NOTE 1\u2014BASIS OF PRESENTATION
AMC Entertainment Holdings, Inc. (\u201cHoldings\u201d), through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. (\u201cMulti-Cinema\u201d) and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the \u201cCompany\u201d or \u201cAMC\u201d), is principally involved in the theatrical exhibition business and owns, operates, or has interests in theatres located in the United States and Europe. The condensed consolidated financial statements include the accounts of Holdings and all subsidiaries and should be read in conjunction with the Company\u2019s Annual Report on Form 10\u2013K for the year ended December 31, 2025. All significant intercompany balances and transactions have been eliminated in consolidation. The Company manages its business under two reportable segments for its theatrical exhibition operations, U.S. markets and International markets.
The accompanying condensed consolidated balance sheet as of December 31, 2025, which was derived from audited financial statements, and the unaudited condensed consolidated financial statements, have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10\u2013Q. Accordingly, they do not include all of the information and footnotes required by the accounting principles generally accepted in the United States of America for complete consolidated financial statements. In the opinion of management, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company\u2019s financial position and results of operations. Due to the seasonal nature of the Company\u2019s business, results for the six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the year ending December 31, 2026.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Liquidity. The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations currently and through the next twelve months. The Company\u2019s historical cash burn rates are not sustainable long-term. Based on the Company\u2019s current cost structure, in order to achieve sustainable annual net positive cash flows from operating activities, the Company believes that revenues will need to be at least in line with pre-COVID-19 revenues. The Company has achieved net positive cash flows from operating activities for the six months ended June 30, 2026. Until such time as the Company is able to achieve annual sustainable net positive cash flows from operating activities, it is difficult to estimate the Company\u2019s future cash burn rates and liquidity requirements. Depending on the Company\u2019s assumptions regarding the timing and ability to achieve increased levels of revenue, the estimates of the required liquidity vary significantly.
There can be no assurance that the revenues, costs, attendance levels, and other assumptions used to estimate the Company\u2019s liquidity requirements and future cash burn rates will be correct, and the ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels, and success of individual titles. Further, there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company\u2019s obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all.
The Company expects, from time to time, to continue to seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. The Company continuously monitors the capital markets and its capital structure, and may, from time to time, seek to refinance, amend or otherwise restructure its outstanding debt on an opportunistic basis. Such repurchases, refinancings, amendments, restructurings or exchanges, if any, will be upon such terms and at such prices as it may determine, and will depend on prevailing market conditions, its liquidity requirements, the availability of authorized share capital, contractual restrictions and other factors. The amounts involved may be material and, to the extent equity
is used, dilutive. Additionally, the Company has bolstered its liquidity through sales of its Class A Common Stock (\u201cCommon Stock\u201d), see Note 6\u2014Stockholders\u2019 Deficit for further information on these sales.
Cash and Cash Equivalents. As of June 30, 2026, cash and cash equivalents for the U.S. markets and International markets were $683.6 million and $94.8 million, respectively, and as of December 31, 2025, cash and cash equivalents for the U.S. markets and International markets were $302.6 million and $125.9 million, respectively.
Restricted Cash. Restricted cash includes cash held in the Company\u2019s bank accounts as a guarantee for certain landlords and cash collateralized letters of credit relating to the Company\u2019s insurance and utilities programs. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts in the condensed consolidated statements of cash flows.
As of | ||||||
(In millions) | June\u00a030, 2026 | December\u00a031, 2025 | ||||
Cash and cash equivalents | $ | 778.4 | $ | 428.5 | ||
Restricted cash | 41.1 | 48.8 | ||||
Total cash and cash equivalents and restricted cash in the statement of cash flows | $ | 819.5 | $ | 477.3 |
As of June 30, 2026, restricted cash for the U.S. markets and International markets were $15.3 million and $25.8 million, respectively. As of December 31, 2025, restricted cash for the U.S. markets and International markets were $20.5 million and $28.3 million, respectively.
Investments. On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft Mining Holding Corporation (\u201cHycroft\u201d) on a cashless basis and received 765,440 common shares of Hycroft. During the six months ended June 30, 2026, the Company sold 700,000 common shares of Hycroft for $29.7 million. As of June 30, 2026, the Company held 129,478 remaining common shares of Hycroft. The common shares are recorded at fair value at each reporting period and unrealized gains and losses are reported in investment income. The Company recorded unrealized losses related to its investments in Hycroft in investment income of $1.5 million and $0.3 million during the three months ended June 30, 2026 and June 30, 2025, respectively. The Company recorded realized and unrealized gains related to its investments in Hycroft in investment income of $16.5 million and $2.5 million during the six months ended June 30, 2026 and June 30, 2025, respectively.
Related Party Transactions. The Company conducts business with certain of its equity method investees in the ordinary course of business. Transactions primarily relate to advertising revenue and film exhibition costs for film rent. The below table summarizes the related party advertising revenues and film exhibition costs for the three and six months ended June 30, 2026 and June 30, 2025, respectively:
Three Months Ended | Six Months Ended | |||||||||||
(In\u00a0millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Related party advertising revenues | $ | 10.2 | $ | 6.1 | $ | 15.6 | $ | 11.2 | ||||
Related party film exhibition costs | 8.2 | 5.8 | 14.5 | 9.3 |
Accumulated Other Comprehensive Loss. The following table presents the change in accumulated other comprehensive loss by component:
Foreign | |||||||||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Currency | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Pension Benefits | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | |||
Balance December\u00a031, 2025 | $ | (38.3) | $ | (3.9) | $ | (42.2) | |||
Other comprehensive income (loss) | (31.7) | 0.2 | (31.5) | ||||||
Balance June\u00a030, 2026 | $ | (70.0) | $ | (3.7) | $ | (73.7) |
Accumulated Depreciation. Accumulated depreciation related to property was $3,606.1\u00a0million and $3,532.6\u00a0million as of June 30, 2026, and December\u00a031, 2025, respectively.
Other Expense (Income). The following table sets forth the components of other expense (income):
Three Months Ended | Six Months Ended | |||||||||||
(In millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Foreign currency transaction losses (gains) | $ | (0.4) | $ | (23.9) | $ | 8.6 | $ | (36.9) | ||||
(0.5) | (10.3) | (0.5) | (10.5) | |||||||||
Net periodic pension cost | 0.5 | 0.3 | 1.0 | 0.6 | ||||||||
Loss on extinguishment - Senior Secured Exchangeable Notes due 2030 | 33.0 | \u2014 | 33.0 | \u2014 | ||||||||
Loss on extinguishment - Odeon Senior Secured Notes due 2027 | 30.1 | \u2014 | 30.1 | \u2014 | ||||||||
Debt modifications - third party fees | \u2014 | \u2014 | 0.3 | \u2014 | ||||||||
Increase (decrease) in fair value of bifurcated embedded derivative - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | 9.8 | 3.9 | 2.7 | (41.2) | ||||||||
Increase (decrease) in fair value of bifurcated embedded derivative - Senior Secured Exchangeable Notes due 2030 | 41.3 | \u2014 | (11.1) | \u2014 | ||||||||
Equity in earnings of non-consolidated entities | (4.0) | (2.1) | (6.7) | (2.9) | ||||||||
Business interruption insurance recoveries | (0.2) | \u2014 | (0.2) | \u2014 | ||||||||
Total other expense (income) | $ | 109.6 | $ | (32.1) | $ | 57.2 | $ | (90.9) |
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Liquidity. The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations currently and through the next twelve months. The Company\u2019s historical cash burn rates are not sustainable long-term. Based on the Company\u2019s current cost structure, in order to achieve sustainable annual net positive cash flows from operating activities, the Company believes that revenues will need to be at least in line with pre-COVID-19 revenues. The Company has achieved net positive cash flows from operating activities for the six months ended June 30, 2026. Until such time as the Company is able to achieve annual sustainable net positive cash flows from operating activities, it is difficult to estimate the Company\u2019s future cash burn rates and liquidity requirements. Depending on the Company\u2019s assumptions regarding the timing and ability to achieve increased levels of revenue, the estimates of the required liquidity vary significantly.
There can be no assurance that the revenues, costs, attendance levels, and other assumptions used to estimate the Company\u2019s liquidity requirements and future cash burn rates will be correct, and the ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels, and success of individual titles. Further, there can be no assurances that the Company will be successful in generating the additional liquidity necessary to meet the Company\u2019s obligations beyond twelve months from the issuance of these financial statements on terms acceptable to the Company or at all.
The Company expects, from time to time, to continue to seek to retire or purchase its outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. The Company continuously monitors the capital markets and its capital structure, and may, from time to time, seek to refinance, amend or otherwise restructure its outstanding debt on an opportunistic basis. Such repurchases, refinancings, amendments, restructurings or exchanges, if any, will be upon such terms and at such prices as it may determine, and will depend on prevailing market conditions, its liquidity requirements, the availability of authorized share capital, contractual restrictions and other factors. The amounts involved may be material and, to the extent equity
is used, dilutive. Additionally, the Company has bolstered its liquidity through sales of its Class A Common Stock (\u201cCommon Stock\u201d), see Note 6\u2014Stockholders\u2019 Deficit for further information on these sales.
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"}]},{"name":"rpt:f-329","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"683600000","decimals":-5}]},{"name":"rpt:f-330","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"94800000","decimals":-5}]},{"name":"rpt:f-331","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"302600000","decimals":-5}]},{"name":"rpt:f-332","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"us-gaap:NonUsMember"},"factValues":[{"value":"125900000","decimals":-5}]},{"name":"rpt:f-333","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Restricted Cash. Restricted cash includes cash held in the Company\u2019s bank accounts as a guarantee for certain landlords and cash collateralized letters of credit relating to the Company\u2019s insurance and utilities programs. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts in the condensed consolidated statements of cash flows.
As of | ||||||
(In millions) | June\u00a030, 2026 | December\u00a031, 2025 | ||||
Cash and cash equivalents | $ | 778.4 | $ | 428.5 | ||
Restricted cash | 41.1 | 48.8 | ||||
Total cash and cash equivalents and restricted cash in the statement of cash flows | $ | 819.5 | $ | 477.3 |
As of June 30, 2026, restricted cash for the U.S. markets and International markets were $15.3 million and $25.8 million, respectively. As of December 31, 2025, restricted cash for the U.S. markets and International markets were $20.5 million and $28.3 million, respectively.
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(In millions) | June\u00a030, 2026 | December\u00a031, 2025 | ||||
Cash and cash equivalents | $ | 778.4 | $ | 428.5 | ||
Restricted cash | 41.1 | 48.8 | ||||
Total cash and cash equivalents and restricted cash in the statement of cash flows | $ | 819.5 | $ | 477.3 |
Investments. On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft Mining Holding Corporation (\u201cHycroft\u201d) on a cashless basis and received 765,440 common shares of Hycroft. During the six months ended June 30, 2026, the Company sold 700,000 common shares of Hycroft for $29.7 million. As of June 30, 2026, the Company held 129,478 remaining common shares of Hycroft. The common shares are recorded at fair value at each reporting period and unrealized gains and losses are reported in investment income. The Company recorded unrealized losses related to its investments in Hycroft in investment income of $1.5 million and $0.3 million during the three months ended June 30, 2026 and June 30, 2025, respectively. The Company recorded realized and unrealized gains related to its investments in Hycroft in investment income of $16.5 million and $2.5 million during the six months ended June 30, 2026 and June 30, 2025, respectively.
"}]},{"name":"rpt:f-346","factDimensions":{"xbrl:concept":"amch:EquityMethodInvestmentExerciseOfWarrantsToPurchaseCommonShares","xbrl:period":"2026-02-06T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember"},"factValues":[{"value":"1000824"}]},{"name":"rpt:f-347","factDimensions":{"xbrl:concept":"amch:EquityMethodInvestmentsNumberOfSharesReceivedUponExerciseOfWarrants","xbrl:period":"2026-02-05T00:00:00/2026-02-06T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember"},"factValues":[{"value":"765440"}]},{"name":"rpt:f-348","factDimensions":{"xbrl:concept":"amch:EquityMethodInvestmentNumberOfSharesSold","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember"},"factValues":[{"value":"700000"}]},{"name":"rpt:f-349","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromSaleOfEquityMethodInvestments","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember"},"factValues":[{"value":"29700000","decimals":-5}]},{"name":"rpt:f-350","factDimensions":{"xbrl:concept":"amch:EquityMethodInvestmentCommonSharesRetained","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember"},"factValues":[{"value":"129478"}]},{"name":"rpt:f-351","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnInvestments","xbrl:period":"2026-04-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember","us-gaap:StatementOfIncomeLocationBalanceAxis":"us-gaap:InvestmentIncomeNet"},"factValues":[{"value":"-1500000","decimals":-5}]},{"name":"rpt:f-352","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnInvestments","xbrl:period":"2025-04-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember","us-gaap:StatementOfIncomeLocationBalanceAxis":"us-gaap:InvestmentIncomeNet"},"factValues":[{"value":"-300000","decimals":-5}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnInvestments","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember","us-gaap:StatementOfIncomeLocationBalanceAxis":"us-gaap:InvestmentIncomeNet"},"factValues":[{"value":"16500000","decimals":-5}]},{"name":"rpt:f-354","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnInvestments","xbrl:period":"2025-01-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"amch:HycroftMiningHoldingCorporationMember","us-gaap:StatementOfIncomeLocationBalanceAxis":"us-gaap:InvestmentIncomeNet"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-355","factDimensions":{"xbrl:concept":"amch:RelatedPartyTransactionsPolicyTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Related Party Transactions. The Company conducts business with certain of its equity method investees in the ordinary course of business. Transactions primarily relate to advertising revenue and film exhibition costs for film rent. The below table summarizes the related party advertising revenues and film exhibition costs for the three and six months ended June 30, 2026 and June 30, 2025, respectively:
Three Months Ended | Six Months Ended | |||||||||||
(In\u00a0millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Related party advertising revenues | $ | 10.2 | $ | 6.1 | $ | 15.6 | $ | 11.2 | ||||
Related party film exhibition costs | 8.2 | 5.8 | 14.5 | 9.3 |
Three Months Ended | Six Months Ended | |||||||||||
(In\u00a0millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Related party advertising revenues | $ | 10.2 | $ | 6.1 | $ | 15.6 | $ | 11.2 | ||||
Related party film exhibition costs | 8.2 | 5.8 | 14.5 | 9.3 |
Accumulated Other Comprehensive Loss. The following table presents the change in accumulated other comprehensive loss by component:
Foreign | |||||||||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Currency | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Pension Benefits | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | |||
Balance December\u00a031, 2025 | $ | (38.3) | $ | (3.9) | $ | (42.2) | |||
Other comprehensive income (loss) | (31.7) | 0.2 | (31.5) | ||||||
Balance June\u00a030, 2026 | $ | (70.0) | $ | (3.7) | $ | (73.7) |
Foreign | |||||||||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Currency | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Pension Benefits | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total | |||
Balance December\u00a031, 2025 | $ | (38.3) | $ | (3.9) | $ | (42.2) | |||
Other comprehensive income (loss) | (31.7) | 0.2 | (31.5) | ||||||
Balance June\u00a030, 2026 | $ | (70.0) | $ | (3.7) | $ | (73.7) |
Accumulated Depreciation. Accumulated depreciation related to property was $3,606.1\u00a0million and $3,532.6\u00a0million as of June 30, 2026, and December\u00a031, 2025, respectively.
