false 2019 Q3 Cinemark Holdings, Inc. 0001385280 --12-31 Large Accelerated Filer 0.3333 0.6666 P2Y 0.3333 0.6666 6.5 P3Y 6.5 us-gaap:PropertyPlantAndEquipmentNet P4Y1M6D P7Y10M24D P5Y10M24D P10Y7M6D P1Y P1Y P1Y P1Y P1Y P1Y P1Y P1Y P1Y P1Y 0 0 0001385280 2019-01-01 2019-09-30 xbrli:shares 0001385280 2019-10-31 iso4217:USD 0001385280 2019-09-30 0001385280 2018-12-31 0001385280 cnk:NcmMember 2019-09-30 0001385280 cnk:NcmMember 2018-12-31 iso4217:USD xbrli:shares 0001385280 cnk:AdmissionsRevenueMember 2019-07-01 2019-09-30 0001385280 cnk:AdmissionsRevenueMember 2018-07-01 2018-09-30 0001385280 cnk:AdmissionsRevenueMember 2019-01-01 2019-09-30 0001385280 cnk:AdmissionsRevenueMember 2018-01-01 2018-09-30 0001385280 us-gaap:ConcessionsMember 2019-07-01 2019-09-30 0001385280 us-gaap:ConcessionsMember 2018-07-01 2018-09-30 0001385280 us-gaap:ConcessionsMember 2019-01-01 2019-09-30 0001385280 us-gaap:ConcessionsMember 2018-01-01 2018-09-30 0001385280 cnk:OtherRevenuesMember 2019-07-01 2019-09-30 0001385280 cnk:OtherRevenuesMember 2018-07-01 2018-09-30 0001385280 cnk:OtherRevenuesMember 2019-01-01 2019-09-30 0001385280 cnk:OtherRevenuesMember 2018-01-01 2018-09-30 0001385280 2019-07-01 2019-09-30 0001385280 2018-07-01 2018-09-30 0001385280 2018-01-01 2018-09-30 0001385280 cnk:NcmMember 2019-07-01 2019-09-30 0001385280 cnk:NcmMember 2018-07-01 2018-09-30 0001385280 cnk:NcmMember 2019-01-01 2019-09-30 0001385280 cnk:NcmMember 2018-01-01 2018-09-30 0001385280 2017-12-31 0001385280 2018-09-30 0001385280 cnk:NCMScreenAdvertisingAdvancesMember 2019-01-01 2019-09-30 0001385280 cnk:DigitalCinemaImplementationPartnersMember 2019-01-01 2019-09-30 0001385280 us-gaap:RestrictedStockMember 2019-01-01 2019-09-30 0001385280 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 xbrli:pure 0001385280 srt:MinimumMember 2019-09-30 0001385280 srt:MaximumMember 2019-09-30 0001385280 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001385280 us-gaap:AccountingStandardsUpdate201602Member srt:RestatementAdjustmentMember 2019-01-01 0001385280 srt:MinimumMember cnk:TheatresMember 2019-01-01 2019-09-30 0001385280 cnk:TheatresMember srt:MaximumMember 2019-01-01 2019-09-30 0001385280 srt:MinimumMember us-gaap:EquipmentMember 2019-09-30 0001385280 us-gaap:EquipmentMember srt:MaximumMember 2019-09-30 0001385280 cnk:TheatresMember 2019-09-30 0001385280 cnk:UtilitiesAndOtherMember us-gaap:EquipmentMember 2019-07-01 2019-09-30 0001385280 cnk:UtilitiesAndOtherMember us-gaap:EquipmentMember 2019-01-01 2019-09-30 0001385280 cnk:FacilityLeasingExpenseMember cnk:RealEstatePropertyMember 2019-07-01 2019-09-30 0001385280 cnk:FacilityLeasingExpenseMember cnk:RealEstatePropertyMember 2019-01-01 2019-09-30 0001385280 cnk:DepreciationAndAmortizationMember 2019-07-01 2019-09-30 0001385280 cnk:DepreciationAndAmortizationMember 2019-01-01 2019-09-30 0001385280 us-gaap:InterestExpenseMember 2019-07-01 2019-09-30 0001385280 us-gaap:InterestExpenseMember 2019-01-01 2019-09-30 0001385280 us-gaap:EquipmentMember 2019-09-30 0001385280 cnk:RealEstatePropertyMember 2019-09-30 0001385280 cnk:RealEstatePropertyMember 2019-01-01 2019-09-30 0001385280 us-gaap:EquipmentMember 2019-01-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember us-gaap:AdmissionMember 2019-07-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember us-gaap:AdmissionMember 2019-07-01 2019-09-30 0001385280 us-gaap:AdmissionMember 2019-07-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember us-gaap:AdmissionMember 2019-01-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember us-gaap:AdmissionMember 2019-01-01 2019-09-30 0001385280 us-gaap:AdmissionMember 2019-01-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember us-gaap:ConcessionsMember 2019-07-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember us-gaap:ConcessionsMember 2019-07-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember us-gaap:ConcessionsMember 2019-01-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember us-gaap:ConcessionsMember 2019-01-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember cnk:ScreenAdvertisingScreenRentalAndPromotionalRevenuesMember 2019-07-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember cnk:ScreenAdvertisingScreenRentalAndPromotionalRevenuesMember 2019-07-01 2019-09-30 0001385280 cnk:ScreenAdvertisingScreenRentalAndPromotionalRevenuesMember 2019-07-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember