EX-99.1 13 tm2419663d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Pro Forma Financial Overview  

 

LTM Mar-24 Financials

 

($ in millions)  Restricted Group
(Domestic)		   International   Unrestricted
Subsidiaries1		   Consolidated 
Theatres   383    337    175    895 
Revenue  $2,405   $1,136   $1,269   $4,810 
Adj. EBITDA  $156   $55   $176   $387 
Memo                    
Revenue / Theatre  $6.3   $3.4   $7.2   $5.4 
Adj. EBITDA / Theatre  $0.4   $0.2   $1.0   $0.4 

 

Note: 361,159,031 common shares outstanding as of July 17th

 

1.Includes (i) new Unrestricted Subsidiary holding transferred theatre and intellectual property assets and (ii) Centertainment Development. AMC Theatres of UK included in International.

 

 

 

 

       (unaudited)     
   AMCEH &         
   Restricted   Unrestricted     
(In millions, except share data)  Subsidiaries   Subsidiaries   Consolidated 
ASSETS               
Current assets:               
Cash and cash equivalents  $400.9   $94.7   $495.6 
Restricted cash   23.1    —    23.1 
Intercompany receivables (payables)   11.3    (11.3)   — 
Receivables, net   101.6    4.1    105.7 
Other current assets   81.6    34.5    116.1 
Total current assets   618.5    122.0    740.5 
Property, net   1,230.2    440.0    1,670.2 
Operating lease right-of-use assets, net   2,811.7    928.6    3,740.3 
Intangible assets, net   43.0    104.4    147.4 
Goodwill   2,342.7    —    2,342.7 
Other long-term assets   205.6    0.9    206.5 
Investment in subsidiary   444.3    (444.3)   — 
Total assets  $7,696.0   $1,151.6   $8,847.6 
LIABILITIES AND STOCKHOLDERS’ DEFICIT               
Current liabilities:               
Accounts payable  $213.6   $43.4   $257.0 
Accrued expenses and other liabilities   467.5    23.1    490.6 
Deferred revenues and income   386.7    5.0    391.7 
Current maturities of corporate borrowings   20.0    —    20.0 
Current maturities of finance lease liabilities   6.5    —    6.5 
Current maturities of operating lease liabilities   383.5    163.0    546.5 
Total current liabilities   1,477.8    234.5    1,712.3 
Corporate borrowings   4,862.0    —    4,862.0 
Finance lease liabilities   52.0    —    52.0 
Operating lease liabilities   3,260.0    912.2    4,172.2 
Exhibitor services agreement   502.5    —    502.5 
Deferred tax liability, net   32.7    —    32.7 
Shareholder litigation liability   —    —    — 
Other long-term liabilities   99.3    4.9    104.2 
Total liabilities   10,286.3    1,151.6    11,437.9 
Commitments and contingencies               
Stockholders’ deficit:               
AMC Entertainment Holdings, Inc.'s stockholders' deficit:               
Preferred stock   0.1    —    0.1 
Class A common stock   5.2    —    5.2 
Additional paid-in capital   5,322.1    —    5,322.1 
Accumulated other comprehensive loss   (84.6)   —    (84.6)
Accumulated deficit   (7,833.1)   —    (7,833.1)
Total stockholders' deficit   (2,590.3)   —    (2,590.3)
Total liabilities and stockholders’ deficit  $7,696.0   $1,151.6   $8,847.6 

 

 

 

