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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, 2020

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 30, 2020, 118,158,433 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, 2020 and December 31, 2019 (unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2020 and 2019 (unaudited)

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019 (unaudited)

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited)

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

 

 

 

 

 

Item 2.

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

 

35

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

49

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

49

 

 

 

 

 

PART II.     OTHER INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

50

 

 

 

 

 

 

Item 1A.

Risk Factors

 

50

 

 

 

 

 

 

Item 6.

Exhibits

 

54

 

 

 

 

 

SIGNATURES

 

55

 

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, including, among others, the impacts of COVID-19. Such risks and uncertainties 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 21, 2020, as updated by the information related to COVID-19 that was included in a Form 8-K that was filed on April 13, 2020, including the documents incorporated by reference therein, our Quarterly Report on Form 10-Q filed on August 4, 2020 and subsequent filings. 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,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

825,706

 

 

$

488,313

 

Inventories

 

 

15,159

 

 

 

21,686

 

Accounts receivable

 

 

24,645

 

 

 

83,722

 

Current income tax receivable

 

 

84,105

 

 

 

4,082

 

Prepaid expenses and other

 

 

34,394

 

 

 

37,187

 

Total current assets

 

 

984,009

 

 

 

634,990

 

Theatre properties and equipment

 

 

3,252,987

 

 

 

3,348,237

 

Less: accumulated depreciation and amortization

 

 

1,707,164

 

 

 

1,612,990

 

Theatre properties and equipment, net

 

 

1,545,823

 

 

 

1,735,247

 

Operating lease right-of-use assets, net

 

 

1,286,224

 

 

 

1,383,080

 

Other assets

 

 

 

 

 

 

 

 

Goodwill

 

 

1,249,427

 

 

 

1,283,371

 

Intangible assets, net

 

 

315,569

 

 

 

321,769

 

Investment in NCM

 

 

250,434

 

 

 

265,792

 

Investments in affiliates

 

 

118,589

 

 

 

155,285

 

Long-term deferred tax asset

 

 

16,491

 

 

 

9,369

 

Deferred charges and other assets, net

 

 

36,047

 

 

 

39,114

 

Total other assets

 

 

1,986,557

 

 

 

2,074,700

 

Total assets

 

$

5,802,613

 

 

$

5,828,017

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

7,965

 

 

$

6,595

 

Current portion of operating lease obligations

 

 

216,382

 

 

 

217,406

 

Current portion of finance lease obligations

 

 

16,224

 

 

 

15,432

 

Current income tax payable

 

 

 

 

 

5,195

 

Current liability for uncertain tax positions

 

 

 

 

 

13,446

 

Accounts payable and accrued expenses

 

 

383,306

 

 

 

450,726

 

Total current liabilities

 

 

623,877

 

 

 

708,800

 

Long-term liabilities

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

2,366,380

 

 

 

1,771,342

 

Operating lease obligations, less current portion

 

 

1,137,822

 

 

 

1,223,462

 

Finance lease obligations, less current portion

 

 

128,727

 

 

 

141,017

 

Long-term deferred tax liability

 

 

103,906

 

 

 

141,836

 

Long-term liability for uncertain tax positions

 

 

14,678

 

 

 

848

 

NCM screen advertising advances

 

 

346,237

 

 

 

348,354

 

Other long-term liabilities

 

 

62,538

 

 

 

44,036

 

Total long-term liabilities

 

 

4,160,288

 

 

 

3,670,895

 

Commitments and contingencies (see Note 19)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Cinemark Holdings, Inc.'s stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value: 300,000,000 shares authorized, 123,029,693 shares issued and 118,161,153 shares outstanding at September 30, 2020 and 121,863,515 shares issued and 117,151,656 shares outstanding at December 31, 2019

 

 

123

 

 

 

122

 

Additional paid-in-capital

 

 

1,238,547

 

 

 

1,170,039

 

Treasury stock, 4,868,540 and 4,711,859 shares, at cost, at September 30, 2020 and December 31, 2019, respectively

 

 

(84,432

)

 

 

(81,567

)

Retained earnings

 

 

267,193

 

 

 

687,332

 

Accumulated other comprehensive loss

 

 

(414,398

)

 

 

(340,112

)

Total Cinemark Holdings, Inc.'s stockholders' equity

 

 

1,007,033

 

 

 

1,435,814

 

Noncontrolling interests

 

 

11,415

 

 

 

12,508

 

Total equity

 

 

1,018,448

 

 

 

1,448,322

 

Total liabilities and equity

 

$

5,802,613

 

 

$

5,828,017

 

 

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

4


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

14,901

 

 

$

454,429

 

 

$

307,400

 

 

$

1,371,041

 

Concession

 

 

9,116

 

 

 

289,477

 

 

 

199,596

 

 

 

886,083

 

Other

 

 

11,461

 

 

 

77,911

 

 

 

81,072

 

 

 

237,172

 

Total revenues

 

 

35,478

 

 

 

821,817

 

 

 

588,068

 

 

 

2,494,296

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

8,257

 

 

 

254,911

 

 

 

165,262

 

 

 

759,693

 

Concession supplies

 

 

2,688

 

 

 

