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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, 2024
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.) |
| | | |
90 Park Avenue, 9th Floor | | |
New York, | NY | | 10016 |
(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 11, 2024, the number of shares outstanding of the registrant’s common stock was 165,985,777.
OUTFRONT MEDIA INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2024
TABLE OF CONTENTS
PART I
Item 1. Financial Statements.
OUTFRONT Media Inc.
Consolidated Statements of Financial Position
(Unaudited)
| | | | | | | | | | | | | | |
| | As of |
(in millions) | | September 30, 2024 | | December 31, 2023 |
Assets: | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 28.0 | | | $ | 36.0 | |
Receivables, less allowance ($19.8 in 2024 and $17.2 in 2023) | | 281.2 | | | 287.6 | |
Prepaid lease and transit franchise costs | | 2.7 | | | 4.5 | |
Other prepaid expenses | | 19.2 | | | 19.2 | |
Assets held for sale (Note 12) | | — | | | 34.6 | |
Other current assets | | 12.8 | | | 15.7 | |
Total current assets | | 343.9 | | | 397.6 | |
Property and equipment, net (Note 3) | | 654.1 | | | 657.8 | |
Goodwill | | 2,006.4 | | | 2,006.4 | |
Intangible assets (Note 4) | | 657.4 | | | 695.4 | |
Operating lease assets (Note 5) | | 1,522.3 | | | 1,591.9 | |
Assets held for sale (Note 12) | | — | | | 214.3 | |
Other assets | | 19.5 | | | 19.5 | |
Total assets | | $ | 5,203.6 | | | $ | 5,582.9 | |
| | | | |
Liabilities: | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 42.8 | | | $ | 55.5 | |
Accrued compensation | | 51.9 | | | 41.4 | |
Accrued interest | | 23.6 | | | 34.2 | |
Accrued lease and franchise costs | | 76.9 | | | 80.0 | |
Other accrued expenses | | 50.7 | | | 56.2 | |
Deferred revenues | | 45.0 | | | 37.7 | |
| | | | |
Short-term debt (Note 8) | | 40.0 | | | 65.0 | |
Short-term operating lease liabilities (Note 5) | | 177.0 | | | 180.9 | |
Liabilities held for sale (Note 12) | | — | | | 24.1 | |
Other current liabilities | | 19.3 | | | 18.0 | |
Total current liabilities | | 527.2 | | | 593.0 | |
Long-term debt, net (Note 8) | | 2,481.4 | | | 2,676.5 | |
| | | | |
Asset retirement obligation (Note 6) | | 33.7 | | | 33.0 | |
Operating lease liabilities (Note 5) | | 1,364.3 | | | 1,417.4 | |
Liabilities held for sale (Note 12) | | — | | | 90.9 | |
Other liabilities | | 43.9 | | | 42.0 | |
Total liabilities | | 4,450.5 | | | 4,852.8 | |
| | | | |
Commitments and contingencies (Note 17) | | | | |
| | | | |
Redeemable noncontrolling interests (Notes 9 and 19) | | 13.5 | | | 31.3 | |
Preferred stock (2024 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding; 2023 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding) (Note 10) | | 119.8 | | | 119.8 | |
Stockholders’ equity (Note 10): | | | | |
Common stock (2024 - 450.0 shares authorized, and 166.0 shares issued and outstanding; 2023 - 450.0 shares authorized, and 165.1 issued and outstanding) | | 1.7 | | | 1.7 | |
Additional paid-in capital | | 2,410.1 | | | 2,402.5 | |
Distribution in excess of earnings | | (1,793.3) | | | (1,821.1) | |
Accumulated other comprehensive loss | | (0.3) | | | (5.8) | |
Total stockholders’ equity | | 618.2 | | | 577.3 | |
Noncontrolling interests | | 1.6 | | | 1.7 | |
| | | | |
Total liabilities and equity | | $ | 5,203.6 | | | $ | 5,582.9 | |
See accompanying notes to unaudited consolidated financial statements.
