OUTFRONT Media Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>OUTFRONT Media Inc. has filed its 2023 10-K report detailing its financial performance and corporate information.</b>

AI Summary

OUTFRONT Media Inc. (OUT) filed a Annual Report (10-K) with the SEC on February 22, 2024. OUTFRONT Media Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 90 PARK AVENUE, 9TH FLOOR, NEW YORK, NY 10016. The filing includes financial data for the fiscal years 2023, 2022, and 2021. OUTFRONT Media Inc. was formerly known as CBS OUTDOOR AMERICAS INC., with a name change effective June 21, 2013. The SIC code for the company is 6798, categorized under REAL ESTATE INVESTMENT TRUSTS.

Why It Matters

For investors and stakeholders tracking OUTFRONT Media Inc., this filing contains several important signals. This filing provides a comprehensive overview of OUTFRONT Media's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and risk factors within the 10-K offer insights into the company's revenue streams, expenses, and potential challenges, aiding in investment decisions.

Risk Assessment

Risk Level: medium — OUTFRONT Media Inc. shows moderate risk based on this filing. The company's business is subject to risks associated with the advertising industry, including economic downturns and shifts in advertising spending, as indicated by the nature of its operations in out-of-home media.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand OUTFRONT Media's performance and potential challenges in the advertising market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-02-22 — Filing Date (Date the 10-K was filed)
• 001-36367 — SEC File Number (SEC file number for the company)

Key Players & Entities

• OUTFRONT Media Inc. (company) — Filer name
• 90 PARK AVENUE, 9TH FLOOR, NEW YORK, NY 10016 (company) — Business address
• CBS OUTDOOR AMERICAS INC. (company) — Former company name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-22 (date) — Filed as of date
• 6798 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

OUTFRONT Media Inc. operates in the out-of-home advertising industry, which includes billboards, transit advertising, and digital displays.

Regulatory Implications

The company is subject to SEC regulations governing public company filings, including the requirement to submit annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential business challenges.
3. Compare 2023 financial performance against previous years (2022, 2021) for trend analysis.

Year-Over-Year Comparison

This filing is the annual 10-K for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0 — nge on which registered Common Stock, $0.01, par value OUT New York Stock Excha
• $690.0 million — a total purchase price of approximately $690.0 million in cash, plus working capital adjustmen
• $410.0 million — e Canadian Business, to the Buyer, for C$410.0 million in cash, payable on the date of the con
• $20.0 million — Selling Subsidiaries in the amount of C$20.0 million. For additional information regarding

Filing Documents

• out-20231231.htm (10-K) — 2971KB
• out-insidertradingpolicyfi.htm (EX-19.1) — 32KB
• exhibit21-subsidiariesofre.htm (EX-21.1) — 44KB
• pwcconsentletter2023_22024.htm (EX-23.1) — 2KB
• a311section302dec312023.htm (EX-31.1) — 11KB
• a312section302dec312023.htm (EX-31.2) — 11KB
• a321section906dec312023.htm (EX-32.1) — 5KB
• a322section906dec312023.htm (EX-32.2) — 6KB
• clawbackpolicyrevisedfinal.htm (EX-97.1) — 28KB
• image_0.jpg (GRAPHIC) — 16KB
• out-20231231_g1.jpg (GRAPHIC) — 184KB
• 0001579877-24-000015.txt (&nbsp;) — 15788KB
• out-20231231.xsd (EX-101.SCH) — 92KB
• out-20231231_cal.xml (EX-101.CAL) — 92KB
• out-20231231_def.xml (EX-101.DEF) — 571KB
• out-20231231_lab.xml (EX-101.LAB) — 1208KB
• out-20231231_pre.xml (EX-101.PRE) — 908KB
• out-20231231_htm.xml (XML) — 2348KB

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 33

Cybersecurity

Item 1C. Cybersecurity 34

Properties

Item 2. Properties 34

Legal Proceedings

Item 3. Legal Proceedings 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

[Reserved]

Item 6. [Reserved] 37

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 63

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 106

Controls and Procedures

Item 9A. Controls and Procedures 106

Other Information

Item 9B. Other Information 106

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 106 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 107

Executive Compensation

Item 11. Executive Compensation 107

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 107

Certain Relationship and Related Transactions, and Director Independence

Item 13. Certain Relationship and Related Transactions, and Director Independence 107

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 107 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 107

Form 10-K Summary

Item 16. Form 10-K Summary 111 Exhibit Index 112

SIGNATURES

SIGNATURES 116 Except as otherwise indicated or unless the context otherwise requires, all references in this Annual Report on Form 10-K 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 2024 Designated Market Area rankings. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS We have made statements in this Annual Report on Form 10-K 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. 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

Business

Item 1. Business. 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 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. 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

View Full Filing

View this 10-K filing on SEC EDGAR