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
|
|
|