51,573

 

 

 

39,879

 

 

 

157,361

 

Salaries and wages

 

 

20,181

 

 

 

103,270

 

 

 

116,589

 

 

 

308,316

 

Facility lease expense

 

 

67,047

 

 

 

87,436

 

 

 

214,490

 

 

 

262,529

 

Utilities and other

 

 

43,412

 

 

 

123,877

 

 

 

178,806

 

 

 

357,210

 

General and administrative expenses

 

 

30,342

 

 

 

44,702

 

 

 

99,361

 

 

 

127,002

 

Depreciation and amortization

 

 

62,543

 

 

 

67,760

 

 

 

191,380

 

 

 

196,795

 

Impairment of long-lived assets

 

 

24,595

 

 

 

27,304

 

 

 

41,214

 

 

 

45,382

 

Restructuring costs

 

 

524

 

 

 

 

 

 

20,062

 

 

 

 

(Gain) loss on disposal of assets and other

 

 

(13,327

)

 

 

2,453

 

 

 

(10,997

)

 

 

8,057

 

Total cost of operations

 

 

246,262

 

 

 

763,286

 

 

 

1,056,046

 

 

 

2,222,345

 

Operating income (loss)

 

 

(210,784

)

 

 

58,531

 

 

 

(467,978

)

 

 

271,951

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(36,577

)

 

 

(24,967

)

 

 

(92,284

)

 

 

(75,037

)

Interest income

 

 

1,348

 

 

 

3,903

 

 

 

4,235

 

 

 

10,062

 

Foreign currency exchange loss

 

 

(2,251

)

 

 

(4,406

)

 

 

(6,183

)

 

 

(4,785

)

Distributions from NCM

 

 

1,061

 

 

 

2,474

 

 

 

6,975

 

 

 

9,168

 

Interest expense - NCM

 

 

(5,901

)

 

 

(4,666

)

 

 

(17,726

)

 

 

(14,180

)

Equity in income (loss) of affiliates

 

 

(16,077

)

 

 

15,139

 

 

 

(27,711

)

 

 

33,982

 

Total other expense

 

 

(58,397

)

 

 

(12,523

)

 

 

(132,694

)

 

 

(40,790

)

Income (loss) before income taxes

 

 

(269,181

)

 

 

46,008

 

 

 

(600,672

)

 

 

231,161

 

Income taxes

 

 

(121,145

)

 

 

14,053

 

 

 

(222,398

)

 

 

64,152

 

Net income (loss)

 

$

(148,036

)

 

$

31,955

 

 

$

(378,274

)

 

$

167,009

 

Less:  Net income (loss) attributable to noncontrolling interests

 

 

(444

)

 

 

602

 

 

 

(702

)

 

 

1,957

 

Net income (loss) attributable to Cinemark Holdings, Inc.

 

$

(147,592

)

 

$

31,353

 

 

$

(377,572

)

 

$

165,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

116,707

 

 

 

116,356

 

 

 

116,552

 

 

 

116,288

 

Diluted

 

 

116,707

 

 

 

116,600

 

 

 

116,552

 

 

 

116,577

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.25

)

 

$

0.27

 

 

$

(3.22

)

 

$

1.41

 

Diluted

 

$

(1.25

)

 

$

0.27

 

 

$

(3.22

)

 

$

1.41

 

 

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 (LOSS)

(In thousands, unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(148,036

)

 

$

31,955

 

 

$

(378,274

)

 

$

167,009

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $5,677, $417, $3,696 and $3,391, net of settlements

 

 

6,528

 

 

 

(1,291

)

 

 

(16,794

)

 

 

(10,504

)

Other comprehensive loss in equity method investments

 

 

 

 

 

(49

)

 

 

 

 

 

(142

)

Foreign currency translation adjustments

 

 

(1,503

)

 

 

(25,408

)

 

 

(62,830

)

 

 

(19,728

)

Total other comprehensive loss, net of tax

 

 

5,025

 

 

 

(26,748

)

 

 

(79,624

)

 

 

(30,374

)

Total comprehensive income (loss), net of tax

 

 

(143,011

)

 

 

5,207

 

 

 

(457,898

)

 

 

136,635

 

Comprehensive (income) loss attributable to noncontrolling interests

 

 

444

 

 

 

(602

)

 

 

702

 

 

 

(1,957

)

Comprehensive income (loss) attributable to Cinemark Holdings, Inc.

 

$

(142,567

)

 

$

4,605

 

 

$

(457,196

)

 

$

134,678

 

 

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,

 

 

 

2020

 

 

2019

 

Operating activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(378,274

)

 

$

167,009

 

Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

187,748

 

 

 

193,032

 

Amortization of intangible and other assets

 

 

3,632

 

 

 

3,763

 

Amortization of debt issue costs

 

 

4,942

 

 

 

3,983

 

Non-cash accretion on convertible notes

 

 

1,739

 

 

 

 

Interest accrued on NCM screen advertising advances

 

 

17,726

 

 

 

 

Amortization of NCM screen advertising advances and other deferred revenues

 

 

(23,647

)

 

 

(12,203

)

Amortization of accumulated losses for amended swap agreements

 

 

5,338