# EDGAR Filing Document

**Accession Number:** 0001579877
**File Stem:** 0001579877-23-000003
**Filing Date:** 2023-2
**Character Count:** 58028
**Document Hash:** dc3ce0e2957e75a108e17fd8b5c7ec7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001579877-23-000003.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001579877-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OUTFRONT Media Inc.
- **CENTRAL INDEX KEY:** 0001579877
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36367
- **FILM NUMBER:** 23653172

**BUSINESS ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE
- **STREET 2:** 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174
- **BUSINESS PHONE:** 212-297-6400

**MAIL ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE
- **STREET 2:** 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CBS OUTDOOR AMERICAS INC.
- **DATE OF NAME CHANGE:** 20130621

?xml version="1.0" ? out-20230222

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**__________________________**

**FORM 8-K** 

**__________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): February 22, 2023**

**_________________________**

**OUTFRONT Media Inc.** 

**(Exact name of registrant as specified in its charter)**

**__________________________**

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| | | |
|:---|:---|:---|
| **Maryland** | **001-36367** | **46-4494703** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification Number)** |

---

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| | | |
|:---|:---|:---|
| **405 Lexington Avenue, 17th Floor** | **405 Lexington Avenue, 17th Floor** | |
| **New York,** | **New York** | **10174** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 297-6400** 

**__________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| 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** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. &nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

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&nbsp;&nbsp;&nbsp;&nbsp;On February 22, 2023, OUTFRONT Media Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished pursuant to this Item 2.02. This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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&nbsp;&nbsp;&nbsp;&nbsp;On February 22, 2023, the Company announced that its board of directors has declared a quarterly cash dividend of $0.30 per share on the Company's common stock, par value $0.01 per share. The dividend is payable on March 31, 2023, to stockholders of record at the close of business on March 3, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release announcing the quarterly cash dividend is attached hereto as Exhibit 99.2, and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits. The following exhibits are filed or furnished, as applicable, herewith:

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| | |
|:---|:---|
| **<u>Exhibit<br>Number</u>** | **<u>Description</u>** |
| 99.1 | Press Release dated February 22, 2023. |
| 99.2 | Press Release dated February 22, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **<u>Exhibit<br>Number</u>** | **<u>Description</u>** |
| 99.1 | <u>[Press Release dated February 22, 2023](ex991123122earningsrelease.htm)</u>. |
| 99.2 | <u>[Press Release dated February 22, 2023](ex992dividendprq422.htm)</u>. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| **OUTFRONT MEDIA INC.** | **OUTFRONT MEDIA INC.** | **OUTFRONT MEDIA INC.** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Matthew Siegel | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Matthew Siegel |
|  | Name: | Matthew Siegel |
|  | Title: | Executive Vice President and |
|  |  | Chief Financial Officer |

---

Date: February 22, 2023

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

## Exhibit 99.1

**Exhibit 99.1**

![out18cropa08a.jpg](out18cropa08a.jpg)

**OUTFRONT Media Reports Fourth Quarter And Full Year 2022 Results**

**Fourth Quarter Revenues of $494.7 million**

**Operating Income of $105.0 million**

**Net Income attributable to OUTFRONT Media Inc. of $59.2 million, $0.34 earnings per diluted share**

**Adjusted OIBDA of $153.7 million**

**AFFO attributable to OUTFRONT Media Inc. of $96.1 million**

**Quarterly dividend of $0.30 per share, payable March 31, 2023**

NEW YORK, February 22, 2023 – OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter and full year ended December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|<br>*$ in Millions, except per share amounts* | **2022** | **2021** | **2022** | **2021** |
| **Revenues** | $494.7 | $464.5 | $1772.1 | $1463.9 |
| **Organic revenues** | 490.5 | 462.7 | 1761.1 | 1460.5 |
| **Operating income** | 105.0 | 105.2 | 287.7 | 168.3 |
| **Adjusted OIBDA** | 153.7 | 151.1 | 472.4 | 340.3 |
| **Net income before allocation to non-controlling interests** | 59.5 | 71.5 | 149.1 | 36.4 |
| **Net income**<sup>1</sup> | 59.2 | 71.1 | 147.9 | 35.6 |
| **Net income per share**<sup>1,2,3</sup> | $0.34 | $0.41 | $0.84 | $0.05 |
| **Funds From Operations (FFO)**<sup>1</sup> | 103.0 | 111.2 | 325.2 | 195.1 |
| **Adjusted FFO (AFFO)**<sup>1</sup> | 96.1 | 111.0 | 311.3 | 205.1 |
| **Shares outstanding**<sup>3</sup> | 172.7 | 171.8 | 161.8 | 146.1 |

---

Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to "Net income", "Net income per share", "FFO" and "AFFO" mean "Net income attributable to OUTFRONT Media Inc.", "Net income attributable to OUTFRONT Media Inc. per common share", "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively; 2) "Per share" means per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding.

