UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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 May 5, 2023, we announced our financial results for the quarter ended March 31, 2023. 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 May 5, 2023, we announced our financial results for the quarter ended March 31, 2023. 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: May 5, 2023
Exhibit 99.1
CINEMARK HOLDINGS, INC. REPORTS FIRST QUARTER 2023 RESULTS
Total revenue increased 33% year-over-year to $611M on stronger than
expected box office performance, resulting in positive operating cash flow
Redeemed $100M of 8.75% Senior Secured Notes due May 2025,
reflecting our improved financial stability and positive outlook
Plano, TX, May 5, 2023 – Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three months ended March 31, 2023.
“We remain highly encouraged about our industry’s ongoing recovery based on positive sustained momentum in movie-going trends, an accelerating improvement in film volume, and better than expected box office performance year-to-date,” stated Sean Gamble, President & CEO. “Consumers continue to demonstrate their avid desire to experience movies, and all forms of content, in a shared, larger-than-life, cinematic setting, and our studio partners are collectively reinforcing that there is simply no better way to amplify excitement, interest, cultural relevance, and financial value for their films than with a full-blown exclusive theatrical release.”
Mr. Gamble continued, “Our positive outlook for our industry also holds true for Cinemark, and our strong first quarter results reflect the significant impact we are deriving from our industry’s rebound, combined with our varied strategic actions to maximize attendance and box office, drive overall top-line growth, and improve our productivity, while delivering a top-notch experience for our guests.”
Earnings Highlights
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended March 31, 2023 increased 32.6% to $610.7 million compared with $460.5 million for the three months ended March 31, 2022. For the three months ended March 31, 2023, admissions revenue increased 31.9% to $311.0 million and concession revenue increased 36.3% to $235.8 million, driven by a 29.6% increase in attendance to 42.9 million patrons. Worldwide average ticket price was $7.25 and concession revenue per patron was $5.50.
Net loss attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2023 was $(3.1) million compared with a loss of $(74.0) million for the three months ended March 31, 2022. Diluted loss per share for the three months ended March 31, 2023 was $(0.03) compared with a diluted loss per share of $(0.62) for the three months ended March 31, 2022.
1
Adjusted EBITDA for the three months ended March 31, 2023 was $86.2 million compared with $25.2 million for the three months ended March 31, 2022. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
As of March 31, 2023, the Company’s aggregate screen count was 5,833, and the Company had commitments to open 7 new theatres and 59 screens over the next two years.
Webcast – Today at 8:30 AM ET
Live Webcast/Replay: Available 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 March 31, 2023 operated 516 theatres with 5,833 screens in 42 states domestically and 14 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.
Investor Relations 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 the Company'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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March 31, |
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2023 |
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2022 |
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Statement of loss data: |
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Revenue |
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Admissions |
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$ |
311.0 |
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$ |
235.8 |
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Concession |
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235.8 |
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173.0 |
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Other |
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63.9 |
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51.7 |
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Total revenue |
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610.7 |
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460.5 |
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Cost of operations |
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Film rentals and advertising |
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166.7 |
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127.6 |
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Concession supplies |
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43.6 |
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30.0 |
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Salaries and wages |
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86.2 |
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79.8 |
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Facility lease expense |
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79.5 |
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73.7 |
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Utilities and other |
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103.8 |
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86.9 |
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General and administrative expense |
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46.5 |
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40.7 |
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Depreciation and amortization |
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54.9 |
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61.7 |
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Impairment of other assets |
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0.7 |
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— |
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(Gain) loss on disposal of assets and other |
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0.3 |
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(6.9 |
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Total cost of operations |
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582.2 |
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493.5 |
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Operating income (loss) |
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28.5 |
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(33.0 |
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Other income (expense) |
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Interest expense |
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(36.8 |
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(38.1 |
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Interest income |
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11.9 |
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1.6 |
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Foreign currency exchange gain (loss) |
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(2.2 |
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3.2 |
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Interest expense - NCM |
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(5.7 |
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(5.8 |
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Equity in loss of affiliates |
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(2.1 |
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(2.2 |
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Loss before income taxes |
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(6.4 |
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(74.3 |
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Income tax benefit |
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(3.9 |
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(1.8 |
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Net loss |
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$ |
(2.5 |
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$ |
(72.5 |
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Less: Net income attributable to noncontrolling interests |
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0.6 |
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1.5 |
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Net loss attributable to Cinemark Holdings, Inc. |
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$ |
(3.1 |
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$ |
(74.0 |
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Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders |
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Basic |
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$ |
(0.03 |
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$ |
(0.62 |
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Diluted |
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$ |
(0.03 |
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$ |
(0.62 |
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Weighted average shares outstanding - Diluted |
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118.8 |
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117.9 |
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3
Other Operating Data
(unaudited, in millions)
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As of |
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March 31, 2023 |
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December 31, 2022 |
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Balance sheet data: |
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Cash and cash equivalents |
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$ |
650.1 |
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$ |
674.5 |
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Theatre properties and equipment, net |
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$ |
1,204.1 |
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$ |
1,232.1 |
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Total assets |
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$ |
4,712.1 |
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$ |
4,817.7 |
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Total long-term debt, net of unamortized debt issuance costs |
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$ |
2,485.4 |
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$ |
2,484.7 |
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Equity |
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$ |
123.8 |
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$ |
119.5 |
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Three Months Ended March 31, |
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2023 |
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2022 |
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Cash flows provided by (used for): |
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Operating activities (1) |
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$ |
7.9 |
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$ |
(118.8 |
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Investing activities |
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$ |
(26.3 |
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$ |
(8.1 |
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Financing activities |
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$ |
(4.9 |
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$ |
(8.6 |
