Cinemark Holdings, Inc. Reports Record Revenues, Net Income, Adjusted EBITDA and EPS for 2017 and Announces
a 10% Increase in Its Annual Dividend
Cinemark Holdings, Inc. (NYSE:CNK), one of the largest motion picture exhibitors in the world, today reported results for the
three and twelve months ended December 31, 2017 and announced that its Board of Directors has increased its cash dividend by 10% to
$1.28 per share of common stock on an annualized basis, effective immediately. The fourth quarter dividend of $0.32 will be paid on
March 22, 2018 to stockholders of record on March 8, 2018.
Cinemark Holdings, Inc.’s total revenues for the three months ended December 31, 2017 were $750.0 million compared to $700.9
million for the three months ended December 31, 2016. For the three months ended December 31, 2017, admissions revenues increased
4.5% to $443.5 million and concession revenues increased 10.1% to $261.2 million. Average ticket price was $6.72 and concession
revenues per patron was $3.96 for the three months ended December 31, 2017.
Net income attributable to Cinemark Holdings, Inc. for the three months ended December 31, 2017 was $95.1 million compared to
$77.0 million for the three months ended December 31, 2016. Net income attributable to Cinemark Holdings, Inc. for the three months
ended December 31, 2017 reflects the impact of new tax reform legislation that went into effect during December 2017. Diluted
earnings per share for the three months ended December 31, 2017 was $0.82 compared to $0.66 for the three months ended December 31,
2016.
Adjusted EBITDA for the three months ended December 31, 2017 increased 11.5% to $187.5 million compared to $168.2 million for
the three months ended December 31, 2016. Reconciliations of non-GAAP financial measures are provided in the financial schedules
accompanying this press release and at investors.cinemark.com.
“We are thrilled to report our third consecutive year of record results in worldwide revenues, net income, Adjusted EBITDA and
earnings per share,” stated Mark Zoradi, Cinemark Chief Executive Officer. “We were able to deliver these all-time highs in a box
office environment that declined slightly year-over-year due to the successful execution of our strategic initiatives and the
underlying strength of Cinemark’s operating fundamentals. Furthermore, during 2017 we surpassed North American industry box office
results by 90 basis points and extended our outperformance trend to 32 of the past 36 quarters.”
Mr. Zoradi continued, “The on-going strength of our balance sheet and cash flows affords us a demonstrated ability to invest in
long-term growth while returning capital to shareholders. Along these lines, we are excited to announce a 12 cent, or 10%, increase
in our annual dividend resulting in a yield of approximately 3.2%. The Board based their decision to increase the dividend on the
consistency of Cinemark’s financial performance, confidence in the exhibition industry, and cash benefits derived from U.S. tax
reform.”
Cinemark Holdings, Inc.’s total revenues for the year ended December 31, 2017 increased 2.5% to $2,991.6 million from $2,918.8
million for the year ended December 31, 2016. For the year ended December 31, 2017, admissions revenues were $1,795.0 million and
concession revenues increased 4.9% to $1,038.8 million. Average ticket price was $6.48 and concession revenues per patron was $3.75
for the year ended December 31, 2017.
Net income attributable to Cinemark Holdings, Inc. for the year ended December 31, 2017 was $264.2 million compared to $255.1
million for the year ended December 31, 2016. Net income attributable to Cinemark Holdings, Inc. for the year ended December 31,
2017 reflects the impact of new tax reform legislation that went into effect during December 2017. Diluted earnings per share for
the year ended December 31, 2017 was $2.26 compared to $2.19 for the year ended December 31, 2016.
Adjusted EBITDA for the year ended December 31, 2017 increased 2.5% to $723.8 million from $706.1 million for the year ended
December 31, 2016. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press
release and at investors.cinemark.com.
As of December 31, 2017, the Company’s aggregate screen count was 5,959 and the Company had commitments to open 17 new theatres
and 127 screens during 2018 and seven new theatres and 70 screens subsequent to 2018.
Conference Call/Webcast – Today at 8:30 AM ET
Telephone: via 800-374-1346 or 706-679-3149 (for international callers).
