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SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Selected Financial Information by Reportable Operating Segment

The following table is a breakdown of selected financial information by reportable operating segment for Holdings for the periods presented:

		Year Ended December 31,
		2020				2021				2022
Revenue
U.S.		$	559.2			$	1,296.3			$	1,977.9
International			129.4				216.9				484.5
Eliminations			(2.3	)			(2.7	)			(7.7	)
Total Revenue		$	686.3			$	1,510.5			$	2,454.7
Adjusted EBITDA (1)
U.S.		$	(227.0	)		$	84.2			$	255.7
International			(49.9	)			(4.2	)			80.8
Total Adjusted EBITDA		$	(276.9	)		$	80.0			$	336.5
Capital expenditures
U.S.		$	64.0			$	78.3			$	87.2
International			19.9				17.2				23.5
Total capital expenditures		$	83.9			$	95.5			$	110.7

Distributions from equity investees are reported entirely within the U.S. operating segment

Reconciliation of Net Income to Adjusted EBITDA

The following table sets forth a reconciliation of net loss to Adjusted EBITDA for Holdings for the periods presented:

		Year Ended December 31,
		2020				2021				2022
Net loss		$	(617.9	)		$	(422.2	)		$	(268.0	)
Add (deduct):
Income taxes			(309.4	)			(16.8	)			3.0
Interest expense (1)			129.9				149.7				155.3
Loss on extinguishment of debt			—				6.5				—
Other (income) expense (2)			62.4				43.5				23.6
Distributions from DCIP (3)			10.4				—				—
Other cash distributions from equity investees (4)			15.0				0.2				6.9
Non-cash distributions from DCIP (5)			(12.9	)			—				—
Depreciation and amortization			259.8				265.4				238.2
Impairment of long-lived and other assets			152.7				20.8				174.1
(Gain) loss on disposal of assets and other			(8.9	)			8.0				(6.8	)
Restructuring charges			20.3				(1.0	)			(0.5	)
Non-cash rent expense			2.3				(3.4	)			(10.8	)
Share based awards compensation expense			19.4				29.3				21.5
Adjusted EBITDA		$	(276.9	)		$	80.0			$	336.5

(1)Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements.

(2)Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM and DCIP.

(3)See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the year ended December 31, 2020, in Note 10. These distributions are reported entirely within the U.S. operating segment.

(4)Reflects cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 9 and 10). These distributions are reported entirely within the U.S. operating segment.

Reflects non-cash distribution of projectors from DCIP (see Note 10). These distributions are reported entirely within the U.S. operating segment.

Selected Financial Information by Geographic Area

The following table sets forth a breakdown of select financial information for Holdings by geographic area for the periods presented:

		Year Ended December 31,
		2020		2021		2022
Revenue
U.S.		$559.2		$1,296.3		$1,977.9
Brazil		59.3		73.5		179.0
Other international countries		70.1		143.4		305.5
Eliminations		(2.3)		(2.7)		(7.7)
Total		$686.3		$1,510.5		$2,454.7

		As of December 31,
		2021		2022
Theatre properties and equipment, net
U.S.		$1,208.7		$1,075.3
Brazil		56.7		49.5
Other international countries		117.5		107.3
Total		$1,382.9		$1,232.1

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Reconciliation of consolidated Adjusted EBITDA to consolidated net income.

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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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