Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | ||
Mar. 31, 2024 | Apr. 26, 2024 | Dec. 31, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Registrant Name | Cinemark Holdings, Inc. | ||
Entity Central Index Key | 0001385280 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 001-33401 | ||
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 | ||
Entity Incorporation, State or Country Code | DE | ||
Document Quarterly Report | true | ||
Document Transition Report | false | ||
Title of Each Class | Common stock, par value $.001 per share | ||
Trading Symbol(s) | CNK | ||
Name of each exchange on which registered | NYSE | ||
CNK | |||
Document Information [Line Items] | |||
Common Stock, Shares, Issued | 128,622,514 | 122,346,365 | 127,598,774 |
Entity Common Stock, Shares Outstanding | 122,346,365 | ||
CUSA | |||
Document Information [Line Items] | |||
Entity Registrant Name | Cinemark USA, Inc. | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 33-47040 | ||
Entity Tax Identification Number | 75-2206284 | ||
Entity Address, Address Line One | 3900 Dallas Parkway | ||
Entity Address, City or Town | Plano | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75093 | ||
City Area Code | 972 | ||
Local Phone Number | 665-1000 | ||
Entity Incorporation, State or Country Code | TX | ||
Common Class A [Member] | CUSA | |||
Document Information [Line Items] | |||
Common Stock, Shares, Issued | 1,500 | 1,500 | |
Entity Common Stock, Shares Outstanding | 1,500 | ||
Common Class B [Member] | CUSA | |||
Document Information [Line Items] | |||
Common Stock, Shares, Issued | 239,893 | 239,893 | |
Entity Common Stock, Shares Outstanding | 182,648 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Other long-term assets | |||
Goodwill | [1] | $ 1,248.8 | $ 1,251 |
Intangible assets, net | 302.3 | 302.8 | |
Long-term deferred tax asset | 7.7 | ||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Treasury stock | (102.5) | (98.3) | |
CNK [Member] | |||
Current assets | |||
Cash and cash equivalents | 788.6 | 849.1 | |
Inventories | 23.7 | 23.3 | |
Accounts receivable | 74.4 | 80.4 | |
Current income tax receivable | 53 | 56.7 | |
Prepaid expenses and other | 44.7 | 50.5 | |
Total current assets | 984.4 | 1,060 | |
Theatre properties and equipment, net | 1,159.7 | 1,161.7 | |
Operating lease right-of-use assets, net | 973.8 | 986.4 | |
Other long-term assets | |||
Goodwill | 1,248.8 | 1,251 | |
Intangible assets, net | 302.3 | 302.8 | |
Investments in affiliates | 26.1 | 23.6 | |
Long-term deferred tax asset | 30.1 | 7.7 | |
Deferred charges and other assets, net | 32.4 | 25.5 | |
Total other long-term assets | 1,662.2 | 1,628.7 | |
Total assets | 4,780.1 | 4,836.8 | |
Current liabilities | |||
Current portion of long-term debt | 7.8 | 7.8 | |
Current portion of operating lease obligations | 207.3 | 212.5 | |
Current portion of finance lease obligations | 15.5 | 14 | |
Current income tax payable | 5.5 | 4.2 | |
Accounts payable and accrued expenses | 427.9 | 491.8 | |
Total current liabilities | 664 | 730.3 | |
Long-term liabilities | |||
Long-term debt, less current portion | [2] | 2,391.6 | 2,391.3 |
Operating lease obligations, less current portion | 840.9 | 853.3 | |
Finance lease obligations, less current portion | 95.7 | 73.8 | |
Long-term deferred tax liability | 36.7 | 51.7 | |
Long-term liability for uncertain tax positions | 48.9 | 48 | |
NCM screen advertising advances | 325.8 | 328.4 | |
Other long-term liabilities | 41.1 | 41.2 | |
Total long-term liabilities | 3,780.7 | 3,787.7 | |
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock | 0.1 | 0.1 | |
Treasury stock | (102.5) | (98.3) | |
Additional paid-in-capital | 1,250.7 | 1,244.3 | |
Accumulated deficit | (447.6) | (472.4) | |
Accumulated other comprehensive loss | (374.3) | (363.9) | |
Total Cinemark Holdings, Inc.'s stockholders' equity | 326.4 | 309.8 | |
Noncontrolling interests | 9 | 9 | |
Total equity | 335.4 | 318.8 | |
Total liabilities and equity | 4,780.1 | 4,836.8 | |
CNK [Member] | NCMI | |||
Other long-term assets | |||
Investment | 22.5 | 18.1 | |
CUSA [Member] | |||
Current assets | |||
Cash and cash equivalents | 558.2 | 612.4 | |
Inventories | 23.7 | 23.3 | |
Accounts receivable | 73 | 78.2 | |
Current income tax receivable | 52.4 | 56.1 | |
Prepaid expenses and other | 44.6 | 50.5 | |
Accounts receivable from parent | 64.8 | 58.6 | |
Total current assets | 816.7 | 879.1 | |
Theatre properties and equipment, net | 1,159.7 | 1,161.7 | |
Operating lease right-of-use assets, net | 973.8 | 986.4 | |
Other long-term assets | |||
Goodwill | 1,248.8 | 1,251 | |
Intangible assets, net | 302.3 | 302.8 | |
Investments in affiliates | 26.1 | 23.6 | |
Long-term deferred tax asset | 30.1 | 7.7 | |
Deferred charges and other assets, net | 32.4 | 25.5 | |
Total other long-term assets | 1,662.2 | 1,628.7 | |
Total assets | 4,612.4 | 4,655.9 | |
Current liabilities | |||
Current portion of long-term debt | 7.8 | 7.8 | |
Current portion of operating lease obligations | 207.3 | 212.5 | |
Current portion of finance lease obligations | 15.5 | 14 | |
Current income tax payable | 5.5 | 4.2 | |
Accounts payable and accrued expenses | 424.8 | 483.9 | |
Total current liabilities | 660.9 | 722.4 | |
Long-term liabilities | |||
Long-term debt, less current portion | 1,936.3 | 1,936.8 | |
Operating lease obligations, less current portion | 840.9 | 853.3 | |
Finance lease obligations, less current portion | 95.7 | 73.8 | |
Long-term deferred tax liability | 39.5 | 51.7 | |
Long-term liability for uncertain tax positions | 48.9 | 48 | |
NCM screen advertising advances | 325.8 | 328.4 | |
Other long-term liabilities | 41.1 | 41.2 | |
Total long-term liabilities | 3,328.2 | 3,333.2 | |
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Treasury stock | (24.2) | (24.2) | |
Additional paid-in-capital | 1,509.3 | 1,503.3 | |
Accumulated deficit | (543.2) | (570.6) | |
Accumulated other comprehensive loss | (377.1) | (366.7) | |
Total Cinemark Holdings, Inc.'s stockholders' equity | 614.3 | 591.3 | |
Noncontrolling interests | 9 | 9 | |
Total equity | 623.3 | 600.3 | |
Total liabilities and equity | 4,612.4 | 4,655.9 | |
CUSA [Member] | NCMI | |||
Other long-term assets | |||
Investment | 22.5 | 18.1 | |
CUSA [Member] | Common Class A [Member] | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock | 0 | 0 | |
CUSA [Member] | Common Class B [Member] | |||
Cinemark Holdings, Inc.'s stockholders' equity: | |||
Common stock | 49.5 | 49.5 | |
Total equity | $ 49.5 | $ 49.5 | |
[1] Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2024 at Note 12. The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 4.50 % Convertible Senior Notes due August 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Treasury stock | 6,270,000 | 6,000,000 |
CNK [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 128,622,514 | 127,598,774 |
Common stock, shares outstanding | 122,348,675 | 121,596,206 |
Treasury stock | 6,273,839 | 6,002,568 |
Common Class A [Member] | CUSA [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 1,500 | 1,500 |
Common stock, shares outstanding | 1,500 | 1,500 |
Common Class B [Member] | CUSA [Member] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 239,893 | 239,893 |
Common stock, shares outstanding | 182,648 | 182,648 |
Treasury stock | 57,245 | 57,245 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Revenue | |||
Total revenue | $ 579.2 | $ 610.7 | |
Cost of operations | |||
Depreciation and amortization | 49.4 | 54.9 | |
Impairment of long-lived and other assets | 0 | 0.7 | |
Other income (expense) | |||
Interest expense | [1] | (37.7) | (36.8) |
Net income (loss) attributable to Cinemark Holdings, Inc. | $ 24.8 | $ (3.1) | |
Weighted average shares outstanding | |||
Basic | 119.5 | 118.8 | |
Diluted | 152.4 | 118.8 | |
Income (loss) per share attributable to Cinemark Holdings, Inc.'s common stockholders | |||
Basic | $ 0.2 | $ (0.03) | |
Diluted | $ 0.19 | $ (0.03) | |
NCM | |||
Other income (expense) | |||
Interest expense - NCM | $ (5.5) | $ (5.7) | |
CNK | |||
Revenue | |||
Total revenue | 579.2 | 610.7 | |
Cost of operations | |||
Film rentals and advertising | 154.3 | 166.7 | |
Concession supplies | 44 | 43.6 | |
Salaries and wages | 86.9 | 86.2 | |
Facility lease expense | 77.3 | 79.5 | |
Utilities and other | 100.4 | 103.8 | |
General and administrative expense | 48.9 | 46.5 | |
Depreciation and amortization | 49.4 | 54.9 | |
Impairment of long-lived and other assets | 0 | 0.7 | |
Loss on disposal of assets and other | 0.4 | 0.3 | |
Total cost of operations | 561.6 | 582.2 | |
Operating income | 17.6 | 28.5 | |
Other income (expense) | |||
Interest expense | (37.7) | (36.8) | |
Interest income | 13.6 | 11.9 | |
Foreign currency exchange gain (loss) | 1.4 | (2.2) | |
Equity in income (loss) of affiliates | 3.8 | (2.1) | |
Unrealized gain on investment in NCMI | 4.4 | 0 | |
Total other expense | (20) | (34.9) | |
Loss before income taxes | (2.4) | (6.4) | |
Income tax benefit | (27.7) | (3.9) | |
Net income (loss) | 25.3 | (2.5) | |
Less: Net income attributable to noncontrolling interests | 0.5 | 0.6 | |
Net income (loss) attributable to Cinemark Holdings, Inc. | $ 24.8 | $ (3.1) | |
Weighted average shares outstanding | |||
Basic | 119.5 | 118.8 | |
Diluted | 152.4 | 118.8 | |
Income (loss) per share attributable to Cinemark Holdings, Inc.'s common stockholders | |||
Basic | $ 0.2 | $ (0.03) | |
Diluted | $ 0.19 | $ (0.03) | |
CNK | NCM | |||
Other income (expense) | |||
Interest expense - NCM | $ (5.5) | $ (5.7) | |
CNK | Admissions | |||
Revenue | |||
Total revenue | 289.8 | 311 | |
CNK | Concession | |||
Revenue | |||
Total revenue | 224.2 | 235.8 | |
CNK | Other | |||
Revenue | |||
Total revenue | 65.2 | 63.9 | |
CUSA | |||
Revenue | |||
Total revenue | 579.2 | 610.7 | |
Cost of operations | |||
Film rentals and advertising | 154.3 | 166.7 | |
Concession supplies | 44 | 43.6 | |
Salaries and wages | 86.9 | 86.2 | |
Facility lease expense | 77.3 | 79.5 | |
Utilities and other | 100.4 | 103.8 | |
General and administrative expense | 48 | 45.6 | |
Depreciation and amortization | 49.4 | 54.9 | |
Impairment of long-lived and other assets | 0 | 0.7 | |
Loss on disposal of assets and other | 0.4 | 0.3 | |
Total cost of operations | 560.7 | 581.3 | |
Operating income | 18.5 | 29.4 | |
Other income (expense) | |||
Interest expense | (31.6) | (30.8) | |
Interest income | 10.3 | 9.2 | |
Foreign currency exchange gain (loss) | 1.4 | (2.2) | |
Equity in income (loss) of affiliates | 3.8 | (2.1) | |
Unrealized gain on investment in NCMI | 4.4 | 0 | |
Total other expense | (17.2) | (31.6) | |
Loss before income taxes | 1.3 | (2.2) | |
Income tax benefit | (26.6) | (8.5) | |
Net income (loss) | 27.9 | 6.3 | |
Less: Net income attributable to noncontrolling interests | 0.5 | 0.6 | |
Net income (loss) attributable to Cinemark Holdings, Inc. | 27.4 | 5.7 | |
CUSA | NCM | |||
Other income (expense) | |||
Interest expense - NCM | (5.5) | (5.7) | |
CUSA | Admissions | |||
Revenue | |||
Total revenue | 289.8 | 311 | |
CUSA | Concession | |||
Revenue | |||
Total revenue | 224.2 | 235.8 | |
CUSA | Other | |||
Revenue | |||
Total revenue | $ 65.2 | $ 63.9 | |
[1] Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated gains for amended swap agreements. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other comprehensive (loss) income, net of tax | ||
Foreign currency translation adjustments | $ (10.8) | $ 8.1 |
CNK | ||
Net income (loss) | 25.3 | (2.5) |
Other comprehensive (loss) income, net of tax | ||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | 3.5 | (3.4) |
Foreign currency translation adjustments | (10.8) | 8.1 |
Total other comprehensive (loss) income, net of tax | (7.3) | 4.7 |
Total comprehensive income , net of tax | 18 | 2.2 |
Comprehensive income attributable to noncontrolling interests | (0.5) | (0.6) |
Comprehensive income attributable to Cinemark USA, Inc. | 17.5 | 1.6 |
CUSA | ||
Net income (loss) | 27.9 | 6.3 |
Other comprehensive (loss) income, net of tax | ||
Unrealized gain (loss) due to fair value adjustments on interest rate swap agreements, net of taxes and settlements | 3.5 | (3.4) |
Foreign currency translation adjustments | (10.8) | 8.1 |
Total other comprehensive (loss) income, net of tax | (7.3) | 4.7 |
Total comprehensive income , net of tax | 20.6 | 11 |
Comprehensive income attributable to noncontrolling interests | (0.5) | (0.6) |
Comprehensive income attributable to Cinemark USA, Inc. | $ 20.1 | $ 10.4 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | CNK | CNK Common Stock | CNK Treasury Stock | CNK Additional Paid-In-Capital | CNK Accumulated Deficit | CNK Accumulated Other Comprehensive Loss | CNK Total Cinemark Holdings, Inc.'s Stockholders' Equity | CNK Noncontrolling Interests | CUSA | CUSA Class B Common Stock Member | CUSA Common Stock Class A Common Stock Member | CUSA Treasury Stock | CUSA Additional Paid-In-Capital | CUSA Accumulated Deficit | CUSA Accumulated Other Comprehensive Loss | CUSA Total Cinemark Holdings, Inc.'s Stockholders' Equity | CUSA Noncontrolling Interests |
Balance, beginning of period at Dec. 31, 2022 | $ 119.5 | $ 0.1 | $ (95.4) | $ 1,219.3 | $ (660.6) | $ (353.2) | $ 110.2 | $ 9.3 | $ 381.9 | $ 49.5 | $ 0 | $ (24.2) | $ 1,479.5 | $ (775.9) | $ (356.3) | $ 372.6 | $ 9.3 |
Balance (in shares) beginning of period at Dec. 31, 2022 | 126,100,000 | 200,000 | 0 | ||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested | (2.1) | (2.1) | (2.1) | ||||||||||||||
Issuance of stock share upon vesting of performance stock units | 100,000 | ||||||||||||||||
Issuance of share based awards and share based awards compensation expense | 5.7 | 5.7 | 5.7 | ||||||||||||||
Issuance of share based awards and share based awards compensation expense, (in shares) | 1,300,000 | ||||||||||||||||
Share based awards compensation expense | 5.4 | 5.4 | 5.4 | ||||||||||||||
Net income | (2.5) | (3.1) | (3.1) | 0.6 | 6.3 | 5.7 | 5.7 | 0.6 | |||||||||
Amortization of accumulated gains (losses) for amended swap agreements | (1.5) | (1.5) | (1.5) | 1.5 | 1.5 | 1.5 | |||||||||||
Other comprehensive income | 4.7 | 4.7 | 4.7 | 4.7 | 4.7 | 4.7 | |||||||||||
Balance, end of period at Mar. 31, 2023 | 123.8 | $ 0.1 | (97.5) | 1,225 | (663.7) | (350) | 113.9 | 9.9 | 396.8 | $ 49.5 | $ 0 | (24.2) | 1,484.9 | (770.2) | (353.1) | 386.9 | 9.9 |
Balance (in shares) ending of period at Mar. 31, 2023 | 127,500,000 | 200,000 | 0 | ||||||||||||||
Balance, beginning of period at Dec. 31, 2023 | 318.8 | $ 0.1 | (98.3) | 1,244.3 | (472.4) | (363.9) | 309.8 | 9 | 600.3 | $ 49.5 | $ 0 | (24.2) | 1,503.3 | (570.6) | (366.7) | 591.3 | 9 |
Balance (in shares) beginning of period at Dec. 31, 2023 | 127,600,000 | 200,000 | 0 | ||||||||||||||
Restricted stock forfeitures and stock withholdings related to share based awards that vested | (4.2) | (4.2) | (4.2) | ||||||||||||||
Issuance of stock share upon vesting of performance stock units | 100,000 | ||||||||||||||||
Issuance of share based awards and share based awards compensation expense | 6.4 | 6.4 | 6.4 | ||||||||||||||
Issuance of share based awards and share based awards compensation expense, (in shares) | 900,000 | ||||||||||||||||