"}]},{"name":"rpt:f-377","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3606100000","decimals":-5}]},{"name":"rpt:f-378","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment","xbrl:period":"2026-01-01T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3532600000","decimals":-5}]},{"name":"rpt:f-379","factDimensions":{"xbrl:concept":"amch:OtherExpenseIncomePolicyTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Other Expense (Income). The following table sets forth the components of other expense (income):
Three Months Ended | Six Months Ended | |||||||||||
(In millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Foreign currency transaction losses (gains) | $ | (0.4) | $ | (23.9) | $ | 8.6 | $ | (36.9) | ||||
(0.5) | (10.3) | (0.5) | (10.5) | |||||||||
Net periodic pension cost | 0.5 | 0.3 | 1.0 | 0.6 | ||||||||
Loss on extinguishment - Senior Secured Exchangeable Notes due 2030 | 33.0 | \u2014 | 33.0 | \u2014 | ||||||||
Loss on extinguishment - Odeon Senior Secured Notes due 2027 | 30.1 | \u2014 | 30.1 | \u2014 | ||||||||
Debt modifications - third party fees | \u2014 | \u2014 | 0.3 | \u2014 | ||||||||
Increase (decrease) in fair value of bifurcated embedded derivative - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | 9.8 | 3.9 | 2.7 | (41.2) | ||||||||
Increase (decrease) in fair value of bifurcated embedded derivative - Senior Secured Exchangeable Notes due 2030 | 41.3 | \u2014 | (11.1) | \u2014 | ||||||||
Equity in earnings of non-consolidated entities | (4.0) | (2.1) | (6.7) | (2.9) | ||||||||
Business interruption insurance recoveries | (0.2) | \u2014 | (0.2) | \u2014 | ||||||||
Total other expense (income) | $ | 109.6 | $ | (32.1) | $ | 57.2 | $ | (90.9) |
Three Months Ended | Six Months Ended | |||||||||||
(In millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Foreign currency transaction losses (gains) | $ | (0.4) | $ | (23.9) | $ | 8.6 | $ | (36.9) | ||||
(0.5) | (10.3) | (0.5) | (10.5) | |||||||||
Net periodic pension cost | 0.5 | 0.3 | 1.0 | 0.6 | ||||||||
Loss on extinguishment - Senior Secured Exchangeable Notes due 2030 | 33.0 | \u2014 | 33.0 | \u2014 | ||||||||
Loss on extinguishment - Odeon Senior Secured Notes due 2027 | 30.1 | \u2014 | 30.1 | \u2014 | ||||||||
Debt modifications - third party fees | \u2014 | \u2014 | 0.3 | \u2014 | ||||||||
Increase (decrease) in fair value of bifurcated embedded derivative - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | 9.8 | 3.9 | 2.7 | (41.2) | ||||||||
Increase (decrease) in fair value of bifurcated embedded derivative - Senior Secured Exchangeable Notes due 2030 | 41.3 | \u2014 | (11.1) | \u2014 | ||||||||
Equity in earnings of non-consolidated entities | (4.0) | (2.1) | (6.7) | (2.9) | ||||||||
Business interruption insurance recoveries | (0.2) | \u2014 | (0.2) | \u2014 | ||||||||
Total other expense (income) | $ | 109.6 | $ | (32.1) | $ | 57.2 | $ | (90.9) |
NOTE 2\u2014LEASES
The following table reflects the lease costs for the periods presented:
Three Months Ended | Six Months Ended | |||||||||||||
June\u00a030, | June\u00a030, | June\u00a030, | June\u00a030, | |||||||||||
(In millions) | Consolidated Statements of Operations | 2026 | 2025 | 2026 | 2025 | |||||||||
Operating lease cost | ||||||||||||||
Theatre properties | Rent | $ | 193.5 | $ | 193.4 | $ | 385.6 | $ | 383.6 | |||||
Theatre properties | Operating expense | 1.5 | 2.2 | 2.8 | 3.4 | |||||||||
Equipment | Operating expense | 12.8 | 10.4 | 25.4 | 20.1 | |||||||||
Office and other | General and administrative: other | 1.2 | 1.4 | 2.4 | 2.7 | |||||||||
Finance lease cost | ||||||||||||||
Amortization of finance lease assets | Depreciation and amortization | 0.9 | 0.7 | 1.6 | 1.4 | |||||||||
Interest expense on lease liabilities | Interest expense | 0.9 | 0.8 | 1.7 | 1.6 | |||||||||
Variable operating and finance lease cost | ||||||||||||||
Theatre properties | Rent | 30.3 | 29.2 | 62.3 | 57.1 | |||||||||
Theatre properties | Interest expense | 0.9 | 0.6 | 1.5 | 1.0 | |||||||||
Equipment | Operating expense | 24.6 | 22.6 | 39.2 | 32.0 | |||||||||
Total lease cost | $ | 266.6 | $ | 261.3 | $ | 522.5 | $ | 502.9 |
Cash flow and supplemental information are presented below:
Six Months Ended | ||||||
June\u00a030, | June\u00a030, | |||||
(In millions) | 2026 | 2025 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||
Operating cash flows used in finance leases | $ | (1.4) | $ | (1.4) | ||
Operating cash flows used in operating leases | (479.4) | (461.8) | ||||
Financing cash flows used in finance leases | (3.0) | (1.9) | ||||
Lease incentives: | ||||||
Operating cash flows provided by operating leases | 24.6 | 8.9 | ||||
Supplemental disclosure of noncash leasing activities: | ||||||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | 69.6 | 192.4 | ||||
Right-of-use assets obtained in exchange for new finance lease liabilities (1) | 5.4 | \u2014 |
| (1) | Includes lease extensions and option exercises. |
The following table represents the weighted-average remaining lease term and discount rate as of June 30, 2026:
Weighted Average | Weighted Average | |||||
Remaining | Discount | |||||
Lease Term and Discount Rate | Lease Term (years) | Rate | ||||
Operating leases | 7.3 | 11.1% | ||||
Finance leases | 11.8 | 6.2% |
Minimum annual payments required under existing operating and finance leases and the net present value thereof as of June 30, 2026, are as follows:
Operating Lease | Finance Lease | |||||
(In millions) | Payments | Payments | ||||
Six months ending December 31, 2026 | $ | 470.7 | $ | 5.3 | ||
2027 | 901.5 | 10.4 | ||||
2028 | 815.5 | 10.4 | ||||
2029 | 711.0 | 8.8 | ||||
2030 | 608.4 | 7.7 | ||||
2031 | 503.5 | 6.5 | ||||
Thereafter | 1,505.1 | 26.7 | ||||
Total lease payments | 5,515.7 | 75.8 | ||||
Less imputed interest | (1,704.7) | (23.2) | ||||
Total operating and finance lease liabilities, respectively | $ | 3,811.0 | $ | 52.6 |
As of June 30, 2026, the Company had signed additional operating lease agreements for two theatres that have not yet commenced. The leases have terms ranging from 10 to 12 years and total lease payments of approximately $24.3 million. The timing of the lease commencements is dependent on the applicable landlord providing the Company with control and access to the applicable theatre.
"}]},{"name":"rpt:f-423","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Three Months Ended | Six Months Ended | |||||||||||||
June\u00a030, | June\u00a030, | June\u00a030, | June\u00a030, | |||||||||||
(In millions) | Consolidated Statements of Operations | 2026 | 2025 | 2026 | 2025 | |||||||||
Operating lease cost | ||||||||||||||
Theatre properties | Rent | $ | 193.5 | $ | 193.4 | $ | 385.6 | $ | 383.6 | |||||
Theatre properties | Operating expense | 1.5 | 2.2 | 2.8 | 3.4 | |||||||||
Equipment | Operating expense | 12.8 | 10.4 | 25.4 | 20.1 | |||||||||
Office and other | General and administrative: other | 1.2 | 1.4 | 2.4 | 2.7 | |||||||||
Finance lease cost | ||||||||||||||
Amortization of finance lease assets | Depreciation and amortization | 0.9 | 0.7 | 1.6 | 1.4 | |||||||||
Interest expense on lease liabilities | Interest expense | 0.9 | 0.8 | 1.7 | 1.6 | |||||||||
Variable operating and finance lease cost | ||||||||||||||
Theatre properties | Rent | 30.3 | 29.2 | 62.3 | 57.1 | |||||||||
Theatre properties | Interest expense | 0.9 | 0.6 | 1.5 | 1.0 | |||||||||
Equipment | Operating expense | 24.6 | 22.6 | 39.2 | 32.0 | |||||||||
Total lease cost | $ | 266.6 | $ | 261.3 | $ | 522.5 | $ | 502.9 |
Six Months Ended | ||||||
June\u00a030, | June\u00a030, | |||||
(In millions) | 2026 | 2025 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||
Operating cash flows used in finance leases | $ | (1.4) | $ | (1.4) | ||
Operating cash flows used in operating leases | (479.4) | (461.8) | ||||
Financing cash flows used in finance leases | (3.0) | (1.9) | ||||
Lease incentives: | ||||||
Operating cash flows provided by operating leases | 24.6 | 8.9 | ||||
Supplemental disclosure of noncash leasing activities: | ||||||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) | 69.6 | 192.4 | ||||
Right-of-use assets obtained in exchange for new finance lease liabilities (1) | 5.4 | \u2014 |
| (1) | Includes lease extensions and option exercises. |
Weighted Average | Weighted Average | |||||
Remaining | Discount | |||||
Lease Term and Discount Rate | Lease Term (years) | Rate | ||||
Operating leases | 7.3 | 11.1% | ||||
Finance leases | 11.8 | 6.2% |
Operating Lease | Finance Lease | |||||
(In millions) | Payments | Payments | ||||
Six months ending December 31, 2026 | $ | 470.7 | $ | 5.3 | ||
2027 | 901.5 | 10.4 | ||||
2028 | 815.5 | 10.4 | ||||
2029 | 711.0 | 8.8 | ||||
2030 | 608.4 | 7.7 | ||||
2031 | 503.5 | 6.5 | ||||
Thereafter | 1,505.1 | 26.7 | ||||
Total lease payments | 5,515.7 | 75.8 | ||||
Less imputed interest | (1,704.7) | (23.2) | ||||
Total operating and finance lease liabilities, respectively | $ | 3,811.0 | $ | 52.6 |
NOTE 3\u2014REVENUE RECOGNITION
Disaggregation of Revenue. Revenue is disaggregated in the following tables by major revenue types and by timing of revenue recognition:
Three Months Ended | Six Months Ended | |||||||||||
(In millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Major revenue types | ||||||||||||
Admissions | $ | 863.1 | $ | 762.6 | $ | 1,441.5 | $ | 1,236.1 | ||||
Food and beverage | 576.1 | 499.6 | 923.4 | 783.0 | ||||||||
Other theatre: | ||||||||||||
Ticket fees | 72.7 | 56.0 | 113.1 | 86.5 | ||||||||
Advertising | 43.3 | 37.8 | 80.6 | 68.4 | ||||||||
Other | 41.5 | 41.9 | 83.5 | 86.4 | ||||||||
Other theatre | 157.5 | 135.7 | 277.2 | 241.3 | ||||||||
Total revenues | $ | 1,596.7 | $ | 1,397.9 | $ | 2,642.1 | $ | 2,260.4 |
Three Months Ended | Six Months Ended | |||||||||||
(In millions) | June\u00a030,\u00a02026 | June\u00a030,\u00a02025 | June\u00a030,\u00a02026 | June\u00a030,\u00a02025 | ||||||||
Timing of revenue recognition | ||||||||||||
Products and services transferred at a point in time | $ | 1,459.1 | $ | 1,282.8 | $ | 2,378.5 | $ | 2,042.1 | ||||
Products and services transferred over time (1) | 137.6 | 115.1 | 263.6 | 218.3 | ||||||||
Total revenues | $ | 1,596.7 | $ | 1,397.9 | $ | 2,642.1 | $ | 2,260.4 |
| (1) | Amounts primarily include subscription and advertising revenues. |
The following tables provide the balances of receivables, net and deferred revenues and income:
(In millions) | June\u00a030,\u00a02026 | December\u00a031, 2025 | ||||
Current assets | ||||||
Receivables related to contracts with customers | $ | 49.1 | $ | 95.1 | ||
Miscellaneous receivables | 76.5 | 60.9 | ||||
Receivables, net | $ | 125.6 | $ | 156.0 |
(In millions) | June\u00a030,\u00a02026 | December\u00a031, 2025 | ||||
Current liabilities | ||||||
Deferred revenues related to contracts with customers | $ | 446.7 | $ | 462.4 | ||
Miscellaneous deferred income | 5.9 | 3.1 | ||||
Deferred revenues and income | $ | 452.6 | $ | 465.5 |
The significant changes in contract liabilities with customers included in deferred revenues and income are as follows:
Deferred Revenues | |||
Related to Contracts | |||
(In millions) | with Customers | ||
Balance December 31, 2025 | $ | 462.4 | |
Cash received in advance (1) | 214.1 | ||
Customer loyalty rewards accumulated, net of expirations: | |||
Admission revenues (2) | 9.6 | ||
Food and beverage revenues (2) | 26.4 | ||
Other theatre revenues (2) | \u2014 | ||
Reclassification to revenue as the result of performance obligations satisfied: | |||
Admission revenues (3) | (177.1) | ||
Food and beverage revenues (3) | (48.3) | ||
Other theatre revenues (4) | (40.7) | ||
Foreign currency translation adjustment | 0.3 | ||
Balance June 30, 2026 | $ | 446.7 |
\u200b
| (1) | Includes movie tickets, food and beverage, gift cards, exchange tickets, subscription membership fees, and other loyalty membership fees. |
| (2) | Amount of rewards accumulated, net of expirations, that are attributed to loyalty programs. |
| (3) | Amount of revenue recognized from redemptions of gift cards, exchange tickets, movie tickets, and loyalty programs. |
| (4) | Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, subscription membership fees, and loyalty program membership fees. |
The significant changes to contract liabilities included in the exhibitor services agreement in the condensed consolidated balance sheets, are as follows:
Exhibitor Services | |||
(In millions) | Agreement (1) | ||
Balance December 31, 2025 | $ | 459.1 | |
Other theatre revenue recognized as performance obligations are satisfied | (3.2) | ||
Balance June 30, 2026 | $ | 455.9 |
| (1) | The exhibitor services agreement contract liability relates to National CineMedia, LLC (\u201cNCM\u201d) common units that were previously received under the exhibitor services agreement dated February 13, 2007 and amended and restated as of December 13, 2013. On April 17, 2025, NCM entered into the Second Amended and Restated Exhibitor Services Agreement (the \u201cAmended ESA\u201d) with the Company. The term of the Amended ESA has been extended by five years through February 13, 2042. The Company treated the Amended ESA as a contract modification pursuant to ASC 606 \u2013 Revenue from Contracts with Customers. Accordingly, the Company has allocated the additional consideration received from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%. Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%. The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied. The non-cash revenue resulting from the satisfaction of the performance obligations is adjusted for in the condensed consolidated statements of cash flows under the changes in accrued expenses and other liabilities caption. |
Gift Cards and Exchange Tickets. The total amount of non-redeemed gift cards and exchange tickets included in deferred revenues and income as of June 30, 2026 was $305.8\u00a0million. This will be recognized as revenues as (i) the gift cards and exchange tickets are redeemed, (ii) the estimated non-redeemed gift card and exchange ticket revenues are recognized in proportion to the pattern of actual redemptions, which is estimated to occur over the next to 36 months, or (iii) the gift cards or exchange tickets expire.
