Revenue Recognition

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

4.Revenue Recognition

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 National CineMedia, LLC (“NCM”) screen advertising advances discussed 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 discount 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 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 subscription program fees as deferred revenue and records admissions revenue when the showtime for a movie ticket purchased with a credit has passed. The Company records breakage revenue for unused credits based upon redemption of subscription credits and historical experience with 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 March 31, 2025 and December 31, 2024 included approximately $39.5 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 three months ended March 31, 2025.

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.

	Three Months Ended
	March 31, 2025
	U.S.		International
	Operating		Operating
	Segment (1)		Segment		Consolidated
Admissions revenue	$	207.6	$	56.5	$	264.1
Concession revenue		164.4		46.0		210.4
Screen advertising, screen rental and promotional revenue (2)		20.9		11.5		32.4
Other revenue		24.2		9.6		33.8
Total revenue	$	417.1	$	123.6	$	540.7

	Three Months Ended
	March 31, 2024
	U.S.		International
	Operating		Operating
	Segment (1)		Segment		Consolidated
Admissions revenue	$	231.8	$	58.0	$	289.8
Concession revenue		178.6		45.6		224.2
Screen advertising, screen rental and promotional revenue (2)		21.0		10.7		31.7
Other revenue		25.6		7.9		33.5
Total revenue	$	457.0	$	122.2	$	579.2

(1)U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 16 for the amount of intercompany eliminations for the periods presented.

(2)Amount includes amortization of NCM screen advertising advances. See Screen Advertising Advances and Other Deferred Revenue below.

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

	Three Months Ended
	March 31, 2025
	U.S.		International
	Operating		Operating
	Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	394.5	$	108.1	$	502.6
Goods and services transferred over time (2)		22.6		15.5		38.1
Total	$	417.1	$	123.6	$	540.7

	Three Months Ended
	March 31, 2024
	U.S.		International
	Operating		Operating
	Segment (1)		Segment		Consolidated
Goods and services transferred at a point in time	$	433.8	$	108.8	$	542.6
Goods and services transferred over time (2)		23.2		13.4		36.6
Total	$	457.0	$	122.2	$	579.2

(1)U.S. segment revenue excludes intercompany transactions with the international reportable segment. See Note 16 for the amount of intercompany eliminations for the periods presented.

(2)Amount includes amortization of NCM screen advertising advances. See Screen Advertising Advances and Other Deferred Revenue below.

Screen Advertising Advances and Other Deferred Revenue

The following table presents changes in the Company’s deferred revenue for the three months ended March 31, 2025.

	NCM screen advertising advances (1)			Other deferred revenue (2)
Balance at January 1, 2025	$	318.5		$	250.8
Amounts recognized as accounts receivable		—			1.6
Cash received from customers in advance		—			80.5
Interest accrued related to significant financing component		5.4			—
Revenue recognized during period		(8.2	)		(75.9	)
Foreign currency translation adjustments		—			0.8
Balance at March 31, 2025	$	315.7		$	257.8

(1)See Note 8 for the remaining maturity of NCM screen advertising advances as of March 31, 2025.

(2)Includes liabilities associated with outstanding gift cards and discount ticket vouchers, points, credits or rebates outstanding under the Company’s loyalty and subscription programs and revenue collected in advance for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet.

The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2025 and when the Company expects to recognize this revenue.

	Twelve Months Ended March 31,
Remaining Performance Obligations	2026		2027		Thereafter		Total
Other deferred revenue	$	227.6	$	30.2	$	—	$	257.8