SEGMENTS - HOLDINGS

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segments - Holdings

22.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, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia and Paraguay. The Company closed its one theatre in Curacao in January 2023 and sold the shares of its Ecuador subsidiary in September 2023. See Note 8 for a discussion of the sale of our Ecuador subsidiary. 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 or allocate resources between segments.

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

The following table is a breakdown of selected financial information by reportable operating segment for Holdings for the periods presented:

	Year Ended December 31,
	2021			2022			2023
Revenue
U.S.	$	1,296.3		$	1,977.9		$	2,428.1
International		216.9			484.5			651.4
Eliminations		(2.7	)		(7.7	)		(12.8	)
Total Revenue	$	1,510.5		$	2,454.7		$	3,066.7
Adjusted EBITDA (1)
U.S.	$	84.2		$	255.7		$	463.9
International		(4.2	)		80.8			130.2
Total Adjusted EBITDA	$	80.0		$	336.5		$	594.1
Capital expenditures
U.S.	$	78.3		$	87.2		$	111.5
International		17.2			23.5			38.0
Total capital expenditures	$	95.5		$	110.7		$	149.5

(1)Distributions from equity investees are reported entirely within the U.S. operating segment.

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

	Year Ended December 31,
	2021			2022			2023
Net (loss) income	$	(422.2	)	$	(268.0	)	$	191.5
Add (deduct):
Income tax (benefit) expense		(16.8	)		3.0			29.9
Interest expense (1)		149.7			155.3			150.4
Other expense (income), net (2)		43.5			23.6			(19.6	)
Cash distributions from equity investees (3)		0.2			6.9			5.7
Depreciation and amortization		265.4			238.2			209.5
Impairment of long-lived and other assets		20.8			174.1			16.6
Restructuring costs		(1.0	)		(0.5	)		—
(Gain) loss on disposal of assets and other		8.0			(6.8	)		(7.7	)
Loss on debt extinguishment and refinancing		6.5			—			10.7
Non-cash rent expense		(3.4	)		(10.8	)		(17.9	)
Share-based awards compensation expense		29.3			21.5			25.0
Adjusted EBITDA	$	80.0		$	336.5		$	594.1

(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 loss, interest expense – NCM and equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Excludes distributions from NCM and DCIP.

(3)Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 10). These distributions are reported entirely within the U.S. operating segment.

Financial Information About Geographic Area

The following table sets forth a breakdown of select financial information for Holdings by geographic area for the periods presented:

	Year Ended December 31,
	2021	2022	2023
Revenue
U.S.	$1,296.3	$1,977.9	$2,428.1
Brazil	73.5	179.0	233.4
Other international countries	143.4	305.5	418.0
Eliminations	(2.7)	(7.7)	(12.8)
Total	$1,510.5	$2,454.7	$3,066.7

	As of December 31,
	2022	2023
Theatre properties and equipment, net
U.S.	$1,075.3	$1,002.1
Brazil	49.5	54.7
Other international countries	107.3	104.9
Total	$1,232.1	$1,161.7