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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, 2021

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 July 30, 2021, 119,627,128 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, 2021 and December 31, 2020 (unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Loss for the three and six months ended June 30, 2021 and 2020 (unaudited)

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2021 and 2020 (unaudited)

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (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

 

45

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

45

 

 

 

 

 

PART II.     OTHER INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

46

 

 

 

 

 

 

Item 1A.

Risk Factors

 

46

 

 

 

 

 

 

Item 6.

Exhibits

 

47

 

 

 

 

 

SIGNATURES

 

48

 

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, or incorporated by reference to, the Company’s Annual Report on Form 10-K filed February 26, 2021 and the Current Report on Form 8-K filed March 4, 2021. 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,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

595,884

 

 

$

655,338

 

Inventories

 

 

14,440

 

 

 

12,593

 

Accounts receivable

 

 

35,312

 

 

 

25,265

 

Current income tax receivable

 

 

39,381

 

 

 

165,151

 

Prepaid expenses and other

 

 

34,664

 

 

 

34,400

 

Total current assets

 

 

719,681

 

 

 

892,747

 

Theatre properties and equipment

 

 

3,387,203

 

 

 

3,403,103

 

Less: accumulated depreciation and amortization

 

 

1,894,639

 

 

 

1,788,041

 

Theatre properties and equipment, net

 

 

1,492,564

 

 

 

1,615,062

 

Operating lease right-of-use assets, net

 

 

1,229,587

 

 

 

1,278,191

 

Other assets

 

 

 

 

 

 

 

 

Goodwill

 

 

1,255,150

 

 

 

1,253,840

 

Intangible assets, net

 

 

312,986

 

 

 

314,195

 

Investment in NCM

 

 

147,629

 

 

 

151,962

 

Investments in affiliates

 

 

23,629

 

 

 

23,726

 

Deferred charges and other assets, net

 

 

31,592

 

 

 

33,199

 

Total other assets

 

 

1,770,986

 

 

 

1,776,922

 

Total assets

 

$

5,212,818

 

 

$

5,562,922

 

 

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

20,910

 

 

$

18,056

 

Current portion of operating lease obligations

 

 

211,468

 

 

 

208,593

 

Current portion of finance lease obligations

 

 

14,439

 

 

 

16,407

 

Current income tax payable

 

 

 

 

 

5,632

 

Accounts payable and accrued expenses

 

 

404,905

 

 

 

357,753

 

Total current liabilities

 

 

651,722

 

 

 

606,441

 

Long-term liabilities

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

2,478,626

 

 

 

2,377,162

 

Operating lease obligations, less current portion

 

 

1,085,539

 

 

 

1,138,142

 

Finance lease obligations, less current portion

 

 

109,327

 

 

 

124,609

 

Long-term deferred tax liability

 

 

45,178

 

 

 

79,525

 

Long-term liability for uncertain tax positions

 

 

42,085

 

 

 

19,225

 

NCM screen advertising advances

 

 

350,362

 

 

 

344,255

 

Other long-term liabilities

 

 

52,241

 

 

 

74,594

 

Total long-term liabilities

 

 

4,163,358

 

 

 

4,157,512

 

Equity

 

 

 

 

 

 

 

 

Cinemark Holdings, Inc.'s stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value: 300,000,000 shares authorized, 124,692,629 shares issued and 119,599,788 shares outstanding at June 30, 2021 and 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020

 

 

125

 

 

 

124

 

Additional paid-in-capital

 

 

1,182,540

 

 

 

1,245,569

 

Treasury stock, 5,092,841 and 5,050,981 shares, at cost, at June 30, 2021 and December 31, 2020, respectively

 

 

(87,016

)

 

 

(87,004

)

Retained earnings (deficit)

 

 

(317,329

)

 

 

27,937

 

Accumulated other comprehensive loss

 

 

(391,162

)

 

 

(398,653

)

Total Cinemark Holdings, Inc.'s stockholders' equity

 

 

387,158

 

 

 

787,973

 

Noncontrolling interests

 

 

10,580

 

 

 

10,996

 

Total equity

 

 

397,738

 

 

 

798,969

 

Total liabilities and equity

 

$

5,212,818

 

 

$

5,562,922

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

153,479

 

 

$

37

 

 

$

209,600

 

 

$

292,499

 

Concession

 

 

109,814

 

 

 

124

 

 

 

149,302

 

 

 

190,480

 

Other

 

 

31,359

 

 

 

8,813

 

 

 

50,111

 

 

 

69,611

 

Total revenues

 

 

294,652

 

 

 

8,974

 

 

 

409,013

 

 

 

552,590

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

76,587

 

 

 

388

 

 

 

99,792

 

 

 

157,005

 

Concession supplies

 

 

18,847

 

 

 

2,379

 

 

 

25,987

 

 

 

37,191

 

Salaries and wages

 

 

50,407

 

 

 

8,864

 

 

 

81,573

 

 

 

96,408

 

Facility lease expense

 

 

67,213

 

 

 

65,202

 

 

 

132,042

 

 

 

147,443

 

Utilities and other

 

 

61,185

 

 

 

34,871

 

 

 

110,329

 

 

 

135,394

 

General and administrative expenses

 

 

37,332

 

 

 

28,001

 

 

 

73,190

 

 

 

69,019

 

Depreciation and amortization

 

 

66,920

 

 

 

63,581

 

 

 