OUTFRONT Media Inc.
Consolidated Statements of Operations
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
(in millions, except per share amounts) | | 2024 | | 2023 | | 2024 | | 2023 |
Revenues: | | | | | | | | |
Billboard | | $ | 360.6 | | | $ | 363.6 | | | $ | 1,062.8 | | | $ | 1,055.8 | |
Transit and other | | 91.3 | | | 91.2 | | | 274.9 | | | 263.6 | |
Total revenues | | 451.9 | | | 454.8 | | | 1,337.7 | | | 1,319.4 | |
Expenses: | | | | | | | | |
Operating | | 233.1 | | | 239.8 | | | 711.6 | | | 716.0 | |
Selling, general and administrative | | 108.7 | | | 105.3 | | | 338.3 | | | 321.8 | |
| | | | | | | | |
Net (gain) loss on dispositions | | 1.5 | | | — | | | (153.6) | | | 0.2 | |
Impairment charges | | — | | | 12.1 | | | 17.9 | | | 523.5 | |
Depreciation | | 18.6 | | | 19.3 | | | 55.5 | | | 59.1 | |
Amortization | | 18.7 | | | 19.7 | | | 53.6 | | | 63.0 | |
Total expenses | | 380.6 | | | 396.2 | | | 1,023.3 | | | 1,683.6 | |
Operating income (loss) | | 71.3 | | | 58.6 | | | 314.4 | | | (364.2) | |
Interest expense, net | | (37.1) | | | (40.2) | | | (119.6) | | | (117.6) | |
Loss on extinguishment of debt | | — | | | — | | | (1.2) | | | — | |
Other income (loss), net | | (0.1) | | | (0.1) | | | 1.0 | | | 0.1 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | | 34.1 | | | 18.3 | | | 194.6 | | | (481.7) | |
Benefit (provision) for income taxes | | 0.2 | | | (1.4) | | | (10.4) | | | (2.2) | |
Equity in earnings of investee companies, net of tax | | 0.5 | | | (0.2) | | | 0.5 | | | (1.3) | |
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests | | 34.8 | | | 16.7 | | | 184.7 | | | (485.2) | |
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests | | 0.2 | | | (0.3) | | | 0.5 | | | 0.4 | |
Net income (loss) attributable to OUTFRONT Media Inc. | | $ | 34.6 | | | $ | 17.0 | | | $ | 184.2 | | | $ | (485.6) | |
| | | | | | | | |
Net income (loss) per common share: | | | | | | | | |
Basic | | $ | 0.20 | | | $ | 0.09 | | | $ | 1.07 | | | $ | (2.98) | |
Diluted | | $ | 0.19 | | | $ | 0.09 | | | $ | 1.06 | | | $ | (2.98) | |
| | | | | | | | |
Weighted average shares outstanding: | | | | | | | | |
Basic | | 166.0 | | | 165.0 | | | 165.8 | | | 164.9 | |
Diluted | | 167.2 | | | 165.2 | | | 174.4 | | | 164.9 | |
See accompanying notes to unaudited consolidated financial statements.
OUTFRONT Media Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
(in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests | | $ | 34.8 | | | $ | 16.7 | | | $ | 184.7 | | | $ | (485.2) | |
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests | | 0.2 | | | (0.3) | | | 0.5 | | | 0.4 | |
Net income (loss) attributable to OUTFRONT Media Inc. | | 34.6 | | | 17.0 | | | 184.2 | | | (485.6) | |
Other comprehensive income (loss), net of tax: | | | | | | | | |
Cumulative translation adjustments | | — | | | (2.2) | | | (4.0) | | | 0.6 | |
| | | | | | | | |
Write-off of currency translation losses related to a disposition | | — | | | — | | | 9.5 | | | — | |
Total other comprehensive income (loss), net of tax | | — | | | (2.2) | | | 5.5 | | | 0.6 | |
Total comprehensive income (loss) | | $ | 34.6 | | | $ | 14.8 | | | $ | 189.7 | | | $ | (485.0) | |
See accompanying notes to unaudited consolidated financial statements.