**<u>Fourth Quarter 2022 Results</u>**

**Consolidated**

Reported revenues of $494.7 million increased $30.2 million, or 6.5%, for the fourth quarter of 2022 as compared to the same prior-year period. Organic revenues of $490.5 million increased $27.8 million, or 6.0%.

Reported billboard revenues of $377.5 million increased $23.5 million, or 6.6%, due to higher average revenue per display (yield) compared to the same prior-year period. Organic billboard revenues of $373.3 million increased $20.9 million, or 5.9%.

Reported transit and other revenues of $117.2 million increased $6.7 million, or 6.1%, due primarily to an increase in yield compared to the same prior-year period. Organic transit and other revenues of $117.2 million increased $6.9 million, or 6.3%.

*1*

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Total operating expenses of $239.5 million increased $22.5 million, or 10.4%, due primarily to higher variable costs associated with higher billboard revenues and higher transit franchise expense.

Selling, General and Administrative expenses ("SG&A") of $110.3 million increased $6.0 million, or 5.8%, due primarily to higher professional fees and higher compensation-related costs.

Adjusted OIBDA of $153.7 million increased $2.6 million, or 1.7%.

**Segment Results**

**U.S. Media**

Reported revenues of $469.2 million increased $30.6 million, or 7.0%, due to higher average revenue per display (yield) compared to the same prior-year period. Billboard revenues increased 7.4% and Transit and other revenues increased 5.7% for the same reason. Organic revenues increased $26.4 million, or 6.0%.

Operating expenses increased $22.9 million, or 11.3%, due primarily to higher variable costs associated with higher billboard revenues and higher transit franchise expense. The increase in transit franchise expense was driven primarily by higher transit franchise expenses paid to the New York Metropolitan Transportation Authority (the "MTA").

SG&A expenses increased $5.3 million, or 7.2%, due primarily to higher professional fees and higher compensation-related costs.

Adjusted OIBDA of $163.7 million increased $2.4 million, or 1.5%.

**Other**

Reported revenues of $25.5 million decreased $0.4 million, or 1.5%, due primarily to foreign exchange headwinds related to the Canadian Dollar, partially offset by higher revenues in Canada. Organic revenues increased $1.4 million, or 5.8%, due primarily to an increase in yield compared to the same prior-year period, as we have experienced an increase in demand for our services.

Operating expenses decreased $0.4 million, or 2.9%, due again due to changes in foreign exchange rates.

SG&A expenses decreased $0.4 million, or 6.3%, driven primarily by changes in foreign exchange rates.

Adjusted OIBDA of $6.4 million increased $0.4 million, or 6.7%.

**Corporate** 

Corporate costs, excluding stock-based compensation, increased $0.2 million, or 1.2%, to $16.4 million, due primarily to higher compensation-related expenses.

**<u>Full Year 2022 Results</u>**

**Consolidated**

Reported revenues of $1,772.1 million increased $308.2 million, or 21.1%, for the year December 31, 2022 as compared to the same prior-year period. Organic revenues of $1,761.1 million increased $300.6 million, or 20.6%.

Reported billboard revenues of $1,384.7 million increased $202.4 million, or 17.1%, due to higher average revenue per display (yield) compared to the same prior-year period, as we have experienced an increase in demand for our services, and due to the impact of acquisitions. Organic billboard revenues increased 16.5%.

Reported transit and other revenues of $387.4 million increased $105.8 million, or 37.6%, due to higher average revenue per display (yield) compared to the same prior-year period, as we have experienced an increase in demand for our services, partially offset by the loss of a transit franchise contract. Organic transit and other revenues increased $106.3 million, or 37.8%.

*2*

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Total operating expenses of $911.4 million increased $127.4 million, or 16.3%, due primarily to higher billboard and transit revenue and higher guaranteed minimum annual payments to the MTA.