Live Webcast/Replay: Available live at investors.cinemark.com. A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Cinemark is a leading domestic and international motion picture exhibitor, operating 533 theatres with 5,959 screens in 41 U.S.
states, Brazil, Argentina and 13 other Latin American countries as of December 31, 2017. For more information go to investors.cinemark.com.
Forward-looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The “forward-looking statements” include our current
expectations, assumptions, estimates and projections about our business and our industry. They include statements relating to
future revenues, expenses and profitability, the future development and expected growth of our business, projected capital
expenditures, attendance at movies generally or in any of the markets in which we operate, the number or diversity of popular
movies released and our ability to successfully license and exhibit popular films, national and international growth in our
industry, competition from other exhibitors and alternative forms of entertainment and determinations in lawsuits in which we are
defendants. You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,”
“predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions
which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause
actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating
forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or
other sections in the Company’s Annual Report on Form 10-K filed February 23, 2018. All forward-looking statements attributable to
us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors.
Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake
no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
| |
|
Cinemark Holdings, Inc.
|
|
Financial and Operating Summary
|
|
(unaudited, in thousands, except per share amounts)
|
| |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Statement of income data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Admissions |
|
$ |
443,505 |
|
|
$ |
424,400 |
|
|
$ |
1,794,982 |
|
|
$ |
1,789,137 |
|
| Concession |
|
|
261,215 |
|
|
|
237,305 |
|
|
|
1,038,788 |
|
|
|
990,103 |
|
| Other |
|
|
45,274 |
|
|
|
39,213 |
|
|
|
157,777 |
|
|
|
139,525 |
|
| Total revenues |
|
|
749,994 |
|
|
|
700,918 |
|
|
|
2,991,547 |
|
|
|
2,918,765 |
|
| Cost of operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Film rentals and advertising |
|
|
240,907 |
|
|
|
229,554 |
|
|
|
966,510 |
|
|
|
962,655 |
|
| Concession supplies |
|
|
42,203 |
|
|
|
37,470 |
|
|
|
166,320 |
|
|
|
154,469 |
|
| Salaries and wages |
|
|
93,192 |
|
|
|
81,932 |
|
|
|
354,510 |
|
|
|
325,765 |
|
| Facility lease expense |
|
|
79,628 |
|
|
|
79,390 |
|
|
|
328,197 |
|
|
|
321,294 |
|
| Utilities and other |
|
|
83,290 |
|
|
