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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-33401
CINEMARK HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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20-5490327 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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3900 Dallas Parkway |
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Plano, Texas |
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75093 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant's telephone number, including area code: (972) 665-1000
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common stock, par value $.001 per share |
CNK |
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 29, 2022, 120,559,362 shares of common stock were issued and outstanding.
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
7
Cautionary Statement Regarding Forward-Looking Statements
Certain matters within this Quarterly Report on Form 10Q include “forward–looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The “forward-looking statements” may include our current expectations, assumptions, estimates and projections about our business and our industry. They may include statements relating to:
•future revenues, expenses and profitability;
•currency exchange rate and inflationary impacts;
•the future development and expected growth of our business;
•projected capital expenditures;
•access to capital resources;
•attendance at movies generally or in any of the markets in which we operate;
•the number or diversity of popular movies releases, the length of exclusive theatrical release windows and our ability to successfully license and exhibit popular films;
•national and international growth in our industry;
•competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats;
•determinations in lawsuits in which we are a party; and
•the impact of the COVID-19 pandemic on us and the motion picture exhibition industry.
Forward-looking statements can be identified by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions. These statements are neither historical facts nor guarantees of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and are, therefore, subject to risks, inherent uncertainties and other factors, some of which are beyond our control and difficult to predict, including, among others, the impacts of the COVID-19 pandemic. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a description of the risk factors, please review the “Risk Factors” section or other sections of, or incorporated by reference to, Cinemark Holdings, Inc.'s Annual Report on Form 10-K filed February 25, 2022. All forward-looking statements are expressly qualified in their entirety by such risk factors. 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.
Unless the context otherwise requires, all references to “we,” “our,” “us,” “the issuer,” “the Company” or “Cinemark” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries. All references to Latin America are to Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay.
8
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share data, unaudited)
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June 30, |
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December 31, |
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2022 |
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2021 |
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Assets |
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|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
695.1 |
|
|
$ |
707.3 |
|
Inventories |
|
|
20.3 |
|
|
|
15.5 |
|
Accounts receivable |
|
|
67.3 |
|
|
|
68.8 |
|
Current income tax receivable |
|
|
45.0 |
|
|
|
46.6 |
|
Prepaid expenses and other |
|
|
45.3 |
|
|
|
36.2 |
|
Total current assets |
|
|
873.0 |
|
|
|
874.4 |
|
Theatre properties and equipment, net of accumulated depreciation of $2,093.8 and $1,985.9 |
