| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net income (loss) | |||||||||
315,293 | 66,918 | -60,808 | 527,386 | 578,013 | 398,672 | 288,844 | -10,525 | -308,461 | -2,463 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
540,575 | 552,272 | 470,634 | 368,394 | 382,806 | 378,597 | 350,862 | 313,065 | 217,496 | 126,885 |
Amortization of deferred financing costs | |||||||||
26,182 | 48,345 | 38,511 | 28,055 | 18,159 | 13,272 | 14,203 | 14,302 | 5,974 | 765 |
Amortization of deferred interest expense | |||||||||
- | - | - | - | 756 | 2,138 | 1,142 | - | - | - |
Amortization of premium on senior notes payable | |||||||||
-160 | 0 | 0 | - | 71 | 801 | 723 | 417 | - | - |
Excess payment on acquisition of assets and liabilities | |||||||||
- | - | - | - | 0 | 5,747 | 0 | - | - | - |
Interest accretion on capital lease obligations | |||||||||
6,878 | 9,449 | 16,137 | 19,756 | 16,063 | 0 | 0 | - | - | - |
Interest income on restricted cash | |||||||||
0 | 139 | 4,776 | 9,050 | 0 | 0 | - | - | - | - |
Net loss (gain) on disposal of property and equipment | |||||||||
-5,409 | 8,509 | -474 | -4,550 | -2,483 | -887 | -426 | -176 | -640 | 328 |
Impairment loss recognized on property and equipment | |||||||||
-23,197 | -3,245 | 0 | -4,146 | 0 | 0 | - | - | 3,137 | 17 |
Written off contract acquisition costs | |||||||||
- | - | - | - | 1,582 | 0 | 0 | - | - | - |
Gain on disposal of assets held for sale | |||||||||
- | - | - | 22,072 | 0 | 0 | - | - | - | - |
(Credit) provision for doubtful debts | |||||||||
-2,028 | 67,838 | 39,341 | - | - | - | - | - | 16,757 | 5,378 |
Allowance for doubtful debts and direct write-off, net of recoveries | |||||||||
- | - | - | 37,669 | 44,299 | 28,416 | 37,803 | 33,182 | - | - |
Provision for input value-added tax | |||||||||
2,813 | 5,459 | 30,254 | 0 | - | - | - | - | - | - |
Loss on extinguishment of debt | |||||||||
-49,337 | -17,435 | -481 | 0 | -50,935 | 0 | -25,193 | - | - | - |
Costs associated with debt modification | |||||||||
2,793 | 8,101 | 7,603 | - | - | - | - | - | - | - |
Write-off of deferred financing costs on modification of debt | |||||||||
- | - | - | 0 | 10,538 | 0 | 0 | 1,992 | - | - |
Share-based compensation | |||||||||
17,305 | 18,487 | 20,827 | 20,401 | 14,987 | 8,973 | 8,624 | 6,043 | 11,385 | 6,855 |
Reclassification of accumulated income of forward exchange rate contracts from accumulated other comprehensive losses | |||||||||
- | - | - | - | 0 | 138 | 0 | - | - | - |
Reclassification of accumulated losses of interest rate swap agreements from accumulated other comprehensive losses | |||||||||
- | - | - | - | - | - | 4,310 | - | - | - |
Change in fair value of interest rate swap agreements | |||||||||
- | - | - | - | 0 | 363 | 3,947 | - | - | - |
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | |||||||||
-54,903 | 18,339 | 56,172 | 7,732 | 15,261 | 42,367 | 69,741 | 45,795 | 209,025 | 29,065 |
Inventories and prepaid expenses and other | |||||||||
2,076 | 5,878 | 12,099 | 9,913 | - | - | - | - | - | - |
Amounts due from affiliated companies | |||||||||
- | - | - | - | -1,299 | -524 | 318 | 1,527 | -649 | -89 |
Amount due from a shareholder | |||||||||
- | - | - | - | 0 | -6 | 0 | - | - | - |
Income tax receivable | |||||||||
- | - | - | - | - | - | -265 | - | - | - |
Inventories | |||||||||
- | - | - | - | 1,593 | 1,318 | 268 | 5,565 | 6,081 | 686 |
Prepaid expenses and other current assets | |||||||||
- | - | - | - | 25,974 | 3,716 | 9,359 | -1,914 | 4,107 | 1,503 |