   Three Months Ended March 31, 2023 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
(In millions)  Subsidiaries   Subsidiaries   Consolidated 
Revenues            
Admissions  $382.1   $152.0   $534.1 
Food and beverage   249.8    78.9    328.7 
Other theatre   77.6    14.0    91.6 
Intercompany management services   3.2    (3.2)   — 
Intercompany royalty fee   (2.3)   2.3    — 
Total revenues   710.8    244.0    954.4 
Operating costs and expenses               
Film exhibition costs   172.0    74.2    246.2 
Food and beverage costs   48.3    13.1    61.4 
Operating expense, excluding depreciation and amortization below   294.4    88.8    383.2 
Rent   150.1    55.6    205.7 
General and administrative:               
Merger, acquisition and other costs   0.2    —    0.2 
Other, excluding depreciation and amortization below   72.3    —    72.3 
Depreciation and amortization   69.4    24.2    93.6 
Impairment of long-lived assets   —    —    — 
Operating costs and expenses   806.7    255.9    1,062.6 
Operating income (loss)   (96.3)   (11.9)   (108.2)
Other expense, net:               
Other expense (income)   37.9    (0.1)   37.8 
Interest expense:               
Corporate borrowings   90.7    —    90.7 
Finance lease obligations   0.9    —    0.9 
Non-cash NCM exhibitor services agreement   9.5    —    9.5 
Investment expense (income)   2.0    (15.5)   (13.5)
Total other expense, net   141.0    (15.6)   125.4 
Net earnings (loss) before income taxes   (237.3)   3.7    (233.6)
Income tax provision   1.9    —    1.9 
Net earnings (loss)  $(239.2)  $3.7   $(235.5)

 

Adjusted EBITDA for the unrestricted subsidiaries for three months ended March 31, 2023, was $11.1 million.

 

 

 

   Three Months Ended March 31, 2023 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
   Subsidiaries   Subsidiaries   Consolidated 
Net earnings (loss)  $(239.2)  $3.7   $(235.5)
Other comprehensive loss:               
Unrealized foreign currency translation adjustments   (7.7)   0.5    (7.2)
Pension adjustments:               
Net gain (loss) arising during the period   (0.1)   —    (0.1)
Other comprehensive loss:   (7.8)   0.5    (7.3)
Total comprehensive loss  $(247.0)  $4.2   $(242.8)

 

 

 

   Three months ended 
   March 31, 2023 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
   Subsidiaries   Subsidiaries   Consolidated 
Net loss  $(239.2)  $3.7   $(235.5)
Adjustments to reconcile net loss to net cash used in operating activities:               
Depreciation and amortization   69.4    24.2    93.6 
(Gain) loss on extinguishment of debt   (65.1)   —    (65.1)
Deferred income taxes   0.6    —    0.6 
Impairment of long-lived assets   —    —    — 
Unrealized loss (gain) on investments in Hycroft   4.6    —    4.6 
Amortization of net premium on corporate borrowings to interest expense   (15.2)   —    (15.2)
Amortization of deferred financing costs to interest expense   2.3    —    2.3 
Non-cash portion of stock-based compensation   25.9    —    25.9 
Gain on disposition of Saudi Cinema Company   —    (15.5)   (15.5)
Equity in loss from non-consolidated entities, net of distributions   (0.8)   (0.3)   (1.1)
Landlord contributions   6.4    —    6.4 
Other non-cash rent benefit   (8.0)   (1.6)   (9.6)
Deferred rent   (29.7)   (8.9)   (38.6)
Net periodic benefit cost (income)   0.4    —    0.4 
Non-cash shareholder litigation expense   116.6    —    116.6 
Change in assets and liabilities:               
Receivables   63.6    3.4    67.0 
Other assets   (26.8)   (1.7)   (28.5)
Accounts payable   (55.0)   (10.2)   (65.2)
Accrued expenses and other liabilities   (20.9)   (0.1)   (21.0)
Intercompany receivables and payables   (11.3)   11.3    — 
Other, net   (12.4)   0.4    (12.0)
Net cash used in operating activities   (195.6)   4.7    (189.9)
Cash flows from investing activities:               
Capital expenditures   (41.1)   (6.3)   (47.4)
Acquisition of theatre assets   —    —    — 
Proceeds from disposition of Saudi Cinema Company   —    30.0    30.0 
Proceeds from disposition of long-term assets   0.8    —    0.8 
Other, net   —    —    — 
Net cash used in investing activities   (40.3)   23.7    (16.6)
Cash flows from financing activities:               
Repurchase of Senior Subordinated Notes due 2026   (1.7)   —    (1.7)
Repurchase of Second Lien Notes due 2026   (54.8)   —    (54.8)
Scheduled principal payments under Term Loan due 2026   (5.0)   —    (5.0)
Net proceeds from equity issuances   146.6    —    146.6 
Principal payments under finance lease obligations   (1.6)   —    (1.6)
Cash used to pay for deferred financing costs   (1.5)   —    (1.5)
Taxes paid for restricted unit withholdings   (13.1)   —    (13.1)
Net cash provided by (used in) financing activities   68.9    —    68.9 
Effect of exchange rate changes on cash and cash equivalents and restricted cash   1.9    —    1.9 
Net decrease in cash and cash equivalents and restricted cash   (164.1)   28.4    (135.7)
Cash and cash equivalents and restricted cash at beginning of period   588.1    15.7    654.4 
Cash and cash equivalents and restricted cash at end of period  $424.0   $94.7   $518.7 

