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v3.25.3

Segments - Holdings (Tables) | 9 Months Ended
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Sep. 30, 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 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 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 |
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 |
Selected Financial Information by Geographic Area | 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 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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