Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segments

16.Segments - Holdings

The international market and U.S. market are managed as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. The Company closed its one theatre in Curacao in January 2023. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. 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.

Holdings revenue, Adjusted EBITDA and capital expenditures by reportable operating segment

Below is a breakdown of selected financial information by reportable operating segment for Holdings:

	Three Months Ended
	March 31,
	2023			2022
Revenue
U.S.	$	481.7		$	373.7
International		131.6			88.5
Eliminations		(2.6	)		(1.7	)
Total revenue	$	610.7		$	460.5
Adjusted EBITDA
U.S.	$	63.4		$	14.4
International		22.8			10.8
Total Adjusted EBITDA	$	86.2		$	25.2
Capital expenditures
U.S.	$	22.7		$	14.0
International		3.6			4.7
Total Capital expenditures	$	26.3		$	18.7

The following table sets forth a reconciliation of net loss to Adjusted EBITDA for Holdings:

	Three Months Ended
	March 31,
	2023			2022
Net loss	$	(2.5	)	$	(72.5	)
Add (deduct):
Income tax benefit		(3.9	)		(1.8	)
Interest expense (1)		36.8			38.1
Other (income) expense, net (2)		(1.9	)		3.2
Cash distributions from equity investees (3)		—			0.6
Depreciation and amortization		54.9			61.7
Impairment of other assets		0.7			—
(Gain) loss on disposal of assets and other		0.3			(6.9	)
Non-cash rent expense		(3.9	)		(2.3	)
Share based awards compensation expense		5.7			5.1
Adjusted EBITDA	$	86.2		$	25.2

(1)Includes amortization of debt issuance costs and amortization of accumulated (gains) losses for amended swap agreements.

(2)Includes interest income, foreign currency exchange (gain) loss, interest expense - NCM and equity in loss of affiliates.

(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. operating segment.

Financial Information About Geographic Areas

Below is a breakdown of selected financial information for the Company by geographic area:

	Three Months Ended
	March 31,
Revenue	2023			2022
U.S.	$	481.7		$	373.7
Brazil		44.5			33.1
Other international countries		87.1			55.4
Eliminations		(2.6	)		(1.7	)
Total	$	610.7		$	460.5

	As of		As of
Theatre properties and equipment, net	March 31, 2023		December 31, 2022
U.S.	$	1,047.7	$	1,075.3
Brazil		50.6		49.5
Other international countries		105.8		107.3
Total	$	1,204.1	$	1,232.1