cnk:ScreenAdvertisingScreenRentalAndPromotionalRevenuesMember 2019-01-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember cnk:ScreenAdvertisingScreenRentalAndPromotionalRevenuesMember 2019-01-01 2019-09-30 0001385280 cnk:ScreenAdvertisingScreenRentalAndPromotionalRevenuesMember 2019-01-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember cnk:OtherRevenueMember 2019-07-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember cnk:OtherRevenueMember 2019-07-01 2019-09-30 0001385280 cnk:OtherRevenueMember 2019-07-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember cnk:OtherRevenueMember 2019-01-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember cnk:OtherRevenueMember 2019-01-01 2019-09-30 0001385280 cnk:OtherRevenueMember 2019-01-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 us-gaap:AdmissionMember cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:AdmissionMember cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:AdmissionMember 2018-07-01 2018-09-30 0001385280 us-gaap:AdmissionMember cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:AdmissionMember cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:AdmissionMember 2018-01-01 2018-09-30 0001385280 us-gaap:ConcessionsMember cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:ConcessionsMember cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:ConcessionsMember cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:ConcessionsMember cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 cnk:ScreenAdvertisingAndPromotionalRevenuesMember cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 cnk:ScreenAdvertisingAndPromotionalRevenuesMember cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 cnk:ScreenAdvertisingAndPromotionalRevenuesMember 2018-07-01 2018-09-30 0001385280 cnk:ScreenAdvertisingAndPromotionalRevenuesMember cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 cnk:ScreenAdvertisingAndPromotionalRevenuesMember cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 cnk:ScreenAdvertisingAndPromotionalRevenuesMember 2018-01-01 2018-09-30 0001385280 cnk:OtherRevenueMember cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 cnk:OtherRevenueMember cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 cnk:OtherRevenueMember 2018-07-01 2018-09-30 0001385280 cnk:OtherRevenueMember cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 cnk:OtherRevenueMember cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 cnk:OtherRevenueMember 2018-01-01 2018-09-30 0001385280 cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:UsOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:InternationalOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember 2019-07-01 2019-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:UsOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:InternationalOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember 2019-01-01 2019-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:UsOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:InternationalOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 us-gaap:TransferredOverTimeMember 2019-07-01 2019-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:UsOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:InternationalOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 us-gaap:TransferredOverTimeMember 2019-01-01 2019-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember 2018-07-01 2018-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:TransferredAtPointInTimeMember 2018-01-01 2018-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:TransferredOverTimeMember 2018-07-01 2018-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:TransferredOverTimeMember cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:TransferredOverTimeMember 2018-01-01 2018-09-30 0001385280 cnk:NCMScreenAdvertisingAdvancesMember 2018-12-31 0001385280 cnk:OtherDeferredRevenuesMember 2018-12-31 0001385280 cnk:OtherDeferredRevenuesMember 2019-01-01 2019-09-30 0001385280 cnk:NCMScreenAdvertisingAdvancesMember cnk:NcmMember 2019-01-01 2019-09-30 0001385280 cnk:NCMScreenAdvertisingAdvancesMember 2019-09-30 0001385280 cnk:OtherDeferredRevenuesMember 2019-09-30 0001385280 2019-10-01 2019-09-30 0001385280 2020-10-01 2019-09-30 0001385280 2021-10-01 2019-09-30 0001385280 2022-10-01 2019-09-30 0001385280 2023-10-01 2019-09-30 0001385280 2024-10-01 2019-09-30 0001385280 cnk:DeferredRevenueMember 