Loyalty Programs. As of June 30, 2026, the amount of deferred revenues related to loyalty programs included
in deferred revenues and income was $98.6\u00a0million. The earned points will be recognized as revenue as the points are redeemed, expire, or as changes in estimated non-redemption rates occur. Subscription membership fees and loyalty membership fees are recognized ratably over their respective membership periods.
The Company applies the practical expedient in ASC\u00a0606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
"}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Three Months Ended | Six Months Ended | |||||||||||
(In millions) | June\u00a030, 2026 | June\u00a030, 2025 | June\u00a030, 2026 | June\u00a030, 2025 | ||||||||
Major revenue types | ||||||||||||
Admissions | $ | 863.1 | $ | 762.6 | $ | 1,441.5 | $ | 1,236.1 | ||||
Food and beverage | 576.1 | 499.6 | 923.4 | 783.0 | ||||||||
Other theatre: | ||||||||||||
Ticket fees | 72.7 | 56.0 | 113.1 | 86.5 | ||||||||
Advertising | 43.3 | 37.8 | 80.6 | 68.4 | ||||||||
Other | 41.5 | 41.9 | 83.5 | 86.4 | ||||||||
Other theatre | 157.5 | 135.7 | 277.2 | 241.3 | ||||||||
Total revenues | $ | 1,596.7 | $ | 1,397.9 | $ | 2,642.1 | $ | 2,260.4 |
Three Months Ended | Six Months Ended | |||||||||||
(In millions) | June\u00a030,\u00a02026 | June\u00a030,\u00a02025 | June\u00a030,\u00a02026 | June\u00a030,\u00a02025 | ||||||||
Timing of revenue recognition | ||||||||||||
Products and services transferred at a point in time | $ | 1,459.1 | $ | 1,282.8 | $ | 2,378.5 | $ | 2,042.1 | ||||
Products and services transferred over time (1) | 137.6 | 115.1 | 263.6 | 218.3 | ||||||||
Total revenues | $ | 1,596.7 | $ | 1,397.9 | $ | 2,642.1 | $ | 2,260.4 |
| (1) | Amounts primarily include subscription and advertising revenues. |
(In millions) | June\u00a030,\u00a02026 | December\u00a031, 2025 | ||||
Current assets | ||||||
Receivables related to contracts with customers | $ | 49.1 | $ | 95.1 | ||
Miscellaneous receivables | 76.5 | 60.9 | ||||
Receivables, net | $ | 125.6 | $ | 156.0 |
(In millions) | June\u00a030,\u00a02026 | December\u00a031, 2025 | ||||
Current liabilities | ||||||
Deferred revenues related to contracts with customers | $ | 446.7 | $ | 462.4 | ||
Miscellaneous deferred income | 5.9 | 3.1 | ||||
Deferred revenues and income | $ | 452.6 | $ | 465.5 |
Deferred Revenues | |||
Related to Contracts | |||
(In millions) | with Customers | ||
Balance December 31, 2025 | $ | 462.4 | |
Cash received in advance (1) | 214.1 | ||
Customer loyalty rewards accumulated, net of expirations: | |||
Admission revenues (2) | 9.6 | ||
Food and beverage revenues (2) | 26.4 | ||
Other theatre revenues (2) | \u2014 | ||
Reclassification to revenue as the result of performance obligations satisfied: | |||
Admission revenues (3) | (177.1) | ||
Food and beverage revenues (3) | (48.3) | ||
Other theatre revenues (4) | (40.7) | ||
Foreign currency translation adjustment | 0.3 | ||
Balance June 30, 2026 | $ | 446.7 |
\u200b
| (1) | Includes movie tickets, food and beverage, gift cards, exchange tickets, subscription membership fees, and other loyalty membership fees. |
| (2) | Amount of rewards accumulated, net of expirations, that are attributed to loyalty programs. |
| (3) | Amount of revenue recognized from redemptions of gift cards, exchange tickets, movie tickets, and loyalty programs. |
| (4) | Amounts relate to income from non-redeemed or partially redeemed gift cards, non-redeemed exchange tickets, subscription membership fees, and loyalty program membership fees. |
Exhibitor Services | |||
(In millions) | Agreement (1) | ||
Balance December 31, 2025 | $ | 459.1 | |
Other theatre revenue recognized as performance obligations are satisfied | (3.2) | ||
Balance June 30, 2026 | $ | 455.9 |
| (1) | The exhibitor services agreement contract liability relates to National CineMedia, LLC (\u201cNCM\u201d) common units that were previously received under the exhibitor services agreement dated February 13, 2007 and amended and restated as of December 13, 2013. On April 17, 2025, NCM entered into the Second Amended and Restated Exhibitor Services Agreement (the \u201cAmended ESA\u201d) with the Company. The term of the Amended ESA has been extended by five years through February 13, 2042. The Company treated the Amended ESA as a contract modification pursuant to ASC 606 \u2013 Revenue from Contracts with Customers. Accordingly, the Company has allocated the additional consideration received from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%. Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%. The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied. The non-cash revenue resulting from the satisfaction of the performance obligations is adjusted for in the condensed consolidated statements of cash flows under the changes in accrued expenses and other liabilities caption. |
NOTE 4\u2014GOODWILL
The following table summarizes the changes in goodwill by reporting unit for the six months ended June 30, 2026:
U.S. | International | Consolidated Goodwill | |||||||||||||||||||||||||
(In\u00a0millions) | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | ||||||||||||||||||
Balance December 31, 2025 | $ | 3,072.6 | $ | (1,276.1) | $ | 1,796.5 | $ | 1,705.2 | $ | (1,085.6) | $ | 619.6 | $ | 4,777.8 | $ | (2,361.7) | $ | 2,416.1 | |||||||||
Currency translation adjustment | \u2014 | \u2014 | \u2014 | (57.2) | 18.7 | (38.5) | (57.2) | 18.7 | (38.5) | ||||||||||||||||||
Balance June 30, 2026 | $ | 3,072.6 | $ | (1,276.1) | $ | 1,796.5 | $ | 1,648.0 | $ | (1,066.9) | $ | 581.1 | $ | 4,720.6 | $ | (2,343.0) | $ | 2,377.6 |
"}]},{"name":"rpt:f-583","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"
U.S. | International | Consolidated Goodwill | |||||||||||||||||||||||||
(In\u00a0millions) | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | ||||||||||||||||||
Balance December 31, 2025 | $ | 3,072.6 | $ | (1,276.1) | $ | 1,796.5 | $ | 1,705.2 | $ | (1,085.6) | $ | 619.6 | $ | 4,777.8 | $ | (2,361.7) | $ | 2,416.1 | |||||||||
Currency translation adjustment | \u2014 | \u2014 | \u2014 | (57.2) | 18.7 | (38.5) | (57.2) | 18.7 | (38.5) | ||||||||||||||||||
Balance June 30, 2026 | $ | 3,072.6 | $ | (1,276.1) | $ | 1,796.5 | $ | 1,648.0 | $ | (1,066.9) | $ | 581.1 | $ | 4,720.6 | $ | (2,343.0) | $ | 2,377.6 |
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NOTE 5\u2014CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES
A summary of the carrying value of corporate borrowings and finance lease liabilities is as follows:
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | December 31, 2025 | ||
Secured Debt: | ||||||
Credit Agreement-Term Loans due 2029 (10.639% as of June 30, 2026 and 10.731% as of December 31, 2025) | $ | 1,984.2 | $ | 1,994.2 | ||
Odeon Credit Agreement-10.5% Term Loans due 2031 | 425.0 | \u2014 | ||||
Senior Secured Notes due 2029 (9.0% cash interest & 6.0% PIK interest as of June 30, 2026 and December 31, 2025) | 903.4 | 877.1 | ||||
6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | 116.1 | 111.6 | ||||
7.5% First Lien Notes due 2029 | 360.0 | 360.0 | ||||
Unsecured/Retired Debt: | ||||||
6.125% Senior Subordinated Notes due 2027 | 125.5 | 125.5 | ||||
12.75% Odeon Senior Secured Notes due 2027 | \u2014 | 400.0 | ||||
Senior Secured Exchangeable Notes due 2030 (1.5% cash interest) | \u2014 | 155.8 | ||||
Total principal amount of corporate borrowings | $ | 3,914.2 | $ | 4,024.2 | ||
Finance lease liabilities | \u00a0 | 52.6 | \u00a0 | 52.5 | ||
Accrued paid-in-kind interest | 2.8 | 2.7 | ||||
Deferred financing costs | (75.8) | (64.4) | ||||
Net discount (1) | (4.9) | (68.5) | ||||
Bifurcated embedded derivative \u2013 Senior Secured Exchangeable Notes due 2030 | \u2014 | 131.9 | ||||
Bifurcated embedded derivative \u2013 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | 15.3 | 12.6 | ||||
Total carrying value of corporate borrowings and finance lease liabilities | $ | 3,904.2 | $ | 4,091.0 | ||
Less: | ||||||
Current maturities of corporate borrowings | (148.9) | \u00a0 | (19.9) | |||
Current maturities of finance lease liabilities | (7.4) | (5.8) | ||||
Total noncurrent carrying value of corporate borrowings and finance lease liabilities | $ | 3,747.9 | $ | 4,065.3 |
| (1) | The following table provides details of the net discount of corporate borrowings: |
June\u00a030, | December\u00a031, | |||||
(In millions) | 2026 | 2025 | ||||
12.75% Odeon Senior Secured Notes due 2027 | $ | \u2014 | $ | (14.6) | ||
Odeon Credit Agreement-10.5% Term Loans due 2031 | (8.2) | \u2014 | ||||
Senior Secured Notes due 2029 | 55.6 | 62.5 | ||||
Senior Secured Exchangeable Notes due 2030 | \u2014 | (57.4) | ||||
Credit Agreement-Term Loans due 2029 | (27.2) | (32.6) | ||||
6.00%/8.00% Cash/PIK/Toggle Senior Secured Exchangeable Notes due 2030 | (25.1) | (26.4) | ||||
Net discount | $ | (4.9) | $ | (68.5) |
The following table provides the principal payments required and maturities of corporate borrowing as of June 30, 2026:
Principal | |||
Amount of | |||
Corporate | |||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Borrowings | |
Six months ended December 31, 2026 (1) | $ | 137.5 | |
2027 | 23.9 | ||
2028 | \u00a0 | 23.7 | |
2029 | \u00a0 | 3,202.8 | |
2030 | \u00a0 | 120.4 | |
2031 | \u00a0 | 405.9 | |
Total | $ | 3,914.2 |
| (1) | Includes $125.5 million for the 6.125% Senior Subordinated Notes due 2027 (the \u201cSenior Subordinated Notes due 2027\u201d) that will be redeemed pursuant to the Notice (as defined herein). |
Debt Repurchases
The table below summarizes the various cash debt repurchase transactions during the six months ended June 30, 2025.
Aggregate Principal | Reacquisition | (Gain)/Loss on | Accrued Interest | |||||||||
(In millions) | Repurchased | Cost | Extinguishment | Paid | ||||||||
5.75% Senior Subordinated Notes due 2025 | $ | 1.3 | $ | 1.3 | $ | \u2014 | $ | \u2014 |
The total carrying value of the debt extinguished in the above transactions during the six months ended June 30, 2025 was $1.3 million.
6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030
Carrying Value | Carrying Value | ||||||||
as of | (Increase) Decrease to | as of | |||||||
(In millions) | December\u00a031, 2025 | Net Earnings (Loss) | June\u00a030, 2026 | ||||||
Principal balance | $ | 111.6 | $ | 4.5 | $ | 116.1 | |||
Discount | (26.4) | 1.3 | (25.1) | ||||||
Debt issuance costs | (5.2) | 0.2 | (5.0) | ||||||
Accrued paid-in-kind interest | 0.4 | \u2014 | 0.4 | ||||||
Bifurcated embedded derivative | 12.6 | 2.7 | 15.3 | ||||||
Carrying value | $ | 93.0 | $ | 8.7 | $ | 101.7 |
The 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 (the \u201cExisting Exchangeable Notes\u201d) have an effective interest rate of 15.12%.
