT Media Inc.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share amounts)	2021		2020		2021		2020
Revenues:
Billboard	$	287.3	$	188.5	$	510.9	$	459.4
Transit and other	53.7		44.4		89.3		158.8
Total revenues	341.0		232.9		600.2		618.2
Expenses:
Operating	189.6		154.0		367.2		378.8
Selling, general and administrative	88.9		68.7		165.4		159.5
Restructuring charges	—		4.7		—		4.7
Net gain on dispositions	(2.9)		(5.2)		(3.2)		(5.3)
Depreciation	20.0		21.2		40.0		42.2
Amortization	16.3		15.4		32.7		30.4
Total expenses	311.9		258.8		602.1		610.3
Operating income (loss)	29.1		(25.9)		(1.9)		7.9
Interest expense, net	(32.1)		(33.3)		(66.7)		(63.1)
Loss on extinguishment of debt	—		—		(6.3)		—
Other income, net	—		—		—		0.2
Loss before benefit for income taxes and equity in earnings of investee companies	(3.0)		(59.2)		(74.9)		(55.0)
Benefit for income taxes	2.4		1.5		7.1		3.2
Equity in earnings of investee companies, net of tax	(0.1)		(0.3)		(0.5)		0.1
Net loss before allocation to non-controlling interests	(0.7)		(58.0)		(68.3)		(51.7)
Net income (loss) attributable to non-controlling interests	0.2		(0.1)		0.3		0.1
Net loss attributable to OUTFRONT Media Inc.	$	(0.9)	$	(57.9)	$	(68.6)	$	(51.8)
Net loss per common share:
Basic	$	(0.05)	$	(0.44)	$	(0.57)	$	(0.40)
Diluted	$	(0.05)	$	(0.44)	$	(0.57)	$	(0.40)
Weighted average shares outstanding:
Basic	145.6		144.4		145.2		144.1
Diluted	145.6		144.4		145.2		144.1

See accompanying notes to unaudited consolidated financial statements.

4

OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net loss before allocation to non-controlling interests	$	(0.7)	$	(58.0)	$	(68.3)	$	(51.7)
Net income (loss) attributable to non-controlling interests	0.2		(0.1)		0.3		0.1
Net loss attributable to OUTFRONT Media Inc.	(0.9)		(57.9)		(68.6)		(51.8)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	2.4		4.4		3.7		(6.1)
Net actuarial gain (loss)	—		(0.2)		—		0.5
Change in fair value of interest rate swap agreements	1.4		0.7		2.6		(3.6)
Total other comprehensive income (loss), net of tax	3.8		4.9		6.3		(9.2)
Total comprehensive income (loss)	$	2.9	$	(53.0)	$	(62.3)	$	(61.0)

See accompanying notes to unaudited consolidated financial statements.

5

OUTFRONT Media Inc.

Consolidated Statements of Equity

(Unaudited)

				Stockholders’ Equity
(in millions, except per share amounts)	Shares of Series A Preferred Stock	Series A Preferred Stock ($0.01 per share par value)		Shares of Common Stock	Common Stock ($0.01 per share par value)		Additional Paid-In Capital		Distribution in Excess of Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity		Non-Controlling Interests		Total Equity
Balance as of March 31, 2020	—	$	—	144.4	$	1.4	$	2,072.8	$	(1,013.8)	$	(31.8)	$	1,028.6	$	28.4	$	1,057.0
Net loss	—	—		—	—		—		(57.9)		—		(57.9)		(0.1)		(58.0)
Other comprehensive income	—	—		—	—		—		—		4.9		4.9		—		4.9
Stock-based payments:
Amortization	—	—		—	—		6.1		—		—		6.1		—		6.1
Shares paid for tax withholding for stock-based payments	—	—		—	—		(0.1)		—		—		(0.1)		—		(0.1)
New share issues	0.4	383.4		—	—		—		—		—		—		—		383.4
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(5.5)		—		(5.5)		—		(5.5)
Other	—	—		—	—		—		—		—		—		(1.1)		(1.1)
Balance as of June 30, 2020	0.4	$	383.4	144.4	$	1.4	$	2,078.8	$	(1,077.2)	$	(26.9)	$	976.1	$	27.2	$	1,386.7
Balance as of March 31, 2021	0.4	$	383.4	145.5	$	1.5	$	2,095.5	$	(1,175.1)	$	(15.5)	$	906.4	$	14.4	$	1,304.2
Net income (loss)	—	—		—	—		—		(0.9)		—		(0.9)		0.2		(0.7)
Other comprehensive income	—	—		—	—		—		—		3.8		3.8		—		3.8
Stock-based payments:
Vested	—	—		0.1	—		—		—		—		—		—		—
Amortization	—	—		—	—		7.5		—		—		7.5		—		7.5
Shares paid for tax withholding for stock-based payments	—	—		—	—		(0.2)		—		—		(0.2)		—		(0.2)
Class A equity interest redemptions	—	—		—	—		0.3		—		—		0.3		(0.3)		—
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(7.0)		—		(7.0)		—		(7.0)
Other	—	—		—	—		—		—		—		—		(0.2)		(0.2)
Balance as of June 30, 2021	0.4	$	383.4	145.6	$	1.5	$	2,103.1	$	(1,183.0)	$	(11.7)	$	909.9	$	14.1	$	1,307.4

6

OUTFRONT Media Inc.

Consolidated Statements of Equity (Continued)

(Unaudited)

				Stockholders’ Equity
(in millions, except per share amounts)	Shares of Series A Preferred Stock	Series A Preferred Stock ($0.01 per share par value)		Shares of Common Stock	Common Stock ($0.01 per share par value)		Additional Paid-In Capital		Distribution in Excess of Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity		Non-Controlling Interests		Total Equity
Balance as of December 31, 2019	—	$	—	143.6	$	1.4	$	2,074.7	$	(964.6)	$	(17.7)	$	1,093.8	$	32.6	$	1,126.4
Net income (loss)	—	—		—	—		—		(51.8)		—		(51.8)		0.1		(51.7)
Other comprehensive loss	—	—		—	—		—		—		(9.2)		(9.2)		—		(9.2)
Stock-based payments:
Vested	—	—		1.0	—		—		—		—		—		—		—
Amortization	—	—		—	—		11.9		—		—		11.9		—		11.9
Shares paid for tax withholding for stock-based payments	—	—		(0.4)	—		(12.2)		—		—		(12.2)		—		(12.2)
New share issues	0.4	383.4		—	—		—		—		—		—		—		383.4
Class A equity interest redemptions	—	—		0.2	—		4.4		—		—		4.4		(4.4)		—
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(5.5)		—		(5.5)		—		(5.5)
Dividends ($0.38 per share)	—	—		—	—		—		(55.3)		—		(55.3)		—		(55.3)
Other	—	—		—	—		—		—		—		—		(1.1)		(1.1)
Balance as of June 30, 2020	0.4	$	383.4	144.4	$	1.4	$	2,078.8	$	(1,077.2)	$	(26.9)	$	976.1	$	27.2	$	1,386.7
Balance as of December 31, 2020	0.4	$	383.4	144.5	$	1.4	$	2,090.8	$	(1,100.4)	$	(18.0)	$	973.8	$	26.5	$	1,383.7
Net income ( loss)	—	—		—	—		—		(68.6)		—		(68.6)		0.3		(68.3)
Other comprehensive income	—	—		—	—		—		—		6.3		6.3		—		6.3
Stock-based payments:
Vested	—	—		1.1	0.1		—		—		—		0.1		—		0.1
Amortization	—	—		—	—		13.5		—		—		13.5		—		13.5
Shares paid for tax withholding for stock-based payments	—	—		(0.5)	—		(8.9)		—		—		(8.9)		—		(8.9)
Class A equity interest redemptions	—	—		0.5	—		11.0		—		—		11.0		(11.0)		—
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(14.0)		—		(14.0)		—		(14.0)
Other	—	—		—	—		(3.3)		—		—		(3.3)		(1.7)		(5.0)
Balance as of June 30, 2021	0.4	$	383.4	145.6	$	1.5	$	2,103.1	$	(1,183.0)	$	(11.7)	$	909.9	$	14.1	$	1,307.4

See accompanying notes to unaudited consolidated financial statements.

7

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2021		2020
Operating activities:
Net loss attributable to OUTFRONT Media Inc.	$	(68.6)	$	(51.8)
Adjustments to reconcile net loss to net cash flow provided by operating activities:
Net income attributable to non-controlling interests	0.3		0.1
Depreciation and amortization	72.7		72.6
Deferred tax benefit	(7.1)		(5.2)
Stock-based compensation	13.5		11.9
Provision for doubtful accounts	(4.4)		11.3
Accretion expense	1.3		1.3
Net gain on dispositions	(3.2)		(5.3)
Loss on extinguishment of debt	6.3		—
Equity in earnings of investee companies, net of tax	0.5		(0.1)
Distributions from investee companies	0.4		1.9
Amortization of deferred financing costs and debt discount and premium	3.8		3.0
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables	10.7		77.9
Increase in prepaid MTA equipment deployment costs	(25.0)		(28.3)
(Increase) decrease in prepaid expenses and other current assets	10.2		(2.2)
Decrease in accounts payable and accrued expenses	(18.0)		(59.8)
Increase in operating lease assets and liabilities	2.1		8.3
Increase in deferred revenues	14.1		9.3
Decrease in income taxes	(1.3)		(0.1)
Other, net	5.3		5.9
Net cash flow provided by operating activities	13.6		50.7
Investing activities:
Capital expenditures	(25.5)		(31.9)
Acquisitions	(42.7)		(13.6)
MTA franchise rights	(10.0)		(7.3)
Net proceeds from dispositions	1.2		2.7
Return of investment in investee companies	—		0.8
Net cash flow used for investing activities	(77.0)		(49.3)
Financing activities:
Proceeds from long-term debt borrowings	500.0		895.0
Repayments of long-term debt borrowings	(500.0)		(495.0)
Proceeds from borrowings under short-term debt facilities	—		15.0
Repayments of borrowings under short-term debt facilities	(80.0)		(130.0)
Payments of deferred financing costs	(7.3)		(7.5)
Payments of debt extinguishment charges	(4.7)		—
Proceeds from Series A Preferred Stock issuances	—		383.9
Taxes withheld for stock-based compensation	(8.9)		(12.0)
Dividends	(14.3)		(61.1)
Other	(3.7)		—
Net cash flow provided by (used for) financing activities	(118.9)		588.3

8

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2021		2020
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.9		(1.0)
Net increase (decrease) in cash, cash equivalents and restricted cash	(181.4)		588.7
Cash, cash equivalents and restricted cash at beginning of period	712.0		60.9
Cash, cash equivalents and restricted cash at end of period	$	530.6	$	649.6
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	1.4	$	2.1
Cash paid for interest	57.3		60.1
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	6.2	$	7.1
Accrued MTA franchise rights	4.5		2.7
Taxes withheld for stock-based compensation	0.1		0.1

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. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 150 markets across the U.S. and Canada. We currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International.

In the third quarter of 2020, we sold all of our equity interests in certain of our subsidiaries (the “Sports Disposition”), which held all of the assets of our Sports Marketing operating segment, for a purchase price of approximately $34.6 million in cash, subject to closing and post-closing adjustments. The Sports Marketing operating segment was the marketing and multimedia rights holder for a variety of colleges, universities and other educational institutions across the United States. The operating results of our Sports Marketing operating segment through June 30, 2020, are included in our Consolidated Financial Statements.

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. Amortization of direct lease acquisition costs previously reported in Amortization have been reclassified to conform with the current period’s presentation. The impact of the reclassification is a decrease in Amortization of $6.3 million in the three months ended June 30, 2020, and $17.6 million in the six months ended June 30, 2020, and a corresponding increase in Selling, general and administrative expenses (“SG&A”) on the Consolidated Statement of Operations. 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, 2020, filed with the SEC on February 26, 2021.

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 at 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, including the impact of extraordinary events such as the novel coronavirus (“COVID-19”) pandemic, 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 materially from these estimates under different assumptions or conditions, including the severity and duration of the COVID-19 pandemic.

The COVID-19 pandemic and the related preventative measures taken to help curb the spread, have had, and may continue to have, a significant impact on the global economy and our business. Given the uncertainty around the severity and duration of the COVID-19 pandemic and the measures taken, or may be taken, in response to the COVID-19 pandemic, the Company cannot reasonably estimate the full impact of the COVID-19 pandemic on our business, financial condition and results of operations at this time, which may be material.

10

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 2. New Accounting Standards

Adoption of New Accounting Standards

In the first quarter of 2021, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance for simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes. The adoption of this guidance did not have a material effect on our consolidated financial statements.

Recent Pronouncements

In March 2020, the FASB issued guidance providing optional expedients and exceptions for accounting for contracts, hedging relationships and other transactions that reference to the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance is effective for all entities as of March 12, 2020, through December 31, 2022. We do not expect this guidance to impact our accounting for our existing debt and hedging instruments.

Note 3. Restricted Cash

We have 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 June 30, 2021, we have $1.6 million of restricted cash deposited in the escrow account.

	As of
(in millions)	June 30, 2021		June 30, 2020		December 31, 2020
Cash and cash equivalents	$	529.0	$	647.8	$	710.4
Restricted cash	1.6		1.8		1.6
Cash, cash equivalents and restricted cash	$	530.6	$	649.6	$	712.0

Note 4. Property and Equipment, Net

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

		As of
(in millions)	Estimated Useful Lives	June 30, 2021		December 31, 2020
Land		$	102.6	$	98.0
Buildings	20 to 40 years	48.9		48.3
Advertising structures	5 to 20 years	1,920.6		1,897.7
Furniture, equipment and other	3 to 10 years	173.5		168.5
Construction in progress		30.3		25.1
		2,275.9		2,237.6
Less: Accumulated depreciation		1,644.7		1,603.4
Property and equipment, net		$	631.2	$	634.2

Depreciation expense was $20.0 million in the three months ended June 30, 2021, $21.2 million in the three months ended June 30, 2020, $40.0 million in the six months ended June 30, 2021, and $42.2 million in the six months ended June 30, 2020.

Note 5. 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.

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization		Net
As of June 30, 2021:
Permits and leasehold agreements	$	1,227.0	$	(799.0)	$	428.0
Franchise agreements	522.4		(393.5)		128.9
Other intangible assets	22.1		(20.0)		2.1
Total intangible assets	$	1,771.5	$	(1,212.5)	$	559.0
As of December 31, 2020:
Permits and leasehold agreements	$	1,190.0	$	(777.1)	$	412.9
Franchise agreements	514.7		(383.7)		131.0
Other intangible assets	45.8		(42.2)		3.6
Total intangible assets	$	1,750.5	$	(1,203.0)	$	547.5

In the six months ended June 30, 2021, we acquired 40 digital billboards, resulting in amortizable intangible assets for permits and leasehold agreements of $35.0 million, which are amortized using the straight-line method over their estimated useful lives, a average period of 18.0 years.

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $16.3 million in the three months ended June 30, 2021, $15.4 million in the three months ended June 30, 2020, $32.7 million in the six months ended June 30, 2021, and $30.4 million in the six months ended June 30, 2020.

Note 6. Leases

Lessee

As of June 30, 2021, we have operating lease assets of $1.5 billion, short-term operating lease liabilities of $187.7 million and non-current operating lease liabilities of $1.3 billion. As of December 31, 2020, we had operating lease assets of $1.4 billion, short-term operating lease liabilities of $176.5 million and non-current operating lease liabilities of $1.3 billion. As of June 30, 2021, the weighted-average remaining lease term was 10.5 years and the weighted-average discount rate was 5.3%.

For the three months ended June 30, 2021, we recorded operating lease costs of $99.9 million in Operating expenses and $2.4 million in Selling, general and administrative expenses. For the three months ended June 30, 2021, these costs include $19.3 million of variable operating lease costs. For the three months ended June 30, 2020, we recorded operating lease costs of $93.3 million in Operating expenses and $2.1 million in Selling, general and administrative expenses. For the three months ended June 30, 2020, these costs include $14.6 million of variable operating lease costs. For the six months ended June 30, 2021, we recorded operating lease costs of $193.6 million in Operating expenses and $4.5 million in Selling, general and administrative expenses. For the six months ended June 30, 2021, these costs include $33.2 million of variable operating lease costs. For the six months ended June 30, 2020, we recorded operating lease costs of $195.8 million in Operating expenses and $4.3 million in Selling, general and administrative expenses. For the six months ended June 30, 2020, these costs include $36.7 million of variable operating lease costs. For each of the three and six months ended June 30, 2021 and 2020, sublease income was immaterial.

For the six months ended June 30, 2021, cash paid for operating leases was $190.9 million and leased assets obtained in exchange for new operating lease liabilities was $139.9 million. For the six months ended June 30, 2020, cash paid for operating leases was $199.0 million and leased assets obtained in exchange for new operating lease liabilities was $116.4 million.

12

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Lessor

We recorded rental income of $277.6 million for the three months ended June 30, 2021, $182.0 million for the three months ended June 30, 2020, $493.4 million for the six months ended June 30, 2021, and $444.3 million for the six months ended June 30, 2020, in Revenues on our Consolidated Statement of Operations.

Note 7. 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, 2020	$	35.9
Accretion expense	1.3
Additions	0.2
Liabilities settled	(1.8)
Foreign currency translation adjustments	0.2
As of June 30, 2021	$	35.8

Note 8. 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 seven billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $9.6 million as of June 30, 2021, and $10.5 million as of December 31, 2020, 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 $1.3 million in the three months ended June 30, 2021, $1.0 million in the three months ended June 30, 2020, $2.4 million in the six months ended June 30, 2021, and $2.5 million in the six months ended June 30, 2020.

13

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 9. Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	June 30, 2021			December 31, 2020
Short-term debt:
Repurchase Facility	$	—		$	80.0
Total short-term debt	—			80.0
Long-term debt:
Term loan, due 2026	598.0			597.8
Senior unsecured notes:
5.625% senior unsecured notes, due 2024	—			501.3
6.250% senior unsecured notes, due 2025	400.0			400.0
5.000% senior unsecured notes, due 2027	650.0			650.0
4.250% senior unsecured notes, due 2029	500.0			—
4.625% senior unsecured notes, due 2030	500.0			500.0
Total senior unsecured notes	2,050.0			2,051.3
Debt issuance costs	(30.1)			(28.3)
Total long-term debt, net	2,617.9			2,620.8
Total debt, net	$	2,617.9		$	2,700.8
Weighted average cost of debt	4.3		%	4.5		%

Term Loan

The interest rate on the term loan due in 2026 (the “Term Loan”) was 1.8% per annum as of June 30, 2021. As of June 30, 2021, a discount of $2.0 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

We also have a $500.0 million revolving credit facility, which matures in 2024 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”).

As of June 30, 2021, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in the three months ended June 30, 2021, $0.3 million in the three months ended June 30, 2020, $0.9 million in the six months ended June 30, 2021, and $0.6 million in the six months ended June 30, 2020. As of June 30, 2021, we had issued letters of credit totaling approximately $2.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of June 30, 2021, we had issued letters of credit totaling approximately $72.2 million under our aggregate $78.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2021 and 2020.

14

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Effective July 27, 2021, we increased our standalone letter of credit facilities by $3.0 million. As of August 5, 2021, we had issued letters of credit totaling approximately $73.9 million under our aggregate $81.0 million standalone letters of credit facilities.

Accounts Receivable Securitization Facilities

As of June 30, 2021, we have a revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended. Our 364-day uncommitted structured repurchase facility (the “Repurchase Facility”) expired on June 29, 2021, and we chose not to extend it at this time.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ 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 SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

As of June 30, 2021, there were no outstanding borrowings under the AR Facility. As of June 30, 2021, there was no borrowing capacity remaining under the AR Facility based on approximately $245.5 million of accounts receivable used as collateral for the AR Facility and a related voluntary temporary suspension of the AR Facility, in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and six months ended June 30, 2021 and 2020.

Senior Unsecured Notes

On January 19, 2021, two of our wholly-owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (“Finance Corp” and, together with Finance LLC, the “Borrowers”) issued $500.0 million aggregate principal amount of 4.250% Senior Unsecured Notes due 2029 (the “2029 Notes”) in a private placement. The 2029 Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2029 Notes is payable on January 15 and July 15 of each year, beginning on July 15, 2021. On or after January 15, 2024, the Borrowers may redeem at any time, or from time to time, some or all of the 2029 Notes. Prior to such date, the Borrowers may redeem up to 40% of the aggregate principal amount with the net proceeds of certain equity offerings, provided that at least 50% of the aggregate principal amount of the 2029 Notes will remain outstanding after the redemption.

On February 16, 2021, we used the net proceeds from the issuance of the 2029 Notes, together with cash on hand, to redeem all of our outstanding 5.625% Senior Unsecured Notes due 2024 (the “2024 Notes”) and to pay accrued and unpaid interest on the 2024 Notes, if any, to, but excluding, the redemption date, and to pay fees and expenses in connection with the 2029 Notes offering and the 2024 Notes redemption. In the first quarter of 2021, we recorded a Loss on extinguishment of debt of $6.3 million relating to the 2024 Notes 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

15

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“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 exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2021, our Consolidated Total Leverage Ratio was 9.8 to 1.0 in accordance with the Credit Agreement.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of June 30, 2021, our Consolidated Net Secured Leverage Ratio was 1.3 to 1.0 in accordance with the Credit Agreement. As of June 30, 2021, we are in compliance with our debt covenants.

On April 15, 2020, the Company, along with the Borrowers, and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment provides that for the period from April 15, 2020 through September 30, 2021 (i) the Company’s Consolidated Net Secured Leverage Ratio shall be calculated by substituting the Company’s Consolidated EBITDA for each of the quarterly periods ended June 30, 2020 and September 30, 2020, included in any last twelve month compliance testing period, with the Company’s historical Consolidated EBITDA for each of the quarterly periods ended June 30, 2019 and September 30, 2019, respectively; and (ii) the Company will not make any Restricted Payments (as defined in the Credit Agreement) without the consent of the applicable lenders under the Credit Agreement, subject to certain exceptions such as payments necessary to maintain the Company’s REIT status, including any payments on any class of the Company’s capital stock that is required to be made prior to the payment of a dividend or distribution on the Company’s common stock and the Company’s existing payment obligations to holders of the Class A equity interests in Outfront Canada (as defined in Note 10. Equity to the Consolidated Financial Statements).

Deferred Financing Costs

As of June 30, 2021, we had deferred $33.3 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes.

Interest Rate Swap Agreements

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $3.0 million as of June 30, 2021, and $5.6 million as of December 31, 2020, and is included in Other liabilities on our Consolidated Statement of Financial Position.

As of June 30, 2021, under the terms of these agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 0.1% as of June 30, 2021.

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 $2.7 billion as of June 30, 2021, and $2.8 billion as of December 31, 2020. The fair value of our debt as of both June 30, 2021, and December 31, 2020, is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $3.0 million as of June 30, 2021, and $5.6 million as of December 31, 2020.

16

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

The aggregate fair value of our interest rate cash flow swap agreements as of both June 30, 2021 and December 31, 2020, is classified as Level 2.

Note 10. Equity

As of June 30, 2021, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 145,598,178 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with 400,000 shares of Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, issued and outstanding.

