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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 September 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Commission File Number

Exact Name of Registrant as Specified in its Charter, Principal Executive Office Address and Telephone Number

State of Incorporation

I.R.S. Employer Identification No.

 

001-33401

Cinemark Holdings, Inc.

3900 Dallas Parkway

Plano, Texas 75093

(972) 665-1000

 

Delaware

 

20-5490327

 

33-47040

Cinemark USA, Inc.

3900 Dallas Parkway

Plano, Texas 75093

(972) 665-1000

 

Texas

 

75-2206284

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Cinemark Holdings, Inc.

("Holdings")

Common stock, par value $.001 per share

CNK

New York Stock Exchange

Cinemark USA, Inc.

("CUSA")

None

None

None

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.

Cinemark Holdings, Inc. Yes ☒ No ☐

Cinemark USA, Inc. Yes ☐ No ☒

(Note: As a voluntary filer, Cinemark USA, Inc. is not subject to the filing requirement of Section 13 or 15(d) of the Exchange Act. Cinemark USA, Inc. has filed all reports pursuant to Section 13 or 15(d) of the Exchange Act during the preceding 12 months as if it was subject to such filing requirements.)

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).

Cinemark Holdings, Inc. Yes ☒ No ☐

Cinemark USA, Inc. 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.

Cinemark Holdings, Inc.

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

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. ☐

Cinemark USA, Inc.

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

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).

Cinemark Holdings, Inc. Yes No ☒

Cinemark USA, Inc. Yes No ☒

As of October 28, 2022, 120,424,973 shares of common stock, $0.001 per value per share, of Cinemark Holdings, Inc. were issued and outstanding.

As of October 30, 2022, 1,500 shares of Class A common stock, $0.01 par value per share, and 182,648 shares of Class B common stock, no par value per share, of Cinemark USA, Inc. were outstanding and held by Cinemark Holdings, Inc.

Cinemark USA, Inc. meetS the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and IS therefore filing this form with reduced disclosure format pursuant to General Instructions (H)(2).

This combined Form 10-Q is separately filed by Cinemark Holdings, Inc. and Cinemark USA, Inc. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants. When this Form 10-Q is incorporated by reference into any filings with the SEC made by Cinemark Holdings, Inc. or Cinemark USA, Inc., as a registrant, the portions of this Form 10-Q that relate to the other registrant are not incorporated by reference therein.

 


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CINEMARK USA, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

3

 

 

 

 

 

 

Item 1.

Cinemark Holdings, Inc. and Subsidiaries Financial Statements (unaudited)

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

3

 

 

Condensed Consolidated Statements of Loss for the three and nine months ended September 30, 2022 and 2021

 

4

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2022 and 2021

 

5

 

 

Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021

 

6

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

 

8

 

 

Cinemark USA, Inc. and Subsidiaries Financial Statements (unaudited)

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

9

 

 

Condensed Consolidated Statements of Loss for the three and nine months ended September 30, 2022 and 2021

 

10

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2022 and 2021

 

11

 

 

Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2022 and 2021

 

12

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

 

14

 

 

Cinemark Holdings, Inc. and Cinemark USA, Inc. Notes to Condensed Consolidated Financial Statements

 

15

 

 

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

36

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

50

 

 

 

 

 

PART II. OTHER INFORMATION

 

52

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

52

 

 

 

 

 

 

Item 1A.

Risk Factors

 

52

 

 

 

 

 

 

Item 5.

Other Information

 

52

 

 

 

 

 

 

Item 6.

Exhibits

 

57

 

 

 

 

 

SIGNATURES

 

58

 

1


 

Cautionary Statement Regarding Forward-Looking Statements

Certain matters within this Quarterly Report on Form 10-Q 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, Holdings' Annual Report on Form 10-K filed February 25, 2022 or CUSA's Annual Report on Form 10-K filed March 9, 2022, as applicable. 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.

