CNK 8-K
Cinemark Holdings, Inc. (CNK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 1, 2025, we announced our financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On August 1, 2025, we announced our financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The information furnished pursuant to Items 2.02 and 7.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into any of our filings with the SEC under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing, and shall not be deemed to be “filed” with the SEC under the Securities Exchange Act of 1934, as amended.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CINEMARK HOLDINGS, INC. |
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Date: August 1, 2025 |
By: |
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/s/ Michael D. Cavalier |
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Name: |
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Michael D. Cavalier |
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Title: |
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Executive Vice President - General Counsel |
Exhibit 99.1
CINEMARK HOLDINGS, INC. REPORTS SECOND QUARTER 2025 RESULTS
Grew Total Revenue 28% year-over-year to $941 million
Reported $95 million of Net Income and delivered our second-highest quarterly
Adjusted EBITDA of all time at $232 million, with a robust 24.7% Adjusted EBITDA Margin
Generated $276 million in Cash from Operating Activities with $246 million of Free Cash Flow
Plano, TX, August 1, 2025 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three and six months ended June 30, 2025.
“The second quarter once again showcased the strength and resilience of theatrical exhibition as a surge in summer moviegoing momentum reflected the enduring consumer appeal for larger-than-life cinematic experiences,” stated Sean Gamble, Cinemark’s President and CEO. “Cinemark fully capitalized on the robust second quarter film slate to deliver record-level results, including multiple box office achievements, all-time high food and beverage per caps, our highest domestic quarterly revenue ever, and one of our most profitable quarters in the history of our company. Our ability to consistently deliver solid, industry-outperforming results is rooted in our strong financial and operating foundation, the distinctive competitive advantages we’ve cultivated over time, and the benefits we continue to derive from our ongoing strategic initiatives. As we look ahead, we remain highly encouraged about the trajectory of our industry and believe Cinemark is exceptionally well-positioned to continue thriving in the years to come.”
Q2 2025 Earnings Highlights
for upcoming films, and increase consumer engagement with Cinemark.
1
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended June 30, 2025 increased 28.1% to $940.5 million compared with $734.2 million for the three months ended June 30, 2024. For the three months ended June 30, 2025, admissions revenue increased 27.7% to $467.1 million while concession revenue increased 29.0% to $377.7 million, with a 15.8% increase in attendance to 57.9 million patrons. Worldwide average ticket price was $8.07 and concession revenue per patron was $6.52.
Net income attributable to Cinemark Holdings, Inc. for the three months ended June 30, 2025 was $93.5 million compared with $45.8 million for the three months ended June 30, 2024. Diluted income per share for the three months ended June 30, 2025 was $0.63 compared with $0.32 for the three months ended June 30, 2024.
Adjusted EBITDA for the three months ended June 30, 2025 was $232.2 million compared with $142.1 million for the three months ended June 30, 2024 . Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
Cinemark Holdings, Inc.’s total revenue for the six months ended June 30, 2025 increased 12.8% to $1,481.2 million compared with $1,313.4 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, admissions revenue increased 11.5% to $731.2 million while concession revenue increased 13.7% to $588.1 million, with a 5.4% increase in attendance to 94.5 million patrons. Worldwide average ticket price was $7.74 and concession revenue per patron was $6.22.
Net income attributable to Cinemark Holdings, Inc. for the six months ended June 30, 2025 was $54.6 million compared with $70.6 million for the six months ended June 30, 2024. Diluted income per share for the six months ended June 30, 2025 was $0.38 compared with $0.51 for the six months ended June 30, 2024.
Adjusted EBITDA for the six months ended June 30, 2025 was $268.6 million compared with $212.8 million for the six months ended June 30, 2024. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
Webcast – Today at 8:30 AM ET
Live Webcast/Replay: Available at https://ir.cinemark.com. A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theater companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of June 30, 2025 operated 497 theaters with 5,647 screens in 42 states domestically and 13 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.
Investor Relations Contact:
Chanda Brashears – 972-665-1671 or [email protected]
Media Contact:
Julia McCartha – 972-665-1322 or [email protected]
2
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management’s assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include:
You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company's Annual Report on Form 10-K filed February 19, 2025. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
3
Cinemark Holdings, Inc.
