out-20210930

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 September 30, 2021

☐

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

For the transition period from

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 November 4, 2021, the number of shares outstanding of the registrant’s common stock was 145,617,792.

Table of Contents

OUTFRONT MEDIA INC.

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

TABLE OF CONTENTS


PART I			3
Item 1. Financial Statements (Unaudited)			3
Consolidated Statements of Financial Position as of September 30, 2021, and December 31, 2020			3
Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020			4
Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020			5
Consolidated Statements of Equity for the three and nine months ended September 30, 2021 and 2020			6
Consolidated Statements of Cash Flows for the nine months ended September 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			50
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			52
Item 4. Mine Safety Disclosures			52
Item 5. Other Information			52
Item 6. Exhibits			52
SIGNATURES			54

Table of Contents

PART I

Item 1. Financial Statements.

OUTFRONT Media Inc.

Consolidated Statements of Financial Position

(Unaudited)


	As of
(in millions)	September 30, 2021		December 31, 2020
Assets:
Current assets:
Cash and cash equivalents	$	510.3	$	710.4
Restricted cash	—		1.6
Receivables, less allowance ($18.2 in 2021 and $26.3 in 2020)	245.9		209.2
Prepaid lease and franchise costs	11.7		5.4

Other prepaid expenses	19.0		14.4
Other current assets	14.3		33.7
Total current assets	801.2		974.7
Property and equipment, net (Note 4)	629.6		634.2
Goodwill	2,077.8		2,077.8
Intangible assets (Note 5)	552.1		547.5
Operating lease assets (Note 6)	1,436.9		1,421.3
Prepaid MTA equipment deployment costs (Note 18)	245.5		204.6
Other assets	40.3		36.8
Total assets	$	5,783.4	$	5,896.9

Liabilities:
Current liabilities:
Accounts payable	$	62.2	$	64.9
Accrued compensation	58.2		35.0
Accrued interest	17.6		24.5
Accrued lease and franchise costs	57.2		65.8
Other accrued expenses	39.5		38.0
Deferred revenues	35.0		29.5

Short-term debt (Note 9)	—		80.0
Short-term operating lease liabilities (Note 6)	188.5		176.5
Other current liabilities	18.6		20.7
Total current liabilities	476.8		534.9
Long-term debt, net (Note 9)	2,619.3		2,620.8
Deferred income tax liabilities, net	13.7		14.6
Asset retirement obligation (Note 7)	35.8		35.9
Operating lease liabilities (Note 6)	1,260.7		1,252.0
Other liabilities	53.1		55.0
Total liabilities	4,459.4		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	2,110.6		2,090.8
Distribution in excess of earnings	(1,171.5)		(1,100.4)
Accumulated other comprehensive loss	(13.7)		(18.0)
Total stockholders’ equity	926.9		973.8
Non-controlling interests	13.7		26.5
Total equity	1,324.0		1,383.7
Total liabilities and equity	$	5,783.4	$	5,896.9

See accompanying notes to unaudited consolidated financial statements.

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OUTFRONT Media Inc.

Consolidated Statements of Operations

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions, except per share amounts)	2021		2020		2021		2020
Revenues:
Billboard	$	317.4	$	239.9	$	828.3	$	699.3
Transit and other	81.8		42.4		171.1		201.2
Total revenues	399.2		282.3		999.4		900.5
Expenses:
Operating	199.8		155.8		567.0		534.6
Selling, general and administrative	98.5		72.5		263.9		232.0
Restructuring charges	—		0.6		—		5.3
Net gain on dispositions	(0.4)		(8.0)		(3.6)		(13.3)
Depreciation	19.6		21.0		59.6		63.2
Amortization	16.7		15.3		49.4		45.7
Total expenses	334.2		257.2		936.3		867.5
Operating income	65.0		25.1		63.1		33.0
Interest expense, net	(31.8)		(34.2)		(98.5)		(97.3)
Loss on extinguishment of debt	—		—		(6.3)		—
Other income (loss), net	—		(0.1)		—		0.1
Income (loss) before (provision) benefit for income taxes and equity in earnings of investee companies	33.2		(9.2)		(41.7)		(64.2)
(Provision) benefit for income taxes	(1.1)		(3.5)		6.0		(0.3)
Equity in earnings of investee companies, net of tax	1.1		(0.6)		0.6		(0.5)
Net income (loss) before allocation to non-controlling interests	33.2		(13.3)		(35.1)		(65.0)
Net income attributable to non-controlling interests	0.1		0.2		0.4		0.3
Net income (loss) attributable to OUTFRONT Media Inc.	$	33.1	$	(13.5)	$	(35.5)	$	(65.3)

Net income (loss) per common share:
Basic	$	0.18	$	(0.14)	$	(0.39)	$	(0.54)
Diluted	$	0.18	$	(0.14)	$	(0.39)	$	(0.54)

Weighted average shares outstanding:
Basic	145.6		144.4		145.3		144.2
Diluted	146.4		144.4		145.3		144.2

See accompanying notes to unaudited consolidated financial statements.

