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Segments - Holdings | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segments - Holdings | 15. Segments - Holdings The international market and U.S. market are managed as separate reportable 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. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the tables below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company’s chief operating decision makers are the chief executive officer and the chief financial officer (together the CODM). The CODM uses Adjusted EBITDA for each segment in the annual budget and forecasting process. The CODM considers actual Adjusted EBITDA with comparisons to budget, forecast and trends when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses Adjusted EBITDA to assess the performance of each segment and in determining the incentive compensation under its short-term incentive plan and evaluating performance metrics for certain equity awards. 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. 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 September 30, 2025 |  |  | Nine Months Ended September 30, 2025 |
|  | U.S. Reportable Segment |  |  | International Reportable Segment |  |  | Consolidated |  |  | U.S. Reportable Segment |  |  | International Reportable Segment |  |  | Consolidated |
Revenue |  | $ | 687.0 |  |  | $ | 173.9 |  |  | $ | 860.9 |  |  | $ | 1,869.2 |  |  | $ | 478.7 |  |  | $ | 2,347.9 |
Elimination of intersegment revenue |  |  | (3.4 | ) |  |  | — |  |  |  | (3.4 | ) |  |  | (9.2 | ) |  |  | — |  |  |  | (9.2 | )
Total Revenue |  |  | 683.6 |  |  |  | 173.9 |  |  |  | 857.5 |  |  |  | 1,860.0 |  |  |  | 478.7 |  |  |  | 2,338.7 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Film rentals and advertising |  |  | 203.4 |  |  |  | 42.1 |  |  |  | 245.5 |  |  |  | 544.3 |  |  |  | 113.4 |  |  |  | 657.7 |
Concession supplies |  |  | 51.1 |  |  |  | 14.5 |  |  |  | 65.6 |  |  |  | 141.9 |  |  |  | 41.1 |  |  |  | 183.0 |
Salaries and wages |  |  | 88.7 |  |  |  | 17.6 |  |  |  | 106.3 |  |  |  | 254.2 |  |  |  | 51.8 |  |  |  | 306.0 |
Facility lease expense |  |  | 61.0 |  |  |  | 20.9 |  |  |  | 81.9 |  |  |  | 183.4 |  |  |  | 59.7 |  |  |  | 243.1 |
Utilities and other (1) |  |  | 99.0 |  |  |  | 28.4 |  |  |  | 127.4 |  |  |  | 278.5 |  |  |  | 79.3 |  |  |  | 357.8 |
General and administrative |  |  | 49.0 |  |  |  | 12.9 |  |  |  | 61.9 |  |  |  | 135.1 |  |  |  | 35.4 |  |  |  | 170.5 |
Other segment items (2) |  |  | (8.8 | ) |  |  | 0.1 |  |  |  | (8.7 | ) |  |  | (25.7 | ) |  |  | 0.1 |  |  |  | (25.6 | )
Adjusted EBITDA (3) |  | $ | 140.2 |  |  | $ | 37.4 |  |  | $ | 177.6 |  |  | $ | 348.3 |  |  | $ | 97.9 |  |  | $ | 446.2 |
|  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2024 |
|  | U.S. Reportable Segment |  |  | International Reportable Segment |  |  | Consolidated |  |  | U.S. Reportable Segment |  |  | International Reportable Segment |  |  | Consolidated |
Revenue |  | $ | 744.8 |  |  | $ | 180.4 |  |  | $ | 925.2 |  |  | $ | 1,779.0 |  |  | $ | 464.8 |  |  | $ | 2,243.8 |
Elimination of intersegment revenue |  |  | (3.4 | ) |  |  | — |  |  |  | (3.4 | ) |  |  | (8.6 | ) |  |  | — |  |  |  | (8.6 | )
Total Revenue |  |  | 741.4 |  |  |  | 180.4 |  |  |  | 921.8 |  |  |  | 1,770.4 |  |  |  | 464.8 |  |  |  | 2,235.2 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Film rentals and advertising |  |  | 222.3 |  |  |  | 43.3 |  |  |  | 265.6 |  |  |  | 513.2 |  |  |  | 110.7 |  |  |  | 623.9 |
Concession supplies |  |  | 49.3 |  |  |  | 15.2 |  |  |  | 64.5 |  |  |  | 126.8 |  |  |  | 38.3 |  |  |  | 165.1 |
Salaries and wages |  |  | 91.1 |  |  |  | 18.8 |  |  |  | 109.9 |  |  |  | 244.4 |  |  |  | 49.7 |  |  |  | 294.1 |
Facility lease expense |  |  | 63.5 |  |  |  | 22.4 |  |  |  | 85.9 |  |  |  | 184.0 |  |  |  | 60.7 |  |  |  | 244.7 |
Utilities and other (1) |  |  | 97.3 |  |  |  | 29.7 |  |  |  | 127.0 |  |  |  | 255.7 |  |  |  | 76.4 |  |  |  | 332.1 |