Financial and Operating Summary
(unaudited, in millions, except per share amounts)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Statement of income data: |
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Revenue |
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Admissions |
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$ |
467.1 |
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$ |
365.8 |
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$ |
731.2 |
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$ |
655.6 |
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Concession |
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377.7 |
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292.9 |
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588.1 |
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517.1 |
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Other |
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95.7 |
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75.5 |
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161.9 |
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140.7 |
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Total revenue |
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$ |
940.5 |
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$ |
734.2 |
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$ |
1,481.2 |
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$ |
1,313.4 |
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Cost of operations |
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Film rentals and advertising |
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270.8 |
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204.0 |
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412.2 |
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358.3 |
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Concession supplies |
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73.1 |
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56.6 |
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117.4 |
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100.6 |
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Salaries and wages |
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109.4 |
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97.3 |
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199.7 |
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184.2 |
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Facility lease expense |
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82.9 |
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81.5 |
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161.2 |
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158.8 |
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Utilities and other |
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124.7 |
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104.7 |
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230.4 |
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205.1 |
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General and administrative expenses |
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54.1 |
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55.7 |
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108.6 |
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104.6 |
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Depreciation and amortization |
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49.4 |
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49.8 |
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98.9 |
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99.2 |
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Impairment of long-lived and other assets |
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1.6 |
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— |
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1.6 |
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— |
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Loss (gain) on disposal of assets and other |
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1.0 |
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1.7 |
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(3.1 |
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2.1 |
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Total cost of operations |
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767.0 |
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651.3 |
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1,326.9 |
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1,212.9 |
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Operating income |
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173.5 |
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82.9 |
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154.3 |
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100.5 |
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Other income (expense) |
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Interest expense |
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(39.4 |
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(34.6 |
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(77.9 |
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(72.3 |
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Interest income |
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11.2 |
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12.5 |
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23.2 |
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26.1 |
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Loss on debt amendments and extinguishments |
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(1.5 |
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(2.5 |
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(1.5 |
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(2.5 |
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Foreign currency exchange loss |
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(1.0 |
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(6.3 |
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(0.5 |
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(4.9 |
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Distributions from NCMI/NCM |
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1.4 |
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— |
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1.4 |
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— |
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Interest expense - NCM |
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(5.3 |
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(5.6 |
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(10.7 |
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(11.1 |
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Equity in income of affiliates |
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2.6 |
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2.5 |
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3.5 |
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6.3 |
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Net (loss) gain on investment in NCMI |
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(4.3 |
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(3.2 |
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(7.9 |
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1.2 |
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Income before income taxes |
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137.2 |
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45.7 |
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83.9 |
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43.3 |
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Income tax expense (benefit) |
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42.5 |
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(0.9 |
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27.8 |
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(28.6 |
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Net income |
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$ |
94.7 |
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$ |
46.6 |
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$ |
56.1 |
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$ |