Long-term prepayments, deposits and other assets | |||||||||
49,370 | 22,087 | 23,927 | 49,007 | 1,197 | 2,679 | -379 | -180 | 1,712 | -1,219 |
Accounts payable and accrued expenses and other | |||||||||
181,661 | 448,339 | 9,228 | -44,240 | - | - | - | - | - | - |
Deferred tax assets | |||||||||
- | - | - | - | -12 | 81 | -1 | 25 | -28 | 28 |
Accounts payable | |||||||||
- | - | - | - | -3,920 | 1,722 | 3,143 | 64 | 6,225 | -3,670 |
Accrued expenses and other current liabilities | |||||||||
- | - | - | - | 71,527 | 164,886 | 94,182 | 94,190 | 158,332 | -110,245 |
Income tax payable | |||||||||
- | - | - | - | 5,640 | -313 | 238 | -34 | -1,186 | 394 |
Amounts due to affiliated companies | |||||||||
- | - | - | - | 2,164 | -564 | 412 | -689 | -1,220 | -3,461 |
Amount due to a shareholder | |||||||||
- | - | - | - | 79 | 0 | -267 | 11 | 25 | - |
Other long-term liabilities | |||||||||
-10,212 | -32,808 | 46,318 | 26,271 | 2,010 | 809 | 777 | 326 | 321 | 784 |
Deferred tax liabilities | |||||||||
- | - | - | - | -3,544 | -3,678 | -2,967 | 253 | -1,434 | -2,095 |
Net cash provided by operating activities | |||||||||
1,162,500 | 1,158,128 | 522,026 | 894,614 | 1,151,934 | 950,233 | 744,660 | - | - | - |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Change in bank deposits with original maturity over three months | |||||||||
- | - | - | - | - | - | 0 | - | - | - |
Payments for capitalized construction costs | |||||||||
329,275 | 368,616 | 1,043,334 | 977,182 | 496,915 | 79,211 | 18,764 | - | - | - |
Payments for acquisition of property and equipment | |||||||||
157,075 | 131,592 | 248,038 | 237,715 | 78,250 | 141,269 | 71,504 | - | - | - |
Payments for investment securities | |||||||||
91,024 | 0 | 0 | - | - | - | - | - | - | - |
Placement of bank deposits with original maturities over three months | |||||||||
62,591 | 260,197 | 1,034,173 | 110,616 | 626,940 | 0 | - | - | - | - |
Deposits for acquisition of property and equipment | |||||||||
16,405 | 4,212 | 28,840 | 99,443 | 17,198 | 7,708 | 3,962 | 5,224 | 2,712 | 34,699 |
Advance payments for construction costs | |||||||||
12,234 | 31,586 | 19,739 | 107,587 | 161,633 | 0 | 0 | - | - | - |
Net cash (used in) provided by operating activities | |||||||||
- | - | - | - | - | - | - | 401,955 | -112,257 | -11,158 |
Changes in restricted cash | |||||||||
6,209 | -277,629 | -1,495,644 | 678,151 | -268,414 | 1,047,019 | 185,992 | -69,137 | 168,142 | -231,006 |
Insurance proceeds received for damaged property and equipment | |||||||||
108 | 0 | 0 | - | - | - | - | - | - | - |
Payment for entertainment production costs and security deposit | |||||||||
- | - | - | 1,346 | - | - | - | - | - | - |
Payment for land use right | |||||||||
- | - | - | - | - | - | - | - | - | 42,090 |
Proceeds from sale of property and equipment | |||||||||
932 | 28,906 | 295 | 1,117 | 343 | 422 | 233 | 80 | 3,730 | 2,300 |
Withdrawals of bank deposits with original maturities over three months | |||||||||
263,547 | 774,093 | 420,053 | 626,940 | - | - | - | - | - | - |
Acquisition of property and equipment | |||||||||
- | - | - | - | - | - | - | 197,385 | 937,074 | 1,053,992 |
Payments for land use rights | |||||||||
0 | 3,788 | 31,678 | 50,541 | 64,297 | 53,830 | 15,271 | 29,802 | 30,559 | - |
Payments for entertainment production costs and security deposit | |||||||||
0 | 33 | 4,489 | - | - | - | - | - | - | - |
Payment for entertainment production costs | |||||||||
- | - | - | - | 2,064 | 1,788 | 70 | 27,116 | 21,735 | 16,127 |
