Exhibit 99.1
CINEMARK HOLDINGS, INC. REPORTS FOURTH QUARTER
AND FULL YEAR 2023 RESULTS
Delivered Total Revenue of $3.1 billion for FY 2023, an increase of 25% year-over-year
Reported $191 million of FY 2023 Net Income and $594 million of Adjusted EBITDA
with a 19.4% Adjusted EBITDA margin
Generated $444 million in FY 2023 Cash from Operating Activities and
$295 million of Free Cash Flow
Plano, TX, February 16, 2024 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three months and full year ended December 31, 2023.
“2023 represented another year of meaningful progress for our industry and our company,” stated Sean Gamble, Cinemark’s President and CEO. “Key indicators pertaining to the fundamental drivers of our industry – specifically consumer behavior and product flow – were further reinforced, and our team’s outstanding operational execution and financial discipline delivered outsized results across all of our key metrics, including Revenue, Adjusted EBITDA, and Free Cash Flow.”
“We believe our strong 2023 results provide a clear sign that our many ongoing strategic growth and productivity initiatives are driving significant impact. As we look ahead, we remain highly optimistic about the future of our company and our ability to fully capitalize on our industry’s continued recovery given our solid foundation, advantage market position, and the many opportunities that lie before us.”
Earnings Highlights
1
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended December 31, 2023 increased 6.5% to $638.9 million compared with $599.7 million for the three months ended December 31, 2022. For the three months ended December 31, 2023, admissions revenue increased 5.8% to $322.4 million and concession revenue increased 7.7% to $243.0 million, driven by a 3.6% increase in attendance to 40.6 million patrons. Worldwide average ticket price was $7.94 and concession revenue per patron was $5.99.
Net loss attributable to Cinemark Holdings, Inc. for the three months ended December 31, 2023 was $(18.0) million compared with $(99.3) million for the three months ended December 31, 2022. Diluted loss per share for the three months ended December 31, 2023 was $(0.15) compared with a diluted loss per share of $(0.82) for the three months ended December 31, 2022.
Adjusted EBITDA for the three months ended December 31, 2023 was $79.6 million compared with $73.5 million for the three months ended December 31, 2022. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
Cinemark Holdings, Inc.’s total revenue for the twelve months ended December 31, 2023 increased 24.9% to $3,066.7 million compared with $2,454.7 million for the twelve months ended December 31, 2022. For the twelve months ended December 31, 2023, admissions revenue increased 24.8% to $1,555.6 million and concession revenue increased 27.0% to $1,192.0 million, driven by a 21.5% increase in attendance to 209.8 million patrons. Worldwide average ticket price was $7.41 and concession revenue per patron was $5.68.
Net income attributable to Cinemark Holdings, Inc. for the twelve months ended December 31, 2023 was $188.2 million compared with a loss of $(271.2) million for the twelve months ended December 31, 2022. Diluted earnings per share for the twelve months ended December 31, 2023 was $1.34 compared with a diluted loss per share of $(2.26) for the twelve months ended December 31, 2022.
Adjusted EBITDA for the twelve months ended December 31, 2023 was $594.1 million compared with $336.5 million for the twelve months ended December 31, 2022. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
As of December 31, 2023, the Company’s aggregate screen count was 5,719, and the Company had commitments to open 5 new theatres and 43 screens over the next two years.
Webcast – Today at 8:30 AM ET
Live Webcast/Replay: Available at https://ir.cinemark.com. A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of December 31, 2023 operated 501 theatres with 5,719 screens in 42 states domestically and 13 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.
Investor Relations Contact:
Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com
Media Contact:
Julia McCartha – 972-665-1322 or pr@cinemark.com
2
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management’s assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include:
You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company's Annual Report on Form 10-K filed February 16, 2024. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
3
Cinemark Holdings, Inc.
