"way out" belongs to "it", so you're looking for the possessive form. English pronoun possessives do not use apostrophes (whose, mine, his, her, their, its), while everything else DOES (the dog's, Steve's, Portugal's, the crowd's).
tl;dr: it's "its".
"way out" belongs to "it", so you're looking for the possessive form. English pronoun possessives do not use apostrophes (whose, mine, his, her, their, its), while everything else DOES (the dog's, Steve's, Portugal's, the crowd's).
tl;dr: it's "its".