cnk-ex991

Exhibit 99.1

CINEMARK HOLDINGS, INC. REPORTS FIFTH CONSECUTIVE YEAR OF

RECORD WORLDWIDE REVENUES AND DIVIDEND INCREASE

Increases Dividend 6% to $1.44 per Annum

Plano, TX, February 21, 2020 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and twelve months ended December 31, 2019 and announced that its Board of Directors has increased its cash dividend by $0.08 to $1.44 per share of common stock on an annualized basis, effective immediately. The fourth quarter dividend of $0.36 per share of common stock will be paid on March 20, 2020 to stockholders of record on March 6, 2020.

Cinemark Holdings, Inc.’s total revenues for the three months ended December 31, 2019 was $788.8 million compared to $798.6 million for the three months ended December 31, 2018. For the three months ended December 31, 2019, admissions revenues were $434.2 million and concession revenues were $275.0 million. For the three months ended December 31, 2019, attendance was 63.8 million patrons, average ticket price increased 3.2% to $6.81 and concession revenues per patron increased 4.6% to $4.31.

Net income attributable to Cinemark Holdings, Inc. for the three months ended December 31, 2019 increased to $26.3 million from $19.4 million for the three months ended December 31, 2018. Diluted earnings per share for the three months ended December 31, 2019 was $0.22 compared to $0.17 for the three months ended December 31, 2018.

Adjusted EBITDA for the three months ended December 31, 2019 was $178.3 million compared to $198.1 million for the three months ended December 31, 2018. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at investors.cinemark.com.

“We are extremely pleased to report our fifth consecutive year of record global revenues, as well as our fifth consecutive annual dividend increase,” stated Mark Zoradi, Cinemark’s Chief Executive Officer. “Continued benefits derived from our strategic initiatives enabled us to surpass North American industry box office results by 200 bps in 2019, and our consistent financial strength gave our Board of Directors confidence to approve an $0.08 increase to our dividend to $1.44 per annum, which has now grown 33% over the past five years.”

Cinemark Holdings, Inc.’s total revenues for the twelve months ended December 31, 2019 increased 1.9% to $3,283.1 million from $3,221.8 million for the twelve months ended December 31, 2018. For the twelve months ended December 31, 2019, admissions revenues were $1,805.3 million and concession revenues increased 4.7% to $1,161.1 million. For the twelve months ended December 31, 2019, attendance was 279.6 million patrons, average ticket price was $6.46 and concession revenues per patron increased 5.6% to $4.15.

Net income attributable to Cinemark Holdings, Inc. for the twelve months ended December 31, 2019 was $191.4 million compared to $213.8 million for the twelve months ended December 31, 2018. Diluted earnings per share for the twelve months ended December 31, 2019 was $1.63 compared to $1.83 for the twelve months ended December 31, 2018.

Adjusted EBITDA for the twelve months ended December 31, 2019 was $745.0 million compared to $781.5 million for the twelve months ended December 31, 2018. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at investors.cinemark.com.

As of December 31, 2019, the Company’s aggregate screen count was 6,132 and the Company had commitments to open 13 new theatres and 150 screens in 2020 and 10 new theatres and 93 screens subsequent to 2020.

Conference Call/Webcast – Today at 8:30 AM ET

Telephone: via 800-374-1346 or 706-679-3149 (for international callers).

Live Webcast/Replay: Available live at https://ir.cinemark.com. A replay will be available following the call and archived for a limited time.

About Cinemark Holdings, Inc.

Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, operates 554 theatres with 6,132 screens in 42 states domestically and 15 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://investors.cinemark.com/

Financial and Media Contact :

Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com

Forward-looking Statements

This press release includes “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” include our current expectations, assumptions, estimates and projections about our business and our industry. They 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. You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify 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. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 21, 2020. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. 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.

Cinemark Holdings, Inc.

Financial and Operating Summary

(unaudited, in thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2019			2018			2019			2018
Statement of income data:
Revenues
Admissions	$	434,280		$	445,063		$	1,805,321		$	1,834,173
Concession		275,000			277,550			1,161,083			1,108,793
Other		79,523			75,863			316,695			278,769
Total revenues		788,803			798,476			3,283,099			3,221,735
Cost of operations
Film rentals and advertising		244,139			241,513			1,003,832			999,755
Concession supplies		49,080			46,397			206,441			180,974
Salaries and wages		101,770			97,863			410,086			383,860
Facility lease expense		83,565			79,443			346,094			323,316
Utilities and other		117,501			110,204			474,711			448,070
General and administrative expenses		46,382			41,459			173,384			165,173
Depreciation and amortization		64,360			67,506			261,155			261,162
Impairment of long-lived assets		11,619			27,352			57,001			32,372
Loss on disposal of assets and other		3,951			10,036			12,008			38,702
Total cost of operations		722,367			721,773			2,944,712			2,833,384
Operating income		66,436			76,703			338,387			388,351
Interest expense⁽¹⁾		(24,904	)		(27,269	)		(99,941	)		(109,994	)
Loss on debt amendments and refinancing		—			—			—			(1,484	)
Interest income		2,527			2,753			12,589			10,614
Foreign currency exchange gain (loss)		1,391			(4,713	)		(3,394	)		(11,660	)
Distributions from NCM		3,705			3,221			12,873			15,389
Interest expense - NCM		(14,444	)		(4,849	)		(28,624	)		(19,724	)
Equity in income of affiliates		7,888			10,034			41,870			39,242
Income before income taxes		42,599			55,880			273,760			310,734
Income taxes		15,760			35,837			79,912			95,429
Net income	$	26,839		$	20,043		$	193,848		$	215,305
Less: Net income attributable to noncontrolling interests		505			600			2,462			1,478
Net income attributable to Cinemark Holdings, Inc.	$	26,334		$	19,443		$	191,386		$	213,827
Earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders
Basic	$	0.22		$	0.17		$	1.63		$	1.83
Diluted	$	0.22		$	0.17		$	1.63		$	1.83
Diluted weighted average shares outstanding		116,613			116,383			116,606			116,342
Other Financial Data:
Adjusted EBITDA⁽¹⁾	$	178,295		$	198,092		$	745,045		$	781,517