The Series A Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend and distribution rights. Holders of the Series A Preferred Stock are entitled to a cumulative dividend accruing at the initial rate of 7.0% per year, payable quarterly in arrears, subject to increases as set forth in the Articles Supplementary, effective as of April 20, 2020 (the “Articles”). Dividends may, at the option of the Company, be paid in cash, in-kind, through the issuance of additional shares of Series A Preferred Stock or a combination of cash and in-kind, until April 20, 2028, after which time dividends will be payable solely in cash. So long as any shares of Series A Preferred Stock remain outstanding, the Company may not declare a dividend on, or make any distributions relating to, capital stock that ranks junior to, or on a parity basis with, the Series A Preferred Stock, subject to certain exceptions, including but not limited to (i) any dividend or distribution in cash or capital stock of the Company on or in respect of the capital stock of the Company to the extent that such dividend or distribution is necessary to maintain the Company’s status as a REIT; and (ii) any dividend or distribution in cash in respect of our common stock that, together with the dividends or distributions during the 12-month period immediately preceding such dividend or distribution, is not in excess of 5% of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12-month period. If any dividends or distributions in respect of the shares of our common stock are paid in cash, the shares of Series A Preferred Stock will participate in the dividends or distributions on an as-converted basis up to the amount of their accrued dividend for such quarter, which amounts will reduce the dividends payable on the shares of Series A Preferred Stock dollar-for-dollar for such quarter. The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.

During the three months ended June 30, 2021, we paid cash dividends of $7.0 million on the Series A Preferred Stock and during the six months ended June 30, 2021, we paid cash dividends of $14.0 million on the Series A Preferred Stock. As of June 30, 2021, the maximum number of shares of common stock that could be required to be issued on conversion of the outstanding shares of Series A Preferred Stock was 25.0 million shares.

In connection with the acquisition of outdoor advertising assets in Canada in June 2017, 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. The Company is also subject to limitations on its ability to sell or otherwise dispose of the assets acquired in Canada until June 2022, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability, plus a tax gross-up.

During the three and six months ended June 30, 2021, we made no distributions to holders of the Class A equity interests. As of June 30, 2021, 1,537,579 Class A equity interests have been redeemed for shares of the Company’s common stock.

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. No shares were sold under the ATM Program during the six months ended June 30, 2021. As of June 30, 2021, we had approximately $232.5 million of capacity remaining under the ATM Program.

17

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

On August 5, 2021, we announced that our board of directors approved a quarterly cash dividend of $0.10 per share on our common stock, payable on September 30, 2021, to stockholders of record at the close of business on September 3, 2021.

Note 11. Revenues

The following table summarizes revenues by source:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Billboard:
Static displays	$	208.3	$	149.5	$	373.4	$	350.6
Digital displays	68.9		31.3		118.2		91.7
Other	10.1		7.7		19.3		17.1
Billboard revenues	287.3		188.5		510.9		459.4
Transit:
Static displays	34.6		22.9		58.5		88.0
Digital displays	11.9		6.6		18.3		34.3
Other	6.2		3.4		10.8		10.8
Total transit revenues	52.7		32.9		87.6		133.1
Sports marketing and other	1.0		11.5		1.7		25.7
Transit and other revenues	53.7		44.4		89.3		158.8
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

Rental income was $277.6 million in the three months ended June 30, 2021, $182.0 million in the three months ended June 30, 2020, $493.4 million in the six months ended June 30, 2021, and $444.3 million in the six months ended June 30, 2020, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
United States:
Billboard	$	271.8	$	181.4	$	484.3	$	437.9
Transit and other	50.0		32.1		82.9		130.3
Sports marketing and other	1.0		11.5		1.7		25.7
Total United States revenues	322.8		225.0		568.9		593.9
Canada	18.2		7.9		31.3		24.3
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2020, during the three months ended March 31, 2021.

Note 12. Restructuring Charges

In order to preserve financial flexibility, increase liquidity and reduce expenses in light of the current uncertainty in the global economy and our business as a result of the COVID-19 pandemic, on May 5, 2020, we announced a workforce reduction in the

18

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

U.S. and notified approximately 70 employees of their termination. On June 15, 2020, we announced a workforce reduction in Canada and notified approximately 20 employees of their termination.

As of June 30, 2021, $0.7 million in restructuring reserves remain outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. For the three and six months ended June 30, 2020, we recorded restructuring charges of $4.7 million, of which $3.0 million was recorded in our U.S. Media segment and $0.7 million was recorded in Other, and $1.0 million was recorded in Corporate. Restructuring charges in the three and six months ended June 30, 2020, were composed of severance charges associated with the workforce reductions, including $0.9 million for stock-based compensation.

Note 13. Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $42.7 million in the six months ended June 30, 2021, and $13.6 million in the six months ended June 30, 2020.

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million. In the second quarter of 2019, we completed this acquisition except with respect to four digital displays, which we expect to acquire in 2022 for an estimated purchase price of $9.2 million, subject to customary closing conditions and the timing of site development.

Note 14. Stock-Based Compensation

In the first quarter of 2021, the Company granted one-time equity award grants to our executive officers. The grant values of the one-time restricted share unit (“RSU”) awards were equal to 100% of each executive officer’s current base salary, and comprised of 60% performance-based RSUs (“PRSUs”), which contain a market and service condition, and 40% time-based RSUs, which only contain a service condition. The PRSU market condition will be based on the Company’s total shareholder return (“TSR”) relative to the TSRs of the companies in the iShares Evolved U.S. Media and Entertainment Index as of January 1, 2021, measured over a two-year performance period, with the number of PRSUs eligible to vest ranging from 0% to 200% of target based on a percentile ranking of the Company’s relative TSR. Subject to the market condition, these one-time equity grants will cliff vest in full on the second anniversary of the award grant date. A Monte Carlo method simulation has been used to estimate the grant date fair value of the PRSUs that have a market condition.

The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2021 and 2020.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Stock-based compensation expenses (RSUs and PRSUs), before income taxes	$	7.5	$	6.1	$	13.5	$	11.9
Tax benefit	(0.4)		(0.3)		(0.7)		(0.7)
Stock-based compensation expense, net of tax	$	7.1	$	5.8	$	12.8	$	11.2

As of June 30, 2021, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $45.8 million, which is expected to be recognized over a weighted average period of 1.9 years.

19

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

RSUs and PRSUs

The following table summarizes activity for the six months ended June 30, 2021, of RSUs and PRSUs issued to our employees.

	Activity	Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2020	2,208,059	$	24.80
Granted:
RSUs	991,529	21.59
PRSUs	567,571	23.34
Vested:
RSUs	(704,717)	24.16
PRSUs	(239,202)	21.81
Forfeitures:
RSUs	(16,348)	24.13
PRSUs	(259,086)	30.63
Non-vested as of June 30, 2021	2,547,806	23.10

Stock Options

The following table summarizes activity for the six months ended June 30, 2021, of stock options issued to our employees.

	Activity	Weighted Average Exercise Price
Outstanding as of December 31, 2020	103,413	$	26.39
Outstanding as of June 30, 2021	103,413	26.39
Exercisable as of June 30, 2021	103,413	26.39

As of June 30, 2021, all exercisable stock options issued to our employees were out-of-the-money based on the closing stock price of our common stock of $24.03.

Note 15. 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				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Components of net periodic pension cost:
Service cost	$	0.1	$	0.3	$	0.2	$	0.7
Interest cost	0.7		0.6		1.2		1.3
Expected return on plan assets	(1.0)		(0.9)		(1.8)		(2.0)
Amortization of net actuarial losses(a)	0.2		0.2		0.4		0.5
Net periodic pension cost	$	—	$	0.2	$	—	$	0.5

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

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

In the six months ended June 30, 2021, we contributed $0.5 million to our pension plans. In 2021, we expect to contribute approximately $1.2 million to our pension plans.

Note 16. 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 as TRSs. As such, we have provided for their federal, state and foreign income taxes.

Tax years 2017 to present are open for examination by the tax authorities.

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 six months ended June 30, 2021 and 2020, 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.

Note 17. Earnings Per Share (“EPS”)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net loss available for common stockholders	$	(0.9)	$	(57.9)	$	(68.6)	$	(51.8)
Less: Distributions to holders of Series A Preferred Stock	7.0		5.5		14.0		5.5
Less: Distributions to holders of Class A equity interests of a subsidiary	—		—		—		0.4
Net loss available for common stockholders, basic and diluted	$	(7.9)	$	(63.4)	$	(82.6)	$	(57.7)
Weighted average shares for basic and diluted EPS	145.6		144.4		145.2		144.1

(a)The potential impact of an aggregate 1.3 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2021, 1.8 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2020, 1.3 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2021, and 1.0 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2020, were antidilutive.

(b)The potential impact of 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended June 30, 2021, 19.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended June 30, 2020, 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the six months ended June 30, 2021, and 9.9 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the six months ended June 30, 2020, were antidilutive.

(c)The potential impact of 0.4 million of Class A equity interests of Outfront Canada in the three months ended June 30, 2021, 0.9 million of Class A equity interests of Outfront Canada in the three months ended June 30, 2020, 0.6 million of Class A equity interests of Outfront Canada in the six months ended June 30, 2021, and 1.0 million of Class A equity interests of Outfront Canada in the six months ended June 30, 2020, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)

Note 18. Commitments and Contingencies

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of 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 agreements with municipalities and transit operators that 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

21

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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.

Under the MTA agreement, which was amended in June 2020 and July 2021 (as amended, the “MTA Agreement”):

•Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, subject to modification as agreed-upon by us and the MTA. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”).

•Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. 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 recouped, which could have an adverse effect on our business, financial condition and results of operations. If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. For any deployment costs deemed authorized after December 31, 2020, the MTA and the Company will no longer be obligated to directly pay 70% and 30% of the costs, respectively, and these costs will be subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in the six months ended June 30, 2021, and it is unlikely we will recoup equipment deployment costs in the remainder of 2021.

•Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Our payment obligations with respect to guaranteed minimum annual payment amounts owed to the MTA resumed on January 1, 2021, in accordance with the terms of the MTA Agreement, and any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year.

•Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-term initial term. We have the option to extend this initial 13-year term for an additional five-year period at the end of the 13-year initial term, subject to satisfying certain quantitative and qualitative conditions.

As of June 30, 2021, 7,821 digital displays had been installed, of which 176 installations occurred in the three months ended June 30, 2021, for a total of 441 in the six months ended June 30, 2021.

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment/MTA Funding		Amortization		Ending Balance
Six months ended June 30, 2021:
Prepaid MTA equipment deployment costs	$	204.6	$	25.0	$	—	$	—	$	229.6
Other current assets	28.0		6.1		(24.1)		—		10.0
Intangible assets (franchise agreements)	58.4		8.0		—		(4.9)		61.5
Total	$	291.0	$	39.1	$	(24.1)	$	(4.9)	$	301.1
Year ended December 31, 2020:
Prepaid MTA equipment deployment costs	$	171.5	$	33.1	$	—	$	—	$	204.6
Other current assets	—		44.4		(16.4)		—		28.0
Intangible assets (franchise agreements)	38.3		26.0		—		(5.9)		58.4
Total	$	209.8	$	103.5	$	(16.4)	$	(5.9)	$	291.0

Letters of Credit

We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of June 30, 2021, the outstanding letters of credit were approximately $74.3 million and outstanding surety bonds were approximately $167.6 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 19. Segment Information

We currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International. International does not meet the criteria to be a reportable segment and accordingly, is included in Other.

The following tables set forth our financial performance by segment. In the third quarter of 2020, we completed the Sports Disposition. Historical operating results for our Sports Marketing operating segment through June 30, 2020, are included in Other.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Revenues:
U.S. Media	$	321.8	$	213.5	$	567.2	$	568.2
Other	19.2		19.4		33.0		50.0
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

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

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net loss before allocation to non-controlling interests	$	(0.7)	$	(58.0)	$	(68.3)	$	(51.7)
Benefit for income taxes	(2.4)		(1.5)		(7.1)		(3.2)
Equity in earnings of investee companies, net of tax	0.1		0.3		0.5		(0.1)
Interest expense, net	32.1		33.3		66.7		63.1
Loss on extinguishment of debt	—		—		6.3		—
Other income, net	—		—		—		(0.2)
Operating income (loss)	29.1		(25.9)		(1.9)		7.9
Restructuring charges	—		4.7		—		4.7
Net gain on dispositions	(2.9)		(5.2)		(3.2)		(5.3)
Depreciation and amortization(a)	36.3		36.6		72.7		72.6
Stock-based compensation	7.5		5.2		13.5		11.0
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9
Adjusted OIBDA:
U.S. Media(a)	$	80.6	$	31.4	$	105.2	$	111.4
Other(a)	1.6		(5.7)		(0.4)		(5.7)
Corporate	(12.2)		(10.3)		(23.7)		(14.8)
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Operating income (loss):
U.S. Media	$	47.3	$	(3.9)	$	38.7	$	43.5
Other	1.5		(5.5)		(3.4)		(8.8)
Corporate	(19.7)		(16.5)		(37.2)		(26.8)
Total operating income (loss)	$	29.1	$	(25.9)	$	(1.9)	$	7.9
Net gain on dispositions:
U.S. Media	$	0.1	$	(1.1)	$	(0.2)	$	(1.2)
Other	(3.0)		(4.1)		(3.0)		(4.1)
Total gain on dispositions	$	(2.9)	$	(5.2)	$	(3.2)	$	(5.3)
Depreciation and amortization:
U.S. Media(a)	$	33.2	$	33.4	$	66.7	$	66.1
Other(a)	3.1		3.2		6.0		6.5
Total depreciation and amortization(a)	$	36.3	$	36.6	$	72.7	$	72.6
Capital expenditures:
U.S. Media	$	15.8	$	13.6	$	24.7	$	30.9
Other	0.3		0.1		0.8		1.0
Total capital expenditures	$	16.1	$	13.7	$	25.5	$	31.9

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

	As of
(in millions)	June 30, 2021		December 31, 2020
Assets:
U.S. Media	$	5,035.0	$	4,977.2
Other	248.4		249.5
Corporate	488.6		670.2
Total assets	$	5,772.0	$	5,896.9

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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, 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2021, 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, 2020, filed with the SEC on February 26, 2021, 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 150 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, 2021.

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 currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International. International does not meet the criteria to be a reportable segment and accordingly, is included in Other (see Note 19. Segment Information to the Consolidated Financial Statements).

In the third quarter of 2020, we sold all of our equity interests in certain of our subsidiaries (the “Sports Disposition”), which held all of the assets of our Sports Marketing operating segment, for a purchase price of approximately $34.6 million in cash, subject to closing and post-closing adjustments. The Sports Marketing operating segment was the marketing and multimedia rights holder for a variety of colleges, universities and other educational institutions across the United States. The operating results of our Sports Marketing operating segment through June 30, 2020, are included in our Consolidated Financial Statements and are included in Other in our segment reporting.

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. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 150 markets in the U.S. and Canada. Our top market, high profile location focused portfolio includes sites in and around both Grand Central Station and Times Square in New York, various locations along Sunset Boulevard in Los Angeles, and the Bay Bridge in San Francisco. 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.” 

In addition to providing location-based displays, we also focus on delivering mass and targeted audiences to our customers. Geopath, the out-of-home advertising industry’s audience measurement system, enables us to build campaigns based on the size and demographic composition of audiences. As part of our technology platform, we are developing solutions for enhanced demographic and location targeting, and engaging ways to connect with consumers on-the-go. Additionally, our OUTFRONT Mobile Network and social influence add-on products allow our customers to further leverage location targeting with interactive mobile advertising and social sharing amplification.

We believe out-of-home continues to be an attractive form of advertising, as our displays 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

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services to our customers, such as pre-campaign category research, consumer insights, print production and post-campaign tracking and analytics.

U.S. Media. Our U.S. Media segment generated 14% of its revenues in the New York City metropolitan area in the three months ended June 30, 2021, 11% in the three months ended June 30, 2020, 13% in the six months ended June 30, 2021 and 18% in the six months ended June 30, 2020, and generated 16% in the Los Angeles metropolitan area in the three months ended June 30, 2021, 15% in the three months ended June 30, 2020, 16% in the six months ended June 30, 2021, and 15% in the six months ended June 30, 2020. In the three months ended June 30, 2021, our U.S. Media segment generated $321.8 million of Revenues and $80.6 million of Operating income before Depreciation, Amortization, Net gain on dispositions, Stock-based compensation and Restructuring charges (“Adjusted OIBDA”). In the three months ended June 30, 2020, our U.S. Media segment generated $213.5 million of Revenues and $31.4 million of Adjusted OIBDA. In the six months ended June 30, 2021, our U.S. Media segment generated $567.2 million of Revenues and $105.2 million of Adjusted OIBDA. In the six months ended June 30, 2020, our U.S. Media segment generated $568.2 million of Revenues and $111.4 million of Adjusted OIBDA. (See the “Segment Results of Operations” section of this MD&A.)

Other (includes International and through June 30, 2020, Sports Marketing). In the three months ended June 30, 2021, Other generated $19.2 million of Revenues and Adjusted OIBDA of $1.6 million. In the three months ended June 30, 2020, Other generated $19.4 million of Revenues and an Adjusted OIBDA loss of $5.7 million. In the six months ended June 30, 2021, Other generated $33.0 million of Revenues and an Adjusted OIBDA loss of $0.4 million. In the six months ended June 30, 2020, Other generated $50.0 million of Revenues and an Adjusted OIBDA loss of $5.7 million.

COVID-19 Impact

The ongoing novel coronavirus (“COVID-19”) pandemic and the related preventative measures taken to help curb the spread, including shutdowns and slowdowns of, and restrictions on, businesses, public gatherings, social interactions and travel (including reductions in foot traffic, roadway traffic, commuting, transit ridership and overall target audiences) throughout the markets in which we do business have had, and may continue to have, a significant impact on the global economy and our business. Though generally we remain able to continue to sell and service our displays, governmental restrictions have eased in most of our markets and most of our markets have commenced their economic recoveries, our billboard and transit businesses in many of the top DMAs, such as New York and Los Angeles, are still experiencing the significant impacts of the ongoing COVID-19 pandemic. In 2021, the ongoing COVID-19 pandemic may, among other things, (i) reduce or curtail our customers’ advertising expenditures and overall demand for our services through purchase cancellations or otherwise; (ii) increase the volatility of our customers’ advertising expenditure patterns from period-to-period through short-notice purchases, purchase deferrals or otherwise; and (iii) delay the collection of certain earned advertising revenues from our customers, all of which could have a material adverse effect on our business, financial condition and results of operation in 2021.

As a result of the impact of the ongoing COVID-19 pandemic on our business and results of operations, we expect our key performance indicators and total revenues to incrementally improve throughout the remainder of 2021 as compared to 2020, but be materially lower in 2021 than pre-COVID-19 pandemic levels, particularly in our U.S. Media segment and with respect to our transit and other business. We expect total expenses to increase throughout the remainder of 2021 as compared to 2020, but be materially lower than pre-COVID-19 pandemic levels, particularly in our U.S. Media segment and with respect to our transit and other business. Additionally, we expect billboard property lease expenses, such as rental expenses, and posting, maintenance and other expenses, as a percentage of revenues, to decrease throughout the remainder of 2021 as compared to 2020. We expect transit franchise expenses, such as transit franchise payments, as a percentage of revenues, to increase throughout the remainder of 2021 as compared to 2020, and be materially higher than pre-COVID-19 pandemic levels, primarily due to our guaranteed minimum annual payment amounts owed to the MTA, which resumed on January 1, 2021. The impacts described above with respect to 2020 were greatest in the second quarter of 2020, with incremental improvement in the third and fourth quarters of 2020. Accordingly, results for the three and six months ended June 30, 2021, are not indicative of the results that may be expected for the fiscal year ending December 31, 2021.

Throughout the ongoing COVID-19 pandemic, we have prioritized the health and safety of our employees and customers by (i) utilizing a secure remote workforce for personnel other than operations personnel who service our displays and certain other personnel, (ii) implementing deep cleaning, social distancing and other protective policies and practices in accordance with federal, state and local regulations and guidance across all offices and facilities that are open, (iii) restricting non-essential business travel, and (iv) communicating frequently with our employees and customers to address any concerns and updates to our policies. None of these actions have caused a significant disruption in our ability to manage the continuity of our business or our internal controls. In addition, in order to preserve financial flexibility, increase liquidity and reduce expenses in light of

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the uncertainty in the global economy and our business, we modified our business goals and undertook several actions to date, including, among other things, issuing the Series A Preferred Stock (as defined below) and certain senior unsecured notes; amending the Credit Agreement (as defined below) to modify the calculation of the Company’s financial maintenance covenant ratio under the Credit Agreement; suspending our quarterly dividend payments on our common stock for a period of time, subject to the minimum annual REIT distribution requirement (which may be satisfied by making distributions to our common stockholders, our preferred stockholders (including holders of Series A Preferred Stock) or a combination of our stockholders); and reducing SG&A (as defined below) and posting, maintenance and other expenses.

We will continue in 2021 to focus on managing costs and expenses to offset any decreases in revenues in 2021 as compared to pre-COVID-19 pandemic levels. However, we have resumed capital investments in a measured manner, including taking a selective approach to new acquisition activity, based on our current financial condition. In addition, we have engaged, and will continue to engage, in constructive conversations with our billboard ground lease landlords and transit franchise partners to mitigate any increases as a percentage of revenues in billboard property lease expenses, transit franchise expenses and posting, maintenance and other expenses.

We continue to monitor the evolving situation and guidance from federal, state and local public health authorities and may take additional actions based on their recommendations. When the COVID-19 pandemic subsides, there can be no assurances as to the time it may take to generate revenues at pre-COVID-19 pandemic levels. There remains uncertainty around the severity and duration of the COVID-19 pandemic and the measures taken, or may be taken, in response to the COVID-19 pandemic, which will depend on numerous factors, including, among others, the emergence of new cases of COVID-19 or its variants, hospitalization and mortality rates, and the availability and distribution of safe and effective treatments and vaccines. Accordingly, the Company cannot reasonably estimate the full impact of the COVID-19 pandemic on our business, financial condition and results of operations at this time, which may be material.

Economic Environment

Our revenues and operating results are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control such as the COVID-19 pandemic as described above.

We rely on third parties to manufacture and transport our digital displays. As a result of the current market-wide supply shortages and logistics disruptions as the economy recovers from the COVID-19 pandemic, we have experienced delays and price increases in the second quarter of 2021 with respect to certain of our digital displays, which may continue throughout 2021 and could have an adverse effect on our business, financial condition and results of operation.

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 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 prime audience 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 and installation 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 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

28

displays. Subject to the impact of the COVID-19 pandemic, 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.

We have built or converted 38 new digital billboard displays in the U.S. and two in Canada during the six months ended June 30, 2021. Additionally, in the six months ended June 30, 2021, we entered into marketing arrangements to sell advertising on 24 third-party digital billboard displays in the U.S. and one in Canada. In the six months ended June 30, 2021, we have built, converted or replaced 418 digital transit and other displays in the U.S. and 5 digital transit and other displays in Canada. The following table sets forth information regarding our digital displays.

	Digital Revenues (in millions) for the Six Months Ended June 30, 2021(a)						Number of Digital Displays as of June 30, 2021(a)
Location	Digital Billboard		Digital Transit and Other		Total Digital Revenues		Digital Billboard Displays	Digital Transit and Other Displays	Total Digital Displays
United States	$	108.1	$	18.1	$	126.2	1,302	9,338	10,640
Canada	10.1		0.2		10.3		225	110	335
Total	$	118.2	$	18.3	$	136.5	1,527	9,448	10,975

(a)Digital display amounts include 3,344 displays reserved for transit agency use. 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 adjust their spending following the holiday shopping season. As described above, our revenues and profits may also fluctuate due to external events beyond our control, such as the COVID-19 pandemic.

