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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
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 |
) |
|
|
|