2019-10-01 2019-09-30 0001385280 cnk:DeferredRevenueMember 2020-10-01 2019-09-30 0001385280 cnk:DeferredRevenueMember 2021-10-01 2019-09-30 0001385280 cnk:DeferredRevenueMember 2022-10-01 2019-09-30 0001385280 cnk:DeferredRevenueMember 2019-09-30 0001385280 us-gaap:RestrictedStockUnitsRSUMember 2019-07-01 2019-09-30 0001385280 us-gaap:RestrictedStockUnitsRSUMember 2018-07-01 2018-09-30 0001385280 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-09-30 0001385280 cnk:AmendedSeniorSecuredCreditFacilityMember 2018-03-29 2018-03-29 0001385280 cnk:AmendedSeniorSecuredCreditFacilityMember 2018-03-29 0001385280 cnk:AmendedSeniorSecuredCreditFacilityMember cnk:TermLoanCreditFacilityMember 2018-03-29 2018-03-29 0001385280 cnk:AmendedSeniorSecuredCreditFacilityMember 2019-01-01 2019-09-30 cnk:Agreement 0001385280 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember cnk:InterestRateSwapAgreementOneMember 2019-09-30 0001385280 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember cnk:InterestRateSwapAgreementTwoMember 2019-09-30 0001385280 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember cnk:InterestRateSwapAgreementThreeMember 2019-09-30 0001385280 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember cnk:InterestRateSwapAgreementOneMember 2019-01-01 2019-09-30 0001385280 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember cnk:InterestRateSwapAgreementTwoMember 2019-01-01 2019-09-30 0001385280 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember cnk:InterestRateSwapAgreementThreeMember 2019-01-01 2019-09-30 0001385280 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2019-09-30 0001385280 us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2019-09-30 0001385280 us-gaap:OtherNoncurrentLiabilitiesMember 2019-09-30 0001385280 us-gaap:CommonStockMember 2018-12-31 0001385280 us-gaap:TreasuryStockMember 2018-12-31 0001385280 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001385280 us-gaap:RetainedEarningsMember 2018-12-31 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001385280 us-gaap:ParentMember 2018-12-31 0001385280 us-gaap:NoncontrollingInterestMember 2018-12-31 0001385280 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001385280 us-gaap:ParentMember 2019-01-01 2019-03-31 0001385280 2019-01-01 2019-03-31 0001385280 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001385280 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0001385280 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001385280 us-gaap:CommonStockMember 2019-03-31 0001385280 us-gaap:TreasuryStockMember 2019-03-31 0001385280 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001385280 us-gaap:RetainedEarningsMember 2019-03-31 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001385280 us-gaap:ParentMember 2019-03-31 0001385280 us-gaap:NoncontrollingInterestMember 2019-03-31 0001385280 2019-03-31 0001385280 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001385280 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001385280 us-gaap:ParentMember 2019-04-01 2019-06-30 0001385280 2019-04-01 2019-06-30 0001385280 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001385280 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001385280 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001385280 us-gaap:CommonStockMember 2019-06-30 0001385280 us-gaap:TreasuryStockMember 2019-06-30 0001385280 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001385280 us-gaap:RetainedEarningsMember 2019-06-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001385280 us-gaap:ParentMember 2019-06-30 0001385280 us-gaap:NoncontrollingInterestMember 2019-06-30 0001385280 2019-06-30 0001385280 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001385280 us-gaap:ParentMember 2019-07-01 2019-09-30 0001385280 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001385280 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001385280 us-gaap:CommonStockMember 2019-09-30 0001385280 us-gaap:TreasuryStockMember 2019-09-30 0001385280 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001385280 us-gaap:RetainedEarningsMember 2019-09-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001385280 us-gaap:ParentMember 2019-09-30 0001385280 us-gaap:NoncontrollingInterestMember 2019-09-30 0001385280 us-gaap:CommonStockMember 2017-12-31 0001385280 us-gaap:TreasuryStockMember 2017-12-31 0001385280 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001385280 