SG&A expenses of $422.1 million increased $53.9 million, or 14.6%, primarily due to higher compensation-related costs, including commissions and salaries, driven by both business performance improvements during the period and the impact of COVID-19 on the prior year, a higher provision for doubtful accounts, increased post-pandemic travel resulting in higher travel and entertainment expenses, and higher professional fees, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.

Adjusted OIBDA of $472.4 million increased $132.1 million, or 38.8%.

**Segment Results**

**U.S. Media**

Reported revenues of $1,673.9 million increased $291.9 million, or 21.1%, due to higher average revenue per display (yield) compared to the same prior-year period. Organic billboard revenues increased 16.3% and organic transit and other revenues increased 37.3%. Organic revenues of $1,662.9 million, increased $280.9 million, or 20.3%.

Operating expenses increased $123.2 million, or 16.8%, due primarily to higher transit franchise expense and billboard lease costs associated with the increase in revenue, higher minimum guarantee payments to the MTA, and other various costs associated with greater business activity.

SG&A expenses increased $50.4 million, or 19.0%, due primarily to higher compensation-related costs including commissions and salaries, a higher provision for doubtful accounts, increased business travel resulting from higher travel and entertainment costs and higher professional fees, partially offset by the impact of market fluctuations on an equity-linked retirement plan offered by the company to certain employees.

Adjusted OIBDA of $501.2 million increased $118.3 million, or 30.9%.

**Other**

Reported revenues of $98.2 million increased $16.3 million, or 19.9%, due primarily to higher average revenue per display (yield) in our Canada business. Organic revenues increased $19.7 million, or 25.1%.

Operating expenses increased $4.2 million, or 8.3%, driven by increases in variable costs associated with higher revenues in our Canada business.

SG&A expenses increased $1.9 million, or 9.2%, driven primarily by higher expenses in Canada.

Adjusted OIBDA of $20.6 million increased $10.2 million from $10.4 million in 2021.

**Corporate** 

Corporate costs, excluding stock-based compensation, decreased $3.6 million, or 6.8%, primarily due to the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the company to certain employees.

**Interest Expense**

Net interest expense in the fourth quarter of 2022 was $35.9 million, including amortization of deferred financing costs of $1.6 million, as compared to $31.9 million in the same prior-year period, including amortization of deferred financing costs of $1.6 million. The increase was due primarily to higher interest rates compared to the same prior-year period, partially offset by the impact of interest rate swaps in the fourth quarter of 2021. The weighted average cost of debt at December 31, 2022 was 5.2% compared to 4.3% in the prior-year period.

*3*

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**Income Taxes**

The income tax provision increased $8.0 million in the fourth quarter of 2022 as compared to the same prior-year period. This increase is primarily related to the recording of a valuation allowance against our U.S. taxable real estate investment trust subsidiary's deferred tax assets in the fourth quarter of 2022. Cash paid for income taxes in the year ended December 31, 2022 was $3.3 million.

**Net Income Attributable to OUTFRONT Media Inc.**

Net income attributable to OUTFRONT Media Inc. was $59.2 million in the fourth quarter of 2022, which decreased $11.9 million, or 16.7%, compared to the same prior-year period. Diluted weighted average shares outstanding were 172.7 million for the fourth quarter of 2022 and 171.8 million for the same prior-year period. Net income attributable to OUTFRONT Media Inc. per common share for diluted earnings per weighted average share was $0.34 for the fourth quarter of 2022 as compared to $0.41 in the same prior-year period.

**FFO & AFFO**

FFO attributable to OUTFRONT Media Inc. was $103.0 million in the fourth quarter of 2022, a decrease of $8.2 million, or 7.4%, from the same prior-year period, driven primarily by a decrease in net income, partially offset by higher amortization. AFFO attributable to OUTFRONT Media Inc. was $96.1 million in the fourth quarter of 2022, a decrease of $14.9 million, or 13.4%, from the same prior-year period due primarily to the impact of the non-cash effect of straight-line rent related to the acquisition of billboard leases, partially offset by lower maintenance capital expenditures and higher amortization.

**Cash Flow & Capital Expenditures**

Net cash flow provided by operating activities of $254.1 million for the year ended December 31, 2022 increased $155.3 million, or 157.2%, compared to $98.8 million during the same prior-year period, primarily due to higher net income. Total capital expenditures increased 21.7% to $89.8 million for the year ended December 31, 2022, compared to the same prior-year period.