OUTFRONT Media Inc.
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Stockholders’ Equity | | | | | | |
(in millions, except per share amounts) | | Redeemable Non-controlling Interests | | 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 | | |
Balance as of June 30, 2023 | | $ | 28.9 | | | 0.1 | | | $ | 119.8 | | | 165.0 | | | $ | 1.7 | | | $ | 2,393.7 | | | $ | (1,794.9) | | | $ | (6.3) | | | $ | 594.2 | | | $ | 1.7 | | | |
Net income (loss) | | (0.2) | | | — | | | — | | | — | | | — | | | — | | | 17.0 | | | — | | | 17.0 | | | (0.1) | | | |
Other comprehensive loss | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2.2) | | | (2.2) | | | — | | | |
Stock-based payments: | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Amortization | | — | | | — | | | — | | | — | | | — | | | 7.2 | | | — | | | — | | | 7.2 | | | — | | | |
Shares paid for tax withholding for stock-based payments | | — | | | — | | | — | | | — | | | — | | | (0.1) | | | — | | | — | | | (0.1) | | | — | | | |
Series A Preferred Stock dividends (7%) | | — | | | — | | | — | | | — | | | — | | | — | | | (2.2) | | | — | | | (2.2) | | | — | | | |
Dividends ($0.30 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | (49.7) | | | — | | | (49.7) | | | — | | | |
Adjustment to redeemable value of noncontrolling interests | | 0.2 | | | — | | | — | | | — | | | — | | | (0.2) | | | — | | 0 | — | | | (0.2) | | | — | | | |
Other | | (0.7) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 0.1 | | | |
Balance as of September 30, 2023 | | $ | 28.2 | | | 0.1 | | | $ | 119.8 | | | 165.0 | | | $ | 1.7 | | | $ | 2,400.6 | | | $ | (1,829.8) | | | $ | (8.5) | | | $ | 564.0 | | | $ | 1.7 | | | |
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OUTFRONT Media Inc.
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Stockholders’ Equity | | | | | | |
(in millions, except per share amounts) | | Redeemable Non-controlling Interests | | 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 | | |
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Balance as of June 30, 2024 | | $ | 38.2 | | | 0.1 | | | $ | 119.8 | | | 166.0 | | | $ | 1.7 | | | $ | 2,403.1 | | | $ | (1,775.8) | | | $ | (0.3) | | | $ | 628.7 | | | $ | 1.6 | | | |
Net income (loss) | | 0.3 | | | — | | | — | | | — | | | — | | | — | | | 34.6 | | | — | | | 34.6 | | | (0.1) | | | |
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Stock-based payments: | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Amortization | | — | | | — | | | — | | | — | | | — | | | 7.0 | | | — | | | — | | | 7.0 | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Purchase of non-controlling interest | | (24.6) | | | — | | | — | | | — | | | — | | | 0.3 | | | — | | | — | | | 0.3 | | | — | | | |
Series A Preferred Stock dividends (7%) | | — | | | — | | | — | | | — | | | — | | | — | | | (2.2) | | | — | | | (2.2) | | | — | | | |
Dividends ($0.30 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | (49.9) | | | — | | | (49.9) | | | — | | | |
Adjustment to redeemable value of noncontrolling interests | | 0.3 | | | — | | | — | | | — | | | — | | | (0.3) | | | — | | | — | | | (0.3) | | | — | | | |
Other | | (0.7) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 0.1 | | | |
Balance as of September 30, 2024 | | $ | 13.5 | | | 0.1 | | | $ | 119.8 | | | 166.0 | | | $ | 1.7 | | | $ | 2,410.1 | | | $ | (1,793.3) | | | $ | (0.3) | | | $ | 618.2 | | | $ | 1.6 | | | |
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OUTFRONT Media Inc.