Other Operating Data

(unaudited, in thousands)

	As of
	December 31,
	2019		2018
Balance sheet data (unaudited, in thousands):
Cash and cash equivalents	$	488,313	$	426,222
Theatre properties and equipment, net	$	1,735,247	$	1,833,133
Total assets	$	5,828,017	$	4,481,838
Long-term debt, including current portion, net of unamortized debt issue costs	$	1,777,937	$	1,780,611
Equity	$	1,448,322	$	1,408,570

Segment Information

(unaudited, in millions, except per patron data)

	U.S. Operating Segment							International Operating Segment												Consolidated
	Three Months Ended December 31,							Three Months Ended December 31,							Constant Currency ⁽¹⁾					Three Months Ended December 31,
	2019		2018		% Change			2019		2018		% Change			2019		% Change			2019		2018		% Change
Admissions revenues	$	364.9	$	369.7		(1.3	)%	$	69.3	$	75.4		(8.1	)%	$	77.6		2.9	%	$	434.2	$	445.1		(2.4	)%
Concession revenues	$	231.5	$	231.1		0.2	%	$	43.5	$	46.5		(6.5	)%	$	48.0		3.2	%	$	275.0	$	277.6		(0.9	)%
Other revenues	$	53.7	$	50.5		6.3	%	$	25.9	$	25.4		2.0	%	$	29.5		16.1	%	$	79.6	$	75.9		4.9	%
Total revenues	$	650.1	$	651.3		(0.2	)%	$	138.7	$	147.3		(5.8	)%	$	155.1		5.3	%	$	788.8	$	798.6		(1.2	)%
Attendance		43.3		46.4		(6.7	)%		20.5		21.0		(2.4	)%							63.8		67.4		(5.3	)%
Average ticket price⁽²⁾	$	8.43	$	7.97		5.8	%	$	3.38	$	3.59		(5.8	)%	$	3.79		5.6	%	$	6.81	$	6.60		3.2	%
Concession revenues per patron⁽³⁾	$	5.35	$	4.98		7.4	%	$	2.12	$	2.21		(4.1	)%	$	2.34		5.9	%	$	4.31	$	4.12		4.6	%
Average screen count		4,631		4,581					1,462		1,450										6,093		6,031

	U.S. Operating Segment				International Operating Segment						Consolidated
	Three Months Ended				Three Months Ended						Three Months Ended
	December 31,				December 31,						December 31,
	2019		2018		2019		2018		Constant Currency ⁽¹⁾ 2019		2019		2018
Film rentals and advertising	$	209.3	$	205.9	$	34.8	$	35.7	$	38.9	$	244.1	$	241.6
Concession supplies		39.3		36.5		9.9		9.9		10.9		49.2		46.4
Salaries and wages		83.8		79.4		18.0		18.5		20.7		101.8		97.9
Facility lease expense		65.7		62.0		17.9		17.4		19.6		83.6		79.4
Utilities and other		87.4		81.3		30.1		28.8		33.8		117.5		110.1

	U.S. Operating Segment							International Operating Segment												Consolidated
	Twelve Months Ended December 31,							Twelve Months Ended December 31,							Constant Currency ⁽¹⁾					Twelve Months Ended December 31,
	2019		2018		% Change			2019		2018		% Change			2019		% Change			2019		2018		% Change
Admissions revenues	$	1,431.8	$	1,461.2		(2.0	)%	$	373.5	$	373.0		0.1	%	$	434.9		16.6	%	$	1,805.3	$	1,834.2		(1.6	)%
Concession revenues	$	936.2	$	892.4		4.9	%	$	224.9	$	216.4		3.9	%	$	258.6		19.5	%	$	1,161.1	$	1,108.8		4.7	%
Other revenues	$	212.9	$	185.4		14.8	%	$	103.8	$	93.4		11.1	%	$	123.7		32.4	%	$	316.7	$	278.8		13.6	%
Total revenues	$	2,580.9	$	2,539.0		1.7	%	$	702.2	$	682.8		2.8	%	$	817.2		19.7	%	$	3,283.1	$	3,221.8		1.9	%
Attendance		176.2		185.3		(4.9	)%		103.4		96.8		6.8	%							279.6		282.1		(0.9	)%
Average ticket price⁽²⁾	$	8.13	$	7.89		3.0	%	$	3.61	$	3.85		(6.2	)%	$	4.21		9.4	%	$	6.46	$	6.50		(0.6	)%
Concession revenues per patron⁽³⁾	$	5.31	$	4.82		10.2	%	$	2.18	$	2.24		(2.7	)%	$	2.50		11.6	%	$	4.15	$	3.93		5.6	%
Average screen count		4,615		4,570					1,457		1,427										6,072		5,997

