Segments - Holdings (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Selected Financial Information by Reportable Operating Segment

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

	Three Months Ended
	March 31,
	2024			2023
Revenue
U.S.	$	459.1		$	481.7
International		122.2			131.6
Eliminations		(2.1	)		(2.6	)
Total revenue	$	579.2		$	610.7
Adjusted EBITDA
U.S.	$	49.1		$	63.4
International		21.6			22.8
Total Adjusted EBITDA	$	70.7		$	86.2
Capital expenditures
U.S.	$	18.1		$	22.7
International		5.4			3.6
Total capital expenditures	$	23.5		$	26.3

Reconciliation of Net Income (Loss) to Adjusted EBITDA

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

	Three Months Ended
	March 31,
	2024			2023
Net income (loss)	$	25.3		$	(2.5	)
Add (deduct):
Income tax benefit		(27.7	)		(3.9	)
Interest expense (1)		37.7			36.8
Other income, net (2)		(17.7	)		(1.9	)
Cash distributions from equity investees (3)		1.3			—
Depreciation and amortization		49.4			54.9
Impairment of long-lived and other assets		—			0.7
Loss on disposal of assets and other		0.4			0.3
Non-cash rent expense		(4.4	)		(3.9	)
Share-based awards compensation expense		6.4			5.7
Adjusted EBITDA	$	70.7		$	86.2

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

(2)Includes interest income, foreign currency exchange gain (loss), 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.

Selected Financial Information by Geographic Area

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

	Three Months Ended
	March 31,
Revenue	2024			2023
U.S.	$	459.1		$	481.7
Brazil		54.3			44.5
Other international countries		67.9			87.1
Eliminations		(2.1	)		(2.6	)
Total	$	579.2		$	610.7

	As of		As of
Theatre properties and equipment, net	March 31, 2024		December 31, 2023
U.S.	$	1,006.2	$	1,002.1
Brazil		51.9		54.7
Other international countries		101.6		104.9
Total	$	1,159.7	$	1,161.7