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)
(Unaudited)
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| | | | | | | | Stockholders’ Equity | | | | | | |
(in millions, except per share amounts) | | Redeemable Non-controlling Interests | | 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 | | |
Balance as of December 31, 2022 | | $ | 27.2 | | | 0.1 | | | $ | 119.8 | | | 164.2 | | | $ | 1.6 | | | $ | 2,391.3 | | | $ | (1,188.6) | | | $ | (9.1) | | | $ | 1,195.2 | | | $ | 1.8 | | | |
Net income (loss) | | 0.5 | | | — | | | — | | | — | | | — | | | — | | | (485.6) | | | — | | | (485.6) | | | (0.1) | | | |
Other comprehensive income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 0.6 | | | 0.6 | | | — | | | |
Stock-based payments: | | | | | | | | | | | | | | | | | | | | | | |
Vested | | — | | | — | | | — | | | 1.5 | | | 0.1 | | | — | | | — | | | — | | | 0.1 | | | — | | | |
Amortization | | — | | | — | | | — | | | — | | | — | | | 22.9 | | | — | | | — | | | 22.9 | | | — | | | |
Shares paid for tax withholding for stock-based payments | | — | | | — | | | — | | | (0.7) | | | — | | | (12.5) | | | — | | | — | | | (12.5) | | | — | | | |
Series A Preferred Stock dividends (7%) | | — | | | — | | | — | | | — | | | — | | | — | | | (6.6) | | | — | | | (6.6) | | | — | | | |
Dividends ($0.90 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | (149.0) | | | — | | | (149.0) | | | — | | | |
Adjustment to redeemable value of noncontrolling interests | | 1.1 | | | — | | | — | | | — | | | — | | | (1.1) | | | — | | | — | | | (1.1) | | | — | | | |
Other | | (0.6) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | |
Balance as of September 30, 2023 | | $ | 28.2 | | | 0.1 | | | $ | 119.8 | | | 165.0 | | | $ | 1.7 | | | $ | 2,400.6 | | | $ | (1,829.8) | | | $ | (8.5) | | | $ | 564.0 | | | $ | 1.7 | | | |
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OUTFRONT Media Inc.
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)
(Unaudited)
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| | | | | | | | Stockholders’ Equity | | | | | | |
(in millions, except per share amounts) | | Redeemable Non-controlling Interests | | 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 | | |
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Balance as of December 31, 2023 | | $ | 31.3 | | | 0.1 | | | $ | 119.8 | | | 165.1 | | | $ | 1.7 | | | $ | 2,402.5 | | | $ | (1,821.1) | | | $ | (5.8) | | | $ | 577.3 | | | $ | 1.7 | | | |
Net income (loss) | | 0.6 | | | — | | | — | | | — | | | — | | | — | | | 184.2 | | | — | | | 184.2 | | | (0.1) | | | |
Other comprehensive income | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 5.5 | | | 5.5 | | | — | | | |
Stock-based payments: | | | | | | | | | | | | | | | | | | | | | | |
Vested | | — | | | — | | | — | | | 1.5 | | | — | | | — | | | — | | | — | | | — | | | — | | | |
Amortization | | — | | | — | | | — | | | — | | | — | | | 21.8 | | | — | | | — | | | 21.8 | | | — | | | |
Shares paid for tax withholding for stock-based payments | | — | | | — | | | — | | | (0.6) | | | — | | | (7.7) | | | — | | | — | | | (7.7) | | | — | | | |
Purchase of non-controlling interest | | (24.6) | | | — | | | — | | | — | | | — | | | 0.3 | | | — | | | — | | | 0.3 | | | — | | | |
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Series A Preferred Stock dividends (7%) | | — | | | — | | | — | | | — | | | — | | | — | | | (6.6) | | | — | | | (6.6) | | | — | | | |
Dividends ($0.90 per share) | | — | | | — | | | — | | | — | | | — | | | — | | | (149.8) | | | — | | | (149.8) | | | — | | | |
Adjustment to redeemable value of noncontrolling interests | | 6.8 | | | — | | | — | | | — | | | — | | | (6.8) | | | — | | | — | | | (6.8) | | | — | | | |
Other | | (0.6) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | |
Balance as of September 30, 2024 | | $ | 13.5 | | | 0.1 | | | $ | 119.8 | | | 166.0 | | | $ | 1.7 | | | $ | 2,410.1 | | | $ | (1,793.3) | | | $ | (0.3) | | | $ | 618.2 | | | $ | 1.6 | | | |
See accompanying notes to unaudited consolidated financial statements.
