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SEGMENTS - HOLDINGS | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segments - Holdings | 22. 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 8 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 or allocate resources between segments. Holdings revenue, Adjusted EBITDA and capital expenditures 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 |
(1) Distributions from equity investees are reported entirely within the U.S. operating segment. 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. Financial Information About 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 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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