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OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2021		2020		2021		2020
Net income (loss) before allocation to non-controlling interests	$	33.2	$	(13.3)	$	(35.1)	$	(65.0)
Net income attributable to non-controlling interests	0.1		0.2		0.4		0.3
Net income (loss) attributable to OUTFRONT Media Inc.	33.1		(13.5)		(35.5)		(65.3)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(3.7)		2.6		—		(3.5)
Net actuarial gain (loss)	0.4		(0.1)		0.4		0.4
Change in fair value of interest rate swap agreements	1.3		1.3		3.9		(2.3)
Total other comprehensive income (loss), net of tax	(2.0)		3.8		4.3		(5.4)
Total comprehensive income (loss)	$	31.1	$	(9.7)	$	(31.2)	$	(70.7)

See accompanying notes to unaudited consolidated financial statements.

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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 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
Net income (loss)	—	—		—	—		—		(13.5)		—		(13.5)		0.2		(13.3)
Other comprehensive income	—	—		—	—		—		—		3.8		3.8		—		3.8
Stock-based payments:

Amortization	—	—		—	—		5.4		—		—		5.4		—		5.4
Shares paid for tax withholding for stock-based payments	—	—		—	—		(0.2)		—		—		(0.2)		—		(0.2)



Series A Preferred Stock dividends (7%)	—	—		—	—		—		(7.0)		—		(7.0)		—		(7.0)


Balance as of September 30, 2020	0.4	$	383.4	144.4	$	1.4	$	2,084.0	$	(1,097.7)	$	(23.1)	$	964.6	$	27.4	$	1,375.4

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
Net income	—	—		—	—		—		33.1		—		33.1		0.1		33.2
Other comprehensive loss	—	—		—	—		—		—		(2.0)		(2.0)		—		(2.0)
Stock-based payments:

Amortization	—	—		—	—		7.2		—		—		7.2		—		7.2


Class A equity interest redemptions	—	—		—	—		0.3		—		—		0.3		(0.3)		—
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(7.0)		—		(7.0)		—		(7.0)
Dividends ($0.10 per share)	—	—		—	—		—		(14.6)		—		(14.6)		—		(14.6)
Other	—	—		—	—		—		—		—		—		(0.2)		(0.2)
Balance as of September 30, 2021	0.4	$	383.4	145.6	$	1.5	$	2,110.6	$	(1,171.5)	$	(13.7)	$	926.9	$	13.7	$	1,324.0

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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)	—	—		—	—		—		(65.3)		—		(65.3)		0.3		(65.0)
Other comprehensive loss	—	—		—	—		—		—		(5.4)		(5.4)		—		(5.4)
Stock-based payments:
Vested	—	—		1.0	—		—		—		—		—		—		—
Amortization	—	—		—	—		17.3		—		—		17.3		—		17.3
Shares paid for tax withholding for stock-based payments	—	—		(0.4)	—		(12.4)		—		—		(12.4)		—		(12.4)
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%)	—	—		—	—		—		(12.5)		—		(12.5)		—		(12.5)
Dividends ($0.38 per share)	—	—		—	—		—		(55.3)		—		(55.3)		—		(55.3)
Other	—	—		—	—		—		—		—		—		(1.1)		(1.1)
Balance as of September 30, 2020	0.4	$	383.4	144.4	$	1.4	$	2,084.0	$	(1,097.7)	$	(23.1)	$	964.6	$	27.4	$	1,375.4

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)	—	—		—	—		—		(35.5)		—		(35.5)		0.4		(35.1)
Other comprehensive income	—	—		—	—		—		—		4.3		4.3		—		4.3
Stock-based payments:
Vested	—	—		1.1	0.1		—		—		—		0.1		—		0.1
Amortization	—	—		—	—		20.7		—		—		20.7		—		20.7
Shares paid for tax withholding for stock-based payments	—	—		(0.5)	—		(8.9)		—		—		(8.9)		—		(8.9)

Class A equity interest redemptions	—	—		0.5	—		11.3		—		—		11.3		(11.3)		—
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(21.0)		—		(21.0)		—		(21.0)
Dividends ($0.10 per share)	—	—		—	—		—		(14.6)		—		(14.6)		—		(14.6)
Other	—	—		—	—		(3.3)		—		—		(3.3)		(1.9)		(5.2)
Balance as of September 30, 2021	0.4	$	383.4	145.6	$	1.5	$	2,110.6	$	(1,171.5)	$	(13.7)	$	926.9	$	13.7	$	1,324.0

See accompanying notes to unaudited consolidated financial statements.

