REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

4.REVENUE RECOGNITION

Revenue Recognition Policy

The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime, right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenue when the showtime for a purchased movie ticket has passed. Concession revenue is recognized when products are sold to the consumer at the theater, or if purchased online in advance, either through the Company’s website, its mobile application or through a third-party delivery service, once the consumer’s order is fulfilled. Other revenue primarily consists of screen advertising, screen rental revenue,

promotional income, studio trailer placements and transactional fees. Except for NCM screen advertising advances discussed below in Note 8, these revenues are generally recognized when the Company has fulfilled its performance obligations by providing the services specified in each contract.

The Company sells gift cards and discount ticket vouchers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and discount ticket vouchers is recognized when they are redeemed for concession items or, if redeemed for movie tickets, when the movie showtime has passed. The Company generally records breakage revenue on unredeemed gift cards and ticket vouchers based on redemption activity and historical experience associated with unused balances.

The Company offers a subscription program in the U.S. whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. The Company also offers monthly subscription fee programs in several of its international locations where customers can pay a monthly or annual fee to receive benefits such as a free monthly ticket. The Company records breakage revenue for unused credits based upon redemption of subscription credits and historical experience with the expiration of unused credits.

The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the annual membership period. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenue based on the number of reward points issued to customers and recognizes the deferred revenue when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company records breakage revenue for unredeemed loyalty points based upon redemption of loyalty points and historical experience with the expiration of unused points.

Accounts receivable as of December 31, 2023 and 2024 included approximately $31.6 and $29.8, respectively, of receivables related to contracts with customers. The Company did not record any assets related to the costs to obtain or fulfill a contract with customers during the years ended December 31, 2023 or 2024.

Disaggregation of Revenue

The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable segment.

	Year Ended December 31, 2024
	U.S.		International
	Operating		Operating
Major Goods/Services	Segment (1)		Segment		Consolidated
Admissions Revenue	$	1,233.1	$	289.4	$	1,522.5
Concession Revenue		969.3		228.5		1,197.8
Screen advertising, screen rental and promotional revenue		91.7		54.5		146.2
Other Revenue		142.7		40.3		183.0
Total Revenue	$	2,436.8	$	612.7	$	3,049.5

	Year Ended December 31, 2023
	U.S.		International
	Operating		Operating
Major Goods/Services	Segment (1)		Segment		Consolidated
Admissions Revenue	$	1,236.0	$	319.6	$	1,555.6
Concession Revenue		952.0		240.0		1,192.0
Screen advertising, screen rental and promotional revenue		91.0		53.6		144.6
Other Revenue		136.3		38.2		174.5
Total Revenue	$	2,415.3	$	651.4	$	3,066.7

	Year Ended December 31, 2022
	U.S.		International
	Operating		Operating
Major Goods/Services	Segment (1)		Segment		Consolidated
Admissions Revenue	$	1,010.2	$	236.7	$	1,246.9
Concession Revenue		763.0		175.3		938.3
Screen advertising, screen rental and promotional revenue		81.7		45.3		127.0
Other Revenue		115.3		27.2		142.5
Total Revenue	$	1,970.2	$	484.5	$	2,454.7

(1)U.S. segment revenues exclude intercompany transactions with the international reportable segment. See Note 21 for additional information on intercompany eliminations.

The following tables present revenue for the periods indicated, disaggregated based on timing of revenue recognition (as discussed above) and by reportable segment.

	Year Ended December 31, 2024
	U.S.		International
	Operating		Operating
	Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	2,330.3	$	545.3	$	2,875.6
Goods and services transferred over time		106.5		67.4		173.9
Total	$	2,436.8	$	612.7	$	3,049.5

	Year Ended December 31, 2023
	U.S.		International
	Operating		Operating
	Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	2,327.9	$	588.9	$	2,916.8
Goods and services transferred over time		87.4		62.5		149.9
Total	$	2,415.3	$	651.4	$	3,066.7

	Year Ended December 31, 2022
	U.S.		International
	Operating		Operating
	Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	1,856.5	$	428.3	$	2,284.8
Goods and services transferred over time		113.7		56.2		169.9
Total	$	1,970.2	$	484.5	$	2,454.7

(1)U.S. segment revenues exclude intercompany transactions with the international reportable segment. See Note 21 for additional information on intercompany eliminations.

Screen Advertising Advances and Other Deferred Revenue

The following table presents changes in the Company’s deferred revenue for the periods indicated:

Deferred Revenue	NCM Screen Advertising Advances (2)			Other Deferred Revenue (3)
Balance at January 1, 2023	$	338.2		$	194.9
Amounts recognized as accounts receivable		—			4.6
Cash received from customers in advance		—			327.4
Dispositions (1)		—			(0.4	)
Interest accrued related to significant financing component		22.6			—
Revenue recognized during period		(32.4	)		(299.5	)
Foreign currency translation adjustments		—			(5.4	)
Balance at December 31, 2023		328.4			221.6
Amounts recognized as accounts receivable		—			10.8
Cash received from customers in advance		—			376.0
Common units received from NCM (see Note 8)		0.5			—
Interest accrued related to significant financing component		22.0			—
Revenue recognized during period		(32.4	)		(353.7	)
Foreign currency translation adjustments		—			(3.9	)
Balance at December 31, 2024	$	318.5		$	250.8

(1)Relates to the sale of the Company’s Ecuador subsidiary. See Note 7.

(2)See Significant Financing Component in Note 8 for discussion of NCM screen advertising advances and maturity of balances as of December 31, 2024.

(3)Includes liabilities associated with outstanding gift cards and prepaid and discount ticket vouchers, points, credits or rebates outstanding under the Company’s loyalty and subscription programs and revenue not yet recognized for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the consolidated balance sheets.

The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied for other deferred revenue in the table above as of December 31, 2024 and when the Company expects to recognize this revenue.

	Year Ended December 31,
Remaining Performance Obligations	2025		2026		Thereafter		Total
Other deferred revenue	$	221.6		29.2		—	$	250.8