**Dividends**

In the year ended December 31, 2022, we paid cash dividends of $205.8 million, including $196.9 million on our common stock and vested restricted share units granted to employees, $0.1 million on our Class A equity interests of a subsidiary that controls our Canadian business, and $8.8 million on our Series A Convertible Perpetual Preferred Stock (the "Series A Preferred Stock"). We announced on February 22, 2023, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on March 31, 2023, to stockholders of record at the close of business on March 3, 2023.

**Balance Sheet and Liquidity**

As of December 31, 2022, our liquidity position included unrestricted cash of $40.4 million and $493.6 million of availability under our $500.0 million revolving credit facility, net of $6.4 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility and $120.0 million of additional availability under our accounts receivable securitization facility. During the three months ended December 31, 2022, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. As of December 31, 2022, the maximum number of shares of our common stock that could be required to be issued on conversion of the outstanding shares of the Series A Preferred Stock was approximately 7.8 million shares. Total indebtedness as of December 31, 2022 was $2.7 billion, excluding $22.6 million of deferred financing costs, and includes a $600.0 million term loan, $2.1 billion of senior unsecured notes, net of discount, and $30.0 million of borrowings under our accounts receivable securitization facility.

**Conference Call** <br>We will host a conference call to discuss the results on February 22, 2023 at 4:30 p.m. Eastern Time. The conference call numbers are 866-580-3963 (U.S. callers) and 786-697-3501 (International callers) and the password for both is Outfront. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.

**Supplemental Materials**

In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.

*4*

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**About OUTFRONT Media Inc.** <br>OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.

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| | |
|:---|:---|
| **Contacts:** | |
| **Investors** | **Media** |
| Stephan Bisson | Courtney Richards |
| Investor Relations | PR & Events Specialist |
| (212) 297-6573 | (646) 876-9404 |
| stephan.bisson@outfront.com | courtney.richards@outfront.com |

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**Non-GAAP Financial Measures**

In addition to the results prepared in accordance with generally accepted accounting principles in the United States ("GAAP") provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate organic revenues as reported revenues excluding revenues associated with a significant acquisition and the impact of foreign currency exchange rates ("non-organic revenues"). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges and an impairment charge. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to "FFO" and "AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and non-controlling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, a gain on disposition of non-real estate assets, an impairment charge on non-real estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our non-controlling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts ("REITs"). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since organic revenues, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.

Please see Exhibits 4-6 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.

**Cautionary Statement Regarding Forward-Looking Statements**

We have made statements in this document 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 or contemplated in the

*6*

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forward-looking statements: declines in advertising and general economic conditions, including the current heightened levels of inflation; the severity and duration of pandemics, and the impact on our business, financial condition and results of operations; competition; government regulation; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; diverse risks in our Canadian business; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary ("TRS"); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes.

*7*

------

**<u>EXHIBITS</u>**

**Exhibit 1: CONSOLIDATED STATEMENTS OF OPERATIONS <br>(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>**(in millions, except per share amounts)** | **2022** | **2021** | **2022** | **2021** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Billboard | $377.5 | $354.0 | $1384.7 | $1182.3 |
| &nbsp;&nbsp;&nbsp;Transit and other | 117.2 | 110.5 | 387.4 | 281.6 |
| &nbsp;&nbsp;&nbsp;Total revenues | 494.7 | 464.5 | 1772.1 | 1463.9 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating | 239.5 | 217.0 | 911.4 | 784.0 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 110.3 | 104.3 | 422.1 | 368.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on dispositions | 0.1 | (0.9) | 0.2 | (4.5) |
| &nbsp;&nbsp;&nbsp;Impairment charge |  | 2.5 |  | 2.5 |
| &nbsp;&nbsp;&nbsp;Depreciation | 18.8 | 19.8 | 77.4 | 79.4 |
| &nbsp;&nbsp;&nbsp;Amortization | 21.0 | 16.6 | 73.3 | 66.0 |
| &nbsp;&nbsp;&nbsp;Total expenses | 389.7 | 359.3 | 1484.4 | 1295.6 |
| Operating income | 105.0 | 105.2 | 287.7 | 168.3 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (35.9) | (31.9) | (131.8) | (130.4) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  | (6.3) |
| Other income (loss), net | 0.1 |  | (0.2) |  |
| Income before benefit (provision) for income taxes and equity in earnings of investee companies | 69.2 | 73.3 | 155.7 | 31.6 |
| &nbsp;&nbsp;&nbsp;Benefit (provision) for income taxes | (10.6) | (2.6) | (9.4) | 3.4 |
| &nbsp;&nbsp;&nbsp;Equity in earnings of investee companies, net of tax | 0.9 | 0.8 | 2.8 | 1.4 |
| Net income before allocation to non-controlling interests | 59.5 | 71.5 | 149.1 | 36.4 |
| Net income attributable to non-controlling interests | 0.3 | 0.4 | 1.2 | 0.8 |
| Net income attributable to OUTFRONT Media Inc. | $59.2 | $71.1 | $147.9 | $35.6 |
| **Net income attributable to OUTFRONT Media Inc. per common share:** |  |  |  |  |
| Basic | $0.35 | $0.44 | $0.84 | $0.05 |
| Diluted | $0.34 | $0.41 | $0.84 | $0.05 |
| **Weighted average shares outstanding:** |  |  |  |  |
| Basic | 164.1 | 145.6 | 161.1 | 145.4 |
| Diluted | 172.7 | 171.8 | 161.8 | 146.1 |