Financial and Operating Summary
(unaudited, in millions, except per share amounts)
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
Statement of income (loss) data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Admissions |
|
$ |
322.4 |
|
|
$ |
304.6 |
|
|
$ |
1,555.6 |
|
|
$ |
1,246.9 |
|
|
Concession |
|
|
243.0 |
|
|
|
225.7 |
|
|
|
1,192.0 |
|
|
|
938.3 |
|
|
Other |
|
|
73.5 |
|
|
|
69.4 |
|
|
|
319.1 |
|
|
|
269.5 |
|
|
Total revenue |
|
|
638.9 |
|
|
|
599.7 |
|
|
|
3,066.7 |
|
|
|
2,454.7 |
|
|
Cost of operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Film rentals and advertising |
|
|
172.8 |
|
|
|
173.3 |
|
|
|
865.7 |
|
|
|
704.4 |
|
|
Concession supplies |
|
|
47.3 |
|
|
|
40.5 |
|
|
|
221.3 |
|
|
|
169.3 |
|
|
Salaries and wages |
|
|
96.9 |
|
|
|
95.7 |
|
|
|
403.1 |
|
|
|
372.7 |
|
|
Facility lease expense |
|
|
78.8 |
|
|
|
77.1 |
|
|
|
329.7 |
|
|
|
308.3 |
|
|
Utilities and other |
|
|
113.3 |
|
|
|
103.4 |
|
|
|
466.8 |
|
|
|
407.2 |
|
|
General and administrative expenses |
|
|
54.1 |
|
|
|
43.6 |
|
|
|
198.8 |
|
|
|
177.6 |
|
|
Depreciation and amortization |
|
|
49.9 |
|
|
|
57.2 |
|
|
|
209.5 |
|
|
|
238.2 |
|
|
Impairment of long-lived assets |
|
|
4.5 |
|
|
|
66.6 |
|
|
|
16.6 |
|
|
|
174.1 |
|
|
Restructuring costs |
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
(0.5 |
) |
|
Loss (gain) on disposal of assets and other |
|
|
1.1 |
|
|
|
(0.4 |
) |
|
|
(7.7 |
) |
|
|
(6.8 |
) |
|
Total cost of operations |
|
|
618.7 |
|
|
|
656.7 |
|
|
|
2,703.8 |
|
|
|
2,544.5 |
|
|
Operating income (loss) |
|
|
20.2 |
|
|
|
(57.0 |
) |
|
|
362.9 |
|
|
|
(89.8 |
) |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense |
|
|
(38.4 |
) |
|
|
(40.7 |
) |
|
|
(150.4 |
) |
|
|
(155.3 |
) |
|
Interest income |
|
|
14.8 |
|
|
|
9.3 |
|
|
|
55.0 |
|
|
|
20.4 |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(10.7 |
) |
|
|
— |
|
|
Foreign currency exchange and other related loss |
|
|
(9.4 |
) |
|
|
(6.2 |
) |
|
|
(28.8 |
) |
|
|
(11.5 |
) |
|
Distributions from DCIP |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.7 |
|
|
Interest expense - NCM |
|
|
(5.6 |
) |
|
|
(5.7 |
) |
|
|
(22.6 |
) |
|
|
(23.2 |
) |
|
Equity in income (loss) of affiliates |
|
|
2.4 |
|
|
|
(1.8 |
) |
|
|
3.6 |
|
|
|
(9.3 |
) |
|
Unrealized (loss) gain on investment in NCMI |
|
|
(1.5 |
) |
|
|
— |
|
|
|
12.4 |
|
|
|
— |
|
|
(Loss) income before income taxes |
|
|
(17.5 |
) |
|
|
(102.1 |
) |
|
|
221.4 |
|
|
|
(265.0 |
) |
|
Income tax expense (benefit) |
|
|
0.1 |
|
|
|
(3.3 |
