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v3.25.1

Segments - Holdings (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Selected Financial Information by Reportable Operating Segment | The following tables set forth a breakdown of selected financial information by reportable segment for Holdings for the periods presented, and include a reconciliation to Adjusted EBITDA.
|  | Three Months Ended March 31, 2025 |
|  | U.S. Reportable Segment |  |  | International Reportable Segment |  |  | Consolidated |
Revenue |  | $ | 419.3 |  |  | $ | 123.6 |  |  | $ | 542.9 |
Elimination of intersegment revenue |  |  | (2.2 | ) |  |  | — |  |  |  | (2.2 | )
Total Revenue |  |  | 417.1 |  |  |  | 123.6 |  |  |  | 540.7 |
Less: (1) |  |  |  |  |  |  |  |  |
Film rentals and advertising |  |  | 113.2 |  |  |  | 28.2 |  |  |  | 141.4 |
Concession supplies |  |  | 33.8 |  |  |  | 10.5 |  |  |  | 44.3 |
Salaries and wages |  |  | 74.6 |  |  |  | 15.7 |  |  |  | 90.3 |
Facility lease expense |  |  | 60.2 |  |  |  | 18.1 |  |  |  | 78.3 |
Utilities and other (2) |  |  | 81.8 |  |  |  | 23.9 |  |  |  | 105.7 |
General and administrative |  |  | 43.7 |  |  |  | 10.8 |  |  |  | 54.5 |
Other segment items (3) |  |  | (10.2 | ) |  |  | — |  |  |  | (10.2 | )
Adjusted EBITDA (4) |  | $ | 20.0 |  |  | $ | 16.4 |  |  | $ | 36.4 |
|  | Three Months Ended March 31, 2024 |
|  | U.S. Reportable Segment |  |  | International Reportable Segment |  |  | Consolidated |
Revenue |  | $ | 459.1 |  |  | $ | 122.2 |  |  | $ | 581.3 |
Elimination of intersegment revenue |  |  | (2.1 | ) |  |  | — |  |  |  | (2.1 | )
Total Revenue |  |  | 457.0 |  |  |  | 122.2 |  |  |  | 579.2 |
Less: (1) |  |  |  |  |  |  |  |  |
Film rentals and advertising |  |  | 126.3 |  |  |  | 28.0 |  |  |  | 154.3 |
Concession supplies |  |  | 34.3 |  |  |  | 9.7 |  |  |  | 44.0 |
Salaries and wages |  |  | 72.5 |  |  |  | 14.4 |  |  |  | 86.9 |
Facility lease expense |  |  | 60.5 |  |  |  | 16.8 |  |  |  | 77.3 |
Utilities and other (2) |  |  | 78.3 |  |  |  | 22.1 |  |  |  | 100.4 |
General and administrative |  |  | 39.1 |  |  |  | 9.8 |  |  |  | 48.9 |
Other segment items (3) |  |  | (3.1 | ) |  |  | (0.2 | ) |  |  | (3.3 | )
Adjusted EBITDA (4) |  | $ | 49.1 |  |  | $ | 21.6 |  |  | $ | 70.7 |
(1) The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. (2) Utilities and other for the International reportable segment is shown net of intersegment expenses of $2.2 and $2.1 for the three months ended March 31, 2025 and 2024, respectively. (3) Other segment items for each reportable segment includes non-cash rent, share-based compensation expense and cash distributions from equity investees (reported entirely within the U.S. reportable segment). (4) See the table below for a reconciliation of net (loss) income to Adjusted EBITDA. The following table is a breakdown of capital expenditures by reportable segment for Holdings:
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Capital expenditures |  |  |  |  |  |
U.S. |  | $ | 16.9 |  |  | $ | 18.1 |
International |  |  | 5.2 |  |  |  | 5.4 |
Total capital expenditures |  | $ | 22.1 |  |  | $ | 23.5 |
Reconciliation of Net Income to Adjusted EBITDA | The following table sets forth a reconciliation of net (loss) income to Adjusted EBITDA for Holdings:
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Net (loss) income |  | $ | (38.6 | ) |  | $ | 25.3 |
Add (deduct): |  |  |  |  |  |
Income tax benefit |  |  | (14.7 | ) |  |  | (27.7 | )
Interest expense (1) |  |  | 38.5 |  |  |  | 37.7 |
Other income, net (2) |  |  | (4.4 | ) |  |  | (17.7 | )
Cash distributions from equity investees (3) |  |  | 4.8 |  |  |  | 1.3 |
Depreciation and amortization |  |  | 49.5 |  |  |  | 49.4 |
(Gain) loss on disposal of assets and other |  |  | (4.1 | ) |  |  | 0.4 |
Non-cash rent expense |  |  | (2.8 | ) |  |  | (4.4 | )
Share-based awards compensation expense |  |  | 8.2 |  |  |  | 6.4 |
Adjusted EBITDA |  | $ | 36.4 |  |  | $ | 70.7 |
(1) Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated (losses) gains for amended swap agreements. (2) Includes interest income, foreign currency exchange gain, interest expense - NCM, equity in income of affiliates and net (loss) 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. reportable segment. Holdings Capital Expenditures by Reportable Segment The following table is a breakdown of capital expenditures by reportable segment for Holdings:
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Capital expenditures |  |  |  |  |  |
U.S. |  | $ | 16.9 |  |  | $ | 18.1 |
International |  |  | 5.2 |  |  |  | 5.4 |
Total capital expenditures |  | $ | 22.1 |  |  | $ | 23.5 |
Selected Financial Information by Geographic Area | Below is a breakdown of selected financial information for Holdings by geographic area:
|  | Three Months Ended |
|  | March 31, |
Revenue |  | 2025 |  |  | 2024 |
U.S. |  | $ | 419.3 |  |  | $ | 459.1 |
Brazil |  |  | 49.3 |  |  |  | 54.3 |
Other international countries |  |  | 74.3 |  |  |  | 67.9 |
Eliminations |  |  | (2.2 | ) |  |  | (2.1 | )
Total |  | $ | 540.7 |  |  | $ | 579.2 |
|  | As of |  |  | As of |
Theater properties and equipment, net |  | March 31, 2025 |  |  | December 31, 2024 |
U.S. |  | $ | 969.9 |  |  | $ | 996.1 |
Brazil |  |  | 51.2 |  |  |  | 47.2 |
Other international countries |  |  | 101.5 |  |  |  | 101.8 |
Total |  | $ | 1,122.6 |  |  | $ | 1,145.1 |

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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 -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 Reference 2: 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 + 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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