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Segments - Holdings | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segments - Holdings | 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, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. The Company closed its one theatre in Curacao in January 2023 and sold the shares of its Ecuador subsidiary in September 2023. See Note 6 for a discussion of the sale of our Ecuador subsidiary. 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 686.2 |  |  | $ | 514.4 |  |  | $ | 1,907.2 |  |  | $ | 1,491.6 |
International |  |  | 192.3 |  |  |  | 138.7 |  |  |  | 531.3 |  |  |  | 370.5 |
Eliminations |  |  | (3.7 | ) |  |  | (2.7 | ) |  |  | (10.7 | ) |  |  | (7.1 | )
Total revenue |  | $ | 874.8 |  |  | $ | 650.4 |  |  | $ | 2,427.8 |  |  | $ | 1,855.0 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 151.2 |  |  | $ | 70.7 |  |  | $ | 395.4 |  |  | $ | 196.2 |
International |  |  | 45.6 |  |  |  | 28.8 |  |  |  | 119.1 |  |  |  | 66.8 |
Total Adjusted EBITDA |  | $ | 196.8 |  |  | $ | 99.5 |  |  | $ | 514.5 |  |  | $ | 263.0 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 26.9 |  |  | $ | 20.2 |  |  | $ | 70.7 |  |  | $ | 50.7 |
International |  |  | 8.2 |  |  |  | 4.5 |  |  |  | 19.0 |  |  |  | 14.6 |
Total capital expenditures |  | $ | 35.1 |  |  | $ | 24.7 |  |  | $ | 89.7 |  |  | $ | 65.3 |
The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA for Holdings:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income (loss) |  | $ | 91.2 |  |  | $ | (23.9 | ) |  | $ | 209.1 |  |  | $ | (169.2 | )
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense |  |  | 21.4 |  |  |  | 3.4 |  |  |  | 29.8 |  |  |  | 6.3 |
Interest expense (1) |  |  | 38.1 |  |  |  | 38.4 |  |  |  | 112.0 |  |  |  | 114.6 |
Other (income) expense, net (2) |  |  | (4.9 | ) |  |  | 4.5 |  |  |  | (18.9 | ) |  |  | 19.2 |
Cash distributions from equity investees (3) |  |  | 1.6 |  |  |  | — |  |  |  | 3.2 |  |  |  | 1.5 |
Depreciation and amortization |  |  | 51.9 |  |  |  | 58.3 |  |  |  | 159.6 |  |  |  | 181.0 |
Impairment of long-lived and other assets |  |  | 2.0 |  |  |  | 15.2 |  |  |  | 12.1 |  |  |  | 107.5 |
Restructuring costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.2 | )
(Gain) loss on disposal of assets and other |  |  | (6.1 | ) |  |  | 1.2 |  |  |  | (8.8 | ) |  |  | (6.4 | )
Loss on debt extinguishment and refinancing |  |  | — |  |  |  | — |  |  |  | 10.7 |  |  |  | — |
Non-cash rent expense |  |  | (4.8 | ) |  |  | (2.8 | ) |  |  | (13.2 | ) |  |  | (7.5 | )
Share-based awards compensation expense |  |  | 6.4 |  |  |  | 5.2 |  |  |  | 18.9 |  |  |  | 16.2 |
Adjusted EBITDA |  | $ | 196.8 |  |  | $ | 99.5 |  |  | $ | 514.5 |  |  | $ | 263.0 |
(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 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. Financial Information About Geographic Areas Below is a breakdown of selected financial information for the Company by geographic area:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Revenue |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | 686.2 |  |  | $ | 514.4 |  |  | $ | 1,907.2 |  |  | $ | 1,491.6 |
Brazil |  |  | 70.3 |  |  |  | 45.2 |  |  |  | 183.5 |  |  |  | 133.1 |
Other international countries |  |  | 122.0 |  |  |  | 93.5 |  |  |  | 347.8 |  |  |  | 237.4 |
Eliminations |  |  | (3.7 | ) |  |  | (2.7 | ) |  |  | (10.7 | ) |  |  | (7.1 | )
Total |  | $ | 874.8 |  |  | $ | 650.4 |  |  | $ | 2,427.8 |  |  | $ | 1,855.0 |
|  | As of |  |  | As of |
Theatre properties and equipment, net |  | September 30, 2023 |  |  | December 31, 2022 |
U.S. |  | $ | 1,008.5 |  |  | $ | 1,075.3 |
Brazil |  |  | 51.7 |  |  |  | 49.5 |
Other international countries |  |  | 94.2 |  |  |  | 107.3 |
Total |  | $ | 1,154.4 |  |  | $ | 1,232.1 |

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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