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SEC Filings

10-Q
CINEMARK HOLDINGS, INC. filed this Form 10-Q on 11/03/2017
Entire Document
 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

514,376

 

 

$

572,916

 

 

$

1,650,514

 

 

$

1,677,365

 

International

 

 

200,122

 

 

 

199,476

 

 

 

602,116

 

 

 

551,212

 

Eliminations

 

 

(3,750

)

 

 

(3,818

)

 

 

(11,077

)

 

 

(10,730

)

Total revenues

 

$

710,748

 

 

$

768,574

 

 

$

2,241,553

 

 

$

2,217,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

108,854

 

 

$

137,540

 

 

$

402,902

 

 

$

409,018

 

International

 

 

44,818

 

 

 

47,351

 

 

 

133,329

 

 

 

128,915

 

Total Adjusted EBITDA

 

$

153,672

 

 

$

184,891

 

 

$

536,231

 

 

$

537,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

65,612

 

 

$

75,839

 

 

$

221,604

 

 

$

175,218

 

International

 

 

14,318

 

 

 

22,984

 

 

 

41,126

 

 

 

55,128

 

Total capital expenditures

 

$

79,930

 

 

$

98,823

 

 

$

262,730

 

 

$

230,346

 

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income

 

$

38,540

 

 

$

66,126

 

 

$

170,544

 

 

$

179,540

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

24,630

 

 

 

40,926

 

 

 

98,475

 

 

 

106,002

 

Interest expense (1)

 

 

26,317

 

 

 

26,659

 

 

 

79,208

 

 

 

81,980

 

Other income (2)

 

 

(13,168

)

 

 

(14,540

)

 

 

(33,180

)

 

 

(32,510

)

Loss on debt amendments and refinancing

 

 

 

 

 

 

 

 

246

 

 

 

13,284

 

Other cash distributions from equity investees (3)

 

 

2,402

 

 

 

1,391

 

 

 

17,321

 

 

 

9,660

 

Depreciation and amortization

 

 

58,052

 

 

 

54,187

 

 

 

174,545

 

 

 

155,874

 

Impairment of long-lived assets

 

 

5,026

 

 

 

406

 

 

 

9,600

 

 

 

2,323

 

Loss on sale of assets and other

 

 

8,576

 

 

 

6,940

 

 

 

9,464

 

 

 

10,985

 

Deferred lease expenses

 

 

(297

)

 

 

(162

)

 

 

(1,019

)

 

 

(809

)

Amortization of long-term prepaid rents

 

 

551

 

 

 

371

 

 

 

1,540

 

 

 

1,357

 

Share based awards compensation expense

 

 

3,043

 

 

 

2,587

 

 

 

9,487

 

 

 

10,247

 

Adjusted EBITDA

 

$

153,672

 

 

$

184,891

 

 

$

536,231

 

 

$

537,933

 

 

 

(1)

Includes amortization of debt issue costs.

 

(2)

Includes interest income, foreign currency exchange gain 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 (see Notes 6 and 7).  These distributions are reported entirely within the U.S. operating segment.

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