Annual report pursuant to Section 13 and 15(d)

SEGMENTS (Tables)

v3.20.4
SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Operating Segment

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

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2019

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

2,551,719

 

 

$

2,594,246

 

 

$

559,184

 

International

 

 

682,778

 

 

 

702,196

 

 

 

129,401

 

Eliminations

 

 

(12,762

)

 

 

(13,343

)

 

 

(2,275

)

Total revenues

 

$

3,221,735

 

 

$

3,283,099

 

 

$

686,310

 

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

648,576

 

 

$

615,161

 

 

$

(226,981

)

International

 

 

132,941

 

 

 

129,884

 

 

 

(49,899

)

Total Adjusted EBITDA

 

$

781,517

 

 

$

745,045

 

 

$

(276,880

)

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

270,870

 

 

$

230,561

 

 

$

64,026

 

International

 

 

75,203

 

 

 

73,066

 

 

 

19,904

 

Total capital expenditures

 

$

346,073

 

 

$

303,627

 

 

$

83,930

 

 

 

(1)

Distributions from equity investees are reported entirely within the U.S. operating segment.

 

Reconciliation of Net Income to Adjusted EBITDA

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

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2019

 

 

2020

 

Net income (loss)

 

$

215,305

 

 

$

193,848

 

 

$

(617,948

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

95,429

 

 

 

79,912

 

 

 

(309,376

)

Interest expense (1)

 

 

109,994

 

 

 

99,941

 

 

 

129,871

 

Loss on debt amendments and refinancing

 

 

1,484

 

 

 

 

 

 

 

Other income (2)

 

 

(18,472

)

 

 

(22,441

)

 

 

62,369

 

Distributions from DCIP (3)

 

 

5,799

 

 

 

23,696

 

 

 

10,383

 

Other cash distributions from equity investees (4)

 

 

24,344

 

 

 

29,670

 

 

 

15,047

 

Non-cash distributions from other equity investee (5)

 

 

 

 

 

 

 

 

(12,915

)

Depreciation and amortization

 

 

261,162

 

 

 

261,155

 

 

 

259,776

 

Impairment of long-lived assets and investments

 

 

32,372

 

 

 

57,001

 

 

 

152,706

 

(Gain) loss on disposal of assets and other

 

 

38,702

 

 

 

12,008

 

 

 

(8,923

)

Restructuring charges

 

 

 

 

 

 

 

 

20,369

 

Non-cash rent expense

 

 

 

 

 

(4,360

)

 

 

2,357

 

Deferred lease expenses

 

 

(1,320

)

 

 

 

 

 

 

Amortization of long-term prepaid rents

 

 

2,382

 

 

 

 

 

 

 

Share based awards compensation expense

 

 

14,336

 

 

 

14,615

 

 

 

19,404

 

Adjusted EBITDA

 

$

781,517

 

 

$

745,045

 

 

$

(276,880

)

 

 

(1)

Includes amortization of debt issue costs.

 

(2)

Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income of affiliates 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 9.  These distributions are reported entirely within the U.S. operating segment.

 

(4)

Reflects 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 8 and 9).  These distributions are reported entirely within the U.S. operating segment.

 

(5)

Reflects non-cash distribution of projectors from DCIP (see Note 9).  These distributions are reported entirely within the U.S. operating segment.  

Selected Financial Information by Geographic Area

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

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2019

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

2,551,719

 

 

$

2,594,246

 

 

$

559,184

 

Brazil

 

 

283,009

 

 

 

302,074

 

 

 

59,321

 

Other international countries

 

 

399,769

 

 

 

400,122

 

 

 

70,080

 

Eliminations

 

 

(12,762

)

 

 

(13,343

)

 

 

(2,275

)

Total

 

$

3,221,735

 

 

$

3,283,099

 

 

$

686,310

 

 

 

 

December 31, 2019

 

 

December 31, 2020

 

Theatre Properties and Equipment-net

 

 

 

 

 

 

 

 

U.S.

 

$

1,479,603

 

 

$

1,392,780

 

Brazil

 

 

140,570

 

 

 

72,080

 

Other international countries

 

 

212,960

 

 

 

150,202

 

Total

 

$

1,735,247

 

 

$

1,615,062