UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 24, 2023, we announced our financial results for the forth quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On February 24, 2023, we announced our financial results for the fourth quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The information furnished pursuant to Items 2.02 and 7.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into any of our filings with the SEC under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing, and shall not be deemed to be “filed” with the SEC under the Securities Exchange Act of 1934, as amended.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CINEMARK HOLDINGS, INC. |
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By: |
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/s/ Michael D. Cavalier |
Name: |
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Michael D. Cavalier |
Title: |
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Executive Vice President - General Counsel |
Date: February 24, 2023
Exhibit 99.1
CINEMARK HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS
Total revenue of $2.5B increased 63% versus 2021, resulting in $136M of positive cash flow from operations and $25M of free cash flow for the full year
Full year box office results outpaced industry recovery by approximately 500 basis points versus 2019
Plano, TX, February 24, 2023 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and twelve months ended December 31, 2022.
Cinemark Holdings, Inc.’s total revenue for the three months ended December 31, 2022 decreased 10% to $599.7 million compared with $666.7 million for the three months ended December 31, 2021. For the three months ended December 31, 2022, admissions revenue was $304.6 million and concession revenue was $225.7 million, driven by attendance of 39.2 million patrons. Average ticket price was $7.77 and concession revenue per patron was $5.76.
Net loss attributable to Cinemark Holdings, Inc. for the three months ended December 31, 2022 was $(99.3) million compared with net income of $5.7 million for the three months ended December 31, 2021. Diluted loss per share for the three months ended December 31, 2022 was $(0.82) compared with diluted earnings per share of $0.05 for the three months ended December 31, 2021.
Adjusted EBITDA for the three months ended December 31, 2022 was $73.5 million compared with $139.4 million for the three months ended December 31, 2021. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
“This past year represented another positive step forward for the theatrical exhibition industry’s recovery from the pandemic,” stated Sean Gamble, Cinemark’s President & CEO. “Sustained consumer enthusiasm to view movies and events in an immersive, larger-than-life, theatrical setting was validated time and again throughout 2022 across all genres, audience segments, and periods of the year.”
“For Cinemark, 2022 marked a series of important results and milestones that exemplified our improved financial stability and outsized recovery relative to our industry and peers. Of particular significance, we ended the year with a sizable increase in worldwide revenue and Adjusted EBITDA, generating $25M of positive free cash flow.”
“We remain highly optimistic about the many opportunities that lie ahead for our company, and as our industry continues to recover, Cinemark is poised to excel on account of our advantaged financial position, industry-leading operating capabilities, and sensational team.”
Cinemark Holdings, Inc.’s total revenue for the twelve months ended December 31, 2022 increased 62.5% to $2,454.7 million compared with $1,510.5 million for the twelve months ended December 31, 2021. For the twelve months ended December 31, 2022, admissions revenue was $1,246.9 million and concession revenue was $938.3 million, driven by attendance of 172.7 million patrons. Average ticket price was $7.22 and concession revenue per patron was $5.43.
Net loss attributable to Cinemark Holdings, Inc. for the twelve months ended December 31, 2022 was $(271.2) million compared with a net loss of $(422.8) million for the twelve months ended December 31, 2021. Diluted loss per share for the twelve months ended December 31, 2022 was $(2.26) compared with diluted loss per share of $(3.55) for the twelve months ended December 31, 2021.
Adjusted EBITDA for the twelve months ended December 31, 2022 was $336.5 million compared with $80.0 million for the twelve months ended December 31, 2021. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
As of December 31, 2022, the Company’s aggregate screen count was 5,847, and the Company had commitments to open one new theatre and 4 screens during the remainder of 2023 and 6 new theatres and 51 screens subsequent to 2023.
1
Webcast – Today at 8:30 AM ET
Live Webcast/Replay: Available live at https://ir.cinemark.com. A replay will be available following the call and archived for a limited time.
About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of December 31, 2022 operated 518 theatres with 5,847 screens in 42 states domestically and 15 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.
Financial Contact:
Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com
Media Contact:
Julia McCartha – 972-665-1322 or pr@cinemark.com
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management’s assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include:
You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify 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. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in Cinemark Holdings, Inc.'s Annual Report on Form 10-K filed February 24, 2023. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. 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.
2
Cinemark Holdings, Inc.
