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CONSOLIDATING FINANCIAL INFORMATION OF SUBSIDIARIES
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATING FINANCIAL INFORMATION OF SUBSIDIARIES

UNAUDITED SUPPLEMENTAL SCHEDULES SPECIFIED BY THE SENIOR NOTES INDENTURES

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2024

(in millions)

 

 

Restricted

 

 

Unrestricted

 

 

 

 

 

 

 

 

 

Group

 

 

Group

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

693.5

 

 

$

133.9

 

 

$

—

 

 

$

827.4

 

Other current assets

 

 

432.5

 

 

 

(118.1

)

 

 

(12.9

)

 

 

301.5

 

Total current assets

 

 

1,126.0

 

 

 

15.8

 

 

 

(12.9

)

 

 

1,128.9

 

Theater properties and equipment, net

 

 

1,145.1

 

 

 

—

 

 

 

—

 

 

 

1,145.1

 

Operating lease right-of-use assets, net

 

 

930.4

 

 

 

—

 

 

 

—

 

 

 

930.4

 

Other long-term assets

 

 

1,768.6

 

 

 

296.5

 

 

 

(373.7

)

 

 

1,691.4

 

Total assets

 

$

4,970.1

 

 

$

312.3

 

 

$

(386.6

)

 

$

4,895.8

 

Liabilities and equity

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

6.4

 

 

$

—

 

 

$

—

 

 

$

6.4

 

Current portion of operating lease obligations

 

 

212.1

 

 

 

—

 

 

 

—

 

 

 

212.1

 

Current portion of finance lease obligations

 

 

15.4

 

 

 

—

 

 

 

—

 

 

 

15.4

 

Current income tax payable

 

 

2.4

 

 

 

—

 

 

 

—

 

 

 

2.4

 

Accounts payable and accrued expenses

 

 

588.9

 

 

 

—

 

 

 

(12.9

)

 

 

576.0

 

Total current liabilities

 

 

825.2

 

 

 

—

 

 

 

(12.9

)

 

 

812.3

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

2,131.1

 

 

 

—

 

 

 

(260.7

)

 

 

1,870.4

 

Operating lease obligations, less current portion

 

 

784.0

 

 

 

—

 

 

 

—

 

 

 

784.0

 

Finance lease obligations, less current portion

 

 

109.9

 

 

 

—

 

 

 

—

 

 

 

109.9

 

Other long-term liabilities and deferrals

 

 

416.0

 

 

 

3.5

 

 

 

—

 

 

 

419.5

 

Total long-term liabilities

 

 

3,441.0

 

 

 

3.5

 

 

 

(260.7

)

 

 

3,183.8

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

703.9

 

 

 

308.8

 

 

 

(113.0

)

 

 

899.7

 

Total liabilities and equity

 

$

4,970.1

 

 

$

312.3

 

 

$

(386.6

)

 

$

4,895.8

 

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.

 

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

YEAR ENDED DECEMBER 31, 2024

(in millions)

 

 

Restricted

 

 

Unrestricted

 

 

 

 

 

 

 

 

 

Group

 

 

Group

 

 

Eliminations

 

 

Consolidated

 

Revenue

 

$

3,049.5

 

 

$

—

 

 

$

—

 

 

$

3,049.5

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

Theater operating costs

 

 

2,271.5

 

 

 

—

 

 

 

—

 

 

 

2,271.5

 

General and administrative expenses

 

 

214.4

 

 

 

—

 

 

 

—

 

 

 

214.4

 

Depreciation and amortization

 

 

197.5

 

 

 

—

 

 

 

—

 

 

 

197.5

 

Impairment of long-lived assets

 

 

1.5

 

 

 

—

 

 

 

—

 

 

 

1.5

 

Loss on disposal of assets and other

 

 

1.6

 

 

 

—

 

 

 

—

 

 

 

1.6

 

Total cost of operations

 

 

2,686.5

 

 

 

—

 

 

 

—

 

 

 

2,686.5

 

Operating income (loss)

 

 

363.0

 

 

 

—

 

 

 

—

 

 

 

363.0

 

Interest expense

 

 

(122.7

)

 

 

—

 

 

 

2.8

 

 

 

(119.9

)

Loss on debt amendments and extinguishments

 

 

(6.9

)

 

 

—

 

 

 

—

 

 

 

(6.9

)

Interest expense - NCM

 

 

(22.0

)

 

 

—

 

 

 

—

 

 

 

(22.0

)

Equity in income of affiliates

 

 

1.4

 

 

 

10.5

 

 

 

—

 

 

 

11.9

 

Other income

 

 

25.0

 

 

 

20.0

 

 

 

(2.8

)

 

 

42.2

 

Total other (expense) income

 

 

(125.2

)

 

 

30.5

 

 

 

—

 

 

 

(94.7

)

Income before income taxes

 

 

237.8

 

 

 

30.5

 

 

 

—

 

 

 

268.3

 

Income tax (benefit) expense

 

 

(62.9

)

 

 

7.1

 

 

 

—

 

 

 

(55.8

)

Net income

 

 

300.7

 

 

 

23.4

 

 

 

—

 

 

 

324.1

 

Less: Net income attributable to noncontrolling interests

 

 

3.2

 

 

 

—

 

 

 

—

 

 

 

3.2

 

Net income attributable to Cinemark USA, Inc.

