SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

SEGMENT REPORTING

Reconciliation of Revenue from Segments to Consolidated


		Three Months Ended
		March 31, 2026
(In millions)		U.S. Markets			International Markets			Consolidated
Revenues (1)		$	740.8		$	304.6		$	1,045.4
Less:
Film exhibition costs			186.6			69.0			255.6
Food and beverage costs			44.3			22.1			66.4
Operating expense, excluding depreciation and amortization (2)			293.3			114.3			407.6
Rent			162.4			61.7			224.1
General and administrative expense - other, excluding depreciation and amortization (3)			32.3			21.3			53.6
Other segment items (4)			—			(0.2)			(0.2)
Adjusted EBITDA		$	21.9		$	16.4		$	38.3


		Three Months Ended
		March 31, 2025
(In millions)		U.S. Markets			International Markets			Consolidated
Revenues (1)		$	617.0		$	245.5		$	862.5
Less:
Film exhibition costs			151.2			53.6			204.8
Food and beverage costs			41.0			16.2			57.2
Operating expense, excluding depreciation and amortization (2)			287.1			103.3			390.4
Rent			162.6			55.5			218.1
General and administrative expense - other, excluding depreciation and amortization (3)			32.2			18.1			50.3
Other segment items (4)			—			(0.6)			(0.6)
Adjusted EBITDA		$	(57.1)		$	(0.6)		$	(57.7)

(1)

All segment revenues are comprised of revenues from external customers.

(2)

Operating expense, excluding depreciation and amortization excludes certain expenses 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, and attributable EBITDA from International theatre joint ventures.

Segment, Reconciliation of Other Items from Segments to Consolidated


		Three Months Ended
		March 31, 2026
(In millions)		U.S. Markets			International Markets			Consolidated
Depreciation and amortization		$	57.1		$	18.6		$	75.7
Income tax provision			0.5			1.7			2.2
Other expense (income)			(58.9)			9.2			(49.7)
Other significant noncash items:
Stock-based compensation expense			6.6			0.7			7.3
Equity in earnings of non-consolidated entities			(2.6)			(0.1)			(2.7)
Capital expenditures			34.7			11.5			46.2


		Three Months Ended
		March 31, 2025
(In millions)		U.S. Markets			International Markets			Consolidated
Depreciation and amortization		$	58.8		$	17.3		$	76.1
Income tax provision			0.9			0.7			1.6
Other income			(44.7)			(13.3)			(58.0)
Other significant noncash items:
Stock-based compensation expense			5.5			0.2			5.7
Equity in earnings of non-consolidated entities			(0.7)			(0.1)			(0.8)
Capital expenditures			31.8			15.2			47.0

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
(In millions)		March 31, 2026			March 31, 2025
Net loss		$	(117.1)		$	(202.1)
Plus:
Income tax provision (1)			2.2			1.6
Interest expense			139.9			119.1
Depreciation and amortization			75.7			76.1
Certain operating expense (income) (2)			(0.3)			2.8
Equity in earnings of non-consolidated entities (3)			(2.7)			(0.8)
Attributable EBITDA (4)			0.2			0.4
Investment income (5)			(18.3)			(5.7)
Other income (6)			(49.7)			(57.8)
Merger, acquisition and other costs (7)			1.1			3.0
Stock-based compensation expense (8)			7.3			5.7
Adjusted EBITDA		$	38.3		$	(57.7)

(1)

For information regarding the income tax provision, see Note 7—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, 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 March 31, 2026 primarily consisted of equity in earnings from AC JV, LLC (“AC JV”) of $(2.4) million. Equity in earnings of non-consolidated entities during the three months ended March 31, 2025 primarily consisted of equity in earnings from AC JV of $(0.8) 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 are in theatre operators 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
(In millions)		March 31, 2026			March 31, 2025
Equity in (earnings) of non-consolidated entities		$	(2.7)		$	(0.8)
Less:
Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures			(2.7)			(0.8)
Equity in earnings of International theatre joint ventures			—			—
Depreciation and amortization			0.2			0.4
Attributable EBITDA		$	0.2		$	0.4

(5)

Investment income during the three months ended March 31, 2026 includes realized and unrealized gains on the Company’s investments in Hycroft of $(18.0) million and interest income of $(0.3) million. Investment income during the three months ended March 31, 2025 included interest income of $(2.9) million and unrealized gains on the Company’s investments in Hycroft of $(2.8) million.

(6)

Other income during the three months ended March 31, 2026 includes a decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(52.4) million and a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(7.1) million, partially offset by foreign currency transaction losses of $9.0 million, net periodic pension cost of $0.5 million, and debt modification third party fees of $0.3 million. Other income during the three months ended March 31, 2025 included a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(45.1) million and foreign currency transaction gains of $(13.0) million, partially offset by $0.3

million of net periodic pension cost.

(7)

Merger, acquisition and other costs are excluded as they are non-operating in nature.

(8)

Non-cash expense included in general and administrative: other.