Restructuring Charges

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

On June 23, 2025, we announced a restructuring and reduction in force plan (the “Plan”) intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization. The Plan provided for a reduction of the Company’s workforce by approximately 120 employees, or 6% of the Company’s total employees as of June 23, 2025. As of June 30, 2025, all reductions have been completed. In the three months ended September 30, 2025, we recorded restructuring charges for severance payments of approximately $0.3 million associated with the Plan. In the three months ended September 30, 2025, restructuring charges of $0.2 million were recorded in Billboard and $0.1 million were recorded in Transit. In the nine months ended September 30, 2025, we recorded restructuring charges of approximately $20.1 million associated with the Plan, consisting of $17.9 million of severance payments, employee benefits and related costs (including approximately $2.2 million in non-cash charges for stock-based compensation), and $2.2 million of professional fees. In the nine months ended September 30, 2025, restructuring charges of $8.4 million were recorded in Billboard, $3.7 million were recorded in Transit and $8.0 million were recorded in Corporate. Restructuring reserves related to severance payments, employee benefits and related costs remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position and accrued professional fees related to the Plan remain outstanding and is included in Other accrued expenses on the Consolidated Statement of Financial Position, as follows:


(in millions)	Total Restructuring Reserve		Severance, Employee Benefits, and Related Costs		Professional Fees
As of December 31, 2024	$	—	$	—	$	—
Charged to expense	20.1		17.9		2.2
Non-cash charges for stock-based compensation	(2.2)		(2.2)		—
Liabilities settled	(8.0)		(6.0)		(2.0)
As of September 30, 2025	$	9.9	$	9.7	$	0.2