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Segments
 9 Months Ended
Sep. 30, 2012
Segments [Abstract]  
Segments
17. Segments

The Company manages its international market and its U.S. market as separate reportable 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 segment:

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2012     2011     2012     2011  

Revenues

                                

U.S.

   $ 416,165     $ 441,334     $ 1,271,155     $ 1,216,679  

International

     220,633       201,637       598,880       534,828  

Eliminations

     (3,225 )      (2,958 )      (8,038 )      (7,765 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

   $ 633,573     $ 640,013     $ 1,861,997     $ 1,743,742  
   

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

                                

U.S.

   $ 94,538     $ 110,285     $ 302,222     $ 289,091  

International

     53,832       43,988       143,428       117,679  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total Adjusted EBITDA

   $ 148,370     $ 154,273     $ 445,650     $ 406,770  
   

 

 

    

 

 

    

 

 

    

 

 

  

Capital expenditures

                                

U.S.

   $ 27,357     $ 17,871     $ 74,160     $ 57,316  

International

     25,583       23,010       72,367       68,867  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total capital expenditures

   $ 52,940     $ 40,881     $ 146,527     $ 126,183  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

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

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2012     2011     2012     2011  

Net income

   $ 47,967     $ 47,648     $ 142,982     $ 113,979  

Add (deduct):

                                

Income taxes

     29,453       29,337       88,229       61,646  

Interest expense (1)

     30,861       32,249       94,369       91,316  

Loss on early retirement of debt

     —         —         —         4,945  

Other income (2)

     (9,455 )      (2,816 )      (14,940 )      (8,289 ) 

Depreciation and amortization

     36,897       40,542       110,054       119,579  

Impairment of long-lived assets

     976       992       1,472       3,601  

Loss on sale of assets and other

     6,699       1,809       8,004       7,975  

Deferred lease expenses

     997       1,260       3,327       2,910  

Amortization of long-term prepaid rents

     678       692       1,988       1,976  

Share based awards compensation expense

     3,297       2,560       10,165       7,132  
   

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

   $ 148,370     $ 154,273     $ 445,650     $ 406,770  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

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

Financial Information About Geographic Areas

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

 

                                 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  

Revenues

   2012     2011     2012     2011  

U.S.

   $ 416,165     $ 441,334     $ 1,271,155     $ 1,216,679  

Brazil

     82,457       100,605       244,487       279,048  

Other international countries

     138,176       101,032       354,393       255,780  

Eliminations

     (3,225 )      (2,958 )      (8,038 )      (7,765 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 633,573     $ 640,013     $ 1,861,997     $ 1,743,742  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

                 

Theatre Properties and Equipment-net

   September 30,
2012		     December 31,
2011		  

U.S.

   $ 941,489     $ 934,279  

Brazil

     157,490       149,294  

Other international countries

     163,940       155,277  
   

 

 

    

 

 

  

Total

   $ 1,262,919     $ 1,238,850