Movie-theater stocks may be facing a tough first-quarter domestic box office, but they could be set for upside later this year, according to Macquarie Equity Research. “Theatrical stocks underperformed in ’23 after a difficult ’22 and remain ~60% off of pre-pandemic levels, while questions remain for ’24,” Macquarie analyst Chad Beynon wrote in a note released Monday. “Unfortunately, the outlook for ’24 has questions again, following Hollywood strikes and slower post-pandemic core demand.”He added: “We’re t ...

PLANO, Texas--(BUSINESS WIRE)--Cinemark Holdings, Inc., one of the largest and most influential theatrical exhibition companies in the world, is bringing the most prestigious Hollywood films of 2023 to auditoriums across the nation with the return of its annual Oscar® Movie Week festival. In theaters from Monday, March 4 through Sunday, March 10, Oscar® Movie Week makes it easy for moviegoers to catch up on the celebrated Best Picture and Live Action and Animated Short Film nominees with a convenient, all-i ...

Start Time: 08:30 January 1, 0000 9:41 AM ET Cinemark Holdings, Inc. (NYSE:CNK) Q3 2023 Earnings Conference Call November 03, 2023, 08:30 AM ET Company Participants Sean Gamble - President and CEO Melissa Thomas - CFO Chanda Brashears - SVP of IR Conference Call Participants David Karnovsky - JPMorgan Eric Handler - ROTH MKM Eric Wold - B. Riley Securities Michael Nathanson - MoffettNathanson Ben Swinburne - Morgan Stanley Mike Hickey - Benchmark Jim Goss - Barrington Research Omar Mejias - Wells Fargo Step ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Cinemark Holdings, Inc. and Cinemark USA, Inc., covering balance sheets, income, and cash flows, along with accounting policy notes [Cinemark Holdings, Inc. Financial Statements](index=5&type=section&id=Cinemark%20Holdings%2C%20Inc.%20Financial%20Statements) Cinemark Holdings, Inc. reported a significant turnaround for the nine months ended September 30, 2023, with net income of **$209.1 million** and operating cash flow increasing to **$335.8 million** Cinemark Holdings, Inc. Condensed Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $1,011.0 | $863.6 | | **Total Assets** | $4,811.2 | $4,817.7 | | **Total Current Liabilities** | $651.9 | $708.5 | | **Long-term debt, less current portion** | $2,390.6 | $2,474.0 | | **Total Liabilities** | $4,476.1 | $4,698.2 | | **Total Equity** | $335.1 | $119.5 | Cinemark Holdings, Inc. Condensed Consolidated Statement of Income (Loss) Highlights (in millions) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $874.8 | $650.4 | $2,427.8 | $1,855.0 | | **Operating Income (Loss)** | $145.8 | $18.8 | $342.7 | $(32.8) | | **Net Income (Loss)** | $91.2 | $(23.9) | $209.1 | $(169.2) | | **Diluted EPS** | $0.61 | $(0.20) | $1.43 | $(1.43) | Cinemark Holdings, Inc. Condensed Consolidated Statement of Cash Flows Highlights (in millions) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $335.8 | $27.7 | | **Net cash used for investing activities** | $(74.9) | $(53.3) | | **Net cash used for financing activities** | $(118.0) | $(32.6) | | **Increase (decrease) in cash** | $131.4 | $(75.4) | | **Cash and cash equivalents, end of period** | $805.9 | $631.9 | [Cinemark USA, Inc. Financial Statements](index=12&type=section&id=Cinemark%20USA%2C%20Inc.