v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Cash flows from operating activities:      
Net Income (Loss) $ (298.2) $ (19.2) $ (505.0)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 79.4 227.6 233.3
Loss on extinguishment of debt 196.0 63.7 196.0
Gain on derivatives   (2.0) (52.1)
Deferred income taxes   0.8 1.3
Gains on investments in Hycroft   (15.9) (11.8)
Impairment of equity security without readily determinable fair value 10.3   10.3
Amortization of net discount on corporate borrowings to interest expense   5.2 11.4
Amortization of deferred financing costs to interest expense   15.4 7.3
PIK interest expense   46.7 28.7
Non-cash portion of stock-based compensation   31.3 17.7
Equity in earnings from non-consolidated entities, net of distributions   (4.2) 0.5
Lease incentives   39.4 27.5
Non-cash rent benefit   (89.5) (82.6)
Net periodic pension cost 0.3 1.5 0.9
Change in assets and liabilities:      
Receivables   67.7 68.8
Other assets   (25.2) (0.9)
Accounts payable   (89.9) (119.9)
Accrued expenses and other liabilities   27.4 (48.6)
Other, net   2.7 (29.3)
Net cash provided by (used in) operating activities   283.5 (246.5)
Cash flows from investing activities:      
Capital expenditures   (158.8) (162.7)
Proceeds from disposition of long-term assets   2.3 1.6
Proceeds from sale of Hycroft   29.7  
Investment in non-consolidated entities     (4.0)
Other, net     1.2
Net cash used in investing activities   (126.8) (163.9)
Cash flows from financing activities:      
Net proceeds from equity issuances   333.6 169.6
Principal payments under finance lease obligations   (4.6) (3.0)
Cash used to pay deferred financing costs   (26.0) (37.6)
Debt extinguishment costs     (2.4)
Taxes paid for restricted unit withholdings   (3.7) (4.4)
Net cash provided by financing activities   161.5 134.3
Effect of exchange rate changes on cash and cash equivalents and restricted cash   (4.0) 12.2
Net increase (decrease) in cash and cash equivalents and restricted cash   314.2 (263.9)
Cash and cash equivalents and restricted cash at beginning of period   477.3 680.8
Cash and cash equivalents and restricted cash at end of period 416.9 791.5 416.9
Cash paid during the period for:      
Interest   270.9 285.5
Income taxes paid, net   4.5 4.4
Schedule of non-cash activities:      
Construction payables at period end 51.7 67.8 51.7
Consent fees paid with shares of Common Stock   34.5  
Other third-party equity issuance costs payable   0.4  
Deferred financing costs payable   0.2 3.4
Odeon Term Loan Due 2031      
Cash flows from financing activities:      
Proceeds from issuance   416.5  
Odeon Senior Secured Notes due 2027      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss on extinguishment of debt   30.1  
Cash flows from financing activities:      
Principal payments of secured debt   (400.0)  
Debt extinguishment costs   (12.8)  
Senior Subordinated Notes due 2027      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss on extinguishment of debt   0.6  
Cash flows from financing activities:      
Principal payments under Senior Subordinated Notes   (125.5)  
Senior Secured Notes due 2029      
Cash flows from financing activities:      
Proceeds from issuance     244.4
Second Lien Notes due 2026      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss on extinguishment of debt (6.6)    
Cash flows from financing activities:      
Principal payments under Senior Subordinated Notes     (131.2)
Senior Subordinated Notes due 2025      
Cash flows from financing activities:      
Principal payments under Senior Subordinated Notes due 2025     (42.8)
Repurchase of Senior Subordinated Notes due 2025     (1.3)
Senior Subordinated Notes due 2026      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss on extinguishment of debt 0.3   0.3
Cash flows from financing activities:      
Principal payments under Senior Subordinated Notes due 2025     (41.9)
6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss on extinguishment of debt 103.3   103.3
Gain on derivatives (1.4) 9.1 (42.6)
Amortization of net discount on corporate borrowings to interest expense   2.1  
Amortization of deferred financing costs to interest expense   0.4  
Schedule of non-cash activities:      
Debt instrument exchange     143.0 [1]
Senior Secured Exchangeable Notes due 2030      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss on extinguishment of debt   33.0  
Gain on derivatives (9.5) (11.1) (9.5)
Amortization of net discount on corporate borrowings to interest expense   3.4  
Amortization of deferred financing costs to interest expense   0.8  
Schedule of non-cash activities:      
Debt instrument exchange   192.9 194.4 [1]
Cancellation of Senior Secured Exchangeable Notes due 2030 pursuant to principal adjustment feature Principal only     39.9 [1]
First Lien Notes due 2029      
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Loss on extinguishment of debt $ 99.0   99.0
Schedule of non-cash activities:      
Debt instrument exchange     599.6 [1]
Term loan      
Cash flows from financing activities:      
Principal payments of secured debt   $ (16.0) $ (15.1)
[1] See Note 1—Basis of Presentation and Note 5—Corporate Borrowings and Finance Lease Liabilities for further information on debt extinguishments and refinancing transactions.