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Segments - Holdings
 9 Months Ended
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