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SEGMENTS | 12 Months Ended
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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

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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