Share based awards compensation expense | 6 | 6 | 6 | ||||||||||||||
Net income | 25.3 | 24.8 | 24.8 | 0.5 | 27.9 | 27.4 | 27.4 | 0.5 | |||||||||
Distributions to noncontrolling interests | (0.5) | (0.5) | (0.5) | (0.5) | |||||||||||||
Amortization of accumulated gains (losses) for amended swap agreements | (3.1) | (3.1) | (3.1) | (3.1) | (3.1) | (3.1) | |||||||||||
Other comprehensive income | (7.3) | (7.3) | (7.3) | (7.3) | (7.3) | (7.3) | |||||||||||
Balance, end of period at Mar. 31, 2024 | $ 335.4 | $ 0.1 | $ (102.5) | $ 1,250.7 | $ (447.6) | $ (374.3) | $ 326.4 | $ 9 | $ 623.3 | $ 49.5 | $ 0 | $ (24.2) | $ 1,509.3 | $ (543.2) | $ (377.1) | $ 614.3 | $ 9 |
Balance (in shares) ending of period at Mar. 31, 2024 | 128,600,000 | 200,000 | 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: | ||
Impairment of long-lived and other assets | $ 0 | $ 0.7 |
Share based awards compensation expense | 6.4 | 5.7 |
Non-cash rent expense | (4.4) | (3.9) |
Deferred income tax expense | 33.7 | |
Financing activities | ||
Payments on finance leases | (3.7) | (3.5) |
CNK | ||
Operating activities | ||
Net income (loss) | 25.3 | (2.5) |
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: | ||
Depreciation | 48.9 | 54.4 |
Amortization of intangible and other assets | 0.5 | 0.5 |
Amortization of original issue discount and debt issuance costs | 2.4 | 2.7 |
Amortization of accumulated gains for amended swap agreements | (3.1) | (1.5) |
Impairment of long-lived and other assets | 0 | 0.7 |
Share based awards compensation expense | 6.4 | 5.7 |
Loss on disposal of assets and other | 0.4 | 0.3 |
Unrealized gain on investment in NCMI | (4.4) | 0 |
Non-cash rent expense | (4.4) | (3.9) |
Equity in income (loss) of affiliates | (3.8) | 2.1 |
Deferred income tax expense | (37.1) | (8.8) |
Distributions from equity investees | 1.3 | 0 |
Changes in assets and liabilities and other | (52.5) | (39.4) |
Net cash (used for) provided by operating activities | (22.7) | 7.9 |
Investing activities | ||
Additions to theatre properties and equipment | (23.5) | (26.3) |
Proceeds from sale of theatre properties and equipment and other | 0.2 | 0 |
Net cash used for investing activities | (23.3) | (26.3) |
Financing activities | ||
Repayments of long-term debt | (1.9) | (2.6) |
Restricted stock withholdings for payroll taxes | (4.2) | (2) |
Payments on finance leases | (3.7) | (3.5) |
Other financing activities | (0.6) | 3.2 |
Net cash used for financing activities | (10.4) | (4.9) |
Effect of exchange rate changes on cash and cash equivalents | (4.1) | (1.1) |
Decrease in cash and cash equivalents | (60.5) | (24.4) |
Cash and cash equivalents: | ||
Beginning of period | 849.1 | 674.5 |
End of period | 788.6 | 650.1 |
CUSA | ||
Operating activities | ||
Net income (loss) | 27.9 | 6.3 |
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: | ||
Depreciation | 48.9 | 54.4 |
Amortization of intangible and other assets | 0.5 | 0.5 |
Amortization of original issue discount and debt issuance costs | 1.6 | 1.9 |
Amortization of accumulated gains for amended swap agreements | (3.1) | (1.5) |
Impairment of long-lived and other assets | 0 | 0.7 |
Share based awards compensation expense | 6 | 5.4 |
Loss on disposal of assets and other | 0.4 | 0.3 |
Unrealized gain on investment in NCMI | (4.4) | 0 |
Non-cash rent expense | (4.4) | (3.9) |
Equity in income (loss) of affiliates | (3.8) | 2.1 |
Deferred income tax expense | (34.3) | (13.3) |
Distributions from equity investees | 1.3 | 0 |
Changes in assets and liabilities and other | (50.4) | (34.8) |
Net cash (used for) provided by operating activities | (16.4) | 15.7 |
Investing activities | ||
Additions to theatre properties and equipment | (23.5) | (26.3) |
Proceeds from sale of theatre properties and equipment and other | 0.2 | 0 |
Net cash used for investing activities | (23.3) | (26.3) |
Financing activities | ||
Repayments of long-term debt | (1.9) | (2.6) |
Restricted stock withholdings for payroll taxes | (4.2) | (2) |
Payments on finance leases | (3.7) | (3.5) |
Other financing activities | (0.6) | 3.2 |
Net cash used for financing activities | (10.4) | (4.9) |
Effect of exchange rate changes on cash and cash equivalents | (4.1) | (1.1) |
Decrease in cash and cash equivalents | (54.2) | (16.6) |
Cash and cash equivalents: | ||
Beginning of period | 612.4 | 427.3 |
End of period | 558.2 | 410.7 |
NCM | CNK | ||
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: | ||
Interest accrued on NCM screen advertising advances | 5.5 | 5.7 |
Amortization of NCM screen advertising advances and other deferred revenues | (8.1) | (8.1) |
NCM | CUSA | ||
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: | ||
Interest accrued on NCM screen advertising advances | 5.5 | 5.7 |
Amortization of NCM screen advertising advances and other deferred revenues | (8.1) | (8.1) |
NCMI | CNK | ||
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: | ||
Unrealized gain on investment in NCMI | 4.4 | 0 |
NCMI | CUSA | ||
Adjustments to reconcile net income (loss) to cash (used for) provided by operating activities: | ||
Unrealized gain on investment in NCMI | $ 4.4 | $ 0 |
The Company and Basis of Presen
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
The Company and Basis of Presentation | The Company and Basis of Presentation Cinemark Holdings, Inc. (“Holdings”) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc (“CUSA”). Holdings consolidates CUSA and its subsidiaries for financial statement purposes, and CUSA’s operating revenue and operating expenses comprise nearly 100 % of Holdings’ revenue and operating expenses. As such, the following Notes to Condensed Consolidated Financial Statements relate to Holdings and CUSA and their respective consolidated subsidiaries in all material respects, unless otherwise noted. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to “we,” “our,” “us,” and “the Company” relate to Cinemark Holdings, Inc. and its consolidated subsidiaries and all references to CUSA relate to CUSA and its consolidated subsidiaries. We operate in the motion picture exhibition industry, with theatres in the United States (“U.S.”), Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. The accompanying condensed consolidated balance sheets of Holdings and CUSA as of December 31, 2023, each of which were derived from audited financial statements, and the unaudited condensed consolidated financial statements of Holdings and CUSA, respectively, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. We reclassified the long-term deferred tax asset of $ 7.7 in the condensed consolidated balance sheets of Holdings and CUSA for the year ended December 31, 2023 from “Deferred charges and other assets, net” to “Long-term deferred tax asset” to conform to the current period presentation. These condensed consolidated financial statements of Holdings and CUSA should be read in conjunction with the audited annual consolidated financial statements of Holdings and CUSA and the notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 16, 2024. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results to be achieved for the full year. |
New Accounting and Regulatory P
New Accounting and Regulatory Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting and Regulatory Pronouncements | 2. New Accounting Pronouncements ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The purpose of ASU 2023-07 is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses to enable investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments of ASU 2023-07 enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting the additional disclosure requirements of ASU 2023-07. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The purpose of ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity’s operations and related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in ASU-2023-09 require that public entities, on an annual basis, (i) disclose specific categories in the income tax rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements. |
Lease Accounting
Lease Accounting | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease Accounting | 3. Lease Accounting The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented. Three Months Ended March 31, Lease Cost Classification 2024 2023 Operating lease costs Equipment (1) Utilities and other $ 0.8 $ 1.4 Real Estate (1) Facility lease expense 80.6 82.1 Total operating lease costs $ 81.4 $ 83.5 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3.1 $ 3.0 Interest on lease liabilities Interest expense 1.4 1.2 Total finance lease costs $ 4.5 $ 4.2 (1) Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented: Three Months Ended March 31, Lease Cost Classification 2024 2023 Operating lease costs Equipment - Short-term and variable lease payments Utilities and other $ 0.7 $ 1.3 Real Estate - Variable lease payments (1) Facility lease expense $ 12.2 $ 12.7 Real Estate - Office leases General and administrative $ 0.3 $ 0.3 (1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs. The following table represents the minimum cash lease payments as included in the measurement of lease liabilities and the non-cash addition of lease right-of-use assets for the periods presented. Three Months Ended March 31, Other Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash outflows for operating leases $ 68.5 $ 69.6 Cash outflows for finance leases - operating activities $ 1.4 $ 1.2 Cash outflows for finance leases - financing activities $ 3.7 $ 3.5 Non-cash amount of right-of-use assets obtained in exchange for: Operating lease liability additions, net of write-offs $ 40.7 $ 9.5 Finance lease liability additions, net of write-offs $ 27.0 $ — As of March 31, 2024, the Company had signed lease agreements with total non-cancelable lease payments of approximately $ 36.7 related to theatre leases that had not yet commenced. The timing of lease commencement is dependent on the completion of construction of the related theatre facility. Additionally, these amounts are based on estimated square footage and costs to construct each facility and may be subject to adjustment upon final completion of each construction project. In accordance with ASC Topic 842, Leases , fixed minimum lease payments related to these theatres are not included in the right-of-use assets and lease liabilities as of March 31, 2024 . |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 4. Revenue Recognition The Company’s patrons have the option to purchase movie tickets well in advance of a movie showtime, right before the movie showtime, or at any point in between those two timeframes depending on seat availability. The Company recognizes such admissions revenue when the showtime for a purchased movie ticket has passed. Concession revenue is recognized when products are sold to the consumer, or if purchased in advance, once the showtime associated with the customer’s movie ticket has passed. Other revenue primarily consists of screen advertising, screen rental revenue, promotional income, studio trailer placements and transactional fees. Except for National CineMedia, LLC (“NCM”) screen advertising advances discussed in Note 8, these revenues are generally recognized when the Company has fulfilled its performance obligations by providing the services specified in each contract. The Company sells gift cards, prepaid and discount ticket vouchers, the proceeds from which are recorded as deferred revenue. Deferred revenue for gift cards and ticket vouchers is recognized when they are redeemed for movie tickets and the movie showtime has passed. The Company generally records breakage revenue on gift cards and ticket vouchers based on redemption activity and historical experience associated with unused balances. The Company offers a subscription program in the U.S. whereby patrons can pay a monthly or annual fee to receive a monthly credit for use towards a future movie ticket purchase. The Company also offers monthly subscription fee programs in several of its international locations where customers can pay a monthly fee to receive benefits such as a free monthly ticket. The Company records subscription program fees as deferred revenue and records admissions revenue when the showtime for a movie ticket purchased with a credit has passed. The Company records breakage revenue based upon redemption of subscription credits and historical experience with unused credits. The Company has loyalty programs in the U.S. and many of its international locations that either have a prepaid annual fee or award points to customers as purchases are made. For those loyalty programs that have a prepaid annual fee, the Company recognizes the fee collected as other revenue on a straight-line basis over the annual membership period. For those loyalty programs that award points to customers based on their purchases, the Company records a portion of the original transaction proceeds as deferred revenue based on the number of reward points issued to customers and recognizes the deferred revenue when the customer redeems such points. The value of loyalty points issued is based on the estimated fair value of the rewards offered. The Company records breakage revenue based upon redemption of loyalty points and historical experience with unused points. Accounts receivable as of March 31, 2024 and December 31, 2023 included approximately $ 35.6 and $ 31.6 , respectively, of receivables related to contracts with customers. The Company did no t record any assets related to the costs to obtain or fulfill a contract with customers during the three months ended March 31, 2024. Disaggregation of Revenue The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Three Months Ended March 31, 2024 U.S. International Operating Operating Segment (1) Segment Consolidated Admissions revenue $ 231.8 $ 58.0 $ 289.8 Concession revenue 178.6 45.6 224.2 Screen advertising, screen rental and promotional revenue (2) 21.0 10.7 31.7 Other revenue 25.6 7.9 33.5 Total revenue $ 457.0 $ 122.2 $ 579.2 Three Months Ended March 31, 2023 U.S. International Operating Operating Segment (1) Segment Consolidated Admissions revenue $ 244.7 $ 66.3 $ 311.0 Concession revenue 186.8 49.0 235.8 Screen advertising, screen rental and promotional revenue (2) 21.8 9.3 31.1 Other revenue 25.8 7.0 32.8 Total revenue $ 479.1 $ 131.6 $ 610.7 (1) U.S. segment revenue excludes intercompany transactions with the international operating segment. See Note 16 for the amount of intercompany eliminations for the periods presented. (2) Amount includes amortization of NCM screen advertising advances. See S creen Advertising Advances and Other Deferred Revenue below. The following tables present revenue for the periods indicated, disaggregated based on timing of recognition (as discussed above) and by reportable operating segment. Three Months Ended March 31, 2024 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 433.8 $ 108.8 $ 542.6 Goods and services transferred over time (2) 23.2 13.4 36.6 Total $ 457.0 $ 122.2 $ 579.2 Three Months Ended March 31, 2023 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 447.8 $ 119.2 $ 567.0 Goods and services transferred over time (2) 31.3 12.4 43.7 Total $ 479.1 $ 131.6 $ 