	U.S. Operating Segment				International Operating Segment						Consolidated
	Twelve Months Ended				Twelve Months Ended						Twelve Months Ended
	December 31,				December 31,						December 31,
	2019		2018		2019		2018		Constant Currency ⁽¹⁾ 2019		2019		2018
Film rentals and advertising	$	819.6	$	822.6	$	184.2	$	177.2	$	214.5	$	1,003.8	$	999.8
Concession supplies		156.9		134.6		49.6		46.4		57.1		206.5		181.0
Salaries and wages		331.2		303.7		78.9		80.2		93.2		410.1		383.9
Facility lease expense		259.8		245.1		86.3		78.2		97.4		346.1		323.3
Utilities and other		348.2		327.0		126.5		121.0		147.6		474.7		448.0

(1)

Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2018. We translate the results of our international operating segment from local currencies into U.S. dollars using currency rates in effect at different points in time in accordance with U.S. GAAP. Significant changes in foreign currency exchange rates from one period to the next can result in meaningful variations in reported results. We are providing constant currency amounts for our international operating segment to present a period-to-period comparison of business performance that excludes the impact of foreign currency fluctuations.

(2)

Average ticket price is calculated as admissions revenues divided by attendance.

(3)

Concession revenues per patron is calculated as concession revenues divided by attendance.

Other Segment Information

(unaudited, in thousands)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2019		2018		2019		2018
Adjusted EBITDA⁽¹⁾
U.S.	$	161,757	$	171,669	$	615,161	$	648,576
International		16,538		26,423		129,884		132,941
Total Adjusted EBITDA	$	178,295	$	198,092	$	745,045	$	781,517
Capital expenditures
U.S.	$	81,952	$	75,766	$	230,561	$	270,870
International		35,163		24,345		73,066		75,203
Total capital expenditures	$	117,115	$	100,111	$	303,627	$	346,073

(1)

Adjusted EBITDA represents net income before income taxes, depreciation and amortization expense and other items, as calculated below. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for incentive compensation purposes.

Reconciliation of Adjusted EBITDA

(unaudited, in thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2019			2018			2019			2018
Net income	$	26,839		$	20,043		$	193,848		$	215,305
Add (deduct):
Income taxes		15,760			35,837			79,912			95,429
Interest expense^(a)		24,904			27,269			99,941			109,994
Other (income) expense, net ^(b)		2,638			(3,225	)		(22,441	)		(18,472	)
Loss on debt amendments and refinancing		—			—			—			1,484
Distributions from DCIP^(c)		15,784			598			23,696			5,799
Other cash distributions from equity investees ^(d)		9,419			8,504			29,670			24,344
Depreciation and amortization ^(a)		64,360			67,506			261,155			261,162
Impairment of long-lived assets		11,619			27,352			57,001			32,372
Loss on disposal of assets and other		3,951			10,036			12,008			38,702
Non-cash rent ^(e)		(1,107	)		—			(4,360	)		—
Deferred lease expenses - theatres ^(a)(f)		—			(135	)		—			(387	)
Deferred lease expenses - projectors ^(a)(g)		—			(233	)		—			(933	)
Amortization of long-term prepaid rents^(a)(f)		—			568			—			2,382
Share based awards compensation expense ^(h)		4,128			3,972			14,615			14,336
Adjusted EBITDA	$	178,295		$	198,092		$	745,045		$	781,517

(a)

Amounts for the year ended December 31, 2019 were impacted by the adoption of ASC Topic 842 and the resulting change in the classification of certain of the Company’s leases.

(b)

Includes interest income, foreign currency exchange gain (loss), interest expense – NCM and equity in income of affiliates.

(c)

Cash distributions from DCIP, which were recorded as a reduction of the Company’s investment in DCIP. These distributions are reported entirely within the U.S. operating segment.

(d)

Cash distributions received from equity investees, other than those from DCIP noted above, that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. operating segment.

(e)

The adoption of ASC Topic 842 impacted how the Company amortizes lease related assets and liabilities such as deferred lease expenses, favorable and unfavorable lease intangible assets, long-term prepaid rents and deferred lease incentives. Beginning January 1, 2019, these items are amortized to facility lease expense for theatre operating leases and utilities and other for equipment operating leases.

(f)

Non-cash expense included in facility lease expense.

(g)

Non-cash expense included in utilities and other.

(h)

Non-cash expense included in general and administrative expenses.