us-gaap:RetainedEarningsMember 2017-12-31 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001385280 us-gaap:ParentMember 2017-12-31 0001385280 us-gaap:NoncontrollingInterestMember 2017-12-31 0001385280 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001385280 us-gaap:ParentMember 2018-01-01 2018-03-31 0001385280 2018-01-01 2018-03-31 0001385280 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001385280 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0001385280 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001385280 us-gaap:CommonStockMember 2018-03-31 0001385280 us-gaap:TreasuryStockMember 2018-03-31 0001385280 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001385280 us-gaap:RetainedEarningsMember 2018-03-31 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001385280 us-gaap:ParentMember 2018-03-31 0001385280 us-gaap:NoncontrollingInterestMember 2018-03-31 0001385280 2018-03-31 0001385280 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001385280 us-gaap:ParentMember 2018-04-01 2018-06-30 0001385280 2018-04-01 2018-06-30 0001385280 us-gaap:TreasuryStockMember 2018-04-01 2018-06-30 0001385280 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001385280 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001385280 us-gaap:CommonStockMember 2018-06-30 0001385280 us-gaap:TreasuryStockMember 2018-06-30 0001385280 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001385280 us-gaap:RetainedEarningsMember 2018-06-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001385280 us-gaap:ParentMember 2018-06-30 0001385280 us-gaap:NoncontrollingInterestMember 2018-06-30 0001385280 2018-06-30 0001385280 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001385280 us-gaap:ParentMember 2018-07-01 2018-09-30 0001385280 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001385280 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001385280 us-gaap:CommonStockMember 2018-09-30 0001385280 us-gaap:TreasuryStockMember 2018-09-30 0001385280 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001385280 us-gaap:RetainedEarningsMember 2018-09-30 0001385280 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001385280 us-gaap:ParentMember 2018-09-30 0001385280 us-gaap:NoncontrollingInterestMember 2018-09-30 0001385280 cnk:InvestmentInNcmMember 2018-12-31 0001385280 cnk:InvestmentInNcmMember 2019-01-01 2019-09-30 0001385280 cnk:OtherRevenueMember 2019-01-01 2019-09-30 0001385280 cnk:InterestExpenseNcmMember 2019-01-01 2019-09-30 0001385280 cnk:CashReceivedPaidMember 2019-01-01 2019-09-30 0001385280 cnk:DistributionsFromNcmMember 2019-01-01 2019-09-30 0001385280 cnk:EquityEarningsMember cnk:NcmMember 2019-01-01 2019-09-30 0001385280 cnk:OtherRevenueMember cnk:NcmMember 2019-01-01 2019-09-30 0001385280 cnk:InvestmentInNcmMember 2019-09-30 0001385280 cnk:DistributionsFromNcmMember 2019-09-30 0001385280 cnk:EquityEarningsMember 2019-09-30 0001385280 cnk:OtherRevenueMember 2019-09-30 0001385280 cnk:InterestExpenseNcmMember 2019-09-30 0001385280 cnk:CashReceivedPaidMember 2019-09-30 0001385280 cnk:InvestmentInNcmMember 2019-03-31 0001385280 cnk:InvestmentInNcmMember 2018-09-30 0001385280 2019-10-01 cnk:NCMScreenAdvertisingAdvancesMember 2019-09-30 0001385280 2020-10-01 cnk:NCMScreenAdvertisingAdvancesMember 2019-09-30 0001385280 2021-10-01 cnk:NCMScreenAdvertisingAdvancesMember 2019-09-30 0001385280 2022-10-01 cnk:NCMScreenAdvertisingAdvancesMember 2019-09-30 0001385280 2023-10-01 cnk:NCMScreenAdvertisingAdvancesMember 2019-09-30 0001385280 2024-10-01 cnk:NCMScreenAdvertisingAdvancesMember 2019-09-30 0001385280 cnk:NcmMember srt:MinimumMember 2019-01-01 2019-09-30 0001385280 cnk:NcmMember srt:MaximumMember 2019-01-01 2019-09-30 0001385280 cnk:NcmMember 2019-03-28 2019-06-27 0001385280 cnk:NcmMember 2018-12-28 2019-06-27 0001385280 cnk:NcmMember 2018-06-28 2018-09-27 0001385280 cnk:NcmMember 2017-12-28 2018-09-27 0001385280 cnk:NcmMember 2019-06-27 0001385280 cnk:NcmMember 2018-12-27 0001385280 cnk:DigitalCinemaImplementationPartnersMember us-gaap:OtherAffiliatesMember 2018-12-31 0001385280 cnk:ACJVLLCMember us-gaap:OtherAffiliatesMember 2018-12-31 0001385280 cnk:DigitalCinemaDistributionCoalitionMember us-gaap:OtherAffiliatesMember 2018-12-31 0001385280 cnk:FEConceptsLLCMember us-gaap:OtherAffiliatesMember 2018-12-31 0001385280 cnk:OtherInvestmentMember us-gaap:OtherAffiliatesMember 2018-12-31 0001385280 us-gaap:OtherAffiliatesMember 