---

*8*

------

**Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION <br>(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
|<br>**(in millions)** | **December 31,<br>2022** | **December 31,<br>2021** |
| **Assets:** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $40.4 | $424.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, less allowances of $20.2 in 2022 and $18.5 in 2021 | 315.5 | 310.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid lease and franchise costs | 9.1 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other prepaid expenses | 19.8 | 17.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 5.6 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 390.4 | 777.3 |
| Property and equipment, net | 699.8 | 647.9 |
| Goodwill | 2076.4 | 2077.8 |
| Intangible assets | 858.5 | 614.9 |
| Operating lease assets | 1562.6 | 1485.5 |
| Prepaid MTA equipment deployment costs | 363.2 | 279.8 |
| Other assets | 39.1 | 41.5 |
| **Total assets** | $5990.0 | $5924.7 |
| **Liabilities:** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $65.4 | $64.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 68.0 | 74.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 31.1 | 30.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued lease and franchise costs | 64.9 | 60.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 47.6 | 40.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 35.3 | 30.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 30.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term operating lease liabilities | 188.1 | 187.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 21.2 | 18.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 551.6 | 507.7 |
| Long-term debt, net | 2626.0 | 2620.6 |
| Deferred income tax liabilities, net | 15.2 | 17.2 |
| Asset retirement obligation | 37.8 | 36.4 |
| Operating lease liabilities | 1369.0 | 1308.4 |
| Other liabilities | 41.2 | 43.9 |
| **Total liabilities** | 4640.8 | 4534.2 |
| Preferred stock (2022 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding; 2021 - 50.0 shares authorized, and 0.4 shares of Series A Preferred Stock issued and outstanding)  | 119.8 | 383.4 |
| Commitments and contingencies |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock 2022 - 450.0 shares authorized, and 164.2 shares issued and outstanding; 2021 - 450.0 shares authorized, and 145.6 shares issued or outstanding) | 1.6 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2416.3 | 2119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution in excess of earnings | (1183.4) | (1122.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (9.1) | (4.4) |
| Total stockholders' equity | 1225.4 | 994.1 |
| Non-controlling interests | 4.0 | 13.0 |
| Total equity | 1349.2 | 1390.5 |
| **Total liabilities and equity** | $5990.0 | $5924.7 |

