Segments - Holdings

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segments - Holdings

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						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Revenue
U.S.	$	739.3		$	603.5		$	1,221.0		$	977.2
International		207.4			143.3			339.0			231.8
Eliminations		(4.4	)		(2.7	)		(7.0	)		(4.4	)
Total revenue	$	942.3		$	744.1		$	1,553.0		$	1,204.6
Adjusted EBITDA
U.S.	$	180.8		$	111.1		$	244.2		$	125.5
International		50.7			27.2			73.5			38.0
Total Adjusted EBITDA	$	231.5		$	138.3		$	317.7		$	163.5
Capital expenditures
U.S.	$	21.1		$	16.5		$	43.8		$	30.5
International		7.2			5.4			10.8			10.1
Total Capital expenditures	$	28.3		$	21.9		$	54.6		$	40.6

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Net income (loss)	$	120.4		$	(72.8	)	$	117.9		$	(145.3	)
Add (deduct):
Income tax expense		12.3			4.7			8.4			2.9
Interest expense (1)		37.1			38.1			73.9			76.2
Other (income) expense, net (2)		(12.1	)		11.4			(14.0	)		14.6
Cash distributions from equity investees (3)		1.6			0.9			1.6			1.5
Depreciation and amortization		52.8			61.0			107.7			122.7
Impairment of long-lived and other assets		9.4			92.3			10.1			92.3
Restructuring costs		—			(0.2	)		—			(0.2	)
Gain on disposal of assets and other		(3.0	)		(0.7	)		(2.7	)		(7.6	)
Loss on debt extinguishment and refinancing		10.7			—			10.7			—
Non-cash rent expense		(4.5	)		(2.4	)		(8.4	)		(4.7	)
Share based awards compensation expense		6.8			6.0			12.5			11.1
Adjusted EBITDA	$	231.5		$	138.3		$	317.7		$	163.5

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

(2)Includes interest income, foreign currency exchange and other related (gains) losses, interest expense - NCM, equity in income (loss) of affiliates and unrealized gain on investment in NCMI.

(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						Six Months Ended
	June 30,						June 30,
Revenue	2023			2022			2023			2022
U.S.	$	739.3		$	603.5		$	1,221.0		$	977.2
Brazil		68.7			54.8			113.2			87.9
Other international countries		138.7			88.5			225.8			143.9
Eliminations		(4.4	)		(2.7	)		(7.0	)		(4.4	)
Total	$	942.3		$	744.1		$	1,553.0		$	1,204.6

	As of		As of
Theatre properties and equipment, net	June 30, 2023		December 31, 2022
U.S.	$	1,030.4	$	1,075.3
Brazil		53.6		49.5
Other international countries		103.9		107.3
Total	$	1,187.9	$	1,232.1