Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

v3.22.1
Segments (Tables)
3 Months Ended
Mar. 31, 2022
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

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

U.S.

 

$

373.7

 

 

$

97.3

 

International

 

 

88.5

 

 

 

17.3

 

Eliminations

 

 

(1.7

)

 

 

(0.2

)

Total revenues

 

$

460.5

 

 

$

114.4

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

U.S.

 

$

14.4

 

 

$

(77.0

)

International

 

 

10.8

 

 

 

(15.0

)

Total Adjusted EBITDA

 

$

25.2

 

 

$

(92.0

)

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

U.S.

 

$

14.0

 

 

$

13.7

 

International

 

 

4.7

 

 

 

4.0

 

Total capital expenditures

 

$

18.7

 

 

$

17.7

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

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

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2022

 

 

2021

 

Net loss

 

 

$

(72.5

)

 

$

(208.9

)

Add (deduct):

 

 

 

 

 

 

 

Income taxes

 

 

 

(1.8

)

 

 

(14.7

)

Interest expense (1)

 

 

 

38.1

 

 

 

36.6

 

Other expense, net (2)

 

 

 

3.2

 

 

 

15.0

 

Cash distributions from other equity investees (3)

 

 

 

0.6

 

 

 

0.1

 

Depreciation and amortization

 

 

 

61.7

 

 

 

68.2

 

Restructuring costs

 

 

 

 

 

 

(0.2

)

(Gain) loss on disposal of assets and other

 

 

 

(6.9

)

 

 

4.5

 

Loss on extinguishment of debt

 

 

 

 

 

 

2.6

 

Non-cash rent expense

 

 

 

(2.3

)

 

 

0.1

 

Share based awards compensation expense

 

 

 

5.1

 

 

 

4.7

 

Adjusted EBITDA

 

 

$

25.2

 

 

$

(92.0

)

(1)
Includes amortization of debt issue costs and amortization of accumulated losses for amended swap agreements.
(2)
Includes interest income, foreign currency exchange (gain) loss, equity in loss of affiliates and interest expense - NCM and excludes distributions from NCM.
(3)
Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Note 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

 

 

 

March 31,

 

Revenues

 

2022

 

 

2021

 

U.S.

 

$

373.7

 

 

$

97.3

 

Brazil

 

 

33.1

 

 

$

4.4

 

Other international countries

 

 

55.4

 

 

$

12.9

 

Eliminations

 

 

(1.7

)

 

$

(0.2

)

Total

 

$

460.5

 

 

$

114.4

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment-net

 

March 31, 2022

 

 

December 31, 2021

 

U.S.

 

$

1,166.8

 

 

$

1,208.7

 

Brazil

 

 

62.9

 

 

 

56.8

 

Other international countries

 

 

119.3

 

 

 

117.4

 

Total

 

$

1,349.0

 

 

$

1,382.9