SEGMENTS

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENTS

21.SEGMENTS

The Company manages its U.S. market and its international 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 asset information by segment because that information is not used to evaluate Company performance or allocate resources between segments.

The following table is a breakdown of select financial information by reportable operating segment for the periods presented:

	Year Ended December 31,
	2019			2020			2021
Revenues
U.S.	$	2,594,246		$	559,184		$	1,296,343
International		702,196			129,401			216,842
Eliminations		(13,343	)		(2,275	)		(2,721	)
Total revenues	$	3,283,099		$	686,310		$	1,510,464
Adjusted EBITDA (1)
U.S.	$	615,161		$	(226,981	)	$	84,223
International		129,884			(49,899	)		(4,271	)
Total Adjusted EBITDA	$	745,045		$	(276,880	)	$	79,952
Capital expenditures
U.S.	$	230,561		$	64,026		$	78,305
International		73,066			19,904			17,237
Total capital expenditures	$	303,627		$	83,930		$	95,542

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

The following table sets forth a reconciliation of net income to Adjusted EBITDA for the periods presented:

	Year Ended December 31,
	2019			2020			2021
Net income (loss)	$	193,848		$	(617,948	)	$	(422,215	)
Add (deduct):
Income taxes		79,912			(309,376	)		(16,802	)
Interest expense (1)		99,941			129,871			149,702
Loss on extinguishment of debt		—			—			6,527
Other (income) expense (2)		(22,441	)		62,369			43,532
Distributions from DCIP (3)		23,696			10,383			—
Other cash distributions from equity investees (4)		29,670			15,047			156
Non-cash distributions from DCIP (5)		—			(12,915	)		—
Depreciation and amortization		261,155			259,776			265,363
Impairment of long-lived and other assets		57,001			152,706			20,845
(Gain) loss on disposal of assets and other		12,008			(8,923	)		8,025
Restructuring charges		—			20,369			(1,001	)
Non-cash rent expense		(4,360	)		2,357			(3,451	)
Share based awards compensation expense		14,615			19,404			29,271
Adjusted EBITDA	$	745,045		$	(276,880	)	$	79,952

(1)Includes amortization of debt issuance costs.

(2)Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) 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 for the years ended December 31, 2019 and 2020, in 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.

Financial Information About Geographic Area

The following tables are a breakdown of select financial information by geographic area for the periods presented:

	Year Ended December 31,
	2019	2020	2021
Revenues
U.S.	$2,594,246	$559,184	$1,296,343
Brazil	302,074	59,321	73,468
Other international countries	400,122	70,080	143,374
Eliminations	(13,343)	(2,275)	(2,721)
Total	$3,283,099	$686,310	$1,510,464

	As of December 31,
	2020	2021
Theatre properties and equipment, net
U.S.	$1,392,780	$1,208,701
Brazil	72,080	56,750
Other international countries	150,202	117,395
Total	$1,615,062	$1,382,846