v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities:      
Net loss $ (632.4) $ (352.6) $ (396.6)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 313.4 319.5 365.0
Loss (gain) on extinguishment of debt 196.0 (38.9) (142.8)
Gain on derivatives (37.4) (75.8)  
Deferred income taxes 1.8 1.5 0.7
Impairment of long-lived assets 43.5 72.3 106.9
Loss (gain) on investments in Hycroft (34.4) 2.9 12.6
Impairment of equity investments recorded in investment income 10.3   1.0
Amortization of net discount (premium) on corporate borrowings to interest expense 14.6 (17.5) (55.6)
Amortization of deferred financing costs to interest expense 11.3 8.3 9.6
PIK interest expense 44.4 14.7  
Non-cash portion of stock-based compensation 16.9 22.0 42.5
Gain on disposition of Saudi Cinema Company     (15.5)
Equity in earnings from non-consolidated entities, net of distributions (0.2) (1.6) (0.2)
Lease incentives 45.6 31.8 23.9
Non-cash rent benefit (109.3) (106.1) (159.1)
Net periodic benefit cost 1.2 1.8 1.4
Non-cash shareholder litigation expense     99.3
Change in assets and liabilities:      
Receivables 13.2 37.4 (45.6)
Other assets 4.6 (10.7) (6.7)
Accounts payable (7.5) 60.1 (0.7)
Accrued expenses and other liabilities 10.9 (13.8) (26.7)
Other, net (26.3) (6.1) (28.6)
Net cash used in operating activities (119.8) (50.8) (215.2)
Cash flows from investing activities:      
Capital expenditures (246.1) (245.5) (225.6)
Acquisition of theatre assets     (4.0)
Proceeds from disposition of long-term assets 2.9 0.5 16.5
Investment in non-consolidated entities (4.0)    
Other, net 1.5 2.1 3.0
Net cash used in investing activities (221.6) (242.9) (180.1)
Cash flows from financing activities:      
Net proceeds from equity issuances 169.6 254.9 832.7
Principal payments under finance lease obligations (4.2) (4.6) (5.6)
Scheduled principal payments under Term Loan borrowings (20.1) (20.1) (20.0)
Cash used to pay deferred financing costs (40.5) (46.7) (2.0)
Debt extinguishment costs (2.4) (3.9)  
Taxes paid for restricted unit withholdings (4.4) (2.2) (14.2)
Net cash provided by financing activities 125.2 68.4 649.3
Effect of exchange rate changes on cash and cash equivalents and restricted cash 12.7 (5.3) 3.0
Net increase (decrease) in cash and cash equivalents and restricted cash (203.5) (230.6) 257.0
Cash and cash equivalents and restricted cash at beginning of period 680.8 911.4 654.4
Cash and cash equivalents and restricted cash at end of period 477.3 680.8 911.4
Cash paid during the period for:      
Interest 406.9 401.6 421.2
Income taxes paid, net 2.8 [1] 0.7 [1] 4.3 [1]
Schedule of non-cash activities:      
Construction payables at period end 43.1 35.1 42.3
Other third-party equity issuance costs payable   1.2 0.1
Deferred financing costs payable 4.7 0.2  
Saudi Cinema Company      
Adjustments to reconcile net loss to net cash used in operating activities:      
Gain on disposition of Saudi Cinema Company     (15.5)
Cash flows from investing activities:      
Proceeds from sale/disposition investments     30.0
Hycroft      
Cash flows from investing activities:      
Proceeds from sale/disposition investments 24.1    
Senior Secured Notes due 2029      
Cash flows from financing activities:      
Proceeds from issuance of debt 244.4    
Term loan due 2029      
Cash flows from financing activities:      
Proceeds from issuance of debt   27.0  
Second Lien Subordinated Notes due 2026      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt   61.2  
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange   263.6 [2] 238.6 [2]
Senior Subordinated Notes due 2024      
Cash flows from financing activities:      
Principal payments under notes   (5.0)  
Senior Subordinated Notes due 2025      
Cash flows from financing activities:      
Principal payments under notes (42.8)    
Repurchase of Senior Subordinated Notes due (1.3) (14.8)  
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange   38.8 [2]  
Senior Subordinated Notes due 2026      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt 0.3 (1.3) (2.3)
Cash flows from financing activities:      
Principal payments under notes (41.9)    
Repurchase of Senior Subordinated Notes due   (6.0) (1.7)
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange   2.4 [2]  
Term Loan due 2026      
Cash flows from financing activities:      
Principal payments under Term Loan due 2026   (27.0)  
Second Lien Notes due 2026      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt (6.6) (40.3) (140.5)
Cash flows from financing activities:      
Principal payments under notes (131.2)    
Repurchase of Senior Subordinated Notes due   (83.2) $ (139.9)
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange   2.3 [2]  
6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt 103.3    
Gain on derivatives (56.7) (75.8)  
Amortization of net discount (premium) on corporate borrowings to interest expense 5.0    
Amortization of deferred financing costs to interest expense 1.0    
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange 143.0 [2]    
First Lien Notes due 2029      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt 99.0    
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange 599.6 [2]    
Senior Secured Exchangeable Notes due 2030      
Adjustments to reconcile net loss to net cash used in operating activities:      
Gain on derivatives 19.3    
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange 194.4 [2]    
Cancellation of Senior Secured Exchangeable Notes due 2030 pursuant to principal adjustment feature Principal only $ 39.9 [2]    
Second Lien Notes Exchanged for 2029 Term Loans      
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange   104.2 [2]  
Second Lien Notes in Exchange for 2030 Exchangeable Notes      
Schedule of non-cash activities:      
Extinguishment of Notes due in exchange   $ 414.4 [2]  
[1] Income taxes paid, net are individually immaterial in each taxing jurisdiction and in the aggregate.
[2] See Note 7—Corporate Borrowings and Finance Lease Liabilities for further information on debt extinguishments and refinancing transactions.

Source

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