---

*9*

------

**Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS <br>(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** |
|<br>**(in millions)** | **2022** | **2021** |
| **Operating activities:** |  |  |
| Net income attributable to OUTFRONT Media Inc. | $147.9 | $35.6 |
| Adjustments to reconcile net income to net cash flow provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests | 1.2 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 150.7 | 145.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax (benefit) provision | 4.7 | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 33.8 | 28.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (recovery) for doubtful accounts | 4.9 | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion expense | 2.8 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on dispositions | 0.2 | (4.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge |  | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of investee companies, net of tax | (2.8) | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from investee companies | 1.9 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discount and premium | 6.5 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in assets and liabilities, net of investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivables | (11.2) | (94.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid MTA equipment deployment costs | (83.4) | (75.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in prepaid expenses and other current assets | 6.0 | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable and accrued expenses | (0.3) | 38.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating lease assets and liabilities | (15.4) | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred revenues | 4.5 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in income taxes | 1.3 | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 0.8 | (1.8) |
| **Net cash flow provided by operating activities** | 254.1 | 98.8 |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (89.8) | (73.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | (353.9) | (136.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA franchise rights | (6.8) | (16.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from dispositions | 1.3 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in investee companies | (0.3) |  |
| **Net cash flow used for investing activities** | (449.5) | (224.0) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt borrowings |  | 500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of long-term debt borrowings |  | (500.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings under short-term debt facilities | 30.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of borrowings under short-term debt facilities |  | (80.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (0.4) | (7.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of debt extinguishment charges |  | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes withheld for stock-based compensation | (11.8) | (9.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | (205.8) | (57.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (3.7) |
| **Net cash flow used for financing activities** | (188.0) | (162.2) |

---

*10*

------

**Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) <br>(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** |
|<br>**(in millions)** | **2022** | **2021** |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.0) | 0.2 |
| **Net decrease in cash, cash equivalents and restricted cash** | (384.4) | (287.2) |
| Cash, cash equivalents and restricted cash at beginning of year | 424.8 | 712.0 |
| Cash, cash equivalents and restricted cash at end of year | $40.4 | $424.8 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $3.3 | $1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | 126.3 | 117.8 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued purchases of property and equipment | $8.4 | $3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued MTA franchise rights | 3.1 | 4.5 |

---

*11*

------

**Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION** <br>**(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|<br>**(in millions, except percentages)** | **U.S. Media** | **Other** | **Corporate** | **Consolidated** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Billboard | $358.0 | $19.5 | $— | $377.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 111.2 | 6.0 |  | 117.2 |
| **Total revenues** | $469.2 | $25.5 | $— | $494.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic revenues<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $353.8 | $19.5 | $— | $373.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 111.2 | 6.0 |  | 117.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total organic revenues<sup>(a)</sup> | $465.0 | $25.5 | $— | $490.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-organic revenues<sup>(b)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $4.2 | $— | $— | $4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-organic revenues<sup>(b)</sup> | $4.2 | $— | $— | $4.2 |
| Operating income (loss) | $127.1 | $3.1 | $(25.2) | $105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on dispositions | 0.1 |  |  | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 36.5 | 3.3 |  | 39.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 8.8 | 8.8 |
| **Adjusted OIBDA** | $163.7 | $6.4 | $(16.4) | $153.7 |
| Adjusted OIBDA margin | 34.9% | 25.1% | \* | 31.1% |
| Capital expenditures | $21.3 | $1.9 | $— | $23.2 |
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
| **(in millions, except percentages)** | **U.S. Media** | **Other** | **Corporate** | **Consolidated** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Billboard | $333.4 | $20.6 | $— | $354.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 105.2 | 5.3 |  | 110.5 |
| **Total revenues** | $438.6 | $25.9 | $— | $464.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic revenues<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $333.4 | $19.0 | $— | $352.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 105.2 | 5.1 |  | 110.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total organic revenues<sup>(a)</sup> | $438.6 | $24.1 | $— | $462.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-organic revenues<sup>(b)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $— | $1.6 | $— | $1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other |  | 0.2 |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-organic revenues<sup>(b)</sup> | $— | $1.8 | $— | $1.8 |
| Operating income (loss) | $126.3 | $3.0 | $(24.1) | $105.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on dispositions | (0.9) |  |  | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge | 2.5 |  |  | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 33.4 | 3.0 |  | 36.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 7.9 | 7.9 |
| **Adjusted OIBDA** | $161.3 | $6.0 | $(16.2) | $151.1 |
| Adjusted OIBDA margin | 36.8% | 23.2% | \* | 32.5% |
| Capital expenditures | $30.0 | $2.6 | $— | $32.6 |

