Cinemark Holdings, Inc. Reports Fourth Quarter and Full Year 2023 Results
- None.
- None.
Insights
The reported 25% year-over-year increase in total revenue for Cinemark Holdings indicates a robust recovery and growth trajectory for the company, especially in the context of the challenges faced by the theatrical exhibition industry in recent years. This revenue growth is a key indicator of the company's ability to attract consumers back to theaters, which is crucial given the industry's reliance on box office sales. The reported net income of $191 million and adjusted EBITDA of $594 million, with a 19.4% margin, reflect effective cost management and operational efficiency.
From an investment perspective, the solid free cash flow of $295 million is particularly noteworthy as it suggests that Cinemark has sufficient liquidity to support ongoing operations, invest in strategic initiatives and potentially return value to shareholders through dividends or share buybacks. The cash from operating activities, amounting to $444 million, further underscores the company's financial health. These financial metrics are likely to be well-received by the market, potentially influencing the company's stock positively in the short term.
The emphasis on consumer behavior and product flow as fundamental drivers for Cinemark's business model highlights the importance of understanding market trends and audience preferences within the entertainment industry. The positive financial results may be attributed to successful strategic growth and productivity initiatives, which could include optimizing movie schedules, enhancing customer experience and leveraging technology for marketing and operations.
Long-term implications for stakeholders may include sustained growth if Cinemark continues to adapt to changing consumer patterns, such as the increasing demand for diverse content and premium viewing experiences. However, competition from in-home entertainment platforms remains a significant challenge. Cinemark's ability to differentiate its offering and provide a unique value proposition will be critical in maintaining its market position and ensuring future revenue growth.
The theatrical exhibition sector has faced considerable headwinds with the advent of digital streaming services and changing consumer habits. Cinemark's reported financial success, however, suggests a successful navigation through these industry disruptions. The focus on operational execution and financial discipline may imply strategic measures such as theater renovations, investment in enhanced audio-visual technology and targeted marketing campaigns to improve attendance.
Moreover, the company's optimistic outlook for the future indicates confidence in the resilience of the theatrical experience. It will be important to monitor how Cinemark's strategic initiatives unfold, particularly in leveraging blockbuster releases and alternative content to drive traffic. The company's performance also serves as a bellwether for the health of the industry at large, suggesting that the in-theater experience retains its appeal despite the proliferation of digital alternatives.
Delivered Total Revenue of
Reported
Generated
“2023 represented another year of meaningful progress for our industry and our company,” stated Sean Gamble, Cinemark’s President and CEO. “Key indicators pertaining to the fundamental drivers of our industry – specifically consumer behavior and product flow – were further reinforced, and our team’s outstanding operational execution and financial discipline delivered outsized results across all of our key metrics, including Revenue, Adjusted EBITDA, and Free Cash Flow.”
“We believe our strong 2023 results provide a clear sign that our many ongoing strategic growth and productivity initiatives are driving significant impact. As we look ahead, we remain highly optimistic about the future of our company and our ability to fully capitalize on our industry’s continued recovery given our solid foundation, advantage market position, and the many opportunities that lie before us.”
Earnings Highlights
- Entertained more than 40 million moviegoers during 4Q 2023 and 210 million for FY 2023.
- Delivered domestic box office results that surpassed North American industry recovery relative to FY 2019 by approximately 700 basis points; international admissions outpaced the broader Latin American industry recovery by approximately 600 basis points.
-
Sustained market share growth versus FY 2019 of more than 100 basis points in the
U.S. andLatin America ; remained the only majorU.S. exhibitor to have achieved a meaningful increase in market share since the pandemic. -
Delivered
$3.1 billion 25% year-over-year and within7% of FY 2019. -
Achieved all-time high food & beverage per cap of
$5.68 3% on25% less attendance. -
Reported
$191 million $1.34 -
Grew Adjusted EBITDA
77% to$594 million 19.4% Adjusted EBITDA margin by maximizing box office opportunities and successfully executing strategic initiatives. -
Further strengthened the balance sheet with
$295 million $849 million $100 million
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended December 31, 2023 increased
Net loss attributable to Cinemark Holdings, Inc. for the three months ended December 31, 2023 was
Adjusted EBITDA for the three months ended December 31, 2023 was
Cinemark Holdings, Inc.’s total revenue for the twelve months ended December 31, 2023 increased
Net income attributable to Cinemark Holdings, Inc. for the twelve months ended December 31, 2023 was
Adjusted EBITDA for the twelve months ended December 31, 2023 was
As of December 31, 2023, the Company’s aggregate screen count was 5,719, and the Company had commitments to open 5 new theatres and 43 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
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:
- future revenues, expenses and profitability;
- currency exchange rate and inflationary impacts;
- the future development and expected growth of our business;
- projected capital expenditures;
- access to capital resources;
- attendance at movies generally or in any of the markets in which we operate;
- the number and diversity of popular movies released, the length of exclusive theatrical release windows, and our ability to successfully license and exhibit popular films;
- national and international growth in our industry;
- competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats;
- determinations in lawsuits in which we are a party; and
- the ongoing recovery of our business and the motion picture exhibition industry from the effects of the COVID-19 pandemic and the writers' and actors' guilds strikes.
