Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.21.2
Segments
9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

376,278

 

 

$

34,639

 

 

$

742,982

 

 

$

472,096

 

International

 

 

59,294

 

 

 

1,069

 

 

 

101,957

 

 

 

118,061

 

Eliminations

 

 

(751

)

 

 

(230

)

 

 

(1,105

)

 

 

(2,089

)

Total revenues

 

$

434,821

 

 

$

35,478

 

 

$

843,834

 

 

$

588,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

44,781

 

 

$

(105,767

)

 

$

(31,697

)

 

$

(145,947

)

International

 

 

(495

)

 

 

(22,232

)

 

 

(27,788

)

 

 

(33,459

)

Total Adjusted EBITDA

 

$

44,286

 

 

$

(127,999

)

 

$

(59,485

)

 

$

(179,406

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

22,423

 

 

$

17,903

 

 

$

47,547

 

 

$

54,604

 

International

 

 

2,002

 

 

 

2,756

 

 

 

9,697

 

 

 

13,014

 

Total capital expenditures

 

$

24,425

 

 

$

20,659

 

 

$

57,244

 

 

$

67,618

 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(77,573

)

 

$

(148,036

)

 

$

(428,697

)

 

$

(378,274

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(8,876

)

 

 

(121,145

)

 

 

(15,569

)

 

 

(222,398

)

Interest expense (1)

 

 

37,993

 

 

 

36,577

 

 

 

111,580

 

 

 

92,284

 

Other expense, net (2)

 

 

12,484

 

 

 

22,881

 

 

 

35,369

 

 

 

47,385

 

Cash distributions from DCIP (3)

 

 

 

 

 

 

 

 

 

 

 

10,383

 

Cash distributions from other equity investees (4)

 

 

 

 

 

2,146

 

 

 

156

 

 

 

15,047

 

Depreciation and amortization

 

 

67,208

 

 

 

62,543

 

 

 

202,288

 

 

 

191,380

 

Impairment of long-lived assets

 

 

7,480

 

 

 

24,595

 

 

 

7,480

 

 

 

41,214

 

Restructuring costs

 

 

(340

)

 

 

524

 

 

 

(1,288

)

 

 

20,062

 

Loss on disposal of assets and other

 

 

1,020

 

 

 

(13,327

)

 

 

7,883

 

 

 

(10,997

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

6,527

 

 

 

 

Non-cash rent expense

 

 

(1,124

)

 

 

816

 

 

 

(1,803

)

 

 

1,649

 

Share based awards compensation expense

 

 

6,014

 

 

 

4,427

 

 

 

16,589

 

 

 

12,859

 

Adjusted EBITDA

 

$

44,286

 

 

$

(127,999

)

 

$

(59,485

)

 

$

(179,406

)

 

(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 and distributions from DCIP.
(3)
Includes cash distributions from DCIP that 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2021

 

 

2020

 

 

2021

 

 

2020

 

U.S.

 

$

376,278

 

 

$

34,639

 

 

$

742,982

 

 

$

472,096

 

Brazil

 

 

20,632

 

 

 

513

 

 

 

30,533

 

 

 

53,829

 

Other international countries

 

 

38,662

 

 

 

556

 

 

 

71,424

 

 

 

64,232

 

Eliminations

 

 

(751

)

 

 

(230

)

 

 

(1,105

)

 

 

(2,089

)

Total

 

$

434,821

 

 

$

35,478

 

 

$

843,834

 

 

$

588,068

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment-net

 

September 30, 2021

 

 

December 31, 2020

 

U.S.

 

$

1,249,490

 

 

$

1,392,780

 

Brazil

 

 

60,020

 

 

 

72,080

 

Other international countries

 

 

125,964

 

 

 

150,202

 

Total

 

$

1,435,474

 

 

$

1,615,062