Senior Secured Exchangeable Notes due 2030
Carrying Value | Deferred | Consent Fee | Notes | Carrying Value | ||||||||||||||
as of | (Increase) Decrease to | Charges | Paid With | Exchanged For | as of | |||||||||||||
(In millions) | December\u00a031, 2025 | Net Earnings (Loss) | Activity | Common Stock | Common Stock | June\u00a030, 2026 | ||||||||||||
Principal balance | $ | 155.8 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | (155.8) | $ | \u2014 | ||||||
Discount | (57.4) | 3.4 | \u2014 | \u2014 | 54.0 | \u2014 | ||||||||||||
Debt issuance costs | (14.8) | 0.8 | 1.6 | \u2014 | 12.4 | \u2014 | ||||||||||||
Bifurcated embedded derivative | 131.9 | (11.1) | (1.6) | (15.7) | (103.5) | \u2014 | ||||||||||||
Carrying value | $ | 215.5 | $ | (6.9) | $ | \u2014 | $ | (15.7) | $ | (192.9) | $ | \u2014 |
The Senior Secured Exchangeable Notes due 2030 (the \u201cNew Exchangeable Notes\u201d) had an effective interest rate of 16.54%. On March 23, 2026, the Company issued 15,378,194 shares of Common Stock for consent fees payable to the holders of the New Exchangeable Notes. The consent fees were paid as consideration for the 2025 Refinancing Transactions (as defined herein) and amendments made to the indenture governing the New Exchangeable Notes. The consent fees had previously been included as part of the bifurcated embedded derivative for the New Exchangeable Notes.
On May 4 and May 11, 2026, the holders of the New Exchangeable Notes (the \u201cExchanging Noteholders\u201d) issued by Muvico, LLC, a wholly owned subsidiary of the Company (\u201cMuvico\u201d), delivered Notices of Voluntary Exchange to Muvico and GLAS Trust Company LLC, as exchange agent, to exchange all $155,845,562 aggregate principal amount of New Exchangeable Notes outstanding for shares of Common Stock, pursuant to the terms of the indenture governing the New Exchangeable Notes (the \u201cIndenture\u201d). The Company settled the exchange (the \u201cExchange\u201d) by issuing an aggregate of 142,102,295 shares of Common Stock to the Exchanging Noteholders (including shares issued in respect of the Exchange Adjustment Consideration (as defined in the Indenture) and $0.9 million accrued and unpaid interest). The Company treated the Exchange as an extinguishment of the New Exchangeable Notes (including the bifurcated embedded derivative liability for the embedded conversion features) and recorded a loss on extinguishment of $33.0 million. The Company adjusted the bifurcated embedded derivative liability to fair value immediately prior to the Exchange and recorded $41.3 million of expense during the three months ended June 30, 2026. During the six months ended June 30, 2026, the Company recorded $(11.1) million of other income related to the decrease in the fair value of the bifurcated embedded derivative liability. As a result of the Exchange, all remaining New Exchangeable Notes were cancelled in accordance with the Indenture.
New 2029 Notes Amendments
On February 12, 2026, and February 24, 2026, Holdings, Muvico and certain holders of Muvico\u2019s new Senior Secured Notes due 2029 (the \u201cNew 2029 Notes\u201d) (such holders, the \u201cNew 2029 Noteholders\u201d) agreed to amend the indenture governing the New 2029 Notes (the \u201c2029 Notes Indenture\u201d). The amendments (the \u201cIndenture Amendments\u201d) among other things, provide the Company with flexibility to:
| \u25cf | refinance its outstanding term loan credit agreement and 12.75% Senior Secured Notes due 2027 (the \u201cOdeon Notes due 2027\u201d) issued by Odeon Finco PLC (\u201cOdeon Finco\u201d), a wholly-owned direct subsidiary of Odeon Cinemas Group Limited (\u201cOCGL\u201d) and an indirect subsidiary of Holdings, with new debt that may be secured and guaranteed by Holdings, OCGL, and Muvico, and |
| \u25cf | at any time that there are no New Exchangeable Notes outstanding, incur up to an additional $50 million of secured debt under the New 2029 Notes Indenture. |
In consideration for the New 2029 Noteholders\u2019 agreement to the Indenture Amendments, the Company issued 17,739,549 shares of Common Stock as a consent fee. The Indenture Amendments were treated as a modification of the New 2029 Notes and the Company recorded $18.8 million to deferred financing costs and to stockholder\u2019s deficit for the consent fees paid in shares.
Odeon Credit Agreement & Odeon Notes Redemption
On April 17, 2026, Odeon Finco, a wholly-owned direct subsidiary of OCGL and an indirect subsidiary of Holdings, entered into a Credit Agreement (the \u201cOdeon Credit Agreement\u201d), by and among Odeon Finco, as borrower, OCGL, as the company, the lenders party thereto and U.S. Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425.0 million of new term loans maturing in 2031 (the \u201cOdeon Term Loans due 2031\u201d). The proceeds from the Odeon Term Loans due 2031 and approximately $38.2 million of cash from the balance sheet were used to fund the full redemption (the \u201cOdeon Notes Redemption\u201d) of Odeon Finco\u2019s outstanding Odeon Notes due 2027 and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027. In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange. The Company treated the Odeon Notes Redemption as an extinguishment of debt and recorded a $30.1 million loss on extinguishment. The Odeon Term Loans due 2031 were issued with a 2.0% discount ($8.5 million) and the Company incurred $21.4 million of debt issuance costs. The discount and debt issuance costs will be amortized to interest expense over the term of the Odeon Term Loans due 2031 using the effective interest method.
Interest, Amortization, Guarantees and Security
The Odeon Credit Agreement provides for the Odeon Term Loans due 2031 in an initial aggregate principal amount of $425.0 million and which mature on April 17, 2031. The Odeon Term Loans due 2031 bear interest at a fixed 10.50% interest rate and are subject to amortization of principal, payable in quarterly installments on the fifteenth day of each April, July, October and January (commencing on July 15, 2026), equal to 1.00% of the principal balance on April 17, 2026 per annum. The remaining aggregate principal amount outstanding (together with accrued and unpaid interest on the principal amount) of the Odeon Term Loans due 2031 is payable at maturity.
The Odeon Term Loans due 2031 are, subject to limited exceptions, fully and unconditionally guaranteed on a joint and several basis by OCGL and certain subsidiaries of OCGL (the \u201cOCGL Subsidiaries\u201d). The Odeon Term Loans due 2031 are also fully and unconditionally guaranteed by Holdings, on a standalone and unsecured basis, pursuant to the terms of a Guarantee Agreement dated as of April 17, 2026 between Holdings and U.S. Bank Trust Company, National Association (the \u201cAMC Guaranty\u201d).
The Odeon Term Loans due 2031 are secured by OCGL and the OCGL Subsidiaries on a first-priority basis by (i) a fixed charge or security interest, as applicable, over the shares of Odeon Finco, OCGL and certain of the OCGL Subsidiaries; (ii) an assignment of rights held by Odeon Finco under a proceeds loan agreement between Odeon Finco and OCGL with respect to the proceeds of the Odeon Term Loans due 2031; (iii) a fixed charge or security interest, as applicable, over certain bank accounts, intercompany receivables, intellectual property rights and other assets of Odeon Finco, OCGL and certain of the OCGL Subsidiaries; and (iv) a floating charge over substantially all other assets of Odeon Finco, OCGL and certain of the OCGL Subsidiaries that are incorporated in England and Wales. Holdings has not pledged any of its assets to secure the Odeon Term Loans due 2031 or the related guarantees and the AMC Guaranty does not benefit from any security interest over the collateral or any other asset.
Covenants and Events of Default
The Odeon Credit Agreement contains covenants that limit OCGL and the OCGL Subsidiaries\u2019 ability to, among other things: (i) incur additional indebtedness or guarantee indebtedness; (ii) create liens; (iii) declare or pay dividends, redeem stock or make other distributions to stockholders; (iv) make investments; (v) enter into transactions with its affiliates; (vi) consolidate, merge, sell or otherwise dispose of all or substantially all of their respective assets; and (vii) maintain cash in the accounts of OCGL and the OCGL Subsidiaries. These covenants are subject to a number of important limitations and exceptions. The Odeon Credit Agreement also provides for events of default, which, if any of them occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Odeon Term Loans due 2031 to become immediately due and payable.
Second Amendment to Muvico Credit Agreement
In connection with the Odeon Credit Agreement, on April 17, 2026, Holdings, as borrower, Muvico, as borrower, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent, entered into a Second Amendment (the \u201cSecond Amendment\u201d) to the Credit Agreement dated as of July 22, 2024 (the \u201cMuvico Credit Agreement\u201d), as amended by the First Amendment to Muvico Credit Agreement, dated as of July 24, 2025, by and among Holdings, as borrower, Muvico, as borrower, the lenders party thereto and Wilmington Savings Fund Society, FSB, as
administrative agent and collateral agent.
The Second Amendment, among other things, amends the Muvico Credit Agreement to update the existing covenants and include additional covenants to make them as restrictive as those in the Odeon Credit Agreement.
2027 Notes Redemption Notice
Concurrently with the completion of the Offering (as defined herein), on June 24, 2026, the Company delivered a notice of full redemption (the \u201cNotice\u201d) to holders of its $125.5 million aggregate principal amount of Senior Subordinated Notes due 2027 to redeem the Senior Subordinated Notes due 2027 in full at a redemption price equal to 100.000% of the principal amount of the Senior Subordinated Notes due 2027, plus accrued and unpaid interest, if any, to July 24, 2026, the redemption date.
Covenant Compliance
As of June 30, 2026, the Company believes that it was in full compliance with all agreements, including related covenants, governing its outstanding debt.
"}]},{"name":"rpt:f-609","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtInstrumentsTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | December 31, 2025 | ||
Secured Debt: | ||||||
Credit Agreement-Term Loans due 2029 (10.639% as of June 30, 2026 and 10.731% as of December 31, 2025) | $ | 1,984.2 | $ | 1,994.2 | ||
Odeon Credit Agreement-10.5% Term Loans due 2031 | 425.0 | \u2014 | ||||
Senior Secured Notes due 2029 (9.0% cash interest & 6.0% PIK interest as of June 30, 2026 and December 31, 2025) | 903.4 | 877.1 | ||||
6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | 116.1 | 111.6 | ||||
7.5% First Lien Notes due 2029 | 360.0 | 360.0 | ||||
Unsecured/Retired Debt: | ||||||
6.125% Senior Subordinated Notes due 2027 | 125.5 | 125.5 | ||||
12.75% Odeon Senior Secured Notes due 2027 | \u2014 | 400.0 | ||||
Senior Secured Exchangeable Notes due 2030 (1.5% cash interest) | \u2014 | 155.8 | ||||
Total principal amount of corporate borrowings | $ | 3,914.2 | $ | 4,024.2 | ||
Finance lease liabilities | \u00a0 | 52.6 | \u00a0 | 52.5 | ||
Accrued paid-in-kind interest | 2.8 | 2.7 | ||||
Deferred financing costs | (75.8) | (64.4) | ||||
Net discount (1) | (4.9) | (68.5) | ||||
Bifurcated embedded derivative \u2013 Senior Secured Exchangeable Notes due 2030 | \u2014 | 131.9 | ||||
Bifurcated embedded derivative \u2013 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | 15.3 | 12.6 | ||||
Total carrying value of corporate borrowings and finance lease liabilities | $ | 3,904.2 | $ | 4,091.0 | ||
Less: | ||||||
Current maturities of corporate borrowings | (148.9) | \u00a0 | (19.9) | |||
Current maturities of finance lease liabilities | (7.4) | (5.8) | ||||
Total noncurrent carrying value of corporate borrowings and finance lease liabilities | $ | 3,747.9 | $ | 4,065.3 |
| (1) | The following table provides details of the net discount of corporate borrowings: |
June\u00a030, | December\u00a031, | |||||
(In millions) | 2026 | 2025 | ||||
12.75% Odeon Senior Secured Notes due 2027 | $ | \u2014 | $ | (14.6) | ||
Odeon Credit Agreement-10.5% Term Loans due 2031 | (8.2) | \u2014 | ||||
Senior Secured Notes due 2029 | 55.6 | 62.5 | ||||
Senior Secured Exchangeable Notes due 2030 | \u2014 | (57.4) | ||||
Credit Agreement-Term Loans due 2029 | (27.2) | (32.6) | ||||
6.00%/8.00% Cash/PIK/Toggle Senior Secured Exchangeable Notes due 2030 | (25.1) | (26.4) | ||||
Net discount | $ | (4.9) | $ | (68.5) |
The following table provides the principal payments required and maturities of corporate borrowing as of June 30, 2026:
Principal | |||
Amount of | |||
Corporate | |||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Borrowings | |
Six months ended December 31, 2026 (1) | $ | 137.5 | |
2027 | 23.9 | ||
2028 | \u00a0 | 23.7 | |
2029 | \u00a0 | 3,202.8 | |
2030 | \u00a0 | 120.4 | |
2031 | \u00a0 | 405.9 | |
Total | $ | 3,914.2 |
| (1) | Includes $125.5 million for the 6.125% Senior Subordinated Notes due 2027 (the \u201cSenior Subordinated Notes due 2027\u201d) that will be redeemed pursuant to the Notice (as defined herein). |
The table below summarizes the various cash debt repurchase transactions during the six months ended June 30, 2025.