We have a diversified base of customers across various industries. During the three months ended June 30, 2021, our largest categories of advertisers were professional services, retail and healthcare/pharmaceuticals, each of which represented approximately 12%, 9% and 8% of our total U.S. Media segment revenues, respectively. During the three months ended June 30, 2020, our largest categories of advertisers were professional services, healthcare/pharmaceuticals and retail, each of which represented approximately 11%, 10% and 8% of our total U.S. Media segment revenues, respectively. During the six months ended June 30, 2021, our largest categories of advertisers were professional services, healthcare/pharmaceuticals and retail, each of which represented approximately 13%, 9% and 9% of our total U.S. Media segment revenues, respectively. During the six months ended June 30, 2020, our largest categories of advertisers were professional services, healthcare/pharmaceuticals and retail, each of which represented approximately 10%, 9% and 9% 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 each of the three months ended June 30, 2021 and 2020, we generated approximately 40% of our U.S. Media segment revenues from national advertising campaigns. In the six months ended June 30, 2021, we generated approximately 39% of our U.S. Media segment revenues from national advertising campaigns compared to approximately 42% in the same prior-year period.

Our transit businesses require us to periodically 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								Six Months Ended
	June 30,						%		June 30,						%
(in millions, except percentages)	2021			2020			Change		2021			2020			Change
Revenues	$	341.0		$	232.9		46	%	$	600.2		$	618.2		(3)	%
Organic revenues(a)(b)	341.0			222.5			53		600.2			594.6			1
Operating income (loss)	29.1			(25.9)			*		(1.9)			7.9			*
Adjusted OIBDA(b)(c)	70.0			15.4			*		81.1			90.9			(11)
Adjusted OIBDA(b)(c) margin	21		%	7		%			14		%	15		%
Funds from operations (“FFO”)(b) attributable to OUTFRONT Media Inc.	39.7			(27.9)			*		9.3			16.8			(45)
Adjusted FFO (“AFFO”)(b) attributable to OUTFRONT Media Inc.	39.6			(21.3)			*		15.1			18.7			(19)
Net loss attributable to OUTFRONT Media Inc.	(0.9)			(57.9)			(98)		(68.6)			(51.8)			32

*Calculation is not meaningful.

(a)Organic revenues exclude revenues associated with a disposition 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 (loss) to Adjusted OIBDA, Net income (loss) attributable to OUTFRONT Media Inc. to FFO attributable to OUTFRONT Media Inc. and AFFO attributable to OUTFRONT Media Inc. and Revenues to organic revenues.

(c)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, and $17.6 million in the six months ended June 30, 2020, from Amortization to Selling, general and administrative expenses, resulting in a corresponding decrease in Adjusted OIBDA.

Adjusted OIBDA

We calculate Adjusted OIBDA as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation and restructuring 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

When used herein, references to “FFO” and “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and non-controlling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and

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amortization, a gain on disposition of non-real-estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our non-controlling interests, as well as the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs.

Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss), net income (loss) attributable to OUTFRONT Media Inc., and revenues, 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.

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Reconciliation of Non-GAAP Financial Measures

The following table reconciles Operating income (loss) to Adjusted OIBDA, and Net income (loss) attributable to OUTFRONT Media Inc. to FFO attributable to OUTFRONT Media Inc. and AFFO attributable to OUTFRONT Media Inc.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions, except per share amounts)	2021			2020			2021			2020
Total revenues	$	341.0		$	232.9		$	600.2		$	618.2
Operating income (loss)	$	29.1		$	(25.9)		$	(1.9)		$	7.9
Restructuring charges(a)	—			4.7			—			4.7
Net gain on dispositions	(2.9)			(5.2)			(3.2)			(5.3)
Depreciation	20.0			21.2			40.0			42.2
Amortization(b)	16.3			15.4			32.7			30.4
Stock-based compensation	7.5			5.2			13.5			11.0
Adjusted OIBDA(b)	$	70.0		$	15.4		$	81.1		$	90.9
Adjusted OIBDA(b) margin	21		%	7		%	14		%	15		%
Net loss attributable to OUTFRONT Media Inc.	$	(0.9)		$	(57.9)		$	(68.6)		$	(51.8)
Depreciation of billboard advertising structures	14.1			15.4			28.2			30.9
Amortization of real estate-related intangible assets	12.6			12.2			25.0			24.2
Amortization of direct lease acquisition costs	13.9			6.3			25.1			17.6
Net (gain) loss on disposition of real estate assets	0.1			(5.2)			(0.2)			(5.3)
Adjustment related to non-controlling interests	(0.1)			(0.1)			(0.2)			(0.2)
Income tax effect of adjustments(c)	—			1.4			—			1.4
FFO attributable to OUTFRONT Media Inc.	39.7			(27.9)			9.3			16.8
Non-cash portion of income taxes	(4.1)			(2.8)			(9.3)			(5.3)
Cash paid for direct lease acquisition costs	(10.8)			(8.7)			(22.9)			(23.6)
Maintenance capital expenditures	(4.8)			(6.3)			(8.4)			(11.1)
Restructuring charges - severance(a)	—			3.8			—			3.8
Other depreciation	5.9			5.8			11.8			11.3
Other amortization	3.7			3.2			7.7			6.2
Gain on disposition of non-real estate assets(d)	(3.0)			—			(3.0)			—
Stock-based compensation(a)	7.5			6.1			13.5			11.9
Non-cash effect of straight-line rent	2.2			3.6			4.2			4.9
Accretion expense	0.6			0.7			1.3			1.3
Amortization of deferred financing costs	1.9			1.7			3.8			3.0
Loss on extinguishment of debt	—			—			6.3			—
Adjustment related to non-controlling interests	—			(0.1)			—			(0.1)
Income tax effect of adjustments(e)	0.8			(0.4)			0.8			(0.4)
AFFO attributable to OUTFRONT Media Inc.	$	39.6		$	(21.3)		$	15.1		$	18.7

(a)In the three and six months ended June 30, 2020, Restructuring charges relate to severance associated with workforce reductions made in response to the COVID-19 pandemic and includes stock-based compensation expenses of $0.9 million.

(b)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, and $17.6 million in the six months ended June 30, 2020, from Amortization to Selling, general and administrative expenses, resulting in a corresponding decrease in Adjusted OIBDA.

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

(d)Gain related to the Sports Disposition.

(e)Income tax effect related to a Gain on disposition of non-real estate assets in 2021 and related to Restructuring charges - severance in 2020.

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FFO was $39.7 million in the three months ended June 30, 2021, compared to a FFO deficit of $27.9 million in the same prior-year period. AFFO was $39.6 million in the three months ended June 30, 2021, compared to an AFFO deficit of $21.3 million in the same prior-year period, as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020. FFO in the six months ended June 30, 2021, decreased $7.5 million, or 45%, compared to the same prior-year period. AFFO in the six months ended June 30, 2021, decreased $3.6 million, or 19%, compared to the same prior-year period, as we have experienced slower increases in customer advertising expenditures and overall demand for our services with respect to our transit business, particularly in the first quarter of 2021, primarily due to low transit ridership numbers compared to pre-COVID-19 transit ridership numbers in the first quarter of 2020.

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 11. Revenues to the Consolidated Financial Statements.)

	Three Months Ended						Six Months Ended
	June 30,				%		June 30,				%
(in millions, except percentages)	2021		2020		Change		2021		2020		Change
Revenues:
Billboard	$	287.3	$	188.5	52	%	$	510.9	$	459.4	11	%
Transit and other	53.7		44.4		21		89.3		158.8		(44)
Total revenues	$	341.0	$	232.9	46		$	600.2	$	618.2	(3)
Organic revenues(a):
Billboard	$	287.3	$	189.5	52		$	510.9	$	461.2	11
Transit and other	53.7		33.0		63		89.3		133.4		(33)
Total organic revenues(a)	341.0		222.5		53		600.2		594.6		1
Non-organic revenues:
Billboard	—		(1.0)		*		—		(1.8)		*
Transit and other	—		11.4		*		—		25.4		*
Total non-organic revenues	—		10.4		*		—		23.6		*
Total revenues	$	341.0	$	232.9	46		$	600.2	$	618.2	(3)

*Calculation is not meaningful.

(a)Organic revenues exclude revenues associated with a disposition and the impact of foreign currency exchange rates (“non-organic revenues”).

Total revenues increased by $108.1 million, or 46%, and organic revenues increased $118.5 million, or 53%, in the three months ended June 30, 2021, compared to the same prior-year period. Total revenues decreased by $18.0 million, or 3%, and organic revenues increased $5.6 million, or 1%, in the six months ended June 30, 2021, compared to the same prior-year period.

In the three and six months ended June 30, 2020, non-organic revenues exclude the impact of the Sports Disposition and reflect the impact of foreign currency exchange rates.

Total billboard revenues increased $98.8 million, or 52%, in the three months ended June 30, 2021, compared to the same prior-year period and increased $51.5 million, or 11%, in the six months ended June 30, 2021, compared to the same prior-year period. The increases were principally driven by an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020.

Organic billboard revenues increased $97.8 million, or 52%, in the three months ended June 30, 2021, compared to the same prior-year period and increased $49.7 million, or 11%, in the six months ended June 30, 2021, compared to the same prior-year

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period, principally driven by an increase in average revenue per display (yield) as we have started to experience a recovery customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020.

Total transit and other revenues increased $9.3 million, or 21%, in the three months ended June 30, 2021, compared to the same prior-year period, principally driven by an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020, partially offset by the impact of the Sports Disposition. Total transit and other revenues decreased $69.5 million, or 44%, in the six months ended June 30, 2021, compared to the same prior-year period, due primarily to a decline in average revenue per display (yield), as we have experienced slower increases in customer advertising expenditures and overall demand for our services, particularly in the first quarter of 2021, primarily due to low transit ridership numbers compared to pre-COVID-19 numbers in the first quarter of 2020, as well as the impact of the Sports Disposition.

Organic transit and other revenues increased $20.7 million, or 63%, in the three months ended June 30, 2021, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020. Organic transit and other revenues decreased $44.1 million, or 33%, in the six months ended June 30, 2021, compared to the same prior-year period, due primarily to a decline in average revenue per display (yield), as we have experienced slower increases in customer advertising expenditures and overall demand for our services, particularly in the first quarter of 2021, primarily due to low transit ridership numbers compared to pre-COVID-19 numbers in the first quarter of 2020.

Expenses

	Three Months Ended						Six Months Ended
	June 30,				%		June 30,				%
(in millions, except percentages)	2021		2020		Change		2021		2020		Change
Expenses:
Operating	$	189.6	$	154.0	23	%	$	367.2	$	378.8	(3)	%
Selling, general and administrative(a)	88.9		68.7		29		165.4		159.5		4
Restructuring charges	—		4.7		*		—		4.7		*
Net gain on dispositions	(2.9)		(5.2)		(44)		(3.2)		(5.3)		(40)
Depreciation	20.0		21.2		(6)		40.0		42.2		(5)
Amortization(a)	16.3		15.4		6		32.7		30.4		8
Total expenses	$	311.9	$	258.8	21		$	602.1	$	610.3	(1)

*Calculation is not meaningful.

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, and $17.6 million in the six months ended June 30, 2020, from Amortization to Selling, general and administrative expenses.

Operating Expenses

	Three Months Ended						Six Months Ended
	June 30,				%		June 30,				%
(in millions, except percentages)	2021		2020		Change		2021		2020		Change
Operating expenses:
Billboard property lease	$	100.7	$	94.1	7	%	$	194.8	$	196.9	(1)	%
Transit franchise	42.5		18.5		130		82.1		76.3		8
Posting, maintenance and other	46.4		41.4		12		90.3		105.6		(14)
Total operating expenses	$	189.6	$	154.0	23		$	367.2	$	378.8	(3)

Billboard property lease expenses represented 35% of billboard revenues in the three months ended June 30, 2021, 50% in the three months ended June 30, 2020, 38% in the six months ended June 30, 2021, and 43% in the six months ended June 30, 2020.

Transit franchise expenses represented 91% of transit display revenues in the three months ended June 30, 2021, 63% in the three months ended June 30, 2020, 107% in the six months ended June 30, 2021 and 62% in the six months ended June 30,

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2020. The increases in transit franchise expense as a percentage of revenues are primarily driven by guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the “MTA”).

Billboard property lease and transit franchise expenses increased $30.6 million in the three months ended June 30, 2021, compared to the same prior-year period, due primarily to higher guaranteed minimum annual payments to the MTA and higher billboard and transit revenues. Billboard property lease and transit franchise expenses increased $3.7 million in the six months ended June 30, 2021, compared to the same prior-year period, due primarily to higher guaranteed minimum annual payments to the MTA and higher billboard revenues, partially offset by lower transit revenues and the impact of agreements with transit franchise partners to modify our existing guaranteed minimum annual payments to revenue share percentages beginning in the second quarter of 2020.

Posting, maintenance and other expenses increased $5.0 million, or 12%, in the three months ended June 30, 2021, compared to the same prior year period, primarily due to increased transit revenues in 2021 as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020, partially offset by the impact of the Sports Disposition. Posting, maintenance and other expenses decreased $15.3 million, or 14%, in the six months ended June 30, 2021, compared to the same prior-year period, primarily due to the impact of the Sports Disposition, partially offset by an increase in posting and rotation costs, as well as higher maintenance costs.

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

SG&A expenses represented 26% of Revenues in the three months ended June 30, 2021, 29% in the three months ended June 30, 2020, 28% in the six months ended June 30, 2021 and 26% in the same prior-year period. SG&A expenses increased $20.2 million, or 29%, in the three months ended June 30, 2021, compared to the same prior-year period and increased $5.9 million, or 4%, in the six months ended June 30, 2021, compared to the same prior-year period. The increases were primarily driven by higher compensation-related expenses and higher professional fees, partially offset by a lower provision for doubtful allowances and the impact of the Sports Disposition. Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, and $17.6 million in the six months ended June 30, 2020, from Amortization to Selling, general and administrative expenses.

Net Gain on Dispositions

Net gain on dispositions decreased $2.3 million, or 44%, in the three months ended June 30, 2021, compared to the same prior-year period and decreased $2.1 million, or 40%, for the six months ended June 30, 2021, compared to the same prior-year period.

Depreciation

Depreciation decreased $1.2 million, or 6%, in the three months ended June 30, 2021, compared to the same prior-year period and decreased $2.2 million, or 5%, in the six months ended June 30, 2021, compared to the same prior-year period.

Amortization

Amortization increased $0.9 million, or 6%, in the three months ended June 30, 2021, compared to the same prior-year period and increased $2.3 million, or 8%, in the six months ended June 30, 2021, compared to the same prior-year period. The increases were principally driven by higher amortization of intangible assets. Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, and $17.6 million in the six months ended June 30, 2020, from Amortization to Selling, general and administrative expenses.

Interest Expense, Net

Interest expense, net, was $32.1 million (including $1.9 million of deferred financing costs) in the three months ended June 30, 2021, and $33.3 million (including $1.7 million of deferred financing costs) in the same prior-year period. The decrease in Interest expense, net, was primarily due to lower interest rates. Interest expense, net, was $66.7 million (including $3.8 million of deferred financing costs) in the six months ended June 30, 2021, and $63.1 million (including $3.0 million of deferred financing costs) in the same prior-year period. The increase in Interest expense, net, was primarily due to a higher outstanding average debt balance, partially offset by lower interest rates.

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Loss on Extinguishment of Debt

In the six months ended June 30, 2021, we recorded a loss on extinguishment of debt of $6.3 million relating to the redemption of our 5.625% Senior Unsecured Notes due 2024.

Benefit for Income Taxes

Benefit for income taxes increased $0.9 million, or 60%, in the three months ended June 30, 2021, and increased $3.9 million, or 122%, in the six months ended June 30, 2021, compared to the same prior-year periods, due primarily to a higher taxable REIT subsidiary loss in the three and six months ended June 30, 2021, compared to the same prior-year periods.

Net Loss

Net loss before allocation to non-controlling interests decreased $57.3 million, or 99%, in the three months ended June 30, 2021, compared to the same prior-year period, as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020 and lower interest expense. Net loss before allocation to non-controlling interests increased $16.6 million, or 32%, in the six months ended June 30, 2021, compared to the same prior-year period, as we have experienced slower increases in customer advertising expenditures and overall demand for our services with respect to our transit business, particularly in the first quarter of 2021, primarily due to low transit ridership numbers compared to pre-COVID-19 transit ridership numbers in the first quarter of 2020, and higher interest expense.

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 19. Segment Information to the Consolidated Financial Statements.)

We currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International. International does not meet the criteria to be a reportable segment and accordingly, is 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 six months ended June 30, 2021 and 2020. In the third quarter of 2020, we completed the Sports Disposition. Historical operating results for our Sports Marketing operating segment through June 30, 2020, are included in Other.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Revenues:
U.S. Media	$	321.8	$	213.5	$	567.2	$	568.2
Other	19.2		19.4		33.0		50.0
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2
Operating income (loss)	$	29.1	$	(25.9)	$	(1.9)	$	7.9
Restructuring charges	—		4.7		—		4.7
Net gain on dispositions	(2.9)		(5.2)		(3.2)		(5.3)
Depreciation	20.0		21.2		40.0		42.2
Amortization(a)	16.3		15.4		32.7		30.4
Stock-based compensation(b)	7.5		5.2		13.5		11.0
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9
Adjusted OIBDA:
U.S. Media(a)	$	80.6	$	31.4	$	105.2	$	111.4
Other(a)	1.6		(5.7)		(0.4)		(5.7)
Corporate	(12.2)		(10.3)		(23.7)		(14.8)
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9
Operating income (loss):
U.S. Media	$	47.3	$	(3.9)	$	38.7	$	43.5
Other	1.5		(5.5)		(3.4)		(8.8)
Corporate	(19.7)		(16.5)		(37.2)		(26.8)
Total operating income (loss)	$	29.1	$	(25.9)	$	(1.9)	$	7.9

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

(b)Stock-based compensation is classified as Corporate expense.

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U.S. Media

	Three Months Ended								Six Months Ended
	June 30,						%		June 30,						%
(in millions, except percentages)	2021			2020			Change		2021			2020			Change
Revenues:
Billboard	$	271.8		$	181.4		50	%	$	484.3		$	437.9		11	%
Transit and other	50.0			32.1			56		82.9			130.3			(36)
Total revenues	321.8			213.5			51		567.2			568.2			—
Operating expenses	(176.8)			(135.0)			31		(342.9)			(337.7)			2
SG&A expenses(a)	(64.4)			(47.1)			37		(119.1)			(119.1)			—
Adjusted OIBDA(a)	$	80.6		$	31.4		157		$	105.2		$	111.4		(6)
Adjusted OIBDA(a) margin	25		%	15		%			19		%	20		%
Operating income (loss)	$	47.3		$	(3.9)		*		$	38.7		$	43.5		(11)
Restructuring charges	—			3.0			*		—			3.0			*
Net (gain) loss on dispositions	0.1			(1.1)			*		(0.2)			(1.2)			(83)
Depreciation and amortization(a)	33.2			33.4			(1)		66.7			66.1			1
Adjusted OIBDA(a)	$	80.6		$	31.4		157		$	105.2		$	111.4		(6)

*    Calculation is not meaningful.

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.0 million in the three months ended June 30, 2020, and $16.8 million in the six months ended June 30, 2020, in our U.S. Media segment from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

Total U.S. Media segment revenues increased $108.3 million, or 51%, in the three months ended June 30, 2021, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020. Total U.S. Media segment revenues decreased $1.0 million in the six months ended June 30, 2021, compared to the same prior-year period, due primarily to a decline in transit revenue driven by a decline in average revenue per display (yield) we have experienced slower increases in customer advertising expenditures and overall demand for our services, particularly in the first quarter of 2021, primarily due to low transit ridership numbers compared to pre-COVID-19 transit ridership numbers in the first quarter of 2020, partially offset by an increase in billboard average revenue per display (yield) as discussed above. In each of the three months ended June 30, 2021 and 2020, we generated approximately 40% of our U.S. Media segment revenues from national advertising. In the six months ended June 30, 2021, we generated approximately 39% of our U.S. Media segment revenues from national advertising campaigns and 42% in the same prior-year period.

Revenues from U.S. Media segment billboards increased $90.4 million, or 50%, in the three months ended June 30, 2021, compared to the same prior-year period and $46.4 million, or 11%, in the six months ended June 30, 2021, compared to the same prior-year period. The increases were driven by an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020.

Transit and other revenues in the U.S. Media segment increased $17.9 million, or 56%, in the three months ended June 30, 2021, compared to the same prior-year period, driven by an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020. Transit and other revenues in the U.S. Media segment decreased $47.4 million, or 36%, in the six months ended June 30, 2021, compared to the same prior-year period, driven by a decline in average revenue per display (yield) as we have experienced slower increases in customer advertising expenditures and overall demand for our services, particularly in the first quarter of 2021, primarily due to low transit ridership numbers compared to pre-COVID-19 transit ridership numbers in the first quarter of 2020.

U.S. Media segment operating expenses increased $41.8 million, or 31%, in the three months ended June 30, 2021, compared to the same prior-year period, primarily driven by higher guaranteed minimum annual payments to the MTA and higher billboard and transit revenues. U.S. Media segment SG&A expenses increased $17.3 million, or 37%, in the three months ended June 30,

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2021, compared to the same prior-year period, primarily driven by higher compensation-related costs, partially offset by a lower provision for doubtful allowances. U.S. Media segment operating expenses increased $5.2 million, or 2%, in the six months ended June 30, 2021, compared to the same prior-year period, primarily driven by higher guaranteed minimum annual payments to the MTA and higher billboard revenues, partially offset by lower transit revenues and the impact of agreements with transit franchise partners to modify our existing guaranteed minimum annual payments to revenue share percentages beginning in the second quarter of 2020. U.S. Media segment SG&A expenses in the six months ended June 30, 2021, were comparable to the same prior-year period, primarily driven by higher compensation-related costs, partially offset by a lower provision for doubtful allowances.

U.S. Media segment Adjusted OIBDA increased $49.2 million, or 157%, in the three months ended June 30, 2021, compared to the same prior-year period and decreased $6.2 million, or 6%, in the six months ended June 30, 2021, compared to the same prior-year period. Adjusted OIBDA margin was 25.0% in the three months ended June 30, 2021, 15% in the three months ended June 30, 2020, 19% in the six months ended June 30, 2021, and 20% in the same prior-year period.