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 16, 2024. 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.
Cinemark Holdings, Inc. Financial and Operating Summary (unaudited, in millions, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
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|
December 31, |
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|
December 31, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Statement of income (loss) data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Admissions |
|
$ |
322.4 |
|
|
$ |
304.6 |
|
|
$ |
1,555.6 |
|
|
$ |
1,246.9 |
|
Concession |
|
|
243.0 |
|
|
|
225.7 |
|
|
|
1,192.0 |
|
|
|
938.3 |
|
Other |
|
|
73.5 |
|
|
|
69.4 |
|
|
|
319.1 |
|
|
|
269.5 |
|
Total revenue |
|
|
638.9 |
|
|
|
599.7 |
|
|
|
3,066.7 |
|
|
|
2,454.7 |
|
Cost of operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Film rentals and advertising |
|
|
172.8 |
|
|
|
173.3 |
|
|
|
865.7 |
|
|
|
704.4 |
|
Concession supplies |
|
|
47.3 |
|
|
|
40.5 |
|
|
|
221.3 |
|
|
|
169.3 |
|
Salaries and wages |
|
|
96.9 |
|
|
|
95.7 |
|
|
|
403.1 |
|
|
|
372.7 |
|
Facility lease expense |
|
|
78.8 |
|
|
|
77.1 |
|
|
|
329.7 |
|
|
|
308.3 |
|
Utilities and other |
|
|
113.3 |
|
|
|
103.4 |
|
|
|
466.8 |
|
|
|
407.2 |
|
General and administrative expenses |
|
|
54.1 |
|
|
|
43.6 |
|
|
|
198.8 |
|
|
|
177.6 |
|
Depreciation and amortization |
|
|
49.9 |
|
|
|
57.2 |
|
|
|
209.5 |
|
|
|
238.2 |
|
Impairment of long-lived assets |
|
|
4.5 |
|
|
|
66.6 |
|
|
|
16.6 |
|
|
|
174.1 |
|
Restructuring costs |
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
(0.5 |
) |
Loss (gain) on disposal of assets and other |
|
|
1.1 |
|
|
|
(0.4 |
) |
|
|
(7.7 |
) |
|
|
(6.8 |
) |
Total cost of operations |
|
|
618.7 |
|
|
|
656.7 |
|
|
|
2,703.8 |
|
|
|
2,544.5 |
|
Operating income (loss) |
|
|
20.2 |
|
|
|
(57.0 |
) |
|
|
362.9 |
|
|
|
(89.8 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(38.4 |
) |
|
|
(40.7 |
) |
|
|
(150.4 |
) |
|
|
(155.3 |
) |
Interest income |
|
|
14.8 |
|
|
|
9.3 |
|
|
|
55.0 |
|
|
|
20.4 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(10.7 |
) |
|
|
— |
|
Foreign currency exchange and other related loss |
|
|
(9.4 |
) |
|
|
(6.2 |
) |
|
|
(28.8 |
) |
|
|
(11.5 |
) |
Distributions from DCIP |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.7 |
|
Interest expense - NCM |
|
|
(5.6 |
) |
|
|
(5.7 |
) |
|
|
(22.6 |
) |
|
|
(23.2 |
) |
Equity in income (loss) of affiliates |
|
|
2.4 |
|
|
|
(1.8 |
) |
|
|
3.6 |
|
|
|
(9.3 |
) |
Unrealized (loss) gain on investment in NCMI |
|
|
(1.5 |
) |
|
|
— |
|
|
|
12.4 |
|
|
|
— |
|
(Loss) income before income taxes |
|
|
(17.5 |
) |
|
|
(102.1 |
) |
|
|
221.4 |
|
|
|
(265.0 |
) |
Income tax expense (benefit) |
|
|
0.1 |
|
|
|
(3.3 |
) |
|
|
29.9 |
|
|
|
3.0 |
|
Net (loss) income |
|
$ |
(17.6 |
) |
|
$ |
(98.8 |
) |
|
$ |
191.5 |
|
|
$ |
(268.0 |
) |
Less: Net income attributable to noncontrolling interests |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