OUTFRONT Media Inc.
Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, |
(in millions) | | 2024 | | 2023 |
Operating activities: | | | | |
Net income (loss) attributable to OUTFRONT Media Inc. | | $ | 184.2 | | | $ | (485.6) | |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | | | | |
Net income attributable to redeemable and non-redeemable noncontrolling interests | | 0.5 | | | 0.4 | |
Depreciation and amortization | | 109.1 | | | 122.1 | |
Deferred tax benefit | | (1.2) | | | (0.3) | |
Stock-based compensation | | 21.8 | | | 22.9 | |
Provision for doubtful accounts | | 4.2 | | | 4.0 | |
Accretion expense | | 2.2 | | | 2.3 | |
Net (gain) loss on dispositions | | (153.6) | | | 0.2 | |
Impairment charges | | — | | | 511.4 | |
Loss on extinguishment of debt | | 1.2 | | | — | |
Equity in earnings of investee companies, net of tax | | (0.5) | | | 1.3 | |
Distributions from investee companies | | 0.9 | | | 0.9 | |
Amortization of deferred financing costs and debt discount | | 4.6 | | | 5.0 | |
Change in assets and liabilities, net of investing and financing activities: | | | | |
Decrease in receivables | | 2.3 | | | 15.2 | |
Increase in prepaid MTA equipment deployment costs | | — | | | (21.8) | |
Increase in prepaid expenses and other current assets | | (2.6) | | | (5.4) | |
Decrease in accounts payable and accrued expenses | | (19.6) | | | (42.4) | |
Increase in operating lease assets and liabilities | | 14.3 | | | 14.6 | |
Increase in deferred revenues | | 7.3 | | | 10.5 | |
Increase (decrease) in income taxes | | 0.3 | | | (3.4) | |
Decrease in assets and liabilities held for sale, net | | (2.1) | | | — | |
Other, net | | 1.4 | | | (2.7) | |
Net cash flow provided by operating activities | | 174.7 | | | 149.2 | |
| | | | |
Investing activities: | | | | |
Capital expenditures | | (59.9) | | | (63.6) | |
Acquisitions | | (11.2) | | | (30.7) | |
MTA franchise rights | | (7.0) | | | 0.6 | |
Net proceeds from dispositions | | 310.0 | | | 0.3 | |
Investment in investee companies | | (1.2) | | | — | |
| | | | |
Net cash flow provided by (used for) investing activities | | 230.7 | | | (93.4) | |
| | | | |
Financing activities: | | | | |
| | | | |
Repayments of long-term debt borrowings | | (200.0) | | | — | |
Proceeds from borrowings under short-term debt facilities | | 135.0 | | | 120.0 | |
Repayments of borrowings under short-term debt facilities | | (160.0) | | | — | |
Payments of deferred financing costs | | (0.3) | | | (4.1) | |
| | | | |
| | | | |
| | | | |
Taxes withheld for stock-based compensation | | (7.4) | | | (12.4) | |
Purchase of redeemable noncontrolling interest | | (23.9) | | | — | |
Dividends | | (156.4) | | | (155.4) | |
| | | | |
Net cash flow used for financing activities | | (413.0) | | | (51.9) | |
OUTFRONT Media Inc.
