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Segments - Holdings (Tables)

9 Months Ended

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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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

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-Name Accounting Standards Codification
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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.

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