General and administrative |  |  | 44.8 |  |  |  | 11.6 |  |  |  | 56.4 |  |  |  | 125.7 |  |  |  | 35.3 |  |  |  | 161.0 |
Other segment items (2) |  |  | (7.6 | ) |  |  | (0.4 | ) |  |  | (8.0 | ) |  |  | (18.0 | ) |  |  | (1.0 | ) |  |  | (19.0 | )
Adjusted EBITDA (3) |  | $ | 180.7 |  |  | $ | 39.8 |  |  | $ | 220.5 |  |  | $ | 338.6 |  |  | $ | 94.7 |  |  | $ | 433.3 |
(1) Utilities and other for the International reportable segment is shown net of intersegment expenses of $3.4 and $3.4 for the three months ended September 30, 2025 and 2024, respectively. Utilities and other for the International reportable segment is shown net of intersegment expenses of $9.2 and $8.6 for the nine months ended September 30, 2025 and 2024, respectively. (2) 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). (3) See the table below for a reconciliation of net income to Adjusted EBITDA. The following table sets forth a reconciliation of net income to Adjusted EBITDA for Holdings:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 50.5 |  |  | $ | 188.9 |  |  | $ | 106.6 |  |  | $ | 260.8 |
Add (deduct): |  |  |  |  |  |  |  |  |  |  |  |
Income tax (benefit) expense |  |  | (22.9 | ) |  |  | (42.7 | ) |  |  | 4.9 |  |  |  | (71.3 | )
Interest expense ⁽¹⁾ |  |  | 32.2 |  |  |  | 36.7 |  |  |  | 110.1 |  |  |  | 109.0 |
Other loss (income), net ⁽²⁾ |  |  | 0.1 |  |  |  | (22.4 | ) |  |  | (8.9 | ) |  |  | (40.0 | )
Cash distributions from equity investees ⁽³⁾ |  |  | 1.3 |  |  |  | 2.2 |  |  |  | 8.0 |  |  |  | 5.1 |
Depreciation and amortization |  |  | 50.9 |  |  |  | 49.1 |  |  |  | 149.8 |  |  |  | 148.3 |
Impairment of long-lived and other assets |  |  | 0.6 |  |  |  | — |  |  |  | 2.2 |  |  |  | — |
Loss (gain) on disposal of assets and other |  |  | 3.0 |  |  |  | (0.1 | ) |  |  | (0.1 | ) |  |  | 2.0 |
Loss on debt amendments and extinguishments |  |  | — |  |  |  | 3.0 |  |  |  | 1.5 |  |  |  | 5.5 |
Loss on warrants |  |  | 54.5 |  |  |  | — |  |  |  | 54.5 |  |  |  | — |
Non-cash rent expense |  |  | (2.9 | ) |  |  | (2.6 | ) |  |  | (8.5 | ) |  |  | (10.2 | )
Share-based awards compensation expense |  |  | 10.3 |  |  |  | 8.4 |  |  |  | 26.1 |  |  |  | 24.1 |
Adjusted EBITDA |  | $ | 177.6 |  |  | $ | 220.5 |  |  | $ | 446.2 |  |  | $ | 433.3 |
(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 and other related loss, interest expense - NCM, equity in income of affiliates, net (loss) gain on investment in NCMI and distributions from NCMI/NCM. (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. Capital Expenditures by Reportable Segment The following table is a breakdown of capital expenditures by reportable segment for Holdings:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 42.3 |  |  | $ | 33.5 |  |  | $ | 84.2 |  |  | $ | 67.7 |
International |  |  | 11.1 |  |  |  | 9.5 |  |  |  | 21.4 |  |  |  | 22.5 |
Total capital expenditures |  | $ | 53.4 |  |  | $ | 43.0 |  |  | $ | 105.6 |  |  | $ | 90.2 |
Financial Information About Geographic Areas Below is a breakdown of selected financial information by geographic area:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
Revenue |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
U.S. |  | $ | 687.0 |  |  | $ | 744.8 |  |  | $ | 1,869.2 |  |  | $ | 1,779.0 |
Brazil |  |  | 55.6 |  |  |  | 70.9 |  |  |  | 164.5 |  |  |  | 183.8 |
Other international countries |  |  | 118.3 |  |  |  | 109.5 |  |  |  | 314.2 |  |  |  | 281.0 |
Eliminations |  |  | (3.4 | ) |  |  | (3.4 | ) |  |  | (9.2 | ) |  |  | (8.6 | )
Total |  | $ | 857.5 |  |  | $ | 921.8 |  |  | $ | 2,338.7 |  |  | $ | 2,235.2 |
|  | As of |  |  | As of |
Theater properties and equipment, net |  | September 30, 2025 |  |  | December 31, 2024 |
U.S. |  | $ | 969.2 |  |  | $ | 996.1 |
Brazil |  |  | 53.2 |  |  |  | 47.2 |
Other international countries |  |  | 103.8 |  |  |  | 101.8 |
Total |  | $ | 1,126.2 |  |  | $ | 1,145.1 |

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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