| Reconciliation of Revenue from Segments to Consolidated |
| | | | | | | | | | | | Three Months Ended | | | June 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,114.2 | | $ | 283.7 | | $ | 1,397.9 | Less: | | | | | | | | | | Film exhibition costs | | | 325.6 | | | 66.5 | | | 392.1 | Food and beverage costs | | | 72.8 | | | 23.3 | | | 96.1 | Operating expense, excluding depreciation and amortization (2) | | | 342.3 | | | 113.5 | | | 455.8 | Rent | | | 162.7 | | | 59.9 | | | 222.6 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 29.5 | | | 22.7 | | | 52.2 | Other segment items (4) | | | 0.3 | | | (10.4) | | | (10.1) | Adjusted EBITDA | | $ | 181.0 | | $ | 8.2 | | $ | 189.2 |
| | | | | | | | | | | | Three Months Ended | | | June 30, 2024 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 815.9 | | $ | 214.7 | | $ | 1,030.6 | Less: | | | | | | | | | | Film exhibition costs | | | 224.6 | | | 47.7 | | | 272.3 | Food and beverage costs | | | 53.8 | | | 16.1 | | | 69.9 | Operating expense, excluding depreciation and amortization (2) | | | 293.3 | | | 95.2 | | | 388.5 | Rent | | | 162.6 | | | 55.8 | | | 218.4 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 28.3 | | | 16.2 | | | 44.5 | Other segment items (4) | | | (2.1) | | | 0.6 | | | (1.5) | Adjusted EBITDA | | $ | 55.4 | | $ | (16.9) | | $ | 38.5 |
| | | | | | | | | | | | Six Months Ended | | | June 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,731.2 | | $ | 529.2 | | $ | 2,260.4 | Less: | | | | | | | | | | Film exhibition costs | | | 476.8 | | | 120.1 | | | 596.9 | Food and beverage costs | | | 113.8 | | | 39.5 | | | 153.3 | Operating expense, excluding depreciation and amortization (2) | | | 629.4 | | | 216.8 | | | 846.2 | Rent | | | 325.3 | | | 115.4 | | | 440.7 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 61.7 | | | 40.8 | | | 102.5 | Other segment items (4) | | | 0.6 | | | (11.0) | | | (10.4) | Adjusted EBITDA | | $ | 123.6 | | $ | 7.6 | | $ | 131.2 |
| | | | | | | | | | | | Six Months Ended | | | June 30, 2024 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Revenues (1) | | $ | 1,505.0 | | $ | 477.0 | | $ | 1,982.0 | Less: | | | | | | | | | | Film exhibition costs | | | 401.7 | | | 109.9 | | | 511.6 | Food and beverage costs | | | 98.8 | | | 34.1 | | | 132.9 | Operating expense, excluding depreciation and amortization (2) | | | 580.0 | | | 201.8 | | | 781.8 | Rent | | | 328.3 | | | 114.6 | | | 442.9 | General and administrative expense - other, excluding depreciation and amortization (3) | | | 62.7 | | | 35.2 | | | 97.9 | Other segment items (4) | | | (1.7) | | | (0.7) | | | (2.4) | Adjusted EBITDA | | $ | 35.2 | | $ | (17.9) | | $ | 17.3 |
| (1) | All segment revenues are comprised of revenues from external customers. |
| (2) | Operating expense, excluding depreciation and amortization excludes certain expenses or income as further defined in the reconciliation of net loss to Adjusted EBITDA below. |
| (3) | General and administrative expense—other, excluding depreciation and amortization excludes stock compensation expense. |
| (4) | Other segment items include government assistance, business interruption insurance recoveries, net periodic cost (benefit), and attributable EBITDA from international theatre joint ventures. |
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| Segment, Reconciliation of Other Items from Segments to Consolidated |
| | | | | | | | | | | | Three Months Ended | | | June 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Depreciation and amortization | | $ | 59.1 | | $ | 18.7 | | $ | 77.8 | Income tax provision | | | 0.5 | | | 0.7 | | | 1.2 | Other expense (income) | | | 4.3 | | | (34.3) | | | (30.0) | Other significant noncash items: | | | | | | | | | | Stock-based compensation expense | | | 5.4 | | | 0.6 | | | 6.0 | Equity in earnings of non-consolidated entities | | | (2.0) | | | (0.1) | | | (2.1) | Capital expenditures | | | 34.0 | | | 15.5 | | | 49.5 |