Aggregate Principal | Reacquisition | (Gain)/Loss on | Accrued Interest | |||||||||
(In millions) | Repurchased | Cost | Extinguishment | Paid | ||||||||
5.75% Senior Subordinated Notes due 2025 | $ | 1.3 | $ | 1.3 | $ | \u2014 | $ | \u2014 |
Carrying Value | Carrying Value | ||||||||
as of | (Increase) Decrease to | as of | |||||||
(In millions) | December\u00a031, 2025 | Net Earnings (Loss) | June\u00a030, 2026 | ||||||
Principal balance | $ | 111.6 | $ | 4.5 | $ | 116.1 | |||
Discount | (26.4) | 1.3 | (25.1) | ||||||
Debt issuance costs | (5.2) | 0.2 | (5.0) | ||||||
Accrued paid-in-kind interest | 0.4 | \u2014 | 0.4 | ||||||
Bifurcated embedded derivative | 12.6 | 2.7 | 15.3 | ||||||
Carrying value | $ | 93.0 | $ | 8.7 | $ | 101.7 |
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Carrying Value | Deferred | Consent Fee | Notes | Carrying Value | ||||||||||||||
as of | (Increase) Decrease to | Charges | Paid With | Exchanged For | as of | |||||||||||||
(In millions) | December\u00a031, 2025 | Net Earnings (Loss) | Activity | Common Stock | Common Stock | June\u00a030, 2026 | ||||||||||||
Principal balance | $ | 155.8 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | (155.8) | $ | \u2014 | ||||||
Discount | (57.4) | 3.4 | \u2014 | \u2014 | 54.0 | \u2014 | ||||||||||||
Debt issuance costs | (14.8) | 0.8 | 1.6 | \u2014 | 12.4 | \u2014 | ||||||||||||
Bifurcated embedded derivative | 131.9 | (11.1) | (1.6) | (15.7) | (103.5) | \u2014 | ||||||||||||
Carrying value | $ | 215.5 | $ | (6.9) | $ | \u2014 | $ | (15.7) | $ | (192.9) | $ | \u2014 |
NOTE 6\u2014STOCKHOLDERS\u2019 DEFICIT
Share Issuances
In June 2026, the Company entered into a securities purchase agreement (the \u201cPurchase Agreement\u201d) with certain institutional investors (the \u201cInvestors\u201d) for the sale of 95,250,000 shares of Common Stock in a registered direct offering (the \u201cOffering\u201d), at a purchase price of $2.10 per share. The Offering closed on June 24, 2026.
In connection with the Offering, the Company entered into a placement agency agreement (the \u201cPlacement Agency Agreement\u201d) on June 23, 2026 with Roth Capital Partners, LLC (the \u201cPlacement Agent\u201d), as exclusive placement agent in connection with the Offering. As compensation to the Placement Agent, the Company paid the Placement Agent a cash fee of 5.5% of the aggregate gross proceeds raised in the Offering and reimbursed certain expenses.
The below table summarizes the activity during the six months ended June 30, 2026 related to the Offering:
Six Months Ended | |||
(In millions) | June\u00a030, 2026 | ||
Shares issued direct offering | 95.3 | ||
Direct offering gross proceeds | $ | 200.0 | |
Placement fees paid | $ | 11.0 | |
Other third-party issuance costs incurred | $ | 0.2 | |
Other third-party issuance costs paid | $ | 0.2 |
In February 2026, the Company entered into a sales and registration agreement (the \u201c2026 Sales and Registration Agreement\u201d) with Goldman Sachs & Co. LLC, B. Riley Securities, Inc. and Yorkville Securities, LLC, from time to time acting as sales agents (in such capacity, the \u201cSales Agents\u201d) relating to shares of Common Stock of the Company having an aggregate offering price of up to $150.0 million.
In accordance with the terms of the 2026 Sales and Registration Agreement, the Company issued and sold shares of Common Stock covered by the prospectus supplement from time to time through the Sales Agents. The Sales Agents acted as agents on the Company\u2019s behalf or purchase shares of Common Stock from the Company as principal for its own account.
The below table summarizes the activity of the various \u201cat-the-market\u201d offerings for the six months ended June 30, 2026 and June 30, 2025:
Six Months Ended | ||||||
(In millions) | June\u00a030, 2026 | June\u00a030, 2025 | ||||
Shares issued through at-the-market offering | 105.3 | 17.1 | ||||
At-the-market offering gross proceeds | $ | 150.0 | $ | 63.0 | ||
Sales agent fees paid | $ | 3.0 | $ | 0.6 | ||
Other third-party issuance costs incurred | $ | 1.9 | $ | 0.3 | ||
Other third-party issuance costs paid | $ | 1.2 | $ | 1.5 |
Additionally in May 2026, the Company issued 142,102,295 shares of Common Stock to settle the Exchange of its New Exchangeable Notes. See Note 5\u2014Corporate Borrowings and Finance Lease Liabilities for further information.
In December 2024, the Company entered into forward sales to sell 30,000,000 shares of Common Stock in the aggregate. The shares underlying the forward sales were issued in December 2024. The Company evaluated the forwards under ASC 815\u2014Derivatives and Hedging and concluded that the transactions consist of a subscription receivable accounted for under ASC 505-10-45-2 reflecting the Company\u2019s right to receive prepayments and to deliver shares to the forward counterparty. Accordingly, pursuant to Regulation S-X Rule 5-02.29, the Company recorded the prepayment as an increase to additional paid-in capital with an equal and offsetting subscription receivable as a decrease to additional paid-in capital. The subscription receivable was considered a debt-like host and the Company\u2019s right to receive additional cash consideration up to a cap price based on the movement of the share price during a valuation period is an embedded feature that meets the definition of a derivative that meets the equity classification scope exception in ASC 815-40 and is not accounted for outside of equity.
In January 2025, the Company was paid $108.7 million for prepayments in respect of the forwards. The Company reduced the subscription receivable which resulted in an increase in total additional paid\u2013in capital. The valuation period ended on March 17, 2025 with no additional consideration owed to the Company.
Stock-Based Compensation
Equity Incentive Plans
On June 5, 2024, the Company\u2019s shareholders approved a new equity incentive plan (\u201c2024 EIP\u201d). Awards that may be granted under the 2024 EIP include options, stock appreciation rights, restricted stock awards, restricted stock units (\u201cRSUs\u201d), performance stock units (\u201cPSUs\u201d), cash awards, and other equity-based awards. The 2024 EIP will be unlimited in duration and, in the event of termination, will remain in effect as long as any shares of awards under it are outstanding and not fully vested.
Awards Granted
The compensation committee of AMC\u2019s board of directors (\u201cCompensation Committee\u201d) has granted awards of stock, RSUs, and PSUs to certain of the Company\u2019s employees and directors under the 2024 EIP. Each RSU or PSU is convertible into one share of Common Stock upon vesting.
Each RSU and PSU held by a participant as of a dividend record date is entitled to a dividend equivalent equal to the amount paid with respect to one share of Common Stock underlying the unit. Any such accrued dividend equivalents are paid to the holder only upon vesting of the units. The grant date fair value of the awards is based on the closing share price of the Company\u2019s Common Stock on such grant date.
The awards granted under the Company\u2019s equity incentive plan generally have the following features:
| \u25cf | Board of Directors Stock Awards: On February 19, 2026, the Company granted 869,571 fully vested shares of Common Stock to the independent members of the Company\u2019s board of directors with a grant date fair value of $1.1 million. |
| \u25cf | Restricted Stock Unit Awards: Each vested RSU will be settled by delivery of a single share of the Company\u2019s Common Stock and therefore accounted for as equity instruments. Awards are generally |
| settled as each individual tranche vests under the relevant agreements. The Company records stock-based compensation expense on a straight-line recognition method over the requisite service period. The RSUs vest over three years, with vesting each year. These RSUs will be settled within 30 days of vesting. |
| \u25cf | Performance Stock Unit Awards: PSU awards are granted to certain members of management and executive officers. The total PSUs are divided into three separate year tranches, with each tranche allocated to a fiscal year within the performance period (\u201cTranche Year\u201d). The PSUs within each Tranche Year are further divided between three performance targets: the Adjusted EBITDA performance target, the free cash flow performance target, and a target based upon various strategic initiatives. The PSU awards will vest if 80% to 120% of the performance targets are attained, with the corresponding vested unit amount ranging from 50% to 200% of the PSUs awarded. The 2026 Tranche Year strategic initiative based 2025 PSU awards will vest if four to ten strategic initiatives are achieved by the end of the 2026 Tranche Year, with the corresponding vested unit amount ranging from 50% to 200% of the PSUs awarded. |
The Compensation Committee establishes the annual performance targets at the beginning of each year. Therefore, in accordance with ASC 718, Compensation - Stock Compensation, the grant date (and fair value measurement date) for each Tranche Year is the date at the beginning of each year when a mutual understanding of the key terms and conditions are reached.
Special Awards
On February 19, 2026, the Compensation Committee approved modification of the performance goals applicable to the 2025 Tranche Year Adjusted EBITDA and free cash flow PSU awards. This was accounted for as a modification to the 2025 Tranche Year PSU awards which lowered the Adjusted EBITDA and free cash flow performance targets such that 200% vesting was achieved. This modification resulted in the immediate vesting of an additional 3,778,642 2025 Tranche Year PSUs. This was treated as a Type 3 modification (improbable-to-probable) which required the Company to recognize additional stock compensation expense based on the modification date fair values of the incremental PSUs. During the six months ended June 30, 2026, the Company recognized $4.6 million of stock compensation expense related to these awards.
On February 19, 2025, the Compensation Committee approved modification of the performance goals applicable to all 2024 Tranche Year PSU awards. This was accounted for as a modification to the 2024 Tranche Year PSU awards which lowered the Adjusted EBITDA performance target such that 146% vesting was achieved. This modification resulted in the immediate vesting of an additional 270,093 of the 2024 Tranche Year PSUs (4,181 cash settled units and 265,912 equity settled units). This was treated as a Type 3 modification (improbable-to-probable) which required the Company to recognize additional stock compensation expense based on the modification date fair values of the incremental PSUs. During the six months ended June 30, 2025, the Company recognized $1.0 million of stock compensation expense related to these awards.
Stock-Based Compensation Expense
The following table presents the stock-based compensation expense recorded within general and administrative: other:
Three Months Ended | Six Months Ended | |||||||||||
June\u00a030, | June\u00a030, | June\u00a030, | June\u00a030, | |||||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||
Special awards expense | $ | \u2014 | $ | \u2014 | $ | 4.6 | $ | 1.0 | ||||
Board of director stock award expense | \u2014 | \u2014 | 1.1 | 1.3 | ||||||||
Restricted stock unit expense | 1.5 | 3.6 | 2.9 | 6.2 | ||||||||
Performance stock unit expense | 1.8 | 2.4 | 2.0 | 3.2 | ||||||||
Total stock-based compensation expense | $ | 3.3 | $ | 6.0 | $ | 10.6 | $ | 11.7 |
As of June 30, 2026, the estimated remaining unrecognized compensation cost related to stock-based compensation grants was approximately $7.5 million, which reflects assumptions related to attainment of performance targets based on the scales as described below. The weighted average period over which this remaining compensation expense is expected to be recognized is approximately ten months. The Company accounts for forfeitures when they occur.