) |
|
|
29.9 |
|
|
|
3.0 |
|
|
Net (loss) income |
|
$ |
(17.6 |
) |
|
$ |
(98.8 |
) |
|
$ |
191.5 |
|
|
$ |
(268.0 |
) |
|
Less: Net income attributable to noncontrolling interests |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
3.3 |
|
|
|
3.2 |
|
|
Net (loss) income attributable to Cinemark Holdings, Inc. |
|
$ |
(18.0 |
) |
|
$ |
(99.3 |
) |
|
$ |
188.2 |
|
|
$ |
(271.2 |
) |
|
(Loss) earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
$ |
(0.15 |
) |
|
$ |
(0.82 |
) |
|
$ |
1.55 |
|
|
$ |
(2.26 |
) |
|
Diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.82 |
) |
|
$ |
1.34 |
|
|
$ |
(2.26 |
) |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
119.2 |
|
|
|
118.5 |
|
|
|
119.1 |
|
|
|
118.2 |
|
|
Diluted |
|
|
119.2 |
|
|
|
118.5 |
|
|
|
152.0 |
|
|
|
118.2 |
|
4
Other Operating Data
(unaudited, in millions)
|
|
As of December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Balance sheet data: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
849.1 |
|
|
$ |
674.5 |
|
Theatre properties and equipment, net |
|
$ |
1,161.7 |
|
|
$ |
1,232.1 |
|
Total assets |
|
$ |
4,836.8 |
|
|
$ |
4,817.7 |
|
Long-term debt, net of unamortized debt issuance costs and original issue discount |
|
$ |
2,399.1 |
|
|
$ |
2,484.7 |
|
Total equity |
|
$ |
318.8 |
|
|
$ |
119.5 |
|
|
|
Twelve Months Ended December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Cash flows provided by (used for): |
|
|
|
|
|
|
||
Operating activities (1) |
|
$ |
444.3 |
|
|
$ |
136.0 |
|
Investing activities |
|
$ |
(131.8 |
) |
|
$ |
(96.3 |
) |
Financing activities |
|
$ |
(125.4 |
) |
|
$ |
(52.2 |
) |
|
|
Twelve Months Ended December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Reconciliation of free cash flow: |
|
|
|
|
|
|
||
Cash flows provided by operating activities |
|
$ |
444.3 |
|
|
$ |
136.0 |
|
Less: Capital expenditures |
|
|
(149.5 |
) |
|
|
(110.7 |
) |
Free cash flow |
|
$ |
294.8 |
|
|
$ |
25.3 |
|
Segment Information
(unaudited, in millions, except per patron data)
|
|
U.S. Operating Segment |
|
|
International Operating Segment |
|
|
Consolidated |
|
|||||||||||||||||||
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Constant |
|
|
Three Months Ended |
|
||||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||||
Revenue and Attendance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Admissions revenue |
|
$ |
267.5 |
|
|
$ |
251.1 |
|
|
$ |
54.9 |
|
|
$ |
53.5 |
|
|
$ |
72.1 |
|
|
$ |
322.4 |
|
|
$ |
304.6 |
|
Concession revenue |
|
|
200.9 |
|
|
|
186.5 |
|
|
|
