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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, 2022

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 29, 2022, 120,559,362 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 (unaudited)

 

9

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021

 

9

 

 

 

 

 

 

 

Condensed Consolidated Statements of Loss for the three and six months ended June 30, 2022 and 2021

 

10

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2022 and 2021

 

11

 

 

 

 

 

 

 

Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2022 and 2021

 

12

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021

 

14

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

15

 

 

 

 

 

 

Item 2.

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

 

33

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

48

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

48

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

49

 

 

 

 

 

 

Item 1A.

Risk Factors

 

49

 

 

 

 

 

 

Item 6.

Exhibits

 

50

 

 

 

 

 

SIGNATURES

 

51

 

7


 

Cautionary Statement Regarding Forward-Looking Statements

Certain matters within this Quarterly Report on Form 10Q include “forward–looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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;
currency exchange rate and inflationary impacts;
the future development and expected growth of our business;
projected capital expenditures;
access to capital resources;
attendance at movies generally or in any of the markets in which we operate;
the number or diversity of popular movies releases, the length of exclusive theatrical release windows and our ability to successfully license and exhibit popular films;
national and international growth in our industry;
competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats;
determinations in lawsuits in which we are a party; and
the impact of the COVID-19 pandemic on us and the motion picture exhibition industry.

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. These statements are neither historical facts nor guarantees of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and are, therefore, subject to risks, inherent uncertainties and other factors, some of which are beyond our control and difficult to predict, including, among others, the impacts of the COVID-19 pandemic. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a description of the risk factors, please review the “Risk Factors” section or other sections of, or incorporated by reference to, Cinemark Holdings, Inc.'s Annual Report on Form 10-K filed February 25, 2022. 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.

Unless the context otherwise requires, all references to “we,” “our,” “us,” “the issuer,” “the Company” or “Cinemark” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries. All references to Latin America are to Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay.

 

8


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share data, unaudited)

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

695.1

 

 

$

707.3

 

Inventories

 

 

20.3

 

 

 

15.5

 

Accounts receivable

 

 

67.3

 

 

 

68.8

 

Current income tax receivable

 

 

45.0

 

 

 

46.6

 

Prepaid expenses and other

 

 

45.3

 

 

 

36.2

 

Total current assets

 

 

873.0

 

 

 

874.4

 

Theatre properties and equipment, net of accumulated depreciation of $2,093.8 and $1,985.9

 

 

1,296.0

 

 

 

1,382.9

 

Operating lease right-of-use assets, net

 

 

1,180.6

 

 

 

1,230.8

 

Other assets

 

 

 

 

 

 

Goodwill

 

 

1,251.3

 

 

 

1,248.8

 

Intangible assets, net

 

 

309.8

 

 

 

310.8

 

Investment in NCM

 

 

40.2

 

 

 

135.4

 

Investments in affiliates

 

 

25.6

 

 

 

25.2

 

Deferred charges and other assets, net

 

 

27.5

 

 

 

22.3

 

Total other assets

 

 

1,654.4

 

 

 

1,742.5

 

Total assets

 

$

5,004.0

 

 

$

5,230.6

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Current portion of long-term debt

 

$

25.7

 

 

$

24.3

 

Current portion of operating lease obligations

 

 

219.4

 

 

 

217.1

 

Current portion of finance lease obligations

 

 

14.7

 

 

 

14.6

 

Current income tax payable

 

 

0.2

 

 

 

 

Accounts payable and accrued expenses

 

 

465.8

 

 

 

513.1

 

Total current liabilities

 

 

725.8

 

 

 

769.1

 

Long-term liabilities

 

 

 

 

 

 

Long-term debt, less current portion

 

 

2,474.9

 

 

 

2,476.3

 

Operating lease obligations, less current portion

 

 

1,023.2

 

 

 

1,078.3

 

Finance lease obligations, less current portion

 

 

95.3

 

 

 

102.6

 

Long-term deferred tax liability

 

 

41.3

 

 

 

39.8

 

Long-term liability for uncertain tax positions

 

 

46.8

 

 

 

45.9

 

NCM screen advertising advances

 

 

342.8

 

 

 

346.0

 

Other long-term liabilities

 

 

35.2

 

 

 

38.1

 

Total long-term liabilities

 

 

4,059.5

 

 

 

4,127.0

 

Equity

 

 

 

 

 

 

Cinemark Holdings, Inc.'s stockholders' equity:

 

 

 

 

 

 

Common stock, $0.001 par value: 300.0 shares authorized, 126.07 shares issued and 120.56 shares outstanding at June 30, 2022 and 125.10 shares issued and 119.75 shares outstanding at December 31, 2021

 

 

0.1

 

 

 

0.1

 

Additional paid-in-capital

 

 

1,208.9

 

 

 

1,197.8

 

Treasury stock, 5.52 and 5.35 shares, at cost, at June 30, 2022 and December 31, 2021, respectively

 

 

(93.2

)

 

 

(91.1

)

Retained deficit

 

 

(536.8

)

 

 

(389.4

)

Accumulated other comprehensive loss

 

 

(371.0

)

 

 

(394.5

)

Total Cinemark Holdings, Inc.'s stockholders' equity

 

 

208.0

 

 

 

322.9

 

Noncontrolling interests

 

 

10.7

 

 

 

11.6

 

Total equity

 

 

218.7

 

 

 

334.5

 

Total liabilities and equity

 

$

5,004.0

 

 

$

5,230.6

 

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

9


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in millions, except per share data, unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

381.9

 

 

$

153.5

 

 

$

617.7

 

 

$

209.6

 

Concession

 

 

286.0

 

 

 

109.8

 

 

 

459.0

 

 

 

149.3

 

Other

 

 

76.2

 

 

 

31.3

 