135,080

 

 

 

128,837

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

16,619

 

Restructuring costs

 

 

(740

)

 

 

19,538

 

 

 

(948

)

 

 

19,538

 

Loss on disposal of assets and other

 

 

2,358

 

 

 

425

 

 

 

6,863

 

 

 

2,330

 

Total cost of operations

 

 

380,109

 

 

 

223,249

 

 

 

663,908

 

 

 

809,784

 

Operating loss

 

 

(85,457

)

 

 

(214,275

)

 

 

(254,895

)

 

 

(257,194

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(37,034

)

 

 

(31,041

)

 

 

(73,587

)

 

 

(55,707

)

Interest income

 

 

3,828

 

 

 

803

 

 

 

4,474

 

 

 

2,887

 

Loss on extinguishment of debt

 

 

(3,924

)

 

 

 

 

 

(6,527

)

 

 

 

Foreign currency exchange gain (loss)

 

 

2,327

 

 

 

916

 

 

 

(647

)

 

 

(3,932

)

Distributions from NCM

 

 

 

 

 

690

 

 

 

77

 

 

 

5,914

 

Interest expense - NCM

 

 

(5,962

)

 

 

(5,934

)

 

 

(11,797

)

 

 

(11,825

)

Equity in loss of affiliates

 

 

(8,109

)

 

 

(20,120

)

 

 

(14,915

)

 

 

(11,634

)

Total other expense

 

 

(48,874

)

 

 

(54,686

)

 

 

(102,922

)

 

 

(74,297

)

Loss before income taxes

 

 

(134,331

)

 

 

(268,961

)

 

 

(357,817

)

 

 

(331,491

)

Income taxes

 

 

7,950

 

 

 

(98,145

)

 

 

(6,693

)

 

 

(101,253

)

Net loss

 

$

(142,281

)

 

$

(170,816

)

 

$

(351,124

)

 

$

(230,238

)

Less:  Net income (loss) attributable to noncontrolling interests

 

 

186

 

 

 

(427

)

 

 

(416

)

 

 

(258

)

Net loss attributable to Cinemark Holdings, Inc.

 

$

(142,467

)

 

$

(170,389

)

 

$

(350,708

)

 

$

(229,980

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

117,225

 

 

 

116,666

 

 

 

117,200

 

 

 

116,581

 

Diluted

 

 

117,225

 

 

 

116,666

 

 

 

117,200

 

 

 

116,581

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.19

)

 

$

(1.45

)

 

$

(2.94

)

 

$

(1.96

)

Diluted

 

$

(1.19

)

 

$

(1.45

)

 

$

(2.94

)

 

$

(1.96

)

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(142,281

)

 

$

(170,816

)

 

$

(351,124

)

 

$

(230,238

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $603, $275, $2,847 and $1,954, net of settlements

 

 

746

 

 

 

849

 

 

 

6,450

 

 

 

(23,322

)

Foreign currency translation adjustments

 

 

8,259

 

 

 

(3,702

)

 

 

(1,206

)

 

 

(61,327

)

Total other comprehensive income (loss), net of tax

 

 

9,005

 

 

 

(2,853

)

 

 

5,244

 

 

 

(84,649

)

Total comprehensive loss, net of tax

 

 

(133,276

)

 

 

(173,669

)

 

 

(345,880

)

 

 

(314,887

)

Comprehensive (income) loss attributable to noncontrolling interests

 

 

(186

)

 

 

427

 

 

 

416

 

 

 

258

 

Comprehensive loss attributable to Cinemark Holdings, Inc.

 

$

(133,462

)

 

$

(173,242

)

 

$

(345,464

)

 

$

(314,629

)

 

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,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(351,124

)

 

$

(230,238

)

Adjustments to reconcile net loss to cash used for operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

133,733

 

 

 

126,387

 

Amortization of intangible and other assets

 

 

1,347

 

 

 

2,450

 

Amortization of debt issue costs

 

 

5,273

 

 

 

2,917

 

Interest accrued on NCM screen advertising advances

 

 

11,797

 

 

 

11,825

 

Amortization of NCM screen advertising advances and other deferred revenues

 

 

(16,094

)

 

 

(15,795

)

Amortization of accumulated losses for amended swap agreements

 

 

2,247

 

 

 

2,669

 

Impairment of long-lived assets

 

 

 

 

 

16,619

 

Share based awards compensation expense

 

 

10,575

 

 

 

8,432

 

Loss on disposal of assets and other

 

 

6,863

 

 

 

2,330

 

Loss on extinguishment of debt

 

 

6,527

 

 

 

 

Non-cash rent expense

 

 

(679

)

 

 

833

 

Equity in loss of affiliates

 

 

14,915

 

 

 

11,634

 

Deferred income tax expenses

 

 

(13,719

)

 

 

3,380

 

Distributions from equity investees

 

 

156

 

 

 

23,284

 

Changes in assets and liabilities and other

 

 

166,766

 

 

 

(120,597

)

Net cash used for operating activities

 

 

(21,417

)

 

 

(153,870

)

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Additions to theatre properties and equipment

 

 

(32,819

)

 

 

(46,959

)

Proceeds from sale of theatre properties and equipment and other

 

 

1,995

 

 

 

198

 

Investment in joint ventures and other, net

 

 

 

 

 

(50

)

Net cash used for investing activities

 

 

(30,824

)

 

 

(46,811

)