Other

	Three Months Ended								Six Months Ended
	June 30,						%		June 30,						%
(in millions, except percentages)	2021			2020			Change		2021			2020			Change
Revenues:
Billboard	$	15.5		$	7.1		118	%	$	26.6		$	21.5		24	%
Transit and other	3.7			12.3			(70)		6.4			28.5			(78)
Total revenues	$	19.2		$	19.4		(1)		$	33.0		$	50.0		(34)
Organic revenues(a):
Billboard	$	15.5		$	8.1		91		$	26.6		$	23.3		14
Transit and other	3.7			0.9			*		6.4			3.1			106
Total organic revenues(a)	19.2			9.0			113		33.0			26.4			25
Non-organic revenues:
Billboard	—			(1.0)			*		—			(1.8)			*
Transit and other	—			11.4			*		—			25.4			*
Total non-organic revenues	—			10.4			*		—			23.6			*
Total revenues	19.2			19.4			(1)		33.0			50.0			(34)
Operating expenses	(12.8)			(19.0)			(33)		(24.3)			(41.1)			(41)
SG&A expenses(b)	(4.8)			(6.1)			(21)		(9.1)			(14.6)			(38)
Adjusted OIBDA(b)	$	1.6		$	(5.7)		*		$	(0.4)		$	(5.7)		*
Adjusted OIBDA(b) margin	8		%	(29)		%			(1)		%	(11)		%
Operating income (loss)	$	1.5		$	(5.5)		*		$	(3.4)		$	(8.8)		(61)
Restructuring charges	—			0.7			*		—			0.7			*
Net gain on dispositions	(3.0)			(4.1)			*		(3.0)			(4.1)			*
Depreciation and amortization(b)	3.1			3.2			(3)		6.0			6.5			(8)
Adjusted OIBDA(b)	$	1.6		$	(5.7)		*		$	(0.4)		$	(5.7)		(93)

*    Calculation is not meaningful.

(a)Organic revenues exclude revenues associated with a disposition and the impact of foreign currency exchange rates (“non-organic revenues”).

(b)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $0.3 million in the three months ended June 30, 2020, and $0.8 million in the six months ended June 30, 2020, in Other from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

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In the third quarter of 2020, we completed the Sports Disposition. The operating results of our Sports Marketing operating segment through June 30, 2020, are included in our Consolidated Financial Statements.

Total Other revenues decreased $0.2 million, or 1%, in the three months ended June 30, 2021, compared to the same prior-year period and decreased $17.0 million, or 34%, in the six months ended June 30, 2021, compared to the same prior-year period. The decreases reflect the Sports Disposition, partially offset by an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020.

In the three and six months ended June 30, 2020, non-organic revenues exclude the impact of the Sports Disposition and reflect the impact of foreign currency exchange rates.

Organic Other revenues increased $10.2 million, or 113%, in the three months ended June 30, 2021, compared to the same prior-year period and increased $6.6 million, or 25%, in the six months ended June 30, 2021, compared to the same prior-year period. The increases were driven by an increase in average revenue per display (yield) as we have started to experience increases in customer advertising expenditures and overall demand for our services from the COVID-19 pandemic lows in 2020.

Other operating expenses decreased $6.2 million, or 33%, in the three months ended June 30, 2021, compared to the same prior-year period, primarily driven by the impact of the Sports Disposition, partially offset by higher expenses in Canada. Other operating expenses decreased $16.8 million, or 41%, in the six months ended June 30, 2021, compared to the same prior-year period, primarily driven by the impact of the Sports Disposition. Other SG&A expenses decreased $1.3 million, or 21%, in the three months ended June 30, 2021, compared to the same prior-year period and decreased $5.5 million, or 38%, in the six months ended June 30, 2021, compared to the same prior-year period, primarily driven by the impact of the Sports Disposition, partially offset by higher expenses in Canada.

Other Adjusted OIBDA was $1.6 million in the three months ended June 30, 2021, compared to an Adjusted OIBDA loss of $5.7 million in the same prior-year period due primarily to an increase in average revenue per display (yield) compared to 2020 as a result of the impact of the COVID-19 pandemic on customer advertising expenditures and overall demand for our services. Other Adjusted OIBDA losses decreased $5.3 million, or 93%, in the six months ended June 30, 2021, compared to the same prior-year period, due primarily to an decrease in average revenue per display (yield) compared to 2020 as a result of the impact of the COVID-19 pandemic on customer advertising expenditures and overall demand for our services.

Corporate

Corporate expenses primarily include expenses associated with employees who provide centralized services. Corporate expenses, excluding stock-based compensation, were $12.2 million, in the three months ended June 30, 2021, compared to $10.3 million in the same prior-year period, primarily due to higher compensation-related expenses, partially offset by the impact of market fluctuations on an equity-linked retirement plan offered by the Company to certain employees. Corporate expenses, excluding stock-based compensation, were $23.7 million in the six months ended June 30, 2021, compared to $14.8 million in the same prior-year period, primarily due to higher compensation-related expenses and the impact of market fluctuations on an equity-linked retirement plan offered by the Company to certain employees.

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Liquidity and Capital Resources

	As of
(in millions, except percentages)	June 30, 2021		December 31, 2020		% Change
Assets:
Cash and cash equivalents	$	529.0	$	710.4	(26)	%
Restricted cash	1.6		1.6		—
Receivables, less allowance ($19.8 in 2021 and $26.3 in 2020)	206.4		209.2		(1)
Prepaid lease and transit franchise costs	11.7		5.4		117
Other prepaid expenses	15.7		14.4		9
Other current assets	17.8		33.7		(47)
Total current assets	782.2		974.7		(20)
Liabilities:
Accounts payable	51.6		64.9		(20)
Accrued compensation	44.9		35.0		28
Accrued interest	30.4		24.5		24
Accrued lease and transit franchise costs	48.8		65.8		(26)
Other accrued expenses	38.7		38.0		2
Deferred revenues	43.7		29.5		48
Short-term debt	—		80.0		*
Short-term operating lease liabilities	187.7		176.5		6
Other current liabilities	21.8		20.7		5
Total current liabilities	467.6		534.9		(13)
Working capital	$	314.6	$	439.8	(28)

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 adjust their spending following the holiday shopping season. Further, certain of our municipal transit contracts require guaranteed minimum annual payments to be paid on a monthly or quarterly basis, as applicable.

Our short-term cash requirements primarily include payments for operating leases, guaranteed minimum annual payments, interest, capital expenditures, equipment deployment costs 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 borrowings under the Revolving Credit Facility (as defined below), the AR Facility (as defined below) or other credit facilities that we may establish, to the extent available.

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. In response to the ongoing COVID-19 pandemic, we have taken a highly selective approach to new acquisition activity.

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 borrowings under the Revolving Credit Facility or other credit facilities that we may establish, to the extent available.

Although we have taken several actions to date to preserve our financial flexibility and increase our liquidity, our short-term and long-term cash needs and related funding capability may be adversely affected by the impact of the ongoing COVID-19 pandemic if cash on hand and operating cash flows decrease in 2021, and our ability to issue debt and equity securities and/or

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borrow under our existing or new credit facilities on reasonable pricing terms, or at all, may become uncertain. (See the “Overview—COVID-19 Impact” section of this MD&A.)

The decrease in working capital as of June 30, 2021, compared to as of December 31, 2020, is primarily driven by lower cash and other current assets, partially offset by lower short-term debt and accounts payable.

Under the MTA agreement, which was amended in June 2020 and July 2021 (as amended, the “MTA Agreement”):

•Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, subject to modification as agreed-upon by us and the MTA. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”). After temporarily suspending deployment beginning in the first quarter of 2021, we have resumed deployment.

•Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. 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 recouped, which could have an adverse effect on our business, financial condition and results of operations. If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. For any deployment costs deemed authorized after December 31, 2020, the MTA and the Company will no longer be obligated to directly pay 70% and 30% of the costs, respectively, and these costs will be subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in the six months ended June 30, 2021, and it is unlikely we will recoup equipment deployment costs in the remainder of 2021. For the full year of 2021, we expect our MTA equipment deployment costs to be approximately $100.0 million.

•Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Our payment obligations with respect to guaranteed minimum annual payment amounts owed to the MTA resumed on January 1, 2021, in accordance with the terms of the MTA Agreement, and any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year.

•Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-term initial term. We have the option to extend this initial 13-year term for an additional five-year period at the end of the 13-year initial term, subject to satisfying certain quantitative and qualitative conditions.

We may utilize cash on hand and/or incremental third-party financing to fund equipment deployment costs over the next couple of years. However, given the uncertainty in the market around the severity and duration of the COVID-19 pandemic, we cannot reasonably estimate the aggregate financing amount, if any, at this time. As of June 30, 2021, we have issued surety bonds in favor of the MTA totaling approximately $136.0 million, which amount is subject to change as equipment installations are completed and revenues are generated. We expect transit franchise expenses, as a percentage of revenues, to increase in 2021 as compared to 2020, and be materially higher than pre-COVID-19 pandemic levels. (See the “Overview—COVID-19 Impact” section of this MD&A.) As indicated in the table below, we incurred $39.1 million related to MTA equipment deployment costs in the six months ended June 30, 2021 (which includes equipment deployment costs related to future deployments), for a total of $390.2 million to date, of which $33.9 million had been recouped from incremental revenues to date and as of June 30, 2021, $50.5 million is to be funded by the MTA. As of June 30, 2021, 7,821 digital displays had been installed, of which 176 installations occurred in the three months ended June 30, 2021, for a total of 441 installations in the six months ended June 30, 2021.

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(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment/MTA Funding		Amortization		Ending Balance
Six months ended June 30, 2021:
Prepaid MTA equipment deployment costs	$	204.6	$	25.0	$	—	$	—	$	229.6
Other current assets	28.0		6.1		(24.1)		—		10.0
Intangible assets (franchise agreements)	58.4		8.0		—		(4.9)		61.5
Total	$	291.0	$	39.1	$	(24.1)	$	(4.9)	$	301.1
Year ended December 31, 2020:
Prepaid MTA equipment deployment costs	$	171.5	$	33.1	$	—	$	—	$	204.6
Other current assets	—		44.4		(16.4)		—		28.0
Intangible assets (franchise agreements)	38.3		26.0		—		(5.9)		58.4
Total	$	209.8	$	103.5	$	(16.4)	$	(5.9)	$	291.0

On August 5, 2021, we announced that our board of directors approved a quarterly cash dividend of $0.10 per share on our common stock, payable on September 30, 2021, to stockholders of record at the close of business on September 3, 2021.

Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	June 30, 2021			December 31, 2020
Short-term debt:
Repurchase Facility	$	—		$	80.0
Total short-term debt	—			80.0
Long-term debt:
Term loan, due 2026	598.0			597.8
Senior unsecured notes:
5.625% senior unsecured notes, due 2024	—			501.3
6.250% senior unsecured notes, due 2025	400.0			400.0
5.000% senior unsecured notes, due 2027	650.0			650.0
4.250% senior unsecured notes, due 2029	500.0			—
4.625% senior unsecured notes, due 2030	500.0			500.0
Total senior unsecured notes	2,050.0			2,051.3
Debt issuance costs	(30.1)			(28.3)
Total long-term debt, net	2,617.9			2,620.8
Total debt, net	$	2,617.9		$	2,700.8
Weighted average cost of debt	4.3		%	4.5		%

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	Payments Due by Period
(in millions)	Total		2021		2022-2023		2024-2025		2026 and thereafter
Long-term debt	$	2,650.0	$	—	$	—	$	400.0	$	2,250.0
Interest	808.3		114.8		226.6		213.6		253.3
Total	$	3,458.3	$	114.8	$	226.6	$	613.6	$	2,503.3

Term Loan

The interest rate on the term loan due in 2026 (the “Term Loan”) was 1.8% per annum as of June 30, 2021. As of June 30, 2021, a discount of $2.0 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

We also have a $500.0 million revolving credit facility, which matures in 2024 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”).

As of June 30, 2021, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in the three months ended June 30, 2021, $0.3 million in the three months ended June 30, 2020, $0.9 million in the six months ended June 30, 2021, and $0.6 million in the six months ended June 30, 2020. As of June 30, 2021, we had issued letters of credit totaling approximately $2.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of June 30, 2021, we had issued letters of credit totaling approximately $72.2 million under our aggregate $78.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2021 and 2020.

Effective July 27, 2021, we increased our standalone letter of credit facilities by $3.0 million. As of August 5, 2021, we had issued letters of credit totaling approximately $73.9 million under our aggregate $81.0 million standalone letters of credit facilities.

Accounts Receivable Securitization Facilities

As of June 30, 2021, we have a revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended. Our 364-day uncommitted structured repurchase facility (the “Repurchase Facility”) expired on June 29, 2021, and we chose not to extend it at this time.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ 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 SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

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As of June 30, 2021, there were no outstanding borrowings under the AR Facility. As of June 30, 2021, there was no borrowing capacity remaining under the AR Facility based on approximately $245.5 million of accounts receivable used as collateral for the AR Facility and a related voluntary temporary suspension of the AR Facility, in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and six months ended June 30, 2021 and 2020.

Senior Unsecured Notes

On January 19, 2021, two of our wholly-owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (“Finance Corp” and, together with Finance LLC, the “Borrowers”) issued $500.0 million aggregate principal amount of 4.250% Senior Unsecured Notes due 2029 (the “2029 Notes”) in a private placement. The 2029 Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2029 Notes is payable on January 15 and July 15 of each year, beginning on July 15, 2021. On or after January 15, 2024, the Borrowers may redeem at any time, or from time to time, some or all of the 2029 Notes. Prior to such date, the Borrowers may redeem up to 40% of the aggregate principal amount with the net proceeds of certain equity offerings, provided that at least 50% of the aggregate principal amount of the 2029 Notes will remain outstanding after the redemption.

On February 16, 2021, we used the net proceeds from the issuance of the 2029 Notes, together with cash on hand, to redeem all of our outstanding 5.625% Senior Unsecured Notes due 2024 (the “2024 Notes”) and to pay accrued and unpaid interest on the 2024 Notes, if any, to, but excluding, the redemption date, and to pay fees and expenses in connection with the 2029 Notes offering and the 2024 Notes redemption. In the first quarter of 2021, we recorded a Loss on extinguishment of debt of $6.3 million relating to the 2024 Notes 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 restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“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 exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2021, our Consolidated Total Leverage Ratio was 9.8 to 1.0 in accordance with the Credit Agreement.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of June 30, 2021, our Consolidated Net Secured Leverage Ratio was 1.3 to 1.0 in accordance with the Credit Agreement. As of June 30, 2021, we are in compliance with our debt covenants.

On April 15, 2020, the Company, along with the Borrowers, and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment provides that for the period from April 15, 2020 through September 30, 2021 (i) the Company’s Consolidated Net Secured Leverage Ratio shall be calculated by substituting the Company’s Consolidated EBITDA for each of the quarterly periods ended June 30, 2020 and September 30, 2020, included in any last twelve month compliance testing period, with the Company’s historical Consolidated EBITDA for each of the quarterly periods ended June 30, 2019 and September 30, 2019, respectively; and (ii) the Company will not make any Restricted Payments (as defined in the Credit Agreement) without the consent of the applicable lenders under the Credit Agreement, subject to certain exceptions such as payments necessary to maintain the Company’s REIT status, including any payments on any class of the Company’s capital stock that is required to be made prior to the payment of a dividend or distribution on the Company’s common stock and the Company’s existing payment obligations to holders of the Class A equity interests in Outfront Canada (as defined in Note 10. Equity to the Consolidated Financial Statements).

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Deferred Financing Costs

As of June 30, 2021, we had deferred $33.3 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes.

Interest Rate Swap Agreements

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $3.0 million as of June 30, 2021, and $5.6 million as of December 31, 2020, and is included in Other liabilities on our Consolidated Statement of Financial Position.

As of June 30, 2021, under the terms of these agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 0.1% as of June 30, 2021.

Equity

At-the-Market Equity Offering Program

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. No shares were sold under the ATM Program during the six months ended June 30, 2021. As of June 30, 2021, we had approximately $232.5 million of capacity remaining under the ATM Program.

Series A Preferred Stock Issuance

On April 20, 2020, we issued 400,000 shares of our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share. The Series A Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend and distribution rights. Holders of the Series A Preferred Stock are entitled to a cumulative dividend accruing at the initial rate of 7.0% per year, payable quarterly in arrears, subject to increases as set forth in the Articles Supplementary, effective as of April 20, 2020 (the “Articles”). Dividends may, at the option of the Company, be paid in cash, in-kind, through the issuance of additional shares of Series A Preferred Stock or a combination of cash and in-kind, until April 20, 2028, after which time dividends will be payable solely in cash. So long as any shares of Series A Preferred Stock remain outstanding, the Company may not declare a dividend on, or make any distributions relating to, capital stock that ranks junior to, or on a parity basis with, the Series A Preferred Stock, subject to certain exceptions, including but not limited to (i) any dividend or distribution in cash or capital stock of the Company on or in respect of the capital stock of the Company to the extent that such dividend or distribution is necessary to maintain the Company’s status as a REIT; and (ii) any dividend or distribution in cash in respect of our common stock that, together with the dividends or distributions during the 12-month period immediately preceding such dividend or distribution, is not in excess of 5% of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12-month period. If any dividends or distributions in respect of the shares of our common stock are paid in cash, the shares of Series A Preferred Stock will participate in the dividends or distributions on an as-converted basis up to the amount of their accrued dividend for such quarter, which amounts will reduce the dividends payable on the shares of Series A Preferred Stock dollar-for-dollar for such quarter. The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.

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Cash Flows

The following table presents our cash flows in the six months ended June 30, 2021 and 2020.

	Six Months Ended
	June 30,				%
(in millions, except percentages)	2021		2020		Change
Cash provided by operating activities	$	13.6	$	50.7	(73)	%
Cash used for investing activities	(77.0)		(49.3)		56
Cash provided by (used for) financing activities	(118.9)		588.3		*
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.9		(1.0)		*
Net increase (decrease) in cash, cash equivalents and restricted cash	$	(181.4)	$	588.7	*

*Calculation is not meaningful.

Cash provided by operating activities decreased $37.1 million, or 73%, in the six months ended June 30, 2021, compared to the same prior-year period, as we have experienced slower increases in customer advertising expenditures and overall demand for our services with respect to our transit business, particularly in the first quarter of 2021, primarily due to low transit ridership numbers compared to pre-COVID-19 numbers in the first quarter of 2020. In the six months ended June 30, 2021, we paid net cash of $7.0 million related to MTA equipment deployment and installed 441 digital displays. In the six months ended June 30, 2020, we paid $28.3 million related to MTA equipment deployment costs.

Cash used for investing activities increased $27.7 million, or 56%, in the six months ended June 30, 2021, compared to the same prior-year period, due primarily to higher cash paid for acquisitions and MTA franchise rights, partially offset by lower cash paid for capital expenditures.

The following table presents our capital expenditures in the six months ended June 30, 2021 and 2020.

	Six Months Ended
	June 30,				%
(in millions, except percentages)	2021		2020		Change
Growth	$	17.1	$	20.8	(18)	%
Maintenance	8.4		11.1		(24)
Total capital expenditures	$	25.5	$	31.9	(20)

Capital expenditures decreased $6.4 million, or 20%, in the six months ended June 30, 2021, compared to the same prior-year period, primarily due to lower spending on vehicles, office remodel projects, installation of the most current LED lighting technology, and lower spending due the Sports Disposition.

For the full year of 2021, we expect our capital expenditures to be approximately $85.0 million, which will be used primarily for growth in digital displays, maintenance and safety-related projects, software and technology, 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 by financing activities was $118.9 million in the six months ended June 30, 2021, compared to Cash provided by financing activities of $588.3 million in the same prior-year period. In the six months ended June 30, 2021, we made a repayment of $80.0 million under the Repurchase Facility and paid total cash dividends of $14.3 million on the Series A Preferred Stock and vested restricted share units granted to employees. In the six months ended June 30, 2020, we received net proceeds of $400.0 million related to the issuance of Senior Unsecured Notes due 2025 in a private placement and received net proceeds of $383.9 million related to the issuance of the Series A Preferred Stock to enhance our liquidity position in response to the impact of the COVID-19 pandemic, made net total repayments of $115.0 million on the AR Facility and the Repurchase Facility and paid total cash dividends on the Series A Preferred Stock and on our common stock of $61.1 million.

Cash paid for income taxes was $1.4 million for in the six months ended June 30, 2021 and $2.1 million in the six months ended June 30, 2020.

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Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. (See Note 18. 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, including the impact of extraordinary events such as the COVID-19 pandemic. 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, including the severity and duration of the COVID-19 pandemic.

For accounting policies we consider to be the most critical as they are significant to our financial condition and results of operations, and require significant judgment and estimates on the part of management in their application, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

For a summary of our significant accounting policies, see Item 8., Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

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.

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, including but not limited to the impact of the COVID-19 pandemic on our capital resources, portfolio performance and results of operations.

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

•Declines in advertising and general economic conditions, including declines caused by the COVID-19 pandemic;

•The severity and duration of the COVID-19 pandemic and any other pandemics, and the impact on our business, financial condition and results of operations;

•Competition;

•Government regulation;

•Our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners, including interruptions and reductions in demand caused by the impact of the COVID-19 pandemic;

•Losses and costs resulting from recalls and product liability, warranty and intellectual property claims;

•Our ability to obtain and renew key municipal contracts on favorable terms;

•Taxes, fees and registration requirements;

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•Decreased government compensation for the removal of lawful billboards;

•Content-based restrictions on outdoor advertising;

•Seasonal variations;

•Acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations;

•Dependence on our management team and other key employees;

•Diverse risks in our Canadian business;

•Experiencing a cybersecurity incident;

•Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies;

•Asset impairment charges for our long-lived assets and goodwill;

•Environmental, health and safety laws and regulations;

•Our substantial indebtedness;

•Restrictions in the agreements governing our indebtedness;

•Incurrence of additional debt;

•Interest rate risk exposure from our variable-rate indebtedness;

•Our ability to generate cash to service our indebtedness;

•Cash available for distributions;

•Hedging transactions;

•The ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval;

•Certain provisions of Maryland law may limit the ability of a third party to acquire control of us;

•Our rights and the rights of our stockholders to take action against our directors and officers are limited;

•Our failure to remain qualified to be taxed as a REIT;

•REIT distribution requirements;

•Availability of external sources of capital;

•We may face other tax liabilities even if we remain qualified to be taxed as a REIT;

•Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities;

•Our ability to contribute certain contracts to a TRS;

•Our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT;

•REIT ownership limits;

•Complying with REIT requirements may limit our ability to hedge effectively;

•Failure to meet the REIT income tests as a result of receiving non-qualifying income;

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

•Establishing operating partnerships as part of our REIT structure.

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, 2020, filed with the SEC on February 26, 2021. 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

49

December 31, 2020, such contracts accounted for 17.7% of our total utility costs. As of June 30, 2021, we had active electricity purchase agreements with fixed contract rates for locations throughout Illinois, New Jersey, Pennsylvania and Texas, which expire at various dates through June 2024.

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 June 30, 2021, we have $2.4 million of unrecognized foreign currency translation gains 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.

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 and the AR Facility.

As of June 30, 2021, we had a $600.0 million variable-rate Term Loan due 2026 outstanding, which has an interest rate of 1.8% 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 $1.0 million.

As of June 30, 2021, there were no outstanding borrowings under the AR Facility.

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net unrecognized loss of approximately $3.0 million as of June 30, 2021, and is included in Other liabilities on our Consolidated Statement of Financial Position. The following table provides information about our interest rate swap agreements, which are sensitive to changes in interest rates. Notional amounts are used to calculate the contractual cash flows to be exchanged under the agreements.

(in millions, except percentages)	2021			2022			2023			2024			2025			2026			Thereafter			Total		Fair Value Loss as of 6/30/21
Pay fixed/receive variable	$	150.0		$	50.0		$	—		$	—		$	—		$	—		$	—		$	200.0	$	3.0
Average pay rate	2.7		%	1.8		%	—		%	—		%	—		%	—		%	—		%
Average receive rate(a)	one-month LIBOR			one-month LIBOR			—			—			—			—			—

(a)The one-month LIBOR rate was approximately 0.1% as of June 30, 2021.