Financial and Operating Summary
(unaudited, in millions, except per share amounts)
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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December 31, |
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2022 |
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2021 |
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2022 |
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2021 |
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Statement of income (loss) data: |
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Revenue |
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Admissions |
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$ |
304.6 |
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$ |
344.9 |
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$ |
1,246.9 |
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$ |
780.0 |
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Concession |
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225.7 |
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248.2 |
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938.3 |
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561.7 |
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Other |
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69.4 |
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73.6 |
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269.5 |
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168.8 |
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Total Revenue |
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599.7 |
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666.7 |
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2,454.7 |
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1,510.5 |
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Cost of operations |
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Film rentals and advertising |
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173.3 |
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198.2 |
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704.4 |
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415.0 |
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Concession supplies |
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40.5 |
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43.7 |
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169.3 |
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97.9 |
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Salaries and wages |
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95.7 |
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83.7 |
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372.7 |
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232.9 |
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Facility lease expense |
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77.1 |
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79.2 |
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308.3 |
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280.0 |
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Utilities and other |
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103.4 |
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90.8 |
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407.2 |
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282.9 |
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General and administrative expenses |
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43.6 |
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49.3 |
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177.6 |
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161.1 |
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Depreciation and amortization |
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57.2 |
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63.1 |
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238.2 |
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265.4 |
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Impairment of long-lived assets |
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66.6 |
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13.3 |
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174.1 |
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20.8 |
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Restructuring costs |
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(0.3 |
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0.3 |
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(0.5 |
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(1.0 |
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(Gain) loss on disposal of assets and other |
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(0.4 |
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0.2 |
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(6.8 |
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8.0 |
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Total cost of operations |
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656.7 |
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621.8 |
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2,544.5 |
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1,763.0 |
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Operating income (loss) |
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(57.0 |
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44.9 |
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(89.8 |
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(252.5 |
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Interest expense |
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(40.7 |
) |
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(38.1 |
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(155.3 |
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(149.7 |
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Interest income |
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9.3 |
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1.1 |
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20.4 |
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6.4 |
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Loss on extinguishment of debt |
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— |
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— |
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— |
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(6.5 |
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Foreign currency exchange loss |
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(6.2 |
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(0.4 |
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(11.5 |
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(1.3 |
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Distributions from NCM |
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— |
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— |
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— |
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0.1 |
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Cash distributions from DCIP |
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— |
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6.6 |
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3.7 |
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13.1 |
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Interest expense - NCM |
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(5.7 |
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(5.9 |
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(23.2 |
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(23.6 |
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Equity in loss of affiliates |
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(1.8 |
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(3.0 |
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(9.3 |
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(25.0 |
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Total other expense |
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(45.1 |
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(39.7 |
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(175.2 |
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(186.5 |
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Income (loss) before income taxes |