Where it is important to distinguish between the entities, this report either refers specifically to Holdings or CUSA. Otherwise, unless the context otherwise requires, all references to “we,” “our,” “us,” "the Company” or “Cinemark” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries, and all references to CUSA relate to Cinemark USA, Inc. and its consolidated subsidiaries. All references to Latin America relate to Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay.

 

2


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share data, unaudited)

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

631.9

 

 

$

707.3

 

Inventories

 

 

19.6

 

 

 

15.5

 

Accounts receivable

 

 

52.4

 

 

 

68.8

 

Current income tax receivable

 

 

45.4

 

 

 

46.6

 

Prepaid expenses and other

 

 

51.6

 

 

 

36.2

 

Total current assets

 

 

800.9

 

 

 

874.4

 

Theatre properties and equipment, net of accumulated depreciation of $2,132.1 and $1,985.9

 

 

1,260.0

 

 

 

1,382.9

 

Operating lease right-of-use assets, net

 

 

1,144.0

 

 

 

1,230.8

 

Other assets

 

 

 

 

 

 

Goodwill

 

 

1,249.2

 

 

 

1,248.8

 

Intangible assets, net

 

 

309.1

 

 

 

310.8

 

Investment in NCM

 

 

28.4

 

 

 

135.4

 

Investments in affiliates

 

 

26.3

 

 

 

25.2

 

Deferred charges and other assets, net

 

 

32.6

 

 

 

22.3

 

Total other assets

 

 

1,645.6

 

 

 

1,742.5

 

Total assets

 

$

4,850.5

 

 

$

5,230.6

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Current portion of long-term debt

 

$

22.0

 

 

$

24.3

 

Current portion of operating lease obligations

 

 

217.9

 

 

 

217.1

 

Current portion of finance lease obligations

 

 

14.6

 

 

 

14.6

 

Current income tax payable

 

 

2.4

 

 

 

 

Accounts payable and accrued expenses

 

 

371.5

 

 

 

513.1

 

Total current liabilities

 

 

628.4

 

 

 

769.1

 

Long-term liabilities

 

 

 

 

 

 

Long-term debt, less current portion

 

 

2,473.5

 

 

 

2,476.3

 

Operating lease obligations, less current portion

 

 

987.6

 

 

 

1,078.3

 

Finance lease obligations, less current portion

 

 

91.6

 

 

 

102.6

 

Long-term deferred tax liability

 

 

39.5

 

 

 

39.8

 

Long-term liability for uncertain tax positions

 

 

47.3

 

 

 

45.9

 

NCM screen advertising advances

 

 

340.5

 

 

 

346.0

 

Other long-term liabilities

 

 

36.7

 

 

 

38.1

 

Total long-term liabilities

 

 

4,016.7

 

 

 

4,127.0

 

Equity

 

 

 

 

 

 

Cinemark Holdings, Inc.'s stockholders' equity:

 

 

 

 

 

 

Common stock, $0.001 par value: 300.0 shares authorized, 126.08 shares issued and 120.43 shares outstanding at September 30, 2022 and 125.10 shares issued and 119.75 shares outstanding at December 31, 2021

 

 

0.1

 

 

 

0.1

 

Additional paid-in-capital

 

 

1,214.1

 

 

 

1,197.8

 

Treasury stock, 5.66 and 5.35 shares, at cost, at September 30, 2022 and December 31, 2021, respectively

 

 

(95.2

)

 

 

(91.1

)

Retained deficit

 

 

(561.3

)

 

 

(389.4

)

Accumulated other comprehensive loss

 

 

(362.9

)

 

 

(394.5

)

Total Cinemark Holdings, Inc.'s stockholders' equity

 

 

194.8

 

 

 

322.9

 

Noncontrolling interests

 

 

10.6

 

 

 

11.6

 

Total equity

 

 

205.4

 

 

 

334.5

 

Total liabilities and equity

 

$

4,850.5

 

 

$

5,230.6

 

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

3


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in millions, except per share data, unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

324.6

 

 

$

225.5

 

 

$

942.3

 

 