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 credit losses are adequate. We have experienced an increase in credit losses as a result of the COVID-19 pandemic and accordingly, we recorded additional provisions for doubtful accounts in 2020. Provisions for doubtful accounts have declined in the six months ended June 30, 2021, compared to the same prior-year period and we expect provisions for doubtful accounts to continue to decline through the remainder of the year. We do not currently use derivatives or other financial instruments to mitigate credit risk.

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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 Quarterly Report on Form 10-Q. 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 report, 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.

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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, 2020, filed with the SEC on February 26, 2021. The impact of the COVID-19 pandemic described in this Quarterly Report on Form 10-Q have heightened certain of the risks disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020, and such risk factors are further qualified by the information relating to the COVID-19 pandemic described in this Quarterly Report on Form 10-Q. There have been no material changes from the risk factors previously disclosed other than disclosed below.

Government regulation of outdoor advertising, including any changes to such regulation, may restrict our outdoor advertising operations and our ability to increase the number of advertising displays in our portfolio.

The outdoor advertising industry is subject to governmental regulation and enforcement at the federal, state and local levels in the United States and Canada. These regulations have a significant impact on the outdoor advertising industry and our business. See “Part I, Item 1. Business—Regulation” of our Annual Report on Form 10-K for the year ended December 31, 2020. If there are changes in laws and regulations affecting outdoor advertising at any level of government (including by modification, replacement or invalidation in response to third party legal challenges, such as the City of Austin, Texas v. Reagan National Advertising of Texas Inc. case now pending before the U.S. Supreme Court, or otherwise), if there are changes in the enforcement of regulations or if there are allegations of noncompliance with laws or regulations that we are unable to resolve, our structures and sites could be subject to removal or modification and/or prevailing competitive conditions in our markets could be affected in a variety of ways, which could have an adverse effect on our business, financial condition and results of operations. Further, if we are unable to obtain acceptable arrangements or compensation in circumstances in which our structures and sites are subject to removal or modification, it could have an adverse effect on our business, financial condition and results of operations. In addition, governmental regulation and enforcement of advertising displays, especially digital advertising displays, may limit our ability to install new advertising displays, restrict advertising displays to governmentally controlled sites or permit the installation of advertising displays in a manner that could benefit our competitors disproportionately, any of which could have an adverse effect on our business, financial condition and results of operations. Further, as digital advertising displays are introduced into the market on a large scale, new or revised regulations could impose specific restrictions on the installation or use of digital advertising displays.

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

Unregistered Sales of Equity Securities

None.

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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 plans or programs	Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs
April 1, 2021 through April 30, 2021	—	$	—	—	—
May 1, 2021 through May 31, 2021	—	—		—	—
June 1, 2021 through June 30, 2021	—	—		—	—
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.

53

EXHIBIT INDEX

Exhibit Number	Description
3.1	Articles of Amendment and Restatement of OUTFRONT Media Inc. effective March 28, 2014, as amended by the Articles of Amendment of OUTFRONT Media Inc. effective November 20, 2014 and June 10, 2019 (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on June 10, 2019).
3.2	Amended and Restated Bylaws of OUTFRONT Media Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on February 26, 2019).
3.3	Articles Supplementary of OUTFRONT Media Inc. effective April 20, 2020 (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on April 21, 2020).
4.1	Indenture, dated as of January 19, 2021, by and among Outfront Media Capital LLC, Outfront Media Capital Corporation, the guarantors named therein and Deutsche Bank Trust Company Americas (including the Form of Senior Notes) (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on January 19, 2021).
10.1	Form of Certificate and Terms and Conditions for Restricted Share Units Awards with Time Vesting for Directors granted under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan.
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	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Definition Document
101.LAB	Inline XBRL Taxonomy Label Linkbase
101.PRE	Inline XBRL Taxonomy Presentation Linkbase
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

54

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: August 6, 2021

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EX-10.1

Exhibit 10.1

OUTFRONT Media Inc.

RSU Certificate

Granted under the OUTFRONT Media Inc. Omnibus Stock Incentive Plan
(as amended and restated as of June 10, 2019)

NAME:

NUMBER OF RESTRICTED
SHARE UNITS:

DATE OF GRANT:

This certifies that OUTFRONT Media Inc., a Maryland corporation (the “Company”), has granted to the Director named above (the “Director”), on the date (the “Date of Grant”) indicated above, the number of restricted share units (the “RSUs”) indicated above, under the Company’s Omnibus Stock Incentive Plan (as amended and restated as of June 10, 2019) (the “Plan”), all on the Terms and Conditions attached hereto.

Chief Executive Officer

If there is a discrepancy between the OUTFRONT Media Inc. Stock Plans webpage and the official records maintained by the

office of the Executive Vice President, Chief Human Resources Officer, the official records will prevail.

OUTFRONT MEDIA INC.

Terms and Conditions to the Restricted Share Unit Certificate

Granted under the OUTFRONT Media Inc. Omnibus Stock Incentive Plan
(as amended and restated as of June 10, 2019)

1.    Grant of Restricted Share Units. On __________ (the “Date of Grant”), OUTFRONT Media Inc., a Maryland corporation (the “Company”), hereby granted to the Director named on the attached RSU certificate (the “Director”), a grant of __________Restricted Share Units (the “RSUs”) under the OUTFRONT Media Inc. Omnibus Stock Incentive Plan (as amended and restated as of June 10, 2019) (the “Plan”). The RSUs have been awarded to the Director subject to the terms and conditions contained in (A) the certificate for the __________ grant of RSUs attached hereto (the “RSU Certificate”), (B) the terms and conditions contained herein and (C) the Plan, the terms of which are hereby incorporated by reference (the items listed in (A), (B) and (C), collectively, the “Terms and Conditions”). A copy of the Plan has been or will be made available to the Director on-line at Morgan Stanley’s website (or, if applicable, the website of its successor as service provider to the Company’s equity compensation plans). Capitalized terms that are not otherwise defined herein have the meanings assigned to them in the RSU Certificate or the Plan.

2.    General. The number of RSUs granted to the Director was determined by dividing $__________ by the Fair Market Value of a share of the Company’s Common Stock on the Date of Grant (or, if the Date of Grant is not a trading day, then on the last trading day immediately preceding the Date of Grant), with each fractional RSU rounded to the nearest whole RSU.

3.    Vesting; Termination of Service.

(a)Vesting. Subject to Section 3(b), the RSUs shall vest on the first anniversary of the Date of Grant, provided that the Director is continuously providing Services from the Date of Grant through such anniversary.

(b)Accelerated Vesting. In the event of a Change in Control prior to the first anniversary of the Date of Grant, provided that the Director is continuously providing Services from the Date of Grant through the closing of the Change in Control (or immediately prior thereto), the RSUs shall vest as of, or immediately prior to, the closing of the Change in Control (and such vested RSUs shall be settled within ten (10) business days after the date on which the Change in Control is consummated in accordance with Section 4 below).

(c)Termination of Service. Except as set forth in Section 3(b), if the Director’s Service should terminate for any reason, the Director shall forfeit all unvested RSUs as of the date of such event.

2

4.    Settlement of RSUs. On the date on which the RSUs vest, the RSUs will be payable in shares of Common Stock and will be evidenced in such manner as the Board in its discretion shall deem appropriate, including, without limitation, book-entry registration, unless determined otherwise. The Company will settle vested RSUs by delivering the corresponding number of shares of Common Stock to the Director’s equity compensation account maintained with Morgan Stanley (or its successor as service provider to the Company’s equity compensation plans). Following settlement, which will be within ten (10) business days after the date on which the RSUs vest, the Director may direct Morgan Stanley (or its successor) to sell some or all of such shares, may leave such shares in such equity compensation account or may transfer them to an account that the Director maintains with a bank or broker, subject to any applicable trading restrictions.

5.    Dividend Equivalents. Dividend Equivalents shall accrue on the RSUs until the RSUs are vested and settled. Dividend Equivalents will be subject to the same vesting and forfeiture conditions as the underlying RSUs on which the Dividend Equivalents were accrued. The Company shall maintain a bookkeeping record that credits the dollar amount of the Dividend Equivalents to the Director’s account on the date that it pays such regular cash dividends on shares of Common Stock; provided, however, that if the vesting date occurs after the record date but prior to the payment date, the bookkeeping record that credits the dollar amount of the Dividend Equivalents to the Participant’s account shall be recorded on the vesting date. At the time when the RSUs underlying Dividend Equivalents vest, accrued Dividend Equivalents that have been credited to the Director’s account with respect to such corresponding RSUs shall be settled in shares of Common Stock determined by dividing (i) the aggregate amount credited in respect of such Dividend Equivalents by (ii) the Fair Market Value of a share of the Common Stock on the vesting date in a manner consistent with Section 4; provided, however, that if a dividend payment date occurs between the time during which RSUs have vested but not yet been settled, the Dividend Equivalents payable with respect to such vested RSUs shall be paid in cash as soon as practicable following the dividend payment date, but in no event later than March 15th of the calendar year following the calendar year in which the RSUs vest. Any fractional shares shall be paid in cash. Payment of Dividend Equivalents that have been credited to the Director’s account will not be made with respect to any RSUs that do not vest and are cancelled. Dividend Equivalents will not be credited with any interest or other return between the date they accrue and the date they are paid to the Director.

6.Effect of Certain Corporate Changes. The RSUs shall be subject to the adjustment provisions set forth in Article VIII of the Plan.

7.    Miscellaneous.

    (a)    Stockholder Rights. The grant of RSUs shall not entitle the Director, the Director’s estate or any permitted transferee or beneficiary to any rights of a holder of shares of Common Stock, prior to the time that the Director, the Director’s estate or any permitted transferee or beneficiary is registered on the books and records of the Company as a stockholder with respect to the shares of Common Stock underlying the RSUs (or, where the shares are permitted to be held in “street” name by a broker designated by the Director, the Director’s estate or permitted transferee or beneficiary, until such broker has been so registered).

3

    (b)    No Right to Re-election. Nothing in the Terms and Conditions shall be deemed to create any obligation on the part of the Board to nominate any of its members for re-election by the Company’s stockholders, nor confer upon the Director the right to remain a member of the Board for any period of time, or at any particular rate of compensation.

    (c)    Section 409A of the Code. The intent of the Company is that the payment of RSUs under these Terms and Conditions either comply with, or satisfy any exemption from, Section 409A of the Code and, accordingly, to the maximum extent permitted, these Terms and Conditions shall be interpreted to be in compliance therewith (or be exempt therefrom). In no event shall the Company or any of its Subsidiaries be liable for any tax, interest or penalties that may be imposed on the Director under Section 409A of the Code.

    (d)    Governing Law. These Terms and Conditions and all rights hereunder shall be construed in accordance with and governed by the laws of the State of Maryland. For purposes of litigating any dispute that arises under this RSU grant or these Terms and Conditions, the parties hereby submit and consent to the jurisdiction of the State of New York, agree that such litigation shall be conducted in the courts of New York, New York, or the federal courts for the United States for the Southern District of New York, where this grant is made and/or to be performed.

    (e)    Interpretation. In the event of any conflict between the provisions of the RSU Certificate (including the definitions set forth herein) and those of the Plan, the provisions of the Plan will control.

*****************

The Director will be deemed to have agreed to these Terms and Conditions, unless he or she provides the Company with a written notice of rejection within 30 days of receipt of these Terms and Conditions. Any such notice may be addressed to the Company at the following email address: stockadministrator@outfront.com.

4

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: August 6, 2021

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: August 6, 2021

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 June 30, 2021, 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: August 6, 2021

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 June 30, 2021, 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: August 6, 2021

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

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Quarterly period ended	Jun. 30, 2021
Document Transition Report	false
Commission File Number	001-36367
Exact name of registrant as specified in its charter	OUTFRONT Media Inc.
State or other jurisdiction of incorporation or organization	MD
I.R.S. Employer Identification No.	46-4494703
Entity Address, Address Line One	405 Lexington Avenue, 17th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Zip Code	10174
City Area Code	212
Registrant's telephone number, including area code	297-6400
Title of 12(b) Security	Common Stock, $0.01, par value
Trading Symbol	OUT
Security Exchange Name	NYSE
Filed all reports required to be filed by Section 13 or 15(d)	Yes
Entity Interactive Data Current	Yes
Entity filer category	Large Accelerated Filer
Entity Small Business	false
Emerging growth company	false
Entity Shell Company	false
Shares outstanding (shares)		145,598,601
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001579877

XML

Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 529.0	$ 710.4
Restricted cash	1.6	1.6
Receivables, less allowance ($19.8 in 2021 and $26.3 in 2020)	206.4	209.2
Prepaid lease and franchise costs	11.7	5.4
Other prepaid expenses	15.7	14.4
Other current assets	17.8	33.7
Total current assets	782.2	974.7
Noncurrent assets:
Property and equipment, net	631.2	634.2
Goodwill	2,078.5	2,077.8
Intangible assets	559.0	547.5
Operating lease assets	1,452.8	1,421.3
Prepaid MTA equipment deployment costs	229.6	204.6
Other assets	38.7	36.8
Total assets	5,772.0	5,896.9
Current liabilities:
Accounts payable	51.6	64.9
Accrued compensation	44.9	35.0
Accrued interest	30.4	24.5
Accrued lease and franchise costs	48.8	65.8
Other accrued expenses	38.7	38.0
Deferred revenues	43.7	29.5
Short-term debt	0.0	80.0
Short-term operating lease liabilities	187.7	176.5
Other current liabilities	21.8	20.7
Total current liabilities	467.6	534.9
Noncurrent liabilities:
Long-term debt, net	2,617.9	2,620.8
Deferred income tax liabilities, net	13.5	14.6
Asset retirement obligation	35.8	35.9
Operating lease liabilities	1,275.1	1,252.0
Other liabilities	54.7	55.0
Total liabilities	4,464.6	4,513.2
Commitments and contingencies
Preferred stock (2021 - 50.0 shares authorized, and 0.4 shares of Series A Preferred Stock issued and outstanding; 2020 - 50.0 shares authorized and 0.4 shares of Series A Preferred Stock issued and outstanding)	383.4	383.4
Stockholders’ equity:
Common stock (2021 - 450.0 shares authorized, and 145.6 shares issued and outstanding; 2020 - 450.0 shares authorized, and 144.5 issued and outstanding)	1.5	1.4
Additional paid-in capital	2,103.1	2,090.8
Distribution in excess of earnings	(1,183.0)	(1,100.4)
Accumulated other comprehensive loss	(11.7)	(18.0)
Total stockholders' equity	909.9	973.8
Non-controlling interests	14.1	26.5
Total equity	1,307.4	1,383.7
Total liabilities and equity	$ 5,772.0	$ 5,896.9

XML

Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 19.8	$ 26.3
Preferred stock authorized (shares)	50,000,000	50,000,000.0
Series A Preferred Stock issued (shares)	400,000	400,000
Series A Preferred Stock outstanding (shares)	400,000	400,000
Common stock authorized (shares)	450,000,000.0	450,000,000.0
Common stock issued (shares)	145,598,178	144,500,000
Common stock outstanding (shares)	145,600,000	144,500,000

XML

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Billboard	$ 287.3	$ 188.5	$ 510.9	$ 459.4
Transit and other	53.7	44.4	89.3	158.8
Total revenues	341.0	232.9	600.2	618.2
Expenses:
Operating	189.6	154.0	367.2	378.8
Selling, general and administrative	88.9	68.7	165.4	159.5
Restructuring charges	0.0	4.7	0.0	4.7
Net gain on dispositions	(2.9)	(5.2)	(3.2)	(5.3)
Depreciation	20.0	21.2	40.0	42.2
Amortization	16.3	15.4	32.7	30.4
Total expenses	311.9	258.8	602.1	610.3
Operating income (loss)	29.1	(25.9)	(1.9)	7.9
Interest expense, net	(32.1)	(33.3)	(66.7)	(63.1)
Loss on extinguishment of debt	0.0	0.0	(6.3)	0.0
Other income, net	0.0	0.0	0.0	0.2
Loss before benefit for income taxes and equity in earnings of investee companies	(3.0)	(59.2)	(74.9)	(55.0)
Benefit for income taxes	2.4	1.5	7.1	3.2
Equity in earnings of investee companies, net of tax	(0.1)	(0.3)	(0.5)	0.1
Net loss before allocation to non-controlling interests	(0.7)	(58.0)	(68.3)	(51.7)
Net income (loss) attributable to non-controlling interests	0.2	(0.1)	0.3	0.1
Net loss attributable to OUTFRONT Media Inc.	$ (0.9)	$ (57.9)	$ (68.6)	$ (51.8)
Net loss per common share:
Basic (in dollars per share)	$ (0.05)	$ (0.44)	$ (0.57)	$ (0.40)
Diluted (in dollars per share)	$ (0.05)	$ (0.44)	$ (0.57)	$ (0.40)
Weighted average shares outstanding:
Basic (in shares)	145.6	144.4	145.2	144.1
Diluted (in shares)	145.6	144.4	145.2	144.1

XML

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss before allocation to non-controlling interests	$ (0.7)	$ (58.0)	$ (68.3)	$ (51.7)
Net income (loss) attributable to non-controlling interests	0.2	(0.1)	0.3	0.1
Net loss attributable to OUTFRONT Media Inc.	(0.9)	(57.9)	(68.6)	(51.8)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	2.4	4.4	3.7	(6.1)
Net actuarial gain (loss)	0.0	(0.2)	0.0	0.5
Change in fair value of interest rate swap agreements	1.4	0.7	2.6	(3.6)
Total other comprehensive income (loss), net of tax	3.8	4.9	6.3	(9.2)
Total comprehensive income (loss)	$ 2.9	$ (53.0)	$ (62.3)	$ (61.0)

XML

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Series A Preferred Stock	Series A Preferred Stock	Common stock	Additional Paid-in Capital	Distribution in Excess of Earnings	Distribution in Excess of Earnings Series A Preferred Stock	Distribution in Excess of Earnings Common stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Series A Preferred Stock outstanding (shares) at Jun. 30, 2020			400,000
Series A Preferred Stock (dollars) at Jun. 30, 2020			$ 383.4
Total stockholders' equity at Dec. 31, 2019	$ 1,093.8			$ 1.4	$ 2,074.7	$ (964.6)			$ (17.7)
Non-controlling interests at Dec. 31, 2019										$ 32.6
Total equity at Dec. 31, 2019	1,126.4
Common stock outstanding (shares) at Dec. 31, 2019				143,600,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to OUTFRONT Media Inc.	(51.8)					(51.8)
Net income (loss) attributable to non-controlling interests	0.1									0.1
Net loss before allocation to non-controlling interests	(51.7)
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	11.9				11.9
New share issues	383.4		$ 383.4
New share issues (shares)			400,000
Shares paid for tax withholding for stock-based payments (shares)				(400,000)
Shares paid for tax withholding for stock-based payments	(12.2)				(12.2)
Class A equity interest redemptions (shares)				200,000
Class A equity interest redemptions	4.4				4.4
Decrease in non-controlling interests due to redemptions										(4.4)
Dividends	(55.3)	$ (5.5)					$ (5.5)	$ (55.3)
Other stockholders equity	(1.1)
Noncontrolling interests - Other										(1.1)
Total stockholders' equity at Jun. 30, 2020	976.1			$ 1.4	2,078.8	(1,077.2)			(26.9)
Non-controlling interests at Jun. 30, 2020										27.2
Total equity at Jun. 30, 2020	1,386.7
Common stock outstanding (shares) at Jun. 30, 2020				144,400,000
Series A Preferred Stock outstanding (shares) at Jun. 30, 2020			400,000
Series A Preferred Stock (dollars) at Jun. 30, 2020			$ 383.4
Total stockholders' equity at Mar. 31, 2020	1,028.6			$ 1.4	2,072.8	(1,013.8)			(31.8)
Non-controlling interests at Mar. 31, 2020										28.4
Total equity at Mar. 31, 2020	1,057.0
Common stock outstanding (shares) at Mar. 31, 2020				144,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to OUTFRONT Media Inc.	(57.9)					(57.9)
Net income (loss) attributable to non-controlling interests	(0.1)
Net loss before allocation to non-controlling interests	(58.0)
Other comprehensive income (loss)	4.9								4.9
Other comprehensive income (loss) - total equity	4.9
Stock-based payments: Amortization	6.1				6.1
New share issues	383.4		$ 383.4
New share issues (shares)			400,000
Shares paid for tax withholding for stock-based payments	(0.1)				(0.1)
Dividends		(5.5)					(5.5)
Other stockholders equity	(1.1)
Noncontrolling interests - Other										(1.1)
Total stockholders' equity at Jun. 30, 2020	976.1			$ 1.4	2,078.8	(1,077.2)			(26.9)
Non-controlling interests at Jun. 30, 2020										27.2
Total equity at Jun. 30, 2020	$ 1,386.7
Common stock outstanding (shares) at Jun. 30, 2020				144,400,000
Series A Preferred Stock outstanding (shares) at Dec. 31, 2020	400,000		400,000
Series A Preferred Stock (dollars) at Dec. 31, 2020	$ 383.4		$ 383.4
Series A Preferred Stock outstanding (shares) at Jun. 30, 2021	400,000		400,000
Series A Preferred Stock (dollars) at Jun. 30, 2021	$ 383.4		$ 383.4
Total stockholders' equity at Dec. 31, 2020	973.8			$ 1.4	2,090.8	(1,100.4)			(18.0)
Non-controlling interests at Dec. 31, 2020	26.5									26.5
Total equity at Dec. 31, 2020	$ 1,383.7
Common stock outstanding (shares) at Dec. 31, 2020	144,500,000			144,500,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to OUTFRONT Media Inc.	$ (68.6)					(68.6)
Net income (loss) attributable to non-controlling interests	0.3									0.3
Net loss before allocation to non-controlling interests	(68.3)
Other comprehensive income (loss)	6.3								6.3
Other comprehensive income (loss) - total equity	6.3
Stock-based payments: Vested (shares)				1,100,000
Stock-based payments: Vested	0.1			$ 0.1
Stock-based payments: Amortization	13.5				13.5
Shares paid for tax withholding for stock-based payments (shares)				(500,000)
Shares paid for tax withholding for stock-based payments	(8.9)				(8.9)
Class A equity interest redemptions (shares)				500,000
Class A equity interest redemptions	11.0				11.0
Decrease in non-controlling interests due to redemptions										(11.0)
Dividends		(14.0)					(14.0)
Other stockholders equity	(3.3)				(3.3)
Other	(5.0)
Noncontrolling interests - Other										(1.7)
Total stockholders' equity at Jun. 30, 2021	909.9			$ 1.5	2,103.1	(1,183.0)			(11.7)
Non-controlling interests at Jun. 30, 2021	14.1									14.1
Total equity at Jun. 30, 2021	$ 1,307.4
Common stock outstanding (shares) at Jun. 30, 2021	145,600,000			145,600,000
Series A Preferred Stock outstanding (shares) at Mar. 31, 2021			400,000
Series A Preferred Stock (dollars) at Mar. 31, 2021			$ 383.4
Series A Preferred Stock outstanding (shares) at Jun. 30, 2021	400,000		400,000
Series A Preferred Stock (dollars) at Jun. 30, 2021	$ 383.4		$ 383.4
Total stockholders' equity at Mar. 31, 2021	906.4			$ 1.5	2,095.5	(1,175.1)			(15.5)
Non-controlling interests at Mar. 31, 2021										14.4
Total equity at Mar. 31, 2021	1,304.2
Common stock outstanding (shares) at Mar. 31, 2021				145,500,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to OUTFRONT Media Inc.	(0.9)					(0.9)
Net income (loss) attributable to non-controlling interests	0.2
Net loss before allocation to non-controlling interests	(0.7)
Other comprehensive income (loss)	3.8								3.8
Other comprehensive income (loss) - total equity	3.8
Stock-based payments: Vested (shares)				100,000
Stock-based payments: Amortization	7.5				7.5
Shares paid for tax withholding for stock-based payments	(0.2)				(0.2)
Class A equity interest redemptions	0.3				0.3
Decrease in non-controlling interests due to redemptions										(0.3)
Dividends		$ (7.0)					$ (7.0)
Other					(0.2)
Noncontrolling interests - Other										(0.2)
Total stockholders' equity at Jun. 30, 2021	909.9			$ 1.5	$ 2,103.1	$ (1,183.0)			$ (11.7)
Non-controlling interests at Jun. 30, 2021	14.1									$ 14.1
Total equity at Jun. 30, 2021	$ 1,307.4
Common stock outstanding (shares) at Jun. 30, 2021	145,600,000			145,600,000

