Annual report pursuant to Section 13 and 15(d)

SEGMENTS (Tables)

v3.6.0.2
SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2016
Selected Financial Information by Reportable Operating Segment

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

 

     Year Ended December 31,  
     2014      2015      2016  

Revenues:

        

U.S.

   $ 1,934,990      $ 2,137,733      $ 2,230,693  

International

     704,623        728,735        701,573  

Eliminations

     (12,623      (13,859      (13,501
  

 

 

    

 

 

    

 

 

 

Total revenues

   $ 2,626,990      $ 2,852,609      $ 2,918,765  
  

 

 

    

 

 

    

 

 

 
     Year Ended December 31,  
     2014      2015      2016  

Adjusted EBITDA (1):

        

U.S.

   $ 456,035      $ 516,366      $ 548,413  

International

     159,662        166,416        157,690  
  

 

 

    

 

 

    

 

 

 

Total Adjusted EBITDA

   $ 615,697      $ 682,782      $ 706,103  
  

 

 

    

 

 

    

 

 

 
     Year Ended December 31,  
     2014      2015      2016  

Capital expenditures:

        

U.S.

   $ 148,532      $ 223,213      $ 242,271  

International

     96,173        108,513        84,637  
  

 

 

    

 

 

    

 

 

 

Total capital expenditures

   $ 244,705      $ 331,726      $ 326,908  
  

 

 

    

 

 

    

 

 

 

 

(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,  
     2014     2015     2016  

Net income

   $ 193,999     $ 218,728     $ 256,827  

Add (deduct):

      

Income taxes

     96,064       128,939       103,819  

Interest expense (1)

     113,698       112,741       108,313  

Loss on debt amendments and refinancing

     —         925       13,445  

Other income (2)

     (22,150     (20,041     (44,813

Other cash distributions from equity investees (3)

     19,172       19,027       21,916  

Depreciation and amortization

     175,656       189,206       209,071  

Impairment of long-lived assets

     6,647       8,801       2,836  

Loss on sale of assets and other

     15,715       8,143       20,459  

Deferred lease expenses

     2,536       (1,806     (990

Amortization of long-term prepaid rents

     1,542       2,361       1,826  

Share based awards compensation expense

     12,818       15,758       13,394  
  

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 615,697     $ 682,782     $ 706,103  
  

 

 

   

 

 

   

 

 

 

 

(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. In an effort to more closely align our reported Adjusted EBITDA with our operating cash flow, which provides our chief operating decision maker with more comprehensive cash flow information, beginning with the year ended December 31, 2016, Adjusted EBITDA now includes total cash distributions received from equity investees, including the cash distributions recorded as a reduction of the respective investment balance. Adjusted EBITDA for the years ended December 31, 2014 and 2015 has been adjusted to reflect comparable presentations.

Selected Financial Information by Geographic Area

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

 

     Year Ended December 31,  
     2014      2015      2016  

Revenues

        

U.S.

   $ 1,934,990      $ 2,137,733      $ 2,230,693  

Brazil

     333,919        291,959        304,407  

Other foreign countries

     370,704        436,776        397,166  

Eliminations

     (12,623      (13,859      (13,501
  

 

 

    

 

 

    

 

 

 

Total

   $ 2,626,990      $ 2,852,609      $ 2,918,765  
  

 

 

    

 

 

    

 

 

 

 

            December 31,  
            2015      2016  

Theatres properties and equipment, net

        

U.S.

      $ 1,175,535      $ 1,306,643  

Brazil

        163,505        197,896  

Other foreign countries

        166,029        199,997  
     

 

 

    

 

 

 

Total

      $ 1,505,069      $ 1,704,536