 

 

 

 

   As of December 31, 2023 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
(In millions, except share data)  Subsidiaries   Subsidiaries   Consolidated 
ASSETS               
Current assets:               
Cash and cash equivalents  $785.4   $98.9   $884.3 
Restricted cash   27.1    —    27.1 
Intercompany receivables (payables)   (92.5)   92.5    — 
Receivables, net   193.1    10.6    203.7 
Other current assets   53.2    34.8    88.0 
Total current assets   966.3    236.8    1,203.1 
Property, net   1,153.1    407.3    1,560.4 
Operating lease right-of-use assets, net   2,649.2    895.3    3,544.5 
Intangible assets, net   42.3    104.4    146.7 
Goodwill   2,358.7    —    2,358.7 
Other long-term assets   194.8    1.0    195.8 
Investment in subsidiary   554.2    (554.2)   — 
Total assets  $7,918.6   $1,090.6   $9,009.2 
LIABILITIES AND STOCKHOLDERS’ DEFICIT               
Current liabilities:               
Accounts payable  $273.0   $47.5   $320.5 
Accrued expenses and other liabilities   329.6    21.2    350.8 
Deferred revenues and income   420.2    1.6    421.8 
Current maturities of corporate borrowings   25.1    —    25.1 
Current maturities of finance lease liabilities   5.4    —    5.4 
Current maturities of operating lease liabilities   367.9    140.9    508.8 
Total current liabilities   1,421.2    211.2    1,632.4 
Corporate borrowings   4,552.3    —    4,552.3 
Finance lease liabilities   50.0    —    50.0 
Operating lease liabilities   3,125.4    875.3    4,000.7 
Exhibitor services agreement   486.6    —    486.6 
Deferred tax liability, net   32.4    —    32.4 
Shareholder litigation liability   —    —    — 
Other long-term liabilities   98.6    4.1    102.7 
Total liabilities   9,766.5    1,090.6    10,857.1 
Commitments and contingencies               
Stockholders’ deficit:               
AMC Entertainment Holdings, Inc.'s stockholders' deficit:               
Preferred stock   —    —    — 
Class A common stock   2.6    —    2.6 
Additional paid-in capital   6,221.9    —    6,221.9 
Accumulated other comprehensive loss   (78.2)   —    (78.2)
Accumulated deficit   (7,994.2)   —    (7,994.2)
Total stockholders' deficit   (1,847.9)   —    (1,847.9)
Total liabilities and stockholders’ deficit  $7,918.6   $1,090.6   $9,0009.2 

 

 

 

   Twelve Months Ended December 31, 2023 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
(In millions)  Subsidiaries   Subsidiaries   Consolidated 
Revenues            
Admissions  $1,893.7   $796.8   $2,690.5 
Food and beverage   1,255.4    414.4    1,669.8 
Other theatre   375.1    77.2    452.3 
Intercompany management services   19.7    (19.7)   — 
Intercompany royalty fee   (12.0)   12.0    — 
Total revenues   3,531.9    1,280.7    4,812.6 
Operating costs and expenses               
Film exhibition costs   888.3    402.8    1,291.1 
Food and beverage costs   246.0    69.3    315.3 
Operating expense, excluding depreciation and amortization below   1,292.4    399.1    1,691.5 
Rent   653.4    220.1    873.5 
General and administrative:               
Merger, acquisition and other costs   1.7    —    1.7 
Other, excluding depreciation and amortization below   241.9    —    241.9 
Depreciation and amortization   275.2    89.8    365.0 
Impairment of long-lived assets   104.3    2.6    106.9 
Operating costs and expenses   3,703.2    1,183.7    4,886.9 
Operating income (loss)   (171.3)   97.0    (74.3)
Other expense, net:               
Other expense (income)   (77.6)   0.8    (76.8)
Interest expense:               
Corporate borrowings   369.6    —    369.6 
Finance lease obligations   3.7    —    3.7 
Non-cash NCM exhibitor services agreement   37.9    —    37.9 
Investment expense (income)   0.9    (16.4)   (15.5)
Total other expense, net   334.5    (15.6)   318.9 
Net earnings (loss) before income taxes   (505.8)   112.6    (393.2)
Income tax provision   3.4    —    3.4 
Net earnings (loss)  $(509.2)  $112.6   $(396.6)