2018-12-31 0001385280 cnk:DigitalCinemaImplementationPartnersMember us-gaap:OtherAffiliatesMember 2019-01-01 2019-09-30 0001385280 cnk:ACJVLLCMember us-gaap:OtherAffiliatesMember 2019-01-01 2019-09-30 0001385280 cnk:DigitalCinemaDistributionCoalitionMember us-gaap:OtherAffiliatesMember 2019-01-01 2019-09-30 0001385280 cnk:FEConceptsLLCMember us-gaap:OtherAffiliatesMember 2019-01-01 2019-09-30 0001385280 cnk:OtherInvestmentMember us-gaap:OtherAffiliatesMember 2019-01-01 2019-09-30 0001385280 us-gaap:OtherAffiliatesMember 2019-01-01 2019-09-30 0001385280 cnk:DigitalCinemaImplementationPartnersMember us-gaap:OtherAffiliatesMember 2019-09-30 0001385280 cnk:ACJVLLCMember us-gaap:OtherAffiliatesMember 2019-09-30 0001385280 cnk:DigitalCinemaDistributionCoalitionMember us-gaap:OtherAffiliatesMember 2019-09-30 0001385280 cnk:FEConceptsLLCMember us-gaap:OtherAffiliatesMember 2019-09-30 0001385280 cnk:OtherInvestmentMember us-gaap:OtherAffiliatesMember 2019-09-30 0001385280 us-gaap:OtherAffiliatesMember 2019-09-30 0001385280 cnk:DigitalCinemaImplementationPartnersMember 2019-09-30 0001385280 cnk:DigitalCinemaImplementationPartnersMember srt:MaximumMember 2019-01-01 2019-09-30 cnk:Studio 0001385280 us-gaap:OtherAffiliatesMember cnk:DigitalCinemaImplementationPartnersMember 2019-07-01 2019-09-30 0001385280 us-gaap:OtherAffiliatesMember cnk:DigitalCinemaImplementationPartnersMember 2018-07-01 2018-09-30 0001385280 us-gaap:OtherAffiliatesMember cnk:DigitalCinemaImplementationPartnersMember 2018-01-01 2018-09-30 cnk:ProjectionSystem 0001385280 cnk:DigitalCinemaImplementationPartnersMember 2019-07-01 2019-09-30 0001385280 cnk:DigitalCinemaImplementationPartnersMember 2018-07-01 2018-09-30 0001385280 cnk:DigitalCinemaImplementationPartnersMember 2018-01-01 2018-09-30 0001385280 cnk:FilmRentalsAndAdvertisingMember cnk:ACJVLLCMember 2019-01-01 2019-09-30 0001385280 cnk:FilmRentalsAndAdvertisingMember cnk:ACJVLLCMember 2018-01-01 2018-09-30 0001385280 cnk:DigitalCinemaDistributionCoalitionMember 2019-09-30 0001385280 cnk:DigitalCinemaDistributionCoalitionMember 2019-01-01 2019-09-30 0001385280 cnk:DigitalCinemaDistributionCoalitionMember 2018-01-01 2018-09-30 0001385280 cnk:CNMKTexasPropertiesLLCMember 2018-04-29 2018-04-30 0001385280 cnk:CNMKTexasPropertiesLLCMember cnk:AWSRInvestmentsLimitedLiabilityCompanyMember 2018-04-29 2018-04-30 0001385280 cnk:CNMKTexasPropertiesLLCMember 2018-04-30 0001385280 cnk:CNMKTexasPropertiesLLCMember cnk:AWSRInvestmentsLimitedLiabilityCompanyMember 2018-04-30 0001385280 srt:MinimumMember 2019-01-01 2019-09-30 0001385280 srt:MaximumMember 2019-01-01 2019-09-30 0001385280 us-gaap:RestrictedStockMember srt:MinimumMember 2019-01-01 2019-09-30 0001385280 us-gaap:RestrictedStockMember srt:MaximumMember 2019-01-01 2019-09-30 0001385280 us-gaap:RestrictedStockMember 2018-12-31 0001385280 us-gaap:RestrictedStockMember 2019-09-30 0001385280 us-gaap:RestrictedStockMember 2018-01-01 2018-09-30 0001385280 cnk:UnvestedRestrictedStockAwardsMember 2019-09-30 0001385280 cnk:UnvestedRestrictedStockAwardsMember 2019-01-01 2019-09-30 0001385280 cnk:ThresholdIrrMember srt:MaximumMember us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001385280 cnk:TargetedIrrMember srt:MaximumMember us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001385280 cnk:MaximumIrrMember srt:MaximumMember us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001385280 us-gaap:RestrictedStockUnitsRSUMember cnk:StockGrantsTwentySixteenMember 2019-01-01 2019-09-30 0001385280 us-gaap:RestrictedStockUnitsRSUMember 2019-09-30 0001385280 us-gaap:RestrictedStockUnitsRSUMember cnk:StockGrantsTwentySeventeenMember 2019-01-01 2019-09-30 0001385280 cnk:UsOperatingSegmentMember 2018-12-31 0001385280 cnk:InternationalOperatingSegmentMember 2018-12-31 0001385280 cnk:UsOperatingSegmentMember 2019-09-30 0001385280 cnk:InternationalOperatingSegmentMember 2019-09-30 cnk:Theatre cnk:Community cnk:Country 0001385280 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-09-30 0001385280 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001385280 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0001385280 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001385280 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0001385280 country:BR 2019-09-30 0001385280 country:AR 2019-09-30 0001385280 country:CL 2019-09-30 0001385280 stpr:CO 2019-09-30 0001385280 country:PE 2019-09-30 0001385280 