Payment for contract acquisition costs | |||||||||
- | - | - | - | 27,722 | 0 | 0 | - | - | - |
Payment for security deposit | |||||||||
- | - | - | - | 4,293 | 0 | 0 | - | - | - |
Proceeds from deposits on sale of assets held for sale | |||||||||
- | - | - | - | 1,285 | 0 | 0 | - | - | - |
Net payment for acquisition of assets and liabilities | |||||||||
- | - | - | - | 0 | 5,315 | 290,058 | - | - | - |
Escrow funds refundable to the Philippine Parties | |||||||||
0 | 0 | 24,643 | 0 | - | - | - | - | - | - |
Net proceeds from sale of assets held for sale | |||||||||
- | - | - | 29,255 | 0 | 0 | - | - | - | - |
Withdrawals of bank deposits with original maturity over three months | |||||||||
- | - | - | - | 0 | 0 | - | - | - | - |
Net cash (used in) provided by investing activities | |||||||||
-410,226 | 280,604 | -469,656 | -1,605,269 | -1,209,270 | -1,335,718 | -585,388 | - | - | - |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Principal payments on long-term debt | |||||||||
896,276 | 124,286 | 70,205 | 262,563 | 1,667,969 | 2,755 | 117,076 | 551,402 | - | - |
Dividends paid | |||||||||
821,328 | 385,569 | 62,850 | 342,718 | 0 | 0 | - | - | - | - |
Refund of deposit for acquisition of land interest | |||||||||
- | - | - | - | - | - | - | - | 12,853 | - |
Net cash (used in) provided by investing activities | |||||||||
- | - | - | - | - | - | - | -190,310 | -1,143,639 | -913,602 |
Payments of deferred financing costs | |||||||||
34,552 | 27,284 | 49,877 | 12,742 | 129,133 | 30,297 | 36,135 | 22,944 | 870 | - |
Principal payments on capital lease obligations | |||||||||
120 | 47 | 146 | 228 | 38 | 0 | 0 | - | - | - |
Prepayment of deferred financing costs | |||||||||
- | - | - | - | 56,535 | 18,812 | 0 | - | - | - |
Deferred payment for acquisition of assets and liabilities | |||||||||
- | - | - | - | 25,000 | 25,000 | 0 | - | - | - |
Proceeds from exercise of share options | |||||||||
3,610 | 3,254 | 5,092 | 736 | 4,017 | 3,599 | 4,565 | - | - | - |
Proceeds from long-term debt | |||||||||
702,625 | 0 | 148,298 | 1,632,514 | 1,000,000 | 868,000 | 706,556 | 592,026 | 270,691 | 912,307 |
Repurchase of shares for retirement | |||||||||
0 | 803,171 | 0 | 300,495 | 0 | 0 | - | - | - | - |
Purchase of shares of a subsidiary | |||||||||
0 | 2,614 | 0 | 0 | - | - | - | - | - | - |
Purchase of shares under trust arrangement for future vesting of restricted shares | |||||||||
- | - | - | 1,721 | 8,770 | 0 | 0 | - | - | - |
Capital contribution from noncontrolling interests | |||||||||
- | - | - | 92,000 | 280,000 | 140,000 | 0 | - | - | - |
Net proceeds from issuance of shares of a subsidiary | |||||||||
- | - | - | 122,167 | 338,461 | 0 | 0 | - | - | - |
Net cash used in financing activities | |||||||||
-1,046,041 | -1,339,717 | -29,688 | 926,950 | -264,967 | 934,735 | 557,910 | - | - | - |
Payment of deferred financing costs | |||||||||
- | - | - | - | - | - | - | - | - | 7,641 |
Loans from shareholders | |||||||||
- | - | - | - | - | - | - | - | - | 181 |
Proceeds from issue of share capital | |||||||||
- | - | - | - | - | - | - | - | 383,529 | - |
Net cash provided by (used in) financing activities | |||||||||
- | - | - | - | - | - | - | 17,680 | 653,350 | 904,485 |
EFFECT OF FOREIGN EXCHANGE ON CASH AND CASH EQUIVALENTS | |||||||||
-332 | -7,731 | -9,311 | -397 | -5,149 | 1,935 | -1,081 | - | - | - |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | |||||||||
