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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, 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 October 29, 2021, 119,626,449 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, 2021 and December 31, 2020 (unaudited)

 

4

 

 

 

 

 

 

 

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

 

5

 

 

 

 

 

 

 

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

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 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

 

32

 

 

 

 

 

 

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)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

543,013

 

 

$

655,338

 

Inventories

 

 

15,244

 

 

 

12,593

 

Accounts receivable

 

 

36,753

 

 

 

25,265

 

Current income tax receivable

 

 

38,388

 

 

 

165,151

 

Prepaid expenses and other

 

 

35,850

 

 

 

34,400

 

Total current assets

 

 

669,248

 

 

 

892,747

 

Theatre properties and equipment

 

 

3,365,455

 

 

 

3,403,103

 

Less: accumulated depreciation and amortization

 

 

1,929,981

 

 

 

1,788,041

 

Theatre properties and equipment, net

 

 

1,435,474

 

 

 

1,615,062

 

Operating lease right-of-use assets, net

 

 

1,220,898

 

 

 

1,278,191

 

Other assets

 

 

 

 

 

 

Goodwill

 

 

1,250,135

 

 

 

1,253,840

 

Intangible assets, net

 

 

312,025

 

 

 

314,195

 

Investment in NCM

 

 

139,997

 

 

 

151,962

 

Investments in affiliates

 

 

23,755

 

 

 

23,726

 

Deferred charges and other assets, net

 

 

27,042

 

 

 

33,199

 

Total other assets

 

 

1,752,954

 

 

 

1,776,922

 

Total assets

 

$

5,078,574

 

 

$

5,562,922

 

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Current portion of long-term debt

 

$

20,288

 

 

$

18,056

 

Current portion of operating lease obligations

 

 

215,119

 

 

 

208,593

 

Current portion of finance lease obligations

 

 

14,406

 

 

 

16,407

 

Current income tax payable

 

 

 

 

 

5,632

 

Accounts payable and accrued expenses

 

 

392,964

 

 

 

357,753

 

Total current liabilities

 

 

642,777

 

 

 

606,441

 

Long-term liabilities

 

 

 

 

 

 

Long-term debt, less current portion

 

 

2,477,257

 

 

 

2,377,162

 

Operating lease obligations, less current portion

 

 

1,070,432

 

 

 

1,138,142

 

Finance lease obligations, less current portion

 

 

105,688

 

 

 

124,609

 

Long-term deferred tax liability

 

 

38,059

 

 

 

79,525

 

Long-term liability for uncertain tax positions

 

 

40,379

 

 

 

19,225

 

NCM screen advertising advances

 

 

348,212

 

 

 

344,255

 

Other long-term liabilities

 

 

40,813

 

 

 

74,594

 

Total long-term liabilities

 

 

4,120,840

 

 

 

4,157,512

 

Equity

 

 

 

 

 

 

Cinemark Holdings, Inc.'s stockholders' equity:

 

 

 

 

 

 

Common stock, $0.001 par value: 300,000,000 shares authorized, 124,720,207 shares issued and 119,626,627 shares outstanding at September 30, 2021 and 123,627,080 shares issued and 118,576,099 shares outstanding at December 31, 2020

 

 

125

 

 

 

124

 

Additional paid-in-capital

 

 

1,188,554

 

 

 

1,245,569

 

Treasury stock, 5,093,580 and 5,050,981 shares, at cost, at September 30, 2021 and December 31, 2020, respectively

 

 

(87,020

)

 

 

(87,004

)

Retained earnings (deficit)

 

 

(395,143

)

 

 

27,937

 

Accumulated other comprehensive loss

 

 

(402,380

)

 

 

(398,653

)

Total Cinemark Holdings, Inc.'s stockholders' equity

 

 

304,136

 

 

 

787,973

 

Noncontrolling interests

 

 

10,821

 

 

 

10,996

 

Total equity

 

 

314,957

 

 

 

798,969

 

Total liabilities and equity

 

$

5,078,574

 

 

$

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 LOSS

(in thousands, except per share data, unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

225,464

 

 

$

14,901

 

 

$

435,064

 

 

$

307,400

 

Concession

 

 

164,258

 

 

 

9,116

 

 

 

313,560

 

 

 

199,596

 

Other

 

 

45,099

 

 

 

11,461

 

 

 

95,210

 

 

 

81,072

 

Total revenues

 

 

434,821

 

 

 

35,478

 

 

 

843,834

 

 

 

588,068

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

117,047

 

 

 

8,257

 

 

 

216,839

 

 

 

165,262

 

Concession supplies

 

 

28,208

 

 

 

2,688

 

 

 

54,195

 

 

 

39,879

 

Salaries and wages

 

 

67,630

 

 

 

20,181

 

 

 

149,203

 

 

 

116,589

 

Facility lease expense

 

 

68,767

 

 

 

67,047

 

 

 

200,809

 

 

 

214,490

 

Utilities and other

 

 

81,723

 

 

 

43,412

 

 

 

192,052

 

 

 

178,806

 

General and administrative expenses

 

 

38,584

 

 

 

30,342

 

 

 

111,774

 

 

 

99,361

 