 

 

127.9

 

 

 

50.1

 

Total revenue

 

 

744.1

 

 

 

294.6

 

 

 

1,204.6

 

 

 

409.0

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

222.6

 

 

 

76.6

 

 

 

350.2

 

 

 

99.8

 

Concession supplies

 

 

52.5

 

 

 

18.8

 

 

 

82.5

 

 

 

26.0

 

Salaries and wages

 

 

100.2

 

 

 

50.4

 

 

 

180.0

 

 

 

81.6

 

Facility lease expense

 

 

80.3

 

 

 

67.2

 

 

 

154.0

 

 

 

132.0

 

Utilities and other

 

 

106.5

 

 

 

61.2

 

 

 

193.4

 

 

 

110.3

 

General and administrative expense

 

 

48.2

 

 

 

37.3

 

 

 

88.9

 

 

 

73.2

 

Depreciation and amortization

 

 

61.0

 

 

 

66.9

 

 

 

122.7

 

 

 

135.1

 

Impairment of long-lived and other assets

 

 

92.3

 

 

 

 

 

 

92.3

 

 

 

 

Restructuring costs

 

 

(0.2

)

 

 

(0.7

)

 

 

(0.2

)

 

 

(0.9

)

(Gain) loss on disposal of assets and other

 

 

(0.7

)

 

 

2.3

 

 

 

(7.6

)

 

 

6.8

 

Total cost of operations

 

 

762.7

 

 

 

380.0

 

 

 

1,256.2

 

 

 

663.9

 

Operating loss

 

 

(18.6

)

 

 

(85.4

)

 

 

(51.6

)

 

 

(254.9

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(38.1

)

 

 

(37.0

)

 

 

(76.2

)

 

 

(73.6

)

Interest income

 

 

3.1

 

 

 

3.9

 

 

 

4.7

 

 

 

4.5

 

Loss on extinguishment of debt

 

 

 

 

 

(3.9

)

 

 

 

 

 

(6.5

)

Foreign currency exchange gain (loss)

 

 

(3.1

)

 

 

2.3

 

 

 

0.1

 

 

 

(0.7

)

Distributions from NCM

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Interest expense - NCM

 

 

(5.9

)

 

 

(6.0

)

 

 

(11.7

)

 

 

(11.8

)

Equity in loss of affiliates

 

 

(5.5

)

 

 

(8.1

)

 

 

(7.7

)

 

 

(14.9

)

Total other expense

 

 

(49.5

)

 

 

(48.8

)

 

 

(90.8

)

 

 

(102.9

)

Loss before income taxes

 

 

(68.1

)

 

 

(134.2

)

 

 

(142.4

)

 

 

(357.8

)

Income tax expense (benefit)

 

 

4.7

 

 

 

8.0

 

 

 

2.9

 

 

 

(6.7

)

Net loss

 

$

(72.8

)

 

$

(142.2

)

 

$

(145.3

)

 

$

(351.1

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

0.6

 

 

 

0.2

 

 

 

2.1

 

 

 

(0.4

)

Net loss attributable to Cinemark Holdings, Inc.

 

$

(73.4

)

 

$

(142.4

)

 

$

(147.4

)

 

$

(350.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

118.2

 

 

 

117.2

 

 

 

118.0

 

 

 

117.2

 

Diluted

 

 

118.2

 

 

 

117.2

 

 

 

118.0

 

 

 

117.2

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.61

)

 

$

(1.19

)

 

$

(1.23

)

 

$

(2.94

)

Diluted

 

$

(0.61

)

 

$

(1.19

)

 

$

(1.23

)

 

$

(2.94

)

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

10


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in millions, unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(72.8

)

 

$

(142.2

)

 

$

(145.3

)

 

$

(351.1

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes and settlements

 

 

4.2

 

 

 

0.8

 

 

 

22.6

 

 

 

6.5

 

Foreign currency translation adjustments

 

 

(15.7

)

 

 

8.3

 

 

 

(1.3

)

 

 

(1.2

)

Total other comprehensive income (loss), net of tax

 

 

(11.5

)

 

 

9.1

 

 

$

21.3

 

 

$

5.3

 

Total comprehensive loss, net of tax

 

 

(84.3

)

 

 

(133.1

)

 

 

(124.0

)

 

 

(345.8

)

Comprehensive (income) loss attributable to noncontrolling interests

 

 

(0.6

)

 

 

(0.2

)

 

 

(2.1

)

 

 

0.4

 

Comprehensive loss attributable to Cinemark Holdings, Inc.

 

$

(84.9

)

 

$

(133.3

)

 

$

(126.1

)

 

$

(345.4

)

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

11


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in millions, unaudited)

 

 

Common Stock

 

Treasury Stock

 

Additional Paid-In-Capital

 

Retained Earnings (Deficit)

 

Accumulated Other Comprehensive Loss

 

Total Cinemark Holdings, Inc. Stockholders’ Equity

 

Noncontrolling Interests

 

Total Equity

 

Balance at January 1, 2022

 

$

0.1

 

$

(91.1

)

$

1,197.8

 

$

(389.4

)

$

(394.5

)

$

322.9

 

$

11.6

 

$

334.5

 

Issuance of share based awards and share based awards compensation expense

 

 

 

 

5.1

 

 

 

 

 

 

5.1

 

 

 

 

5.1

 

Stock withholdings related to share based awards that vested during the three months ended March 31, 2022

 

 

 

(1.6

)

 

 

 

 

 

 

 

(1.6

)

 

 

 

(1.6

)

Net income (loss)

 

 

 

 

 

 

(74.0

)

 

 

 

(74.0

)

 

1.5

 

 

(72.5

)

Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes and settlements

 

 

 

 

 

 

 

 

18.4

 

 

18.4