Segments

9 Months Ended

Sep. 30, 2020

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,
	2020			2019			2020			2019
Revenues
U.S.	$	34,639		$	636,628		$	472,096		$	1,941,545
International		1,069			188,772			118,061			563,509
Eliminations		(230	)		(3,583	)		(2,089	)		(10,758	)
Total revenues	$	35,478		$	821,817		$	588,068		$	2,494,296
Adjusted EBITDA
U.S.	$	(105,767	)	$	132,347		$	(145,947	)	$	453,404
International		(22,232	)		37,411			(33,459	)		113,346
Total Adjusted EBITDA	$	(127,999	)	$	169,758		$	(179,406	)	$	566,750
Capital expenditures
U.S.	$	17,903		$	50,679		$	54,604		$	148,609
International		2,756			20,664			13,014			37,903
Total capital expenditures	$	20,659		$	71,343		$	67,618		$	186,512

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2020			2019			2020			2019
Net income (loss)	$	(148,036	)	$	31,955		$	(378,274	)	$	167,009
Add (deduct):
Income taxes		(121,145	)		14,053			(222,398	)		64,152
Interest expense (1)		36,577			24,967			92,284			75,037
Other (income) expense, net (2)		22,881			(9,970	)		47,385			(25,079	)
Cash distributions from DCIP (3)		—			2,694			10,383			7,912
Cash distributions from other equity investees (4)		2,146			5,804			15,047			20,251
Depreciation and amortization		62,543			67,760			191,380			196,795
Impairment of long-lived assets		24,595			27,304			41,214			45,382
Restructuring costs		524			—			20,062			—
(Gain) loss on disposal of assets and other		(13,327	)		2,453			(10,997	)		8,057
Non-cash rent expense		816			(1,102	)		1,649			(3,252	)
Share based awards compensation expense		4,427			3,840			12,859			10,486
Adjusted EBITDA	$	(127,999	)	$	169,758		$	(179,406	)	$	566,750

(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 income of affiliates and interest expense - NCM 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, at Note 10. 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	2020			2019			2020			2019
U.S.	$	34,639		$	636,628		$	472,096		$	1,941,545
Brazil		513			79,776			53,829			240,263
Other international countries		556			108,996			64,232			323,246
Eliminations		(230	)		(3,583	)		(2,089	)		(10,758	)
Total	$	35,478		$	821,817		$	588,068		$	2,494,296

	As of		As of
Theatre Properties and Equipment-net	September 30, 2020		December 31, 2019
U.S.	$	1,324,924	$	1,436,275
Brazil		71,338		118,367
Other international countries		149,561		180,605
Total	$	1,545,823	$	1,735,247