71.9 |
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Less: Net income attributable to noncontrolling interests |
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1.2 |
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0.8 |
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1.5 |
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1.3 |
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Net income attributable to Cinemark Holdings, Inc. |
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$ |
93.5 |
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$ |
45.8 |
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$ |
54.6 |
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$ |
70.6 |
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Net income per share attributable to Cinemark Holdings, Inc.'s common stockholders |
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Basic |
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$ |
0.81 |
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$ |
0.37 |
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$ |
0.46 |
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$ |
0.58 |
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Diluted |
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$ |
0.63 |
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$ |
0.32 |
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$ |
0.38 |
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$ |
0.51 |
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Weighted average shares outstanding |
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Basic |
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113.5 |
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119.9 |
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116.4 |
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119.7 |
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Diluted |
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149.1 |
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153.4 |
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155.0 |
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153.3 |
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4
Other Operating Data
(unaudited, in millions)
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As of |
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June 30, 2025 |
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December 31, 2024 |
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Balance sheet data: |
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Cash and cash equivalents |
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$ |
931.6 |
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$ |
1,057.3 |
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Theater properties and equipment, net |
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$ |
1,118.3 |
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$ |
1,145.1 |
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Total assets |
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$ |
4,914.7 |
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$ |
5,067.0 |
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Total long-term debt, net of unamortized debt issuance costs and original issue discount |
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$ |
2,336.3 |
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$ |
2,334.7 |
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Total equity |
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$ |
457.0 |
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$ |
603.4 |
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Six Months Ended June 30, |
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2025 |
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2024 |
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Cash flows provided by (used for): |
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Operating activities (1) |
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$ |
156.8 |
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$ |
162.2 |
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Investing activities |
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$ |
(45.2 |
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$ |
(46.4 |
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Financing activities |
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$ |
(246.3 |
) |
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$ |
(168.1 |
) |
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Six Months Ended June 30, |
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2025 |
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2024 |
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Reconciliation of free cash flow: |
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Cash flows provided by operating activities |
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$ |
156.8 |
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$ |
162.2 |
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Less: capital expenditures |
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52.2 |
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47.2 |
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Free cash flow |
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$ |
104.6 |
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$ |
115.0 |
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Segment Information
(unaudited, in millions, except per patron data)
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U.S. Reportable Segment |
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International Reportable Segment |
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Consolidated |
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Three Months Ended June 30, |
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Three Months Ended June 30, |
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Three Months Ended June 30, |
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Revenue and Attendance |
2025 |
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2024 |
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2025 |
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2024 |
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Constant |
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2025 |
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2024 |
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Admissions revenue |
$ |
383.4 |
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$ |
287.4 |
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$ |
83.7 |
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$ |
78.4 |
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$ |
92.3 |
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$ |
467.1 |
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$ |
365.8 |
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Concession revenue |
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307.6 |
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231.4 |
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70.1 |
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61.5 |
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76.7 |
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377.7 |
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292.9 |
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Other revenue |
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68.3 |
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53.2 |
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27.4 |
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22.3 |
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30.7 |
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|
95.7 |
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|
75.5 |
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Total revenue |
$ |
759.3 |
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$ |
572.0 |
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$ |
181.2 |
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$ |
162.2 |
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$ |
199.7 |
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$ |
940.5 |
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$ |
734.2 |
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Attendance |
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36.9 |
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29.1 |
