Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

v3.10.0.1
Segments (Tables)
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Selected Financial Information by Reportable Operating Segment

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

585,536

 

 

$

514,376

 

 

$

1,897,664

 

 

$

1,650,514

 

International

 

 

171,960

 

 

 

200,122

 

 

 

535,567

 

 

 

602,116

 

Eliminations

 

 

(3,261

)

 

 

(3,750

)

 

 

(9,972

)

 

 

(11,077

)

Total revenues

 

$

754,235

 

 

$

710,748

 

 

$

2,423,259

 

 

$

2,241,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

132,652

 

 

$

108,854

 

 

$

476,907

 

 

$

402,902

 

International

 

 

35,740

 

 

 

44,818

 

 

 

106,518

 

 

 

133,329

 

Total Adjusted EBITDA

 

$

168,392

 

 

$

153,672

 

 

$

583,425

 

 

$

536,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

65,458

 

 

$

65,612

 

 

$

195,104

 

 

$

221,604

 

International

 

 

17,915

 

 

 

14,318

 

 

 

50,858

 

 

 

41,126

 

Total capital expenditures

 

$

83,373

 

 

$

79,930

 

 

$

245,962

 

 

$

262,730

 

 

Reconciliation of Net Income to Adjusted EBITDA

The following table sets forth a reconciliation of net income to Adjusted EBITDA:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income

 

$

50,621

 

 

$

38,540

 

 

$

195,262

 

 

$

170,544

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

16,169

 

 

 

24,630

 

 

 

59,592

 

 

 

98,475

 

Interest expense (1)

 

 

27,144

 

 

 

26,317

 

 

 

82,725

 

 

 

79,208

 

Other income (2)

 

 

(8,810

)

 

 

(13,168

)

 

 

(15,247

)

 

 

(33,180

)

Loss on debt amendments and refinancing

 

 

 

 

 

 

 

 

1,484

 

 

 

246

 

Other cash distributions from equity investees (3)

 

 

4,786

 

 

 

2,402

 

 

 

21,041

 

 

 

17,321

 

Depreciation and amortization

 

 

64,971

 

 

 

58,052

 

 

 

193,656

 

 

 

174,545

 

Impairment of long-lived assets

 

 

1,641

 

 

 

5,026

 

 

 

5,020

 

 

 

9,600

 

Loss on disposal of assets and other

 

 

7,826

 

 

 

8,576

 

 

 

28,666

 

 

 

9,464

 

Deferred lease expenses

 

 

(20

)

 

 

(297

)

 

 

(952

)

 

 

(1,019

)

Amortization of long-term prepaid rents

 

 

578

 

 

 

551

 

 

 

1,814

 

 

 

1,540

 

Share based awards compensation expense

 

 

3,486

 

 

 

3,043

 

 

 

10,364

 

 

 

9,487

 

Adjusted EBITDA (4)

 

$

168,392

 

 

$

153,672

 

 

$

583,425

 

 

$

536,231

 

 

 

(1)

Includes amortization of debt issue costs.

 

(2)

Includes interest income, foreign currency exchange gain (loss), equity in income of affiliates and interest expense - NCM and excludes distributions from NCM.

 

(3)

Includes cash distributions received from equity investees 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.

 

(4)

The adoption of ASC Topic 606 impacted how the Company records certain revenues.  See Note 3 for discussion of the impact of ASC Topic 606.  

Selected Financial Information by Geographic Area

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2018

 

 

2017

 

 

2018

 

 

2017

 

U.S.

 

$

585,536

 

 

$

514,376

 

 

$

1,897,664

 

 

$

1,650,514

 

Brazil

 

 

65,152

 

 

 

81,545

 

 

 

218,265

 

 

 

264,085

 

Other international countries

 

 

106,808

 

 

 

118,577

 

 

 

317,302

 

 

 

338,031

 

Eliminations

 

 

(3,261

)

 

 

(3,750

)

 

 

(9,972

)

 

 

(11,077

)

Total

 

$

754,235

 

 

$

710,748

 

 

$

2,423,259

 

 

$

2,241,553

 

 

 

 

As of

 

 

As of

 

Theatre Properties and Equipment-net

 

September 30, 2018

 

 

December 31, 2017

 

U.S.

 

$

1,474,184

 

 

$

1,439,168

 

Brazil

 

 

139,927

 

 

 

179,669

 

Other international countries

 

 

206,376

 

 

 

209,217

 

Total

 

$

1,820,487

 

 

$

1,828,054