610.7 (1) U.S. segment revenue excludes intercompany transactions with the international operating segment. See Note 16 for the amount of intercompany eliminations for the periods presented. (2) Amount includes amortization of NCM screen advertising advances. See Screen Advertising Advances and Other Deferred Revenue below. Screen Advertising Advances and Other Deferred Revenue The following table presents changes in the Company’s deferred revenue for the three months ended March 31, 2024. NCM screen advertising advances (1) Other (2) Balance at January 1, 2024 $ 328.4 $ 221.6 Amounts recognized as accounts receivable — 9.6 Cash received from customers in advance — 70.6 Interest accrued related to significant financing component 5.5 — Revenue recognized during period ( 8.1 ) ( 71.2 ) Foreign currency translation adjustments — ( 0.5 ) Balance at March 31, 2024 $ 325.8 $ 230.1 (1) See Note 8 for the remaining maturity of NCM screen advertising advances as of March 31, 2024 . (2) Includes liabilities associated with outstanding gift cards and ticket vouchers, points or rebates outstanding under the Company’s loyalty and subscription programs and revenue not yet recognized for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2024 and when the Company expects to recognize this revenue. Twelve Months Ended March 31, Remaining Performance Obligations 2025 2026 Thereafter Total Other deferred revenue $ 203.6 $ 26.5 $ — $ 230.1 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 5. Earnings (Loss) Per Share The following table presents computations of basic and diluted earnings (loss) per share for Holdings: Three Months Ended March 31, 2024 2023 Numerator: Net income (loss) attributable to Cinemark Holdings, Inc. $ 24.8 $ ( 3.1 ) (Income) loss allocated to participating share-based awards (1) ( 0.4 ) — Basic net income (loss) attributable to common stockholders $ 24.4 $ ( 3.1 ) Add: Interest expense on convertible notes, net of tax (3) 4.8 — Diluted net income (loss) attributable to common stockholders $ 29.2 $ ( 3.1 ) Denominator : Basic weighted average shares outstanding 119.5 118.8 Common equivalent shares for restricted performance stock units (2) 0.9 — Common equivalent shares for convertible notes (3) 32.0 — Common equivalent shares for warrants (4) — — Diluted weighted average shares outstanding 152.4 118.8 Basic earnings (loss) per share attributable to common stockholders $ 0.20 $ ( 0.03 ) Diluted earnings (loss) per share attributable to common stockholders $ 0.19 $ ( 0.03 ) (1) For the three months ended March 31, 2024 and 2023, a weighted average of approximately 2.0 shares and 1.8 shares of restricted stock, respectively, were considered participating securities. (2) For the three months ended March 31, 2023 , 0.0 common equivalent shares for performance stock units were excluded because they were anti-dilutive. (3) For the three months ended March 31, 2023 diluted loss per share excludes the conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock as they would be anti-dilutive. See further discussion below. (4) For all periods presented, diluted earnings (loss) per share excludes the warrants, as they would be anti-dilutive. Share-based awards Holdings considers its unvested share-based awards, which contain non-forfeitable rights to dividends, participating securities and includes such participating securities in its computation of earnings (loss) per share pursuant to the two-class method. Basic earnings (loss) per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income (loss) by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings (loss) per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. For the three months ended March 31, 2024, diluted earnings per share using the treasury stock method was less dilutive than the two-class method; as such, only the two-class method has been included above. Convertible notes, hedges and warrants The 4.50% Convertible Senior Notes, discussed further in Note 14 of the Company’s Annual Report on Form 10-K filed February 16, 2024, may be considered dilutive in periods in which Holdings has net income. The impact of such dilution on earnings per share will be calculated under the if-converted method, which requires that all of the shares of Holdings' common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted earnings per share assuming conversion at the beginning of the reporting period. Also, the interest expense, net of tax, related to the 4.50% Convertible Senior Notes will be excluded from the calculation of diluted net income attributable to common stockholders assuming conversion of the 4.50% Convertible Senior Notes at the beginning of the reporting period. The closing price of Holdings' common stock did not exceed the strike price of $ 18.66 per share ( 130 % of the initial exercise price of $ 14.35 per share) during at least 20 of the last 30 trading days of the quarter ended March 31, 2024 and, therefore, the 4.50% Convertible Senior Notes will not be convertible during the second quarter of 2024. The if-converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings common stock for the first quarter of 2024 , exceeded the aggregate outstanding principal value of the notes by $ 46.7 as of March 31, 2024 . Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings' common stock underlying the 4.50% Convertible Notes, which initially gives Holdings the option to purchase approximately 32.0 shares of its common stock at a price of approximately $ 14.35 per share. Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions with each option counterparty whereby Holdings sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings' common stock, which initially gives the option counterparties the option to purchase approximately 32.0 shares at a price of approximately $ 22.08 per share. The economic effect of these transactions is to effectively raise the strike price of the 4.50% Convertible Senior Notes from approximately $ 18.66 per share of Holdings' common stock to approximately $ 22.08 per share |
Sale of Subsidiary
Sale of Subsidiary | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment, Net [Abstract] | |
Sale of Subsidiary | 6. Sale of Subsidiary During December 2022, the Company entered into a purchase and sale agreement for the sale of the stock of its Ecuador subsidiary and completed the sale in September 2023. The sale of the Ecuador subsidiary did not qualify as discontinued operations since it did not represent a strategic shift in the Company’s operations that will have a major effect on its results and operations. Total revenue and operating loss for the Ecuador subsidiary were $ 3.5 and $ 0.1 , respectively, for the three months ended March 31, 2023 . |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long Term Debt Activity | 7. Long-Term Debt Long-term debt of Holdings and CUSA consisted of the following for the periods presented: March 31, December 31, 2024 2023 Cinemark Holdings, Inc. 4.50% convertible senior notes due August 2025 $ 460.0 $ 460.0 Cinemark USA, Inc. term loan due 2030 643.5 645.1 Cinemark USA, Inc. 8.75% senior secured notes due May 2025 150.0 150.0 Cinemark USA, Inc. 5.875% senior notes due 2026 405.0 405.0 Cinemark USA, Inc. 5.25% senior notes due 2028 765.0 765.0 Other 6.5 7.0 Total long-term debt carrying value (1) $ 2,430.0 $ 2,432.1 Less: Current portion 7.8 7.8 Less: Debt issuance costs and original issue discount, net of accumulated amortization (1) 30.6 33.0 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1) $ 2,391.6 $ 2,391.3 (1) The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 4.50 % Convertible Senior Notes due August 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA. March 31, December 31, 2024 2023 Total long-term debt carrying value $ 1,970.0 $ 1,972.1 Less: Current portion 7.8 7.8 Less: Debt issuance costs and original issue discount, net of accumulated amortization 25.9 27.5 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount $ 1,936.3 $ 1,936.8 Senior Secured Credit Facility On May 26, 2023, CUSA amended and restated its senior secured credit facility (the “Credit Agreement”) to provide for an aggregate principal amount of $ 775.0 , consisting of a $ 650.0 term loan with a maturity date of May 24, 2030 and a $ 125.0 revolving credit facility with a maturity date of May 26, 2028 . As of March 31, 2024, there was $ 643.5 outstanding under the term loan and no borrowings were outstanding under the revolving credit line. Under the Credit Agreement, principal payments of $ 1.6 are due on the term loan quarterly through March 31, 2030 , with a final principal payment of the remaining unpaid principal due on May 24, 2030 . The average interest rate on outstanding term loan borrowings under the Credit Agreement as of March 31, 2024 was approximately 7.6 % per annum, after giving effect to the interest rate swap agreements discussed below. 8.75% Secured Notes On April 1, 2024, CUSA sent a notice of redemption to Computershare Trust Services, N.A. (successor to Wells Fargo Bank, N.A.) (the “Trustee”) to redeem the $ 150.0 outstanding principal amount of the 8.75 % Secured Notes on May 1, 2024 (the “Redemption Date”). The redemption payment (the "Redemption Payment") included $ 150.0 of outstanding principal at the redemption price equal to 100 % of the principal amount plus any accrued and unpaid interest thereon to the Redemption Date. Upon deposit of the Redemption Payment with the Trustee on May 1, 2024, the indenture governing the 8.75 % Secured Notes was fully satisfied and discharged. See further discussion at Note 19. For additional discussion of the 8.75 % Secured Notes, see Note 14 to the Company’s consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed February 16, 2024. Interest Rate Swap Agreements The Company’s interest rate swap agreements are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan debt and qualify for cash flow hedge accounting. Effective January 31, 2024, the Company amended and extended one of its then existing $ 137.5 notional amount interest rate swap agreements to amend the pay rate and extend the maturity date to December 31, 2027 . Effective February 29, 2024, the Company amended and extended another then existing $ 137.5 notional interest rate swap agreement to amend the pay rate and extend the maturity to December 31, 2026 . Upon amending each of the interest rate swap agreements, the Company determined that the interest payments hedged with the respective agreements are still probable to occur, therefore the aggregate gains that accumulated on the swaps prior to the amendments of $ 7.0 are being amortized to interest expense through the maturity date of the swaps. Below is a summary of the Company's interest rate swap agreements, which are designated as cash flow hedges, as of March 31, 2024: Notional Estimated Amount Pay Rate Receive Rate Expiration Date Fair Value (1) $ 137.5 3.21 % 1-Month Term SOFR December 31, 2026 $ 3.8 $ 175.0 3.20 % 1-Month Term SOFR December 31, 2026 4.9 $ 137.5 3.17 % 1-Month Term SOFR December 31, 2027 4.7 Total $ 13.4 (1) Approximately $ 7.9 of the total is included in prepaid expenses and other and $ 5.5 is included in deferred charges and other assets, net on the condensed consolidated balance sheet as of March 31, 2024 . The fair values of the interest rate swaps are recorded on Holdings' and CUSA's condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company's measurements are based on observable market data, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. Fair Value of Long-Term Debt The Company estimates the fair value of its long-term debt primarily based on observable market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC 820-10-35, Fair Value Measurement. The table below presents the fair value of the Company's long-term debt as of the periods presented: As of March 31, 2024 December 31, 2023 Holdings fair value (1) $ 2,562.2 $ 2,460.3 CUSA fair value $ 1,924.5 $ 1,903.8 (1) The fair value of the 4.50 % convertible senior notes was $ 637.7 and $ 556.5 as of March 31, 2024 and December 31, 2023 , respectively. |
Investment in National CineMedi
Investment in National CineMedia Inc. | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in National CineMedia Inc. | 8. Investment in National CineMedia Inc. NCM operates a digital in-theatre network in the U.S. for providing cinema advertising. The Company has an investment in NCM’s parent National CineMedia, Inc. (“NCMI”). The Company entered into an Exhibitor Services Agreement with NCM (“ESA”), pursuant to which NCM primarily provides screen advertising to the Company’s theatres through its branded “ Noovie ” pre-show entertainment program and also handles lobby promotions and displays for the Company’s theatres. See further discussion below under Exhibitor Services Agreement . Below is a summary of activity with NCMI and NCM included in each of Holdings' and CUSA's condensed consolidated financial statements: Investment NCM Screen Advertising Advances Other Interest Cash (2) Balance at January 1, 2024 $ 18.1 $ ( 328.4 ) $ — $ — $ — Screen rental revenue earned under ESA (1) — — ( 4.9 ) — 1.6 Interest accrued related to significant financing component — ( 5.5 ) — 5.5 — Unrealized gain on fair market value adjustment of investment in NCMI (3) 4.4 — — — — Amortization of screen advertising advances — 8.1 ( 8.1 ) — — Balance as of and for the three months ended March 31, 2024 $ 22.5 $ ( 325.8 ) $ ( 13.0 ) $ 5.5 $ 1.6 (1) Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company's beverage concessionaire of approximately $ 1.6 . (2) The Company had a receivable from NCM of $ 3.3 as of March 31, 2024 . (3) See Investment in National CineMedia below. Investment in National CineMedia The Company accounts for its investment in NCMI in accordance with the guidance set forth in FASB ASC Topic 321 Investments - Equity Securities, which requires the Company to measure its investment in common stock of NCMI at fair value and recognize unrealized holding gains and losses on its investment in earnings. The Company recognized an unrealized gain of $ 4.4 on its investment in NCMI in the Company’s condensed consolidated statement of income for the three months ended March 31, 2024. During the first quarter of 2023, t he Company accounted for its investment in NCMI under the equity method and therefore did no t recognize unrealized holding gains and losses on its investment. As of March 31, 2024, the Company owned approximately 4.4 shares of NCMI, which represented an interest in NCM of approximately 4.5 %. See Note 9 to the Company’s Annual Report on Form 10-K filed February 16, 2024 for additional discussion of the Company's investment in NCMI. Common Unit Adjustments Under the Common Unit Adjustment Agreement, the Company periodically receives consideration in the form of common units from NCM based on increases or decreases in the number of theatre screens operated and the impact of these theatres on total attendance. The common units received are recorded at estimated fair value as an increase in the Company's investment in NCM with an offset to NCM screen advertising advances. Each common unit from NCM is convertible to one