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Three Months Ended March 31, |
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2023 |
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2022 |
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Reconciliation of free cash flow: |
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Cash flows provided by (used for) operating activities |
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$ |
7.9 |
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$ |
(118.8 |
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Less: Capital expenditures |
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26.3 |
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18.7 |
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Free cash flow |
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$ |
(18.4 |
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$ |
(137.5 |
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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 March 31, |
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Three Months Ended March 31, |
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Three Months Ended March 31, |
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Revenue and Attendance |
2023 |
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2022 |
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2023 |
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2022 |
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Constant |
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2023 |
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2022 |
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Admissions revenue |
$ |
244.7 |
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$ |
191.8 |
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$ |
66.3 |
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$ |
44.0 |
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$ |
78.6 |
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$ |
311.0 |
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$ |
235.8 |
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Concession revenue |
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186.8 |
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141.1 |
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49.0 |
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31.9 |
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58.6 |
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235.8 |
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173.0 |
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Other revenue |
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47.6 |
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39.1 |
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16.3 |
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12.6 |
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19.7 |
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63.9 |
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51.7 |
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Total revenue |
$ |
479.1 |
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$ |
372.0 |
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$ |
131.6 |
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$ |
88.5 |
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$ |
156.9 |
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$ |
610.7 |
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$ |
460.5 |
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Attendance |
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25.2 |
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20.7 |
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17.7 |
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12.4 |
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42.9 |
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33.1 |
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Average ticket price |
$ |
9.71 |
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$ |
9.27 |
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$ |
3.75 |
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$ |
3.55 |
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$ |
4.44 |
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$ |
7.25 |
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$ |
7.12 |
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Concession revenue per |
$ |
7.41 |
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$ |
6.82 |
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$ |
2.77 |
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$ |
2.57 |
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$ |
3.31 |
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$ |
5.50 |
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$ |
5.23 |
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Cost of Operations |
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Film rentals and advertising |
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133.5 |
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106.2 |
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33.2 |
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21.4 |
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39.8 |
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166.7 |
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127.6 |
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Concession supplies |
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32.9 |
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22.9 |
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10.7 |
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7.1 |
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12.9 |
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43.6 |
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30.0 |
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Salaries and wages |
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71.5 |
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67.1 |
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14.7 |
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12.7 |
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17.6 |
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86.2 |
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79.8 |
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Facility lease expense |
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62.0 |
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62.5 |
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17.5 |
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11.2 |
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19.9 |
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79.5 |
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73.7 |
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Utilities and other |
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80.5 |
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68.1 |
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23.3 |
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18.8 |
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27.6 |
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103.8 |
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86.9 |
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4
Other Segment Information
(unaudited, in millions)
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Three Months Ended |
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March 31, |
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2023 |
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2022 |
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Adjusted EBITDA (1) |
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U.S. |
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$ |
63.4 |
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$ |
14.4 |
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International |
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22.8 |
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10.8 |
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Total Adjusted EBITDA (1) |
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$ |
86.2 |
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$ |
25.2 |
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Capital expenditures |
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U.S. |
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$ |
22.7 |
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$ |
14.0 |
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International |
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3.6 |
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4.7 |
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Total Capital expenditures |
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$ |
26.3 |
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$ |
18.7 |
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Reconciliation of Adjusted EBITDA
(unaudited, in millions)
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Three Months Ended |
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March 31, |
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2023 |
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2022 |
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Net loss |
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$ |
(2.5 |
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$ |
(72.5 |
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Add (deduct): |
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Income tax benefit |
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(3.9 |
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(1.8 |
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Interest expense (1) |
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36.8 |
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38.1 |
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Other (income) expense, net (2) |
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(1.9 |
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3.2 |
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Cash distributions from equity investees (3) |
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— |
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0.6 |
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Depreciation and amortization |
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54.9 |
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61.7 |
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Impairment of other assets |
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0.7 |
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— |
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(Gain) loss on disposal of assets and other |
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0.3 |
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(6.9 |
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Non-cash rent |
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(3.9 |
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(2.3 |
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Share based awards compensation expense (4) |
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5.7 |
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5.1 |
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Adjusted EBITDA |
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$ |
86.2 |
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$ |
25.2 |
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5
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Document And Entity Information |
May 05, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 05, 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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