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Segments
 3 Months Ended
Mar. 31, 2012
Segments [Abstract]  
Segments

16. Segments

The Company manages its international market and its U.S. market as separate reportable operating segments, with the international segment consisting of operations in Brazil, Mexico, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Guatemala. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenues, primarily screen advertising. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, as defined in the reconciliation table below. The Company does not report asset information by segment because that information is not used to evaluate the performance of or allocate resources between segments.

 

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

 

                 
    Three Months Ended
March 31,		  
    2012     2011  

Revenues

                

U.S.

   $ 411,225     $ 330,866  

International

     169,875       154,471  

Eliminations

     (2,282 )      (2,201 ) 
   

 

 

    

 

 

  

Total revenues

   $ 578,818     $ 483,136  
   

 

 

    

 

 

  

Adjusted EBITDA

                

U.S.

   $ 104,293     $ 68,791  

International

     36,035       33,915  
   

 

 

    

 

 

  

Total Adjusted EBITDA

   $ 140,328     $ 102,706  
   

 

 

    

 

 

  

Capital expenditures

                

U.S.

   $ 19,694     $ 11,468  

International

     27,290       24,301  
   

 

 

    

 

 

  

Total capital expenditures

   $ 46,984     $ 35,769  
   

 

 

    

 

 

  

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

 

                 
    Three Months Ended  
  March 31,  
    2012     2011  

Net income

   $ 42,876     $ 25,322  

Add (deduct):

                

Income taxes

     27,932       9,037  

Interest expense (1)

     32,133       29,290  

Other income (2)

     (5,422 )      (5,030 ) 

Depreciation and amortization (3)

     36,816       39,140  

Impairment of long-lived assets

     185       1,015  

Loss on sale of assets and other

     836       472  

Deferred lease expenses

     1,123       780  

Amortization of long-term prepaid rents

     534       667  

Share based awards compensation expense

     3,315       2,013  
   

 

 

    

 

 

  

Adjusted EBITDA

   $ 140,328     $ 102,706  
   

 

 

    

 

 

  

 

(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. Distributions from NCM are reported entirely within the U.S. operating segment.

(3)

Includes amortization of favorable/unfavorable leases.

 

Financial Information About Geographic Areas

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

 

                 
    Three Months Ended  
    March 31,  
     2012     2011  

Revenues

                

U.S.

   $ 411,225     $ 330,866  

Brazil

     78,398       86,841  

Other foreign countries

     91,477       67,630  

Eliminations

     (2,282 )      (2,201 ) 
   

 

 

    

 

 

  

Total

   $ 578,818     $ 483,136  
   

 

 

    

 

 

  

 

                 

Theatre Properties and Equipment-net

   March 31,
2012		     December 31,
2011		  

U.S.

   $ 935,703     $ 934,279  

Brazil

     161,767       149,294  

Other foreign countries

     159,500       155,277  
   

 

 

    

 

 

  

Total

   $ 1,256,970     $ 1,238,850