Segments - Holdings

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segments - Holdings

16.Segments - Holdings

The international market and U.S. market are managed as separate reportable segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the tables below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources.

The Company’s chief operating decision makers are the chief executive officer and the chief financial officer (together the CODM). The CODM uses Adjusted EBITDA for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual and forecast-to-actual variances for actual Adjusted EBITDA with comparisons to budget, forecast and trends when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses Adjusted EBITDA to assess the performance of each segment and in determining the incentive compensation under its short-term incentive plan and evaluating performance metrics for certain equity awards.

The Company does not report total assets by segment because that information is not used to evaluate the performance of, or allocate resources between, segments.

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.

	Three Months Ended March 31, 2025
	U.S. Reportable Segment			International Reportable Segment		Consolidated
Revenue	$	419.3		$	123.6	$	542.9
Elimination of intersegment revenue		(2.2	)		—		(2.2	)
Total Revenue		417.1			123.6		540.7
Less: (1)
Film rentals and advertising		113.2			28.2		141.4
Concession supplies		33.8			10.5		44.3
Salaries and wages		74.6			15.7		90.3
Facility lease expense		60.2			18.1		78.3
Utilities and other (2)		81.8			23.9		105.7
General and administrative		43.7			10.8		54.5
Other segment items (3)		(10.2	)		—		(10.2	)
Adjusted EBITDA (4)	$	20.0		$	16.4	$	36.4

	Three Months Ended March 31, 2024
	U.S. Reportable Segment			International Reportable Segment			Consolidated
Revenue	$	459.1		$	122.2		$	581.3
Elimination of intersegment revenue		(2.1	)		—			(2.1	)
Total Revenue		457.0			122.2			579.2
Less: (1)
Film rentals and advertising		126.3			28.0			154.3
Concession supplies		34.3			9.7			44.0
Salaries and wages		72.5			14.4			86.9
Facility lease expense		60.5			16.8			77.3
Utilities and other (2)		78.3			22.1			100.4
General and administrative		39.1			9.8			48.9
Other segment items (3)		(3.1	)		(0.2	)		(3.3	)
Adjusted EBITDA (4)	$	49.1		$	21.6		$	70.7

(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 $2.2 and $2.1 for the three months ended March 31, 2025 and 2024, 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 sets forth a reconciliation of net (loss) income to Adjusted EBITDA for Holdings:

	Three Months Ended
	March 31,
	2025			2024
Net (loss) income	$	(38.6	)	$	25.3
Add (deduct):
Income tax benefit		(14.7	)		(27.7	)
Interest expense (1)		38.5			37.7
Other income, net (2)		(4.4	)		(17.7	)
Cash distributions from equity investees (3)		4.8			1.3
Depreciation and amortization		49.5			49.4
(Gain) loss on disposal of assets and other		(4.1	)		0.4
Non-cash rent expense		(2.8	)		(4.4	)
Share-based awards compensation expense		8.2			6.4
Adjusted EBITDA	$	36.4		$	70.7

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

(2)Includes interest income, foreign currency exchange gain, interest expense - NCM, equity in income of affiliates and net (loss) 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. reportable segment.

Holdings Capital Expenditures by Reportable Segment

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

	Three Months Ended
	March 31,
	2025		2024
Capital expenditures
U.S.	$	16.9	$	18.1
International		5.2		5.4
Total capital expenditures	$	22.1	$	23.5

Financial Information About Geographic Areas

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

	Three Months Ended
	March 31,
Revenue	2025			2024
U.S.	$	419.3		$	459.1
Brazil		49.3			54.3
Other international countries		74.3			67.9
Eliminations		(2.2	)		(2.1	)
Total	$	540.7		$	579.2

	As of		As of
Theater properties and equipment, net	March 31, 2025		December 31, 2024
U.S.	$	969.9	$	996.1
Brazil		51.2		47.2
Other international countries		101.5		101.8
Total	$	1,122.6	$	1,145.1