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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, 2019

Commission File Number: 001-33401

CINEMARK HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

20-5490327

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3900 Dallas Parkway

 

 

Suite 500

 

 

Plano, Texas

 

75093

(Address of principal executive offices)

 

(Zip Code)

Registrant's telephone number, including area code:  (972) 665-1000

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

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.

 

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).    Yes   No 

As of July 31, 2019, 117,151,671 shares of common stock were issued and outstanding.  

 

 

 

 


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I.     FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Financial Statements

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 (unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019 and 2018 (unaudited)

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018 (unaudited)

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (unaudited)

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

 

 

 

 

 

Item 2.

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

 

31

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

41

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

41

 

 

 

 

 

PART II.     OTHER INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

42

 

 

 

 

 

 

Item 1A.

Risk Factors

 

42

 

 

 

 

 

 

Item 6.

Exhibits

 

43

 

 

 

 

 

SIGNATURES

 

44

 

2


 

Cautionary Statement Regarding Forward-Looking Statements

Certain matters within this Quarterly Report on Form 10Q include “forward–looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, the future development and expected growth of our business, projected capital expenditures, attendance at movies generally or in any of the markets in which we operate, the number or diversity of popular movies released and our ability to successfully license and exhibit popular films, national and international growth in our industry, competition from other exhibitors and alternative forms of entertainment and determinations in lawsuits in which we are defendants.  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. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.  For a description of the risk factors, please review the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 28, 2019 and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. 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.

 

3


 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data, unaudited)

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

511,392

 

 

$

426,222

 

Inventories

 

 

21,761

 

 

 

19,319

 

Accounts receivable

 

 

103,985

 

 

 

95,084

 

Current income tax receivable

 

 

4,267

 

 

 

3,288

 

Prepaid expenses and other

 

 

21,146

 

 

 

15,117

 

Total current assets

 

 

662,551

 

 

 

559,030

 

 

 

 

 

 

 

 

 

 

Theatre properties and equipment

 

 

3,261,831

 

 

 

3,404,150

 

Less: accumulated depreciation and amortization

 

 

1,545,184

 

 

 

1,571,017

 

Theatre properties and equipment, net

 

 

1,716,647

 

 

 

1,833,133

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

1,429,451

 

 

 

 

Other assets

 

 

 

 

 

 

 

 

Goodwill

 

 

1,286,549

 

 

 

1,276,324

 

Intangible assets - net

 

 

324,189

 

 

 

330,910

 

Investment in NCM

 

 

268,709

 

 

 

275,592

 

Investments in and advances to affiliates

 

 

164,176

 

 

 

156,766

 

Long-term deferred tax asset

 

 

8,910

 

 

 

9,028

 

Deferred charges and other assets - net

 

 

41,066

 

 

 

41,055

 

Total other assets

 

 

2,093,599

 

 

 

2,089,675

 

Total assets

 

$

5,902,248

 

 

$

4,481,838

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

7,984

 

 

$

7,984

 

Current portion of operating lease obligations

 

 

215,060

 

 

 

 

Current portion of finance and capital lease obligations

 

 

15,233

 

 

 

27,065

 

Current income tax payable

 

 

22,627

 

 

 

12,179

 

Current liability for uncertain tax positions

 

 

225

 

 

 

573

 

Accounts payable and accrued expenses

 

 

439,066

 

 

 

426,888

 

Total current liabilities

 

 

700,195

 

 

 

474,689

 

Long-term liabilities

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

1,771,984

 

 

 

1,772,627

 

Operating lease obligations, less current portion

 

 

1,274,599

 

 

 

 

Finance and capital lease obligations, less current portion

 

 

130,311

 

 

 

232,467

 

Long-term deferred tax liability

 

 

162,653

 

 

 

155,626

 

Long-term liability for uncertain tax positions

 

 

13,732

 

 

 

13,380

 

Deferred lease expenses

 

 

 

 

 

39,235

 

Deferred revenue - NCM

 

 

280,964

 

 

 

287,349

 

Other long-term liabilities

 

 

40,091

 

 

 

50,348

 

Total long-term liabilities

 

 

3,674,334

 

 

 

2,551,032

 

Commitments and contingencies (see Note 18)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Cinemark Holdings, Inc.'s stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value: 300,000,000 shares authorized, 121,850,082 shares issued and 117,151,771 shares outstanding at June 30, 2019 and 121,456,721 shares issued and 116,830,530 shares outstanding at December 31, 2018

 

 

122

 

 

 

121

 

Additional paid-in-capital

 

 

1,162,070

 

 

 

1,155,424

 

Treasury stock, 4,698,311 and 4,626,191 shares, at cost, at June 30, 2019 and December 31, 2018, respectively

 

 

(81,506

)

 

 

(79,259

)

Retained earnings

 

 

757,226

 

 

 

686,459

 

Accumulated other comprehensive loss

 

 

(322,633

)

 

 

(319,007

)

Total Cinemark Holdings, Inc.'s stockholders' equity

 

 

1,515,279

 

 

 

1,443,738

 

Noncontrolling interests

 

 

12,440

 

 

 

12,379

 

Total equity

 

 

1,527,719

 

 

 

1,456,117

 

Total liabilities and equity

 

$

5,902,248

 

 

$

4,481,838

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

521,072

 

 

$

508,870

 

 

$

916,612

 

 

$

961,494

 

Concession

 

 

345,282

 

 

 

305,306

 

 

 

596,606

 

 

 

567,078

 

Other

 

 

91,402

 

 

 

74,877

 

 

 

159,261

 

 

 

140,452

 

Total revenues

 

 

957,756

 

 

 

889,053

 

 

 

1,672,479

 

 