-294,099 | 91,284 | 13,371 | 215,898 | -327,452 | 551,185 | 716,101 | 229,325 | -602,546 | -20,275 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS | |||||||||
Cash paid for interest, net of amounts capitalized | |||||||||
239,780 | 209,697 | 106,984 | 95,118 | 127,807 | 102,015 | 111,656 | 85,183 | 27,978 | -181 |
Cash paid for income taxes, net of refunds | |||||||||
6,537 | 3,414 | 7,010 | 7,154 | 333 | 1,129 | 827 | 726 | 2,457 | - |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||
Change in accrued expenses and other current liabilities and other long-term liabilities related to construction costs | |||||||||
62,714 | 27,794 | 89,068 | - | - | - | - | - | - | - |
Change in accrued expenses and other current liabilities and other long-term liabilities related to property and equipment | |||||||||
34,147 | 48,801 | 65,678 | 60,738 | - | - | - | - | - | - |
Change in amounts due to affiliated companies related to construction costs | |||||||||
10,847 | 0 | 0 | - | - | - | - | - | - | - |
Change in amounts due to affiliated companies related to property and equipment | |||||||||
- | - | - | 2,809 | - | - | - | - | - | - |
Change in accrued expenses and other current liabilities, other long-term liabilities and capital lease obligations related to construction costs | |||||||||
- | - | - | 200,800 | 87,611 | 49,508 | 7,989 | - | - | - |
Deferred financing costs included in accrued expenses and other current liabilities | |||||||||
26 | 3,180 | 8,254 | 248 | 4,522 | 7,080 | 778 | 240 | - | - |
Consideration of sale of property and equipment offset by escrow funds refundable to the Philippine Parties | |||||||||
0 | 24,644 | 0 | 0 | - | - | - | - | - | - |
Costs of property and equipment funded through capital lease obligations | |||||||||
- | - | - | - | 288,535 | 0 | 0 | - | - | - |
Costs of property and equipment funded through accrued expenses and other current liabilities and other long-term liabilities | |||||||||
- | - | - | - | 15,744 | 10,967 | 6,641 | 16,885 | - | - |
Costs of property and equipment funded through amounts due to affiliated companies | |||||||||
- | - | - | - | 215 | 428 | 52 | - | 4,427 | 1,562 |
Construction costs and property and equipment funded through accrued expenses and other current liabilities | |||||||||
- | - | - | - | - | - | - | - | 91,648 | 246,998 |
Land use right cost funded through accrued expenses and other current liabilities | |||||||||
- | - | - | - | - | - | - | - | 22,462 | - |
Land use rights costs funded through accrued expenses and other current liabilities and land use rights payable | |||||||||
- | - | - | - | 14,608 | 69,057 | 0 | 80 | - | - |
Entertainment production costs funded through accrued expenses and other current liabilities | |||||||||
- | - | - | - | - | - | 0 | - | - | - |
Acquisition of assets and liabilities funded through accrued expenses and other current liabilities and other long-term liabilities | |||||||||
- | - | - | - | - | - | 48,473 | - | - | - |
Disposal of property and equipment through amount due from an affiliated company | |||||||||
- | - | - | - | - | - | - | - | - | -2,788 |
Deferred financing costs funded through accounts payable and accrued expenses and other current liabilities | |||||||||
- | - | - | - | - | - | - | - | - | 1,427 |
Provision of bonus funded through restricted shares issued and vested | |||||||||
- | - | - | - | - | - | - | - | 6,914 | - |
Settlement of shareholders' loans through issuance of shares | |||||||||
- | - | - | - | - | - | 115,442 | - | - | - |