42.1 |
|
|
|
39.2 |
|
|
|
54.9 |
|
|
|
243.0 |
|
|
|
225.7 |
|
Other revenue |
|
|
50.4 |
|
|
|
48.1 |
|
|
|
23.1 |
|
|
|
21.3 |
|
|
|
29.8 |
|
|
|
73.5 |
|
|
|
69.4 |
|
Total revenue |
|
$ |
518.8 |
|
|
$ |
485.7 |
|
|
$ |
120.1 |
|
|
$ |
114.0 |
|
|
$ |
156.8 |
|
|
$ |
638.9 |
|
|
$ |
599.7 |
|
Attendance |
|
|
26.2 |
|
|
|
25.1 |
|
|
|
14.4 |
|
|
|
14.1 |
|
|
|
|
|
|
40.6 |
|
|
|
39.2 |
|
|
Average ticket price |
|
$ |
10.21 |
|
|
$ |
10.00 |
|
|
$ |
3.81 |
|
|
$ |
3.79 |
|
|
$ |
5.01 |
|
|
$ |
7.94 |
|
|
$ |
7.77 |
|
Concession revenue per patron |
|
$ |
7.67 |
|
|
$ |
7.43 |
|
|
$ |
2.92 |
|
|
$ |
2.78 |
|
|
$ |
3.81 |
|
|
$ |
5.99 |
|
|
$ |
5.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Film rentals and advertising |
|
$ |
145.0 |
|
|
$ |
145.4 |
|
|
$ |
27.8 |
|
|
$ |
27.9 |
|
|
$ |
37.2 |
|
|
$ |
172.8 |
|
|
$ |
173.3 |
|
Concession supplies |
|
|
38.1 |
|
|
|
31.6 |
|
|
|
9.2 |
|
|
|
8.9 |
|
|
|
11.8 |
|
|
|
47.3 |
|
|
|
40.5 |
|
Salaries and wages |
|
|
80.8 |
|
|
|
81.3 |
|
|
|
16.1 |
|
|
|
14.4 |
|
|
|
21.4 |
|
|
|
96.9 |
|
|
|
95.7 |
|
Facility lease expense |
|
|
61.7 |
|
|
|
62.5 |
|
|
|
17.1 |
|
|
|
14.6 |
|
|
|
19.7 |
|
|
|
78.8 |
|
|
|
77.1 |
|
Utilities and other |
|
|
85.7 |
|
|
|
78.9 |
|
|
|
27.6 |
|
|
|
24.5 |
|
|
|
34.6 |
|
|
|
113.3 |
|
|
|
103.4 |
|
` |
|
U.S. Operating Segment |
|
|
International Operating Segment |
|
|
Consolidated |
|
|||||||||||||||||||
|
|
Twelve Months Ended |
|
|
Twelve Months Ended |
|
|
Constant |
|
|
Twelve Months Ended |
|
||||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||||
Revenue and Attendance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Admissions revenue |
|
$ |
1,236.0 |
|
|
$ |
1,010.2 |
|
|
$ |
319.6 |
|
|
$ |
236.7 |
|
|
$ |
393.1 |
|
|
$ |
1,555.6 |
|
|
$ |
1,246.9 |
|
Concession revenue |
|
|
952.0 |
|
|
|
763.0 |
|
|
|
240.0 |
|
|
|
175.3 |
|
|
|
296.5 |
|
|
|
1,192.0 |
|
|
|
938.3 |
|
Other revenue |
|
|
227.3 |
|
|
|
197.0 |
|
|
|
91.8 |
|
|
|
72.5 |
|
|
|
113.9 |
|
|
|
319.1 |
|
|
|
269.5 |
|
Total revenue |
|
$ |
2,415.3 |
|
|
$ |
1,970.2 |
|
|
$ |
651.4 |
|
|
$ |
484.5 |
|
|
$ |
803.5 |
|
|
$ |
3,066.7 |
|
|
$ |
2,454.7 |
|
Attendance |
|
|
127.7 |
|
|
|
109.3 |
|
|
|
82.1 |
|
|
|
63.4 |
|
|
|
|
|
|
209.8 |
|
|
|
172.7 |
|
|
Average ticket price |
|
$ |
9.68 |
|
|
$ |
9.24 |
|
|
$ |
3.89 |
|
|
$ |
3.73 |
|
|
$ |
4.79 |
|
|
$ |
7.41 |
|
|
$ |
7.22 |
|
Concession revenue per patron |
|
$ |
7.45 |
|
|
$ |
6.98 |
|
|
$ |
2.92 |
|
|
$ |
2.76 |
|
|
$ |
3.61 |
|
|
$ |
5.68 |
|
|
$ |