3.3 |
|
|
|
3.2 |
|
Net (loss) income attributable to Cinemark Holdings, Inc. |
|
$ |
(18.0 |
) |
|
$ |
(99.3 |
) |
|
$ |
188.2 |
|
|
$ |
(271.2 |
) |
(Loss) earnings per share attributable to Cinemark Holdings, Inc.'s common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.15 |
) |
|
$ |
(0.82 |
) |
|
$ |
1.55 |
|
|
$ |
(2.26 |
) |
Diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.82 |
) |
|
$ |
1.34 |
|
|
$ |
(2.26 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
119.2 |
|
|
|
118.5 |
|
|
|
119.1 |
|
|
|
118.2 |
|
Diluted |
|
|
119.2 |
|
|
|
118.5 |
|
|
|
152.0 |
|
|
|
118.2 |
|
Other Operating Data (unaudited, in millions) |
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|
As of December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Balance sheet data: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
849.1 |
|
|
$ |
674.5 |
|
Theatre properties and equipment, net |
|
$ |
1,161.7 |
|
|
$ |
1,232.1 |
|
Total assets |
|
$ |
4,836.8 |
|
|
$ |
4,817.7 |
|
Long-term debt, net of unamortized debt issuance costs and original issue discount |
|
$ |
2,399.1 |
|
|
$ |
2,484.7 |
|
Total equity |
|
$ |
318.8 |
|
|
$ |
119.5 |
|
|
Twelve Months Ended December 31, |
|
||||||
|
|
2023 |
|
|
2022 |
|
||
Cash flows provided by (used for): |
|
|
|
|
|
|
||
Operating activities (1) |
|
$ |
444.3 |
|
|
$ |
136.0 |
|
Investing activities |
|
$ |
(131.8 |
) |
|
$ |
(96.3 |
) |
Financing activities |
|
$ |
(125.4 |
) |
|
$ |
(52.2 |
) |
(1) |
We define free cash flow as cash flow provided by operating activities less capital expenditures. A reconciliation of cash flow provided by operating activities to free cash flow is provided below: |
|
|
Twelve Months Ended December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|||
Reconciliation of free cash flow: |
|
|
|
|
|
|
||
Cash flows provided by operating activities |
|
$ |
444.3 |
|
|
$ |
136.0 |
|
Less: Capital expenditures |
|
|
(149.5 |
) |
|
|
(110.7 |
) |
Free cash flow |
|
$ |
294.8 |
|
|
$ |
25.3 |
|
Segment Information (unaudited, in millions, except per patron data) |
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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
|
|
|
Constant
|
|
|
Three Months Ended
|
|
||||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||||
Revenue and Attendance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Admissions revenue |
|
$ |
267.5 |
|
|
$ |
251.1 |
|
|
$ |
54.9 |
|
|
$ |
53.5 |
|
|
$ |
72.1 |
|
|
$ |
322.4 |
|
|
$ |
304.6 |
|
Concession revenue |
|
|
200.9 |
|
|
|
186.5 |
|
|
|
42.1 |
|
|
|
39.2 |
|
|
|
54.9 |
|
|
|
243.0 |
|
|
|
225.7 |
|
Other revenue |
|
|
50.4 |
|
|
|
48.1 |
|
|
|
23.1 |
|
|
|
21.3 |
|
|
29.8 |
|
|
|
73.5 |
|
|
|
69.4 |
|
|
Total revenue |
|
$ |
518.8 |
|
|
$ |
485.7 |
|
|
$ |
120.1 |
|
|
$ |
114.0 |
|
|
$ |
156.8 |
|
|
$ |
638.9 |
|
|
$ |
599.7 |
|
Attendance |
|
|
26.2 |
|
|
|
25.1 |
|
|
|
14.4 |
|
|
|
14.1 |
|
|
|
|
|
|
40.6 |
|
|
|
39.2 |
|
|
Average ticket price |