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(102.1 |
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5.2 |
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(265.0 |
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(439.0 |
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Income tax (benefit) expense |
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(3.3 |
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(1.2 |
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3.0 |
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(16.8 |
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Net income (loss) |
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(98.8 |
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$ |
6.4 |
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$ |
(268.0 |
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$ |
(422.2 |
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Less: Net income attributable to noncontrolling interests |
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0.5 |
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0.7 |
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3.2 |
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0.6 |
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Net income (loss) attributable to Cinemark Holdings, Inc. |
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(99.3 |
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$ |
5.7 |
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$ |
(271.2 |
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$ |
(422.8 |
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Earnings (loss) per share attributable to Cinemark Holdings, Inc.'s common stockholders |
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Basic |
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$ |
(0.82 |
) |
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$ |
0.05 |
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$ |
(2.26 |
) |
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$ |
(3.55 |
) |
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Diluted |
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$ |
(0.82 |
) |
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$ |
0.05 |
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$ |
(2.26 |
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$ |
(3.55 |
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Diluted weighted average shares outstanding |
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118.5 |
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117.6 |
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118.2 |
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117.3 |
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3
Other Operating Data
(unaudited, in millions)
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As of December 31, |
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2022 |
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2021 |
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Balance sheet data: |
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Cash and cash equivalents |
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$ |
674.5 |
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$ |
707.3 |
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Theatre properties and equipment, net |
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$ |
1,232.1 |
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$ |
1,382.9 |
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Total assets |
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$ |
4,817.7 |
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$ |
5,230.6 |
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Long-term debt, net of unamortized debt issuance costs |
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$ |
2,484.7 |
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$ |
2,500.6 |
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Equity |
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$ |
119.5 |
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$ |
334.5 |
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Year Ended December 31, |
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2022 |
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2021 |
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Cash flows provided by (used for): |
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Operating activities (1) |
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$ |
136.0 |
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$ |
166.2 |
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Investing activities |
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$ |
(96.3 |
) |
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$ |
(89.3 |
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Financing activities |
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$ |
(52.2 |
) |
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$ |
(19.9 |
) |
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Year Ended December 31, |
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2022 |
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2021 |
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Reconciliation of free cash flow: |
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Cash flows provided by operating activities |
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$ |
136.0 |
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$ |
166.2 |
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Less: Capital expenditures |
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(110.7 |
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(95.5 |
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Free cash flow |
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$ |
25.3 |
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$ |
70.7 |
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Segment Information
(unaudited, in millions, except per patron data)
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U.S. Operating Segment |
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International Operating Segment |
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Consolidated |
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Three Months Ended |
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Three Months Ended |
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Constant |
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Three Months Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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2022 |
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2022 |
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2021 |
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Revenue and Attendance |
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Admissions revenue |
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$ |
251.1 |
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$ |
287.3 |
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$ |
53.5 |
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$ |
57.6 |
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$ |
59.3 |
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$ |
304.6 |
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$ |
344.9 |
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Concession revenue |
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186.5 |
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|
207.8 |
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|
39.2 |
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40.4 |
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44.0 |
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|
225.7 |
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248.2 |
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Other revenue |
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48.1 |
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|
56.6 |
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21.3 |
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17.0 |
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23.4 |
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|
69.4 |
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|
73.6 |
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Total revenue |
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$ |
485.7 |
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|
$ |
551.7 |
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|
$ |
114.0 |