Consolidated Statements of Cash Flows (Continued)
(Unaudited)
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, |
(in millions) | | 2024 | | 2023 |
Effect of exchange rate changes on cash and cash equivalents | | (0.4) | | | 0.1 | |
Net increase (decrease) in cash and cash equivalents | | (8.0) | | | 4.0 | |
Cash and cash equivalents at beginning of period | | 36.0 | | | 40.4 | |
Cash and cash equivalents at end of period | | $ | 28.0 | | | $ | 44.4 | |
| | | | |
Supplemental disclosure of cash flow information: | | | | |
Cash paid for income taxes | | $ | 11.4 | | | $ | 5.9 | |
Cash paid for interest | | 127.1 | | | 126.3 | |
| | | | |
Non-cash investing and financing activities: | | | | |
Accrued purchases of property and equipment | | $ | 7.2 | | | $ | 4.6 | |
Accrued MTA franchise rights | | 2.1 | | | 2.9 | |
Taxes withheld for stock-based compensation | | 0.3 | | | 0.1 | |
| | | | |
See accompanying notes to unaudited consolidated financial statements.
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.”). 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. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 120 markets across the U.S. We currently manage our operations through one operating segment, U.S. Billboard and Transit, which is included in our U.S. Media reportable segment. Prior to its sale, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other. Historical operating results of our Canadian operations are included in Other through the date of sale.
On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which hold all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”). (See Note 12. Acquisitions and Dispositions: Dispositions: Canadian Business.)
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. 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, 2023, filed with the SEC on February 22, 2024.
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, 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.
Revision of Previously Issued Financial Information
In the third quarter of 2024, we identified an error related to the accounting for noncontrolling interests in our consolidated joint ventures, which include buy/sell clauses. The error related to the appropriate classification of these noncontrolling interests as redeemable and recognition of these redeemable noncontrolling interests at the maximum redemption value for each period. The Company assessed the materiality of the error on its previously issued financial statements in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements, but would have been material to certain of our financial statements in the current period. Accordingly, we have revised our previously issued financial information. All relevant prior period amounts affected by these revisions have been corrected in the applicable Notes to the Consolidated Financial Statements, as appropriate. Any prior periods not presented herein may be revised in future filings to the extent necessary. (See Note 19. Revised Consolidated Financial Information.)
As previously disclosed, for the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease costs and accrued lease and franchise costs in 2022, resulting in a $5.2 million increase in operating expenses for the three months ended March 31, 2023. The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s SAB No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements. In the third quarter of 2024, we voluntarily revised our previously issued financial information to reflect
OUTFRONT Media Inc.
Notes to Consolidated Financial Statements
(Unaudited)
the out-of-period adjustment amount. Prior periods not presented herein will be voluntarily revised, as applicable, in future filings. (See Note 19. Revised Consolidated Financial Information.)
The impact of the revisions have been reflected throughout the Consolidated Financial Statements, including the applicable Notes to the Consolidated Financial Statements, as appropriate.
Note 2. New Accounting Standards
Recent Pronouncements
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued guidance to improve disclosure of expenses by providing more detailed information about specific expense categories included in commonly presented financial statement expense captions in the notes to the financial statements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This guidance does not change or remove current expense disclosure requirements and will not have any impact on our consolidated financial statements.
In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.
In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Retrospective application is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.
Note 3. 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, 2024 | | December 31, 2023 |
Land | | | | $ | 110.2 | | | $ | 110.1 | |
Buildings | | 15 to 35 years | | 47.0 | | | 42.7 | |
Advertising structures | | 3 to 20 years | | 1,742.4 | | | 1,716.2 | |
Furniture, equipment and other | | 3 to 10 years | | 184.6 | | | 173.9 | |
Construction in progress | | | | 38.1 | | | 39.5 | |
| | | | 2,122.3 | | | 2,082.4 | |
Less: Accumulated depreciation | | | | 1,468.2 | | | 1,424.6 | |
Property and equipment, net | | | | $ | 654.1 | | | $ | 657.8 | |
Depreciation expense was $18.6 million in the three months ended September 30, 2024, $19.3 million in the three months ended September 30, 2023, $55.5 million in the nine months ended September 30, 2024, and $59.1 million in the nine months ended September 30, 2023.
Note 4. 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.