Nonvested Awards
The following table represents the equity classified nonvested RSU and PSU activity for the six months ended June 30, 2026:
RSUs | PSUs | |||||||||
Weighted | Weighted | |||||||||
Average | Average | |||||||||
Number of | Grant\u00a0Date | Number of | Grant\u00a0Date | |||||||
RSUs | Fair\u00a0Value | PSUs | Fair\u00a0Value | |||||||
Nonvested at December 31, 2025 | 4,573,078 | $ | 4.73 | 324,969 | $ | 3.57 | ||||
Granted (1) | \u2014 | \u2014 | 3,448,938 | 1.24 | ||||||
Granted - Special Award | \u2014 | \u2014 | 3,778,642 | 1.22 | ||||||
Vested | (942,900) | 5.82 | (119,307) | 3.57 | ||||||
Vested - Special Award | \u2014 | \u2014 | (2,005,981) | 1.22 | ||||||
Cancelled (2) | (882,087) | 5.95 | (97,339) | 3.57 | ||||||
Cancelled - Special Award (2) | \u2014 | \u2014 | (1,772,661) | 1.22 | ||||||
Nonvested at June 30, 2026 | 2,748,091 | 3.96 | 3,557,261 | 1.35 | ||||||
Tranche Year 2027 awarded under the 2025 PSU award with grant date fair values to be determined in year 2027 (3) | \u2014 | 1,213,279 | ||||||||
Total nonvested at June 30, 2026 | 2,748,091 | 4,770,540 |
| (1) | The number of PSUs granted under the 2026 Tranche Year assumes the Company will vest at 185% for the Adjusted EBITDA performance target, 200% for the free cash flow performance target, and 133% for the strategic initiatives performance target. |
| (2) | Represents vested RSUs and PSUs surrendered in lieu of taxes. As a result, the Company paid taxes for restricted unit withholdings of approximately $3.7 million during the six months ended June 30, 2026. |
| (3) | Assumes PSUs will vest at 100% of targets. |
Condensed Consolidated Statements of Stockholders\u2019 Deficit
For the Six Months Ended June 30, 2026
Accumulated | |||||||||||||||||
Class A | Additional | Other | Total | ||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders\u2019 | |||||||||||||
(In millions, except share data) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Shares | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Amount | Capital | Loss | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | |||||||
Balances December 31, 2025 | 512,943,561 | $ | 5.1 | $ | 7,121.5 | $ | (42.2) | $ | (8,979.2) | $ | (1,894.8) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (117.1) | (117.1) | |||||||||||
Other comprehensive loss | \u2014 | \u2014 | \u2014 | (15.5) | \u2014 | (15.5) | |||||||||||
Taxes paid for restricted unit withholdings | \u2014 | \u2014 | (3.7) | \u2014 | \u2014 | (3.7) | |||||||||||
Consent fees paid in shares | 33,117,743 | 0.3 | 34.2 | \u2014 | \u2014 | 34.5 | |||||||||||
Shares issued through at-the-market offerings | 55,224,032 | 0.6 | 62.2 | \u2014 | \u2014 | 62.8 | |||||||||||
Stock-based compensation (1) | 3,937,759 | 0.1 | 7.2 | \u2014 | \u2014 | 7.3 | |||||||||||
Balances March 31, 2026 | 605,223,095 | $ | 6.1 | $ | 7,221.4 | $ | (57.7) | $ | (9,096.3) | $ | (1,926.5) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (11.4) | (11.4) | |||||||||||
Other comprehensive loss | \u2014 | \u2014 | \u2014 | (16.0) | \u2014 | (16.0) | |||||||||||
Shares issued through at-the-market offerings | 50,029,248 | 0.5 | 81.8 | \u2014 | \u2014 | 82.3 | |||||||||||
Shares issued through registered direct offering | 95,250,000 | 0.9 | 187.9 | \u2014 | \u2014 | 188.8 | |||||||||||
Shares issued upon exchange of New Exchangeable Notes | 142,102,295 | 1.4 | 225.4 | \u2014 | \u2014 | 226.8 | |||||||||||
Stock-based compensation | \u2014 | \u2014 | 3.3 | \u2014 | \u2014 | 3.3 | |||||||||||
Balances June 30, 2026 | 892,604,638 | $ | 8.9 | $ | 7,719.8 | $ | (73.7) | $ | (9,107.7) | $ | (1,452.7) |
| (1) | Includes 869,571 Common Stock shares awarded to the board of directors, and 3,068,188 vested Common Stock RSUs and PSUs. |
Condensed Consolidated Statements of Stockholders\u2019 Deficit
For the Six Months Ended June 30, 2025
Accumulated | |||||||||||||||||
Class A | Additional | Other | Total | ||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders\u2019 | |||||||||||||
(In millions, except share data) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Shares | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Amount | Capital | Loss | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | |||||||
Balances December 31, 2024 | 414,417,797 | $ | 4.1 | $ | 6,714.2 | $ | (132.0) | $ | (8,346.8) | $ | (1,760.5) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (202.1) | (202.1) | |||||||||||
Other comprehensive income | \u2014 | \u2014 | \u2014 | 52.7 | \u2014 | 52.7 | |||||||||||
Taxes paid for restricted unit withholdings | \u2014 | \u2014 | (4.4) | \u2014 | \u2014 | (4.4) | |||||||||||
Shares issued and proceeds received through at-the-market offerings and forward agreements | 17,052,756 | 0.2 | 170.6 | \u2014 | \u2014 | 170.8 | |||||||||||
Stock-based compensation (1) |
| 1,673,008 | \u2014 | 5.7 | \u2014 | \u2014 | 5.7 | ||||||||||
Balances March 31, 2025 | 433,143,561 | $ | 4.3 | $ | 6,886.1 | $ | (79.3) | $ | (8,548.9) | $ | (1,737.8) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (4.7) | (4.7) | |||||||||||
Other comprehensive income | \u2014 | \u2014 | \u2014 | 11.1 | \u2014 | 11.1 | |||||||||||
Stock-based compensation | \u2014 | \u2014 | 6.0 | \u2014 | \u2014 | 6.0 | |||||||||||
Balances June 30, 2025 | 433,143,561 | $ | 4.3 | $ | 6,892.1 | $ | (68.2) | $ | (8,553.6) | $ | (1,725.4) |
| (1) | Includes 370,586 Common Stock shares awarded to the board of directors and 1,302,422 vested Common Stock RSUs and PSUs. |
The below table summarizes the activity during the six months ended June 30, 2026 related to the Offering:
Six Months Ended | |||
(In millions) | June\u00a030, 2026 | ||
Shares issued direct offering | 95.3 | ||
Direct offering gross proceeds | $ | 200.0 | |
Placement fees paid | $ | 11.0 | |
Other third-party issuance costs incurred | $ | 0.2 | |
Other third-party issuance costs paid | $ | 0.2 |
The below table summarizes the activity of the various \u201cat-the-market\u201d offerings for the six months ended June 30, 2026 and June 30, 2025:
Six Months Ended | ||||||
(In millions) | June\u00a030, 2026 | June\u00a030, 2025 | ||||
Shares issued through at-the-market offering | 105.3 | 17.1 | ||||
At-the-market offering gross proceeds | $ | 150.0 | $ | 63.0 | ||
Sales agent fees paid | $ | 3.0 | $ | 0.6 | ||
Other third-party issuance costs incurred | $ | 1.9 | $ | 0.3 | ||
Other third-party issuance costs paid | $ | 1.2 | $ | 1.5 |
Accumulated | |||||||||||||||||
Class A | Additional | Other | Total | ||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders\u2019 | |||||||||||||
(In millions, except share data) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Shares | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Amount | Capital | Loss | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | |||||||
Balances December 31, 2025 | 512,943,561 | $ | 5.1 | $ | 7,121.5 | $ | (42.2) | $ | (8,979.2) | $ | (1,894.8) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (117.1) | (117.1) | |||||||||||
Other comprehensive loss | \u2014 | \u2014 | \u2014 | (15.5) | \u2014 | (15.5) | |||||||||||
Taxes paid for restricted unit withholdings | \u2014 | \u2014 | (3.7) | \u2014 | \u2014 | (3.7) | |||||||||||
Consent fees paid in shares | 33,117,743 | 0.3 | 34.2 | \u2014 | \u2014 | 34.5 | |||||||||||
Shares issued through at-the-market offerings | 55,224,032 | 0.6 | 62.2 | \u2014 | \u2014 | 62.8 | |||||||||||
Stock-based compensation (1) | 3,937,759 | 0.1 | 7.2 | \u2014 | \u2014 | 7.3 | |||||||||||
Balances March 31, 2026 | 605,223,095 | $ | 6.1 | $ | 7,221.4 | $ | (57.7) | $ | (9,096.3) | $ | (1,926.5) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (11.4) | (11.4) | |||||||||||
Other comprehensive loss | \u2014 | \u2014 | \u2014 | (16.0) | \u2014 | (16.0) | |||||||||||
Shares issued through at-the-market offerings | 50,029,248 | 0.5 | 81.8 | \u2014 | \u2014 | 82.3 | |||||||||||
Shares issued through registered direct offering | 95,250,000 | 0.9 | 187.9 | \u2014 | \u2014 | 188.8 | |||||||||||
Shares issued upon exchange of New Exchangeable Notes | 142,102,295 | 1.4 | 225.4 | \u2014 | \u2014 | 226.8 | |||||||||||
Stock-based compensation | \u2014 | \u2014 | 3.3 | \u2014 | \u2014 | 3.3 | |||||||||||
Balances June 30, 2026 | 892,604,638 | $ | 8.9 | $ | 7,719.8 | $ | (73.7) | $ | (9,107.7) | $ | (1,452.7) |
| (1) | Includes 869,571 Common Stock shares awarded to the board of directors, and 3,068,188 vested Common Stock RSUs and PSUs. |
Accumulated | |||||||||||||||||
Class A | Additional | Other | Total | ||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders\u2019 | |||||||||||||
(In millions, except share data) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Shares | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Amount | Capital | Loss | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Deficit | |||||||
Balances December 31, 2024 | 414,417,797 | $ | 4.1 | $ | 6,714.2 | $ | (132.0) | $ | (8,346.8) | $ | (1,760.5) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (202.1) | (202.1) | |||||||||||
Other comprehensive income | \u2014 | \u2014 | \u2014 | 52.7 | \u2014 | 52.7 | |||||||||||
Taxes paid for restricted unit withholdings | \u2014 | \u2014 | (4.4) | \u2014 | \u2014 | (4.4) | |||||||||||
Shares issued and proceeds received through at-the-market offerings and forward agreements | 17,052,756 | 0.2 | 170.6 | \u2014 | \u2014 | 170.8 | |||||||||||
Stock-based compensation (1) |
| 1,673,008 | \u2014 | 5.7 | \u2014 | \u2014 | 5.7 | ||||||||||
Balances March 31, 2025 | 433,143,561 | $ | 4.3 | $ | 6,886.1 | $ | (79.3) | $ | (8,548.9) | $ | (1,737.8) | ||||||
Net loss | \u2014 | \u2014 | \u2014 | \u2014 | (4.7) | (4.7) | |||||||||||
Other comprehensive income | \u2014 | \u2014 | \u2014 | 11.1 | \u2014 | 11.1 | |||||||||||
Stock-based compensation | \u2014 | \u2014 | 6.0 | \u2014 | \u2014 | 6.0 | |||||||||||
Balances June 30, 2025 | 433,143,561 | $ | 4.3 | $ | 6,892.1 | $ | (68.2) | $ | (8,553.6) | $ | (1,725.4) |
| (1) | Includes 370,586 Common Stock shares awarded to the board of directors and 1,302,422 vested Common Stock RSUs and PSUs. |
Three Months Ended | Six Months Ended | |||||||||||
June\u00a030, | June\u00a030, | June\u00a030, | June\u00a030, | |||||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||
Special awards expense | $ | \u2014 | $ | \u2014 | $ | 4.6 | $ | 1.0 | ||||
Board of director stock award expense | \u2014 | \u2014 | 1.1 | 1.3 | ||||||||
Restricted stock unit expense | 1.5 | 3.6 | 2.9 | 6.2 | ||||||||
Performance stock unit expense | 1.8 | 2.4 | 2.0 | 3.2 | ||||||||
Total stock-based compensation expense | $ | 3.3 | $ | 6.0 | $ | 10.6 | $ | 11.7 |
RSUs | PSUs | |||||||||
Weighted | Weighted | |||||||||
Average | Average | |||||||||
Number of | Grant\u00a0Date | Number of | Grant\u00a0Date | |||||||
RSUs | Fair\u00a0Value | PSUs | Fair\u00a0Value | |||||||
Nonvested at December 31, 2025 | 4,573,078 | $ | 4.73 | 324,969 | $ | 3.57 | ||||
Granted (1) | \u2014 | \u2014 | 3,448,938 | 1.24 | ||||||
Granted - Special Award | \u2014 | \u2014 | 3,778,642 | 1.22 | ||||||
Vested | (942,900) | 5.82 | (119,307) | 3.57 | ||||||
Vested - Special Award | \u2014 | \u2014 | (2,005,981) | 1.22 | ||||||
Cancelled (2) | (882,087) | 5.95 | (97,339) | 3.57 | ||||||
Cancelled - Special Award (2) | \u2014 | \u2014 | (1,772,661) | 1.22 | ||||||
Nonvested at June 30, 2026 | 2,748,091 | 3.96 | 3,557,261 | 1.35 | ||||||
Tranche Year 2027 awarded under the 2025 PSU award with grant date fair values to be determined in year 2027 (3) | \u2014 | 1,213,279 | ||||||||
Total nonvested at June 30, 2026 | 2,748,091 | 4,770,540 |
| (1) | The number of PSUs granted under the 2026 Tranche Year assumes the Company will vest at 185% for the Adjusted EBITDA performance target, 200% for the free cash flow performance target, and 133% for the strategic initiatives performance target. |
| (2) | Represents vested RSUs and PSUs surrendered in lieu of taxes. As a result, the Company paid taxes for restricted unit withholdings of approximately $3.7 million during the six months ended June 30, 2026. |
| (3) | Assumes PSUs will vest at 100% of targets. |
NOTE 7\u2014INCOME TAXES
The Company\u2019s worldwide effective income tax rate is based on actual income (loss), statutory rates, valuation allowances against deferred tax assets and tax planning opportunities available in the various jurisdictions in which it operates. The Company intends to compute quarterly tax expense based on an annual effective rate in future interim periods when more reliable estimates of annual income become available. The Company recognizes income tax-related interest expense and penalties as income tax expense and general and administrative expense, respectively.
The Company evaluates its deferred tax assets each period to determine if a valuation allowance is required based on whether it is \u201cmore likely than not\u201d that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods on a federal, state, and foreign jurisdiction basis. The Company conducts its evaluation by considering all available positive and negative evidence, including historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlooks for the U.S. motion picture and broader economy, among others.
A valuation allowance is recorded against the Company\u2019s U.S. deferred tax assets and most of the Company\u2019s international deferred tax assets as the Company has determined the realization of these assets does not meet the more likely than not criteria.
The effective tax rate for the six months ended June 30, 2026, reflects the impact of these valuation allowances against U.S. and international deferred tax assets generated during the period. The actual effective rate for the six months ended June 30, 2026, was (4.6)%. The Company\u2019s consolidated tax rate for the six months ended June 30, 2026, differs from the U.S. statutory tax rate primarily due to the valuation allowances in U.S. and foreign jurisdictions, foreign tax rate differences, federal and state tax credits, permanent differences and other discrete items.
"}]},{"name":"rpt:f-958","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"-0.046","decimals":3}]},{"name":"rpt:f-959","factDimensions":{"xbrl:concept":"us-gaap:FairValueDisclosuresTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"NOTE 8\u2014FAIR VALUE MEASUREMENTS
Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the entity transacts business. The inputs used to develop these fair value measurements are established in a hierarchy, which ranks the quality and reliability of the information used to determine the fair values. The fair value classification is based on levels of inputs. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories:
Level\u00a01: | Quoted market prices in active markets for identical assets or liabilities. |
Level\u00a02: | Observable market-based inputs or unobservable inputs that are corroborated by market data. |
Level\u00a03: | Unobservable inputs that are not corroborated by market data. |
Recurring Fair Value Measurements. The following table summarizes the Company\u2019s financial instruments carried at fair value on a recurring basis as of June 30, 2026:
Fair Value Measurements at June\u00a030, 2026 Using | ||||||||||||
Significant | ||||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total\u00a0Carrying | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Quoted\u00a0prices\u00a0in | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant\u00a0other | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | unobservable | |||||
Value at | active\u00a0market | observable\u00a0inputs | inputs | |||||||||
(In millions) | June\u00a030, 2026 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Corporate Borrowings: | ||||||||||||
Bifurcated embedded derivative - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | $ | 15.3 | $ | \u2014 | $ | \u2014 | $ | 15.3 |
6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 embedded derivative. The Existing Exchangeable Notes have conversion features that required bifurcation from their respective host instruments pursuant to ASC 815\u2014Derivatives and Hedging. The conversion features embedded within the notes were combined into a derivative that comprises all features requiring bifurcation. The embedded derivative has been valued using binomial lattice models. The binomial lattice models consist of simulated Common Stock prices from the valuation date to the maturity of the notes. The significant inputs used to value the derivative include the share price of the Common
Stock, the volatility of the share price, time to maturity, risk-free interest rate, credit spread, and discount yield. The Company measures the derivative at fair value at the end of each reporting period with any changes in fair value recorded to other expense (income) in the condensed consolidated statements of operations.
Non-recurring Fair Value Measurements. The following table summarizes the fair value hierarchy of the bifurcated embedded derivative of the Senior Secured Exchangeable Notes due 2030 as of May 4, 2026:
Fair Value Measurements at May 4, 2026 Using | ||||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant\u00a0other | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant | ||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | ||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | May 4, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | (Level\u00a01) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | (Level\u00a02) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | (Level\u00a03) | ||||
Corporate Borrowings: | ||||||||||||
Bifurcated embedded derivative - Senior Secured Exchangeable Notes due 2030 | $ | 103.5 | $ | \u2014 | $ | 103.5 | $ | \u2014 |
Senior Secured Notes due 2030 embedded derivative valuation technique. The embedded derivative was valued by determining the as-converted value of the New Exchangeable Notes and then subtracting the estimated fair value of the New Exchangeable Notes without the conversion feature. The as-converted value of the New Exchangeable Notes was calculated from the number of shares expected to be exchanged multiplied by the closing price of the Common Stock as of May 4, 2026. The estimated fair value of the New Exchangeable Notes without the conversion feature was determined using a discounted cash flow method using a discount yield derived from the risk-free rate and an interpolated credit spread.