Depreciation and amortization

 

 

67,208

 

 

 

62,543

 

 

 

202,288

 

 

 

191,380

 

Impairment of long-lived assets

 

 

7,480

 

 

 

24,595

 

 

 

7,480

 

 

 

41,214

 

Restructuring costs

 

 

(340

)

 

 

524

 

 

 

(1,288

)

 

 

20,062

 

(Gain) loss on disposal of assets and other

 

 

1,020

 

 

 

(13,327

)

 

 

7,883

 

 

 

(10,997

)

Total cost of operations

 

 

477,327

 

 

 

246,262

 

 

 

1,141,235

 

 

 

1,056,046

 

Operating loss

 

 

(42,506

)

 

 

(210,784

)

 

 

(297,401

)

 

 

(467,978

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(37,993

)

 

 

(36,577

)

 

 

(111,580

)

 

 

(92,284

)

Interest income

 

 

861

 

 

 

1,348

 

 

 

5,335

 

 

 

4,235

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(6,527

)

 

 

 

Foreign currency exchange loss

 

 

(273

)

 

 

(2,251

)

 

 

(920

)

 

 

(6,183

)

Distributions from NCM

 

 

 

 

 

1,061

 

 

 

77

 

 

 

6,975

 

Distributions from DCIP

 

 

6,534

 

 

 

 

 

 

6,534

 

 

 

 

Interest expense - NCM

 

 

(5,926

)

 

 

(5,901

)

 

 

(17,723

)

 

 

(17,726

)

Equity in loss of affiliates

 

 

(7,146

)

 

 

(16,077

)

 

 

(22,061

)

 

 

(27,711

)

Total other expense

 

 

(43,943

)

 

 

(58,397

)

 

 

(146,865

)

 

 

(132,694

)

Loss before income taxes

 

 

(86,449

)

 

 

(269,181

)

 

 

(444,266

)

 

 

(600,672

)

Income taxes

 

 

(8,876

)

 

 

(121,145

)

 

 

(15,569

)

 

 

(222,398

)

Net loss

 

$

(77,573

)

 

$

(148,036

)

 

$

(428,697

)

 

$

(378,274

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

241

 

 

 

(444

)

 

 

(175

)

 

 

(702

)

Net loss attributable to Cinemark Holdings, Inc.

 

$

(77,814

)

 

$

(147,592

)

 

$

(428,522

)

 

$

(377,572

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

117,274

 

 

 

116,707

 

 

 

117,226

 

 

 

116,552

 

Diluted

 

 

117,274

 

 

 

116,707

 

 

 

117,226

 

 

 

116,552

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.65

)

 

$

(1.25

)

 

$

(3.59

)

 

$

(3.22

)

Diluted

 

$

(0.65

)

 

$

(1.25

)

 

$

(3.59

)

 

$

(3.22

)

 

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

5


 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(77,573

)

 

$

(148,036

)

 

$

(428,697

)

 

$

(378,274

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes of $835, $5,677, $3,682 and $3,696, net of settlements

 

 

1,462

 

 

 

6,528

 

 

 

7,912

 

 

 

(16,794

)

Foreign currency translation adjustments

 

 

(13,804

)

 

 

(1,503

)

 

 

(15,010

)

 

 

(62,830

)

Total other comprehensive income (loss), net of tax

 

 

(12,342

)

 

 

5,025

 

 

 

(7,098

)

 

 

(79,624

)

Total comprehensive loss, net of tax

 

 

(89,915

)

 

 

(143,011

)

 

 

(435,795

)

 

 

(457,898

)

Comprehensive (income) loss attributable to noncontrolling interests

 

 

(241

)

 

 

444

 

 

 

175

 

 

 

702

 

Comprehensive loss attributable to Cinemark Holdings, Inc.

 

$

(90,156

)

 

$

(142,567

)

 

$

(435,620

)

 

$

(457,196

)

 

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,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

Net loss

 

$

(428,697

)

 

$

(378,274

)

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

 

 

 

 

 

 

Depreciation

 

 

200,262

 

 

 

187,748

 

Amortization of intangible and other assets

 

 

2,026

 

 

 

3,632

 

Amortization of debt issue costs

 

 

7,994

 

 

 

4,942

 

Non-cash accretion on convertible notes

 

 

 

 

 

1,739

 

Interest accrued on NCM screen advertising advances

 

 

17,723

 

 

 

17,726

 

Amortization of NCM screen advertising advances and other deferred revenues

 

 

(24,253

)

 

 

(23,647

)

Amortization of accumulated losses for amended swap agreements

 

 

3,371

 

 

 

5,338

 

Impairment of long-lived assets

 

 

7,480

 

 

 

41,214

 

Share based awards compensation expense

 

 

16,589

 

 

 

12,859

 

(Gain) loss on disposal of assets and other

 

 

7,883

 

 

 

(10,997

)

Loss on extinguishment of debt

 

 

6,527

 

 

 

 

Non-cash rent expense

 

 

(1,803

)

 

 

1,649

 

Equity in loss of affiliates

 

 

22,061

 

 

 

27,711

 

Deferred income tax expenses

 

 

(21,059

)

 

 

(