|
SEGMENTS (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Selected Financial Information by Reportable Operating Segment |
Below is a
breakdown of select financial information by reportable operating
segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$ |
1,706,511 |
|
|
$ |
1,912,674 |
|
|
$ |
1,934,990 |
|
|
International
|
|
|
777,663 |
|
|
|
783,053 |
|
|
|
704,623 |
|
|
Eliminations
|
|
|
(10,643 |
) |
|
|
(12,833 |
) |
|
|
(12,623 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
$ |
2,473,531 |
|
|
$ |
2,682,894 |
|
|
$ |
2,626,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December
31, |
|
| |
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Adjusted EBITDA
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$ |
409,860 |
|
|
$ |
455,489 |
|
|
$ |
436,863 |
|
|
International
|
|
|
179,375 |
|
|
|
169,834 |
|
|
|
159,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted
EBITDA
|
|
$ |
589,235 |
|
|
$ |
625,323 |
|
|
$ |
596,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December
31, |
|
| |
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Capital
expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$ |
107,323 |
|
|
$ |
117,488 |
|
|
$ |
148,532 |
|
|
International
|
|
|
113,404 |
|
|
|
142,182 |
|
|
|
96,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital
expenditures
|
|
$ |
220,727 |
|
|
$ |
259,670 |
|
|
$ |
244,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Distributions from NCM 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Net income
|
|
$ |
171,420 |
|
|
$ |
150,548 |
|
|
$ |
193,999 |
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
125,398 |
|
|
|
113,316 |
|
|
|
96,064 |
|
|
Interest expense
(1)
|
|
|
123,665 |
|
|
|
124,714 |
|
|
|
113,698 |
|
|
Loss on early retirement of
debt
|
|
|
5,599 |
|
|
|
72,302 |
|
|
|
— |
|
|
Other income
(2)
|
|
|
(21,568 |
) |
|
|
(24,688 |
) |
|
|
(22,150 |
) |
|
Depreciation and
amortization
|
|
|
147,675 |
|
|
|
163,970 |
|
|
|
175,656 |
|
|
Impairment of long-lived
assets
|
|
|
3,031 |
|
|
|
3,794 |
|
|
|
6,647 |
|
|
(Gain) loss on sale of
assets and other
|
|
|
12,168 |
|
|
|
(3,845 |
) |
|
|
15,715 |
|
|
Deferred lease
expenses
|
|
|
4,104 |
|
|
|
5,701 |
|
|
|
2,536 |
|
|
Amortization of long-term
prepaid rents
|
|
|
2,673 |
|
|
|
2,625 |
|
|
|
1,542 |
|
|
Share based awards
compensation expense
|
|
|
15,070 |
|
|
|
16,886 |
|
|
|
12,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$ |
589,235 |
|
|
$ |
625,323 |
|
|
$ |
596,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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.
|
|
| Selected Financial Information by Geographic Area |
Below is a
breakdown of select financial information by geographic
area:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$ |
1,706,511 |
|
|
$ |
1,912,674 |
|
|
$ |
1,934,990 |
|
|
Brazil
|
|
|
328,136 |
|
|
|
325,762 |
|
|
|
333,919 |
|
|
Other foreign
countries
|
|
|
449,527 |
|
|
|
457,291 |
|
|
|
370,704 |
|
|
Eliminations
|
|
|
(10,643 |
) |
|
|
(12,833 |
) |
|
|
(12,623 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
2,473,531 |
|
|
$ |
2,682,894 |
|
|
$ |
2,626,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
December
31, |
|
| |
|
|
|
|
2013 |
|
|
2014 |
|
|
Theatres properties and
equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
$ |
1,062,471 |
|
|
$ |
1,094,076 |
|
|
Brazil
|
|
|
|
|
|
|
201,492 |
|
|
|
204,107 |
|
|
Other foreign
countries
|
|
|
|
|
|
|
163,227 |
|
|
|
152,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$ |
1,427,190 |
|
|
$ |
1,450,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|