 

Adjusted EBITDA for the unrestricted subsidiaries for twelve months ended December 31, 2023, was $183.2 million.

 

 

 

   Twelve Months Ended December 31, 2023 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
   Subsidiaries   Subsidiaries   Consolidated 
Net earnings (loss)  $(509.2)  $112.6   $(396.6)
Other comprehensive loss:               
Unrealized foreign currency translation adjustments   (0.4)   1.5    1.1 
Pension adjustments:               
Net gain (loss) arising during the period   (2.0)   —    (2.0)
Other comprehensive loss:   (2.4)   1.5    (0.9)
Total comprehensive loss  $(511.6)  $114.1   $(397.5)

 

 

 

   Twelve months ended 
   December 31, 2023 
   (unaudited) 
             
   Restricted   Unrestricted     
   Subsidiaries   Subsidiaries   Consolidated 
Net loss  $(509.2)  $112.6   $(396.6)
Adjustments to reconcile net loss to net cash used in operating activities:               
Depreciation and amortization   275.2    89.8    365.0 
(Gain) loss on extinguishment of debt   (142.8)   —    (142.8)
Deferred income taxes   0.7    —    0.7 
Impairment of long-lived assets   104.3    2.6    106.9 
Unrealized loss (gain) on investments in Hycroft   12.6    —    12.6 
Amortization of net premium on corporate borrowings to interest expense   (55.6)   —    (55.6)
Amortization of deferred financing costs to interest expense   9.6    —    9.6 
Non-cash portion of stock-based compensation   42.5    —    42.5 
Gain on disposition of Saudi Cinema Company   —    (15.5)   (15.5)
Equity in loss from non-consolidated entities, net of distributions   0.1    (0.3)   (0.2)
Landlord contributions   22.6    1.3    23.9 
Other non-cash rent benefit   (28.7)   (6.3)   (35.0)
Deferred rent   (90.2)   (33.9)   (124.1)
Net periodic benefit cost (income)   1.4    —    1.4 
Non-cash shareholder litigation expense   99.3    —    99.3 
Change in assets and liabilities:               
Receivables   (42.5)   (3.1)   (45.6)
Other assets   (4.4)   (2.3)   (6.7)
Accounts payable   5.4    (6.1)   (0.7)
Accrued expenses and other liabilities   (18.8)   (7.9)   (26.7)
Intercompany receivables and payables   92.5    (92.5)   — 
Other, net   (30.5)   2.9    (27.6)
Net cash used in operating activities   (256.5)   41.3    (215.2)
Cash flows from investing activities:               
Capital expenditures   (186.9)   (38.7)   (225.6)
Acquisition of theatre assets   (4.0)   —    (4.0)
Proceeds from disposition of Saudi Cinema Company   —    30.0    30.0 
Proceeds from disposition of long-term assets   16.5    —    16.5 
Other, net   3.0    —    3.0 
Net cash used in investing activities   (171.4)   (8.7)   (180.1)
Cash flows from financing activities:               
Repurchase of Senior Subordinated Notes due 2026   (1.7)   —    (1.7)
Repurchase of Second Lien Notes due 2026   (139.9)   —    (139.9)
Scheduled principal payments under Term Loan due 2026   (20.0)   —    (20.0)
Net proceeds from equity issuances   832.7    —    832.7 
Principal payments under finance lease obligations   (5.6)   —    (5.6)
Cash used to pay for deferred financing costs   (2.0)   —    (2.0)
Taxes paid for restricted unit withholdings   (14.2)   —    (14.2)
Net cash provided by (used in) financing activities   649.3    —    649.3 
Effect of exchange rate changes on cash and cash equivalents and restricted cash   3.0    —    3.0 
Net decrease in cash and cash equivalents and restricted cash   224.4    32.6    257.0 
Cash and cash equivalents and restricted cash at beginning of period   588.1    66.3    654.4 
Cash and cash equivalents and restricted cash at end of period  $812.5   $98.9   $911.4 

