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v3.23.2

Segments - Holdings (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of selected financial information by reportable operating segment for Holdings:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 739.3 |  |  | $ | 603.5 |  |  | $ | 1,221.0 |  |  | $ | 977.2 |
International |  |  | 207.4 |  |  |  | 143.3 |  |  |  | 339.0 |  |  |  | 231.8 |
Eliminations |  |  | (4.4 | ) |  |  | (2.7 | ) |  |  | (7.0 | ) |  |  | (4.4 | )
Total revenue |  | $ | 942.3 |  |  | $ | 744.1 |  |  | $ | 1,553.0 |  |  | $ | 1,204.6 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 180.8 |  |  | $ | 111.1 |  |  | $ | 244.2 |  |  | $ | 125.5 |
International |  |  | 50.7 |  |  |  | 27.2 |  |  |  | 73.5 |  |  |  | 38.0 |
Total Adjusted EBITDA |  | $ | 231.5 |  |  | $ | 138.3 |  |  | $ | 317.7 |  |  | $ | 163.5 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 21.1 |  |  | $ | 16.5 |  |  | $ | 43.8 |  |  | $ | 30.5 |
International |  |  | 7.2 |  |  |  | 5.4 |  |  |  | 10.8 |  |  |  | 10.1 |
Total Capital expenditures |  | $ | 28.3 |  |  | $ | 21.9 |  |  | $ | 54.6 |  |  | $ | 40.6 |
Reconciliation of Net Income (Loss) to Adjusted EBITDA | The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA for Holdings:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income (loss) |  | $ | 120.4 |  |  | $ | (72.8 | ) |  | $ | 117.9 |  |  | $ | (145.3 | )
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense |  |  | 12.3 |  |  |  | 4.7 |  |  |  | 8.4 |  |  |  | 2.9 |
Interest expense (1) |  |  | 37.1 |  |  |  | 38.1 |  |  |  | 73.9 |  |  |  | 76.2 |
Other (income) expense, net (2) |  |  | (12.1 | ) |  |  | 11.4 |  |  |  | (14.0 | ) |  |  | 14.6 |
Cash distributions from equity investees (3) |  |  | 1.6 |  |  |  | 0.9 |  |  |  | 1.6 |  |  |  | 1.5 |
Depreciation and amortization |  |  | 52.8 |  |  |  | 61.0 |  |  |  | 107.7 |  |  |  | 122.7 |
Impairment of long-lived and other assets |  |  | 9.4 |  |  |  | 92.3 |  |  |  | 10.1 |  |  |  | 92.3 |
Restructuring costs |  |  | — |  |  |  | (0.2 | ) |  |  | — |  |  |  | (0.2 | )
Gain on disposal of assets and other |  |  | (3.0 | ) |  |  | (0.7 | ) |  |  | (2.7 | ) |  |  | (7.6 | )
Loss on debt extinguishment and refinancing |  |  | 10.7 |  |  |  | — |  |  |  | 10.7 |  |  |  | — |
Non-cash rent expense |  |  | (4.5 | ) |  |  | (2.4 | ) |  |  | (8.4 | ) |  |  | (4.7 | )
Share based awards compensation expense |  |  | 6.8 |  |  |  | 6.0 |  |  |  | 12.5 |  |  |  | 11.1 |
Adjusted EBITDA |  | $ | 231.5 |  |  | $ | 138.3 |  |  | $ | 317.7 |  |  | $ | 163.5 |
(1) Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (gains) losses for amended swap agreements. (2) Includes interest income, foreign currency exchange and other related (gains) losses, interest expense - NCM, equity in income (loss) of affiliates and unrealized gain on investment in NCMI. (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.
Selected Financial Information by Geographic Area | Below is a breakdown of selected financial information for the Company by geographic area:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Revenue |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | 739.3 |  |  | $ | 603.5 |  |  | $ | 1,221.0 |  |  | $ | 977.2 |
Brazil |  |  | 68.7 |  |  |  | 54.8 |  |  |  | 113.2 |  |  |  | 87.9 |
Other international countries |  |  | 138.7 |  |  |  | 88.5 |  |  |  | 225.8 |  |  |  | 143.9 |
Eliminations |  |  | (4.4 | ) |  |  | (2.7 | ) |  |  | (7.0 | ) |  |  | (4.4 | )
Total |  | $ | 942.3 |  |  | $ | 744.1 |  |  | $ | 1,553.0 |  |  | $ | 1,204.6 |
|  | As of |  |  | As of |
Theatre properties and equipment, net |  | June 30, 2023 |  |  | December 31, 2022 |
U.S. |  | $ | 1,030.4 |  |  | $ | 1,075.3 |
Brazil |  |  | 53.6 |  |  |  | 49.5 |
Other international countries |  |  | 103.9 |  |  |  | 107.3 |
Total |  | $ | 1,187.9 |  |  | $ | 1,232.1 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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