5.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Film rentals and advertising |
|
$ |
703.6 |
|
|
$ |
584.4 |
|
|
$ |
162.1 |
|
|
$ |
120.0 |
|
|
$ |
202.4 |
|
|
$ |
865.7 |
|
|
$ |
704.4 |
|
Concession supplies |
|
|
169.1 |
|
|
|
130.5 |
|
|
|
52.2 |
|
|
|
38.8 |
|
|
|
64.4 |
|
|
|
221.3 |
|
|
|
169.3 |
|
Salaries and wages |
|
|
333.8 |
|
|
|
314.7 |
|
|
|
69.3 |
|
|
|
58.0 |
|
|
|
88.3 |
|
|
|
403.1 |
|
|
|
372.7 |
|
Facility lease expense |
|
|
246.6 |
|
|
|
250.1 |
|
|
|
83.1 |
|
|
|
58.2 |
|
|
|
95.7 |
|
|
|
329.7 |
|
|
|
308.3 |
|
Utilities and other |
|
|
355.4 |
|
|
|
313.7 |
|
|
|
111.4 |
|
|
|
93.5 |
|
|
|
136.7 |
|
|
|
466.8 |
|
|
|
407.2 |
|
5
Other Segment Information
(unaudited, in millions)
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. |
|
$ |
68.5 |
|
|
$ |
59.5 |
|
|
$ |
463.9 |
|
|
$ |
255.7 |
|
International |
|
|
11.1 |
|
|
|
14.0 |
|
|
|
130.2 |
|
|
|
80.8 |
|
Total Adjusted EBITDA |
|
$ |
79.6 |
|
|
$ |
73.5 |
|
|
$ |
594.1 |
|
|
$ |
336.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. |
|
$ |
40.8 |
|
|
$ |
36.5 |
|
|
$ |
111.5 |
|
|
$ |
87.2 |
|
International |
|
|
19.0 |
|
|
|
8.9 |
|
|
|
38.0 |
|
|
|
23.5 |
|
Total capital expenditures |
|
$ |
59.8 |
|
|
$ |
45.4 |
|
|
$ |
149.5 |
|
|
$ |
110.7 |
|
Reconciliation of Adjusted EBITDA
(unaudited, in millions)
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Net (loss) income |
|
$ |
(17.6 |
) |
|
$ |
(98.8 |
) |
|
$ |
191.5 |
|
|
$ |
(268.0 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense (benefit) |
|
|
0.1 |
|
|
|
(3.3 |
) |
|
|
29.9 |
|
|
|
3.0 |
|
Interest expense (1) |
|
|
38.4 |
|
|
|
40.7 |
|
|
|
150.4 |
|
|
|
155.3 |
|
Other (income) expense, net (2) |
|
|
(0.7 |
) |
|
|
4.4 |
|
|
|
(19.6 |
) |
|
|
23.6 |
|
Cash distributions from other equity investees (3) |
|
|
2.5 |
|
|
|
5.4 |
|
|
|
5.7 |
|
|
|
6.9 |
|
Depreciation and amortization |
|
|
49.9 |
|
|
|
57.2 |
|
|
|
209.5 |
|
|
|
238.2 |
|
Impairment of long-lived assets |
|
|
4.5 |
|
|
|
66.6 |
|
|
|
16.6 |
|
|
|
174.1 |
|
Restructuring costs |
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
(0.5 |
) |
Loss (gain) on disposal of assets and other |
|
|
1.1 |
|
|
|
(0.4 |
) |
|
|
(7.7 |
) |
|
|
(6.8 |
) |
Loss on debt extinguishment and refinancing |
|
|
— |
|
|
|
— |
|
|
|
10.7 |
|
|
|
— |
|
Non-cash rent |
|
|
(4.7 |
) |
|
|
(3.3 |
) |
|
|
(17.9 |
) |
|
|
(10.8 |
) |
Share-based awards compensation expense (4) |
|
|
6.1 |
|
|
|
5.3 |
|
|
|
25.0 |
|
|
|
21.5 |
|
Adjusted EBITDA |
|
$ |
79.6 |
|
|
$ |
73.5 |
|
|
$ |
594.1 |
|
|
$ |
336.5 |
|
6