SEGMENTS

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENTS

21. 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 asset information by segment because that information is not used to evaluate Company performance or allocate resources between segments.

Below is a breakdown of select financial information by reportable operating segment:

	Year Ended December 31,
	2018			2019			2020
Revenues
U.S.	$	2,551,719		$	2,594,246		$	559,184
International		682,778			702,196			129,401
Eliminations		(12,762	)		(13,343	)		(2,275	)
Total revenues	$	3,221,735		$	3,283,099		$	686,310
Adjusted EBITDA (1)
U.S.	$	648,576		$	615,161		$	(226,981	)
International		132,941			129,884			(49,899	)
Total Adjusted EBITDA	$	781,517		$	745,045		$	(276,880	)
Capital expenditures
U.S.	$	270,870		$	230,561		$	64,026
International		75,203			73,066			19,904
Total capital expenditures	$	346,073		$	303,627		$	83,930

⁽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:

	Year Ended December 31,
	2018			2019			2020
Net income (loss)	$	215,305		$	193,848		$	(617,948	)
Add (deduct):
Income taxes		95,429			79,912			(309,376	)
Interest expense (1)		109,994			99,941			129,871
Loss on debt amendments and refinancing		1,484			—			—
Other income (2)		(18,472	)		(22,441	)		62,369
Distributions from DCIP (3)		5,799			23,696			10,383
Other cash distributions from equity investees (4)		24,344			29,670			15,047
Non-cash distributions from other equity investee (5)		—			—			(12,915	)
Depreciation and amortization		261,162			261,155			259,776
Impairment of long-lived assets and investments		32,372			57,001			152,706
(Gain) loss on disposal of assets and other		38,702			12,008			(8,923	)
Restructuring charges		—			—			20,369
Non-cash rent expense		—			(4,360	)		2,357
Deferred lease expenses		(1,320	)		—			—
Amortization of long-term prepaid rents		2,382			—			—
Share based awards compensation expense		14,336			14,615			19,404
Adjusted EBITDA	$	781,517		$	745,045		$	(276,880	)

⁽¹⁾ Includes amortization of debt issue costs.

⁽²⁾ Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income 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, at 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

Below is a breakdown of select financial information by geographic area:

	Year Ended December 31,
	2018			2019			2020
Revenues
U.S.	$	2,551,719		$	2,594,246		$	559,184
Brazil		283,009			302,074			59,321
Other international countries		399,769			400,122			70,080
Eliminations		(12,762	)		(13,343	)		(2,275	)
Total	$	3,221,735		$	3,283,099		$	686,310

	December 31, 2019		December 31, 2020
Theatre Properties and Equipment-net
U.S.	$	1,479,603	$	1,392,780
Brazil		140,570		72,080
Other international countries		212,960		150,202
Total	$	1,735,247	$	1,615,062