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Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share ($ per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Series A Preferred Stock, par value per share ($ per share)	$ 0.01	$ 0.01	$ 0.01	0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Dividends declared per common share ($ per share)				$ 0.38
Series A Preferred Stock dividend rate (%)	7.00%	7.00%	7.00%	7.00%

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net loss attributable to OUTFRONT Media Inc.	$ (68.6)	$ (51.8)
Adjustments to reconcile net loss to net cash flow provided by operating activities:
Net loss attributable to non-controlling interests	0.3	0.1
Depreciation and amortization	72.7	72.6	[1]
Deferred tax benefit	(7.1)	(5.2)
Stock-based compensation	13.5	11.9
Provision for doubtful accounts	(4.4)	11.3
Accretion expense	1.3	1.3
Net gain on dispositions	(3.2)	(5.3)
Loss on extinguishment of debt	6.3	0.0
Equity in earnings of investee companies, net of tax	0.5	(0.1)
Distributions from investee companies	0.4	1.9
Amortization of deferred financing costs and debt discount and premium	3.8	3.0
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables	10.7	77.9
Increase in prepaid MTA equipment deployment costs	(25.0)	(28.3)
(Increase) decrease in prepaid expenses and other current assets	10.2	(2.2)
Decrease in accounts payable and accrued expenses	(18.0)	(59.8)
Increase in operating lease assets and liabilities	2.1	8.3
Increase in deferred revenues	14.1	9.3
Decrease in income taxes	(1.3)	(0.1)
Other, net	5.3	5.9
Net cash flow provided by operating activities	13.6	50.7
Investing Activities:
Capital expenditures	(25.5)	(31.9)
Acquisitions	(42.7)	(13.6)
MTA franchise rights	(10.0)	(7.3)
Net proceeds from dispositions	1.2	2.7
Return of investment in investee companies	0.0	0.8
Net cash flow used for investing activities	(77.0)	(49.3)
Financing Activities:
Proceeds from long-term debt borrowings	500.0	895.0
Repayments of long-term debt borrowings	(500.0)	(495.0)
Proceeds from borrowings under short-term debt facilities	0.0	15.0
Repayments of borrowings under short-term debt facilities	(80.0)	(130.0)
Payments of deferred financing costs	(7.3)	(7.5)
Payments of debt extinguishment charges	(4.7)	0.0
Proceeds from Series A Preferred Stock issuances	0.0	383.9
Taxes withheld for stock-based compensation	(8.9)	(12.0)
Dividends	(14.3)	(61.1)
Other	(3.7)	0.0
Net cash flow provided by (used for) financing activities	(118.9)	588.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.9	(1.0)
Net increase (decrease) in cash, cash equivalents and restricted cash	(181.4)	588.7
Cash, cash equivalents and restricted cash at beginning of period	712.0	60.9
Cash, cash equivalents and restricted cash at end of period	530.6	649.6
Supplemental disclosure of cash flow Information:
Cash paid for income taxes	1.4	2.1
Cash paid for interest	57.3	60.1
Non-cash investing and financing activities:
Accrued purchases of property and equipment	6.2	7.1
Accrued MTA franchise rights	4.5	2.7
Taxes withheld for stock-based compensation	$ 0.1	$ 0.1

[1] Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

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Description of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2021

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. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 150 markets across the U.S. and Canada. We currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International.

In the third quarter of 2020, we sold all of our equity interests in certain of our subsidiaries (the “Sports Disposition”), which held all of the assets of our Sports Marketing operating segment, for a purchase price of approximately $34.6 million in cash, subject to closing and post-closing adjustments. The Sports Marketing operating segment was the marketing and multimedia rights holder for a variety of colleges, universities and other educational institutions across the United States. The operating results of our Sports Marketing operating segment through June 30, 2020, are included in our Consolidated Financial Statements.

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. Amortization of direct lease acquisition costs previously reported in Amortization have been reclassified to conform with the current period’s presentation. The impact of the reclassification is a decrease in Amortization of $6.3 million in the three months ended June 30, 2020, and $17.6 million in the six months ended June 30, 2020, and a corresponding increase in Selling, general and administrative expenses (“SG&A”) on the Consolidated Statement of Operations. 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, 2020, filed with the SEC on February 26, 2021.

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 at 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, including the impact of extraordinary events such as the novel coronavirus (“COVID-19”) pandemic, 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 materially from these estimates under different assumptions or conditions, including the severity and duration of the COVID-19 pandemic.

The COVID-19 pandemic and the related preventative measures taken to help curb the spread, have had, and may continue to have, a significant impact on the global economy and our business. Given the uncertainty around the severity and duration of the COVID-19 pandemic and the measures taken, or may be taken, in response to the COVID-19 pandemic, the Company cannot reasonably estimate the full impact of the COVID-19 pandemic on our business, financial condition and results of operations at this time, which may be material.

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New Accounting Standards

6 Months Ended

Jun. 30, 2021

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Standards

New Accounting Standards

Adoption of New Accounting Standards

In the first quarter of 2021, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance for simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes. The adoption of this guidance did not have a material effect on our consolidated financial statements.

Recent Pronouncements

In March 2020, the FASB issued guidance providing optional expedients and exceptions for accounting for contracts, hedging relationships and other transactions that reference to the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance is effective for all entities as of March 12, 2020, through December 31, 2022. We do not expect this guidance to impact our accounting for our existing debt and hedging instruments.

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Restricted Cash

6 Months Ended

Jun. 30, 2021

Restricted Cash [Abstract]

Restricted Cash

Restricted Cash

We have 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 June 30, 2021, we have $1.6 million of restricted cash deposited in the escrow account.

	As of
(in millions)	June 30, 2021		June 30, 2020		December 31, 2020
Cash and cash equivalents	$	529.0	$	647.8	$	710.4
Restricted cash	1.6		1.8		1.6
Cash, cash equivalents and restricted cash	$	530.6	$	649.6	$	712.0

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Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

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

		As of
(in millions)	Estimated Useful Lives	June 30, 2021		December 31, 2020
Land		$	102.6	$	98.0
Buildings	20 to 40 years	48.9		48.3
Advertising structures	5 to 20 years	1,920.6		1,897.7
Furniture, equipment and other	3 to 10 years	173.5		168.5
Construction in progress		30.3		25.1
		2,275.9		2,237.6
Less: Accumulated depreciation		1,644.7		1,603.4
Property and equipment, net		$	631.2	$	634.2

Depreciation expense was $20.0 million in the three months ended June 30, 2021, $21.2 million in the three months ended June 30, 2020, $40.0 million in the six months ended June 30, 2021, and $42.2 million in the six months ended June 30, 2020.

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Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization		Net
As of June 30, 2021:
Permits and leasehold agreements	$	1,227.0	$	(799.0)	$	428.0
Franchise agreements	522.4		(393.5)		128.9
Other intangible assets	22.1		(20.0)		2.1
Total intangible assets	$	1,771.5	$	(1,212.5)	$	559.0
As of December 31, 2020:
Permits and leasehold agreements	$	1,190.0	$	(777.1)	$	412.9
Franchise agreements	514.7		(383.7)		131.0
Other intangible assets	45.8		(42.2)		3.6
Total intangible assets	$	1,750.5	$	(1,203.0)	$	547.5

In the six months ended June 30, 2021, we acquired 40 digital billboards, resulting in amortizable intangible assets for permits and leasehold agreements of $35.0 million, which are amortized using the straight-line method over their estimated useful lives, a average period of 18.0 years.

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $16.3 million in the three months ended June 30, 2021, $15.4 million in the three months ended June 30, 2020, $32.7 million in the six months ended June 30, 2021, and $30.4 million in the six months ended June 30, 2020.

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Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Leases

Lessee

As of June 30, 2021, we have operating lease assets of $1.5 billion, short-term operating lease liabilities of $187.7 million and non-current operating lease liabilities of $1.3 billion. As of December 31, 2020, we had operating lease assets of $1.4 billion, short-term operating lease liabilities of $176.5 million and non-current operating lease liabilities of $1.3 billion. As of June 30, 2021, the weighted-average remaining lease term was 10.5 years and the weighted-average discount rate was 5.3%.

For the three months ended June 30, 2021, we recorded operating lease costs of $99.9 million in Operating expenses and $2.4 million in Selling, general and administrative expenses. For the three months ended June 30, 2021, these costs include $19.3 million of variable operating lease costs. For the three months ended June 30, 2020, we recorded operating lease costs of $93.3 million in Operating expenses and $2.1 million in Selling, general and administrative expenses. For the three months ended June 30, 2020, these costs include $14.6 million of variable operating lease costs. For the six months ended June 30, 2021, we recorded operating lease costs of $193.6 million in Operating expenses and $4.5 million in Selling, general and administrative expenses. For the six months ended June 30, 2021, these costs include $33.2 million of variable operating lease costs. For the six months ended June 30, 2020, we recorded operating lease costs of $195.8 million in Operating expenses and $4.3 million in Selling, general and administrative expenses. For the six months ended June 30, 2020, these costs include $36.7 million of variable operating lease costs. For each of the three and six months ended June 30, 2021 and 2020, sublease income was immaterial.

For the six months ended June 30, 2021, cash paid for operating leases was $190.9 million and leased assets obtained in exchange for new operating lease liabilities was $139.9 million. For the six months ended June 30, 2020, cash paid for operating leases was $199.0 million and leased assets obtained in exchange for new operating lease liabilities was $116.4 million.

LessorWe recorded rental income of $277.6 million for the three months ended June 30, 2021, $182.0 million for the three months ended June 30, 2020, $493.4 million for the six months ended June 30, 2021, and $444.3 million for the six months ended June 30, 2020, in Revenues on our Consolidated Statement of Operations.

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Asset Retirement Obligation

6 Months Ended

Jun. 30, 2021

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, 2020	$	35.9
Accretion expense	1.3
Additions	0.2
Liabilities settled	(1.8)
Foreign currency translation adjustments	0.2
As of June 30, 2021	$	35.8

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Related Party Transactions	6 Months Ended
	Jun. 30, 2021
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 seven billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $9.6 million as of June 30, 2021, and $10.5 million as of December 31, 2020, 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 $1.3 million in the three months ended June 30, 2021, $1.0 million in the three months ended June 30, 2020, $2.4 million in the six months ended June 30, 2021, and $2.5 million in the six months ended June 30, 2020.

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Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	June 30, 2021			December 31, 2020
Short-term debt:
Repurchase Facility	$	—		$	80.0
Total short-term debt	—			80.0
Long-term debt:
Term loan, due 2026	598.0			597.8
Senior unsecured notes:
5.625% senior unsecured notes, due 2024	—			501.3
6.250% senior unsecured notes, due 2025	400.0			400.0
5.000% senior unsecured notes, due 2027	650.0			650.0
4.250% senior unsecured notes, due 2029	500.0			—
4.625% senior unsecured notes, due 2030	500.0			500.0
Total senior unsecured notes	2,050.0			2,051.3
Debt issuance costs	(30.1)			(28.3)
Total long-term debt, net	2,617.9			2,620.8
Total debt, net	$	2,617.9		$	2,700.8
Weighted average cost of debt	4.3		%	4.5		%

Term Loan

The interest rate on the term loan due in 2026 (the “Term Loan”) was 1.8% per annum as of June 30, 2021. As of June 30, 2021, a discount of $2.0 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

We also have a $500.0 million revolving credit facility, which matures in 2024 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”).

As of June 30, 2021, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in the three months ended June 30, 2021, $0.3 million in the three months ended June 30, 2020, $0.9 million in the six months ended June 30, 2021, and $0.6 million in the six months ended June 30, 2020. As of June 30, 2021, we had issued letters of credit totaling approximately $2.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of June 30, 2021, we had issued letters of credit totaling approximately $72.2 million under our aggregate $78.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2021 and 2020.

Effective July 27, 2021, we increased our standalone letter of credit facilities by $3.0 million. As of August 5, 2021, we had issued letters of credit totaling approximately $73.9 million under our aggregate $81.0 million standalone letters of credit facilities.

Accounts Receivable Securitization Facilities

As of June 30, 2021, we have a revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended. Our 364-day uncommitted structured repurchase facility (the “Repurchase Facility”) expired on June 29, 2021, and we chose not to extend it at this time.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ 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 SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

As of June 30, 2021, there were no outstanding borrowings under the AR Facility. As of June 30, 2021, there was no borrowing capacity remaining under the AR Facility based on approximately $245.5 million of accounts receivable used as collateral for the AR Facility and a related voluntary temporary suspension of the AR Facility, in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and six months ended June 30, 2021 and 2020.

Senior Unsecured Notes

On January 19, 2021, two of our wholly-owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (“Finance Corp” and, together with Finance LLC, the “Borrowers”) issued $500.0 million aggregate principal amount of 4.250% Senior Unsecured Notes due 2029 (the “2029 Notes”) in a private placement. The 2029 Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2029 Notes is payable on January 15 and July 15 of each year, beginning on July 15, 2021. On or after January 15, 2024, the Borrowers may redeem at any time, or from time to time, some or all of the 2029 Notes. Prior to such date, the Borrowers may redeem up to 40% of the aggregate principal amount with the net proceeds of certain equity offerings, provided that at least 50% of the aggregate principal amount of the 2029 Notes will remain outstanding after the redemption.

On February 16, 2021, we used the net proceeds from the issuance of the 2029 Notes, together with cash on hand, to redeem all of our outstanding 5.625% Senior Unsecured Notes due 2024 (the “2024 Notes”) and to pay accrued and unpaid interest on the 2024 Notes, if any, to, but excluding, the redemption date, and to pay fees and expenses in connection with the 2029 Notes offering and the 2024 Notes redemption. In the first quarter of 2021, we recorded a Loss on extinguishment of debt of $6.3 million relating to the 2024 Notes 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 restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“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 exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2021, our Consolidated Total Leverage Ratio was 9.8 to 1.0 in accordance with the Credit Agreement.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of June 30, 2021, our Consolidated Net Secured Leverage Ratio was 1.3 to 1.0 in accordance with the Credit Agreement. As of June 30, 2021, we are in compliance with our debt covenants.

On April 15, 2020, the Company, along with the Borrowers, and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment provides that for the period from April 15, 2020 through September 30, 2021 (i) the Company’s Consolidated Net Secured Leverage Ratio shall be calculated by substituting the Company’s Consolidated EBITDA for each of the quarterly periods ended June 30, 2020 and September 30, 2020, included in any last twelve month compliance testing period, with the Company’s historical Consolidated EBITDA for each of the quarterly periods ended June 30, 2019 and September 30, 2019, respectively; and (ii) the Company will not make any Restricted Payments (as defined in the Credit Agreement) without the consent of the applicable lenders under the Credit Agreement, subject to certain exceptions such as payments necessary to maintain the Company’s REIT status, including any payments on any class of the Company’s capital stock that is required to be made prior to the payment of a dividend or distribution on the Company’s common stock and the Company’s existing payment obligations to holders of the Class A equity interests in Outfront Canada (as defined in Note 10. Equity to the Consolidated Financial Statements).

Deferred Financing Costs

As of June 30, 2021, we had deferred $33.3 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes.

Interest Rate Swap Agreements

We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $3.0 million as of June 30, 2021, and $5.6 million as of December 31, 2020, and is included in Other liabilities on our Consolidated Statement of Financial Position.

As of June 30, 2021, under the terms of these agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 0.1% as of June 30, 2021.

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 $2.7 billion as of June 30, 2021, and $2.8 billion as of December 31, 2020. The fair value of our debt as of both June 30, 2021, and December 31, 2020, is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $3.0 million as of June 30, 2021, and $5.6 million as of December 31, 2020.

The aggregate fair value of our interest rate cash flow swap agreements as of both June 30, 2021 and December 31, 2020, is classified as Level 2.

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Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity

Equity

As of June 30, 2021, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 145,598,178 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with 400,000 shares of Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, issued and outstanding.

The Series A Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend and distribution rights. Holders of the Series A Preferred Stock are entitled to a cumulative dividend accruing at the initial rate of 7.0% per year, payable quarterly in arrears, subject to increases as set forth in the Articles Supplementary, effective as of April 20, 2020 (the “Articles”). Dividends may, at the option of the Company, be paid in cash, in-kind, through the issuance of additional shares of Series A Preferred Stock or a combination of cash and in-kind, until April 20, 2028, after which time dividends will be payable solely in cash. So long as any shares of Series A Preferred Stock remain outstanding, the Company may not declare a dividend on, or make any distributions relating to, capital stock that ranks junior to, or on a parity basis with, the Series A Preferred Stock, subject to certain exceptions, including but not limited to (i) any dividend or distribution in cash or capital stock of the Company on or in respect of the capital stock of the Company to the extent that such dividend or distribution is necessary to maintain the Company’s status as a REIT; and (ii) any dividend or distribution in cash in respect of our common stock that, together with the dividends or distributions during the 12-month period immediately preceding such dividend or distribution, is not in excess of 5% of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12-month period. If any dividends or distributions in respect of the shares of our common stock are paid in cash, the shares of Series A Preferred Stock will participate in the dividends or distributions on an as-converted basis up to the amount of their accrued dividend for such quarter, which amounts will reduce the dividends payable on the shares of Series A Preferred Stock dollar-for-dollar for such quarter. The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.

During the three months ended June 30, 2021, we paid cash dividends of $7.0 million on the Series A Preferred Stock and during the six months ended June 30, 2021, we paid cash dividends of $14.0 million on the Series A Preferred Stock. As of June 30, 2021, the maximum number of shares of common stock that could be required to be issued on conversion of the outstanding shares of Series A Preferred Stock was 25.0 million shares.

In connection with the acquisition of outdoor advertising assets in Canada in June 2017, 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. The Company is also subject to limitations on its ability to sell or otherwise dispose of the assets acquired in Canada until June 2022, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability, plus a tax gross-up.

During the three and six months ended June 30, 2021, we made no distributions to holders of the Class A equity interests. As of June 30, 2021, 1,537,579 Class A equity interests have been redeemed for shares of the Company’s common stock.

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. No shares were sold under the ATM Program during the six months ended June 30, 2021. As of June 30, 2021, we had approximately $232.5 million of capacity remaining under the ATM Program.

On August 5, 2021, we announced that our board of directors approved a quarterly cash dividend of $0.10 per share on our common stock, payable on September 30, 2021, to stockholders of record at the close of business on September 3, 2021.

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Revenues

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

The following table summarizes revenues by source:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Billboard:
Static displays	$	208.3	$	149.5	$	373.4	$	350.6
Digital displays	68.9		31.3		118.2		91.7
Other	10.1		7.7		19.3		17.1
Billboard revenues	287.3		188.5		510.9		459.4
Transit:
Static displays	34.6		22.9		58.5		88.0
Digital displays	11.9		6.6		18.3		34.3
Other	6.2		3.4		10.8		10.8
Total transit revenues	52.7		32.9		87.6		133.1
Sports marketing and other	1.0		11.5		1.7		25.7
Transit and other revenues	53.7		44.4		89.3		158.8
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

Rental income was $277.6 million in the three months ended June 30, 2021, $182.0 million in the three months ended June 30, 2020, $493.4 million in the six months ended June 30, 2021, and $444.3 million in the six months ended June 30, 2020, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
United States:
Billboard	$	271.8	$	181.4	$	484.3	$	437.9
Transit and other	50.0		32.1		82.9		130.3
Sports marketing and other	1.0		11.5		1.7		25.7
Total United States revenues	322.8		225.0		568.9		593.9
Canada	18.2		7.9		31.3		24.3
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2020, during the three months ended March 31, 2021.

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Restructuring Charges	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring ChargesIn order to preserve financial flexibility, increase liquidity and reduce expenses in light of the current uncertainty in the global economy and our business as a result of the COVID-19 pandemic, on May 5, 2020, we announced a workforce reduction in the U.S. and notified approximately 70 employees of their termination. On June 15, 2020, we announced a workforce reduction in Canada and notified approximately 20 employees of their termination.As of June 30, 2021, $0.7 million in restructuring reserves remain outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. For the three and six months ended June 30, 2020, we recorded restructuring charges of $4.7 million, of which $3.0 million was recorded in our U.S. Media segment and $0.7 million was recorded in Other, and $1.0 million was recorded in Corporate. Restructuring charges in the three and six months ended June 30, 2020, were composed of severance charges associated with the workforce reductions, including $0.9 million for stock-based compensation.

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Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $42.7 million in the six months ended June 30, 2021, and $13.6 million in the six months ended June 30, 2020.

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million. In the second quarter of 2019, we completed this acquisition except with respect to four digital displays, which we expect to acquire in 2022 for an estimated purchase price of $9.2 million, subject to customary closing conditions and the timing of site development.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

In the first quarter of 2021, the Company granted one-time equity award grants to our executive officers. The grant values of the one-time restricted share unit (“RSU”) awards were equal to 100% of each executive officer’s current base salary, and comprised of 60% performance-based RSUs (“PRSUs”), which contain a market and service condition, and 40% time-based RSUs, which only contain a service condition. The PRSU market condition will be based on the Company’s total shareholder return (“TSR”) relative to the TSRs of the companies in the iShares Evolved U.S. Media and Entertainment Index as of January 1, 2021, measured over a two-year performance period, with the number of PRSUs eligible to vest ranging from 0% to 200% of target based on a percentile ranking of the Company’s relative TSR. Subject to the market condition, these one-time equity grants will cliff vest in full on the second anniversary of the award grant date. A Monte Carlo method simulation has been used to estimate the grant date fair value of the PRSUs that have a market condition.

The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2021 and 2020.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Stock-based compensation expenses (RSUs and PRSUs), before income taxes	$	7.5	$	6.1	$	13.5	$	11.9
Tax benefit	(0.4)		(0.3)		(0.7)		(0.7)
Stock-based compensation expense, net of tax	$	7.1	$	5.8	$	12.8	$	11.2

As of June 30, 2021, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $45.8 million, which is expected to be recognized over a weighted average period of 1.9 years.

RSUs and PRSUs

The following table summarizes activity for the six months ended June 30, 2021, of RSUs and PRSUs issued to our employees.

	Activity	Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2020	2,208,059	$	24.80
Granted:
RSUs	991,529	21.59
PRSUs	567,571	23.34
Vested:
RSUs	(704,717)	24.16
PRSUs	(239,202)	21.81
Forfeitures:
RSUs	(16,348)	24.13
PRSUs	(259,086)	30.63
Non-vested as of June 30, 2021	2,547,806	23.10

Stock Options

The following table summarizes activity for the six months ended June 30, 2021, of stock options issued to our employees.

