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SEC Filings

10-Q
CINEMARK HOLDINGS, INC. filed this Form 10-Q on 05/09/2018
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

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Revenues

 

 

 

 

 

 

 

 

U.S.

 

$

599,645

 

 

$

581,209

 

International

 

 

183,628

 

 

 

202,068

 

Eliminations

 

 

(3,302

)

 

 

(3,667

)

Total revenues

 

$

779,971

 

 

$

779,610

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

U.S.

 

$

155,844

 

 

$

164,654

 

International

 

 

37,586

 

 

 

47,226

 

Total Adjusted EBITDA

 

$

193,430

 

 

$

211,880

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

U.S.

 

$

69,971

 

 

$

78,817

 

International

 

 

10,192

 

 

 

12,370

 

Total capital expenditures

 

$

80,163

 

 

$

91,187

 

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Net income

 

$

62,177

 

 

$

80,194

 

Add (deduct):

 

 

 

 

 

 

 

 

Income taxes

 

 

25,097

 

 

 

44,400

 

Interest expense (1)

 

 

27,115

 

 

 

26,369

 

Other income (2)

 

 

(7,273

)

 

 

(12,982

)

Loss on debt amendments

 

 

1,484

 

 

 

-

 

Other cash distributions from equity investees (3)

 

 

12,323

 

 

 

12,049

 

Depreciation and amortization

 

 

64,395

 

 

 

57,356

 

Impairment of long-lived assets

 

 

591

 

 

 

273

 

Loss on sale of assets and other

 

 

3,939

 

 

 

834

 

Deferred lease expenses

 

 

(483

)

 

 

(347

)

Amortization of long-term prepaid rents

 

 

639

 

 

 

493

 

Share based awards compensation expense

 

 

3,426

 

 

 

3,241

 

Adjusted EBITDA (4)

 

$

193,430

 

 

$

211,880

 

 

 

(1)

Includes amortization of debt issue costs.

 

(2)

Includes interest income, foreign currency exchange gain, 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.  

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