 

 

 

       (unaudited)     
   AMCEH &         
   Restricted   Unrestricted     
(In millions, except share data)  Subsidiaries   Subsidiaries   Consolidated 
ASSETS               
Current assets:               
Cash and cash equivalents  $526.0   $98.2   $624.2 
Restricted cash   36.5    —    36.5 
Intercompany receivables (payables)   (83.1)   83.1    — 
Receivables, net   129.3    11.1    140.4 
Other current assets   77.6    34.3    111.9 
Total current assets   686.3    226.7    913.0 
Property, net   1,111.2    393.1    1,504.3 
Operating lease right-of-use assets, net   2,587.4    872.1    3,459.5 
Intangible assets, net   41.4    104.4    145.8 
Goodwill   2,322.1    —    2,322.1 
Other long-term assets   193.1    0.9    194.0 
Investment in subsidiary   541.8    (541.8)   — 
Total assets  $7,483.3   $1,055.4   $8,538.7 
LIABILITIES AND STOCKHOLDERS’ DEFICIT               
Current liabilities:               
Accounts payable  $208.7   $41.5   $250.2 
Accrued expenses and other liabilities   300.3    19.2    319.5 
Deferred revenues and income   391.6    2.6    394.2 
Current maturities of corporate borrowings   25.0    —    25.0 
Current maturities of finance lease liabilities   5.2    —    5.2 
Current maturities of operating lease liabilities   368.7    140.2    508.9 
Total current liabilities   1,299.5    203.5    1,503.0 
Corporate borrowings   4,518.0    —    4,518.0 
Finance lease liabilities   48.0    —    48.0 
Operating lease liabilities   3,037.0    848.0    3,885.0 
Exhibitor services agreement   481.1    —    481.1 
Deferred tax liability, net   32.8    —    32.8 
Shareholder litigation liability   —    —    — 
Other long-term liabilities   97.9    3.9    101.8 
Total liabilities   9,514.3    1,055.4    10,569.7 
Commitments and contingencies               
Stockholders’ deficit:               
AMC Entertainment Holdings, Inc.'s stockholders' deficit:               
Preferred stock   —    —    — 
Class A common stock   2.6    —    2.6 
Additional paid-in capital   6,237.7    —    6,237.7 
Accumulated other comprehensive loss   (113.6)   —    (113.6)
Accumulated deficit   (8,157.7)   —    (8,157.7)
Total stockholders' deficit   (2,031.0)   —    (2,031.0)
Total liabilities and stockholders’ deficit  $7,483.3   $1,055.4   $8,538.7 

 

 

 

   Three Months Ended March 31, 2024 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
(In millions)  Subsidiaries   Subsidiaries   Consolidated 
Revenues            
Admissions  $383.1   $147.4   $530.5 
Food and beverage   245.8    75.4    321.2 
Other theatre   85.2    14.5    99.7 
Intercompany management services   3.1    (3.1)   — 
Intercompany royalty fee   (2.3)   2.3    — 
Total revenues   714.9    236.5    951.4 
Operating costs and expenses               
Film exhibition costs   169.9    69.4    239.3 
Food and beverage costs   49.2    13.8    63.0 
Operating expense, excluding depreciation and amortization below   303.4    90.4    393.8 
Rent   168.5    56.0    224.5 
General and administrative:               
Merger, acquisition and other costs   (0.1)   —    (0.1)
Other, excluding depreciation and amortization below   57.7    —    57.7 
Depreciation and amortization   61.9    19.7    81.6 
Impairment of long-lived assets   —    —    — 
Operating costs and expenses   810.5    249.3    1,059.8 
Operating income (loss)   (95.6)   (12.8)   (108.4)
Other expense, net:               
Other expense (income)   (42.5)   (0.3)   (42.8)
Interest expense:               
Corporate borrowings   91.0    —    91.0 
Finance lease obligations   0.9    —    0.9 
Non-cash NCM exhibitor services agreement   9.3    —    9.3 
Investment expense (income)   (4.7)   (0.4)   (5.1)
Total other expense, net   54.9    (0.7)   53.3 
Net earnings (loss) before income taxes   (149.6)   (12.1)   (161.7)
Income tax provision   1.8    —    1.8 
Net earnings (loss)  $(151.4)  $(12.1)  $(163.5)

 

Adjusted EBITDA for the unrestricted subsidiaries for three months ended March 31, 2024, was $5.1 million.

