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SEGMENTS
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENTS
22.
SEGMENTS - HOLDINGS

The international market and U.S. market are managed 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 revenue. Holdings 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 or allocate resources between segments.

Holdings revenue, Adjusted EBITDA and capital expenditures by reportable operating segment

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

 

 

Year Ended December 31,

 

 

 

2020

 

 

2021

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

U.S.

 

$

559.2

 

 

$

1,296.3

 

 

$

1,977.9

 

International

 

 

129.4

 

 

 

216.9

 

 

 

484.5

 

Eliminations

 

 

(2.3

)

 

 

(2.7

)

 

 

(7.7

)

Total Revenue

 

$

686.3

 

 

$

1,510.5

 

 

$

2,454.7

 

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

U.S.

 

$

(227.0

)

 

$

84.2

 

 

$

255.7

 

International

 

 

(49.9

)

 

 

(4.2

)

 

 

80.8

 

Total Adjusted EBITDA

 

$

(276.9

)

 

$

80.0

 

 

$

336.5

 

Capital expenditures

 

 

 

 

 

 

 

 

 

U.S.

 

$

64.0

 

 

$

78.3

 

 

$

87.2

 

International

 

 

19.9

 

 

 

17.2

 

 

 

23.5

 

Total capital expenditures

 

$

83.9

 

 

$

95.5

 

 

$

110.7

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

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

 

 

Year Ended December 31,

 

 

 

2020

 

 

2021

 

 

2022

 

Net loss

 

$

(617.9

)

 

$

(422.2

)

 

$

(268.0

)

Add (deduct):

 

 

 

 

 

 

 

 

 

Income taxes

 

 

(309.4

)

 

 

(16.8

)

 

 

3.0

 

Interest expense (1)

 

 

129.9

 

 

 

149.7

 

 

 

155.3

 

Loss on extinguishment of debt

 

 

—

 

 

 

6.5

 

 

 

—

 

Other (income) expense (2)

 

 

62.4

 

 

 

43.5

 

 

 

23.6

 

Distributions from DCIP (3)

 

 

10.4

 

 

 

—

 

 

 

—

 

Other cash distributions from equity investees (4)

 

 

15.0

 

 

 

0.2

 

 

 

6.9

 

Non-cash distributions from DCIP (5)

 

 

(12.9

)

 

 

—

 

 

 

—

 

Depreciation and amortization

 

 

259.8

 

 

 

265.4

 

 

 

238.2

 

Impairment of long-lived and other assets

 

 

152.7

 

 

 

20.8

 

 

 

174.1

 

(Gain) loss on disposal of assets and other

 

 

(8.9

)

 

 

8.0

 

 

 

(6.8

)

Restructuring charges

 

 

20.3

 

 

 

(1.0

)

 

 

(0.5

)

Non-cash rent expense

 

 

2.3

 

 

 

(3.4

)

 

 

(10.8

)

Share based awards compensation expense

 

 

19.4

 

 

 

29.3

 

 

 

21.5

 

Adjusted EBITDA

 

$

(276.9

)

 

$

80.0

 

 

$

336.5

 
(1)
Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements.
(2)
Includes interest income, foreign currency exchange loss, interest expense – NCM and equity in income (loss) of affiliates and excludes distributions from NCM and DCIP.
(3)
See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP for the year ended December 31, 2020, in Note 10. 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 9 and 10). These distributions are reported entirely within the U.S. operating segment.
(5)
Reflects non-cash distribution of projectors from DCIP (see Note 10). These distributions are reported entirely within the U.S. operating segment.

Financial Information About Geographic Area

The following table sets forth a breakdown of select financial information for Holdings by geographic area for the periods presented:

 

 

Year Ended December 31,

 

 

2020

 

2021

 

2022

Revenue

 

 

 

 

 

 

U.S.

 

$559.2

 

$1,296.3

 

$1,977.9

Brazil

 

59.3

 

73.5

 

179.0

Other international countries

 

70.1

 

143.4

 

305.5

Eliminations

 

(2.3)

 

(2.7)

 

(7.7)

Total

 

$686.3

 

$1,510.5

 

$2,454.7

 

 

 

As of December 31,

 

 

2021

 

2022

Theatre properties and equipment, net

 

 

 

 

U.S.

 

$1,208.7

 

$1,075.3

Brazil

 

56.7

 

49.5

Other international countries

 

117.5

 

107.3

Total

 

$1,382.9

 

$1,232.1