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21.0 |
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20.9 |
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57.9 |
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50.0 |
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Average ticket price |
$ |
10.39 |
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$ |
9.88 |
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$ |
3.99 |
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$ |
3.75 |
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$ |
4.40 |
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$ |
8.07 |
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$ |
7.32 |
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Concession revenue per patron |
$ |
8.34 |
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$ |
7.95 |
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$ |
3.34 |
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$ |
2.94 |
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$ |
3.65 |
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$ |
6.52 |
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$ |
5.86 |
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Cost of Operations |
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Film rentals and advertising |
$ |
227.7 |
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$ |
164.6 |
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$ |
43.1 |
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$ |
39.4 |
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$ |
47.8 |
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$ |
270.8 |
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$ |
204.0 |
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Concession supplies |
$ |
57.0 |
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$ |
43.2 |
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$ |
16.1 |
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$ |
13.4 |
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$ |
17.6 |
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$ |
73.1 |
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$ |
56.6 |
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Salaries and wages |
$ |
90.9 |
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|
$ |
80.8 |
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$ |
18.5 |
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$ |
16.5 |
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$ |
20.5 |
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$ |
109.4 |
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$ |
97.3 |
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Facility lease expense |
$ |
62.2 |
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|
$ |
60.0 |
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$ |
20.7 |
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$ |
21.5 |
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$ |
22.4 |
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|
$ |
82.9 |
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|
$ |
81.5 |
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Utilities and other |
$ |
97.7 |
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|
$ |
80.1 |
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|
$ |
27.0 |
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|
$ |
24.6 |
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$ |
29.9 |
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$ |
124.7 |
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$ |
104.7 |
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U.S. Reportable Segment |
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International Reportable Segment |
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Consolidated |
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Six Months Ended June 30, |
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Six Months Ended June 30, |
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Six Months Ended June 30, |
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Revenue and Attendance |
2025 |
|
|
2024 |
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|
2025 |
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|
2024 |
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Constant |
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|
2025 |
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|
2024 |
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Admissions revenue |
$ |
591.0 |
|
|
$ |
519.2 |
|
|
$ |
140.2 |
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|
$ |
136.4 |
|
|
$ |
157.4 |
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|
$ |
731.2 |
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|
$ |
655.6 |
|
Concession revenue |
|
472.0 |
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|
|
410.0 |
|
|
|
116.1 |
|
|
|
107.1 |
|
|
|
128.9 |
|
|
|
588.1 |
|
|
|
517.1 |
|
Other revenue |
|
113.4 |
|
|
|
99.8 |
|
|
|
48.5 |
|
|
|
40.9 |
|
|
|
55.2 |
|
|
|
161.9 |
|
|
|
140.7 |
|
Total revenue |
$ |
1,176.4 |
|
|
$ |
1,029.0 |
|
|
$ |
304.8 |
|
|
$ |
284.4 |
|
|
$ |
341.5 |
|
|
$ |
1,481.2 |
|
|
$ |
1,313.4 |
|
Attendance |
|
57.5 |
|
|
|
52.7 |
|
|
|
37.0 |
|
|
|
37.0 |
|
|
|
|
|
|
94.5 |
|
|
|
89.7 |
|
|
Average ticket price |
$ |
10.28 |
|
|
$ |
9.85 |
|
|
$ |
3.79 |
|
|
$ |
3.69 |
|
|
$ |
4.25 |
|
|
$ |
7.74 |
|
|
$ |
7.31 |
|
Concession revenue per patron |
$ |
8.21 |
|
|
$ |
7.78 |
|
|
$ |
3.14 |
|
|
$ |
2.89 |
|
|
$ |
3.48 |
|
|
$ |
6.22 |
|
|
$ |
5.76 |
|
Cost of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Film rentals and advertising |
$ |
340.9 |
|
|
$ |
290.9 |
|
|
$ |
71.3 |
|
|
$ |
67.4 |
|
|
$ |
80.3 |
|
|
$ |
412.2 |
|
|
$ |
358.3 |
|
Concession supplies |
$ |
90.8 |
|
|
$ |
77.5 |
|
|
$ |
26.6 |
|
|
$ |
23.1 |
|
|
$ |
29.5 |
|
|
$ |
117.4 |
|
|
$ |
100.6 |
|
Salaries and wages |
$ |
165.5 |
|
|
$ |
153.3 |
|
|
$ |
34.2 |
|
|
$ |
30.9 |
|
|
$ |
38.4 |
|
|
$ |
199.7 |
|
|
$ |
184.2 |
|
Facility lease expense |
$ |
122.4 |
|
|
$ |
120.5 |
|
|
$ |
38.8 |
|
|
$ |
38.3 |
|
|
$ |
42.6 |
|
|
$ |
161.2 |
|
|
$ |
158.8 |
|
Utilities and other |
$ |
179.5 |
|
|
$ |
158.4 |
|
|
$ |
50.9 |
|
|
$ |
46.7 |
|
|
$ |
57.2 |
|
|
$ |
230.4 |
|
|
$ |
205.1 |
|
(1) Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2024. We translate the results of our international reportable segment from local currencies into U.S. dollars using currency rates in effect at different points in time in accordance with U.S. GAAP. Significant changes in foreign currency exchange rates from one period to the next can result in meaningful variations in reported results. We are providing constant currency amounts for our international reportable segment to present a period-to-period comparison of business performance that excludes the impact of foreign currency fluctuations.
5
Other Segment Information
(unaudited, in millions)
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
June 30, |
|
June 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
|
U.S. |
|
$188.1 |
|
$108.8 |
|
$208.1 |
|
$157.9 |
International |
|
44.1 |
|
33.3 |
|
60.5 |
|
54.9 |
Total Adjusted EBITDA (1) |
|
$232.2 |
|
$142.1 |
|
$268.6 |
|
$212.8 |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
|
|
|
|
|
|
U.S. |
|
$25.0 |
|
$16.1 |
|
$41.9 |
|
$34.2 |
International |
|
5.1 |
|
7.6 |
|
10.3 |
|
13.0 |
Total capital expenditures |
|
$30.1 |
|
$23.7 |
|
$52.2 |
|
$47.2 |
Reconciliation of Adjusted EBITDA
(unaudited, in millions)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net income |
|
$ |
94.7 |
|
|
$ |
46.6 |
|
|
$ |
56.1 |
|
|
$ |
71.9 |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense (benefit) |
|
|
42.5 |
|
|
|
(0.9 |
) |
|
|
27.8 |
|
|
|
(28.6 |
) |
Interest expense (1) |
|
|
39.4 |
|
|
|
34.6 |
|
|
|
77.9 |
|
|
|
72.3 |
|
Other (income) loss, net (2) |
|
|
(4.6 |
) |
|
|
0.1 |
|
|
|
(9.0 |
) |
|
|
(17.6 |
) |
Cash distributions from equity investees (3) |
|
|
1.9 |
|
|
|
1.6 |
|
|
|
6.7 |
|
|
|
2.9 |
|
Depreciation and amortization |
|
|
49.4 |
|
|
|
49.8 |
|
|
|
98.9 |
|
|
|
99.2 |
|
Impairment of long-lived and other assets |
|
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
Loss (gain) on disposal of assets and other |
|
|
1.0 |
|
|
|
1.7 |
|
|
|
(3.1 |
) |
|
|
2.1 |
|
Loss on debt amendments and extinguishments |
|
|
1.5 |
|
|
|
2.5 |
|
|
|
1.5 |
|
|
|
2.5 |
|
Non-cash rent expense |
|
|
(2.8 |
) |
|
|
(3.2 |
) |
|
|
(5.6 |
) |
|
|
(7.6 |
) |
Share-based awards compensation expense (4) |
|
|
7.6 |
|
|
|
9.3 |
|
|
|
15.8 |
|
|
|
15.7 |
|
Adjusted EBITDA |
|
$ |
232.2 |
|
|
$ |
142.1 |
|
|
$ |
268.6 |
|
|
$ |
212.8 |
|
6