 

 

 

   Three Months Ended March 31, 2024 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
   Subsidiaries   Subsidiaries   Consolidated 
Net earnings (loss)  $(151.4)  $(12.1)  $(163.5)
Other comprehensive loss:               
Unrealized foreign currency translation adjustments   (35.5)   (0.3)   (35.8)
Pension adjustments:               
Net gain (loss) arising during the period   0.4    —    0.4 
Other comprehensive loss:   (35.1)   (0.3)   (35.4)
Total comprehensive loss  $(186.5)  $(12.4)  $(198.9)

 

 

 

   Three months ended 
   March 31, 2024 
   (unaudited) 
   AMCEH &         
   Restricted   Unrestricted     
   Subsidiaries   Subsidiaries   Consolidated 
Net loss  $(151.4)  $(12.1)  $(163.5)
Adjustments to reconcile net loss to net cash used in operating activities:               
Depreciation and amortization   61.9    19.7    81.6 
(Gain) loss on extinguishment of debt   (5.8)   —    (5.8)
Deferred income taxes   0.5    —    0.5 
Impairment of long-lived assets   —    —    — 
Unrealized loss (gain) on investments in Hycroft   1.0    —    1.0 
Amortization of net premium on corporate borrowings to interest expense   (11.2)   —    (11.2)
Amortization of deferred financing costs to interest expense   2.5    —    2.5 
Non-cash portion of stock-based compensation   4.3    —    4.3 
Gain on disposition of Saudi Cinema Company   —    —    — 
Equity in loss from non-consolidated entities, net of distributions   (2.4)   —    (2.4)
Landlord contributions   4.6    —    4.6 
Other non-cash rent benefit   (10.0)   (1.7)   (11.7)
Deferred rent   (13.3)   (3.1)   (16.4)
Net periodic benefit cost (income)   0.7    —    0.7 
Non-cash shareholder litigation expense   —    —    — 
Change in assets and liabilities:               
Receivables   59.3    (0.5)   58.8 
Other assets   (24.3)   0.6    (23.7)
Accounts payable   (42.1)   (6.0)   (48.1)
Accrued expenses and other liabilities   (61.1)   (1.4)   (62.5)
Intercompany receivables and payables   (9.4)   9.4    — 
Other, net   3.3    (0.3)   3.0 
Net cash used in operating activities   (192.9)   4.6    (188.3)
Cash flows from investing activities:               
Capital expenditures   (45.2)   (5.3)   (50.5)
Acquisition of theatre assets   —    —    — 
Proceeds from disposition of Saudi Cinema Company   —    —    — 
Proceeds from disposition of long-term assets   —    —    — 
Other, net   0.5    —    0.5 
Net cash used in investing activities   (44.7)   (5.3)   (50.0)
Cash flows from financing activities:               
Repurchase of Senior Subordinated Notes due 2026   —    —    — 
Repurchase of Second Lien Notes due 2026   —    —    — 
Scheduled principal payments under Term Loan due 2026   (5.0)   —    (5.0)
Net proceeds from equity issuances   (0.5)   —    (0.5)
Principal payments under finance lease obligations   (1.2)   —    (1.2)
Cash used to pay for deferred financing costs   (0.1)   —    (0.1)
Taxes paid for restricted unit withholdings   (2.2)   —    (2.2)
Net cash provided by (used in) financing activities   (9.0)   —    (9.0)
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (3.4)   —    (3.4)
Net decrease in cash and cash equivalents and restricted cash   (250.0)   (0.7)   (250.7)
Cash and cash equivalents and restricted cash at beginning of period   812.5    98.9    911.4 
Cash and cash equivalents and restricted cash at end of period  $562.5   $98.2   $660.7