| | | | | | | | | | | | Three Months Ended | | | June 30, 2024 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Depreciation and amortization | | $ | 61.4 | | $ | 17.4 | | $ | 78.8 | Income tax provision | | | 0.6 | | | 0.1 | | | 0.7 | Other income | | | (106.7) | | | (0.5) | | | (107.2) | Other significant noncash items: | | | | | | | | | | Stock-based compensation expense | | | 4.1 | | | 0.4 | | | 4.5 | Equity in (earnings) loss of non-consolidated entities | | | (2.1) | | | 1.1 | | | (1.0) | Capital expenditures | | | 33.8 | | | 10.8 | | | 44.6 |
| | | | | | | | | | | | Six Months Ended | | | June 30, 2025 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Depreciation and amortization | | $ | 117.9 | | $ | 36.0 | | $ | 153.9 | Income tax provision | | | 1.4 | | | 1.4 | | | 2.8 | Other income | | | (40.4) | | | (47.6) | | | (88.0) | Other significant noncash items: | | | | | | | | | | Stock-based compensation expense | | | 10.9 | | | 0.8 | | | 11.7 | Equity in earnings of non-consolidated entities | | | (2.7) | | | (0.2) | | | (2.9) | Capital expenditures | | | 65.8 | | | 30.7 | | | 96.5 |
| | | | | | | | | | | | Six Months Ended | | | June 30, 2024 | (In millions) | | U.S. Markets | | International Markets | | Consolidated | Depreciation and amortization | | $ | 124.9 | | $ | 35.5 | | $ | 160.4 | Income tax provision | | | 1.2 | | | 1.3 | | | 2.5 | Other income | | | (112.1) | | | (34.2) | | | (146.3) | Other significant noncash items: | | | | | | | | | | Stock-based compensation expense | | | 8.3 | | | 0.5 | | | 8.8 | Equity in (earnings) loss of non-consolidated entities | | | (5.6) | | | 0.9 | | | (4.7) | Capital expenditures | | | 65.5 | | | 29.6 | | | 95.1 |
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| Schedule of reconciliation of net earnings to Adjusted EBITDA |
The following table sets forth a reconciliation of net loss to Adjusted EBITDA: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | (In millions) | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Net loss | | $ | (4.7) | | $ | (32.8) | | $ | (206.8) | | $ | (196.3) | Plus: | | | | | | | | | | | | | Income tax provision (1) | | | 1.2 | | | 0.7 | | | 2.8 | | | 2.5 | Interest expense | | | 129.6 | | | 99.0 | | | 248.7 | | | 200.2 | Depreciation and amortization | | | 77.8 | | | 78.8 | | | 153.9 | | | 160.4 | Certain operating expense (2) | | | 2.6 | | | 1.0 | | | 5.4 | | | 1.5 | Equity in earnings of non-consolidated entities (3) | | | (2.1) | | | (1.0) | | | (2.9) | | | (4.7) | Attributable EBITDA (4) | | | 0.1 | | | (0.7) | | | 0.5 | | | (0.1) | Investment income (5) | | | (1.4) | | | (6.1) | | | (7.1) | | | (11.2) | Other income (6) | | | (20.0) | | | (105.0) | | | (78.1) | | | (143.8) | Merger, acquisition and other costs (7) | | | 0.1 | | | 0.1 | | | 3.1 | | | — | Stock-based compensation expense (8) | | | 6.0 | | | 4.5 | | | 11.7 | | | 8.8 | Adjusted EBITDA | | $ | 189.2 | | $ | 38.5 | | $ | 131.2 | | $ | 17.3 |
| (1) | For information regarding the income tax provision, see Note 8—Income Taxes. |
| (2) | Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, non-cash deferred digital equipment rent expense, and disposition of assets and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or related to theatres that are not open. |
| (3) | Equity in earnings of non-consolidated entities during the three months ended June 30, 2025 primarily consisted of equity in earnings from AC JV of $(1.8) million. Equity in earnings of non-consolidated entities during the three months ended June 30, 2024 primarily consisted of equity in earnings from AC JV of $(1.9) million. |