|
90,420 |
|
|
|
355,041 |
|
|
|
355,926 |
|
| General and administrative expenses |
|
|
40,281 |
|
|
|
34,212 |
|
|
|
153,278 |
|
|
|
143,355 |
|
| Depreciation and amortization |
|
|
62,968 |
|
|
|
53,197 |
|
|
|
237,513 |
|
|
|
209,071 |
|
| Impairment of long-lived assets |
|
|
5,484 |
|
|
|
513 |
|
|
|
15,084 |
|
|
|
2,836 |
|
| Loss on sale of assets and other |
|
|
13,348 |
|
|
|
9,474 |
|
|
|
22,812 |
|
|
|
20,459 |
|
| Total cost of operations |
|
|
661,301 |
|
|
|
616,162 |
|
|
|
2,599,265 |
|
|
|
2,495,830 |
|
| Operating income |
|
|
88,693 |
|
|
|
84,756 |
|
|
|
392,282 |
|
|
|
422,935 |
|
| Interest expense (1) |
|
|
(26,710 |
) |
|
|
(26,333 |
) |
|
|
(105,918 |
) |
|
|
(108,313 |
) |
| Loss on debt amendments and refinancing |
|
|
(275 |
) |
|
|
(161 |
) |
|
|
(521 |
) |
|
|
(13,445 |
) |
| Interest income |
|
|
1,854 |
|
|
|
1,366 |
|
|
|
6,249 |
|
|
|
6,396 |
|
| Foreign currency exchange gain (loss) |
|
|
(1,125 |
) |
|
|
3,572 |
|
|
|
893 |
|
|
|
6,455 |
|
| Distributions from NCM |
|
|
4,703 |
|
|
|
4,539 |
|
|
|
16,407 |
|
|
|
14,656 |
|
| Equity in income of affiliates |
|
|
9,218 |
|
|
|
7,365 |
|
|
|
35,985 |
|
|
|
31,962 |
|
| Income before income taxes |
|
|
76,358 |
|
|
|
75,104 |
|
|
|
345,377 |
|
|
|
360,646 |
|
| Income taxes |
|
|
(19,117 |
) |
|
|
(2,183 |
) |
|
|
79,358 |
|
|
|
103,819 |
|
| Net income |
|
$ |
95,475 |
|
|
$ |
77,287 |
|
|
$ |
266,019 |
|
|
$ |
256,827 |
|
| Less: Net income attributable to noncontrolling interests |
|
|
401 |
|
|
|
282 |
|
|
|
1,839 |
|
|
|
1,736 |
|
| Net income attributable to Cinemark Holdings, Inc. |
|
$ |
95,074 |
|
|
$ |
77,005 |
|
|
$ |
264,180 |
|
|
$ |
255,091 |
|
|
Earnings per share attributable to Cinemark Holdings, Inc.'s
common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.82 |
|
|
$ |
0.66 |
|
|
$ |
2.26 |
|
|
$ |
2.19 |
|
| Diluted |
|
$ |
0.82 |
|
|
$ |
0.66 |
|
|
$ |
2.26 |
|
|
$ |
2.19 |
|
| Weighted average shares outstanding |
|
|
116,076 |
|
|
|
115,852 |
|
|
|
116,059 |
|
|
|
115,783 |
|
| Other Financial Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA (2) |
|
$ |
187,527 |
|
|
$ |
168,170 |
|
|
$ |
723,758 |
|
|
$ |
706,103 |
|
|
(1)
|
|
Includes amortization of debt issuance costs. |
|
(2)
|
|
Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of net income, the
most directly comparable GAAP measure, to Adjusted EBITDA is provided in the financial schedules accompanying this press
release. |
|
|
|
|
|
|
|
|
As of |
|
|
December 31, |
|
|
2017 |
|
|
2016 |
| Balance sheet data (unaudited, in thousands): |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
522,547 |
|
|
$ |
561,235 |
| Theatre properties and equipment, net |
|
$ |
1,828,054 |
|
|
$ |
1,704,536 |
| Total assets |
|
$ |
4,470,893 |
|
|
$ |
4,306,633 |
