SEGMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
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,
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
|
2,236,237
|
|
|
$
|
2,551,719
|
|
|
$
|
2,594,246
|
|
International
|
|
|
769,436
|
|
|
|
682,778
|
|
|
|
702,196
|
|
Eliminations
|
|
|
(14,126
|
)
|
|
|
(12,762
|
)
|
|
|
(13,343
|
)
|
Total revenues
|
|
$
|
2,991,547
|
|
|
$
|
3,221,735
|
|
|
$
|
3,283,099
|
|
Adjusted EBITDA (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
|
558,182
|
|
|
$
|
648,576
|
|
|
$
|
615,161
|
|
International
|
|
|
165,576
|
|
|
|
132,941
|
|
|
|
129,884
|
|
Total Adjusted EBITDA
|
|
$
|
723,758
|
|
|
$
|
781,517
|
|
|
$
|
745,045
|
|
Capital expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
|
321,040
|
|
|
$
|
270,870
|
|
|
$
|
230,561
|
|
International
|
|
|
59,822
|
|
|
|
75,203
|
|
|
|
73,066
|
|
Total capital expenditures
|
|
$
|
380,862
|
|
|
$
|
346,073
|
|
|
$
|
303,627
|
|
|
(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,
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
Net income
|
|
$
|
266,019
|
|
|
$
|
215,305
|
|
|
$
|
193,848
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
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Income taxes
|
|
|
79,358
|
|
|
|
95,429
|
|
|
|
79,912
|
|
Interest expense (1)(2)
|
|
|
105,918
|
|
|
|
109,994
|
|
|
|
99,941
|
|
Loss on debt amendments and refinancing
|
|
|
521
|
|
|
|
1,484
|
|
|
|
—
|
|
Other income (3)
|
|
|
(43,127
|
)
|
|
|
(18,472
|
)
|
|
|
(22,441
|
)
|
Distributions from DCIP (4)
|
|
|
5,864
|
|
|
|
5,799
|
|
|
|
23,696
|
|
Other cash distributions from equity investees (5)
|
|
|
20,109
|
|
|
|
24,344
|
|
|
|
29,670
|
|
Depreciation and amortization (2)
|
|
|
237,513
|
|
|
|
261,162
|
|
|
|
261,155
|
|
Impairment of long-lived assets
|
|
|
15,084
|
|
|
|
32,372
|
|
|
|
57,001
|
|
Loss on disposal of assets and other
|
|
|
22,812
|
|
|
|
38,702
|
|
|
|
12,008
|
|
Non-cash rent expense (6)
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,360
|
)
|
Deferred lease expenses (2)
|
|
|
(1,268
|
)
|
|
|
(1,320
|
)
|
|
|
—
|
|
Amortization of long-term prepaid rents (2)
|
|
|
2,274
|
|
|
|
2,382
|
|
|
|
—
|
|
Share based awards compensation expense
|
|
|
12,681
|
|
|
|
14,336
|
|
|
|
14,615
|
|
Adjusted EBITDA (2)
|
|
$
|
723,758
|
|
|
$
|
781,517
|
|
|
$
|
745,045
|
|
|
(1)
|
Includes amortization of debt issue costs.
|
|
(2)
|
Amounts for the year ended December 31, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases. See Note 3 for further discussion.
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(3)
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Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income of affiliates and excludes distributions from NCM.
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(4)
|
See discussion of cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP, at Note 8. These distributions are reported entirely within the U.S. operating segment.
|
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(5)
|
Includes cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances (see Notes 7 and 8). These distributions are reported entirely within the U.S. operating segment.
|
|
(6)
|
The adoption of ASC Topic 842 impacted how the Company amortizes lease related assets and liabilities such as deferred lease expenses, favorable and unfavorable lease intangible assets, long-term prepaid rents and deferred lease incentives. Beginning January 1, 2019, these items are amortized to facility lease expense for theatre operating leases and utilities and other for equipment operating leases. See Note 3 for discussion of the impact of ASC Topic 842.
|
|
Selected Financial Information by Geographic Area |
Below is a breakdown of select financial information by geographic area:
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
|
2,236,237
|
|
|
$
|
2,551,719
|
|
|
$
|
2,594,246
|
|
Brazil
|
|
|
341,485
|
|
|
|
283,009
|
|
|
|
302,074
|
|
Other international countries
|
|
|
427,951
|
|
|
|
399,769
|
|
|
|
400,122
|
|
Eliminations
|
|
|
(14,126
|
)
|
|
|
(12,762
|
)
|
|
|
(13,343
|
)
|
Total
|
|
$
|
2,991,547
|
|
|
$
|
3,221,735
|
|
|
$
|
3,283,099
|
|
|
|
December 31, 2018
|
|
|
December 31, 2019
|
|
Theatre Properties and Equipment-net
|
|
|
|
|
|
|
|
|
U.S.
|
|
$
|
1,479,603
|
|
|
$
|
1,436,275
|
|
Brazil
|
|
|
140,570
|
|
|
|
118,367
|
|
Other international countries
|
|
|
212,960
|
|
|
|
180,605
|
|
Total
|
|
$
|
1,833,133
|
|
|
$
|
1,735,247
|
|
|