Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.21.2
Segments
6 Months Ended
Jun. 30, 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

269,437

 

 

$

8,155

 

 

$

366,704

 

 

$

437,457

 

International

 

 

25,391

 

 

 

819

 

 

 

42,663

 

 

 

116,992

 

Eliminations

 

 

(176

)

 

 

 

 

 

(354

)

 

 

(1,859

)

Total revenues

 

$

294,652

 

 

$

8,974

 

 

$

409,013

 

 

$

552,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

519

 

 

$

(96,252

)

 

$

(76,478

)

 

$

(40,180

)

International

 

 

(12,340

)

 

 

(21,366

)

 

 

(27,293

)

 

 

(11,227

)

Total Adjusted EBITDA

 

$

(11,821

)

 

$

(117,618

)

 

$

(103,771

)

 

$

(51,407

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

11,483

 

 

$

11,028

 

 

$

25,124

 

 

$

36,701

 

International

 

 

3,656

 

 

 

1,788

 

 

 

7,695

 

 

 

10,258

 

Total capital expenditures

 

$

15,139

 

 

$

12,816

 

 

$

32,819

 

 

$

46,959

 

 


 

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(142,281

)

 

$

(170,816

)

 

$

(351,124

)

 

$

(230,238

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

7,950

 

 

 

(98,145

)

 

 

(6,693

)

 

 

(101,253

)

Interest expense (1)

 

 

37,034

 

 

 

31,041

 

 

 

73,587

 

 

 

55,707

 

Other expense, net (2)

 

 

7,914

 

 

 

24,335

 

 

 

22,885

 

 

 

24,504

 

Cash distributions from DCIP (3)

 

 

 

 

 

5,222

 

 

 

 

 

 

10,383

 

Cash distributions from other equity investees (4)

 

 

 

 

 

1,456

 

 

 

156

 

 

 

12,901

 

Depreciation and amortization

 

 

66,920

 

 

 

63,581

 

 

 

135,080

 

 

 

128,837

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

16,619

 

Restructuring costs

 

 

(740

)

 

 

19,538

 

 

 

(948

)

 

 

19,538

 

Loss on disposal of assets and other

 

 

2,358

 

 

 

425

 

 

 

6,863

 

 

 

2,330

 

Loss on extinguishment of debt

 

 

3,924

 

 

 

 

 

 

6,527

 

 

 

 

Non-cash rent expense

 

 

(807

)

 

 

1,424

 

 

 

(679

)

 

 

833

 

Share based awards compensation expense

 

 

5,907

 

 

 

4,321

 

 

 

10,575

 

 

 

8,432

 

Adjusted EBITDA

 

$

(11,821

)

 

$

(117,618

)

 

$

(103,771

)

 

$

(51,407

)

 

 

(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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Revenues

 

2021

 

 

2020

 

 

2021

 

 

2020

 

U.S.

 

$

269,437

 

 

$

8,155

 

 

$

366,704

 

 

$

437,457

 

Brazil

 

 

5,463

 

 

 

348

 

 

 

9,901

 

 

 

53,316

 

Other international countries

 

 

19,928

 

 

 

471

 

 

 

32,762

 

 

 

63,676

 

Eliminations

 

 

(176

)

 

 

 

 

 

(354

)

 

 

(1,859

)

Total

 

$

294,652

 

 

$

8,974

 

 

$

409,013

 

 

$

552,590

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment-net

 

June 30, 2021

 

 

December 31, 2020

 

U.S.

 

$

1,286,878

 

 

$

1,392,780

 

Brazil

 

 

69,486

 

 

 

72,080

 

Other international countries

 

 

136,200

 

 

 

150,202

 

Total

 

$

1,492,564

 

 

$

1,615,062