share of NCMI. During March 2024, NCM performed the annual common unit adjustment calculation for 2023 and as a result of the calculation, the Company received approximately 0.1 common units of NCM on April 1, 2024, which it will record at their estimated fair value with a corresponding adjustment to NCM screen advertising advances. On April 10, 2024, the Company delivered a redemption notice to NCM to redeem these common units in NCM in exchange for shares of NCMI common stock. On April 12, 2024, NCM delivered a notice to the Company that pursuant to its rights under the operating agreement, NCM would settle the Company’s redemption request with a cash settlement, effective on April 15, 2024, at a redemption price of approximately $ 4.95 per common unit, or approximately $ 0.7 . Exhibitor Services Agreement As previously discussed, the Company’s domestic theatres are part of the in-theatre digital network operated by NCM, the terms of which are defined in the ESA. The Company receives a monthly theatre access fee for participation in the NCM network and also earns screen advertising or screen rental revenue on a per patron basis. See Note 9 to the Company’s Annual Report on Form 10-K filed February 16, 2024 for further discussion of the accounting for revenue earned under the ESA as well as the accounting related to NCM screen advertising advances. The NCM screen advertising advances are recognized as revenue on a straight-line basis over the term of the ESA through February 2041 . The table below summarizes when the Company expects to recognize this deferred revenue: Twelve Months Ended March 31, Remaining Maturity 2025 2026 2027 2028 2029 Thereafter Total NCM screen advertising advances (1) $ 10.6 $ 11.4 $ 12.2 $ 13.0 $ 13.9 $ 264.7 $ 325.8 (1) Amounts are net of the estimated interest to be accrued for the periods presented. Significant Financing Component As discussed in Note 9 to the Company’s Annual Report on Form 10-K filed February 16, 2024, the Company’s ESA with NCM includes an implied significant financing component, as per the guidance in ASC Topic 606, Revenue from Contracts with Customers . As a result of the significant financing component, the Company recognized incremental screen rental revenue and interest expense of $ 8.1 and $ 5.5 , respectively, during the three months ended March 31, 2024 and incremental screen rental revenue and interest expense of $ 8.1 and $ 5.7 , respectively, during the three months ended March 31, 2023 . The interest expense was calculated using the Company's incremental borrowing rates at the time when the cash and each tranche of common units were received from NCM, which ranged from 4.4 % to 8.3 %. |
Investments in Affiliates
Investments in Affiliates | 3 Months Ended |
Mar. 31, 2024 | |
Financial Support for Nonconsolidated Legal Entity [Abstract] | |
Investments in Affiliates | 9. Investments in Affiliates Below is a summary of the activity for each of the Company’s affiliates and corresponding changes to the Company's investment balances during the three months ended March 31, 2024 . See Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K filed February 16, 2024 for a further discussion of the Company’s investments in affiliates. AC JV, DCDC FE Concepts Total Balance at January 1, 2024 $ 3.4 $ 2.1 18.1 $ 23.6 Cash distributions received ( 1.3 ) — — ( 1.3 ) Equity income 3.3 0.2 0.3 3.8 Balance at March 31, 2024 $ 5.4 $ 2.3 $ 18.4 $ 26.1 Transactions with Affiliates Below is a summary of transactions with each of the Company’s affiliates for the three months ended March 31, 2024 and 2023: Three Months Ended Investee Transactions March 31, 2024 March 31, 2023 AC JV, LLC Event fees paid (1) $ 7.1 $ 3.0 DCDC Content delivery fees paid (1) $ 0.1 $ 0.1 (1) Included in film rentals and advertising costs on the condensed consolidated statements of income (loss). |
Treasury Stock and Share Based
Treasury Stock and Share Based Awards | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Treasury Stock and Share Based Awards | 10. Treasury Stock and Share-Based Awards Treasury Stock - Holdings Treasury stock represents shares of common stock repurchased by Holdings and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of Holdings’ treasury stock activity for the three months ended March 31, 2024: Number of Treasury Shares Cost Balance at January 1, 2024 6.00 $ 98.3 Restricted stock withholdings (1) 0.25 4.2 Restricted stock forfeitures (2) 0.02 — Balance at March 31, 2024 6.27 $ 102.5 (1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and performance stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vesting dates, which ranged from $ 13.93 to $ 17.97 per share. (2) Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with its 2017 Omnibus Plan. As of March 31, 2024, Holdings had no plans to retire any shares of treasury stock. Restricted Stock Below is a summary of restricted stock activity for the three months ended March 31, 2024: Shares of Weighted Restricted Grant Date Stock Fair Value Outstanding at January 1, 2024 2.35 $ 15.67 Granted 0.90 16.43 Vested ( 0.77 ) 15.89 Forfeited ( 0.02 ) 15.30 Outstanding and unvested at March 31, 2024 2.46 15.88 During the three months ended March 31, 2024, Holdings granted 0.9 shares of its restricted stock to certain CUSA employees. The fair value of the restricted stock granted was determined based on the closing price of Holdings' common stock on the grant dates, which was $ 16.43 per share. Holdings assumed forfeiture rates for the restricted stock awards that ranged from 0 % to 10 % . The restricted stock granted during the three months ended March 31, 2024 vests over periods ranging from one to three year s. The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. Below is a summary of restricted stock award activity recorded for the periods indicated. Three Months Ended 2024 2023 Compensation expense recognized during the period: CUSA employees $ 3.8 $ 3.6 Holdings directors 0.4 0.3 Total recognized by Holdings $ 4.2 $ 3.9 Fair value of restricted stock that vested during the period: CUSA employees $ 12.5 $ 6.9 Holdings directors — — Holdings total $ 12.5 $ 6.9 Income tax benefit related to vested restricted stock: CUSA employees $ 2.2 $ 0.8 Holdings directors — — Holdings total income tax benefit $ 2.2 $ 0.8 As of March 31, 2024, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows: Estimated Remaining Expense CUSA employees (1) $ 27.2 Holdings directors 0.3 Total remaining - Holdings (1) $ 27.5 (1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.9 years. Performance Stock Units During the three months ended March 31, 2024, Holdings granted performance awards in the form of performance stock units (“PSU”). Each PSU that vests will result in the issuance of one share of Holdings’ common stock. The maximum number of shares issuable under the performance awards granted during 2024 is approximately 1.15 shares of Holdings' common stock. The grant date fair value for the units issued was determined based on the closing price of Holdings' common stock on the date of grant, which was $ 16.43 per share. The performance metrics for these performance awards are based upon three-year aggregate consolidated Adjusted EBITDA and consolidated cash flows, and payout levels are determined based upon the achievement of pre-established criteria for these metrics as defined in the award agreement. Based upon the terms of the award agreement, PSUs vest based on a combination of performance factors and continued service. The performance measurement period for the PSUs is three years, January 1, 2024 through December 31, 2026 and the service period ends on February 19, 2027 . Below is a summary of the performance metrics and measurement period for these performance awards: Stock units that vest if performance metrics meet the target level 0.57 PSUs Stock units that vest if performance metrics meet the threshold level ( 50 % of target) 0.28 PSUs Stock units that vest if performance metrics meet the maximum level ( 200 % of target) 1.15 PSUs Performance Measurement Period Three years with additional service requirement to the third anniversary of the date of the grant Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued Target Assumed forfeiture rate for performance stock unit awards 5 % Below is a summary of performance stock unit activity for the periods presented: Three Months Ended March 31, 2024 2023 Number of performance stock units that vested during the period 0.1 0.1 Fair value of performance stock units that vested during the period $ 2.1 $ 1.2 Accumulated dividends paid upon vesting of performance stock units $ 0.1 $ 0.2 Compensation expense recognized during the period $ 2.2 $ 1.8 Income tax benefit related to performance stock units $ 0.1 $ — As of March 31, 2024, the estimated remaining unrecognized compensation expense related to outstanding performance stock units was $ 19.1 . The weighted average period over which this remaining compensation expense will be recognized is approximately 1.8 years. As of March 31, 2024, Holdings had performance stock units outstanding that represented a total of approximately 2.1 hypothetical shares of common stock, net of estimated forfeitures, reflecting actual certified performance level for performance stock units granted during 2022, an estimated performance level slightly above target for the 2023 grants and the target performance level for the 2024 grants. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 11. Goodwill and Other Intangible Assets A summary of the Company's goodwill is as follows: U.S. International Total Balance at January 1, 2024 (1) $ 1,182.9 $ 68.1 $ 1,251.0 Foreign currency translation adjustments — ( 2.2 ) ( 2.2 ) Balance at March 31, 2024 (1) $ 1,182.9 $ 65.9 $ 1,248.8 (1) Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2024 at Note 12. A summary of the Company's intangible assets is as follows: Balance at Amortization Balance at March 31, 2024 Intangible assets with finite lives: Gross carrying amount $ 77.8 $ — $ 77.8 Accumulated amortization ( 75.3 ) ( 0.5 ) ( 75.8 ) Total net intangible assets with finite lives $ 2.5 $ ( 0.5 ) $ 2.0 Intangible assets with indefinite lives: Tradename and other 300.3 — 300.3 Total intangible assets, net $ 302.8 $ ( 0.5 ) $ 302.3 The estimated aggregate future amortization expense for intangible assets is as follows: Estimated Amortization For the nine months ended December 31, 2024 $ 1.5 For the twelve months ended December 31, 2025 0.5 Total $ 2.0 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 3 Months Ended |
Mar. 31, 2024 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | 12. Impairment of Long-Lived Assets The Company performed a qualitative impairment analysis on its long-lived assets, including theatre properties and right of-use assets, goodwill and tradename intangible assets as of March 31, 2024. As a result of the qualitative assessment, the Company noted no impairment indicators related to these assets as of March 31, 2024. The qualitative impairment analysis, by asset class, is described below: • Theatre Properties and Right-of-Use-Assets - Considers relevant industry, economic and market conditions, industry trading multiples and recent developments that would impact the Company’s estimates of future theatre-level cash flows, which are the primary estimate of fair market value, at the theatre level compared with the most recent quantitative impairment assessment. • Goodwill – Considers economic and market conditions, industry trading multiples and the impact of recent developments that would impact the estimated fair values as determined in the most recent quantitative assessment. • Tradename Intangible Assets – Considers industry and market conditions and recent developments that may impact the revenue forecasts and other estimates as compared with the most recent quantitative assessment. See Note 1 and Note 12 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed February 16, 2024, for further discussion of the Company’s impairment policy and a description of the qualitative and quantitative impairment assessments performed. There were no impairment charges recorded for long-lived assets, goodwill and intangible assets for the three months ended March 31, 2024 and 2023. The Company recorded an impairment charge of $ 0.7 on its investment in NCMI during the three months ended March 31, 2023 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements 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 observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable and should be used to measure fair value to the extent that observable inputs are not available. Below is a summary of assets and liabilities measured at fair value on a recurring basis under FASB ASC Topic 820 as of March 31, 2024 and December 31, 2023: Carrying Fair Value Hierarchy Description As of Value Level 1 Level 2 Level 3 Interest rate swap assets (1) March 31, 2024 $ 13.4 $ — $ 13.4 $ — Investment in NCMI (2) March 31, 2024 $ 22.5 $ 22.5 $ — $ — Interest rate swap assets (1) December 31, 2023 $ 9.9 $ — $ 9.9 $ — Investment in NCMI (2) December 31, 2023 $ 18.1 $ — $ 18.1 $ — (1) See further discussion of interest rate swaps at Note 7. (2) See further discussion of investment in NCMI at Note 8. See additional explanation of fair value measurement techniques used for long-lived assets, goodwill and intangible assets in “Critical Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed February 16, 2024. There were no changes in valuation techniques for the three months ended March 31, 2024. The Company’s investment in NCMI was transferred out of Level 2 into Level 1 during the three months ended March 31, 2024 . |
Foreign Currency Translation
Foreign Currency Translation | 3 Months Ended |
