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SEGMENTS - HOLDINGS (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Operating Segment

The following tables set forth a breakdown of selected financial information by reportable segment for Holdings for the periods presented, and include a reconciliation to Adjusted EBITDA:

 

 

Year Ended December 31, 2024

 

 

 

U.S. Reportable Segment

 

 

International Reportable Segment

 

 

Consolidated

 

Revenue

 

$

2,448.1

 

 

$

612.7

 

 

$

3,060.8

 

Elimination of intersegment revenue

 

 

(11.3

)

 

 

—

 

 

 

(11.3

)

Total Revenue

 

 

2,436.8

 

 

 

612.7

 

 

 

3,049.5

 

Less: (1)

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

714.4

 

 

 

145.2

 

 

 

859.6

 

Concession supplies

 

 

174.5

 

 

 

50.9

 

 

 

225.4

 

Salaries and wages

 

 

335.6

 

 

 

66.2

 

 

 

401.8

 

Facility lease expense

 

 

245.8

 

 

 

79.5

 

 

 

325.3

 

Utilities and other (2)

 

 

356.5

 

 

 

102.9

 

 

 

459.4

 

General and administrative

 

 

172.2

 

 

 

45.9

 

 

 

218.1

 

Other segment items (3)

 

 

(28.8

)

 

 

(1.5

)

 

 

(30.3

)

Adjusted EBITDA (4)

 

$

466.6

 

 

$

123.6

 

 

$

590.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

U.S. Reportable Segment

 

 

International Reportable Segment

 

 

Consolidated

 

Revenue

 

$

2,428.1

 

 

$

651.4

 

 

$

3,079.5

 

Elimination of intersegment revenue

 

 

(12.8

)

 

 

—

 

 

 

(12.8

)

Total Revenue

 

 

2,415.3

 

 

 

651.4

 

 

 

3,066.7

 

Less: (1)

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

703.6

 

 

 

162.1

 

 

 

865.7

 

Concession supplies

 

 

169.1

 

 

 

52.2

 

 

 

221.3

 

Salaries and wages

 

 

333.8

 

 

 

69.3

 

 

 

403.1

 

Facility lease expense

 

 

246.6

 

 

 

83.1

 

 

 

329.7

 

Utilities and other (2)

 

 

355.4

 

 

 

111.4

 

 

 

466.8

 

General and administrative

 

 

155.7

 

 

 

43.1

 

 

 

198.8

 

Other segment items (3)

 

 

(12.8

)

 

 

—

 

 

 

(12.8

)

Adjusted EBITDA (4)

 

$

463.9

 

 

$

130.2

 

 

$

594.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

U.S. Reportable Segment

 

 

International Reportable Segment

 

 

Consolidated

 

Revenue

 

$

1,977.9

 

 

$

484.5

 

 

$

2,462.4

 

Elimination of intersegment revenue

 

 

(7.7

)

 

 

—

 

 

 

(7.7

)

Total Revenue

 

$

1,970.2

 

 

$

484.5

 

 

$

2,454.7

 

Less: (1)

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

584.4

 

 

 

120.0

 

 

 

704.4

 

Concession supplies

 

 

130.5

 

 

 

38.8

 

 

 

169.3

 

Salaries and wages

 

 

314.7

 

 

 

58.0

 

 

 

372.7

 

Facility lease expense

 

 

250.1

 

 

 

58.2

 

 

 

308.3

 

Utilities and other (2)

 

 

313.7

 

 

 

93.5

 

 

 

407.2

 

General and administrative

 

 

141.9

 

 

 

35.7

 

 

 

177.6

 

Other segment items (3)

 

 

(20.8

)

 

 

(0.5

)

 

 

(21.3

)

Adjusted EBITDA (4)

 

$

255.7

 

 

$

80.8

 

 

$

336.5

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM.
(2)
Utilities and other for the International reportable segment is shown net of intersegment expenses of $11.3, $12.8, and $7.7 for the years ended December 31, 2024, 2023 and 2022, respectively.
(3)
Other segment items for each reportable segment includes non-cash rent, share-based compensation expense and cash distributions from equity investees (reported entirely within the U.S. reportable segment).
(4)
See the table below for a reconciliation of net (loss) income to Adjusted EBITDA.

The following table is a breakdown of capital expenditures by reportable segment for Holdings for the periods presented:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2023

 

 

2024

 

Capital expenditures

 

 

 

 

 

 

 

 

 

U.S.

 

$

87.2

 

 

$

111.5

 

 

$

109.1

 

International

 

 

23.5

 

 

 

38.0

 

 

 

41.7

 

Total capital expenditures

 

$

110.7

 

 

$

149.5

 

 

$

150.8

 

 
Reconciliation of Net (loss) Income to Adjusted EBITDA

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

 

 

Year Ended December 31,

 

 

 

2022

 

 

2023

 

 

2024

 

Net (loss) income

 

$

(268.0

)

 

$

191.5

 

 

$

312.9

 

Add (deduct):

 

 

 

 

 

 

 

 

 

Income tax (benefit) expense

 

 

3.0

 

 

 

29.9

 

 

 

(60.1

)

Interest expense (1)

 

 

155.3

 

 

 

150.4

 

 

 

144.0

 

Other expense (income), net (2)

 

 

23.6

 

 

 

(19.6

)

 

 

(44.4

)

Cash distributions from equity investees (3)

 

 

6.9

 

 

 

5.7

 

 

 

9.3

 

Depreciation and amortization

 

 

238.2

 

 

 

209.5

 

 

 

197.5

 

Impairment of long-lived and other assets

 

 

174.1

 

 

 

16.6

 

 

 

1.5

 

Restructuring costs

 

 

(0.5

)

 

 

—

 

 

 

—

 

(Gain) loss on disposal of assets and other

 

 

(6.8

)

 

 

(7.7

)

 

 

1.6

 

Loss on debt amendments and extinguishments

 

 

—

 

 

 

10.7

 

 

 

6.9

 

Non-cash rent expense

 

 

(10.8

)

 

 

(17.9

)

 

 

(12.5

)

Share-based awards compensation expense

 

 

21.5

 

 

 

25.0

 

 

 

33.5

 

Adjusted EBITDA

 

$

336.5

 

 

$

594.1

 

 

$

590.2

 
(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, equity in income (loss) of affiliates and net gain on investment in NCMI. Excludes distributions from DCIP.
(3)
Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 9). These distributions are reported entirely within the U.S. reportable segment.
Selected Financial Information by 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,

 

 

2022

 

2023

 

2024

Revenue

 

 

 

 

 

 

U.S.

 

$1,977.9

 

$2,428.1

 

$2,448.1

Brazil

 

179.0

 

233.4

 

243.8

Other international countries

 

305.5

 

418.0

 

368.9

Eliminations

 

(7.7)

 

(12.8)

 

(11.3)

Total

 

$2,454.7

 

$3,066.7

 

$3,049.5

 

 

 

As of December 31,

 

 

2023

 

2024

Theater properties and equipment, net

 

 

 

 

U.S.

 

$1,002.1

 

$996.1

Brazil

 

54.7

 

47.2

Other international countries

 

104.9

 

101.8

Total

 

$1,161.7

 

$1,145.1