Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

v3.7.0.1
Segments (Tables)
6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Operating Segment

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

554,929

 

 

$

560,534

 

 

$

1,136,138

 

 

$

1,104,449

 

International

 

 

199,926

 

 

 

187,561

 

 

 

401,994

 

 

 

351,736

 

Eliminations

 

 

(3,660

)

 

 

(3,691

)

 

 

(7,327

)

 

 

(6,912

)

Total revenues

 

$

751,195

 

 

$

744,404

 

 

$

1,530,805

 

 

$

1,449,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

129,394

 

 

$

127,845

 

 

$

294,048

 

 

$

271,478

 

International

 

 

41,285

 

 

 

40,550

 

 

 

88,511

 

 

 

81,564

 

Total Adjusted EBITDA

 

$

170,679

 

 

$

168,395

 

 

$

382,559

 

 

$

353,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

77,175

 

 

$

58,182

 

 

$

155,992

 

 

$

99,380

 

International

 

 

14,438

 

 

 

25,597

 

 

 

26,808

 

 

 

32,144

 

Total capital expenditures

 

$

91,613

 

 

$

83,779

 

 

$

182,800

 

 

$

131,524

 

 

 

(1)

Distributions from NCM and other cash distributions from equity investees are reported entirely within the U.S. operating segment.

Reconciliation of Net Income to Adjusted EBITDA

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income

 

$

51,810

 

 

$

54,368

 

 

$

132,004

 

 

$

113,414

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

29,445

 

 

 

31,617

 

 

 

73,845

 

 

 

65,076

 

Interest expense (1)

 

 

26,522

 

 

 

27,262

 

 

 

52,891

 

 

 

55,321

 

Other income (2)

 

 

(7,030

)

 

 

(7,590

)

 

 

(20,012

)

 

 

(17,970

)

Loss on debt amendments and refinancing

 

 

246

 

 

 

98

 

 

 

246

 

 

 

13,284

 

Other cash distributions from equity investees (3)

 

 

2,870

 

 

 

184

 

 

 

14,919

 

 

 

8,270

 

Depreciation and amortization

 

 

59,137

 

 

 

52,358

 

 

 

116,493

 

 

 

101,687

 

Impairment of long-lived assets

 

 

4,301

 

 

 

1,425

 

 

 

4,574

 

 

 

1,917

 

Loss on sale of assets and other

 

 

54

 

 

 

5,824

 

 

 

888

 

 

 

4,045

 

Deferred lease expenses

 

 

(375

)

 

 

(207

)

 

 

(722

)

 

 

(647

)

Amortization of long-term prepaid rents

 

 

496

 

 

 

514

 

 

 

989

 

 

 

985

 

Share based awards compensation expense

 

 

3,203

 

 

 

2,542

 

 

 

6,444

 

 

 

7,660

 

Adjusted EBITDA

 

$

170,679

 

 

$

168,395

 

 

$

382,559

 

 

$

353,042

 

 

 

(1)

Includes amortization of debt issue costs.

 

(2)

Includes interest income, foreign currency exchange (gain) loss and equity in income of affiliates and excludes distributions from NCM.

 

(3)

Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances (see Notes 6 and 7).

Selected Financial Information by Geographic Area

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Revenues

 

2017

 

 

2016

 

 

2017

 

 

2016

 

U.S.

 

$

554,929

 

 

$

560,534

 

 

$

1,136,138

 

 

$

1,104,449

 

Brazil

 

 

87,841

 

 

 

74,996

 

 

 

182,540

 

 

 

146,505

 

Other international countries

 

 

112,085

 

 

 

112,565

 

 

 

219,454

 

 

 

205,231

 

Eliminations

 

 

(3,660

)

 

 

(3,691

)

 

 

(7,327

)

 

 

(6,912

)

Total

 

$

751,195

 

 

$

744,404

 

 

$

1,530,805

 

 

$

1,449,273

 

 

Theatre Properties and Equipment-net

 

June 30,

2017

 

 

December 31,

2016

 

U.S.

 

$

1,362,902

 

 

$

1,306,643

 

Brazil

 

 

188,770

 

 

 

197,896

 

Other international countries

 

 

205,314

 

 

 

199,997

 

Total

 

$

1,756,986

 

 

$

1,704,536