Mar. 31, 2024 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation | 14. Foreign Currency Translation The accumulated other comprehensive loss account in Holdings’ stockholders’ equity of $ 374.3 and $ 363.9 and CUSA’s stockholder's equity of $ 377.1 and $ 366.7 , as of March 31, 2024 and December 31, 2023, respectively, primarily includes cumulative net foreign currency losses of $ 395.7 and $ 384.9 as of March 31, 2024 and December 31, 2023, respectively, from translating the financial statements of the Company's international subsidiaries and the cumulative changes in fair value of the interest rate swap agreements that are designated as hedges. As of March 31, 2024 , all foreign countries where the Company has operations are non-highly inflationary, other than Argentina. In non-highly inflationary countries, the local currency is the same as the functional currency and any fluctuation in the currency results in a cumulative foreign currency translation adjustment recorded to accumulated other comprehensive loss. The Company deemed Argentina to be highly inflationary beginning July 1, 2018. A highly inflationary economy is defined as an economy with a cumulative inflation rate of 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the financial statements of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The financial information of the Company’s Argentina subsidiaries was remeasured in U.S. dollars in accordance with ASC Topic 830, Foreign Currency Matters , effective July 1, 2018. Below is a summary of the impact of translating the March 31, 2024 and March 31, 2023 financial statements of the Company’s international subsidiaries: Other Comprehensive Income (Loss) for the Exchange Rate as of Three Months Ended Country March 31, 2024 December 31, 2023 March 31, 2024 March 31, 2023 Brazil 5.02 4.85 $ ( 3.1 ) $ 2.7 Chile 980.26 879.54 ( 8.1 ) 5.2 All other 0.4 0.2 $ ( 10.8 ) $ 8.1 As noted above, beginning July 1, 2018, Argentina was deemed highly inflationary. For the three months ended March 31, 2024 and 2023 the Company recorded foreign currency exchange losses of $ 1.1 and $ 3.6 , respectively, due to the translation of Argentina's financial results to U.S. dollars. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental Cash Flow Information The following is provided as supplemental information to the condensed consolidated statements of cash flows: Three Months Ended March 31, 2024 2023 Cash paid for interest by Holdings (1) $ 56.1 $ 51.0 Cash paid for interest by CUSA $ 45.7 $ 40.6 Cash paid for income taxes, net $ 2.9 $ 0.9 Noncash operating activities: Interest expense - NCM (see Note 8) $ ( 5.5 ) $ ( 5.7 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ 1.4 $ ( 5.1 ) Theatre and other assets acquired under finance leases $ 27.2 $ — (1) Includes the cash interest paid by CUSA. (2) Additions to theatre properties and equipment included in accounts payable as of March 31, 2024 and December 31, 2023 were $ 8.0 and $ 6.6 , respectively. |
Segments - Holdings
Segments - Holdings | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segments - Holdings | 16. Segments - Holdings The international market and U.S. market are managed as separate reportable operating segments, with the international segment consisting of operations in Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. The Company closed its one theatre in Curacao in January 2023 and sold the shares of its Ecuador subsidiary in September 2023. Each segment’s revenue is derived from admissions and concession sales and other ancillary revenue. Holdings uses Adjusted EBITDA, as shown in the reconciliation table below, as the primary measure of segment profit and loss to evaluate performance and allocate its resources. The Company does not report total assets by segment because that information is not used to evaluate the performance of, or allocate resources between, segments. Below is a breakdown of selected financial information by reportable operating segment for Holdings: Three Months Ended March 31, 2024 2023 Revenue U.S. $ 459.1 $ 481.7 International 122.2 131.6 Eliminations ( 2.1 ) ( 2.6 ) Total revenue $ 579.2 $ 610.7 Adjusted EBITDA U.S. $ 49.1 $ 63.4 International 21.6 22.8 Total Adjusted EBITDA $ 70.7 $ 86.2 Capital expenditures U.S. $ 18.1 $ 22.7 International 5.4 3.6 Total capital expenditures $ 23.5 $ 26.3 The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA for Holdings: Three Months Ended March 31, 2024 2023 Net income (loss) $ 25.3 $ ( 2.5 ) Add (deduct): Income tax benefit ( 27.7 ) ( 3.9 ) Interest expense (1) 37.7 36.8 Other income, net (2) ( 17.7 ) ( 1.9 ) Cash distributions from equity investees (3) 1.3 — Depreciation and amortization 49.4 54.9 Impairment of long-lived and other assets — 0.7 Loss on disposal of assets and other 0.4 0.3 Non-cash rent expense ( 4.4 ) ( 3.9 ) Share-based awards compensation expense 6.4 5.7 Adjusted EBITDA $ 70.7 $ 86.2 (1) Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated gains for amended swap agreements. (2) Includes interest income, foreign currency exchange gain (loss), interest expense - NCM, equity in income (loss) of affiliates and unrealized gain on investment in NCMI. (3) Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. operating segment. Financial Information About Geographic Areas Below is a breakdown of selected financial information for Holdings by geographic area: Three Months Ended March 31, Revenue 2024 2023 U.S. $ 459.1 $ 481.7 Brazil 54.3 44.5 Other international countries 67.9 87.1 Eliminations ( 2.1 ) ( 2.6 ) Total $ 579.2 $ 610.7 As of As of Theatre properties and equipment, net March 31, 2024 December 31, 2023 U.S. $ 1,006.2 $ 1,002.1 Brazil 51.9 54.7 Other international countries 101.6 104.9 Total $ 1,159.7 $ 1,161.7 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. Related Party Transactions A subsidiary of the Company manages a theatre for Laredo Theatre, Ltd. (“Laredo”). The Company is the sole general partner and owns 75 % of the limited partnership interests of Laredo. Lone Star Theatres, Inc. owns the remaining 25 % of the limited partnership interests in Laredo and is 100 % owned by Mr. David Roberts, who is Lee Roy Mitchell’s son-in-law and Kevin Mitchell’s brother-in-law. Lee Roy Mitchell, our founder, owns, both directly and indirectly, approximately 8.5 % of Holdings’ common stock and Kevin Mitchell is a member of Holdings’ Board of Directors. Under the agreement, management fees are paid by Laredo to the Company at a rate of 5 % of annual theatre revenue. The Company recorded $ 0.1 and $ 0.1 of management fee revenue during the three months ended March 31, 2024 and 2023, respectively. All such amounts are included in the condensed consolidated statements of income (loss), with the intercompany amounts eliminated in consolidation. During the three months ended March 31, 2024 and 2023, the Company paid excess cash distributions of $ 0.1 and $ 0.0 , respectively to Lone Star Theatres, Inc. as required by the partnership agreement, which were recorded as a reduction of noncontrolling interests on each of Holdings and CUSA’s condensed consolidated balance sheets. A subsidiary of the Company leases 12 theatres from Syufy Enterprises, LP (“Syufy”) or affiliates of Syufy. Raymond Syufy is one of Holdings' directors and is an officer of the general partner of Syufy. For the three months ended March 31, 2024 and 2023 , the Company paid total rent of $ 5.7 and $ 5.5 , respectively, to Syufy. CUSA provides digital equipment support to drive-in theatres owned by Syufy. The Company recorded management fees related to these services of $ 0.03 and $ 0.0 during the three months ended March 31, 2024 and 2023, respectively. A subsidiary of the Company has a 50 % voting interest in FE Concepts, a joint venture with AWSR, an entity owned by Lee Roy Mitchell and Tandy Mitchell. FE Concepts operates a family entertainment center that offers bowling, gaming, movies and other amenities. CUSA has a theatre services agreement with FE Concepts under which the Company receives service fees for providing film booking and equipment monitoring services for the facility. The Company recorded management fees of $ 0.01 and $ 0.02 related to these services during the three months ended March 31, 2024 and 2023 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies From time to time, the Company is involved in various legal proceedings arising from the ordinary course of its business operations, such as personal injury claims, employment matters, patent claims, landlord-tenant disputes, contractual disputes with landlords over certain termination rights and other contractual disputes, some of which are covered by insurance. The Company believes its potential liability with respect to proceedings currently pending is not material, individually or in the aggregate, to the Company’s financial position, results of operations and cash flows. Cinemark Holdings, Inc., et al vs Factory Mutual Insurance Company . The Company filed suit on November 18, 2020, in the District Court, 471st Judicial District, Collin County, Texas. On December 22, 2020, the case was moved to the US District Court for the Eastern District of Texas, Sherman Division. The Company submitted a claim under its property insurance policy issued by Factory Mutual Insurance Company (the “FM Policy”) for losses sustained as a result of the closure of the Company’s theatres due to the COVID-19 pandemic. Factory Mutual Insurance Company (“FM”) denied the Company’s claim. The Company is seeking damages resulting from FM’s breach of contract, FM’s bad faith conduct and a declaration of the parties’ rights under the FM Policy. The Company cannot predict the outcome of this litigation. The District Court granted FM’s motion for summary judgment. The Company has appealed the District Court’s decision. Gerardo Rodriguez, individually and on behalf of a class of all others similarly situated vs Cinemark USA, Inc. and Cinemark Holdings, Inc., et al. This class action lawsuit was filed against the Company on February 24, 2023 in the Cook County Circuit Court in Illinois alleging violation of the Fair and Accurate Credit Transactions Act. The Company firmly maintains that the allegations are without merit and will vigorously defend itself against the lawsuit. The Company cannot predict the outcome of this litigation. National CineMedia LLC Bankruptcy. On June 3, 2023, NCM filed an Emergency Motion for Entry of an Order (1) approving and Authorizing Debtor to Enter into and Perform Under (a) the Termination and Settlement Agreement and (b) the Network Affiliate Transaction Agreement with Regal Cinemas, Inc. (the “9019 Motion”). The 9019 Motion requested an order, among other things, that the most favored nations clause (the “MFN”) in Cinemark’s Exhibitor Services Agreement was not triggered by the Network Affiliate Transaction Agreement with Regal Cinemas, Inc. On June 14, 2023, Cinemark filed an objection to the 9019 Motion. On June 26, 2023, the bankruptcy court entered a confirmation order, which among other things, approves NCM’s assumption of Cinemark’s Exhibitor Services Agreement but fails to preserve or recognize Cinemark’s rights under the MFN with respect to the Network Affiliate Transaction Agreement. Cinemark has appealed the confirmation order in the United States District Court for the Southern District of Texas, Houston Division. The Company cannot predict the outcome of this appeal. Shane Waldrop, individually and on behalf of all other similarly situated, vs. Cinemark USA, Inc. This putative nationwide class action lawsuit was filed against the Company on April 16, 2024, in the United States District Court for the Eastern District of Texas, Sherman Division, alleging violations of the Federal Food Drug & Cosmetics Act, violations of the Texas Deceptive Trade Practices Act, negligent misrepresentation, fraud and unjust enrichment based on the Company’s alleged mislabeling of twenty-four ounce draft beer cups used at certain theatres. The Company denies the allegations and will vigorously defend itself against the lawsuit. The Company cannot predict the outcome of this litigation. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes An income tax benefit of $ 27.7 for Holdings and $ 26.6 for CUSA was recorded during the three months ended March 31, 2024 resulting in an effective tax rate of approximately 1,144.3 % for Holdings and ( 2,120.5 )% for CUSA for the three months ended March 31, 2024. During the three months ended March 31, 2024 , the Company recorded a deferred tax benefit of $ 33.7 discretely related to the release of valuation allowances in certain foreign jurisdictions. The release of these valuation allowances was the result of the availability of positive evidence related to sustained taxable income in the relevant jurisdictions to support the future realizability of deferred tax assets. This discrete benefit favorably impacted the effective tax rate for the three months ended March 31, 2024, causing the income tax benefit to vary significantly from the tax benefit derived by applying the statutory tax rate to the pre-tax loss of Holdings for the three months ended March 31, 2024 and the tax expense derived by applying the statutory tax rate to the pre-tax income of CUSA for the three months ended March 31, 2024 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events On May 1, 2024, the Company redeemed the $ 150.0 outstanding principal amount of the 8.75 % Secured Notes at par plus any accrued and unpaid interest thereon for $ 156.6 in cash. Following the redemption, the indenture governing the 8.75 % Secured Notes was fully satisfied and discharged. See Note 7 for discussion of the 8.75 % Senior Notes. This event was treated as a nonrecognized subsequent event as the redemption option was exercised after the balance sheet date. |
Lease Accounting (Tables)
Lease Accounting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Aggregate Lease Costs by Lease Classification | The following table represents the Company’s aggregate lease costs, by lease classification, for the periods presented. Three Months Ended March 31, Lease Cost Classification 2024 2023 Operating lease costs Equipment (1) Utilities and other $ 0.8 $ 1.4 Real Estate (1) Facility lease expense 80.6 82.1 Total operating lease costs $ 81.4 $ 83.5 Finance lease costs Amortization of leased assets Depreciation and amortization $ 3.1 $ 3.0 Interest on lease liabilities Interest expense 1.4 1.2 Total finance lease costs $ 4.5 $ 4.2 (1) Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented: Three Months Ended March 31, Lease Cost Classification 2024 2023 Operating lease costs Equipment - Short-term and variable lease payments Utilities and other $ 0.7 $ 1.3 Real Estate - Variable lease payments (1) Facility lease expense $ 12.2 $ 12.7 Real Estate - Office leases General and administrative $ 0.3 $ 0.3 (1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs. |
Schedule of Minimum Cash Lease Payments | The following table represents the minimum cash lease payments as included in the measurement of lease liabilities and the non-cash addition of lease right-of-use assets for the periods presented. Three Months Ended March 31, Other Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash outflows for operating leases $ 68.5 $ 69.6 Cash outflows for finance leases - operating activities $ 1.4 $ 1.2 Cash outflows for finance leases - financing activities $ 3.7 $ 3.5 Non-cash amount of right-of-use assets obtained in exchange for: Operating lease liability additions, net of write-offs $ 40.7 $ 9.5 Finance lease liability additions, net of write-offs $ 27.0 $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated Based on Type of Good or Service by Reportable Operating Segment and on Timing of Revenue Recognition | The following tables present revenue for the periods indicated, disaggregated based on major type of good or service and by reportable operating segment. Three Months Ended March 31, 2024 U.S. International Operating Operating Segment (1) Segment Consolidated Admissions revenue $ 231.8 $ 58.0 $ 289.8 Concession revenue 178.6 45.6 224.2 Screen advertising, screen rental and promotional revenue (2) 21.0 10.7 31.7 Other revenue 25.6 7.9 33.5 Total revenue $ 457.0 $ 122.2 $ 579.2 Three Months Ended March 31, 2023 U.S. International Operating Operating Segment (1) Segment Consolidated Admissions revenue $ 244.7 $ 66.3 $ 311.0 Concession revenue 186.8 49.0 235.8 Screen advertising, screen rental and promotional revenue (2) 21.8 9.3 31.1 Other revenue 25.8 7.0 32.8 Total revenue $ 479.1 $ 131.6 $ 610.7 (1) U.S. segment revenue excludes intercompany transactions with the international operating segment. See Note 16 for the amount of intercompany eliminations for the periods presented. (2) Amount includes amortization of NCM screen advertising advances. See S creen Advertising Advances and Other Deferred Revenue below. The following tables present revenue for the periods indicated, disaggregated based on timing of recognition (as discussed above) and by reportable operating segment. Three Months Ended March 31, 2024 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 433.8 $ 108.8 $ 542.6 Goods and services transferred over time (2) 23.2 13.4 36.6 Total $ 457.0 $ 122.2 $ 579.2 Three Months Ended March 31, 2023 U.S. International Operating Operating Segment (1) Segment Consolidated Goods and services transferred at a point in time $ 447.8 $ 119.2 $ 567.0 Goods and services transferred over time (2) 31.3 12.4 43.7 Total $ 479.1 $ 131.6 $ 610.7 (1) U.S. segment revenue excludes intercompany transactions with the international operating segment. See Note 16 for the amount of intercompany eliminations for the periods presented. Amount includes amortization of NCM screen advertising advances. See Screen Advertising Advances and Other Deferred Revenue below. |