 

1,669,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

294,705

 

 

 

287,206

 

 

 

504,782

 

 

 

528,121

 

Concession supplies

 

 

62,717

 

 

 

51,033

 

 

 

105,788

 

 

 

91,857

 

Salaries and wages

 

 

108,910

 

 

 

100,344

 

 

 

205,046

 

 

 

193,502

 

Facility lease expense

 

 

89,480

 

 

 

81,190

 

 

 

175,093

 

 

 

163,281

 

Utilities and other

 

 

122,696

 

 

 

115,602

 

 

 

233,333

 

 

 

225,034

 

General and administrative expenses

 

 

44,324

 

 

 

43,031

 

 

 

82,300

 

 

 

85,415

 

Depreciation and amortization

 

 

64,573

 

 

 

64,290

 

 

 

129,035

 

 

 

128,685

 

Impairment of long-lived assets

 

 

12,494

 

 

 

2,788

 

 

 

18,078

 

 

 

3,379

 

Loss on disposal of assets and other

 

 

1,805

 

 

 

16,901

 

 

 

5,604

 

 

 

20,840

 

Total cost of operations

 

 

801,704

 

 

 

762,385

 

 

 

1,459,059

 

 

 

1,440,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

156,052

 

 

 

126,668

 

 

 

213,420

 

 

 

228,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(24,929

)

 

 

(28,466

)

 

 

(50,070

)

 

 

(55,581

)

Loss on debt amendments and refinancing

 

 

 

 

 

 

 

 

 

 

 

(1,484

)

Interest income

 

 

3,468

 

 

 

2,862

 

 

 

6,159

 

 

 

5,100

 

Foreign currency exchange loss

 

 

(401

)

 

 

(5,199

)

 

 

(379

)

 

 

(3,821

)

Distributions from NCM

 

 

2,146

 

 

 

3,424

 

 

 

6,694

 

 

 

9,782

 

Interest expense - NCM

 

 

(4,732

)

 

 

(4,913

)

 

 

(9,514

)

 

 

(9,892

)

Equity in income of affiliates

 

 

8,439

 

 

 

6,414

 

 

 

18,843

 

 

 

15,050

 

Total other expense

 

 

(16,009

)

 

 

(25,878

)

 

 

(28,267

)

 

 

(40,846

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

140,043

 

 

 

100,790

 

 

 

185,153

 

 

 

188,064

 

Income taxes

 

 

38,182

 

 

 

18,326

 

 

 

50,099

 

 

 

43,423

 

Net income

 

$

101,861

 

 

$

82,464

 

 

$

135,054

 

 

$

144,641

 

Less:  Net income attributable to noncontrolling interests

 

 

890

 

 

 

329

 

 

 

1,355

 

 

 

485

 

Net income attributable to Cinemark Holdings, Inc.

 

$

100,971

 

 

$

82,135

 

 

$

133,699

 

 

$

144,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

116,325

 

 

 

116,091

 

 

 

116,253

 

 

 

115,988

 

Diluted

 

 

116,548

 

 

 

116,268

 

 

 

116,524

 

 

 

116,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.86

 

 

$

0.70

 

 

$

1.14

 

 

$

1.23

 

Diluted

 

$

0.86

 

 

$

0.70

 

 

$

1.14

 

 

$

1.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

5


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

101,861

 

 

$

82,464

 

 

$

135,054

 

 

$

144,641

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $1,905 and $2,974, net of settlements

 

 

(5,902

)

 

 

 

 

 

(9,213

)

 

 

 

Other comprehensive income (loss) in equity method investments

 

 

(22

)

 

 

(116

)

 

 

(93

)

 

 

20

 

Foreign currency translation adjustments

 

 

4,925

 

 

 

(56,248

)

 

 

5,680

 

 

 

(56,044

)

Total other comprehensive loss, net of tax

 

 

(999

)

 

 

(56,364

)

 

 

(3,626

)

 

 

(56,024

)

Total comprehensive income, net of tax

 

 

100,862

 

 

 

26,100

 

 

 

131,428

 

 

 

88,617

 

Comprehensive income attributable to noncontrolling interests

 

 

(890

)

 

 

(329

)

 

 

(1,355

)

 

 

(485

)

Comprehensive income attributable to Cinemark Holdings, Inc.

 

$

99,972

 

 

$

25,771

 

 

$

130,073

 

 

$

88,132

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

6


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

135,054

 

 

$

144,641

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

126,551

 

 

 

126,981

 

Amortization of intangible and other assets and favorable/unfavorable leases

 

 

2,484

 

 

 

1,704

 

Amortization of long-term prepaid rents

 

 

 

 

 

1,236

 

Amortization of debt issue costs

 

 

2,655

 

 

 

2,913

 

Loss on debt amendments and refinancing

 

 

 

 

 

1,484

 

Amortization of deferred revenues, deferred lease incentives and other

 

 

(8,020

)

 

 

(10,762

)

Impairment of long-lived assets

 

 

18,078

 

 

 

3,379

 

Share based awards compensation expense

 

 

6,646

 

 

 

6,878

 

Loss on disposal of assets and other

 

 

5,604

 

 

 

20,840

 

Non-cash rent expense

 

 

(2,150

)

 

 

 

Deferred lease expenses

 

 

 

 

 

(932

)

Equity in income of affiliates

 

 

(18,843

)

 

 

(15,050

)

Deferred income tax expenses

 

 

5,840

 

 

 

7,669

 

Distributions from equity investees

 

 

19,665

 

 

 

16,255

 

Changes in assets and liabilities and other

 

 

10,015

 

 

 

(27,333

)

Net cash provided by operating activities

 

 

303,579

 

 

 

279,903