Equity in earnings of non-consolidated entities during the six months ended June 30, 2025 primarily consisted of equity in earnings from AC JV of $(2.6) million. Equity in earnings of non-consolidated entities during the six months ended June 30, 2024 primarily consisted of equity in earnings from AC JV of $(5.2) million. | (4) | Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company’s equity in earnings of non-consolidated entities to attributable EBITDA. Because these equity investments in theatre operators are in regions where the Company holds a significant market share, the Company believes attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | (In millions) | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Equity in (earnings) of non-consolidated entities | | $ | (2.1) | | $ | (1.0) | | $ | (2.9) | | $ | (4.7) | Less: | | | | | | | | | | | | | Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | | | (2.2) | | | (2.1) | | | (3.0) | | | (5.6) | Equity in (loss) of International theatre joint ventures | | | (0.1) | | | (1.1) | | | (0.1) | | | (0.9) | Income tax benefit | | | (0.1) | | | (0.1) | | | (0.1) | | | (0.1) | Investment expense | | | — | | | — | | | — | | | 0.1 | Interest expense | | | 0.1 | | | 0.1 | | | 0.1 | | | 0.1 | Depreciation and amortization | | | 0.2 | | | 0.4 | | | 0.6 | | | 0.7 | Attributable EBITDA | | $ | 0.1 | | $ | (0.7) | | $ | 0.5 | | $ | (0.1) |
| (5) | Investment income during the three months ended June 30, 2025 includes interest income of $(1.7) million, partially offset by decreases in the estimated fair value of the Company’s investment in common shares of Hycroft of $0.1 million and decreases in the estimated fair value of the Company’s investment in warrants to purchase common shares of Hycroft of $0.2 million. Investment income during the three months ended June 30, 2024 included interest income of $(5.4) million, an increase in the estimated fair value of the Company’s investment in common shares of Hycroft of $(0.4) million and an increase in the estimated fair value of the Company's investment in warrants to purchase common shares of Hycroft of $(0.3) million. |
Investment income during the six months ended June 30, 2025 includes interest income of $(4.6) million, increases in the estimated fair value of the Company’s investment in common shares of Hycroft of $(2.3) million, and increases in the estimated fair value of the Company’s investment in warrants to purchase common shares of Hycroft of $(0.2) million. Investment income during the six months ended June 30, 2024 included interest income of $(11.5) million, partially offset by decreases in the estimated fair value of the Company’s investment in common shares of Hycroft of $0.1 million and decreases in the estimated fair value of the Company’s investment in warrants to purchase common shares of Hycroft of $0.2 million. | (6) | Other income during the three months ended June 30, 2025 includes an increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes of $3.9 million and foreign currency transaction gains of $(23.9) million. Other income during the three months ended June 30, 2024 included shareholder litigation recoveries of $(19.1) million, foreign currency transaction gains of $(0.6) |
| | million and gains on debt extinguishment of $(85.3) million. |
Other income during the six months ended June 30, 2025 includes a decrease in fair value of the derivative liability of the embedded conversion feature in the Existing Exchangeable Notes of $(41.2) million and foreign currency transaction gains of $(36.9) million. Other income during the six months ended June 30, 2024 included shareholder litigation recoveries of $(19.1) million, gains on debt extinguishment of $(91.1) million, a vendor dispute settlement of $(36.2) million and foreign currency transaction losses of $2.6 million. | (7) | Merger, acquisition and other costs are excluded as they are non-operating in nature. |
| (8) | Non-cash or non-recurring expense included in general and administrative: other |
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