Changes in Deferred Revenues | The following table presents changes in the Company’s deferred revenue for the three months ended March 31, 2024. NCM screen advertising advances (1) Other (2) Balance at January 1, 2024 $ 328.4 $ 221.6 Amounts recognized as accounts receivable — 9.6 Cash received from customers in advance — 70.6 Interest accrued related to significant financing component 5.5 — Revenue recognized during period ( 8.1 ) ( 71.2 ) Foreign currency translation adjustments — ( 0.5 ) Balance at March 31, 2024 $ 325.8 $ 230.1 (1) See Note 8 for the remaining maturity of NCM screen advertising advances as of March 31, 2024 . (2) Includes liabilities associated with outstanding gift cards and ticket vouchers, points or rebates outstanding under the Company’s loyalty and subscription programs and revenue not yet recognized for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. |
Aggregate Amount of Transaction Price Allocated to Performance Obligationt that are Unsatisfied and Expected to be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2024 and when the Company expects to recognize this revenue. Twelve Months Ended March 31, Remaining Performance Obligations 2025 2026 Thereafter Total Other deferred revenue $ 203.6 $ 26.5 $ — $ 230.1 |
Earnings ( Loss) Per Share (Tab
Earnings ( Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of computations of basic and diluted loss per share | The following table presents computations of basic and diluted earnings (loss) per share for Holdings: Three Months Ended March 31, 2024 2023 Numerator: Net income (loss) attributable to Cinemark Holdings, Inc. $ 24.8 $ ( 3.1 ) (Income) loss allocated to participating share-based awards (1) ( 0.4 ) — Basic net income (loss) attributable to common stockholders $ 24.4 $ ( 3.1 ) Add: Interest expense on convertible notes, net of tax (3) 4.8 — Diluted net income (loss) attributable to common stockholders $ 29.2 $ ( 3.1 ) Denominator : Basic weighted average shares outstanding 119.5 118.8 Common equivalent shares for restricted performance stock units (2) 0.9 — Common equivalent shares for convertible notes (3) 32.0 — Common equivalent shares for warrants (4) — — Diluted weighted average shares outstanding 152.4 118.8 Basic earnings (loss) per share attributable to common stockholders $ 0.20 $ ( 0.03 ) Diluted earnings (loss) per share attributable to common stockholders $ 0.19 $ ( 0.03 ) (1) For the three months ended March 31, 2024 and 2023, a weighted average of approximately 2.0 shares and 1.8 shares of restricted stock, respectively, were considered participating securities. (2) For the three months ended March 31, 2023 , 0.0 common equivalent shares for performance stock units were excluded because they were anti-dilutive. (3) For the three months ended March 31, 2023 diluted loss per share excludes the conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock as they would be anti-dilutive. See further discussion below. (4) For all periods presented, diluted earnings (loss) per share excludes the warrants, as they would be anti-dilutive. |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt of Holdings and CUSA consisted of the following for the periods presented: March 31, December 31, 2024 2023 Cinemark Holdings, Inc. 4.50% convertible senior notes due August 2025 $ 460.0 $ 460.0 Cinemark USA, Inc. term loan due 2030 643.5 645.1 Cinemark USA, Inc. 8.75% senior secured notes due May 2025 150.0 150.0 Cinemark USA, Inc. 5.875% senior notes due 2026 405.0 405.0 Cinemark USA, Inc. 5.25% senior notes due 2028 765.0 765.0 Other 6.5 7.0 Total long-term debt carrying value (1) $ 2,430.0 $ 2,432.1 Less: Current portion 7.8 7.8 Less: Debt issuance costs and original issue discount, net of accumulated amortization (1) 30.6 33.0 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1) $ 2,391.6 $ 2,391.3 (1) The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 4.50 % Convertible Senior Notes due August 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA. March 31, December 31, 2024 2023 Total long-term debt carrying value $ 1,970.0 $ 1,972.1 Less: Current portion 7.8 7.8 Less: Debt issuance costs and original issue discount, net of accumulated amortization 25.9 27.5 Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount $ 1,936.3 $ 1,936.8 |
Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges | Below is a summary of the Company's interest rate swap agreements, which are designated as cash flow hedges, as of March 31, 2024: Notional Estimated Amount Pay Rate Receive Rate Expiration Date Fair Value (1) $ 137.5 3.21 % 1-Month Term SOFR December 31, 2026 $ 3.8 $ 175.0 3.20 % 1-Month Term SOFR December 31, 2026 4.9 $ 137.5 3.17 % 1-Month Term SOFR December 31, 2027 4.7 Total $ 13.4 (1) Approximately $ 7.9 of the total is included in prepaid expenses and other and $ 5.5 is included in deferred charges and other assets, net on the condensed consolidated balance sheet as of March 31, 2024 . |
Schedule of carrying values and fair values of debt instruments | The table below presents the fair value of the Company's long-term debt as of the periods presented: As of March 31, 2024 December 31, 2023 Holdings fair value (1) $ 2,562.2 $ 2,460.3 CUSA fair value $ 1,924.5 $ 1,903.8 (1) The fair value of the 4.50 % convertible senior notes was $ 637.7 and $ 556.5 as of March 31, 2024 and December 31, 2023 , respectively. |
Investment in National CineMe_2
Investment in National CineMedia Inc. (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Aggregate Amount of Transaction Price Allocated to Performance Obligationt that are Unsatisfied and Expected to be Recognized | The table below summarizes the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2024 and when the Company expects to recognize this revenue. Twelve Months Ended March 31, Remaining Performance Obligations 2025 2026 Thereafter Total Other deferred revenue $ 203.6 $ 26.5 $ — $ 230.1 |
N C M Screen Advertising Advances | |
Aggregate Amount of Transaction Price Allocated to Performance Obligationt that are Unsatisfied and Expected to be Recognized | The NCM screen advertising advances are recognized as revenue on a straight-line basis over the term of the ESA through February 2041 . The table below summarizes when the Company expects to recognize this deferred revenue: Twelve Months Ended March 31, Remaining Maturity 2025 2026 2027 2028 2029 Thereafter Total NCM screen advertising advances (1) $ 10.6 $ 11.4 $ 12.2 $ 13.0 $ 13.9 $ 264.7 $ 325.8 (1) Amounts are net of the estimated interest to be accrued for the periods presented. |
NCM | |
Summary of Activity With Equity Investee Included in the Company's Condensed Consolidated Financial Statements | Below is a summary of activity with NCMI and NCM included in each of Holdings' and CUSA's condensed consolidated financial statements: Investment NCM Screen Advertising Advances Other Interest Cash (2) Balance at January 1, 2024 $ 18.1 $ ( 328.4 ) $ — $ — $ — Screen rental revenue earned under ESA (1) — — ( 4.9 ) — 1.6 Interest accrued related to significant financing component — ( 5.5 ) — 5.5 — Unrealized gain on fair market value adjustment of investment in NCMI (3) 4.4 — — — — Amortization of screen advertising advances — 8.1 ( 8.1 ) — — Balance as of and for the three months ended March 31, 2024 $ 22.5 $ ( 325.8 ) $ ( 13.0 ) $ 5.5 $ 1.6 (1) Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company's beverage concessionaire of approximately $ 1.6 . (2) The Company had a receivable from NCM of $ 3.3 as of March 31, 2024 . (3) See Investment in National CineMedia below. |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Activity for Each of Company's Other Investments | Below is a summary of transactions with each of the Company’s affiliates for the three months ended March 31, 2024 and 2023: Three Months Ended Investee Transactions March 31, 2024 March 31, 2023 AC JV, LLC Event fees paid (1) $ 7.1 $ 3.0 DCDC Content delivery fees paid (1) $ 0.1 $ 0.1 (1) Included in film rentals and advertising costs on the condensed consolidated statements of income (loss). |
Digital Cinema Implementation Partners | |
Transactions with DCIP | the Company’s Annual Report on Form 10-K filed February 16, 2024 for a further discussion of the Company’s investments in affiliates. AC JV, DCDC FE Concepts Total Balance at January 1, 2024 $ 3.4 $ 2.1 18.1 $ 23.6 Cash distributions received ( 1.3 ) — — ( 1.3 ) Equity income 3.3 0.2 0.3 3.8 Balance at March 31, 2024 $ 5.4 $ 2.3 $ 18.4 $ 26.1 |
Treasury Stock and Share Base_2
Treasury Stock and Share Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Treasury Stock Activity | Below is a summary of Holdings’ treasury stock activity for the three months ended March 31, 2024: Number of Treasury Shares Cost Balance at January 1, 2024 6.00 $ 98.3 Restricted stock withholdings (1) 0.25 4.2 Restricted stock forfeitures (2) 0.02 — Balance at March 31, 2024 6.27 $ 102.5 (1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and performance stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vesting dates, which ranged from $ 13.93 to $ 17.97 per share. (2) Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with its 2017 Omnibus Plan. |
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the three months ended March 31, 2024: Shares of Weighted Restricted Grant Date Stock Fair Value Outstanding at January 1, 2024 2.35 $ 15.67 Granted 0.90 16.43 Vested ( 0.77 ) 15.89 Forfeited ( 0.02 ) 15.30 Outstanding and unvested at March 31, 2024 2.46 15.88 |
Performance metrics and measurement period for these performance awards | Below is a summary of the performance metrics and measurement period for these performance awards: Stock units that vest if performance metrics meet the target level 0.57 PSUs Stock units that vest if performance metrics meet the threshold level ( 50 % of target) 0.28 PSUs Stock units that vest if performance metrics meet the maximum level ( 200 % of target) 1.15 PSUs Performance Measurement Period Three years with additional service requirement to the third anniversary of the date of the grant Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued Target Assumed forfeiture rate for performance stock unit awards 5 % |
CUSA | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated. Three Months Ended 2024 2023 Compensation expense recognized during the period: CUSA employees $ 3.8 $ 3.6 Holdings directors 0.4 0.3 Total recognized by Holdings $ 4.2 $ 3.9 Fair value of restricted stock that vested during the period: CUSA employees $ 12.5 $ 6.9 Holdings directors — — Holdings total $ 12.5 $ 6.9 Income tax benefit related to vested restricted stock: CUSA employees $ 2.2 $ 0.8 Holdings directors — — Holdings total income tax benefit $ 2.2 $ 0.8 |
Restricted Stock (Member) | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | As of March 31, 2024, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows: Estimated Remaining Expense CUSA employees (1) $ 27.2 Holdings directors 0.3 Total remaining - Holdings (1) $ 27.5 (1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.9 years. |
Performance Shares [Member] | |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of performance stock unit activity for the periods presented: Three Months Ended March 31, 2024 2023 Number of performance stock units that vested during the period 0.1 0.1 Fair value of performance stock units that vested during the period $ 2.1 $ 1.2 Accumulated dividends paid upon vesting of performance stock units $ 0.1 $ 0.2 Compensation expense recognized during the period $ 2.2 $ 1.8 Income tax benefit related to performance stock units $ 0.1 $ — |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | A summary of the Company's goodwill is as follows: U.S. International Total Balance at January 1, 2024 (1) $ 1,182.9 $ 68.1 $ 1,251.0 Foreign currency translation adjustments — ( 2.2 ) ( 2.2 ) Balance at March 31, 2024 (1) $ 1,182.9 $ 65.9 $ 1,248.8 (1) Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2024 at Note 12. |
Intangible Assets | A summary of the Company's intangible assets is as follows: Balance at Amortization Balance at March 31, 2024 Intangible assets with finite lives: Gross carrying amount $ 77.8 $ — $ 77.8 Accumulated amortization ( 75.3 ) ( 0.5 ) ( 75.8 ) Total net intangible assets with finite lives $ 2.5 $ ( 0.5 ) $ 2.0 Intangible assets with indefinite lives: Tradename and other 300.3 — 300.3 Total intangible assets, net $ 302.8 $ ( 0.5 ) $ 302.3 |
Estimated Aggregate Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets is as follows: Estimated Amortization For the nine months ended December 31, 2024 $ 1.5 For the twelve months ended December 31, 2025 0.5 Total $ 2.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured On Recurring Basis | Below is a summary of assets and liabilities measured at fair value on a recurring basis under FASB ASC Topic 820 as of March 31, 2024 and December 31, 2023: Carrying Fair Value Hierarchy Description As of Value Level 1 Level 2 Level 3 Interest rate swap assets (1) March 31, 2024 $ 13.4 $ — $ 13.4 $ — Investment in NCMI (2) March 31, 2024 $ 22.5 $ 22.5 $ — $ — Interest rate swap assets (1) December 31, 2023 $ 9.9 $ — $ 9.9 $ — Investment in NCMI (2) December 31, 2023 $ 18.1 $ — $ 18.1 $ — (1) See further discussion of interest rate swaps at Note 7. (2) See further discussion of investment in NCMI at Note 8. |
Foreign Currency Translation (T