%20Financial%20Statements) Cinemark USA, Inc. (CUSA) achieved strong performance for the nine months ended September 30, 2023, reporting **$226.6 million** net income and **$347.9 million** in operating cash flow Cinemark USA, Inc. Condensed Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $834.7 | $669.2 | | **Total Assets** | $4,634.9 | $4,623.3 | | **Long-term debt, less current portion** | $1,937.0 | $2,023.0 | | **Total Liabilities** | $4,018.3 | $4,241.4 | | **Total Equity** | $616.6 | $381.9 | Cinemark USA, Inc. Condensed Consolidated Statement of Income (Loss) Highlights (in millions) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $874.8 | $650.4 | $2,427.8 | $1,855.0 | | **Operating Income (Loss)** | $146.5 | $19.5 | $345.2 | $(30.6) | | **Net Income (Loss)** | $98.8 | $(14.6) | $226.6 | $(140.9) | Cinemark USA, Inc. Condensed Consolidated Statement of Cash Flows Highlights (in millions) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $347.9 | $47.0 | | **Net cash used for investing activities** | $(74.9) | $(53.3) | | **Net cash used for financing activities** | $(118.0) | $(32.6) | | **Increase (decrease) in cash** | $143.5 | $(56.1) | | **Cash and cash equivalents, end of period** | $570.8 | $386.6 | [Notes to Condensed Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail the company's accounting policies, covering presentation basis, lease accounting, revenue recognition, debt, investments, share-based compensation, and impairment charges - The company's ongoing recovery from the COVID-19 pandemic is contingent on factors like the volume of new film content, box office performance, and the duration of exclusive theatrical release windows[70](index=70&type=chunk) - In September 2023, the company completed the sale of its Ecuador subsidiary, recognizing a gain of **$6.9 million**[95](index=95&type=chunk)[102](index=102&type=chunk) - On May 26, 2023, CUSA amended its senior secured credit facility, resulting in a **$650.0 million** term loan and a **$125.0 million** revolving credit facility, with net proceeds used to repay the previous term loan[13](index=13&type=chunk) - On May 1, 2023, CUSA redeemed **$100.0 million** in principal of its 8.75% Secured Notes, resulting in a loss on extinguishment of debt of **$3.4 million**[11](index=11&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial recovery, driven by strong film performance, detailing revenue, operating costs, segment performance, and liquidity, including recent debt activities [Results of Operations](index=45&type=section&id=Results%20of%20Operations) The company's results dramatically improved in 2023, with Q3 total revenue growing **34.5%** to **$874.8 million** and nine-month revenue increasing **30.9%** to **$2.43 billion**, driven by higher attendance and prices Q3 2023 vs Q3 2022 Performance Highlights (in millions) | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $874.8 | $650.4 | +34.5% | | **Operating Income** | $145.8 | $18.8 | +675.5% | | **Attendance** | 61.9 | 48.4 | +27.9% | Nine Months 2023 vs 2022 Performance Highlights (in millions) | Metric | Nine Months 2023 | Nine Months 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $2,427.8 | $1,855.0 | +30.9% | | **Operating Income (Loss)** | $342.7 | $(32.8) | N/A | | **Attendance** | 169.2 | 133.5 | +26.7% | - The U.S. segment saw a **27.1%** increase in attendance and a **7.0%** increase in average ticket price in Q3 2023, while the International segment's attendance grew by **29.1%**[185](index=185&type=chunk) - Impairment charges for the nine months of 2023 were significantly lower at **$12.1 million** compared to **$107.5 million** in the same period of 2022, which included a large impairment on the NCM investment[191](index=191&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity strengthened, with operating cash flow for Holdings increasing to **$335.8 million** for the first nine months of 2023, supported by debt refinancing and **$89.7 million** in capital expenditures - Cash provided by operating activities for Holdings was **$335.8 million** for the nine months ended September 30, 2023, a substantial increase from **$27.7 million** in the prior-year period[193](index=193&type=chunk) Capital Expenditures (in millions) | Category | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **New theatres** | $5.4 | $24.8 | | **Existing theatres** | $84.3 | $40.5 | | **Total** | **$89.7** | **$65.3** | - In May 2023, CUSA amended its senior secured credit facility, establishing a **$650.0 million** term loan due 2030 and a **$125.0 million** revolving credit facility due 2028[244](index=244&type=chunk) - CUSA redeemed **$100.0 million** of its 8.75% Secured Notes on May 1, 2023, leaving **$150.0 million** outstanding[220](index=220&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate and foreign currency fluctuations, with a **100 basis point** interest rate increase potentially raising annual interest expense by **$2.0 million** on **$204.0 million** of unhedged variable debt - The company utilizes interest rate swap agreements to hedge a portion of the interest rate risk on its variable-rate term loan debt[253](index=253&type=chunk) - A **100 basis point** increase in interest rates would increase annual interest expense by **$2.0 million** on the **$204.0 million** of unhedged variable rate debt[253](index=253&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that as of September 30, 2023, disclosure controls and procedures were effective[126](index=126&type=chunk) - No material changes to internal control over financial reporting were identified during the third quarter of 2023[274](index=274&type=chunk) [PART II. OTHER INFORMATION](index=61&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, notably appealing a confirmation order in the National CineMedia LLC Bankruptcy regarding its Exhibitor Services Agreement, with an uncertain outcome - The company has appealed a confirmation order from the NCM bankruptcy proceedings concerning its Exhibitor Services Agreement and a 'most favored nations' clause, with an uncertain outcome[128](index=128&type=chunk)[142](index=142&type=chunk) - No other material changes in legal proceedings were reported since the last Annual Report on Form 10-K[257](index=257&type=chunk) [Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes in the company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - There have been no material changes in risk factors from those disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022[275](index=275&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2023, Holdings repurchased **6,210** shares of common stock to satisfy employee tax-withholding obligations upon vesting of restricted and performance stock units Issuer Purchases of Equity Securities (in thousands, except per share data) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **July 2023** | 3.23 | $15.74 | | **August 2023** | 2.98 | $17.53 | | **September 2023** | 0 | N/A | | **Total Q3 2023** | **6.21** | **N/A** | [Other Information](index=62&type=section&id=Item%205.%20Other%20Information) This section provides supplemental unaudited condensed consolidating financial statements for Cinemark USA, Inc., separating its financial information into 'Restricted Group' and 'Unrestricted Group' subsidiaries - Supplemental consolidating financial schedules are provided for CUSA as required by the indentures for its senior notes, separating subsidiaries into Restricted and Unrestricted groups[278](index=278&type=chunk) [Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications under Sarbanes-Oxley and financial statements in iXBRL format - Exhibits include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906[283](index=283&type=chunk) - The financial statements and notes are provided in iXBRL format as Exhibit 101[267](index=267&type=chunk)