| Long-term debt, including current portion, net of unamortized debt issue costs |
|
$ |
1,787,480 |
|
|
$ |
1,788,112 |
| Equity |
|
$ |
1,405,688 |
|
|
$ |
1,272,960 |
|
|
|
|
|
|
|
|
| |
|
Other Operating Data
|
|
(unaudited, in millions, except per patron data)
|
| |
|
|
U.S. Operating Segment |
|
|
International Operating Segment |
|
|
Consolidated |
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
Constant
Currency (1)
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
% Change |
|
|
2017 |
|
|
2016 |
|
|
% Change |
|
|
2017 |
|
|
% Change |
|
|
2017 |
|
|
2016 |
|
|
% Change |
|
| Admissions revenues |
|
$ |
353.4 |
|
|
$ |
341.3 |
|
|
|
3.5 |
% |
|
$ |
90.1 |
|
|
$ |
83.1 |
|
|
|
8.4 |
% |
|
$ |
90.3 |
|
|
|
8.7 |
% |
|
$ |
443.5 |
|
|
$ |
424.4 |
|
|
|
4.5 |
% |
| Concession revenues |
|
$ |
207.9 |
|
|
$ |
189.3 |
|
|
|
9.8 |
% |
|
$ |
53.3 |
|
|
$ |
48.0 |
|
|
|
11.0 |
% |
|
$ |
53.4 |
|
|
|
11.3 |
% |
|
$ |
261.2 |
|
|
$ |
237.3 |
|
|
|
10.1 |
% |
| Other revenues |
|
$ |
21.3 |
|
|
$ |
20.0 |
|
|
|
6.5 |
% |
|
$ |
24.0 |
|
|
$ |
19.2 |
|
|
|
25.0 |
% |
|
$ |
24.3 |
|
|
|
26.6 |
% |
|
$ |
45.3 |
|
|
$ |
39.2 |
|
|
|
15.6 |
% |
| Total revenues |
|
$ |
582.6 |
|
|
$ |
550.6 |
|
|
|
5.8 |
% |
|
$ |
167.4 |
|
|
$ |
150.3 |
|
|
|
11.4 |
% |
|
$ |
168.0 |
|
|
|
11.8 |
% |
|
$ |
750.0 |
|
|
$ |
700.9 |
|
|
|
7.0 |
% |
| Attendance |
|
|
44.3 |
|
|
|
44.6 |
|
|
|
(0.7 |
)% |
|
|
21.7 |
|
|
|
20.9 |
|
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
66.0 |
|
|
|
65.5 |
|
|
|
0.8 |
% |
| Average ticket price |
|
$ |
7.98 |
|
|
$ |
7.65 |
|
|
|
4.3 |
% |
|
$ |
4.15 |
|
|
$ |
3.98 |
|
|
|
4.3 |
% |
|
$ |
4.16 |
|
|
|
4.5 |
% |
|
$ |
6.72 |
|
|
$ |
6.48 |
|
|
|
3.7 |
% |
| Concession revenues per patron |
|
$ |
4.69 |
|
|
$ |
4.24 |
|
|
|
10.6 |
% |
|
$ |
2.46 |
|
|
$ |
2.30 |
|
|
|
7.0 |
% |
|
$ |
2.46 |
|
|
|
7.0 |
% |
|
$ |
3.96 |
|
|
$ |
3.62 |
|
|
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Operating Segment |
|
|
International Operating Segment |
|
|
Consolidated |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
Constant
Currency (1)
2017
|
|
|
2017 |
|
|
2016 |
| Film rentals and advertising |
|
$ |
198.1 |
|
|
$ |
190.7 |
|
|
$ |
42.8 |
|
|
$ |
38.9 |
|
|
$ |
42.9 |
|
|
$ |
240.9 |
|
|
$ |
229.6 |
| Concession supplies |
|
|
30.7 |
|
|
|
27.4 |
|
|
|
11.5 |
|
|
|
10.1 |
|
|
|
11.5 |
|
|
|
42.2 |
|
|
|
37.5 |
| Salaries and wages |
|
|
71.3 |
|
|
|
65.1 |
|
|
|
21.9 |
|
|
|
16.9 |
|
|
|
22.3 |
|
|
|
93.2 |
|
|
|
82.0 |
| Facility lease expense |
|
|
59.9 |
|
|
|
61.0 |
|
|
|
19.7 |
|
|
|
18.4 |
|
|
|
19.7 |
|
|
|
79.6 |
|
|
|
79.4 |
| Utilities and other |
|
|
56.5 |
|
|
|
62.9 |
|
|
|
26.7 |
|
|
|
27.5 |
|
|
|
27.2 |
|
|
|
83.2 |
|
|
|
90.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Operating Segment |
|
|
International Operating Segment |
