Segments - Holdings (Tables)

9 Months Ended

Sep. 30, 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						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Revenue
U.S.	$	744.8		$	686.2		$	1,779.0		$	1,907.2
International		180.4			192.3			464.8			531.3
Eliminations		(3.4	)		(3.7	)		(8.6	)		(10.7	)
Total revenue	$	921.8		$	874.8		$	2,235.2		$	2,427.8
Adjusted EBITDA
U.S.	$	180.7		$	151.2		$	338.6		$	395.4
International		39.8			45.6			94.7			119.1
Total Adjusted EBITDA	$	220.5		$	196.8		$	433.3		$	514.5
Capital expenditures
U.S.	$	33.5		$	26.9		$	67.7		$	70.7
International		9.5			8.2			22.5			19.0
Total capital expenditures	$	43.0		$	35.1		$	90.2		$	89.7

Reconciliation of Net Income to Adjusted EBITDA

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Net income	$	188.9		$	91.2		$	260.8		$	209.1
Add (deduct):
Income tax (benefit) expense		(42.7	)		21.4			(71.3	)		29.8
Interest expense (1)		36.7			38.1			109.0			112.0
Other income, net (2)		(22.4	)		(4.9	)		(40.0	)		(18.9	)
Cash distributions from equity investees (3)		2.2			1.6			5.1			3.2
Depreciation and amortization		49.1			51.9			148.3			159.6
Impairment of long-lived and other assets		—			2.0			—			12.1
(Gain) loss on disposal of assets and other		(0.1	)		(6.1	)		2.0			(8.8	)
Loss on debt amendments and extinguishments		3.0			—			5.5			10.7
Non-cash rent expense		(2.6	)		(4.8	)		(10.2	)		(13.2	)
Share-based awards compensation expense		8.4			6.4			24.1			18.9
Adjusted EBITDA	$	220.5		$	196.8		$	433.3		$	514.5

(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 and other related loss, interest expense - NCM, equity in income of affiliates and net 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						Nine Months Ended
	September 30,						September 30,
Revenue	2024			2023			2024			2023
U.S.	$	744.8		$	686.2		$	1,779.0		$	1,907.2
Brazil		70.9			70.3			183.8			183.5
Other international countries		109.5			122.0			281.0			347.8
Eliminations		(3.4	)		(3.7	)		(8.6	)		(10.7	)
Total	$	921.8		$	874.8		$	2,235.2		$	2,427.8

	As of		As of
Theatre properties and equipment, net	September 30, 2024		December 31, 2023
U.S.	$	973.3	$	1,002.1
Brazil		47.6		54.7
Other international countries		100.3		104.9
Total	$	1,121.2	$	1,161.7