country:BR 2018-12-31 0001385280 country:AR 2018-12-31 0001385280 country:CL 2018-12-31 0001385280 stpr:CO 2018-12-31 0001385280 country:PE 2018-12-31 0001385280 country:BR 2019-01-01 2019-09-30 0001385280 country:CL 2019-01-01 2019-09-30 0001385280 stpr:CO 2019-01-01 2019-09-30 0001385280 country:PE 2019-01-01 2019-09-30 0001385280 cnk:OtherForeignCountriesMember 2019-01-01 2019-09-30 0001385280 cnk:InternationalSubsidiariesMember us-gaap:ParentMember 2019-01-01 2019-09-30 0001385280 country:BR 2018-01-01 2018-09-30 0001385280 country:AR 2018-01-01 2018-09-30 0001385280 country:CL 2018-01-01 2018-09-30 0001385280 stpr:CO 2018-01-01 2018-09-30 0001385280 country:PE 2018-01-01 2018-09-30 0001385280 cnk:OtherForeignCountriesMember 2018-01-01 2018-09-30 0001385280 cnk:InternationalSubsidiariesMember us-gaap:ParentMember 2018-01-01 2018-09-30 0001385280 2018-01-01 2018-12-31 0001385280 us-gaap:OperatingSegmentsMember cnk:UsOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 us-gaap:OperatingSegmentsMember cnk:UsOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:OperatingSegmentsMember cnk:UsOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 us-gaap:OperatingSegmentsMember cnk:UsOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:OperatingSegmentsMember cnk:InternationalOperatingSegmentMember 2019-07-01 2019-09-30 0001385280 us-gaap:OperatingSegmentsMember cnk:InternationalOperatingSegmentMember 2018-07-01 2018-09-30 0001385280 us-gaap:OperatingSegmentsMember cnk:InternationalOperatingSegmentMember 2019-01-01 2019-09-30 0001385280 us-gaap:OperatingSegmentsMember cnk:InternationalOperatingSegmentMember 2018-01-01 2018-09-30 0001385280 us-gaap:IntersegmentEliminationMember 2019-07-01 2019-09-30 0001385280 us-gaap:IntersegmentEliminationMember 2018-07-01 2018-09-30 0001385280 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-09-30 0001385280 us-gaap:IntersegmentEliminationMember 2018-01-01 2018-09-30 0001385280 cnk:OtherInvesteesMember 2019-07-01 2019-09-30 0001385280 cnk:OtherInvesteesMember 2018-07-01 2018-09-30 0001385280 cnk:OtherInvesteesMember 2019-01-01 2019-09-30 0001385280 cnk:OtherInvesteesMember 2018-01-01 2018-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:US 2019-07-01 2019-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:US 2018-07-01 2018-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:US 2019-01-01 2019-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:US 2018-01-01 2018-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:BR 2019-07-01 2019-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:BR 2018-07-01 2018-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:BR 2019-01-01 2019-09-30 0001385280 srt:ReportableGeographicalComponentsMember country:BR 2018-01-01 2018-09-30 0001385280 srt:ReportableGeographicalComponentsMember cnk:OtherInternationalCountriesMember 2019-07-01 2019-09-30 0001385280 srt:ReportableGeographicalComponentsMember cnk:OtherInternationalCountriesMember 2018-07-01 2018-09-30 0001385280 srt:ReportableGeographicalComponentsMember cnk:OtherInternationalCountriesMember 2019-01-01 2019-09-30 0001385280 srt:ReportableGeographicalComponentsMember cnk:OtherInternationalCountriesMember 2018-01-01 2018-09-30 0001385280 srt:GeographyEliminationsMember 2019-07-01 2019-09-30 0001385280 srt:GeographyEliminationsMember 2018-07-01 2018-09-30 0001385280 srt:GeographyEliminationsMember 2019-01-01 2019-09-30 0001385280 srt:GeographyEliminationsMember 2018-01-01 2018-09-30 0001385280 country:US srt:ReportableGeographicalComponentsMember 2019-09-30 0001385280 country:US srt:ReportableGeographicalComponentsMember 2018-12-31 0001385280 country:BR srt:ReportableGeographicalComponentsMember 2019-09-30 0001385280 country:BR srt:ReportableGeographicalComponentsMember 2018-12-31 0001385280 cnk:OtherInternationalCountriesMember srt:ReportableGeographicalComponentsMember 2019-09-30 0001385280 cnk:OtherInternationalCountriesMember srt:ReportableGeographicalComponentsMember 2018-12-31 0001385280 cnk:LaredoTheatreLtdMember 2019-01-01 2019-09-30 0001385280 cnk:LaredoTheatreLtdMember 2018-01-01 2018-09-30 0001385280 cnk:CopperBeechCapitalLLCMember 2019-01-01 2019-09-30 0001385280 cnk:CopperBeechCapitalLLCMember 2018-01-01 2018-09-30 0001385280 cnk:SyufyEnterprisesLpMember 2019-01-01 2019-09-30 cnk:Facility cnk:Lease 0001385280 cnk:SyufyEnterprisesLpMember 2018-01-01 2018-09-30 0001385280 cnk:FEConceptsLLCMember 2019-09-30

