Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.21.1
Segments
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segments

17.

Segments

The Company manages its international market and its U.S. market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues. The Company uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report total assets by segment because that information is not used to evaluate the performance of or allocate resources between segments.

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

U.S.

 

$

97,267

 

 

$

429,302

 

International

 

 

17,272

 

 

 

116,173

 

Eliminations

 

 

(178

)

 

 

(1,859

)

Total revenues

 

$

114,361

 

 

$

543,616

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

U.S.

 

$

(76,997

)

 

$

56,072

 

International

 

 

(14,953

)

 

 

10,139

 

Total Adjusted EBITDA

 

$

(91,950

)

 

$

66,211

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

U.S.

 

$

13,641

 

 

$

25,673

 

International

 

 

4,039

 

 

 

8,470

 

Total capital expenditures

 

$

17,680

 

 

$

34,143

 

 

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

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Net loss

 

$

(208,843

)

 

$

(59,422

)

Add (deduct):

 

 

 

 

 

 

 

 

Income taxes

 

 

(14,643

)

 

 

(3,108

)

Interest expense (1)

 

 

36,553

 

 

 

24,666

 

Other expense, net (2)

 

 

14,971

 

 

 

169

 

Cash distributions from DCIP (3)

 

 

 

 

 

5,161

 

Cash distributions from other equity investees (4)

 

 

156

 

 

 

11,445

 

Depreciation and amortization

 

 

68,160

 

 

 

65,256

 

Impairment of long-lived assets

 

 

 

 

 

16,619

 

Restructuring costs

 

 

(208

)

 

 

 

Loss on disposal of assets and other

 

 

4,505

 

 

 

1,905

 

Loss on extinguishment of debt

 

 

2,603

 

 

 

 

Non-cash rent expense

 

 

128

 

 

 

(591

)

Share based awards compensation expense

 

 

4,668

 

 

 

4,111

 

Adjusted EBITDA

 

$

(91,950

)

 

$

66,211

 

 

 

(1)

Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements.

 

(2)

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

 

(3)

Includes cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP. 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.

Financial Information About Geographic Areas

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

Revenues

 

2021

 

 

2020

 

U.S.

 

$

97,267

 

 

$

429,302

 

Brazil

 

 

4,438

 

 

 

52,968

 

Other international countries

 

 

12,834

 

 

 

63,205

 

Eliminations

 

 

(178

)

 

 

(1,859

)

Total

 

$

114,361

 

 

$

543,616

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment-net

 

March 31, 2021

 

 

December 31, 2020

 

U.S.

 

$

1,328,195

 

 

$

1,392,780

 

Brazil

 

 

64,260

 

 

 

72,080

 

Other international countries

 

 

140,843

 

 

 

150,202

 

Total

 

$

1,533,298

 

 

$

1,615,062