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Table of Contents        
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
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 cash1.6 1.6 
Receivables, less allowance ($19.8 in 2021 and $26.3 in 2020)
206.4 209.2 
Prepaid lease and franchise costs11.7 5.4 
Other prepaid expenses15.7 14.4 
Other current assets17.8 33.7 
Total current assets782.2 974.7 
Property and equipment, net (Note 4)631.2 634.2 
Goodwill2,078.5 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 assets38.7 36.8 
Total assets$5,772.0 $5,896.9 
Liabilities:
Current liabilities:
Accounts payable$51.6 $64.9 
Accrued compensation44.9 35.0 
Accrued interest30.4 24.5 
Accrued lease and franchise costs48.8 65.8 
Other accrued expenses38.7 38.0 
Deferred revenues43.7 29.5 
Short-term debt (Note 9) 80.0 
Short-term operating lease liabilities (Note 6)187.7 176.5 
Other current liabilities21.8 20.7 
Total current liabilities467.6 534.9 
Long-term debt, net (Note 9)2,617.9 2,620.8 
Deferred income tax liabilities, net13.5 14.6 
Asset retirement obligation (Note 7)35.8 35.9 
Operating lease liabilities (Note 6)1,275.1 1,252.0 
Other liabilities54.7 55.0 
Total liabilities4,464.6 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 capital2,103.1 2,090.8 
Distribution in excess of earnings(1,183.0)(1,100.4)
Accumulated other comprehensive loss(11.7)(18.0)
Total stockholders’ equity909.9 973.8 
Non-controlling interests14.1 26.5 
Total equity1,307.4 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 EndedSix Months Ended
June 30,June 30,
(in millions, except per share amounts)2021202020212020
Revenues:
Billboard$287.3 $188.5 $510.9 $459.4 
Transit and other53.7 44.4 89.3 158.8 
Total revenues341.0 232.9 600.2 618.2 
Expenses:
Operating189.6 154.0 367.2 378.8 
Selling, general and administrative88.9 68.7 165.4 159.5 
Restructuring charges 4.7  4.7 
Net gain on dispositions(2.9)(5.2)(3.2)(5.3)
Depreciation20.0 21.2 40.0 42.2 
Amortization16.3 15.4 32.7 30.4 
Total expenses311.9 258.8 602.1 610.3 
Operating income (loss)29.1 (25.9)(1.9)7.9 
Interest expense, net(32.1)(33.3)(66.7)(63.1)
Loss on extinguishment of debt  (6.3) 
Other income, net   0.2 
Loss before benefit for income taxes and equity in earnings of investee companies(3.0)(59.2)(74.9)(55.0)
Benefit for income taxes2.4 1.5 7.1 3.2 
Equity in earnings of investee companies, net of tax(0.1)(0.3)(0.5)0.1 
Net loss before allocation to non-controlling interests(0.7)(58.0)(68.3)(51.7)
Net income (loss) attributable to non-controlling interests0.2 (0.1)0.3 0.1 
Net loss attributable to OUTFRONT Media Inc.$(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:
Basic145.6 144.4 145.2 144.1 
Diluted145.6 144.4 145.2 144.1 
See accompanying notes to unaudited consolidated financial statements.
4

OUTFRONT Media Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2021202020212020
Net loss before allocation to non-controlling interests$(0.7)$(58.0)$(68.3)$(51.7)
Net income (loss) attributable to non-controlling interests0.2 (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 adjustments2.4 4.4 3.7 (6.1)
Net actuarial gain (loss) (0.2) 0.5 
Change in fair value of interest rate swap agreements1.4 0.7 2.6 (3.6)
Total other comprehensive income (loss), net of tax3.8 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 CapitalDistribution in Excess of EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNon-Controlling InterestsTotal 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 issues0.4 383.4 — — — — — — — 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 CapitalDistribution in Excess of EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNon-Controlling InterestsTotal 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 issues0.4 383.4 — — — — — — — 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, 20200.4 $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)20212020
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 interests0.3 0.1 
Depreciation and amortization72.7 72.6 
Deferred tax benefit(7.1)(5.2)
Stock-based compensation13.5 11.9 
Provision for doubtful accounts(4.4)11.3 
Accretion expense1.3 1.3 
Net gain on dispositions(3.2)(5.3)
Loss on extinguishment of debt6.3  
Equity in earnings of investee companies, net of tax0.5 (0.1)
Distributions from investee companies0.4 1.9 
Amortization of deferred financing costs and debt discount and premium3.8 3.0 
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables10.7 77.9 
Increase in prepaid MTA equipment deployment costs(25.0)(28.3)
(Increase) decrease in prepaid expenses and other current assets10.2 (2.2)
Decrease in accounts payable and accrued expenses(18.0)(59.8)
Increase in operating lease assets and liabilities2.1 8.3 
Increase in deferred revenues14.1 9.3 
Decrease in income taxes(1.3)(0.1)
Other, net5.3 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 dispositions1.2 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 borrowings500.0 895.0 
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)20212020
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 rights4.5 2.7 
Taxes withheld for stock-based compensation0.1 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 cash1.6 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 LivesJune 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 progress30.3 25.1 
2,275.9 2,237.6 
Less: Accumulated depreciation1,644.7 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.
11

OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
(Unaudited)

Our identifiable intangible assets consist of the following:
(in millions)GrossAccumulated Amortization