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|
$ |
115.0 |
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$ |
126.7 |
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$ |
599.7 |
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$ |
666.7 |
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Attendance |
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25.1 |
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31.2 |
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14.1 |
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16.9 |
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39.2 |
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48.1 |
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Average ticket price |
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$ |
10.00 |
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$ |
9.21 |
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|
$ |
3.79 |
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$ |
3.41 |
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$ |
4.21 |
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$ |
7.77 |
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$ |
7.17 |
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Concession revenue per patron |
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$ |
7.43 |
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$ |
6.66 |
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$ |
2.78 |
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$ |
2.39 |
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$ |
3.12 |
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$ |
5.76 |
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$ |
5.16 |
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|||||||
Cost of Operations |
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|||||||
Film rentals and advertising |
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$ |
145.4 |
|
|
$ |
168.5 |
|
|
$ |
27.9 |
|
|
$ |
29.7 |
|
|
$ |
31.1 |
|
|
$ |
173.3 |
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|
$ |
198.2 |
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Concession supplies |
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|
31.6 |
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|
|
34.9 |
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|
|
8.9 |
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|
|
8.8 |
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|
|
10.0 |
|
|
|
40.5 |
|
|
|
43.7 |
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Salaries and wages |
|
|
81.3 |
|
|
|
71.8 |
|
|
|
14.4 |
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|
|
11.9 |
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|
|
16.5 |
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|
|
95.7 |
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|
|
83.7 |
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Facility lease expense |
|
|
62.5 |
|
|
|
64.5 |
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|
|
14.6 |
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|
14.7 |
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|
|
16.0 |
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|
|
77.1 |
|
|
|
79.2 |
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Utilities and other |
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|
78.9 |
|
|
|
71.1 |
|
|
|
24.5 |
|
|
|
19.7 |
|
|
|
27.2 |
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|
|
103.4 |
|
|
|
90.8 |
|
` |
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U.S. Operating Segment |
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International Operating Segment |
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Consolidated |
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Twelve Months Ended |
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Twelve Months Ended |
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Constant |
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Twelve Months Ended |
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2022 |
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2021 |
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|
2022 |
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|
2021 |
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|
2022 |
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|
2022 |
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|
2021 |
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Revenue and Attendance |
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|
|
|||||||
Admissions revenue |
|
$ |
1,010.2 |
|
|
$ |
671.7 |
|
|
$ |
236.7 |
|
|
$ |
108.3 |
|
|
$ |
258.8 |
|
|
$ |
1,246.9 |
|
|
$ |
780.0 |
|
Concession revenue |
|
|
763.0 |
|
|
|
482.8 |
|
|
|
175.3 |
|
|
|
78.9 |
|
|
|
193.7 |
|
|
|
938.3 |
|
|
|
561.7 |
|
Other revenue |
|
|
197.0 |
|
|
|
139.1 |
|
|
|
72.5 |
|
|
|
29.7 |
|
|
|
78.7 |
|
|
|
269.5 |
|
|
|
168.8 |
|
Total revenue |
|
$ |
1,970.2 |
|
|
$ |
1,293.6 |
|
|
$ |
484.5 |
|
|
$ |
216.9 |
|
|
$ |
531.2 |
|
|
$ |
2,454.7 |
|
|
$ |
1,510.5 |
|
Attendance |
|
|
109.3 |
|
|
|
73.0 |
|
|
|
63.4 |
|
|
|
32.6 |
|
|
|
|
|
|
172.7 |
|
|
|
105.6 |
|
|
Average ticket price |
|
$ |
9.24 |
|
|
$ |
9.20 |
|
|
$ |
3.73 |
|
|
$ |
3.32 |
|
|
$ |
4.08 |
|
|
$ |
7.22 |
|
|
$ |
7.39 |
|
Concession revenue per patron |
|
$ |
6.98 |
|
|
$ |
6.61 |
|
|
$ |
2.76 |
|
|
$ |
2.42 |
|
|
$ |
3.06 |
|
|
$ |
5.43 |
|
|
$ |
5.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Film rentals and advertising |
|
$ |
584.4 |
|
|
$ |
360.0 |
|
|
$ |
120.0 |
|
|
$ |
55.0 |
|
|
$ |
131.7 |
|
|
$ |
704.4 |
|
|
$ |
415.0 |
|
Concession supplies |
|
|
130.5 |
|
|
|
79.5 |
|
|
|
38.8 |
|
|
|
18.4 |
|
|
|
42.9 |
|
|
|
169.3 |
|
|
|
97.9 |
|
Salaries and wages |
|
|
314.7 |
|
|
|
198.2 |
|
|
|
58.0 |
|
|
|
34.7 |
|
|
|
64.0 |
|
|
|
372.7 |
|
|
|
232.9 |
|
Facility lease expense |
|
|
250.1 |
|
|
|
242.2 |
|
|
|
58.2 |
|
|
|
37.8 |
|
|
|
62.8 |
|
|
|
308.3 |
|
|
|
280.0 |
|
Utilities and other |
|
|
313.7 |
|
|
|
232.1 |
|
|
|
93.5 |
|
|
|
50.8 |
|
|
|
101.2 |
|
|
|
407.2 |
|
|
|
282.9 |
|
4
Other Segment Information
(unaudited, in millions)
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. |
|
$ |
59.5 |
|
|
$ |
115.9 |
|
|
$ |
255.7 |
|
|
$ |
84.2 |
|
International |
|
|
14.0 |
|
|
|
23.5 |
|
|
|
80.8 |
|
|
|
(4.2 |
) |
Total Adjusted EBITDA |
|
$ |
73.5 |
|
|
$ |
139.4 |
|
|
$ |
336.5 |
|
|
$ |
80.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. |
|
$ |
36.5 |
|
|
$ |
30.8 |
|
|
$ |
87.2 |
|
|
$ |
78.3 |
|
International |
|
|
8.9 |
|
|
|
7.5 |
|
|
|
23.5 |
|
|
|
17.2 |
|
Total capital expenditures |
|
$ |
45.4 |
|
|
$ |
38.3 |
|
|
$ |
110.7 |
|
|
$ |
95.5 |
|
Reconciliation of Adjusted EBITDA
(unaudited, in millions)
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net income (loss) |
|
$ |
(98.8 |
) |
|
$ |
6.4 |
|
|
$ |
(268.0 |
) |
|
$ |
(422.2 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes |
|
|
(3.3 |
) |
|
|
(1.2 |
) |
|
|
3.0 |
|
|
|
(16.8 |
) |
Interest expense (1) |
|
|
40.7 |
|
|
|
38.1 |
|
|
|
155.3 |
|
|
|
149.7 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.5 |
|
Other expense, net (2) |
|
|
4.4 |
|
|
|
8.2 |
|
|
|
23.6 |
|
|
|
43.5 |
|
Cash distributions from other equity investees (3) |
|
|
5.4 |
|
|
|
— |
|
|
|
6.9 |
|
|
|
0.2 |
|
Depreciation and amortization |
|
|
57.2 |
|
|
|
63.1 |
|
|
|
238.2 |
|
|
|
265.4 |
|
Impairment of long-lived assets |
|
|
66.6 |
|
|
|
13.3 |
|
|
|
174.1 |
|
|
|
20.8 |
|
(Gain) loss on disposal of assets and other |
|
|
(0.4 |
) |
|
|
0.2 |
|
|
|
(6.8 |
) |
|
|
8.0 |
|
Restructuring charges |
|
|
(0.3 |
) |
|
|
0.3 |
|
|
|
(0.5 |
) |
|
|
(1.0 |
) |
Non-cash rent |
|
|
(3.3 |
) |
|
|
(1.7 |
) |
|
|
(10.8 |
) |
|
|
(3.4 |
) |
Share based awards compensation expense (4) |
|
|
5.3 |
|
|
|
12.7 |
|
|
|
21.5 |
|
|
|
29.3 |
|
Adjusted EBITDA |
|
$ |
73.5 |
|
|
|
139.4 |
|
|
$ |
336.5 |
|
|
$ |
80.0 |
|
5
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Document And Entity Information |
Feb. 24, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 24, 2023 |
Entity Registrant Name | CINEMARK HOLDINGS, INC. |
Entity Central Index Key | 0001385280 |
Entity Emerging Growth Company | false |
Securities Act File Number | 001-33401 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 20-5490327 |
Entity Address, Address Line One | 3900 Dallas Parkway |
Entity Address, City or Town | Plano |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75093 |
City Area Code | 972 |
Local Phone Number | 665-1000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $.001 per share |
Trading Symbol | CNK |
Security Exchange Name | NYSE |
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