Foreign Currency Translation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Impact of Translating Financial Statements of Company's International Subsidiaries | Below is a summary of the impact of translating the March 31, 2024 and March 31, 2023 financial statements of the Company’s international subsidiaries: Other Comprehensive Income (Loss) for the Exchange Rate as of Three Months Ended Country March 31, 2024 December 31, 2023 March 31, 2024 March 31, 2023 Brazil 5.02 4.85 $ ( 3.1 ) $ 2.7 Chile 980.26 879.54 ( 8.1 ) 5.2 All other 0.4 0.2 $ ( 10.8 ) $ 8.1 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Condensed Consolidated Statements of Cash Flows | The following is provided as supplemental information to the condensed consolidated statements of cash flows: Three Months Ended March 31, 2024 2023 Cash paid for interest by Holdings (1) $ 56.1 $ 51.0 Cash paid for interest by CUSA $ 45.7 $ 40.6 Cash paid for income taxes, net $ 2.9 $ 0.9 Noncash operating activities: Interest expense - NCM (see Note 8) $ ( 5.5 ) $ ( 5.7 ) Noncash investing activities: Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment (2) $ 1.4 $ ( 5.1 ) Theatre and other assets acquired under finance leases $ 27.2 $ — (1) Includes the cash interest paid by CUSA. (2) Additions to theatre properties and equipment included in accounts payable as of March 31, 2024 and December 31, 2023 were $ 8.0 and $ 6.6 , respectively. |
Segments - Holdings (Tables)
Segments - Holdings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Selected Financial Information by Reportable Operating Segment | Below is a breakdown of selected financial information by reportable operating segment for Holdings: Three Months Ended March 31, 2024 2023 Revenue U.S. $ 459.1 $ 481.7 International 122.2 131.6 Eliminations ( 2.1 ) ( 2.6 ) Total revenue $ 579.2 $ 610.7 Adjusted EBITDA U.S. $ 49.1 $ 63.4 International 21.6 22.8 Total Adjusted EBITDA $ 70.7 $ 86.2 Capital expenditures U.S. $ 18.1 $ 22.7 International 5.4 3.6 Total capital expenditures $ 23.5 $ 26.3 |
Reconciliation of Net Income (Loss) to Adjusted EBITDA | The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA for Holdings: Three Months Ended March 31, 2024 2023 Net income (loss) $ 25.3 $ ( 2.5 ) Add (deduct): Income tax benefit ( 27.7 ) ( 3.9 ) Interest expense (1) 37.7 36.8 Other income, net (2) ( 17.7 ) ( 1.9 ) Cash distributions from equity investees (3) 1.3 — Depreciation and amortization 49.4 54.9 Impairment of long-lived and other assets — 0.7 Loss on disposal of assets and other 0.4 0.3 Non-cash rent expense ( 4.4 ) ( 3.9 ) Share-based awards compensation expense 6.4 5.7 Adjusted EBITDA $ 70.7 $ 86.2 (1) Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated gains for amended swap agreements. (2) Includes interest income, foreign currency exchange gain (loss), interest expense - NCM, equity in income (loss) of affiliates and unrealized gain on investment in NCMI. (3) Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. operating segment. |
Selected Financial Information by Geographic Area | Below is a breakdown of selected financial information for Holdings by geographic area: Three Months Ended March 31, Revenue 2024 2023 U.S. $ 459.1 $ 481.7 Brazil 54.3 44.5 Other international countries 67.9 87.1 Eliminations ( 2.1 ) ( 2.6 ) Total $ 579.2 $ 610.7 As of As of Theatre properties and equipment, net March 31, 2024 December 31, 2023 U.S. $ 1,006.2 $ 1,002.1 Brazil 51.9 54.7 Other international countries 101.6 104.9 Total $ 1,159.7 $ 1,161.7 |
The Company and Basis of Pres_2
The Company and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Operating revenues comprise | 100% | |
Long-term deferred tax asset | $ 7.7 |
Lease Accounting - Additional I
Lease Accounting - Additional Information (Detail) $ in Millions | Mar. 31, 2024 USD ($) |
Theatres | |
Lease [Line Items] | |
Contractual minimum lease payments payable under operating lease, lease not yet commenced | $ 36.7 |
Lease Accounting - Schedule of
Lease Accounting - Schedule of Aggregate Lease Costs by Lease Classification (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Lease Cost [Line Items] | |||
Operating Lease, Cost | $ 81.4 | $ 83.5 | |
Total finance lease costs | 4.5 | 4.2 | |
Depreciation and Amortization | |||
Lease Cost [Line Items] | |||
Amortization of leased assets | 3.1 | 3 | |
Interest Expense | |||
Lease Cost [Line Items] | |||
Interest on lease liabilities | 1.4 | 1.2 | |
Equipment | Utilities and Other | |||
Lease Cost [Line Items] | |||
Operating Lease, Cost | [1] | 0.8 | 1.4 |
Real Estate | Facility Lease Expense | |||
Lease Cost [Line Items] | |||
Operating Lease, Cost | [1] | $ 80.6 | $ 82.1 |
[1] Includes short-term lease payments, variable lease payments and office lease payments reflected in general and administrative expense as set forth in the following table for the periods presented: Three Months Ended March 31, Lease Cost Classification 2024 2023 Operating lease costs Equipment - Short-term and variable lease payments Utilities and other $ 0.7 $ 1.3 Real Estate - Variable lease payments (1) Facility lease expense $ 12.2 $ 12.7 Real Estate - Office leases General and administrative $ 0.3 $ 0.3 (1) Represents lease payments that are based on a change in index, such as CPI or inflation, variable payments based on revenue or attendance and variable common area maintenance costs. |
Lease Accounting - Schedule o_2
Lease Accounting - Schedule of Aggregate Lease Costs by Lease Classification (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease Cost [Line Items] | ||
Lease payments | $ 68.5 | $ 69.6 |
Equipment | Utilities and Other | ||
Lease Cost [Line Items] | ||
Short term lease payments | 0.7 | 1.3 |
Real Estate | Facility Lease Expense | ||
Lease Cost [Line Items] | ||
Variable lease payments | 12.2 | 12.7 |
Lease payments | $ 0.3 | $ 0.3 |
Lease Accounting - Schedule o_3
Lease Accounting - Schedule of Minimum Cash Lease Payments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Cash outflows for operating leases | $ 68.5 | $ 69.6 |
Cash outflows for finance leases - operating activities | 1.4 | 1.2 |
Cash outflows for finance leases - financing activities | 3.7 | 3.5 |
Non-cash amount of right-of-use assets obtained in exchange for: | ||
Operating lease liability additions, net of write-offs | 40.7 | 9.5 |
Finance lease liability additions, net of write-offs | $ 27 | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Receivables related to contracts with customers | $ 35.6 | $ 31.6 |
Assets related to costs to obtain or fulfill contract with customers | $ 0 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues Disaggregated Based on Major Type of Good or Service and by Reportable Operating Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 579.2 | $ 610.7 | |
CNK [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 579.2 | 610.7 | |
Admissions Revenues | CNK [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 289.8 | 311 | |
Concession Revenues | CNK [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 224.2 | 235.8 | |
Screen Advertising, Screen Rental and Promotional Revenues | CNK [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 31.7 | 31.1 |
Other Revenue | CNK [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 33.5 | 32.8 | |
U.S. Operating Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 457 | 479.1 |
U.S. Operating Segment | Admissions Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 231.8 | 244.7 |
U.S. Operating Segment | Concession Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 178.6 | 186.8 |
U.S. Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1],[2] | 21 | 21.8 |
U.S. Operating Segment | Other Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 25.6 | 25.8 |
International Operating Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 122.2 | 131.6 | |
International Operating Segment | Admissions Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 58 | 66.3 | |
International Operating Segment | Concession Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 45.6 | 49 | |
International Operating Segment | Screen Advertising, Screen Rental and Promotional Revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 10.7 | 9.3 |
International Operating Segment | Other Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 7.9 | $ 7 | |
[1] Amount includes amortization of NCM screen advertising advances. See S creen Advertising Advances and Other Deferred Revenue below. U.S. segment revenue excludes intercompany transactions with the international operating segment. See Note 16 for the amount of intercompany eliminations for the periods presented. |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues Disaggregated Based on Timing of Revenue Recognition (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 579.2 | $ 610.7 | |
Goods and Services Transferred at a Point in Time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 542.6 | 567 | |
Goods and Services Transferred Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | 36.6 | 43.7 |
U.S. Operating Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 457 | 479.1 |
U.S. Operating Segment | Goods and Services Transferred at a Point in Time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [2] | 433.8 | 447.8 |
U.S. Operating Segment | Goods and Services Transferred Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1],[2] | 23.2 | 31.3 |
International Operating Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 122.2 | 131.6 | |
International Operating Segment | Goods and Services Transferred at a Point in Time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 108.8 | 119.2 | |
International Operating Segment | Goods and Services Transferred Over Time | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | [1] | $ 13.4 | $ 12.4 |
[1] Amount includes amortization of NCM screen advertising advances. See S creen Advertising Advances and Other Deferred Revenue below. U.S. segment revenue excludes intercompany transactions with the international operating segment. See Note 16 for the amount of intercompany eliminations for the periods presented. |
Revenue Recognition - Changes i
Revenue Recognition - Changes in Advances and Deferred Revenues (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Change in Contract with Customer Liability [Line Items] | ||
Amounts recognized as accounts receivable | $ 3.3 | |
Other Deferred Revenues | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2024 | 221.6 | [1] |
Amounts recognized as accounts receivable | 9.6 | [1] |
Cash received from customers in advance | 70.6 | [1] |
Interest accrued related to significant financing component | 0 | [1] |
Revenue recognized during period | (71.2) | [1] |
Foreign currency translation adjustments | (0.5) | [1] |
Balance at March 31, 2024 | 230.1 | [1] |
N C M Screen Advertising Advances | ||
Change in Contract with Customer Liability [Line Items] | ||
Balance at January 1, 2024 | 328.4 | [2] |
Amounts recognized as accounts receivable | 0 | [2] |
Cash received from customers in advance | 0 | [2] |
Interest accrued related to significant financing component | (5.5) | [2] |
Revenue recognized during period | (8.1) | [2] |
Foreign currency translation adjustments | 0 | [2] |
Balance at March 31, 2024 | $ 325.8 | [2] |
[1] Includes liabilities associated with outstanding gift cards and ticket vouchers, points or rebates outstanding under the Company’s loyalty and subscription programs and revenue not yet recognized for screen advertising and other promotional activities. Amounts are classified as accounts payable and accrued expenses or other long-term liabilities on the condensed consolidated balance sheet. See Note 8 for the remaining maturity of NCM screen advertising advances as of March 31, 2024 . |
Revenue Recognition - Aggregate
Revenue Recognition - Aggregate Amount of Transaction Price Allocated To Performance Obligation That Are Unsatisfied And Expected To Be Recognized (Details) - Other Deferred Revenues [Member] $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 230.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligation | $ 203.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligation | $ 26.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligation | $ 0 |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computations of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Earnings Per Share Disclosure [Line Items] | |||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (24.8) | $ 3.1 | |
(Income) loss allocated to participating share-based awards | [1] | (0.4) | 0 |
Basic net income (loss) attributable to common stockholders | 24.4 | (3.1) | |
Add: Interest expense on convertible notes, net of tax | [2] | 4.8 | 0 |
Diluted net income (loss) attributable to common stockholders | $ 29.2 | $ (3.1) | |
Basic weighted average shares outstanding | 119.5 | 118.8 | |
Common equivalent shares for restricted performance stock units | [3] | 0.9 | 0 |
Common equivalent shares for convertible notes | [2] | 32 | 0 |
Common equivalent shares for warrants | 0 | 0 | |
Diluted weighted average shares outstanding | 152.4 | 118.8 | |
Basic earnings (loss) per share attributable to common stockholders | $ 0.2 | $ (0.03) | |
Diluted earnings (loss) per share attributable to common stockholders | $ 0.19 | $ (0.03) | |
CNK [Member] | |||
Earnings Per Share Disclosure [Line Items] | |||
Net income (loss) attributable to Cinemark Holdings, Inc. | $ (24.8) | $ 3.1 | |
Basic weighted average shares outstanding | 119.5 | 118.8 | |
Diluted weighted average shares outstanding | 152.4 | 118.8 | |
Basic earnings (loss) per share attributable to common stockholders | $ 0.2 | $ (0.03) | |
Diluted earnings (loss) per share attributable to common stockholders | $ 0.19 | $ (0.03) | |
Restricted Stock Units (RSUs) | |||
Earnings Per Share Disclosure [Line Items] | |||
Common equivalent shares for restricted performance stock units | 0 | ||
[1] For the three months ended March 31, 2024 and 2023, a weighted average of approximately 2.0 shares and 1.8 shares of restricted stock, respectively, were considered participating securities. For the three months ended March 31, 2023 diluted loss per share excludes the conversion of the 4.50 % Convertible Senior Notes into 32.0 shares of common stock as they would be anti-dilutive. See further discussion below. (4) For all periods presented, diluted earnings (loss) per share excludes the warrants, as they would be anti-dilutive. For the three months ended March 31, 2023 , 0.0 common equivalent shares for performance stock units were excluded because they were anti-dilutive. |
Earnings (Loss) Per Share - C_2
Earnings (Loss) Per Share - Computations of Basic and Diluted Loss Per Share (Parenthetical) (Detail) - shares shares in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Earnings Per Share Disclosure [Line Items] | ||||
Weighted average shares of participating restricted stock | 2 | 1.8 | ||
Common equivalent shares for restricted performance stock units | [1] | 0.9 | 0 | |
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | ||
4.50 % Convertible Senior Notes | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 4.50% | |||
Anti dilution additional common shares issued | 32 | |||
Restricted Stock Units (RSUs) | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Common equivalent shares for restricted performance stock units | 0 | |||
[1] For the three months ended March 31, 2023 , 0.0 common equivalent shares for performance stock units were excluded because they were anti-dilutive. |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) shares in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) d $ / shares shares | Dec. 31, 2023 | |
Earnings Per Share Disclosure [Line Items] | ||
Interest rate | 4.50% | 4.50% |