Cinemark Holdings, Inc. (NYSE:CNK) Q2 2023 Earnings Conference Call August 4, 2023 8:30 AM ET Company Participants Chanda Brashears - Senior Vice President of Investor Relations Sean Gamble - President & Chief Executive Officer Melissa Thomas - Chief Financial Officer Conference Call Participants Ben Swinburne - Morgan Stanley Robert Fishman - Moffat Nathanson Eric Handler - ROTH MKM Omar Mejias - Wells Fargo David Karnovsky - JPMorgan Jim Goss - Barrington Research Aaron Lee - Macquarie Operator Greetings. ...

The Company determines fair value measurements in accordance with ASC Topic 820, which establishes a fair value hierarchy under which an asset or liability is categorized based on the lowest level of input significant to its fair value measurement. The levels of input defined by ASC Topic 820 are as follows: Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date; Level 2 – other than quoted market prices included in Level 1 that are o ...

Financial Data and Key Metrics Changes - The company generated total revenue growth of 33% year-over-year to more than $610 million in Q1 2023 [104] - Adjusted EBITDA increased by 242% year-over-year to $86 million, resulting in an adjusted EBITDA margin of 14% [76][99] - The company ended the quarter with $650 million in cash and generated positive operating cash flow, with only modestly negative free cash flow [80][135] Business Line Data and Key Metrics Changes - Domestic segment served 25.2 million patrons, an increase of 22% year-over-year, generating $244.7 million in admissions revenue [105] - Domestic concession revenue grew 32% year-over-year to $186.8 million, with concession per cap increasing 9% to $7.41 [77] - International segment delivered $66.3 million in admissions revenue, $49 million in concession revenue, and $16.3 million in other revenue, totaling $131.6 million, a 49% increase [78] Market Data and Key Metrics Changes - North American box office grew by almost 30% versus 2022, driven by strong performances from films like Avatar: The Way of Water and Puss in Boots: The Last Wish [54] - April box office was up almost 55% year-over-year, nearing pre-pandemic averages [90] - The company maintained a market share increase of approximately 100 basis points compared to pre-pandemic levels [71] Company Strategy and Development Direction - The company aims to balance capital allocation with a target net leverage ratio of 2 to 3 times while focusing on deleveraging [4] - Strategic actions include enhancing guest services, optimizing pricing, and expanding revenue channels through online food and beverage ordering and merchandise sales [101][102] - The company is optimistic about the recovery of theatrical exhibition and expects to gain further operating leverage as box office rebounds [81] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the ongoing recovery of theatrical exhibition and the strength of consumer demand for movie-going experiences [41][81] - The company is closely monitoring the impact of the writer strike, noting that the immediate effect is limited, but longer strikes could pose risks to future productions [16][17] - Management highlighted the importance of maintaining a disciplined approach to pricing and marketing spend to encourage movie attendance [123] Other Important Information - The company anticipates approximately $150 million in capital expenditures for the year, focusing on maintaining a high-quality circuit and ROI-generating initiatives [109] - The company has seen a significant increase in alternative content, which accounted for over 8% of box office in Q1, compared to the historical average of around 2% [32] Q&A Session All Questions and Answers Question: What percentage of your box office revenue was premium and how does that compare to the prior year? - The company reported that premium box office as a percentage of total was about 12.5% in the U.S. and about 12% overall, consistent with last year [83] Question: How sustainable should we think about your share at current levels? - The company believes that market share gains are sustainable, supported by a strong content mix that resonated well with audiences [112] Question: Can you discuss the impact of the writer strike? - Management noted that the impact of the writer strike depends on its duration, with longer strikes posing more risk, but current productions are unlikely to be materially affected [16][17] Question: What are your expectations regarding inflationary cost pressures for the balance of the year? - The company expects to see some modest pressure in COGS rates relative to 2022, particularly on commodities, despite some easing in certain prices [120] Question: How do you view pricing opportunities moving forward? - The company sees significant opportunities for organic price increases, as current pricing has increased below inflation since Q1 2019 [155]

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 March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission | Exact Name of Registrant as Specified in its Charter, | State of | I.R.S. Employer | | --- | --- | --- | --- | | File Number | Principal Executive Office Address and Telephone Number | ...

Cinemark Holdings, Inc. (NYSE:CNK) Q4 2022 Earnings Conference Call February 24, 2023 8:30 AM ET Company Participants Chanda Brashears – SVP, IR Sean Gamble - President and CEO Melissa Thomas - CFO Conference Call Participants David Karnovsky - JPMorgan Ben Swinburne - Morgan Stanley Robert Fishman - SVB MoffettNathanson Eric Handler - ROTH MKM Eric Wold - B. Riley Securities Chad Beynon - Macquarie Jim Goss - Barrington Research Mike Hickey - The Benchmark Company Omar Mejias - Wells Fargo Operator Greetin ...

Critical Accounting Policies and Estimates 25 Revenue and Expense Recognition 26 Long-Lived Assets Impairment Evaluaitons We review long-lived assets for impairment indicators on a quarterly basis or whenever events or changes in circumstances indicate the carrying amount of the assets may not be fully recoverable. We also perform a full quantitative impairment evaluation on an annual basis. We assess many factors including the following to determine whether to impair individual theatre assets: • actual the ...