|
$ |
10.21 |
|
|
$ |
10.00 |
|
|
$ |
3.81 |
|
|
$ |
3.79 |
|
|
$ |
5.01 |
|
|
$ |
7.94 |
|
|
$ |
7.77 |
|
Concession revenue per patron |
|
$ |
7.67 |
|
|
$ |
7.43 |
|
|
$ |
2.92 |
|
|
$ |
2.78 |
|
|
$ |
3.81 |
|
|
$ |
5.99 |
|
|
$ |
5.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Film rentals and advertising |
|
$ |
145.0 |
|
|
$ |
145.4 |
|
|
$ |
27.8 |
|
|
$ |
27.9 |
|
|
$ |
37.2 |
|
|
$ |
172.8 |
|
|
$ |
173.3 |
|
Concession supplies |
|
|
38.1 |
|
|
|
31.6 |
|
|
|
9.2 |
|
|
|
8.9 |
|
|
|
11.8 |
|
|
|
47.3 |
|
|
|
40.5 |
|
Salaries and wages |
|
|
80.8 |
|
|
|
81.3 |
|
|
|
16.1 |
|
|
|
14.4 |
|
|
|
21.4 |
|
|
|
96.9 |
|
|
|
95.7 |
|
Facility lease expense |
|
|
61.7 |
|
|
|
62.5 |
|
|
|
17.1 |
|
|
|
14.6 |
|
|
|
19.7 |
|
|
|
78.8 |
|
|
|
77.1 |
|
Utilities and other |
|
|
85.7 |
|
|
|
78.9 |
|
|
|
27.6 |
|
|
|
24.5 |
|
|
|
34.6 |
|
|
|
113.3 |
|
|
|
103.4 |
|
|
|
|
|
International Operating Segment |
|
|
Consolidated |
|
||||||||||||||||||||
|
|
Twelve Months Ended
|
|
|
Twelve Months Ended
|
|
|
Constant
|
|
|
Twelve Months Ended
|
|
||||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||||
Revenue and Attendance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Admissions revenue |
|
$ |
1,236.0 |
|
|
$ |
1,010.2 |
|
|
$ |
319.6 |
|
|
$ |
236.7 |
|
|
$ |
393.1 |
|
|
$ |
1,555.6 |
|
|
$ |
1,246.9 |
|
Concession revenue |
|
|
952.0 |
|
|
|
763.0 |
|
|
|
240.0 |
|
|
|
175.3 |
|
|
|
296.5 |
|
|
|
1,192.0 |
|
|
|
938.3 |
|
Other revenue |
|
|
227.3 |
|
|
|
197.0 |
|
|
|
91.8 |
|
|
|
72.5 |
|
|
|
113.9 |
|
|
|
319.1 |
|
|
|
269.5 |
|
Total revenue |
|
$ |
2,415.3 |
|
|
$ |
1,970.2 |
|
|
$ |
651.4 |
|
|
$ |
484.5 |
|
|
$ |
803.5 |
|
|
$ |
3,066.7 |
|
|
$ |
2,454.7 |
|
Attendance |
|
|
127.7 |
|
|
|
109.3 |
|
|
|
82.1 |
|
|
|
63.4 |
|
|
|
|
|
|
209.8 |
|
|
|
172.7 |
|
|
Average ticket price |
|
$ |
9.68 |
|
|
$ |
9.24 |
|
|
$ |
3.89 |
|
|
$ |
3.73 |
|
|
$ |
4.79 |
|
|
$ |
7.41 |
|
|
$ |
7.22 |
|
Concession revenue per patron |
|
$ |
7.45 |
|
|
$ |
6.98 |
|
|
$ |
2.92 |
|
|
$ |
2.76 |
|
|
$ |
3.61 |
|
|
$ |
5.68 |
|
|
$ |
5.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Film rentals and advertising |
|
$ |
703.6 |
|
|
$ |
584.4 |
|
|
$ |
162.1 |
|
|
$ |
120.0 |
|
|
$ |
202.4 |
|
|
$ |
865.7 |
|
|
$ |
704.4 |
|
Concession supplies |
|
|
169.1 |
|
|
|
130.5 |
|
|
|
52.2 |
|
|
|
38.8 |
|
|
|
64.4 |
|
|
|
221.3 |
|
|
|
169.3 |
|
Salaries and wages |
|
|
333.8 |
|
|
|
314.7 |
|
|
|
69.3 |
|
|
|
58.0 |
|
|
|
88.3 |
|
|
|
403.1 |
|
|
|
372.7 |
|
Facility lease expense |
|
|
246.6 |
|
|
|
250.1 |
|
|
|
83.1 |
|
|
|
58.2 |
|
|
|
95.7 |
|
|
|
329.7 |
|
|
|
308.3 |
|
Utilities and other |
|
|
355.4 |
|
|
|
313.7 |
|
|
|
111.4 |
|
|
|
93.5 |
|
|
|
136.7 |
|
|
|
466.8 |
|
|
|
407.2 |
|
(1) |
Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2022. We translate the results of our international operating segment from local currencies into |
Other Segment Information (unaudited, in millions) |
||||||||||||||||
