Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

v3.20.1
Segments (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Operating Segment

Below is a breakdown of selected financial information by reportable operating segment:

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

U.S.

 

 

$

429,302

 

 

$

557,798

 

International

 

 

 

116,173

 

 

 

159,907

 

Eliminations

 

 

 

(1,859

)

 

 

(2,982

)

Total revenues

 

 

$

543,616

 

 

$

714,723

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

U.S.

 

 

$

56,072

 

 

$

125,759

 

International

 

 

 

10,139

 

 

 

26,495

 

Total Adjusted EBITDA

 

 

$

66,211

 

 

$

152,254

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

U.S.

 

 

$

25,673

 

 

$

52,339

 

International

 

 

 

8,470

 

 

 

5,230

 

Total capital expenditures

 

 

$

34,143

 

 

$

57,569

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA:

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2020

 

 

2019

 

Net income (loss)

 

 

$

(59,422

)

 

$

33,193

 

Add (deduct):

 

 

 

 

 

 

 

 

 

Income taxes

 

 

 

(3,108

)

 

 

11,917

 

Interest expense (1)

 

 

 

24,666

 

 

 

25,141

 

Other (income) expense, net (2)

 

 

 

169

 

 

 

(8,335

)

Cash distributions from DCIP (3)

 

 

 

5,161

 

 

 

5,218

 

Cash distributions from other equity investees (4)

 

 

 

11,445

 

 

 

9,124

 

Depreciation and amortization

 

 

 

65,256

 

 

 

64,462

 

Impairment of long-lived assets

 

 

 

16,619

 

 

 

5,584

 

Loss on disposal of assets and other

 

 

 

1,905

 

 

 

3,799

 

Non-cash rent expense

 

 

 

(591

)

 

 

(819

)

Share based awards compensation expense

 

 

 

4,111

 

 

 

2,970

 

Adjusted EBITDA

 

 

$

66,211

 

 

$

152,254

 

 

 

(1)

Includes amortization of debt issue costs.

 

(2)

Includes interest income, foreign currency exchange gain (loss), equity in income of affiliates and interest expense - NCM and excludes distributions from NCM.

 

(3)

See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 10. These distributions are reported entirely within the U.S. operating segment.

 

(4)

Includes cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 9 and 10).  These distributions are reported entirely within the U.S. operating segment.

Selected Financial Information by Geographic Area

Below is a breakdown of selected financial information by geographic area:

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

Revenues

 

 

2020

 

 

2019

 

U.S.

 

 

$

429,302

 

 

$

557,798

 

Brazil

 

 

 

52,968

 

 

 

70,861

 

Other international countries

 

 

 

63,205

 

 

 

89,046

 

Eliminations

 

 

 

(1,859

)

 

 

(2,982

)

Total

 

 

$

543,616

 

 

$

714,723

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment-net

 

March 31, 2020

 

 

December 31, 2019

 

U.S.

 

$

1,408,772

 

 

$

1,436,275

 

Brazil

 

 

86,474

 

 

 

118,367

 

Other international countries

 

 

163,079

 

 

 

180,605

 

Total

 

$

1,658,325

 

 

$

1,735,247