XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.23.1

Segments | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Segments | 16. Segments - Holdings The international market and U.S. market are managed as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. The Company closed its one theatre in Curacao in January 2023. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report total assets by segment because that information is not used to evaluate the performance of or allocate resources between segments. Holdings revenue, Adjusted EBITDA and capital expenditures by reportable operating segment Below is a breakdown of selected financial information by reportable operating segment for Holdings:
|  | Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Revenue |  |  |  |  |  |
U.S. |  | $ | 481.7 |  |  | $ | 373.7 |
International |  |  | 131.6 |  |  |  | 88.5 |
Eliminations |  |  | (2.6 | ) |  |  | (1.7 | )
Total revenue |  | $ | 610.7 |  |  | $ | 460.5 |
Adjusted EBITDA |  |  |  |  |  |
U.S. |  | $ | 63.4 |  |  | $ | 14.4 |
International |  |  | 22.8 |  |  |  | 10.8 |
Total Adjusted EBITDA |  | $ | 86.2 |  |  | $ | 25.2 |
Capital expenditures |  |  |  |  |  |
U.S. |  | $ | 22.7 |  |  | $ | 14.0 |
International |  |  | 3.6 |  |  |  | 4.7 |
Total Capital expenditures |  | $ | 26.3 |  |  | $ | 18.7 |
The following table sets forth a reconciliation of net loss to Adjusted EBITDA for Holdings:
|  | Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Net loss |  | $ | (2.5 | ) |  | $ | (72.5 | )
Add (deduct): |  |  |  |  |  |
Income tax benefit |  |  | (3.9 | ) |  |  | (1.8 | )
Interest expense (1) |  |  | 36.8 |  |  |  | 38.1 |
Other (income) expense, net (2) |  |  | (1.9 | ) |  |  | 3.2 |
Cash distributions from equity investees (3) |  |  | — |  |  |  | 0.6 |
Depreciation and amortization |  |  | 54.9 |  |  |  | 61.7 |
Impairment of other assets |  |  | 0.7 |  |  |  | — |
(Gain) loss on disposal of assets and other |  |  | 0.3 |  |  |  | (6.9 | )
Non-cash rent expense |  |  | (3.9 | ) |  |  | (2.3 | )
Share based awards compensation expense |  |  | 5.7 |  |  |  | 5.1 |
Adjusted EBITDA |  | $ | 86.2 |  |  | $ | 25.2 |
(1) Includes amortization of debt issuance costs and amortization of accumulated (gains) losses for amended swap agreements. (2) Includes interest income, foreign currency exchange (gain) loss, interest expense - NCM and equity in loss of affiliates. (3) Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. operating segment. Financial Information About Geographic Areas Below is a breakdown of selected financial information for the Company by geographic area:
|  | Three Months Ended |
|  | March 31, |
Revenue |  | 2023 |  |  | 2022 |
U.S. |  | $ | 481.7 |  |  | $ | 373.7 |
Brazil |  |  | 44.5 |  |  |  | 33.1 |
Other international countries |  |  | 87.1 |  |  |  | 55.4 |
Eliminations |  |  | (2.6 | ) |  |  | (1.7 | )
Total |  | $ | 610.7 |  |  | $ | 460.5 |
|  | As of |  |  | As of |
Theatre properties and equipment, net |  | March 31, 2023 |  |  | December 31, 2022 |
U.S. |  | $ | 1,047.7 |  |  | $ | 1,075.3 |
Brazil |  |  | 50.6 |  |  |  | 49.5 |
Other international countries |  |  | 105.8 |  |  |  | 107.3 |
Total |  | $ | 1,204.1 |  |  | $ | 1,232.1 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration