Annual report pursuant to Section 13 and 15(d)

SEGMENTS (Tables)

v3.10.0.1
SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Operating Segment

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

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

2,230,693

 

 

$

2,236,237

 

 

$

2,551,719

 

International

 

 

701,573

 

 

 

769,436

 

 

 

682,778

 

Eliminations

 

 

(13,501

)

 

 

(14,126

)

 

 

(12,762

)

Total revenues

 

$

2,918,765

 

 

$

2,991,547

 

 

$

3,221,735

 

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

548,413

 

 

$

558,182

 

 

$

648,576

 

International

 

 

157,690

 

 

 

165,576

 

 

 

132,941

 

Total Adjusted EBITDA

 

$

706,103

 

 

$

723,758

 

 

$

781,517

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

242,271

 

 

$

321,040

 

 

$

270,870

 

International

 

 

84,637

 

 

 

59,822

 

 

 

75,203

 

Total capital expenditures

 

$

326,908

 

 

$

380,862

 

 

$

346,073

 

 

 

(1)

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:

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

Net income

 

$

256,827

 

 

$

266,019

 

 

$

215,305

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

103,819

 

 

 

79,358

 

 

 

95,429

 

Interest expense (1)

 

 

108,313

 

 

 

105,918

 

 

 

109,994

 

Loss on debt amendments and refinancing

 

 

13,445

 

 

 

521

 

 

 

1,484

 

Other income (2)

 

 

(44,813

)

 

 

(43,127

)

 

 

(18,472

)

Other cash distributions from equity investees (3)

 

 

21,916

 

 

 

25,973

 

 

 

30,143

 

Depreciation and amortization

 

 

209,071

 

 

 

237,513

 

 

 

261,162

 

Impairment of long-lived assets

 

 

2,836

 

 

 

15,084

 

 

 

32,372

 

Loss on disposal of assets and other

 

 

20,459

 

 

 

22,812

 

 

 

38,702

 

Deferred lease expenses

 

 

(990

)

 

 

(1,268

)

 

 

(1,320

)

Amortization of long-term prepaid rents

 

 

1,826

 

 

 

2,274

 

 

 

2,382

 

Share based awards compensation expense

 

 

13,394

 

 

 

12,681

 

 

 

14,336

 

Adjusted EBITDA

 

$

706,103

 

 

$

723,758

 

 

$

781,517

 

 

 

(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)

Includes distributions received from equity investees that were recorded as a reduction of the respective investment balances.  

 

Selected Financial Information by Geographic Area

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

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2017

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

2,230,693

 

 

$

2,236,237

 

 

$

2,551,719

 

Brazil

 

 

304,407

 

 

 

341,485

 

 

 

283,009

 

Other international countries

 

 

397,166

 

 

 

427,951

 

 

 

399,769

 

Eliminations

 

 

(13,501

)

 

 

(14,126

)

 

 

(12,762

)

Total

 

$

2,918,765

 

 

$

2,991,547

 

 

$

3,221,735

 

 

 

 

December 31, 2017

 

 

December 31, 2018

 

Theatre Properties and Equipment-net

 

 

 

 

 

 

 

 

U.S.

 

$

1,439,168

 

 

$

1,479,603

 

Brazil

 

 

179,669

 

 

 

140,570

 

Other international countries

 

 

209,217

 

 

 

212,960

 

Total

 

$

1,828,054

 

 

$

1,833,133