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Segments - Holdings (Tables)
 3 Months Ended
Mar. 31, 2025
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.

 

 

 

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 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

 

 
Reconciliation of Net 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

 

 
Selected Financial Information by Geographic Area

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