Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

v3.20.2
Segments (Tables)
6 Months Ended
Jun. 30, 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

8,155

 

 

$

747,119

 

 

$

437,457

 

 

$

1,304,917

 

International

 

 

819

 

 

 

214,830

 

 

 

116,992

 

 

 

374,737

 

Eliminations

 

 

 

 

 

(4,193

)

 

 

(1,859

)

 

 

(7,175

)

Total revenues

 

$

8,974

 

 

$

957,756

 

 

$

552,590

 

 

$

1,672,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

(96,252

)

 

$

195,298

 

 

$

(40,180

)

 

$

321,057

 

International

 

 

(21,366

)

 

 

49,440

 

 

 

(11,227

)

 

 

75,935

 

Total Adjusted EBITDA

 

$

(117,618

)

 

$

244,738

 

 

$

(51,407

)

 

$

396,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

11,028

 

 

$

45,591

 

 

$

36,701

 

 

$

97,930

 

International

 

 

1,788

 

 

 

12,009

 

 

 

10,258

 

 

 

17,239

 

Total capital expenditures

 

$

12,816

 

 

$

57,600

 

 

$

46,959

 

 

$

115,169

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(170,816

)

 

$

101,861

 

 

$

(230,238

)

 

$

135,054

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(98,145

)

 

 

38,182

 

 

 

(101,253

)

 

 

50,099

 

Interest expense (1)

 

 

28,372

 

 

 

24,929

 

 

 

53,038

 

 

 

50,070

 

Other (income) expense, net (2)

 

 

27,004

 

 

 

(6,774

)

 

 

27,173

 

 

 

(15,109

)

Cash distributions from DCIP (3)

 

 

5,222

 

 

 

 

 

 

10,383

 

 

 

5,218

 

Cash distributions from other equity investees (4)

 

 

1,456

 

 

 

5,323

 

 

 

12,901

 

 

 

14,447

 

Depreciation and amortization

 

 

63,581

 

 

 

64,573

 

 

 

128,837

 

 

 

129,035

 

Impairment of long-lived assets

 

 

 

 

 

12,494

 

 

 

16,619

 

 

 

18,078

 

Restructuring costs

 

 

19,538

 

 

 

 

 

 

19,538

 

 

 

 

Loss on disposal of assets and other

 

 

425

 

 

 

1,805

 

 

 

2,330

 

 

 

5,604

 

Non-cash rent expense

 

 

1,424

 

 

 

(1,331

)

 

 

833

 

 

 

(2,150

)

Share based awards compensation expense

 

 

4,321

 

 

 

3,676

 

 

 

8,432

 

 

 

6,646

 

Adjusted EBITDA

 

$

(117,618

)

 

$

244,738

 

 

$

(51,407

)

 

$

396,992

 

 

 

(1)

Includes amortization of debt issue costs.

 

(2)

Includes interest income, amortization of accumulated losses for amended swap agreements, 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Revenues

 

2020

 

 

2019

 

 

2020

 

 

2019

 

U.S.

 

$

8,155

 

 

$

747,119

 

 

$

437,457

 

 

$

1,304,917

 

Brazil

 

 

348

 

 

 

89,626

 

 

 

53,316

 

 

 

160,487

 

Other international countries

 

 

471

 

 

 

125,204

 

 

 

63,676

 

 

 

214,250

 

Eliminations

 

 

 

 

 

(4,193

)

 

 

(1,859

)

 

 

(7,175

)

Total

 

$

8,974

 

 

$

957,756

 

 

$

552,590

 

 

$

1,672,479

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment-net

 

June 30, 2020

 

 

December 31, 2019

 

U.S.

 

$

1,367,956

 

 

$

1,436,275

 

Brazil

 

 

78,442

 

 

 

118,367

 

Other international countries

 

 

156,323

 

 

 

180,605

 

Total

 

$

1,602,721

 

 

$

1,735,247