SEGMENTS - HOLDINGS (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Selected Financial Information by Reportable Operating Segment

The following table is a breakdown of selected financial information by reportable operating segment for Holdings for the periods presented:

	Year Ended December 31,
	2021			2022			2023
Revenue
U.S.	$	1,296.3		$	1,977.9		$	2,428.1
International		216.9			484.5			651.4
Eliminations		(2.7	)		(7.7	)		(12.8	)
Total Revenue	$	1,510.5		$	2,454.7		$	3,066.7
Adjusted EBITDA (1)
U.S.	$	84.2		$	255.7		$	463.9
International		(4.2	)		80.8			130.2
Total Adjusted EBITDA	$	80.0		$	336.5		$	594.1
Capital expenditures
U.S.	$	78.3		$	87.2		$	111.5
International		17.2			23.5			38.0
Total capital expenditures	$	95.5		$	110.7		$	149.5

Distributions from equity investees are reported entirely within the U.S. operating segment

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,
	2021			2022			2023
Net (loss) income	$	(422.2	)	$	(268.0	)	$	191.5
Add (deduct):
Income tax (benefit) expense		(16.8	)		3.0			29.9
Interest expense (1)		149.7			155.3			150.4
Other expense (income), net (2)		43.5			23.6			(19.6	)
Cash distributions from equity investees (3)		0.2			6.9			5.7
Depreciation and amortization		265.4			238.2			209.5
Impairment of long-lived and other assets		20.8			174.1			16.6
Restructuring costs		(1.0	)		(0.5	)		—
(Gain) loss on disposal of assets and other		8.0			(6.8	)		(7.7	)
Loss on debt extinguishment and refinancing		6.5			—			10.7
Non-cash rent expense		(3.4	)		(10.8	)		(17.9	)
Share-based awards compensation expense		29.3			21.5			25.0
Adjusted EBITDA	$	80.0		$	336.5		$	594.1

(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 and equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Excludes distributions from NCM and DCIP.

(3)Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 10). These distributions are reported entirely within the U.S. operating 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,
	2021	2022	2023
Revenue
U.S.	$1,296.3	$1,977.9	$2,428.1
Brazil	73.5	179.0	233.4
Other international countries	143.4	305.5	418.0
Eliminations	(2.7)	(7.7)	(12.8)
Total	$1,510.5	$2,454.7	$3,066.7

	As of December 31,
	2022	2023
Theatre properties and equipment, net
U.S.	$1,075.3	$1,002.1
Brazil	49.5	54.7
Other international countries	107.3	104.9
Total	$1,232.1	$1,161.7