Quarterly report pursuant to Section 13 or 15(d)

Investment in National CineMedia LLC (Tables)

v3.22.1
Investment in National CineMedia LLC (Tables)
 3 Months Ended
Mar. 31, 2022
Aggregate Amount of Transaction Price Allocated to Performance Obligationt that are Unsatisfied and Expected to be Recognized

The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2022 and when the Company expects to recognize this revenue.

 

 

Twelve Months Ended March 31,

 

 

 

 

 

 

 

Remaining Performance Obligations

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Other deferred revenues

 

$

152.1

 

 

$

19.6

 

 

$

—

 

 

$

171.7

 
N C M Screen Advertising Advances  
Aggregate Amount of Transaction Price Allocated to Performance Obligationt that are Unsatisfied and Expected to be Recognized

The deferred NCM screen advertising advances are recorded on a straight-line basis over the term of the amended ESA through February 2041. The table below summarizes when the Company expects to recognize these revenues:

 

 

Twelve Months Ended March 31,

 

 

 

 

 

 

 

Remaining Maturity

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

NCM screen advertising advances (1)

 

$

9.3

 

 

$

9.9

 

 

$

10.6

 

 

$

11.3

 

 

$

12.1

 

 

$

290.6

 

 

$

343.8

 
Amounts are net of the estimated interest to be accrued for the periods presented. See discussion of significant financing component below.
NCM  
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements

Below is a summary of activity with NCM included in the Company’s condensed consolidated financial statements:

 

 

Investment
in NCM

 

NCM Screen Advertising Advances

 

Equity in
Loss

 

Other
Revenue

 

Interest
Expense - NCM

 

Cash
Received (2)

 

Balance as of January 1, 2022

 

$

135.4

 

$

(346.0

)

 

 

 

 

 

 

 

 

Screen rental revenues earned under ESA (1)

 

 

—

 

 

—

 

$

—

 

$

(4.2

)

$

—

 

$

4.2

 

Interest accrued related to significant financing component

 

 

—

 

 

(5.8

)

 

—

 

 

—

 

 

5.8

 

 

—

 

Equity in loss

 

 

(3.5

)

 

—

 

 

3.5

 

 

—

 

 

—

 

 

—

 

Amortization of screen advertising advances

 

 

—

 

 

8.0

 

 

—

 

 

(8.0

)

 

—

 

 

—

 

Balance as of and for the three months ended March 31, 2022

 

$

131.9

 

$

(343.8

)

$

3.5

 

$

(12.2

)

$

5.8

 

$

4.2

 
(1)
Amounts include the per patron and per digital screen theatre access fees due to the Company, net of amounts due to NCM for on-screen advertising time provided to the Company’s beverage concessionaire of approximately $1.5.
(2)
The Company had a receivable from NCM of $6.2 as of March 31, 2022.
Summary Financial Information

NCM Financial Information

Below is summary financial information for NCM for the periods indicated:

 

 

Three Months Ended

 

 

Three Months ended

 

 

 

March 31, 2022

 

 

April 1, 2021

 

Gross revenues

 

$

35.9

 

 

$

5.4

 

Operating loss

 

$

(22.5

)

 

$

(28.3

)

Net loss

 

$

(39.5

)

 

$

(43.5

)

 

 

 

As of

 

 

As of

 

 

 

March 31, 2022

 

 

December 30, 2021

 

Current assets

 

$

125.9

 

 

$

115.4

 

Noncurrent assets

 

$

656.8

 

 

$

658.0

 

Current liabilities

 

$

56.7

 

 

$

67.2

 

Noncurrent liabilities

 

$

1,163.1

 

 

$

1,114.7

 

Members equity

 

$

(437.1

)

 

$

(408.5

)