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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities:    
Net income (loss) attributable to OUTFRONT Media Inc. $ (35.5) $ (65.3)
Adjustments to reconcile net loss to net cash flow provided by operating activities:    
Net income attributable to non-controlling interests 0.4 0.3
Depreciation and amortization 109.0 108.9 [1]
Deferred tax benefit (6.6) (3.8)
Stock-based compensation 20.7 17.3
Provision for doubtful accounts (5.3) 17.4
Accretion expense 2.0 1.9
Net gain on dispositions (3.6) (13.3)
Loss on extinguishment of debt 6.3 0.0
Equity in earnings of investee companies, net of tax (0.6) 0.5
Distributions from investee companies 0.5 2.1
Amortization of deferred financing costs and debt discount and premium 5.5 4.8
Change in assets and liabilities, net of investing and financing activities:    
(Increase) decrease in receivables (28.5) 80.5
Increase in prepaid MTA equipment deployment costs (40.9) (29.4)
(Increase) decrease in prepaid expenses and other current assets 9.6 (25.0)
Increase (decrease) in accounts payable and accrued expenses 0.8 (42.4)
Increase in operating lease assets and liabilities 5.0 13.4
Increase in deferred revenues 5.5 12.1
Increase (decrease) in income taxes (0.9) 1.0
Other, net 1.7 5.0
Net cash flow provided by operating activities 45.1 86.0
Investing Activities:    
Capital expenditures (41.2) (42.0)
Acquisitions (55.0) (15.5)
MTA franchise rights (12.1) (14.4)
Net proceeds from dispositions 1.8 35.9
Return of investment in investee companies 0.0 0.9
Net cash flow used for investing activities (106.5) (35.1)
Financing Activities:    
Proceeds from long-term debt borrowings 500.0 895.0
Repayments of long-term debt borrowings (500.0) (495.0)
Proceeds from borrowings under short-term debt facilities 0.0 15.0
Repayments of borrowings under short-term debt facilities (80.0) (130.0)
Payments of deferred financing costs (7.3) (7.7)
Payments of debt extinguishment charges (4.7) 0.0
Proceeds from Series A Preferred Stock issuances 0.0 383.8
Taxes withheld for stock-based compensation (8.9) (12.0)
Dividends (35.9) (68.1)
Other (3.7) 0.0
Net cash flow provided by (used for) financing activities (140.5) 581.0
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0.2 (0.6)
Net increase (decrease) in cash, cash equivalents and restricted cash (201.7) 631.3
Cash, cash equivalents and restricted cash at beginning of period 712.0 60.9
Cash, cash equivalents and restricted cash at end of period 510.3 692.2
Supplemental disclosure of cash flow Information:    
Cash paid for income taxes 1.5 3.1
Cash paid for interest 100.6 93.5
Non-cash investing and financing activities:    
Accrued purchases of property and equipment 5.7 5.3
Accrued MTA franchise rights 5.8 5.2
Taxes withheld for stock-based compensation $ 0.2 $ 0.3
[1] Consistent with the current year’s presentation, we have reclassified amortization of direct lease acquisition costs of $9.1 million in the three months ended September 30, 2020, of which $8.3 million was recorded in our U.S. Media segment and $0.8 million was recorded in Other, and $26.7 million in the nine months ended September 30, 2020, of which $25.1 million was recorded in our U.S. Media segment and $1.6 million was recorded in Other, from Amortization to SG&A expenses, resulting in a corresponding decrease in Adjusted OIBDA.