---

*12*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|<br>**(in millions, except percentages)** | **U.S. Media** | **Other** | **Corporate** | **Consolidated** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Billboard | $1308.8 | $75.9 | $— | $1384.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 365.1 | 22.3 |  | 387.4 |
| **Total revenues** | $1673.9 | $98.2 | $— | $1772.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic revenues<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $1297.8 | $75.9 | $— | $1373.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 365.1 | 22.3 |  | 387.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total organic revenues<sup>(a)</sup> | $1662.9 | $98.2 | $— | $1761.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-organic revenues<sup>(b)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $11.0 | $— | $— | $11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-organic revenues<sup>(b)</sup> | $11.0 | $— | $— | $11.0 |
| Operating income (loss) | $363.0 | $7.9 | $(83.2) | $287.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on dispositions | 0.2 |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 138.0 | 12.7 |  | 150.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 33.8 | 33.8 |
| **Adjusted OIBDA** | $501.2 | $20.6 | $(49.4) | $472.4 |
| Adjusted OIBDA margin | 29.9% | 21.0% | \* | 26.7% |
| Capital expenditures | $85.4 | $4.4 | $— | $89.8 |
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| **(in millions, except percentages)** | **U.S. Media** | **Other** | **Corporate** | **Consolidated** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Billboard | $1116.1 | $66.2 | $— | $1182.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 265.9 | 15.7 |  | 281.6 |
| **Total revenues** | $1382.0 | $81.9 | $— | $1463.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic revenues<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $1116.1 | $63.3 | $— | $1179.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other | 265.9 | 15.2 |  | 281.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total organic revenues<sup>(a)</sup> | $1382.0 | $78.5 | $— | $1460.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-organic revenues<sup>(b)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Billboard | $— | $2.9 | $— | $2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit and other |  | 0.5 |  | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-organic revenues<sup>(b)</sup> | $— | $3.4 | $— | $3.4 |
| Operating income (loss) | $248.5 | $1.4 | $(81.6) | $168.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on dispositions | (1.5) | (3.0) |  | (4.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charge | 2.5 |  |  | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 133.4 | 12.0 |  | 145.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 28.6 | 28.6 |
| **Adjusted OIBDA** | 382.9 | 10.4 | (53.0) | 340.3 |
| Adjusted OIBDA margin | 27.7% | 12.7% | \* | 23.2% |
| Capital expenditures | $69.3 | $4.5 | $— | $73.8 |

---

*13*

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**Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES** <br>**(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>**(in millions)** | **2022** | **2021** | **2022** | **2021** |
| **Net income attributable to OUTFRONT Media Inc.** | $59.2 | $71.1 | $147.9 | $35.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of billboard advertising structures | 14.1 | 14.0 | 56.1 | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of real estate-related intangible assets | 17.6 | 13.1 | 62.8 | 50.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of direct lease acquisition costs | 12.1 | 13.9 | 58.5 | 54.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on disposition of real estate assets | 0.1 | (0.9) | 0.2 | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment related to equity-based investments |  | 0.1 |  | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment related to non-controlling interests | (0.1) | (0.1) | (0.3) | (0.3) |
| **FFO attributable to OUTFRONT Media Inc.** | $103.0 | $111.2 | $325.2 | $195.1 |
| &nbsp;&nbsp;&nbsp;Non-cash portion of income taxes | 10.4 | 2.4 | 6.1 | (5.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for direct lease acquisition costs | (14.6) | (13.4) | (57.3) | (48.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance capital expenditures | (6.5) | (12.0) | (25.5) | (25.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other depreciation | 4.7 | 5.8 | 21.3 | 23.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other amortization | 3.4 | 3.5 | 10.5 | 15.1 |
| &nbsp;&nbsp;&nbsp;Gain on disposition of non-real estate assets<sup>(c)</sup> |  |  |  | (3.0) |
| &nbsp;&nbsp;&nbsp;Impairment charge on non-real estate assets<sup>(d)</sup> |  | 2.5 |  | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 8.8 | 7.9 | 33.8 | 28.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash effect of straight-line rent | (15.4) | 0.8 | (12.1) | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion expense | 0.7 | 0.7 | 2.8 | 2.7 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1.6 | 1.6 | 6.5 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  | 6.3 |
| &nbsp;&nbsp;&nbsp;Income tax effect of adjustments<sup>(e)</sup> |  |  |  | 0.8 |
| **AFFO attributable to OUTFRONT Media Inc.** | $96.1 | $111.0 | $311.3 | $205.1 |

