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Investment in National CineMedia LLC (Tables)
 3 Months Ended
Mar. 31, 2023
Aggregate Amount of Transaction Price Allocated to Performance Obligationt that are Unsatisfied and Expected to be Recognized

The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2023 and when the Company expects to recognize this revenue.

 

 

 

Twelve Months Ended March 31,

 

 

 

 

 

 

 

Remaining Performance Obligations

 

 

2024

 

 

2025

 

 

Thereafter

 

 

Total

 

Other deferred revenue

 

 

$

170.7

 

 

$

22.5

 

 

$

—

 

 

$

193.2

 
N C M Screen Advertising Advances  
Aggregate Amount of Transaction Price Allocated to Performance Obligationt that are Unsatisfied and Expected to be Recognized

The recognition of revenue related to the NCM screen advertising advances is recorded on a straight-line basis over the term of the amended ESA through February 2041. The table below summarizes when the Company expects to recognize this revenue:

 

 

Twelve Months Ended March 31,

 

 

 

 

 

 

 

Remaining Maturity

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

NCM screen advertising advances (1)

 

$

10.0

 

 

$

10.6

 

 

$

11.4

 

 

$

12.2

 

 

$

13.0

 

 

$

278.6

 

 

$

335.8

 
NCM  
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements

Below is a summary of activity with NCMI and NCM included in each of Holdings' and CUSA's condensed consolidated financial statements:

 

 

Investment
in NCMI/NCM

 

NCM Screen Advertising Advances

 

Equity in
Loss (2)

 

Other
Revenue (3)

 

Interest
Expense - NCM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of January 1, 2023

 

$

9.6

 

$

(338.2

)

$

—

 

$

—

 

$

—

 

Screen rental revenue earned under ESA (1)

 

 

—

 

 

—

 

 

—

 

 

(4.8

)

 

—

 

Interest accrued related to significant financing component

 

 

—

 

 

(5.7

)

 

—

 

 

—

 

 

5.7

 

Equity in loss (2)

 

 

(3.2

)

 

—

 

 

(3.2

)

 

—

 

 

—

 

Redemption of common units of NCM for common stock of NCMI. See Investment in National CineMedia below.

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Impairment of investment in NCMI

 

 

(0.7

)

 

—

 

 

—

 

 

—

 

 

—

 

Amortization of screen advertising advances

 

 

—

 

 

8.1

 

 

—

 

 

(8.1

)

 

—

 

Balance as of and for the three months ended March 31, 2023

 

$

5.7

 

$

(335.8

)

$

(3.2

)

$

(12.9

)

$

5.7

 
(1)
Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company's beverage concessionaire of approximately $1.8.
(2)
Equity in loss is recorded one month in arrears.
(3)
The Company had a receivable from NCM of $4.8 as of March 31, 2023.
Summary Financial Information

Below is summary financial information for NCMI for the periods indicated:

 

 

Twelve Months Ended

 

 

Three Months Ended

 

 

 

December 29, 2022 (1)

 

 

March 31, 2022

 

Gross revenue

 

$

249.2

 

 

$

35.9

 

Operating income (loss)

 

$

6.9

 

 

$

(22.5

)

Net loss

 

$

(66.2

)

 

$

(46.0

)

Net loss attributable to NCMI

 

$

(28.7

)

 

$

(25.2

)
(1)
Financial information for NCMI for the quarter ended ended March 31, 2023 was not available at time of this filing.

 

 

As of

 

 

 

December 29, 2022 (1)

 

Current assets

 

$

164.4

 

Noncurrent assets

 

$

628.0

 

Current liabilities

 

$

1,203.1

 

Noncurrent liabilities

 

$

53.3

 

Noncontrolling interests

 

$

51.3

 

Total deficit

 

$

(464.0

)
(1)
Financial information for NCMI as of March 31, 2023 was not available at time of this filing.