Other Fair Value Measurement Disclosures. The Company is required to disclose the fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate that value:
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Fair Value Measurements at June\u00a030, 2026 Using | |||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant\u00a0other | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant | ||||||||
Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | June\u00a030, 2026 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Current maturities of corporate borrowings | $ | 148.9 | $ | \u2014 | $ | 149.1 | $ | \u2014 | ||||
Corporate borrowings (excluding derivatives) | \u00a0 | 3,687.4 | \u00a0 | \u2014 | \u00a0 | 3,784.7 | \u2014 |
Valuation Technique. Quoted market prices and observable market-based inputs were used to estimate fair value for Level\u00a02 inputs. The Company valued these notes at principal value less an estimated discount reflecting a market yield to maturity. See Note\u00a05\u2014Corporate Borrowings and Finance Lease Liabilities for further information.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short maturity of these instruments.
"}]},{"name":"rpt:f-960","factDimensions":{"xbrl:concept":"us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Fair Value Measurements at June\u00a030, 2026 Using | ||||||||||||
Significant | ||||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total\u00a0Carrying | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Quoted\u00a0prices\u00a0in | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant\u00a0other | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | unobservable | |||||
Value at | active\u00a0market | observable\u00a0inputs | inputs | |||||||||
(In millions) | June\u00a030, 2026 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Corporate Borrowings: | ||||||||||||
Bifurcated embedded derivative - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | $ | 15.3 | $ | \u2014 | $ | \u2014 | $ | 15.3 |
Fair Value Measurements at May 4, 2026 Using | ||||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant\u00a0other | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant | ||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | ||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | May 4, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | (Level\u00a01) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | (Level\u00a02) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | (Level\u00a03) | ||||
Corporate Borrowings: | ||||||||||||
Bifurcated embedded derivative - Senior Secured Exchangeable Notes due 2030 | $ | 103.5 | $ | \u2014 | $ | 103.5 | $ | \u2014 |
"}]},{"name":"rpt:f-966","factDimensions":{"xbrl:concept":"us-gaap:EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability","xbrl:period":"2026-05-05T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"amch:NewExchangeableNotesMember","us-gaap:FairValueByMeasurementBasisAxis":"us-gaap:CarryingReportedAmountFairValueDisclosureMember"},"factValues":[{"value":"103500000","decimals":-5}]},{"name":"rpt:f-967","factDimensions":{"xbrl:concept":"us-gaap:EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability","xbrl:period":"2026-05-05T00:00:00","xbrl:entity":"cik:0001411579","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"amch:NewExchangeableNotesMember","us-gaap:FairValueByFairValueHierarchyLevelAxis":"us-gaap:FairValueInputsLevel2Member","us-gaap:FairValueByMeasurementFrequencyAxis":"us-gaap:FairValueMeasurementsNonrecurringMember"},"factValues":[{"value":"103500000","decimals":-5}]},{"name":"rpt:f-968","factDimensions":{"xbrl:concept":"amch:ScheduleOfFairValueOfFinancialInstrumentsNotRecognizedInStatementOfFinancialPositionTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Fair Value Measurements at June\u00a030, 2026 Using | |||||||||||
\u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant\u00a0other | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | Significant | ||||||||
Total\u00a0Carrying | Quoted\u00a0prices\u00a0in | observable | unobservable | |||||||||
Value at | active\u00a0market | inputs | inputs | |||||||||
(In millions) | June\u00a030, 2026 | (Level\u00a01) | (Level\u00a02) | (Level\u00a03) | ||||||||
Current maturities of corporate borrowings | $ | 148.9 | $ | \u2014 | $ | 149.1 | $ | \u2014 | ||||
Corporate borrowings (excluding derivatives) | \u00a0 | 3,687.4 | \u00a0 | \u2014 | \u00a0 | 3,784.7 | \u2014 |
NOTE 9\u2014SEGMENT REPORTING
The Company reports information about operating segments in accordance with ASC\u00a0280-10, Segment Reporting, which requires financial information to be reported based on the way management organizes segments within a company for making operating decisions and evaluating performance. Management has organized the Company around differences in geographic areas. The Company has identified two reportable segments for its theatrical exhibition operations, U.S. markets and International markets. The International markets reportable segment has operations in, or partial interest, in theatres in the United Kingdom, Germany, Spain, Italy, Ireland, Portugal, Sweden, Finland, Norway, and Denmark.
The measure of segment profit and loss the Company\u2019s chief operating decision maker uses to evaluate performance and allocate resources is Adjusted EBITDA. The Company defines Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company\u2019s ongoing operating performance and to include attributable EBITDA from equity investments in theatre operations in International markets. The Company does not report asset information by segment because that information is not used to evaluate the performance of or allocate resources between segments.
During the first quarter of 2026, the Company changed its definition of Adjusted EBITDA to adjust for net periodic pension cost. Net periodic pension cost is a recurring expense that includes several components such as service cost, interest cost, expected return on plan assets, amortization of prior service cost, and amortization of actuarial gains/losses. Additionally, the Company also includes infrequent gains and losses from benefit curtailments and settlements of pension obligations in net periodic pension cost. The Company no longer believes that net periodic pension cost should be included in Adjusted EBITDA as the pension plans are frozen, service cost is zero, and the remaining components are not indicative of ongoing operating performance as they are not driven by current operating decisions and largely depend on actuarial assumptions. While not the basis for this change, the revised definition further aligns the Company\u2019s definition of Adjusted EBITDA with the definition used in the Company\u2019s debt agreements. The adjustment for net periodic pension cost is included in the caption titled \u201cother expense (income)\u201d in the condensed consolidated statement of operations and in the reconciliation of net loss to Adjusted EBITDA further below. See the components of other expense (income) table in Note 1\u2014Basis of Presentation for net periodic pension cost recorded in each period presented. All comparative period information for Adjusted EBITDA has been re-cast to conform with the current definition. The impact of this change on previously reported Adjusted EBITDA for the three and six months ended June 30, 2025 was an improvement of $0.3 million and $0.6 million, respectively.
The following tables below provide reconciliation of segment revenues to Adjusted EBITDA:
Three Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Revenues (1) | $ | 1,258.6 | $ | 338.1 | $ | 1,596.7 | |||
Less: | |||||||||
Film exhibition costs | 362.0 | 78.3 | 440.3 | ||||||
Food and beverage costs | \u00a0 | 79.7 | \u00a0 | 28.0 | \u00a0 | 107.7 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 343.7 | \u00a0 | 112.4 | \u00a0 | 456.1 | |||
Rent | \u00a0 | 161.6 | \u00a0 | 62.2 | \u00a0 | 223.8 | |||
General and administrative expense - other, excluding depreciation and amortization (3) | 26.0 | \u00a0 | 22.7 | 48.7 | |||||
Other segment items (4) | \u00a0 | \u2014 | (1.3) | (1.3) | |||||
Adjusted EBITDA | $ | 285.6 | $ | 35.8 | $ | 321.4 |
Three Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 | \u00a0 | 72.8 | \u00a0 | 23.3 | \u00a0 | 96.1 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 342.3 | \u00a0 | 113.5 | \u00a0 | 455.8 | |||
Rent | \u00a0 | 162.7 | 59.9 | 222.6 | |||||
General and administrative expense - other, excluding depreciation and amortization (3) | 29.5 | \u00a0 | 22.7 | 52.2 | |||||
Other segment items (4) | \u00a0 | \u2014 | \u00a0 | (10.4) | \u00a0 | (10.4) | |||
Adjusted EBITDA | $ | 181.3 | $ | 8.2 | $ | 189.5 |
Six Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Revenues (1) | $ | 1,999.4 | $ | 642.7 | $ | 2,642.1 | |||
Less: | |||||||||
Film exhibition costs | 548.6 | 147.3 | 695.9 | ||||||
Food and beverage costs | \u00a0 | 124.0 | \u00a0 | 50.1 | \u00a0 | 174.1 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 637.0 | \u00a0 | 226.7 | \u00a0 | 863.7 | |||
Rent | \u00a0 | 324.0 | \u00a0 | 123.9 | \u00a0 | 447.9 | |||
General and administrative expense - other, excluding depreciation and amortization (3) | 58.3 | \u00a0 | 44.0 | 102.3 | |||||
Other segment items (4) | \u00a0 | \u2014 | (1.5) | (1.5) | |||||
Adjusted EBITDA | $ | 307.5 | $ | 52.2 | $ | 359.7 |
Six Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 | \u00a0 | 113.8 | \u00a0 | 39.5 | \u00a0 | 153.3 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 629.4 | \u00a0 | 216.8 | \u00a0 | 846.2 | |||
Rent | \u00a0 | 325.3 | 115.4 | 440.7 | |||||
General and administrative expense - other, excluding depreciation and amortization (3) | 61.7 | \u00a0 | 40.8 | 102.5 | |||||
Other segment items (4) | \u00a0 | \u2014 | \u00a0 | (11.0) | \u00a0 | (11.0) | |||
Adjusted EBITDA | $ | 124.2 | $ | 7.6 | $ | 131.8 |
| (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\u2014other, 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. |
Other segment disclosures:
Three Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Depreciation and amortization | $ | 57.3 | $ | 18.8 | $ | 76.1 | |||
Income tax provision | 1.7 | 1.7 | 3.4 | ||||||
Other expense | 84.7 | 28.9 | 113.6 | ||||||
Other significant noncash items: | |||||||||
Stock-based compensation expense | 2.9 | 0.4 | 3.3 | ||||||
Equity in earnings of non-consolidated entities | (3.4) | (0.6) | (4.0) | ||||||
Capital expenditures | 39.8 | 5.5 | 45.3 |
Three Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 |
Six Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Depreciation and amortization | $ | 114.4 | $ | 37.4 | $ | 151.8 | |||
Income tax provision | 2.2 | 3.4 | 5.6 | ||||||
Other expense | 25.8 | 38.1 | 63.9 | ||||||
Other significant noncash items: | |||||||||
Stock-based compensation expense | 9.5 | 1.1 | 10.6 | ||||||
Equity in earnings of non-consolidated entities | (6.0) | (0.7) | (6.7) | ||||||
Capital expenditures | 74.5 | 17.0 | 91.5 |
Six Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 |
The following table sets forth a reconciliation of net loss to Adjusted EBITDA:
Three Months Ended | Six Months Ended | |||||||||||
(In\u00a0millions) | June\u00a030, 2026 | June\u00a030, 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | June\u00a030, 2025 | |||||||
Net loss | $ | (11.4) | $ | (4.7) | $ | (128.5) | $ | (206.8) | ||||
Plus: | ||||||||||||
Income tax provision (1) | \u00a0 | 3.4 | \u00a0 | 1.2 | \u00a0 | 5.6 | \u00a0 | 2.8 | ||||
Interest expense | \u00a0 | 136.0 | \u00a0 | 129.6 | \u00a0 | 275.9 | \u00a0 | 248.7 | ||||
Depreciation and amortization | \u00a0 | 76.1 | \u00a0 | 77.8 | \u00a0 | 151.8 | \u00a0 | 153.9 | ||||
Certain operating expense (2) | \u00a0 | 2.3 | \u00a0 | 2.6 | \u00a0 | 2.0 | \u00a0 | 5.4 | ||||
Equity in earnings of non-consolidated entities (3) | \u00a0 | (4.0) | \u00a0 | (2.1) | \u00a0 | (6.7) | \u00a0 | (2.9) | ||||
Attributable EBITDA (4) | 0.6 | 0.1 | 0.8 | 0.5 | ||||||||
Investment expense (income) (5) | \u00a0 | 0.5 | \u00a0 | (1.4) | \u00a0 | (17.8) | \u00a0 | (7.1) | ||||
Other expense (income) (6) | \u00a0 | 114.3 | \u00a0 | (19.7) | \u00a0 | 64.6 | \u00a0 | (77.5) | ||||
Merger, acquisition and other costs (7) | \u00a0 | 0.3 | \u00a0 | 0.1 | \u00a0 | 1.4 | \u00a0 | 3.1 | ||||
Stock-based compensation expense (8) | \u00a0 | 3.3 | \u00a0 | 6.0 | \u00a0 | 10.6 | \u00a0 | 11.7 | ||||
Adjusted EBITDA | $ | 321.4 | $ | 189.5 | $ | 359.7 | $ | 131.8 |
| (1) | For information regarding the income tax provision, see Note 7\u2014Income 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 June 30, 2026 primarily consisted of equity in earnings from AC JV, LLC (\u201cAC JV\u201d) of $(3.3) million. 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 six months ended June 30, 2026 primarily consisted of equity in earnings from AC JV of $(5.7) 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.
| (4) | Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company\u2019s 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 | Six Months Ended | |||||||||||
(In\u00a0millions) | June\u00a030, 2026 | June\u00a030, 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | June\u00a030, 2025 | |||||||
Equity in (earnings) of non-consolidated entities | $ | (4.0) | $ | (2.1) | $ | (6.7) | $ | (2.9) | ||||
Less: | ||||||||||||
Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | (3.5) | (2.2) | (6.2) | (3.0) | ||||||||
Equity in earnings (loss) of International theatre joint ventures | 0.5 | (0.1) | 0.5 | (0.1) | ||||||||
Income tax benefit | \u2014 | (0.1) | \u2014 | (0.1) | ||||||||
Investment income | (0.1) | \u2014 | (0.1) | \u2014 | ||||||||
Interest expense | \u2014 | 0.1 | \u2014 | 0.1 | ||||||||
Depreciation and amortization | 0.2 | 0.2 | 0.4 | 0.6 | ||||||||
Attributable EBITDA | $ | 0.6 | $ | 0.1 | $ | 0.8 | $ | 0.5 |
| (5) | Investment expense during the three months ended June 30, 2026 includes unrealized losses on the |
| Company\u2019s investment in Hycroft of $1.5 million, partially offset by interest income of $(1.0) million. Investment income during the three months ended June 30, 2025 included interest income of $(1.7) million, partially offset by unrealized losses on the Company\u2019s investments in Hycroft of $0.3 million. |
Investment income during the six months ended June 30, 2026 includes realized and unrealized gains on the Company\u2019s investments in Hycroft of $(16.5) million and interest income of $(1.3) million. Investment income during the six months ended June 30, 2025 included interest income of $(4.6) million and unrealized gains on the Company\u2019s investments in Hycroft of $(2.5) million.
