Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

v3.22.2.2
Segments (Tables)
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Operating Segment

Below is a breakdown of selected financial information by reportable operating segment for Holdings:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

514.4

 

 

$

376.3

 

 

$

1,491.6

 

 

$

743.0

 

International

 

 

138.7

 

 

 

59.3

 

 

 

370.5

 

 

 

101.9

 

Eliminations

 

 

(2.7

)

 

 

(0.8

)

 

 

(7.1

)

 

 

(1.1

)

Total revenue

 

$

650.4

 

 

$

434.8

 

 

$

1,855.0

 

 

$

843.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

70.7

 

 

$

44.8

 

 

$

196.2

 

 

$

(31.7

)

International

 

 

28.8

 

 

 

(0.5

)

 

 

66.8

 

 

 

(27.8

)

Total Adjusted EBITDA

 

$

99.5

 

 

$

44.3

 

 

$

263.0

 

 

$

(59.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

20.2

 

 

$

22.4

 

 

$

50.7

 

 

$

47.5

 

International

 

 

4.5

 

 

 

2.0

 

 

 

14.6

 

 

 

9.7

 

Total capital expenditures

 

$

24.7

 

 

$

24.4

 

 

$

65.3

 

 

$

57.2

 

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

The following table sets forth a reconciliation of net loss to Adjusted EBITDA for Holdings:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(23.9

)

 

$

(77.6

)

 

$

(169.2

)

 

$

(428.7

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

3.4

 

 

 

(8.9

)

 

 

6.3

 

 

 

(15.6

)

Interest expense (1)

 

 

38.4

 

 

 

38.0

 

 

 

114.6

 

 

 

111.6

 

Other expense, net (2)

 

 

4.5

 

 

 

12.5

 

 

 

19.2

 

 

 

35.3

 

Cash distributions from other equity investees (3)

 

 

 

 

 

 

 

 

1.5

 

 

 

0.2

 

Depreciation and amortization

 

 

58.3

 

 

 

67.2

 

 

 

181.0

 

 

 

202.3

 

Impairment of long-lived and other assets

 

 

15.2

 

 

 

7.5

 

 

 

107.5

 

 

 

7.5

 

Restructuring costs

 

 

 

 

 

(0.4

)

 

 

(0.2

)

 

 

(1.3

)

(Gain) loss on disposal of assets and other

 

 

1.2

 

 

 

1.1

 

 

 

(6.4

)

 

 

7.9

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

6.5

 

Non-cash rent expense

 

 

(2.8

)

 

 

(1.1

)

 

 

(7.5

)

 

 

(1.8

)

Share based awards compensation expense

 

 

5.2

 

 

 

6.0

 

 

 

16.2

 

 

 

16.6

 

Adjusted EBITDA

 

$

99.5

 

 

$

44.3

 

 

$

263.0

 

 

$

(59.5

)

(1)
Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements.
(2)
Includes interest income, foreign currency exchange (gain) loss and equity in loss of affiliates.
(3)
Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 9). These distributions are reported entirely within the U.S. operating segment.
Selected Financial Information by Geographic Area

Below is a breakdown of selected financial information for the Company by geographic area:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenue

 

2022

 

 

2021

 

 

2022

 

 

2021

 

U.S.

 

$

514.4

 

 

$

376.3

 

 

$

1,491.6

 

 

$

743.0

 

Brazil

 

 

45.2

 

 

 

20.6

 

 

 

133.1

 

 

 

30.5

 

Other international countries

 

 

93.5

 

 

 

38.6

 

 

 

237.4

 

 

 

71.4

 

Eliminations

 

 

(2.7

)

 

 

(0.7

)

 

 

(7.1

)

 

 

(1.1

)

Total

 

$

650.4

 

 

$

434.8

 

 

$

1,855.0

 

 

$

843.8

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment, net

 

September 30, 2022

 

 

December 31, 2021

 

U.S.

 

$

1,105.4

 

 

$

1,208.7

 

Brazil

 

 

49.6

 

 

 

56.8

 

Other international countries

 

 

105.0

 

 

 

117.4

 

Total

 

$

1,260.0

 

 

$

1,382.9