|
|
1,296.0 |
|
|
|
1,382.9 |
|
Operating lease right-of-use assets, net |
|
|
1,180.6 |
|
|
|
1,230.8 |
|
Other assets |
|
|
|
|
|
|
Goodwill |
|
|
1,251.3 |
|
|
|
1,248.8 |
|
Intangible assets, net |
|
|
309.8 |
|
|
|
310.8 |
|
Investment in NCM |
|
|
40.2 |
|
|
|
135.4 |
|
Investments in affiliates |
|
|
25.6 |
|
|
|
25.2 |
|
Deferred charges and other assets, net |
|
|
27.5 |
|
|
|
22.3 |
|
Total other assets |
|
|
1,654.4 |
|
|
|
1,742.5 |
|
Total assets |
|
$ |
5,004.0 |
|
|
$ |
5,230.6 |
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
25.7 |
|
|
$ |
24.3 |
|
Current portion of operating lease obligations |
|
|
219.4 |
|
|
|
217.1 |
|
Current portion of finance lease obligations |
|
|
14.7 |
|
|
|
14.6 |
|
Current income tax payable |
|
|
0.2 |
|
|
|
— |
|
Accounts payable and accrued expenses |
|
|
465.8 |
|
|
|
513.1 |
|
Total current liabilities |
|
|
725.8 |
|
|
|
769.1 |
|
Long-term liabilities |
|
|
|
|
|
|
Long-term debt, less current portion |
|
|
2,474.9 |
|
|
|
2,476.3 |
|
Operating lease obligations, less current portion |
|
|
1,023.2 |
|
|
|
1,078.3 |
|
Finance lease obligations, less current portion |
|
|
95.3 |
|
|
|
102.6 |
|
Long-term deferred tax liability |
|
|
41.3 |
|
|
|
39.8 |
|
Long-term liability for uncertain tax positions |
|
|
46.8 |
|
|
|
45.9 |
|
NCM screen advertising advances |
|
|
342.8 |
|
|
|
346.0 |
|
Other long-term liabilities |
|
|
35.2 |
|
|
|
38.1 |
|
Total long-term liabilities |
|
|
4,059.5 |
|
|
|
4,127.0 |
|
Equity |
|
|
|
|
|
|
Cinemark Holdings, Inc.'s stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.001 par value: 300.0 shares authorized, 126.07 shares issued and 120.56 shares outstanding at June 30, 2022 and 125.10 shares issued and 119.75 shares outstanding at December 31, 2021 |
|
|
0.1 |
|
|
|
0.1 |
|
Additional paid-in-capital |
|
|
1,208.9 |
|
|
|
1,197.8 |
|
Treasury stock, 5.52 and 5.35 shares, at cost, at June 30, 2022 and December 31, 2021, respectively |
|
|
(93.2 |
) |
|
|
(91.1 |
) |
Retained deficit |
|
|
(536.8 |
) |
|
|
(389.4 |
) |
Accumulated other comprehensive loss |
|
|
(371.0 |
) |
|
|
(394.5 |
) |
Total Cinemark Holdings, Inc.'s stockholders' equity |
|
|
208.0 |
|
|
|
322.9 |
|
Noncontrolling interests |
|
|
10.7 |
|
|
|
11.6 |
|
Total equity |
|
|
218.7 |
|
|
|
334.5 |
|
Total liabilities and equity |
|
$ |
5,004.0 |
|
|
$ |
5,230.6 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
9
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in millions, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Admissions |
|
$ |
381.9 |
|
|
$ |
153.5 |
|
|
$ |
617.7 |
|
|
$ |
209.6 |
|
Concession |
|
|
286.0 |
|
|
|
109.8 |
|
|
|
459.0 |
|
|
|
149.3 |
|
Other |
|
|
76.2 |
|
|
|
31.3 |
|
|
|
127.9 |
|
|
|
50.1 |
|
Total revenue |
|
|
744.1 |
|
|
|
294.6 |
|
|
|
1,204.6 |
|
|
|
409.0 |
|
Cost of operations |
|
|
|
|
|
|
|
|
|
|
|
|
Film rentals and advertising |
|
|
222.6 |
|
|
|
76.6 |
|
|
|
350.2 |
|
|
|
99.8 |
|
Concession supplies |
|
|
52.5 |
|
|
|
18.8 |
|
|
|
82.5 |
|
|
|
26.0 |
|
Salaries and wages |
|
|
100.2 |
|
|
|
50.4 |
|
|
|
180.0 |
|
|
|
81.6 |
|
Facility lease expense |
|
|
80.3 |
|
|
|
67.2 |
|
|
|
154.0 |
|
|
|
132.0 |
|
Utilities and other |
|
|
106.5 |
|
|
|
61.2 |
|
|
|
193.4 |
|
|
|
110.3 |
|
General and administrative expense |
|
|
48.2 |
|
|
|
37.3 |
|
|
|
88.9 |
|
|
|
73.2 |
|
Depreciation and amortization |
|
|
61.0 |
|
|
|
66.9 |
|
|
|
122.7 |
|
|
|
135.1 |
|
Impairment of long-lived and other assets |
|
|
92.3 |
|
|
|
— |
|
|
|
92.3 |
|
|
|
— |
|
Restructuring costs |
|
|
(0.2 |
) |
|
|
(0.7 |
) |
|
|
(0.2 |
) |
|
|
(0.9 |
) |
(Gain) loss on disposal of assets and other |
|
|
(0.7 |
) |
|
|
2.3 |
|
|
|
(7.6 |
) |
|
|
6.8 |
|
Total cost of operations |
|
|
762.7 |
|
|
|
380.0 |
|
|
|
1,256.2 |
|
|
|
663.9 |
|
Operating loss |
|
|
(18.6 |
) |
|
|
(85.4 |
) |
|
|
(51.6 |
) |
|
|
(254.9 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(38.1 |
) |
|
|
(37.0 |
) |
|
|