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OUTFRONT Media Inc.

Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2021		2020
Operating activities:
Net loss attributable to OUTFRONT Media Inc.	$	(35.5)	$	(65.3)
Adjustments to reconcile net loss to net cash flow provided by operating activities:
Net income attributable to non-controlling interests	0.4		0.3
Depreciation and amortization	109.0		108.9
Deferred tax benefit	(6.6)		(3.8)
Stock-based compensation	20.7		17.3
Provision for doubtful accounts	(5.3)		17.4
Accretion expense	2.0		1.9
Net gain on dispositions	(3.6)		(13.3)
Loss on extinguishment of debt	6.3		—
Equity in earnings of investee companies, net of tax	(0.6)		0.5
Distributions from investee companies	0.5		2.1
Amortization of deferred financing costs and debt discount and premium	5.5		4.8
Change in assets and liabilities, net of investing and financing activities:
(Increase) decrease in receivables	(28.5)		80.5
Increase in prepaid MTA equipment deployment costs	(40.9)		(29.4)
(Increase) decrease in prepaid expenses and other current assets	9.6		(25.0)
Increase (decrease) in accounts payable and accrued expenses	0.8		(42.4)
Increase in operating lease assets and liabilities	5.0		13.4
Increase in deferred revenues	5.5		12.1
Increase (decrease) in income taxes	(0.9)		1.0
Other, net	1.7		5.0
Net cash flow provided by operating activities	45.1		86.0

Investing activities:
Capital expenditures	(41.2)		(42.0)
Acquisitions	(55.0)		(15.5)
MTA franchise rights	(12.1)		(14.4)
Net proceeds from dispositions	1.8		35.9
Return of investment in investee companies	—		0.9
Net cash flow used for investing activities	(106.5)		(35.1)

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)		(7.7)
Payments of debt extinguishment charges	(4.7)		—
Proceeds from Series A Preferred Stock issuances	—		383.8

Taxes withheld for stock-based compensation	(8.9)		(12.0)
Dividends	(35.9)		(68.1)
Other	(3.7)		—
Net cash flow provided by (used for) financing activities	(140.5)		581.0

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OUTFRONT Media Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited)


	Nine Months Ended
	September 30,
(in millions)	2021		2020
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.2		(0.6)
Net increase (decrease) in cash, cash equivalents and restricted cash	(201.7)		631.3
Cash, cash equivalents and restricted cash at beginning of period	712.0		60.9
Cash, cash equivalents and restricted cash at end of period	$	510.3	$	692.2

Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	1.5	$	3.1
Cash paid for interest	100.6		93.5

Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	5.7	$	5.3
Accrued MTA franchise rights	5.8		5.2


Taxes withheld for stock-based compensation	0.2		0.3

See accompanying notes to unaudited consolidated financial statements.

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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 $9.1 million in the three months ended September 30, 2020, and $26.7 million in the nine months ended September 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.

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.

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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

In August 2021, the escrow agreement in connection with one of our transit franchise contracts, which required us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract, was terminated. As of September 30, 2021, we have no restricted cash.


	As of
(in millions)	September 30, 2021		September 30, 2020		December 31, 2020
Cash and cash equivalents	$	510.3	$	690.6	$	710.4
Restricted cash	—		1.6		1.6
Cash, cash equivalents and restricted cash	$	510.3	$	692.2	$	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	September 30, 2021		December 31, 2020
Land		$	102.8	$	98.0
Buildings	20 to 40 years	49.3		48.3
Advertising structures	5 to 20 years	1,920.1		1,897.7
Furniture, equipment and other	3 to 10 years	174.8		168.5
Construction in progress		35.1		25.1
		2,282.1		2,237.6
Less: Accumulated depreciation		1,652.5		1,603.4
Property and equipment, net		$	629.6	$	634.2

Depreciation expense was $19.6 million in the three months ended September 30, 2021, $21.0 million in the three months ended September 30, 2020, $59.6 million in the nine months ended September 30, 2021, and $63.2 million in the nine months ended September 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.

Table of Contents

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 September 30, 2021:
Permits and leasehold agreements	$	1,232.6	$	(809.4)	$	423.2
Franchise agreements	526.0		(398.4)		127.6
Other intangible assets