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|||||
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
$ |
68.5 |
|
|
$ |
59.5 |
|
|
$ |
463.9 |
|
|
$ |
255.7 |
|
International |
|
|
11.1 |
|
|
|
14.0 |
|
|
|
130.2 |
|
|
|
80.8 |
|
Total Adjusted EBITDA |
|
$ |
79.6 |
|
|
$ |
73.5 |
|
|
$ |
594.1 |
|
|
$ |
336.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
40.8 |
|
|
$ |
36.5 |
|
|
$ |
111.5 |
|
|
$ |
87.2 |
|
International |
|
|
19.0 |
|
|
|
8.9 |
|
|
|
38.0 |
|
|
|
23.5 |
|
Total capital expenditures |
|
$ |
59.8 |
|
|
$ |
45.4 |
|
|
$ |
149.5 |
|
|
$ |
110.7 |
|
(1) |
Adjusted EBITDA represents net income (loss) before income taxes, depreciation and amortization expense and other items, as calculated below. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for incentive compensation purposes. A reconciliation of net income (loss) to Adjusted EBITDA is provided below. |
Reconciliation of Adjusted EBITDA (unaudited, in millions) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Net (loss) income |
|
$ |
(17.6 |
) |
|
$ |
(98.8 |
) |
|
$ |
191.5 |
|
|
$ |
(268.0 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense (benefit) |
|
|
0.1 |
|
|
|
(3.3 |
) |
|
|
29.9 |
|
|
|
3.0 |
|
Interest expense (1) |
|
|
38.4 |
|
|
|
40.7 |
|
|
|
150.4 |
|
|
|
155.3 |
|
Other (income) expense, net (2) |
|
|
(0.7 |
) |
|
4.4 |
|
|
|
(19.6 |
) |
|
23.6 |
|
||
Cash distributions from other equity investees (3) |
|
|
2.5 |
|
|
|
5.4 |
|
|
|
5.7 |
|
|
|
6.9 |
|
Depreciation and amortization |
|
|
49.9 |
|
|
|
57.2 |
|
|
|
209.5 |
|
|
|
238.2 |
|
Impairment of long-lived assets |
|
|
4.5 |
|
|
|
66.6 |
|
|
|
16.6 |
|
|
|
174.1 |
|
Restructuring costs |
|
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
(0.5 |
) |
Loss (gain) on disposal of assets and other |
|
|
1.1 |
|
|
|
(0.4 |
) |
|
|
(7.7 |
) |
|
|
(6.8 |
) |
Loss on debt extinguishment and refinancing |
|
|
— |
|
|
|
— |
|
|
|
10.7 |
|
|
|
— |
|
Non-cash rent |
|
|
(4.7 |
) |
|
|
(3.3 |
) |
|
|
(17.9 |
) |
|
|
(10.8 |
) |
Share-based awards compensation expense (4) |
|
|
6.1 |
|
|
|
5.3 |
|
|
|
25.0 |
|
|
21.5 |
|
|
Adjusted EBITDA |
|
$ |
79.6 |
|
|
$ |
73.5 |
|
|
$ |
594.1 |
|
$ |
336.5 |
||
(1) |
|
Includes amortization of debt issuance costs, amortization of original issue discount and amortization of accumulated gains (losses) for amended swap agreements. |
(2) |
|
Includes interest income, foreign currency exchange and other related loss, interest expense - NCM, equity in income (loss) of affiliates and unrealized gain on investment in NCMI. |
(3) |
|
Includes cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the |
(4) |
|
Non-cash expense included in general and administrative expenses. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240216560843/en/
Investor Relations Contact:
Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com
Media Contact:
Julia McCartha – 972-665-1322 or pr@cinemark.com
Source: Cinemark Holdings, Inc.
FAQ
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