	Activity	Weighted Average Exercise Price
Outstanding as of December 31, 2020	103,413	$	26.39
Outstanding as of June 30, 2021	103,413	26.39
Exercisable as of June 30, 2021	103,413	26.39

As of June 30, 2021, all exercisable stock options issued to our employees were out-of-the-money based on the closing stock price of our common stock of $24.03.

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Retirement Benefits

6 Months Ended

Jun. 30, 2021

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				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Components of net periodic pension cost:
Service cost	$	0.1	$	0.3	$	0.2	$	0.7
Interest cost	0.7		0.6		1.2		1.3
Expected return on plan assets	(1.0)		(0.9)		(1.8)		(2.0)
Amortization of net actuarial losses(a)	0.2		0.2		0.4		0.5
Net periodic pension cost	$	—	$	0.2	$	—	$	0.5

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

In the six months ended June 30, 2021, we contributed $0.5 million to our pension plans. In 2021, we expect to contribute approximately $1.2 million to our pension plans.

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Income Taxes

6 Months Ended

Jun. 30, 2021

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 as TRSs. As such, we have provided for their federal, state and foreign income taxes.

Tax years 2017 to present are open for examination by the tax authorities.

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 six months ended June 30, 2021 and 2020, 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")

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Earnings Per Share (“EPS”)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net loss available for common stockholders	$	(0.9)	$	(57.9)	$	(68.6)	$	(51.8)
Less: Distributions to holders of Series A Preferred Stock	7.0		5.5		14.0		5.5
Less: Distributions to holders of Class A equity interests of a subsidiary	—		—		—		0.4
Net loss available for common stockholders, basic and diluted	$	(7.9)	$	(63.4)	$	(82.6)	$	(57.7)
Weighted average shares for basic and diluted EPS	145.6		144.4		145.2		144.1

(a)The potential impact of an aggregate 1.3 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2021, 1.8 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2020, 1.3 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2021, and 1.0 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2020, were antidilutive.

(b)The potential impact of 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended June 30, 2021, 19.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended June 30, 2020, 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the six months ended June 30, 2021, and 9.9 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the six months ended June 30, 2020, were antidilutive.

(c)The potential impact of 0.4 million of Class A equity interests of Outfront Canada in the three months ended June 30, 2021, 0.9 million of Class A equity interests of Outfront Canada in the three months ended June 30, 2020, 0.6 million of Class A equity interests of Outfront Canada in the six months ended June 30, 2021, and 1.0 million of Class A equity interests of Outfront Canada in the six months ended June 30, 2020, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)

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Commitment and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of 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 agreements with municipalities and transit operators that 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.

Under the MTA agreement, which was amended in June 2020 and July 2021 (as amended, the “MTA Agreement”):

•Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, subject to modification as agreed-upon by us and the MTA. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”).

•Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. 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 recouped, which could have an adverse effect on our business, financial condition and results of operations. If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. For any deployment costs deemed authorized after December 31, 2020, the MTA and the Company will no longer be obligated to directly pay 70% and 30% of the costs, respectively, and these costs will be subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in the six months ended June 30, 2021, and it is unlikely we will recoup equipment deployment costs in the remainder of 2021.

•Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Our payment obligations with respect to guaranteed minimum annual payment amounts owed to the MTA resumed on January 1, 2021, in accordance with the terms of the MTA Agreement, and any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year.

•Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-term initial term. We have the option to extend this initial 13-year term for an additional five-year period at the end of the 13-year initial term, subject to satisfying certain quantitative and qualitative conditions.

As of June 30, 2021, 7,821 digital displays had been installed, of which 176 installations occurred in the three months ended June 30, 2021, for a total of 441 in the six months ended June 30, 2021.

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment/MTA Funding		Amortization		Ending Balance
Six months ended June 30, 2021:
Prepaid MTA equipment deployment costs	$	204.6	$	25.0	$	—	$	—	$	229.6
Other current assets	28.0		6.1		(24.1)		—		10.0
Intangible assets (franchise agreements)	58.4		8.0		—		(4.9)		61.5
Total	$	291.0	$	39.1	$	(24.1)	$	(4.9)	$	301.1
Year ended December 31, 2020:
Prepaid MTA equipment deployment costs	$	171.5	$	33.1	$	—	$	—	$	204.6
Other current assets	—		44.4		(16.4)		—		28.0
Intangible assets (franchise agreements)	38.3		26.0		—		(5.9)		58.4
Total	$	209.8	$	103.5	$	(16.4)	$	(5.9)	$	291.0

Letters of Credit

We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of June 30, 2021, the outstanding letters of credit were approximately $74.3 million and outstanding surety bonds were approximately $167.6 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

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

We currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International. International does not meet the criteria to be a reportable segment and accordingly, is included in Other.

The following tables set forth our financial performance by segment. In the third quarter of 2020, we completed the Sports Disposition. Historical operating results for our Sports Marketing operating segment through June 30, 2020, are included in Other.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Revenues:
U.S. Media	$	321.8	$	213.5	$	567.2	$	568.2
Other	19.2		19.4		33.0		50.0
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net loss before allocation to non-controlling interests	$	(0.7)	$	(58.0)	$	(68.3)	$	(51.7)
Benefit for income taxes	(2.4)		(1.5)		(7.1)		(3.2)
Equity in earnings of investee companies, net of tax	0.1		0.3		0.5		(0.1)
Interest expense, net	32.1		33.3		66.7		63.1
Loss on extinguishment of debt	—		—		6.3		—
Other income, net	—		—		—		(0.2)
Operating income (loss)	29.1		(25.9)		(1.9)		7.9
Restructuring charges	—		4.7		—		4.7
Net gain on dispositions	(2.9)		(5.2)		(3.2)		(5.3)
Depreciation and amortization(a)	36.3		36.6		72.7		72.6
Stock-based compensation	7.5		5.2		13.5		11.0
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9
Adjusted OIBDA:
U.S. Media(a)	$	80.6	$	31.4	$	105.2	$	111.4
Other(a)	1.6		(5.7)		(0.4)		(5.7)
Corporate	(12.2)		(10.3)		(23.7)		(14.8)
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Operating income (loss):
U.S. Media	$	47.3	$	(3.9)	$	38.7	$	43.5
Other	1.5		(5.5)		(3.4)		(8.8)
Corporate	(19.7)		(16.5)		(37.2)		(26.8)
Total operating income (loss)	$	29.1	$	(25.9)	$	(1.9)	$	7.9
Net gain on dispositions:
U.S. Media	$	0.1	$	(1.1)	$	(0.2)	$	(1.2)
Other	(3.0)		(4.1)		(3.0)		(4.1)
Total gain on dispositions	$	(2.9)	$	(5.2)	$	(3.2)	$	(5.3)
Depreciation and amortization:
U.S. Media(a)	$	33.2	$	33.4	$	66.7	$	66.1
Other(a)	3.1		3.2		6.0		6.5
Total depreciation and amortization(a)	$	36.3	$	36.6	$	72.7	$	72.6
Capital expenditures:
U.S. Media	$	15.8	$	13.6	$	24.7	$	30.9
Other	0.3		0.1		0.8		1.0
Total capital expenditures	$	16.1	$	13.7	$	25.5	$	31.9

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

	As of
(in millions)	June 30, 2021		December 31, 2020
Assets:
U.S. Media	$	5,035.0	$	4,977.2
Other	248.4		249.5
Corporate	488.6		670.2
Total assets	$	5,772.0	$	5,896.9

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Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
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 at 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, including the impact of extraordinary events such as the novel coronavirus (“COVID-19”) pandemic, 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 materially from these estimates under different assumptions or conditions, including the severity and duration of the COVID-19 pandemic.

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New Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	In the first quarter of 2021, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance for simplifying the accounting for income taxes by removing certain exceptions to the general principles of Accounting Standards Codification Topic 740, Income Taxes. The adoption of this guidance did not have a material effect on our consolidated financial statements.

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Intangible Assets (Policies)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
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.

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Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2021

Restricted Cash [Abstract]

Restricted Cash

	As of
(in millions)	June 30, 2021		June 30, 2020		December 31, 2020
Cash and cash equivalents	$	529.0	$	647.8	$	710.4
Restricted cash	1.6		1.8		1.6
Cash, cash equivalents and restricted cash	$	530.6	$	649.6	$	712.0

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Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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

		As of
(in millions)	Estimated Useful Lives	June 30, 2021		December 31, 2020
Land		$	102.6	$	98.0
Buildings	20 to 40 years	48.9		48.3
Advertising structures	5 to 20 years	1,920.6		1,897.7
Furniture, equipment and other	3 to 10 years	173.5		168.5
Construction in progress		30.3		25.1
		2,275.9		2,237.6
Less: Accumulated depreciation		1,644.7		1,603.4
Property and equipment, net		$	631.2	$	634.2

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Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization		Net
As of June 30, 2021:
Permits and leasehold agreements	$	1,227.0	$	(799.0)	$	428.0
Franchise agreements	522.4		(393.5)		128.9
Other intangible assets	22.1		(20.0)		2.1
Total intangible assets	$	1,771.5	$	(1,212.5)	$	559.0
As of December 31, 2020:
Permits and leasehold agreements	$	1,190.0	$	(777.1)	$	412.9
Franchise agreements	514.7		(383.7)		131.0
Other intangible assets	45.8		(42.2)		3.6
Total intangible assets	$	1,750.5	$	(1,203.0)	$	547.5

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Asset Retirement Obligation (Tables)

6 Months Ended

Jun. 30, 2021

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, 2020	$	35.9
Accretion expense	1.3
Additions	0.2
Liabilities settled	(1.8)
Foreign currency translation adjustments	0.2
As of June 30, 2021	$	35.8

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Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt, net, consists of the following:

	As of
(in millions, except percentages)	June 30, 2021			December 31, 2020
Short-term debt:
Repurchase Facility	$	—		$	80.0
Total short-term debt	—			80.0
Long-term debt:
Term loan, due 2026	598.0			597.8
Senior unsecured notes:
5.625% senior unsecured notes, due 2024	—			501.3
6.250% senior unsecured notes, due 2025	400.0			400.0
5.000% senior unsecured notes, due 2027	650.0			650.0
4.250% senior unsecured notes, due 2029	500.0			—
4.625% senior unsecured notes, due 2030	500.0			500.0
Total senior unsecured notes	2,050.0			2,051.3
Debt issuance costs	(30.1)			(28.3)
Total long-term debt, net	2,617.9			2,620.8
Total debt, net	$	2,617.9		$	2,700.8
Weighted average cost of debt	4.3		%	4.5		%

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Revenues (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes revenues by source:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Billboard:
Static displays	$	208.3	$	149.5	$	373.4	$	350.6
Digital displays	68.9		31.3		118.2		91.7
Other	10.1		7.7		19.3		17.1
Billboard revenues	287.3		188.5		510.9		459.4
Transit:
Static displays	34.6		22.9		58.5		88.0
Digital displays	11.9		6.6		18.3		34.3
Other	6.2		3.4		10.8		10.8
Total transit revenues	52.7		32.9		87.6		133.1
Sports marketing and other	1.0		11.5		1.7		25.7
Transit and other revenues	53.7		44.4		89.3		158.8
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

Revenue from External Customers by Geographic Areas

The following table summarizes revenues by geography:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
United States:
Billboard	$	271.8	$	181.4	$	484.3	$	437.9
Transit and other	50.0		32.1		82.9		130.3
Sports marketing and other	1.0		11.5		1.7		25.7
Total United States revenues	322.8		225.0		568.9		593.9
Canada	18.2		7.9		31.3		24.3
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-based compensation expense

The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2021 and 2020.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Stock-based compensation expenses (RSUs and PRSUs), before income taxes	$	7.5	$	6.1	$	13.5	$	11.9
Tax benefit	(0.4)		(0.3)		(0.7)		(0.7)
Stock-based compensation expense, net of tax	$	7.1	$	5.8	$	12.8	$	11.2

Activity of RSUs and PRSUs Issued to Our Employees

The following table summarizes activity for the six months ended June 30, 2021, of RSUs and PRSUs issued to our employees.

	Activity	Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2020	2,208,059	$	24.80
Granted:
RSUs	991,529	21.59
PRSUs	567,571	23.34
Vested:
RSUs	(704,717)	24.16
PRSUs	(239,202)	21.81
Forfeitures:
RSUs	(16,348)	24.13
PRSUs	(259,086)	30.63
Non-vested as of June 30, 2021	2,547,806	23.10

Activity of Stock Options Issued to Our Employees

The following table summarizes activity for the six months ended June 30, 2021, of stock options issued to our employees.

	Activity	Weighted Average Exercise Price
Outstanding as of December 31, 2020	103,413	$	26.39
Outstanding as of June 30, 2021	103,413	26.39
Exercisable as of June 30, 2021	103,413	26.39

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Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2021

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				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Components of net periodic pension cost:
Service cost	$	0.1	$	0.3	$	0.2	$	0.7
Interest cost	0.7		0.6		1.2		1.3
Expected return on plan assets	(1.0)		(0.9)		(1.8)		(2.0)
Amortization of net actuarial losses(a)	0.2		0.2		0.4		0.5
Net periodic pension cost	$	—	$	0.2	$	—	$	0.5

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

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Earnings Per Share ("EPS") (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net loss available for common stockholders	$	(0.9)	$	(57.9)	$	(68.6)	$	(51.8)
Less: Distributions to holders of Series A Preferred Stock	7.0		5.5		14.0		5.5
Less: Distributions to holders of Class A equity interests of a subsidiary	—		—		—		0.4
Net loss available for common stockholders, basic and diluted	$	(7.9)	$	(63.4)	$	(82.6)	$	(57.7)
Weighted average shares for basic and diluted EPS	145.6		144.4		145.2		144.1

(a)The potential impact of an aggregate 1.3 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2021, 1.8 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2020, 1.3 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2021, and 1.0 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2020, were antidilutive.

(b)The potential impact of 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended June 30, 2021, 19.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended June 30, 2020, 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the six months ended June 30, 2021, and 9.9 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the six months ended June 30, 2020, were antidilutive.

(c)The potential impact of 0.4 million of Class A equity interests of Outfront Canada in the three months ended June 30, 2021, 0.9 million of Class A equity interests of Outfront Canada in the three months ended June 30, 2020, 0.6 million of Class A equity interests of Outfront Canada in the six months ended June 30, 2021, and 1.0 million of Class A equity interests of Outfront Canada in the six months ended June 30, 2020, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)

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Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

MTA agreement schedule

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment/MTA Funding		Amortization		Ending Balance
Six months ended June 30, 2021:
Prepaid MTA equipment deployment costs	$	204.6	$	25.0	$	—	$	—	$	229.6
Other current assets	28.0		6.1		(24.1)		—		10.0
Intangible assets (franchise agreements)	58.4		8.0		—		(4.9)		61.5
Total	$	291.0	$	39.1	$	(24.1)	$	(4.9)	$	301.1
Year ended December 31, 2020:
Prepaid MTA equipment deployment costs	$	171.5	$	33.1	$	—	$	—	$	204.6
Other current assets	—		44.4		(16.4)		—		28.0
Intangible assets (franchise agreements)	38.3		26.0		—		(5.9)		58.4
Total	$	209.8	$	103.5	$	(16.4)	$	(5.9)	$	291.0

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The following tables set forth our financial performance by segment. In the third quarter of 2020, we completed the Sports Disposition. Historical operating results for our Sports Marketing operating segment through June 30, 2020, are included in Other.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Revenues:
U.S. Media	$	321.8	$	213.5	$	567.2	$	568.2
Other	19.2		19.4		33.0		50.0
Total revenues	$	341.0	$	232.9	$	600.2	$	618.2

Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Net loss before allocation to non-controlling interests	$	(0.7)	$	(58.0)	$	(68.3)	$	(51.7)
Benefit for income taxes	(2.4)		(1.5)		(7.1)		(3.2)
Equity in earnings of investee companies, net of tax	0.1		0.3		0.5		(0.1)
Interest expense, net	32.1		33.3		66.7		63.1
Loss on extinguishment of debt	—		—		6.3		—
Other income, net	—		—		—		(0.2)
Operating income (loss)	29.1		(25.9)		(1.9)		7.9
Restructuring charges	—		4.7		—		4.7
Net gain on dispositions	(2.9)		(5.2)		(3.2)		(5.3)
Depreciation and amortization(a)	36.3		36.6		72.7		72.6
Stock-based compensation	7.5		5.2		13.5		11.0
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9
Adjusted OIBDA:
U.S. Media(a)	$	80.6	$	31.4	$	105.2	$	111.4
Other(a)	1.6		(5.7)		(0.4)		(5.7)
Corporate	(12.2)		(10.3)		(23.7)		(14.8)
Total Adjusted OIBDA(a)	$	70.0	$	15.4	$	81.1	$	90.9

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

Tabular Disclosure by Reportable Segments

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Operating income (loss):
U.S. Media	$	47.3	$	(3.9)	$	38.7	$	43.5
Other	1.5		(5.5)		(3.4)		(8.8)
Corporate	(19.7)		(16.5)		(37.2)		(26.8)
Total operating income (loss)	$	29.1	$	(25.9)	$	(1.9)	$	7.9
Net gain on dispositions:
U.S. Media	$	0.1	$	(1.1)	$	(0.2)	$	(1.2)
Other	(3.0)		(4.1)		(3.0)		(4.1)
Total gain on dispositions	$	(2.9)	$	(5.2)	$	(3.2)	$	(5.3)
Depreciation and amortization:
U.S. Media(a)	$	33.2	$	33.4	$	66.7	$	66.1
Other(a)	3.1		3.2		6.0		6.5
Total depreciation and amortization(a)	$	36.3	$	36.6	$	72.7	$	72.6
Capital expenditures:
U.S. Media	$	15.8	$	13.6	$	24.7	$	30.9
Other	0.3		0.1		0.8		1.0
Total capital expenditures	$	16.1	$	13.7	$	25.5	$	31.9

(a)Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

Reconciliation of Assets from Segment to Consolidated

	As of
(in millions)	June 30, 2021		December 31, 2020
Assets:
U.S. Media	$	5,035.0	$	4,977.2
Other	248.4		249.5
Corporate	488.6		670.2
Total assets	$	5,772.0	$	5,896.9

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Description of Business and Basis of Presentation - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 markets segment	Jun. 30, 2020 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of largest domestic markets in which the entity operates | markets			25
Approximate number of markets in which the entity operates | markets			150
Number of operating segments | segment			2
Amortization of direct lease acquisition costs | $		$ 6.3		$ 17.6
Sports Marketing
Business Acquisition [Line Items]
Proceeds from sale of Sports Marketing operating segment | $	$ 34.6

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Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Restricted Cash [Abstract]
Restricted cash	$ 1.6	$ 1.6	$ 1.8

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Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Restricted Cash [Abstract]
Cash and cash equivalents	$ 529.0	$ 710.4	$ 647.8
Restricted cash	1.6	1.6	1.8
Cash, cash equivalents and restricted cash	$ 530.6	$ 712.0	$ 649.6	$ 60.9

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Property and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property and Equipment [Line Items]
Property and equipment	$ 2,275.9	$ 2,237.6
Less: Accumulated depreciation	1,644.7	1,603.4
Property and equipment, net	631.2	634.2
Land
Property and Equipment [Line Items]
Property and equipment	102.6	98.0
Buildings
Property and Equipment [Line Items]
Property and equipment	$ 48.9	$ 48.3
Buildings | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years	20 years
Buildings | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	40 years	40 years
Advertising structures
Property and Equipment [Line Items]
Property and equipment	$ 1,920.6	$ 1,897.7
Advertising structures | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	5 years	5 years
Advertising structures | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years	20 years
Furniture, equipment and other
Property and Equipment [Line Items]
Property and equipment	$ 173.5	$ 168.5
Furniture, equipment and other | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	3 years	3 years
Furniture, equipment and other | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	10 years	10 years
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 30.3	$ 25.1

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Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 20.0	$ 21.2	$ 40.0	$ 42.2

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Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,771.5	$ 1,750.5
Accumulated amortization	(1,212.5)	(1,203.0)
Intangible assets	559.0	547.5
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	1,227.0	1,190.0
Accumulated amortization	(799.0)	(777.1)
Intangible assets	428.0	412.9
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	522.4	514.7
Accumulated amortization	(393.5)	(383.7)
Intangible assets	128.9	131.0
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	22.1	45.8
Accumulated amortization	(20.0)	(42.2)
Intangible assets	$ 2.1	$ 3.6

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Intangible Assets Narrative (Details) - Intangible Assets $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) Displays	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Displays	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,771.5		$ 1,771.5		$ 1,750.5
Amortization	16.3	$ 15.4	$ 32.7	$ 30.4
Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life			18 years
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	1,227.0		$ 1,227.0		$ 1,190.0
Permits and leasehold agreements | Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Gross	$ 35.0		$ 35.0
Permits and leasehold agreements | Digital displays | Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Number of displays | Displays	40		40

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Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,452.8		$ 1,452.8		$ 1,421.3
Short-term operating lease liabilities	187.7		187.7		176.5
Operating lease liabilities	$ 1,275.1		$ 1,275.1		$ 1,252.0
Weighted average remaining lease term	10 years 6 months		10 years 6 months
Weighted average discount rate	5.30%		5.30%
Variable lease costs	$ 19.3	$ 14.6	$ 33.2	$ 36.7
Cash paid for operating leases			190.9	199.0
Operating lease asset obtained in exchange for operating lease liability			139.9	116.4
Rental income	277.6	182.0	493.4	444.3
Operating expense
Lessee, Lease, Description [Line Items]
Operating lease costs	99.9	93.3	193.6	195.8
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 2.4	$ 2.1	$ 4.5	$ 4.3

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Asset Retirement Obligation - Narrative (Details)	6 Months Ended
	Jun. 30, 2021
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	6 Months Ended
	Jun. 30, 2021 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2020	$ 35.9
Accretion expense	1.3
Additions	0.2
Liabilities settled	(1.8)
Foreign currency translation adjustments	0.2
As of June 30, 2021	$ 35.8

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Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) joint_venture Displays	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) joint_venture Displays	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Equity method investments | $	$ 9.6		$ 9.6		$ 10.5
Management fee revenue | $	$ 1.3	$ 1.0	$ 2.4	$ 2.5
Transit shelter joint ventures
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	2		2
Acquired businesses
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	4		4
Equity method investment, number of displays | Displays	7		7