(76.2 |
) |
|
|
(73.6 |
) |
Interest income |
|
|
3.1 |
|
|
|
3.9 |
|
|
|
4.7 |
|
|
|
4.5 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
(3.9 |
) |
|
|
— |
|
|
|
(6.5 |
) |
Foreign currency exchange gain (loss) |
|
|
(3.1 |
) |
|
|
2.3 |
|
|
|
0.1 |
|
|
|
(0.7 |
) |
Distributions from NCM |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Interest expense - NCM |
|
|
(5.9 |
) |
|
|
(6.0 |
) |
|
|
(11.7 |
) |
|
|
(11.8 |
) |
Equity in loss of affiliates |
|
|
(5.5 |
) |
|
|
(8.1 |
) |
|
|
(7.7 |
) |
|
|
(14.9 |
) |
Total other expense |
|
|
(49.5 |
) |
|
|
(48.8 |
) |
|
|
(90.8 |
) |
|
|
(102.9 |
) |
Loss before income taxes |
|
|
(68.1 |
) |
|
|
(134.2 |
) |
|
|
(142.4 |
) |
|
|
(357.8 |
) |
Income tax expense (benefit) |
|
|
4.7 |
|
|
|
8.0 |
|
|
|
2.9 |
|
|
|
(6.7 |
) |
Net loss |
|
$ |
(72.8 |
) |
|
$ |
(142.2 |
) |
|
$ |
(145.3 |
) |
|
$ |
(351.1 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
0.6 |
|
|
|
0.2 |
|
|
|
2.1 |
|
|
|
(0.4 |
) |
Net loss attributable to Cinemark Holdings, Inc. |
|
$ |
(73.4 |
) |
|
$ |
(142.4 |
) |
|
$ |
(147.4 |
) |
|
$ |
(350.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
118.2 |
|
|
|
117.2 |
|
|
|
118.0 |
|
|
|
117.2 |
|
Diluted |
|
|
118.2 |
|
|
|
117.2 |
|
|
|
118.0 |
|
|
|
117.2 |
|
Income (loss) per share attributable to Cinemark Holdings, Inc.'s common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.61 |
) |
|
$ |
(1.19 |
) |
|
$ |
(1.23 |
) |
|
$ |
(2.94 |
) |
Diluted |
|
$ |
(0.61 |
) |
|
$ |
(1.19 |
) |
|
$ |
(1.23 |
) |
|
$ |
(2.94 |
) |
The accompanying notes are an integral part of the condensed consolidated financial statements.
10
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in millions, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net loss |
|
$ |
(72.8 |
) |
|
$ |
(142.2 |
) |
|
$ |
(145.3 |
) |
|
$ |
(351.1 |
) |
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes and settlements |
|
|
4.2 |
|
|
|
0.8 |
|
|
|
22.6 |
|
|
|
6.5 |
|
Foreign currency translation adjustments |
|
|
(15.7 |
) |
|
|
8.3 |
|
|
|
(1.3 |
) |
|
|
(1.2 |
) |
Total other comprehensive income (loss), net of tax |
|
|
(11.5 |
) |
|
|
9.1 |
|
|
$ |
21.3 |
|
|
$ |
5.3 |
|
Total comprehensive loss, net of tax |
|
|
(84.3 |
) |
|
|
(133.1 |
) |
|
|
(124.0 |
) |
|
|
(345.8 |
) |
Comprehensive (income) loss attributable to noncontrolling interests |
|
|
(0.6 |
) |
|
|
(0.2 |
) |
|
|
(2.1 |
) |
|
|
0.4 |
|
Comprehensive loss attributable to Cinemark Holdings, Inc. |
|
$ |
(84.9 |
) |
|
$ |
(133.3 |
) |
|
$ |
(126.1 |
) |
|
$ |
(345.4 |
) |
The accompanying notes are an integral part of the condensed consolidated financial statements.
11
CINEMARK HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Treasury Stock |
|
Additional Paid-In-Capital |
|
Retained Earnings (Deficit) |
|
Accumulated Other Comprehensive Loss |
|
Total Cinemark Holdings, Inc. Stockholders’ Equity |
|
Noncontrolling Interests |
|
Total Equity |
|
Balance at January 1, 2022 |
|
$ |
0.1 |
|
$ |
(91.1 |
) |
$ |
1,197.8 |
|
$ |
(389.4 |
) |
$ |
(394.5 |
) |
$ |
322.9 |
|
$ |
11.6 |
|
$ |
334.5 |
|
Issuance of share based awards and share based awards compensation expense |
|
— |
|
— |
|
|
5.1 |
|
|
— |
|
|
— |
|
|
5.1 |
|
|
— |
|
|
5.1 |
|
Stock withholdings related to share based awards that vested during the three months ended March 31, 2022 |
|
— |
|
|
(1.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1.6 |
) |
|
— |
|
|
(1.6 |
) |
Net income (loss) |
|
— |
|
— |
|
|
— |
|
|
(74.0 |
) |
|
— |
|
|
(74.0 |
) |
|
1.5 |
|
|
(72.5 |
) |
Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes and settlements |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
18.4 |
|
|
18.4 |
|
|
— |
|
|
18.4 |
|
Amortization of accumulated losses for amended swap agreements |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
1.1 |
|
|
1.1 |
|
|
— |
|
|
1.1 |
|
Foreign currency translation adjustments |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
14.4 |
|
|
14.4 |