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SEGMENTS - HOLDINGS (Tables) | 12 Months Ended
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Dec. 31, 2023
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, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Revenue |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,296.3 |  |  | $ | 1,977.9 |  |  | $ | 2,428.1 |
International |  |  | 216.9 |  |  |  | 484.5 |  |  |  | 651.4 |
Eliminations |  |  | (2.7 | ) |  |  | (7.7 | ) |  |  | (12.8 | )
Total Revenue |  | $ | 1,510.5 |  |  | $ | 2,454.7 |  |  | $ | 3,066.7 |
Adjusted EBITDA (1) |  |  |  |  |  |  |  |  |
U.S. |  | $ | 84.2 |  |  | $ | 255.7 |  |  | $ | 463.9 |
International |  |  | (4.2 | ) |  |  | 80.8 |  |  |  | 130.2 |
Total Adjusted EBITDA |  | $ | 80.0 |  |  | $ | 336.5 |  |  | $ | 594.1 |
Capital expenditures |  |  |  |  |  |  |  |  |
U.S. |  | $ | 78.3 |  |  | $ | 87.2 |  |  | $ | 111.5 |
International |  |  | 17.2 |  |  |  | 23.5 |  |  |  | 38.0 |
Total capital expenditures |  | $ | 95.5 |  |  | $ | 110.7 |  |  | $ | 149.5 |
Distributions from equity investees are reported entirely within the U.S. operating segment
Reconciliation of Net (loss) Income to Adjusted EBITDA | The following table sets forth a reconciliation of net (loss) income to Adjusted EBITDA for Holdings for the periods presented:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Net (loss) income |  | $ | (422.2 | ) |  | $ | (268.0 | ) |  | $ | 191.5 |
Add (deduct): |  |  |  |  |  |  |  |  |
Income tax (benefit) expense |  |  | (16.8 | ) |  |  | 3.0 |  |  |  | 29.9 |
Interest expense (1) |  |  | 149.7 |  |  |  | 155.3 |  |  |  | 150.4 |
Other expense (income), net (2) |  |  | 43.5 |  |  |  | 23.6 |  |  |  | (19.6 | )
Cash distributions from equity investees (3) |  |  | 0.2 |  |  |  | 6.9 |  |  |  | 5.7 |
Depreciation and amortization |  |  | 265.4 |  |  |  | 238.2 |  |  |  | 209.5 |
Impairment of long-lived and other assets |  |  | 20.8 |  |  |  | 174.1 |  |  |  | 16.6 |
Restructuring costs |  |  | (1.0 | ) |  |  | (0.5 | ) |  |  | — |
(Gain) loss on disposal of assets and other |  |  | 8.0 |  |  |  | (6.8 | ) |  |  | (7.7 | )
Loss on debt extinguishment and refinancing |  |  | 6.5 |  |  |  | — |  |  |  | 10.7 |
Non-cash rent expense |  |  | (3.4 | ) |  |  | (10.8 | ) |  |  | (17.9 | )
Share-based awards compensation expense |  |  | 29.3 |  |  |  | 21.5 |  |  |  | 25.0 |
Adjusted EBITDA |  | $ | 80.0 |  |  | $ | 336.5 |  |  | $ | 594.1 |
(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 loss, interest expense – NCM and equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Excludes distributions from NCM and DCIP. (3) Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (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,
|  | 2021 |  | 2022 |  | 2023
Revenue |  |  |  |  |  |
U.S. |  | $1,296.3 |  | $1,977.9 |  | $2,428.1
Brazil |  | 73.5 |  | 179.0 |  | 233.4
Other international countries |  | 143.4 |  | 305.5 |  | 418.0
Eliminations |  | (2.7) |  | (7.7) |  | (12.8)
Total |  | $1,510.5 |  | $2,454.7 |  | $3,066.7
|  | As of December 31,
|  | 2022 |  | 2023
Theatre properties and equipment, net |  |  |  |
U.S. |  | $1,075.3 |  | $1,002.1
Brazil |  | 49.5 |  | 54.7
Other international countries |  | 107.3 |  | 104.9
Total |  | $1,232.1 |  | $1,161.7

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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