$

435.1

 

Concession

 

 

253.6

 

 

 

164.2

 

 

 

712.6

 

 

 

313.5

 

Other

 

 

72.2

 

 

 

45.1

 

 

 

200.1

 

 

 

95.2

 

Total revenue

 

 

650.4

 

 

 

434.8

 

 

 

1,855.0

 

 

 

843.8

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

180.9

 

 

 

117.0

 

 

 

531.1

 

 

 

216.8

 

Concession supplies

 

 

46.3

 

 

 

28.2

 

 

 

128.8

 

 

 

54.2

 

Salaries and wages

 

 

97.0

 

 

 

67.6

 

 

 

277.0

 

 

 

149.2

 

Facility lease expense

 

 

77.2

 

 

 

68.8

 

 

 

231.2

 

 

 

200.8

 

Utilities and other

 

 

110.4

 

 

 

81.7

 

 

 

303.8

 

 

 

192.0

 

General and administrative expense

 

 

45.1

 

 

 

38.6

 

 

 

134.0

 

 

 

111.8

 

Depreciation and amortization

 

 

58.3

 

 

 

67.2

 

 

 

181.0

 

 

 

202.3

 

Impairment of long-lived and other assets

 

 

15.2

 

 

 

7.5

 

 

 

107.5

 

 

 

7.5

 

Restructuring costs

 

 

 

 

 

(0.4

)

 

 

(0.2

)

 

 

(1.3

)

(Gain) loss on disposal of assets and other

 

 

1.2

 

 

 

1.1

 

 

 

(6.4

)

 

 

7.9

 

Total cost of operations

 

 

631.6

 

 

 

477.3

 

 

 

1,887.8

 

 

 

1,141.2

 

Operating income (loss)

 

 

18.8

 

 

 

(42.5

)

 

 

(32.8

)

 

 

(297.4

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(38.4

)

 

 

(38.0

)

 

 

(114.6

)

 

 

(111.6

)

Interest income

 

 

6.4

 

 

 

0.8

 

 

 

11.1

 

 

 

5.3

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(6.5

)

Foreign currency exchange loss

 

 

(5.4

)

 

 

(0.2

)

 

 

(5.3

)

 

 

(0.9

)

Distributions from NCM

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Distributions from DCIP

 

 

3.7

 

 

 

6.5

 

 

 

3.7

 

 

 

6.5

 

Interest expense - NCM

 

 

(5.8

)

 

 

(5.9

)

 

 

(17.5

)

 

 

(17.7

)

Equity in income (loss) of affiliates

 

 

0.2

 

 

 

(7.2

)

 

 

(7.5

)

 

 

(22.1

)

Total other expense

 

 

(39.3

)

 

 

(44.0

)

 

 

(130.1

)

 

 

(146.9

)

Loss before income taxes

 

 

(20.5

)

 

 

(86.5

)

 

 

(162.9

)

 

 

(444.3

)

Income tax expense (benefit)

 

 

3.4

 

 

 

(8.9

)

 

 

6.3

 

 

 

(15.6

)

Net loss

 

$

(23.9

)

 

$

(77.6

)

 

$

(169.2

)

 

$

(428.7

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

0.6

 

 

 

0.2

 

 

 

2.7

 

 

 

(0.2

)

Net loss attributable to Cinemark Holdings, Inc.

 

$

(24.5

)

 

$

(77.8

)

 

$

(171.9

)

 

$

(428.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

118.4

 

 

 

117.3

 

 

 

118.1

 

 

 

117.2

 

Diluted

 

 

118.4

 

 

 

117.3

 

 

 

118.1

 

 

 

117.2

 

Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.20

)

 

$

(0.65

)

 

$

(1.43

)

 

$

(3.59

)

Diluted

 

$

(0.20

)

 

$

(0.65

)

 

$

(1.43

)

 

$

(3.59

)

The accompanying notes, as they relate to Cinemark Holdings, Inc., are an integral part of the condensed consolidated financial statements.

4