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Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions			3 Months Ended	6 Months Ended
	Jan. 19, 2021	May 15, 2020	Mar. 31, 2021	Jun. 30, 2021	Feb. 16, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total short-term debt				$ 0.0		$ 80.0
Long-term debt, net				2,617.9		2,620.8
Total debt, net				$ 2,617.9		$ 2,700.8
Weighted average cost of debt				4.30%		4.50%
Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Senior unsecured notes, due date			Nov. 18, 2026	Nov. 18, 2026
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Stated interest rate					5.625%	5.625%
Senior unsecured notes, due date			Feb. 15, 2024	Feb. 15, 2024
Senior unsecured notes | 6.250% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Stated interest rate				6.25%		6.25%
Senior unsecured notes, due date		Jun. 15, 2025		Jun. 15, 2025
Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Stated interest rate				5.00%		5.00%
Senior unsecured notes, due date			Aug. 15, 2027	Aug. 15, 2027
Senior unsecured notes | Senior Notes Due 2029
Debt Instrument [Line Items]
Stated interest rate	4.25%			4.25%
Senior unsecured notes, due date	Jan. 15, 2029			Jan. 15, 2029
Senior unsecured notes | 4.625% senior unsecured notes, due 2030
Debt Instrument [Line Items]
Stated interest rate				4.625%		4.625%
Senior unsecured notes, due date			Mar. 15, 2030	Mar. 15, 2030
Short-term debt | Repurchase facility
Debt Instrument [Line Items]
Credit facility, outstanding amount				$ 0.0		$ 80.0
Long-term debt
Debt Instrument [Line Items]
Debt issuance costs				(30.1)		(28.3)
Long-term debt | Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Long-term debt, net				598.0		597.8
Long-term debt | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net				2,050.0		2,051.3
Long-term debt | Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Long-term debt, net				0.0		501.3
Long-term debt | Senior unsecured notes | 6.250% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Long-term debt, net				400.0		400.0
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Long-term debt, net				650.0		650.0
Long-term debt | Senior unsecured notes | Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt, net	$ 500.0			500.0		0.0
Long-term debt | Senior unsecured notes | 4.625% senior unsecured notes, due 2030
Debt Instrument [Line Items]
Long-term debt, net				$ 500.0		$ 500.0

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Debt - Narrative (Details) - Debt Instruments $ in Millions			3 Months Ended			6 Months Ended
	Jan. 19, 2021 USD ($) subsidiary	Apr. 15, 2020	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jan. 15, 2024	Feb. 16, 2021	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Number of wholly-owned subsidiaries | subsidiary	2
Loss on extinguishment of debt			$ 0.0	$ (6.3)	$ 0.0	$ (6.3)	$ 0.0
Repayments of long-term debt						500.0	$ 495.0
Long-term debt, net			2,617.9			$ 2,617.9				$ 2,620.8
Debt Instrument, covenant description						The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0.
Debt Covenant, Consolidated total leverage ratio						6.0
Consolidated total leverage ratio						9.8
Deferred financing costs			33.3			$ 33.3
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt at fair value			$ 2,700.0			$ 2,700.0				$ 2,800.0
Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Interest rate at period end			1.80%			1.80%
Unamortized debt discount			$ 2.0			$ 2.0
Senior unsecured notes, due date				Nov. 18, 2026		Nov. 18, 2026
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Senior unsecured notes, due date				Feb. 15, 2024		Feb. 15, 2024
Stated interest rate									5.625%	5.625%
Senior unsecured notes | Senior Notes Due 2029
Debt Instrument [Line Items]
Senior unsecured notes, due date	Jan. 15, 2029					Jan. 15, 2029
Stated interest rate	4.25%		4.25%			4.25%
Long-term debt | Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Long-term debt, net			$ 598.0			$ 598.0				$ 597.8
Long-term debt | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net			2,050.0			2,050.0				2,051.3
Long-term debt | Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Long-term debt, net			0.0			$ 0.0				501.3
Long-term debt | Senior unsecured notes | Senior Notes Due 2029
Debt Instrument [Line Items]
Debt Instrument, Date of first required payment						Jul. 15, 2021
Long-term debt, net	$ 500.0		500.0			$ 500.0				$ 0.0
Revolving credit facility
Debt Instrument [Line Items]
Debt Instrument, covenant description		On April 15, 2020, the Company, along with the Borrowers, and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment provides that for the period from April 15, 2020 through September 30, 2021 (i) the Company’s Consolidated Net Secured Leverage Ratio shall be calculated by substituting the Company’s Consolidated EBITDA for each of the quarterly periods ended June 30, 2020 and September 30, 2020, included in any last twelve month compliance testing period, with the Company’s historical Consolidated EBITDA for each of the quarterly periods ended June 30, 2019 and September 30, 2019, respectively; and (ii) the Company will not make any Restricted Payments (as defined in the Credit Agreement) without the consent of the applicable lenders under the Credit Agreement, subject to certain exceptions such as payments necessary to maintain the Company’s REIT status, including any payments on any class of the Company’s capital stock that is required to be made prior to the payment of a dividend or distribution on the Company’s common stock and the Company’s existing payment obligations to holders of the Class A equity interests in Outfront Canada
Debt Covenant, Consolidated net secured leverage ratio						4.5
Consolidated net secured leverage ratio						1.3
Revolving credit facility | Maximum
Debt Instrument [Line Items]
Debt Covenant, Restricted cash limit			$ 150.0			$ 150.0
Subsequent event | Senior Notes Due 2029 | Maximum
Debt Instrument [Line Items]
Percentage of Redeemable Debt Instrument Outstanding								40.00%
Subsequent event | Senior Notes Due 2029 | Minimum
Debt Instrument [Line Items]
Percentage of Debt Instrument Outstanding								50.00%

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Debt - Narrative (Details) - Line of Credit Facility - USD ($)		3 Months Ended		6 Months Ended
	Jul. 27, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 05, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 2
Line of Credit Facility [Line Items]
Interest rate cash flow hedge liability at fair value		$ 3,000,000.0		$ 3,000,000.0			$ 5,600,000
Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative liability, notional amount		$ 200,000,000.0		$ 200,000,000.0
Derivative, fixed interest rate		2.70%		2.70%
Debt instrument, description of variable rate basis				one-month LIBOR
Variable interest rate		0.10%		0.10%
Maximum | Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative, maturity date				Jun. 30, 2022
Other liabilities
Line of Credit Facility [Line Items]
Derivative liability		$ 3,000,000.0		$ 3,000,000.0			5,600,000
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		500,000,000.0		500,000,000.0
Commitment fee for unused commitments		500,000	$ 300,000	$ 900,000	$ 600,000
Credit facility, expiration date				Nov. 18, 2024
Revolving credit facility | Long-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount		0		$ 0
Letter of credit sublimit to revolving credit facility
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount		2,100,000		2,100,000
Letter of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		78,000,000.0		78,000,000.0
Letters of credit outstanding, amount		72,200,000		$ 72,200,000
Letter of credit | Subsequent event
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 81,000,000.0
Letters of credit outstanding, amount						$ 73,900,000
Line of credit facility increase	$ 3,000,000.0
AR Facility
Line of Credit Facility [Line Items]
Credit facility, expiration date				Jun. 30, 2022
AR Facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount		0		$ 0
Line of credit facility, remaining borrowing capacity		0		0
Repurchase facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount		0		0			$ 80,000,000.0
AR securitization facilities | Maximum
Line of Credit Facility [Line Items]
Debt instrument, collateral amount		$ 245,500,000		$ 245,500,000

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Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 03, 2021	Aug. 05, 2021	Jun. 13, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Nov. 21, 2017
Class of Stock [Line Items]
Common stock authorized (shares)					450,000,000.0		450,000,000.0			450,000,000.0
Common stock, par value per share ($ per share)					$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock issued (shares)					145,598,178		145,598,178			144,500,000
Common Stock, Shares, Outstanding					145,600,000		145,600,000			144,500,000
Preferred stock authorized (shares)					50,000,000		50,000,000			50,000,000.0
Preferred stock, par value per share ($ per share)					$ 0.01		$ 0.01
Series A Preferred Stock outstanding (shares)					400,000		400,000			400,000
Series A Preferred Stock issued (shares)					400,000		400,000			400,000
Series A Preferred Stock, par value per share ($ per share)					$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Series A Preferred Stock dividend rate (%)					7.00%	7.00%	7.00%	7.00%
Dividend period							12 months
Series A Preferred Stock terms of conversion							The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends.
Series A Preferred Stock, conversion price ($ per share)					$ 16.00		$ 16.00
Series A Preferred Stock, Common shares issuable (shares)					62.50		62.50
Distributions to holders of Class A equity interests of a subsidiary							$ 14.3	$ 61.1
Dividends declared per common share ($ per share)								$ 0.38
Subsequent event
Class of Stock [Line Items]
Dividends declared per common share ($ per share)			$ 0.10
Dividends payable, date declared			Aug. 05, 2021
Subsequent event | Ordinary Dividend
Class of Stock [Line Items]
Dividends payable, date to be paid	Sep. 30, 2021
Dividends payable, date of record		Sep. 03, 2021
Maximum
Class of Stock [Line Items]
Dividend Percentage In Excess Of Required Distributions For A REIT							5.00%
At-The-Market Equity Offering Program
Class of Stock [Line Items]
ATM Program, authorized amount outstanding					$ 232.5		$ 232.5						$ 300.0
Shares issued under the ATM Program (shares)					0		0
Noncontrolling Interest
Class of Stock [Line Items]
Distributions to holders of Class A equity interests of a subsidiary					$ 0.0	$ 0.0	$ 0.0	$ 0.4
Equity interests redeemed during the period (shares)							1,537,579
Noncontrolling Interest | Acquired businesses
Class of Stock [Line Items]
Business Acquisition, Equity interest issued (shares)				1,953,407
Series A Preferred Stock
Class of Stock [Line Items]
Series A Preferred Stock, Common shares issuable (shares)					25,000,000.0		25,000,000.0
Distributions to holders of Class A equity interests of a subsidiary					$ 7.0		$ 14.0

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Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Billboard	$ 287.3	$ 188.5	$ 510.9	$ 459.4
Transit	53.7	44.4	89.3	158.8
Revenues	341.0	232.9	600.2	618.2
Static displays
Disaggregation of Revenue [Line Items]
Billboard	208.3	149.5	373.4	350.6
Transit	34.6	22.9	58.5	88.0
Digital displays
Disaggregation of Revenue [Line Items]
Billboard	68.9	31.3	118.2	91.7
Transit	11.9	6.6	18.3	34.3
Other
Disaggregation of Revenue [Line Items]
Billboard	10.1	7.7	19.3	17.1
Transit	6.2	3.4	10.8	10.8
Transit
Disaggregation of Revenue [Line Items]
Transit	52.7	32.9	87.6	133.1
Sports marketing and other
Disaggregation of Revenue [Line Items]
Transit	$ 1.0	$ 11.5	$ 1.7	$ 25.7

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Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Rental income	$ 277.6	$ 182.0	$ 493.4	$ 444.3

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Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Billboard	$ 287.3	$ 188.5	$ 510.9	$ 459.4
Transit and other	53.7	44.4	89.3	158.8
Revenues	341.0	232.9	600.2	618.2
United States
Disaggregation of Revenue [Line Items]
Billboard	271.8	181.4	484.3	437.9
Revenues	322.8	225.0	568.9	593.9
Canada
Disaggregation of Revenue [Line Items]
Revenues	18.2	7.9	31.3	24.3
Transit and other
Disaggregation of Revenue [Line Items]
Transit and other	52.7	32.9	87.6	133.1
Transit and other | United States
Disaggregation of Revenue [Line Items]
Transit and other	50.0	32.1	82.9	130.3
Sports marketing and other
Disaggregation of Revenue [Line Items]
Transit and other	1.0	11.5	1.7	25.7
Sports marketing and other | United States
Disaggregation of Revenue [Line Items]
Transit and other	$ 1.0	$ 11.5	$ 1.7	$ 25.7

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Restructuring Charges - Narrative (Details) $ in Millions			3 Months Ended		6 Months Ended
	Jun. 15, 2020 numberOfEmployees	May 05, 2020 numberOfEmployees	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring reserve			$ 0.7		$ 0.7
Restructuring charges			$ 0.0	$ 4.7	$ 0.0	$ 4.7
Share-based compensation related to restructuring charges				0.9		0.9
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1.0		1.0
Operating segments | U.S. Media
Restructuring Cost and Reserve [Line Items]
Restructuring charges				3.0		3.0
Operating segments | Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 0.7		$ 0.7
United States
Restructuring Cost and Reserve [Line Items]
Number of employees notified of termination | numberOfEmployees		70
Canada
Restructuring Cost and Reserve [Line Items]
Number of employees notified of termination | numberOfEmployees	20

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Acquisitions - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019 USD ($) Displays	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2022 USD ($) Displays
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired | $		$ 42.7	$ 13.6
Acquired businesses
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired | $	$ 35.4
Acquired businesses | Subsequent event
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired | $				$ 9.2
Acquired businesses | Digital displays
Business Acquisition [Line Items]
Number of displays | Displays	14
Acquired businesses | Digital displays | Subsequent event
Business Acquisition [Line Items]
Number of displays | Displays				4
Acquired businesses | Static displays
Business Acquisition [Line Items]
Number of displays | Displays	7

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Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit	$ (0.4)	$ (0.3)	$ (0.7)	$ (0.7)
Stock-based compensation expense, net of tax	7.1	5.8	12.8	11.2
Stock-based compensation expenses (RSUs and PRSUs), before income taxes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expenses, before income taxes	$ 7.5	$ 6.1	$ 13.5	$ 11.9

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Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price ($ per share) | $ / shares	$ 24.03
GrantValueBasisOfStockBasedCompensationAward	100.00%
Stock-based compensation expenses (RSUs and PRSUs), before income taxes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized, share-based awards other than options | $	$ 45.8
Compensation cost not yet recognized, period for recognition	1 year 10 months 24 days
Performance Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout on Stock-Based Compensation Award, Performance Condition Period	2 years
Percentage Of Share Based Compensation Award Comprised of Performance-Based Awards	60.00%
Performance and Market Condition Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PayoutOnStockBasedCompensationAwards	0.00%
Performance and Market Condition Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PayoutOnStockBasedCompensationAwards	200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Based Compensation Award Comprised of Performance-Based Awards	40.00%

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Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Stock-based compensation expenses (RSUs and PRSUs), before income taxes
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Non-vested as of December 31, 2020 (shares) | shares	2,208,059
Non-vested as of June 30, 2021 (shares) | shares	2,547,806
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2020 ($ per share) | $ / shares	$ 24.80
Weighted Average Grant Date Fair Value, Non-Vested, as of June 30, 2021 ($ per share) | $ / shares	$ 23.10
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted (shares) | shares	991,529
Vested (shares) | shares	(704,717)
Forfeitures (shares) | shares	(16,348)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 21.59
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	24.16
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 24.13
Performance Restricted Stock Units (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted (shares) | shares	567,571
Vested (shares) | shares	(239,202)
Forfeitures (shares) | shares	(259,086)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 23.34
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	21.81
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 30.63

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Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding as of December 31, 2020 (shares)	103,413	103,413
Outstanding as of June 30, 2021 (shares)	103,413	103,413
Exercisable as of June 30, 2021 (shares)	103,413
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, 2020 ($ per share)	$ 26.39	$ 26.39
Weighted average exercise price, options outstanding as of June 30, 2021 ($ per share)	26.39	$ 26.39
Weighted average exercise price, options exercisable, as of June 30, 2021 ($ per share)	$ 26.39

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Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost		$ 0.1	$ 0.3	$ 0.2	$ 0.7
Interest cost		0.7	0.6	1.2	1.3
Expected return on plan assets		(1.0)	(0.9)	(1.8)	(2.0)
Amortization of net actuarial losses	[1]	0.2	0.2	0.4	0.5
Net periodic pension cost		$ 0.0	$ 0.2	$ 0.0	$ 0.5

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

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Retirement Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Retirement Benefits [Abstract]
Pension contributions	$ 0.5
Estimated employer contributions in current fiscal year	$ 1.2

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Income Taxes - Narrative (Details)	6 Months Ended
	Jun. 30, 2021
Minimum
Operating Loss Carryforwards [Line Items]
Open tax year	2017

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Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss available for common stockholders	$ (0.9)	$ (57.9)	$ (68.6)	$ (51.8)
Dividends			14.3	61.1
Net loss available for common stockholders, basic	(7.9)	(63.4)	(82.6)	(57.7)
Net loss available for common stockholders, diluted	$ (7.9)	$ (63.4)	$ (82.6)	$ (57.7)
Weighted average number of shares for basic EPS (shares)	145.6	144.4	145.2	144.1
Weighted average number of shares for diluted EPS (shares)	145.6	144.4	145.2	144.1
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dividends	$ 7.0	$ 5.5	$ 14.0	$ 5.5
Noncontrolling Interest
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dividends	$ 0.0	$ 0.0	$ 0.0	$ 0.4
Noncontrolling Interest
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)	0.4	0.9	0.6	1.0
Stock compensation plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)	1.3	1.8	1.3	1.0
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)	25.0	19.8	25.0	9.9

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Commitment and Contingencies - Narrative (Details)			3 Months Ended	6 Months Ended	12 Months Ended		60 Months Ended	80 Months Ended
	Jul. 29, 2021 USD ($) Displays	Jul. 28, 2021	Jun. 30, 2021 USD ($) Displays	Jun. 30, 2021 USD ($) Displays	Dec. 31, 2021	Dec. 31, 2020 USD ($)	Dec. 31, 2026	Apr. 01, 2028 USD ($)	Dec. 31, 2019 USD ($)
Other Commitments [Line Items]
MTA equipment deployment costs limit			$ 301,100,000	$ 301,100,000		$ 291,000,000.0			$ 209,800,000
Subsequent event
Other Commitments [Line Items]
Equipment Deployment Costs Percentage					30.00%
Standalone letters of credit and sublimit to revolving credit facility
Other Commitments [Line Items]
Letters of credit outstanding, amount			74,300,000	74,300,000
Surety Bond
Other Commitments [Line Items]
Surety bonds outstanding			$ 167,600,000	167,600,000
MTA Agreement | Subsequent event
Other Commitments [Line Items]
Revenue share percentage							65.00%
Additional equipment deployment cost percentage								2.50%
Contract term	13 years	10 years
Contract term extension option	5 years
MTA equipment deployment costs
Other Commitments [Line Items]
Recoupment				$ 24,100,000		$ 16,400,000
Metropolitan Transportation Authority ("MTA") | Subsequent event
Other Commitments [Line Items]
Equipment Deployment Costs Percentage					70.00%
Maximum | MTA Agreement | Subsequent event
Other Commitments [Line Items]
Decrease in revenue percentage								5.00%
Maximum | Metropolitan Transportation Authority ("MTA") | Subsequent event
Other Commitments [Line Items]
MTA equipment deployment costs limit	$ 50,700,000
Minimum | Subsequent event
Other Commitments [Line Items]
Recoupment								$ 0
MTA digital advertising screens on subway and train platforms | Subsequent event
Other Commitments [Line Items]
Number of displays | Displays	5,433
MTA smaller-format digital advertising screens rolling stock | Subsequent event
Other Commitments [Line Items]
Number of displays | Displays	15,896
MTA communication displays | Subsequent event
Other Commitments [Line Items]
Number of displays | Displays	9,283
MTA displays installed
Other Commitments [Line Items]
Number of displays | Displays			7,821	7,821
Number of display additions | Displays			176	441

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Commitment and Contingencies MTA Agreement Schedule (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Change In MTA Deployment Costs [Roll Forward]
Prepaid MTA equipment deployment costs, beginning of period			$ 204.6	$ 171.5	$ 171.5
Other current assets, beginning of period			33.7
Intangible assets, gross, beginning of period			1,750.5
MTA deployment costs, beginning of period			291.0	209.8	209.8
Amortization of intangible assets	$ 16.3	$ 15.4	32.7	30.4
MTA equipment development cost additions			39.1		103.5
Prepaid MTA equipment deployment costs, end of period	229.6		229.6		204.6
Intangible assets, gross, end of period	1,771.5		1,771.5		1,750.5
Other current assets, end of period	17.8		17.8		33.7
MTA deployment costs, end of period	301.1		301.1		291.0
MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Other current assets, beginning of period			28.0
Deployment costs incurred			25.0		33.1
Recoupment			(24.1)		(16.4)
Other current assets			6.1		44.4
Amortization of intangible assets			(4.9)		(5.9)
Other current assets, end of period	10.0		10.0		28.0
MTA Funding
Change In MTA Deployment Costs [Roll Forward]
Other current assets			(24.1)		(16.4)
Franchise agreements
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period			514.7
Intangible assets, gross, end of period	522.4		522.4		514.7
Franchise agreements | MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period			58.4	$ 38.3	38.3
Intangible asset additions			8.0		26.0
Amortization of intangible assets			(4.9)		(5.9)
Intangible assets, gross, end of period	$ 61.5		$ 61.5		$ 58.4

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Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2021 segment
Segment Reporting [Abstract]
Number of operating segments	2

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Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 341.0	$ 232.9	$ 600.2	$ 618.2
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Revenues	321.8	213.5	567.2	568.2
Operating segments | Other
Segment Reporting Information [Line Items]
Revenues	$ 19.2	$ 19.4	$ 33.0	$ 50.0

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Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net loss before allocation to non-controlling interests	$ (0.7)		$ (58.0)		$ (68.3)	$ (51.7)
Benefit for income taxes	(2.4)		(1.5)		(7.1)	(3.2)
Equity in earnings of investee companies, net of tax	0.1		0.3		0.5	(0.1)
Interest expense, net	32.1		33.3		66.7	63.1
Loss on extinguishment of debt	0.0	$ 6.3	0.0		6.3	0.0
Other income, net	0.0		0.0		0.0	(0.2)
Operating income (loss)	29.1		(25.9)		(1.9)	7.9
Restructuring charges	0.0		4.7		0.0	4.7
Net gain on dispositions	(2.9)		(5.2)		(3.2)	(5.3)
Depreciation and amortization	36.3		36.6	[1]	72.7	72.6	[1]
Stock-based compensation	7.5		5.2		13.5	11.0
Adjusted OIBDA	70.0		15.4	[1]	81.1	90.9	[1]
Capital expenditures					25.5	31.9
Amortization of direct lease acquisition costs			6.3			17.6
U.S. Media
Segment Reporting Information [Line Items]
Amortization of direct lease acquisition costs			6.0			16.8
Other
Segment Reporting Information [Line Items]
Amortization of direct lease acquisition costs			0.3			0.8
Operating segments
Segment Reporting Information [Line Items]
Operating income (loss)	29.1		(25.9)		(1.9)	7.9
Net gain on dispositions	(2.9)		(5.2)		(3.2)	(5.3)
Depreciation and amortization	36.3		36.6	[1]	72.7	72.6	[1]
Capital expenditures	16.1		13.7		25.5	31.9
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Operating income (loss)	47.3		(3.9)		38.7	43.5
Restructuring charges			3.0			3.0
Net gain on dispositions	0.1		(1.1)		(0.2)	(1.2)
Depreciation and amortization	33.2		33.4	[1]	66.7	66.1	[1]
Adjusted OIBDA	80.6		31.4	[1]	105.2	111.4	[1]
Capital expenditures	15.8		13.6		24.7	30.9
Operating segments | Other
Segment Reporting Information [Line Items]
Operating income (loss)	1.5		(5.5)		(3.4)	(8.8)
Restructuring charges			0.7			0.7
Net gain on dispositions	(3.0)		(4.1)		(3.0)	(4.1)
Depreciation and amortization	3.1		3.2	[1]	6.0	6.5	[1]
Adjusted OIBDA	1.6		(5.7)	[1]	(0.4)	(5.7)	[1]
Capital expenditures	0.3		0.1		0.8	1.0
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(19.7)		(16.5)		(37.2)	(26.8)
Restructuring charges			1.0			1.0
Adjusted OIBDA	$ (12.2)		$ (10.3)		$ (23.7)	$ (14.8)

[1] Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $6.3 million in the three months ended June 30, 2020, of which $6.0 million was recorded in our U.S. Media segment and $0.3 million was recorded in Other, and $17.6 million in the six months ended June 30, 2020, of which $16.8 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.

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Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 5,772.0	$ 5,896.9
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Total assets	5,035.0	4,977.2
Operating segments | Other
Segment Reporting Information [Line Items]
Total assets	248.4	249.5
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 488.6	$ 670.2