|
|
Consolidated |
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
|
Constant
Currency (3)
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
% Change |
|
|
2017 |
|
|
2016 |
|
|
% Change |
|
|
2017 |
|
|
% Change |
|
|
2017 |
|
|
2016 |
|
|
% Change |
|
| Admissions revenues |
|
$ |
1,356.9 |
|
|
$ |
1,379.0 |
|
|
|
(1.6 |
)% |
|
$ |
438.1 |
|
|
$ |
410.2 |
|
|
|
6.8 |
% |
|
$ |
426.7 |
|
|
|
4.0 |
% |
|
$ |
1,795.0 |
|
|
$ |
1,789.2 |
|
|
|
0.3 |
% |
| Concession revenues |
|
$ |
790.1 |
|
|
$ |
764.6 |
|
|
|
3.3 |
% |
|
$ |
248.7 |
|
|
$ |
225.5 |
|
|
|
10.3 |
% |
|
$ |
243.4 |
|
|
|
7.9 |
% |
|
$ |
1,038.8 |
|
|
$ |
990.1 |
|
|
|
4.9 |
% |
| Other revenues |
|
$ |
75.1 |
|
|
$ |
73.6 |
|
|
|
2.0 |
% |
|
$ |
82.7 |
|
|
$ |
65.9 |
|
|
|
25.5 |
% |
|
$ |
81.5 |
|
|
|
23.7 |
% |
|
$ |
157.8 |
|
|
$ |
139.5 |
|
|
|
13.1 |
% |
| Total revenues |
|
$ |
2,222.1 |
|
|
$ |
2,217.2 |
|
|
|
0.2 |
% |
|
$ |
769.5 |
|
|
$ |
701.6 |
|
|
|
9.7 |
% |
|
$ |
751.6 |
|
|
|
7.1 |
% |
|
$ |
2,991.6 |
|
|
$ |
2,918.8 |
|
|
|
2.5 |
% |
| Attendance |
|
|
174.4 |
|
|
|
182.6 |
|
|
|
(4.5 |
)% |
|
|
102.6 |
|
|
|
104.6 |
|
|
|
(1.9 |
)% |
|
|
|
|
|
|
|
|
|
|
277.0 |
|
|
|
287.2 |
|
|
|
(3.6 |
)% |
| Average ticket price |
|
$ |
7.78 |
|
|
$ |
7.55 |
|
|
|
3.0 |
% |
|
$ |
4.27 |
|
|
$ |
3.92 |
|
|
|
8.9 |
% |
|
$ |
4.16 |
|
|
|
6.1 |
% |
|
$ |
6.48 |
|
|
$ |
6.23 |
|
|
|
4.0 |
% |
| Concession revenues per patron |
|
$ |
4.53 |
|
|
$ |
4.19 |
|
|
|
8.1 |
% |
|
$ |
2.42 |
|
|
$ |
2.16 |
|
|
|
12.0 |
% |
|
$ |
2.37 |
|
|
|
9.7 |
% |
|
$ |
3.75 |
|
|
$ |
3.45 |
|
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Operating Segment |
|
|
International Operating Segment |
|
|
Consolidated |
|
|
Twelve Months Ended |
|
|
Twelve Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
Constant
Currency (1)
2017
|
|
|
2017 |
|
|
2016 |
| Film rentals and advertising |
|
$ |
756.4 |
|
|
$ |
768.9 |
|
|
$ |
210.1 |
|
|
$ |
193.8 |
|
|
$ |
205.1 |
|
|
$ |
966.5 |
|
|
$ |
962.7 |
| Concession supplies |
|
|
112.8 |
|
|
|
107.3 |
|
|
|
53.5 |
|
|
|
47.2 |
|
|
|
52.3 |
|
|
|
166.3 |
|
|
|
154.5 |
| Salaries and wages |
|
|
265.8 |
|
|
|
248.2 |
|
|
|
88.7 |
|
|
|
77.6 |
|
|
|
88.2 |
|
|
|
354.5 |
|
|
|
325.8 |
| Facility lease expense |
|
|
241.0 |
|
|
|
240.7 |
|
|
|
87.2 |
|
|
|
80.6 |
|
|
|
84.6 |
|
|
|
328.2 |
|
|
|
321.3 |
| Utilities and other |
|
|
241.6 |
|
|
|
250.9 |
|
|
|
113.4 |
|
|
|
105.0 |
|
|
|
111.6 |
|
|
|
355.0 |
|
|
|
355.9 |
|
(1)
|
|
Constant currency amounts, which are non-GAAP measurements, were calculated using the
average exchange rate for the corresponding month for 2016. We translate the results of our international operating segment
from local currencies into U.S. dollars using currency rates in effect at different points in time in accordance with U.S.