 

$

297.5

 

 

$

23.4

 

 

$

—

 

 

$

320.9

 

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.

 

 

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED DECEMBER 31, 2024

(in millions)

 

 

Restricted

 

 

Unrestricted

 

 

 

 

 

 

 

 

 

Group

 

 

Group

 

 

Eliminations

 

 

Consolidated

 

Net income

 

$

300.7

 

 

$

23.4

 

 

$

—

 

 

$

324.1

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain due to fair value adjustments on interest rate swap agreements, net of taxes of $3.2 and net of settlements

 

 

1.8

 

 

 

—

 

 

 

—

 

 

 

1.8

 

Foreign currency translation adjustments

 

 

(40.2

)

 

 

—

 

 

 

—

 

 

 

(40.2

)

Total other comprehensive loss, net of tax

 

 

(38.4

)

 

 

—

 

 

 

—

 

 

 

(38.4

)

Total comprehensive income, net of tax

 

 

262.3

 

 

 

23.4

 

 

 

—

 

 

 

285.7

 

Comprehensive income attributable to noncontrolling interests

 

 

(3.2

)

 

 

—

 

 

 

—

 

 

 

(3.2

)

Comprehensive income attributable to Cinemark USA, Inc.

 

$

259.1

 

 

$

23.4

 

 

$

—

 

 

$

282.5

 

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.

 

CINEMARK USA, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

YEAR ENDED DECEMBER 31, 2024

(in millions)

 

 

Restricted

 

 

Unrestricted

 

 

 

 

 

 

 

 

 

Group

 

 

Group

 

 

Eliminations

 

 

Consolidated

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

300.7

 

 

$

23.4

 

 

$

—

 

 

$

324.1

 

Adjustments to reconcile net income to cash provided by operating activities

 

 

88.6

 

 

 

(1.3

)

 

 

—

 

 

 

87.3

 

Changes in assets and liabilities

 

 

67.8

 

 

 

(6.4

)

 

 

—

 

 

 

61.4

 

Net cash provided by operating activities

 

 

457.1

 

 

 

15.7

 

 

 

—

 

 

 

472.8

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Additions to theater properties and equipment

 

 

(150.8

)

 

 

—

 

 

 

—

 

 

 

(150.8

)

Proceeds from sale of assets and other

 

 

3.3

 

 

 

—

 

 

 

—

 

 

 

3.3

 

Proceeds from redemption of common units of NCM

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Investments and loans to affiliates

 

 

(1.5

)

 

 

1.5

 

 

 

 

 

 

—

 

Net cash (used for) provided by investing activities

 

 

(149.0

)

 

 

2.1

 

 

 

—

 

 

 

(146.9

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of 7.00% Senior Notes

 

 

500.0

 

 

 

—

 

 

 

—

 

 

 

500.0

 

Redemption of 5.875% Senior Notes

 

 

(405.0

)

 

 

—

 

 

 

—

 

 

 

(405.0

)

Redemption of 8.75% Secured Notes

 

 

(150.0

)

 

 

—

 

 

 

—

 

 

 

(150.0

)

Payment of debt issuance costs

 

 

(10.3

)

 

 

—

 

 

 

—

 

 

 

(10.3

)

Payment of fees for debt amendments and extinguishments

 

 

(1.6

)

 

 

—

 

 

 

—

 

 

 

(1.6

)

Other repayments of long-term debt

 

 

(12.6

)

 

 

—

 

 

 

—

 

 

 

(12.6

)

Restricted stock withholdings for payroll taxes

 

 

(4.9

)

 

 

—

 

 

 

—

 

 

 

(4.9

)

Payments on finance leases

 

 

(15.3

)

 

 

—

 

 

 

—

 

 

 

(15.3

)

Other financing activities

 

 

(3.4

)

 

 

—

 

 

 

—

 

 

 

(3.4

)

Net cash used for financing activities

 

 

(103.1

)

 

 

—

 

 

 

—

 

 

 

(103.1

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(7.8

)

 

 

—

 

 

 

—

 

 

 

(7.8

)

Increase in cash and cash equivalents

 

 

197.2

 

 

 

17.8

 

 

 

—

 

 

 

215.0

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

496.3

 

 

 

116.1

 

 

 

—

 

 

 

612.4

 

End of year

 

$

693.5

 

 

$

133.9

 

 

$

—

 

 

$

827.4

 

Note: “Restricted Group” and “Unrestricted Group” are defined in the indentures for the senior notes.