 

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, 2019

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)

 

Delaware

 

20-5490327

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3900 Dallas Parkway

 

 

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 October 31, 2019, 117,148,809 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 September 30, 2019 and December 31, 2018 (unaudited)

 

4

 

 

 

 

 

 

 

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

 

5

 

 

 

 

 

 

 

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

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 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)

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

482,772

 

 

$

426,222

 

Inventories

 

 

19,346

 

 

 

19,319

 

Accounts receivable

 

 

66,947

 

 

 

95,084

 

Current income tax receivable

 

 

4,844

 

 

 

3,288

 

Prepaid expenses and other

 

 

20,859

 

 

 

15,117

 

Total current assets

 

 

594,768

 

 

 

559,030

 

 

 

 

 

 

 

 

 

 

Theatre properties and equipment

 

 

3,262,990

 

 

 

3,404,150

 

Less: accumulated depreciation and amortization

 

 

1,580,589

 

 

 

1,571,017

 

Theatre properties and equipment – net

 

 

1,682,401

 

 

 

1,833,133

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

1,384,019

 

 

 

 

Other assets

 

 

 

 

 

 

 

 

Goodwill

 

 

1,281,354

 

 

 

1,276,324

 

Intangible assets – net

 

 

322,671

 

 

 

330,910

 

Investment in NCM

 

 

272,756

 

 

 

275,592

 

Investments in and advances to affiliates

 

 

166,033

 

 

 

156,766

 

Long-term deferred tax asset

 

 

8,499

 

 

 

9,028

 

Deferred charges and other assets – net

 

 

39,102

 

 

 

41,055

 

Total other assets

 

 

2,090,415

 

 

 

2,089,675

 

Total assets

 

$

5,751,603

 

 

$

4,481,838

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

7,984

 

 

$

7,984

 

Current portion of operating lease obligations

 

 

215,015

 

 

 

 

Current portion of finance and capital lease obligations

 

 

15,501

 

 

 

27,065

 

Current income tax payable

 

 

12,656

 

 

 

12,179

 

Current liability for uncertain tax positions

 

 

 

 

 

573

 

Accounts payable and accrued expenses

 

 

388,623

 

 

 

426,888

 

Total current liabilities

 

 

639,779

 

 

 

474,689

 

Long-term liabilities

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

1,771,663

 

 

 

1,772,627

 

Operating lease obligations, less current portion

 

 

1,230,152

 

 

 

 

Finance and capital lease obligations, less current portion

 

 

126,344

 

 

 

232,467

 

Long-term deferred tax liability

 

 

152,494

 

 

 

155,626

 

Long-term liability for uncertain tax positions

 

 

13,884

 

 

 

13,380

 

Deferred lease expenses

 

 

 

 

 

39,235

 

NCM screen advertising advances

 

 

276,985

 

 

 

287,349

 

Other long-term liabilities

 

 

43,851

 

 

 

50,348

 

Total long-term liabilities

 

 

3,615,373

 

 

 

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, 121,853,045 shares issued and 117,150,047 shares outstanding at September 30, 2019 and 121,456,721 shares issued and 116,830,530 shares outstanding at December 31, 2018

 

 

122

 

 

 

121

 

Additional paid-in-capital

 

 

1,165,910

 

 

 

1,155,424

 

Treasury stock, 4,702,998 and 4,626,191 shares, at cost, at September 30, 2019 and December 31, 2018, respectively

 

 

(81,506

)

 

 

(79,259

)

Retained earnings

 

 

748,558

 

 

 

686,459

 

Accumulated other comprehensive loss

 

 

(349,381

)

 

 

(319,007

)

Total Cinemark Holdings, Inc.'s stockholders' equity

 

 

1,483,703

 

 

 

1,443,738

 

Noncontrolling interests

 

 

12,748

 

 

 

12,379

 

Total equity

 

 

1,496,451

 

 

 

1,456,117

 

Total liabilities and equity

 

$

5,751,603

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

454,429

 

 

$

427,616

 

 

$

1,371,041

 

 

$

1,389,110

 

Concession

 

 

289,477

 

 

 

264,165

 

 

 

886,083

 

 

 

831,243

 

Other

 

 

77,911

 

 

 

62,454

 

 

 

237,172

 

 

 

202,906

 

Total revenues

 

 

821,817

 

 

 

754,235

 

 

 

2,494,296

 

 

 

2,423,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

254,911

 

 

 

230,121

 

 

 

759,693

 

 

 

758,242

 

Concession supplies

 

 

51,573

 

 

 

42,720

 

 

 

157,361

 

 

 

134,577

 

Salaries and wages

 

 

103,270

 

 

 

92,495

 

 

 

308,316

 

 

 

285,997

 

Facility lease expense

 

 

87,436

 

 

 

80,592

 

 

 

262,529

 

 

 

243,873

 

Utilities and other

 

 

123,877

 

 

 

112,832

 

 

 

357,210

 

 

 

337,866

 

General and administrative expenses

 

 

44,702

 