GAAP. Significant changes in foreign exchange rates from one period to the next can result in meaningful variations in reported
results. We are providing constant currency amounts for our international operating segment to present a period-to-period
comparison of business performance that excludes the impact of foreign currency fluctuations. |
|
|
|
| |
|
Segment Information
|
|
(unaudited, in thousands)
|
| |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
585,723 |
|
|
$ |
553,328 |
|
|
$ |
2,236,237 |
|
|
$ |
2,230,693 |
|
| International |
|
|
167,320 |
|
|
|
150,361 |
|
|
|
769,436 |
|
|
|
701,573 |
|
| Eliminations |
|
|
(3,049 |
) |
|
|
(2,771 |
) |
|
|
(14,126 |
) |
|
|
(13,501 |
) |
| Total revenues |
|
$ |
749,994 |
|
|
$ |
700,918 |
|
|
$ |
2,991,547 |
|
|
$ |
2,918,765 |
|
| Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
155,280 |
|
|
$ |
139,395 |
|
|
$ |
558,182 |
|
|
$ |
548,413 |
|
| International |
|
|
32,247 |
|
|
|
28,775 |
|
|
|
165,576 |
|
|
|
157,690 |
|
| Total Adjusted EBITDA |
|
$ |
187,527 |
|
|
$ |
168,170 |
|
|
$ |
723,758 |
|
|
$ |
706,103 |
|
| Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
99,436 |
|
|
$ |
67,053 |
|
|
$ |
321,040 |
|
|
$ |
242,271 |
|
| International |
|
|
18,696 |
|
|
|
29,509 |
|
|
|
59,822 |
|
|
|
84,637 |
|
| Total capital expenditures |
|
$ |
118,132 |
|
|
$ |
96,562 |
|
|
$ |
380,862 |
|
|
$ |
326,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Reconciliation of Adjusted EBITDA
|
|
(unaudited, in thousands)
|
| |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Net income |
|
$ |
95,475 |
|
|
$ |
77,287 |
|
|
$ |
266,019 |
|
|
$ |
256,827 |
|
| Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income taxes |
|
|
(19,117 |
) |
|
|
(2,183 |
) |
|
|
79,358 |
|
|
|
103,819 |
|
| Interest expense |
|
|
26,710 |
|
|
|
26,333 |
|
|
|
105,918 |
|
|
|
108,313 |
|
| Loss on debt amendments and refinancing |
|
|
275 |
|
|
|
161 |
|
|
|
521 |
|
|
|
13,445 |
|
| Other income |
|
|
(9,947 |
) |
|
|
(12,303 |
) |
|
|
(43,127 |
) |
|
|
(44,813 |
) |
| Other cash distributions from equity investees (2) |
|
|
8,652 |
|
|
|
12,255 |
|
|
|
25,973 |
|
|
|
21,916 |
|
| Depreciation and amortization |
|
|
62,968 |
|
|
|
53,197 |
|
|
|
237,513 |
|
|
|
209,071 |
|
| Impairment of long-lived assets |
|
|
5,484 |
|
|
|
513 |
|
|
|
15,084 |
|
|
|
2,836 |
|
| Loss on sale of assets and other |
|
|
13,348 |
|
|
|
9,474 |
|
|
|
22,812 |
|
|
|
20,459 |
|
| Deferred lease expenses - theatres (3) |
|
|
(51 |
) |
|
|
61 |
|
|
|
(329 |
) |
|
|
(50 |
) |
| Deferred lease expenses - projectors (4) |
|
|
(198 |
) |
|
|
(242 |
) |
|
|
(939 |
) |
|
|
(940 |
) |
| Amortization of long-term prepaid rents (3) |
|
|
734 |
|
|
|
470 |
|
|
|
2,274 |
|
|
|
1,826 |
|
| Share based awards compensation expense (5) |
|
|
3,194 |
|
|
|
3,147 |
|
|
|
12,681 |
|
|
|
13,394 |
|
| Adjusted EBITDA (1) |
|
$ |
187,527 |
|
|
$ |
168,170 |
|
|
$ |
723,758 |
|
|
$ |
706,103 |
|
| (1) |
|
Adjusted EBITDA as calculated in the chart above represents net income before income
taxes, interest expense, other income, loss on debt amendments and refinancing, other cash distributions from equity investees,
depreciation and amortization, impairment of long-lived assets, loss on sale of assets and other, changes in deferred lease
expense, amortization of long-term prepaid rents and share based awards compensation expense. Adjusted EBITDA is a non-GAAP
financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of
operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as
determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other
companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information
to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use
Adjusted EBITDA for incentive compensation purposes. Adjusted EBITDA margin represents Adjusted EBITDA divided by total
revenues. |
|
(2)
|
|
Represents cash distributions received from equity investees that were recorded as a
reduction of the respective investment balances. |
|
(3)
|
|
Non-cash expense included in facility lease expense. |
|
(4)
|
|
Non-cash expense included in other theatre operating expenses. |
|
(5)
|
|
Non-cash expense included in general and administrative expenses. |
|
|
|
Cinemark Holdings, Inc.
Financial Contact :
Chanda Brashears, 972-665-1671
cbrashears@cinemark.com
or
Media Contact:
James Meredith, 972-665-1060
communications@cinemark.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180223005093/en/