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SEC Filings

10-Q
CINEMARK HOLDINGS, INC. filed this Form 10-Q on 05/10/2016
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Table of Contents

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

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

 

     Three Months Ended  
   March 31,  
     2016      2015  

Net income

   $ 59,046       $ 42,902   

Add (deduct):

     

Income taxes

     33,459         26,380   

Interest expense (1)

     28,059         28,207   

Other (income) expense (2)

     (10,380      1,448   

Loss on early retirement of debt

     13,186         —     

Other cash distributions from equity investees (3)

     8,086         7,264   

Depreciation and amortization

     49,329         45,332   

Impairment of long-lived assets

     492         794   

Gain on sale of assets and other

     (1,779      (1,450

Deferred lease expenses

     (440      (703

Amortization of long-term prepaid rents

     471         713   

Share based awards compensation expense

     5,118         3,498   
  

 

 

    

 

 

 

Adjusted EBITDA

   $ 184,647       $ 154,385   
  

 

 

    

 

 

 

 

(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 and for consistency with our peers, beginning with the three months ended March 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 three months ended March 31, 2015 has been recast to reflect comparable presentations.

Financial Information About Geographic Areas

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

 

     Three Months Ended  
     March 31,  

Revenues

   2016      2015  

U.S.

   $ 543,915       $ 474,295   

Brazil

     71,509         78,293   

Other international countries

     92,666         96,040   

Eliminations

     (3,221      (3,230
  

 

 

    

 

 

 

Total

   $ 704,869       $ 645,398   
  

 

 

    

 

 

 

 

Theatre Properties and Equipment-net

   March 31,
2016
     December 31,
2015
 

U.S.

   $ 1,187,753       $ 1,175,535   

Brazil

     177,728         163,505   

Other international countries

     160,378         166,029   
  

 

 

    

 

 

 

Total

   $ 1,525,859       $ 1,505,069   
  

 

 

    

 

 

 

 

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