 

 

38,299

 

 

 

127,002

 

 

 

123,714

 

Depreciation and amortization

 

 

67,760

 

 

 

64,971

 

 

 

196,795

 

 

 

193,656

 

Impairment of long-lived assets

 

 

27,304

 

 

 

1,641

 

 

 

45,382

 

 

 

5,020

 

Loss on disposal of assets and other

 

 

2,453

 

 

 

7,826

 

 

 

8,057

 

 

 

28,666

 

Total cost of operations

 

 

763,286

 

 

 

671,497

 

 

 

2,222,345

 

 

 

2,111,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

58,531

 

 

 

82,738

 

 

 

271,951

 

 

 

311,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(24,967

)

 

 

(27,144

)

 

 

(75,037

)

 

 

(82,725

)

Loss on debt amendments and refinancing

 

 

 

 

 

 

 

 

 

 

 

(1,484

)

Interest income

 

 

3,903

 

 

 

2,761

 

 

 

10,062

 

 

 

7,861

 

Foreign currency exchange loss

 

 

(4,406

)

 

 

(3,126

)

 

 

(4,785

)

 

 

(6,947

)

Distributions from NCM

 

 

2,474

 

 

 

2,386

 

 

 

9,168

 

 

 

12,168

 

Interest expense - NCM

 

 

(4,666

)

 

 

(4,983

)

 

 

(14,180

)

 

 

(14,875

)

Equity in income of affiliates

 

 

15,139

 

 

 

14,158

 

 

 

33,982

 

 

 

29,208

 

Total other expense

 

 

(12,523

)

 

 

(15,948

)

 

 

(40,790

)

 

 

(56,794

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

46,008

 

 

 

66,790

 

 

 

231,161

 

 

 

254,854

 

Income taxes

 

 

14,053

 

 

 

16,169

 

 

 

64,152

 

 

 

59,592

 

Net income

 

$

31,955

 

 

$

50,621

 

 

$

167,009

 

 

$

195,262

 

Less:  Net income attributable to noncontrolling interests

 

 

602

 

 

 

393

 

 

 

1,957

 

 

 

878

 

Net income attributable to Cinemark Holdings, Inc.

 

$

31,353

 

 

$

50,228

 

 

$

165,052

 

 

$

194,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

116,356

 

 

 

116,119

 

 

 

116,288

 

 

 

116,032

 

Diluted

 

 

116,600

 

 

 

116,322

 

 

 

116,577

 

 

 

116,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.27

 

 

$

0.43

 

 

$

1.41

 

 

$

1.66

 

Diluted

 

$

0.27

 

 

$

0.43

 

 

$

1.41

 

 

$

1.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

31,955

 

 

$

50,621

 

 

$

167,009

 

 

$

195,262

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss due to fair value adjustments on interest rate swap agreements, net of taxes of $417, $0, $3,391 and $0, net of settlements

 

 

(1,291

)

 

 

 

 

 

(10,504

)

 

 

 

Other comprehensive loss in equity method investments

 

 

(49

)

 

 

(63

)

 

 

(142

)

 

 

(43

)

Foreign currency translation adjustments

 

 

(25,408

)

 

 

(10,797

)

 

 

(19,728

)

 

 

(66,841

)

Total other comprehensive loss, net of tax

 

 

(26,748

)

 

 

(10,860

)

 

 

(30,374

)

 

 

(66,884

)

Total comprehensive income, net of tax

 

 

5,207

 

 

 

39,761

 

 

 

136,635

 

 

 

128,378

 

Comprehensive income attributable to noncontrolling interests

 

 

(602

)

 

 

(393

)

 

 

(1,957

)

 

 

(878

)

Comprehensive income attributable to Cinemark Holdings, Inc.

 

$

4,605

 

 

$

39,368

 

 

$

134,678

 

 

$

127,500

 

 

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)

 

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

 

 

Net income

 

$

167,009

 

 

$

195,262

 

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

 

 

 

 

 

 

 

 

Depreciation

 

 

193,032

 

 

 

191,236

 

Amortization of intangible and other assets and favorable/unfavorable leases

 

 

3,763

 

 

 

2,420

 

Amortization of long-term prepaid rents

 

 

 

 

 

1,814

 

Amortization of debt issue costs

 

 

3,983

 

 

 

4,236

 

Loss on debt amendments and refinancing

 

 

 

 

 

1,484

 

Amortization of deferred revenues, deferred lease incentives and other

 

 

(12,203

)

 

 

(16,264

)

Impairment of long-lived assets

 

 

45,382

 

 

 

5,020

 

Share based awards compensation expense

 

 

10,486

 

 

 

10,364

 

Loss on disposal of assets and other

 

 

8,057

 

 

 

28,666

 

Non-cash rent expense

 

 

(3,252

)

 

 

 

Deferred lease expenses

 

 

 

 

 

(952