---

**Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES** <br>**(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>**(in millions)** | **2022** | **2021** | **2022** | **2021** |
| **Adjusted OIBDA** | $153.7 | $151.1 | $472.4 | $340.3 |
| Interest expense, net, less amortization of deferred financing fees | (34.3) | (30.3) | (125.3) | (123.3) |
| Cash paid for income taxes | (0.2) | (0.2) | (3.3) | (1.7) |
| Direct lease acquisition costs | (2.5) | 0.5 | 1.2 | 5.5 |
| Maintenance capital expenditures | (6.5) | (12.0) | (25.5) | (25.3) |
| Equity in earnings of investee companies, net of tax | 0.9 | 0.8 | 2.8 | 1.4 |
| Adjustment related to equity-based investments |  | 0.1 |  | 0.1 |
| Non-cash effect of straight-line rent | (15.4) | 0.8 | (12.1) | 6.5 |
| Accretion expense | 0.7 | 0.7 | 2.8 | 2.7 |
| Other income (loss), net | 0.1 |  | (0.2) |  |
| Adjustment related to non-controlling interests | (0.4) | (0.5) | (1.5) | (1.1) |
| **AFFO attributable to OUTFRONT Media Inc.** | $96.1 | $111.0 | $311.3 | $205.1 |

---

------

**Exhibit 7: OPERATING EXPENSES**

**(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | **Year Ended** | **Year Ended** | |
| | **December 31,** | **December 31,** | | **December 31,** | **December 31,** | |
|<br>**(in millions, except**<br>**percentages)** | **2022** | **2021** |<br>**%**<br>**Change** | **2022** | **2021** |<br>**%**<br>**Change** |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Billboard property lease | $120.5 | $108.0 | 11.6% | $454.7 | $404.6 | 12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transit franchise | 62.4 | 52.3 | 19.3 | 235.3 | 183.4 | 28.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Posting, maintenance and other | 56.6 | 56.7 | (0.2) | 221.4 | 196.0 | 13.0 |
| Total operating expenses | $239.5 | $217.0 | 10.4 | $911.4 | $784.0 | 16.3 |

---

**Exhibit 8: EXPENSES BY SEGMENT**

**(Unaudited)** *See Notes on Page [16](#i16050a9ee37a468e894dd8cc6702c33b_34)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | **Year Ended** | **Year Ended** | |
| | **December 31,** | **December 31,** | | **December 31,** | **December 31,** | |
|<br>**(in millions, except**<br>**percentages)** | **2022** | **2021** |<br>**%**<br>**Change** | **2022** | **2021** |<br>**%**<br>**Change** |
| U.S. Media: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | $226.3 | $203.4 | 11.3% | $856.4 | $733.2 | 16.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SG&A expenses | 79.2 | 73.9 | 7.2 | 316.3 | 265.9 | 19.0 |
| Other: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 13.2 | 13.6 | (2.9) | 55.0 | 50.8 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SG&A expenses | 5.9 | 6.3 | (6.3) | 22.6 | 20.7 | 9.2 |

---

------

**NOTES TO EXHIBITS**

(a)Organic revenues exclude revenues associated with a significant acquisition and the impact of foreign currency exchange rates ("non-organic revenues").

(b)In the three and twelve months ended December 31, 2022, non-organic revenues reflect the impact of a significant acquisition. In the three and twelve months ended December 31, 2021, non-organic revenues reflect the impact of foreign currency exchange rates.

(c)Gain related to the sale of all of our equity interests in certain of our subsidiaries, which held all of the assets of our Sports Marketing operating segment.

(d)Impairment charge relates to an other-than-temporary decline in fair value of a cost-method investment.

(e)Income tax effect related to a gain on disposition of non-real estate assets.

\* Calculation not meaningful

## Exhibit 99.2

**Exhibit 99.2**

![image0a03a.gif](image0a03a.gif)

**OUTFRONT Media Announces Quarterly Dividend**

**New York, February 22, 2023 —** OUTFRONT Media Inc. (NYSE: OUT) announced today that its board of directors has declared a quarterly cash dividend on the Company's common stock of $0.30 per share payable on March 31, 2023, to shareholders of record at the close of business on March 3, 2023.

**About OUTFRONT Media Inc.**

OUTFRONT leverages the power of technology, location, and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.

**Contacts:**

---

| | |
|:---|:---|
| **Investors** | **Media** |
| Stephan Bisson | Courtney Richards |
| Investor Relations | PR & Events Specialist |
| (212) 297-6573 | (646) 876-9404 |
| stephan.bisson@outfront.com | courtney.richards@outfront.com |

---

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