| (6) | Other expense during the three months ended June 30, 2026 includes the increase in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $41.3 million, the loss on extinguishment of the New Exchangeable Notes of $33.0 million, the loss on extinguishment of the Odeon Notes due 2027 of $30.1 million, the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $9.8 million, and net periodic pension cost of $0.5 million, partially offset by foreign currency transaction gains of $(0.4) million. Other income during the three months ended June 30, 2025 included foreign currency transaction gains of $(23.9) million, partially offset by an increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $3.9 million and $0.3 million of net periodic pension cost. |
Other expense during the six months ended June 30, 2026 includes the loss on extinguishment of the New Exchangeable Notes of $33.0 million, the loss on extinguishment of the Odeon Notes due 2027 of $30.1 million, foreign currency transaction losses of $8.6 million, the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $2.7 million, net periodic pension cost of $1.0 million and debt modification third party fees of $0.3 million, partially offset by the decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(11.1) million. Other income during the six months ended June 30, 2025 included a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(41.2) million and foreign currency transaction gains of $(36.9) million, partially offset by $0.6 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. |
Three Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Revenues (1) | $ | 1,258.6 | $ | 338.1 | $ | 1,596.7 | |||
Less: | |||||||||
Film exhibition costs | 362.0 | 78.3 | 440.3 | ||||||
Food and beverage costs | \u00a0 | 79.7 | \u00a0 | 28.0 | \u00a0 | 107.7 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 343.7 | \u00a0 | 112.4 | \u00a0 | 456.1 | |||
Rent | \u00a0 | 161.6 | \u00a0 | 62.2 | \u00a0 | 223.8 | |||
General and administrative expense - other, excluding depreciation and amortization (3) | 26.0 | \u00a0 | 22.7 | 48.7 | |||||
Other segment items (4) | \u00a0 | \u2014 | (1.3) | (1.3) | |||||
Adjusted EBITDA | $ | 285.6 | $ | 35.8 | $ | 321.4 |
Three Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 | \u00a0 | 72.8 | \u00a0 | 23.3 | \u00a0 | 96.1 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 342.3 | \u00a0 | 113.5 | \u00a0 | 455.8 | |||
Rent | \u00a0 | 162.7 | 59.9 | 222.6 | |||||
General and administrative expense - other, excluding depreciation and amortization (3) | 29.5 | \u00a0 | 22.7 | 52.2 | |||||
Other segment items (4) | \u00a0 | \u2014 | \u00a0 | (10.4) | \u00a0 | (10.4) | |||
Adjusted EBITDA | $ | 181.3 | $ | 8.2 | $ | 189.5 |
Six Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Revenues (1) | $ | 1,999.4 | $ | 642.7 | $ | 2,642.1 | |||
Less: | |||||||||
Film exhibition costs | 548.6 | 147.3 | 695.9 | ||||||
Food and beverage costs | \u00a0 | 124.0 | \u00a0 | 50.1 | \u00a0 | 174.1 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 637.0 | \u00a0 | 226.7 | \u00a0 | 863.7 | |||
Rent | \u00a0 | 324.0 | \u00a0 | 123.9 | \u00a0 | 447.9 | |||
General and administrative expense - other, excluding depreciation and amortization (3) | 58.3 | \u00a0 | 44.0 | 102.3 | |||||
Other segment items (4) | \u00a0 | \u2014 | (1.5) | (1.5) | |||||
Adjusted EBITDA | $ | 307.5 | $ | 52.2 | $ | 359.7 |
Six Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 | \u00a0 | 113.8 | \u00a0 | 39.5 | \u00a0 | 153.3 | |||
Operating expense, excluding depreciation and amortization (2) | \u00a0 | 629.4 | \u00a0 | 216.8 | \u00a0 | 846.2 | |||
Rent | \u00a0 | 325.3 | 115.4 | 440.7 | |||||
General and administrative expense - other, excluding depreciation and amortization (3) | 61.7 | \u00a0 | 40.8 | 102.5 | |||||
Other segment items (4) | \u00a0 | \u2014 | \u00a0 | (11.0) | \u00a0 | (11.0) | |||
Adjusted EBITDA | $ | 124.2 | $ | 7.6 | $ | 131.8 |
| (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\u2014other, 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. |
Three Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Depreciation and amortization | $ | 57.3 | $ | 18.8 | $ | 76.1 | |||
Income tax provision | 1.7 | 1.7 | 3.4 | ||||||
Other expense | 84.7 | 28.9 | 113.6 | ||||||
Other significant noncash items: | |||||||||
Stock-based compensation expense | 2.9 | 0.4 | 3.3 | ||||||
Equity in earnings of non-consolidated entities | (3.4) | (0.6) | (4.0) | ||||||
Capital expenditures | 39.8 | 5.5 | 45.3 |
Three Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 |
Six Months Ended | |||||||||
June\u00a030, 2026 | |||||||||
(In\u00a0millions) | U.S. Markets | International Markets | Consolidated | ||||||
Depreciation and amortization | $ | 114.4 | $ | 37.4 | $ | 151.8 | |||
Income tax provision | 2.2 | 3.4 | 5.6 | ||||||
Other expense | 25.8 | 38.1 | 63.9 | ||||||
Other significant noncash items: | |||||||||
Stock-based compensation expense | 9.5 | 1.1 | 10.6 | ||||||
Equity in earnings of non-consolidated entities | (6.0) | (0.7) | (6.7) | ||||||
Capital expenditures | 74.5 | 17.0 | 91.5 |
Six Months Ended | |||||||||
June\u00a030, 2025 | |||||||||
(In\u00a0millions) | 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 |
The following table sets forth a reconciliation of net loss to Adjusted EBITDA:
Three Months Ended | Six Months Ended | |||||||||||
(In\u00a0millions) | June\u00a030, 2026 | June\u00a030, 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | June\u00a030, 2025 | |||||||
Net loss | $ | (11.4) | $ | (4.7) | $ | (128.5) | $ | (206.8) | ||||
Plus: | ||||||||||||
Income tax provision (1) | \u00a0 | 3.4 | \u00a0 | 1.2 | \u00a0 | 5.6 | \u00a0 | 2.8 | ||||
Interest expense | \u00a0 | 136.0 | \u00a0 | 129.6 | \u00a0 | 275.9 | \u00a0 | 248.7 | ||||
Depreciation and amortization | \u00a0 | 76.1 | \u00a0 | 77.8 | \u00a0 | 151.8 | \u00a0 | 153.9 | ||||
Certain operating expense (2) | \u00a0 | 2.3 | \u00a0 | 2.6 | \u00a0 | 2.0 | \u00a0 | 5.4 | ||||
Equity in earnings of non-consolidated entities (3) | \u00a0 | (4.0) | \u00a0 | (2.1) | \u00a0 | (6.7) | \u00a0 | (2.9) | ||||
Attributable EBITDA (4) | 0.6 | 0.1 | 0.8 | 0.5 | ||||||||
Investment expense (income) (5) | \u00a0 | 0.5 | \u00a0 | (1.4) | \u00a0 | (17.8) | \u00a0 | (7.1) | ||||
Other expense (income) (6) | \u00a0 | 114.3 | \u00a0 | (19.7) | \u00a0 | 64.6 | \u00a0 | (77.5) | ||||
Merger, acquisition and other costs (7) | \u00a0 | 0.3 | \u00a0 | 0.1 | \u00a0 | 1.4 | \u00a0 | 3.1 | ||||
Stock-based compensation expense (8) | \u00a0 | 3.3 | \u00a0 | 6.0 | \u00a0 | 10.6 | \u00a0 | 11.7 | ||||
Adjusted EBITDA | $ | 321.4 | $ | 189.5 | $ | 359.7 | $ | 131.8 |
| (1) | For information regarding the income tax provision, see Note 7\u2014Income 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 June 30, 2026 primarily consisted of equity in earnings from AC JV, LLC (\u201cAC JV\u201d) of $(3.3) million. 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 six months ended June 30, 2026 primarily consisted of equity in earnings from AC JV of $(5.7) 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.
| (4) | Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company\u2019s 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 | Six Months Ended | |||||||||||
(In\u00a0millions) | June\u00a030, 2026 | June\u00a030, 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | June\u00a030, 2025 | |||||||
Equity in (earnings) of non-consolidated entities | $ | (4.0) | $ | (2.1) | $ | (6.7) | $ | (2.9) | ||||
Less: | ||||||||||||
Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures | (3.5) | (2.2) | (6.2) | (3.0) | ||||||||
Equity in earnings (loss) of International theatre joint ventures | 0.5 | (0.1) | 0.5 | (0.1) | ||||||||
Income tax benefit | \u2014 | (0.1) | \u2014 | (0.1) | ||||||||
Investment income | (0.1) | \u2014 | (0.1) | \u2014 | ||||||||
Interest expense | \u2014 | 0.1 | \u2014 | 0.1 | ||||||||
Depreciation and amortization | 0.2 | 0.2 | 0.4 | 0.6 | ||||||||
Attributable EBITDA | $ | 0.6 | $ | 0.1 | $ | 0.8 | $ | 0.5 |
| (5) | Investment expense during the three months ended June 30, 2026 includes unrealized losses on the |
| Company\u2019s investment in Hycroft of $1.5 million, partially offset by interest income of $(1.0) million. Investment income during the three months ended June 30, 2025 included interest income of $(1.7) million, partially offset by unrealized losses on the Company\u2019s investments in Hycroft of $0.3 million. |
Investment income during the six months ended June 30, 2026 includes realized and unrealized gains on the Company\u2019s investments in Hycroft of $(16.5) million and interest income of $(1.3) million. Investment income during the six months ended June 30, 2025 included interest income of $(4.6) million and unrealized gains on the Company\u2019s investments in Hycroft of $(2.5) million.
| (6) | Other expense during the three months ended June 30, 2026 includes the increase in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $41.3 million, the loss on extinguishment of the New Exchangeable Notes of $33.0 million, the loss on extinguishment of the Odeon Notes due 2027 of $30.1 million, the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $9.8 million, and net periodic pension cost of $0.5 million, partially offset by foreign currency transaction gains of $(0.4) million. Other income during the three months ended June 30, 2025 included foreign currency transaction gains of $(23.9) million, partially offset by an increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $3.9 million and $0.3 million of net periodic pension cost. |
Other expense during the six months ended June 30, 2026 includes the loss on extinguishment of the New Exchangeable Notes of $33.0 million, the loss on extinguishment of the Odeon Notes due 2027 of $30.1 million, foreign currency transaction losses of $8.6 million, the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $2.7 million, net periodic pension cost of $1.0 million and debt modification third party fees of $0.3 million, partially offset by the decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes of $(11.1) million. Other income during the six months ended June 30, 2025 included a decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes of $(41.2) million and foreign currency transaction gains of $(36.9) million, partially offset by $0.6 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. |
NOTE 10\u2014LOSS PER SHARE
Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted loss per share includes the effects of unvested RSUs with a service condition only, unvested contingently issuable PSUs that have service and performance conditions, and shares issuable upon exchange of the Existing Exchangeable Notes, if dilutive. Diluted loss per share is computed using the treasury stock method for the RSUs and PSUs and the if-converted method for the Existing Exchangeable Notes.
The following table sets forth the computation of basic and diluted loss per common share:
Three Months Ended | Six Months Ended | |||||||||||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2025 | ||||
Numerator: | ||||||||||||
Net loss for basic and diluted loss per share | $ | (11.4) | $ | (4.7) | $ | (128.5) | $ | (206.8) | ||||
Denominator (shares in thousands): | ||||||||||||
Weighted average shares for basic and diluted loss per common share | \u00a0 | 722,015 | \u00a0 | 433,144 | \u00a0 | 631,343 | \u00a0 | 432,064 | ||||
Basic and diluted loss per common share | $ | (0.02) | $ | (0.01) | $ | (0.20) | $ | (0.48) |
Vested RSUs and PSUs have dividend rights identical to the Company\u2019s Common Stock and are treated as outstanding shares for purposes of computing basic and diluted loss per share.
Included in the computation of basic loss per share are 766,346 contingently issuable RSUs whose issuance conditions were satisfied when the grantee attained retirement eligibility. These contingently issuable RSUs will not be
issued until their vesting dates. For both the three and six months ended June 30, 2026, 1,981,745 unvested RSUs were excluded from the computation of diluted loss per share as their effect would have been anti-dilutive. For both the three and six months ended June 30, 2025, 4,560,303 unvested RSUs were excluded from the computation of diluted loss per share as their effect would have been anti-dilutive.
Unvested PSUs are subject to performance conditions and are included in diluted loss per share, if dilutive, based on the number of shares, if any, that would be issuable under the terms of the award agreements if the end of the reporting period were the end of the contingency period. For both the three and six months ended June 30, 2026, 3,557,261 unvested PSUs at certain performance targets were excluded from the computation of diluted loss per share as they would not be issuable if the end of the reporting period were the end of the contingency period or as their effect would have been anti-dilutive. For both the three and six months ended June 30, 2025, 2,201,477 unvested PSUs at certain performance targets were excluded from the computation of diluted loss per share as they would not be issuable if the end of the reporting period were the end of the contingency period or as their effect would have been anti-dilutive.
The Company excluded approximately 23.1 million shares issuable upon exchange of the Existing Exchangeable Notes from the computation of diluted loss per share for both the three and six months ended June 30, 2026 as their effect would have been anti-dilutive. The Company excluded approximately 88.7 million shares issuable upon exchange of the Existing Exchangeable Notes from the computation of diluted loss per share for both the three and six months ended June 30, 2025 as their effect would have been anti-dilutive.
"}]},{"name":"rpt:f-1254","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2026-01-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001411579"},"factValues":[{"value":"Three Months Ended | Six Months Ended | |||||||||||
(In millions) | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2025 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2026 | \u00a0\u00a0\u200b\u00a0\u200b\u00a0\u200b | June\u00a030, 2025 | ||||
Numerator: | ||||||||||||
Net loss for basic and diluted loss per share | $ | (11.4) | $ | (4.7) | $ | (128.5) | $ | (206.8) | ||||
Denominator (shares in thousands): | ||||||||||||
Weighted average shares for basic and diluted loss per common share | \u00a0 | 722,015 | \u00a0 | 433,144 | \u00a0 | 631,343 | \u00a0 | 432,064 | ||||
Basic and diluted loss per common share | $ | (0.02) | $ | (0.01) | $ | (0.20) | $ | (0.48) |