Convertible senior note, if-converted value in excess of outstanding principal value | $ | ||
4.50 % Convertible Senior Notes | ||
Earnings Per Share Disclosure [Line Items] | ||
Interest rate | 4.50% | |
Common stock, strike price | $ 18.66 | |
Debt instrument convertible conversion, percentage | 130% | |
Debt instrument, convertible, associated derivative transactions, description | The if-converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings common stock for the first quarter of 2024, exceeded the aggregate outstanding principal value of the notes by $46.7 as of March 31, 2024. | |
Exercise price | $ 14.35 | |
Common shares issued | shares | 32 | |
Stock option granted | shares | 32 | |
Stock option granted, price per share | $ 14.35 | |
Common stock, convertible, conversion price, increase | $ 22.08 | |
Debt instrument, convertible, threshold trading days | d | 30 | |
4.50 % Convertible Senior Notes | Minimum | ||
Earnings Per Share Disclosure [Line Items] | ||
Common stock, convertible, conversion price, increase | $ 18.66 | |
Debt instrument, convertible, threshold trading days | d | 20 | |
4.50 % Convertible Senior Notes | Warrant | ||
Earnings Per Share Disclosure [Line Items] | ||
Stock option granted | shares | 32 | |
Stock option granted, price per share | $ 22.08 |
Sale of Subsidiary - (Additiona
Sale of Subsidiary - (Additional Information) (Details) - Theatre Assets Held For Sale [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Long-Lived Assets Held-for-Sale [Line Items] | |
Revenues | $ 3.5 |
Operating income (loss) | $ 0.1 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 01, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | May 26, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||
Interest expense | $ 7 | |||||
Interest rate | 4.50% | 4.50% | ||||
Interest Rate Swap Agreements Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative notional amount | $ 137.5 | $ 137.5 | ||||
Maturity date | Dec. 31, 2026 | Dec. 31, 2027 | ||||
4.50 % Convertible Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.50% | |||||
8.75 % Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 8.75% | |||||
CUSA [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Average interest rate on outstanding borrowings | 7.60% | |||||
Debt instrument, maturity date | May 24, 2030 | |||||
CUSA [Member] | Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of add-on to Senior Notes | $ 775 | |||||
CUSA [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit line, maturity date | May 26, 2028 | |||||
Term Loan Credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Amount outstanding under the term loan | $ 643.5 | |||||
Term Loan Credit facility | CUSA [Member] | Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of add-on to Senior Notes | $ 650 | |||||
Quarterly principal payments due | $ 1.6 | |||||
Last quarterly payment date | Mar. 31, 2030 | |||||
Final principal payment due date | May 24, 2030 | |||||
Revolving Credit Line | Amended Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount outstanding under the revolving credit line | $ 0 | |||||
Revolving Credit Line | CUSA [Member] | Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of add-on to Senior Notes | $ 125 | |||||
Subsequent Event [Member] | 8.75 % Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of add-on to Senior Notes | $ 156.6 | |||||
Interest rate | 8.75% | |||||
Subsequent Event [Member] | CUSA [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 8.75% | |||||
Subsequent Event [Member] | CUSA [Member] | 8.75 % Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of add-on to Senior Notes | $ 150 | |||||
Redemption payment of outstanding principal amount | $ 150 | |||||
Interest rate | 8.75% | |||||
Outstanding principal at the redemption price percentage | 100% |
Long Term Debt - Components of
Long Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
CNK [Member] | |||
Debt Instrument [Line Items] | |||
Cinemark USA, Inc. term loan due 2030 | $ 643.5 | $ 645.1 | |
Other | 6.5 | 7 | |
Total carrying value of long-term debt | [1] | 2,430 | 2,432.1 |
Less current portion | 7.8 | 7.8 | |
Less: Debt discounts and debt issuance costs, net of accumulated amortization | [1] | 30.6 | 33 |
Long-term debt, less current portion | [1] | 2,391.6 | 2,391.3 |
CNK [Member] | 4.500% convertible senior notes due 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | 460 | 460 | |
CNK [Member] | 8.750% senior secured notes due 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | 150 | 150 | |
CNK [Member] | 5.875% senior notes due 2026 | |||
Debt Instrument [Line Items] | |||
Senior notes | 405 | 405 | |
CNK [Member] | 5.250% senior notes due 2028 | |||
Debt Instrument [Line Items] | |||
Senior notes | 765 | 765 | |
CUSA [Member] | |||
Debt Instrument [Line Items] | |||
Total carrying value of long-term debt | 1,970 | 1,972.1 | |
Less current portion | 7.8 | 7.8 | |
Less: Debt discounts and debt issuance costs, net of accumulated amortization | 25.9 | 27.5 | |
Long-term debt, less current portion | $ 1,936.3 | $ 1,936.8 | |
[1] The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $ 460.0 4.50 % Convertible Senior Notes due August 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA. |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Details) - Parent Company [Member] $ in Millions | Mar. 31, 2024 USD ($) |
Debt Instrument [Line Items] | |
Convertible senior notes percentage | 4.50% |
Senior Notes | $ 460 |
Long Term Debt - Summary of Com
Long Term Debt - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Detail) - Designated as Hedging Instrument - Cash Flow Hedging $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Debt Instrument [Line Items] | ||
Estimated Fair Value | $ 13.4 | [1] |
Interest Rate Swap Agreement 1 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137.5 | |
Pay Rate | 3.17% | |
Receive Rate | 1-Month Term SOFR | |
Maturity date | Dec. 31, 2027 | |
Estimated Fair Value | $ 4.7 | [1] |
Interest Rate Swap Agreement 2 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 175 | |
Pay Rate | 3.20% | |
Receive Rate | 1-Month Term SOFR | |
Maturity date | Dec. 31, 2026 | |
Estimated Fair Value | $ 4.9 | [1] |
Interest Rate Swap Agreement 3 | ||
Debt Instrument [Line Items] | ||
Notional Amount | $ 137.5 | |
Pay Rate | 3.21% | |
Receive Rate | 1-Month Term SOFR | |
Maturity date | Dec. 31, 2026 | |
Estimated Fair Value | $ 3.8 | [1] |
[1] Approximately $ 7.9 of the total is included in prepaid expenses and other and $ 5.5 is included in deferred charges and other assets, net on the condensed consolidated balance sheet as of March 31, 2024 . |
Long Term Debt - Summary of C_2
Long Term Debt - Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges (Parenthetical) (Detail) $ in Millions | Mar. 31, 2024 USD ($) |
Prepaid Expenses and Other | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 7.9 |
Deferred Charges and Other Assets | |
Debt Instrument [Line Items] | |
Estimated Fair Value | $ 5.5 |
Long Term Debt - Schedule of ca
Long Term Debt - Schedule of carrying values and fair values of debt instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
CNK [Member] | |||
Debt Instrument [Line Items] | |||
Fair value | [1] | $ 2,562.2 | $ 2,460.3 |
CUSA [Member] | |||
Debt Instrument [Line Items] | |||
Fair value | $ 1,924.5 | $ 1,903.8 | |
[1] The fair value of the 4.50 % convertible senior notes was $ 637.7 and $ 556.5 as of March 31, 2024 and December 31, 2023 , respectively. |
Long Term Debt - Schedule of _2
Long Term Debt - Schedule of carrying values and fair values of debt instruments (Parenthical) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Interest rate | 4.50% | 4.50% |
Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value of long-term debt | $ 637.7 | $ 556.5 |
Investment in National CineMe_3
Investment in National CineMedia Inc. - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Apr. 15, 2024 | Apr. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of additional common units of NCM receive under common unit adjustment agreement | 100,000 | ||||
Common Unit Redemption | $ 4.95 | ||||
Common Unit Redemption Price | $ 0.7 | ||||
NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Recognized incremental screen rental revenue and offsetting interest expense | $ 5.5 | $ 5.7 | |||
Amortization of screen advertising advances | $ 8.1 | 8.1 | |||
NCM | Minimum | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage of incremental borrowing rates | 4.40% | ||||
NCM | Maximum | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage of incremental borrowing rates | 8.30% | ||||
Investment In NCM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Deferred revenue or NCM screen advertising advances extended term | 2041-02 | ||||
Investment In NCMI | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of common units of NCM owned by Company | 4,400,000 | ||||
Unrealized gain | $ 4.4 | [1] | $ 0 | ||
Interest in common units of NCM owned by Company | 4.50% | ||||
Amortization of screen advertising advances | $ 0 | ||||
[1] See Investment in National CineMedia below. |
Investment in National CineMe_4
Investment in National CineMedia Inc. - Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Schedule Of Equity Method Investments [Line Items] | ||||
Impairment of long-lived and other assets | $ 0 | $ 0.7 | ||
Investment In NCMI | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | 18.1 | |||
Screen rental revenue earned under ESA | [1] | 0 | ||
Interest accrued related to significant financing component | 0 | |||
Unrealized gain on investment in NCMI | 4.4 | [2] | 0 | |
Impairment of long-lived and other assets | $ 0.7 | |||
Amortization of screen advertising advances | 0 | |||
Ending Balance | 22.5 | |||
N C M Screen Advertising Advances | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | (328.4) | |||
Screen rental revenue earned under ESA | [1] | 0 | ||
Interest accrued related to significant financing component | (5.5) | |||
Unrealized gain on investment in NCMI | [2] | 0 | ||
Amortization of screen advertising advances | 8.1 | |||
Ending Balance | (325.8) | |||
Other Revenue | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | 0 | |||
Screen rental revenue earned under ESA | [1] | (4.9) | ||
Interest accrued related to significant financing component | 0 | |||
Unrealized gain on investment in NCMI | [2] | 0 | ||
Amortization of screen advertising advances | (8.1) | |||
Ending Balance | (13) | |||
Interest Expense - NCM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | 0 | |||
Screen rental revenue earned under ESA | [1] | 0 | ||
Interest accrued related to significant financing component | 5.5 | |||
Unrealized gain on investment in NCMI | [2] | 0 | ||
Amortization of screen advertising advances | 0 | |||
Ending Balance | 5.5 | |||
Cash Received | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Beginning Balance | [3] | 0 | ||
Screen rental revenue earned under ESA | [1],[3] | 1.6 | ||
Interest accrued related to significant financing component | [3] | 0 | ||
Unrealized gain on investment in NCMI | [2],[3] | 0 | ||
Amortization of screen advertising advances | [3] | 0 | ||
Ending Balance | [3] | $ 1.6 | ||
[1] Amounts include the per patron and per digital screen theatre access fees, net of amounts due to NCM for on-screen advertising time provided to the Company's beverage concessionaire of approximately $ 1.6 . See Investment in National CineMedia below. The Company had a receivable from NCM of $ 3.3 as of March 31, 2024 . |
Investment in National CineMe_5
Investment in National CineMedia Inc. - Summary of Activity with NCM Included in Company's Consolidated Financial Statements (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Equity Method Investments and Joint Ventures [Abstract] | |
Company's beverage concessionaire advertising costs | $ 1.6 |
Amounts recognized as accounts receivable | $ 3.3 |
Investment in National CineMe_6
Investment in National CineMedia Inc. - Summary of Recognition of Revenue Related To Deferred Revenue (Details) - NCM Screen Advertising Advance [Member] $ in Millions | Mar. 31, 2024 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 325.8 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 10.6 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Remaining performance obligation | $ 11.4 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Remaining performance obligation | $ 12.2 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Remaining performance obligation | $ 13 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Remaining performance obligation | $ 13.9 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Remaining performance obligation | $ 264.7 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | ||
[1] Amounts are net of the estimated interest to be accrued for the periods presented. |
Investments in Affiliates - Sum
Investments in Affiliates - Summary of Activity for Each of Company's Investments in affiliates (Detail) - Other Affiliates [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |
Investments, beginning balance | $ 23.6 |
Cash distributions received | (1.3) |
Equity income | 3.8 |
Investments, ending balance | 26.1 |
AC JV, LLC | |
Schedule Of Equity Method Investments [Line Items] | |
Investments, beginning balance | 3.4 |
Cash distributions received | (1.3) |
Equity income | 3.3 |
Investments, ending balance | 5.4 |
Digital Cinema Distribution Coalition | |
Schedule Of Equity Method Investments [Line Items] | |
Investments, beginning balance | 2.1 |
Cash distributions received | 0 |
Equity income | 0.2 |
Investments, ending balance | 2.3 |
FE Concepts, LLC | |
Schedule Of Equity Method Investments [Line Items] | |
Investments, beginning balance | 18.1 |
Cash distributions received | 0 |
Equity income | 0.3 |
Investments, ending balance | $ 18.4 |
Investments in Affiliates - S_2
Investments in Affiliates - Summary of Transactions with Each of the Company's Other Investees (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
AC JV, LLC | Film rentals and advertising | |||
Schedule Of Equity Method Investments [Line Items] | |||
Event fees paid | [1] | $ 7.1 | $ 3 |
Digital Cinema Distribution Coalition | |||
Schedule Of Equity Method Investments [Line Items] | |||
Content delivery fees paid | [1] | $ 0.1 | $ 0.1 |
[1] Included in film rentals and advertising costs on the condensed consolidated statements of income (loss). |
Treasury Stock and Share Base_3
Treasury Stock and Share Based Awards - Summary of Treasury Stock Activity (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) shares | ||
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | ||
Number of Treasury Shares | 6,000,000 | |
Restricted stock withholdings | 250,000 | [1] |
Restricted stock forfeitures | 20,000 | [2] |
Number of Treasury Shares | 6,270,000 | |
Beginning Balance, Cost | $ | $ 98.3 | |
Restricted stock withholdings | $ | 4.2 | [1] |
Ending Balance, Cost | $ | $ 102.5 | |
[1] Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and performance stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vesting dates, which ranged from $ 13.93 to $ 17.97 per share. Holdings repurchased forfeited restricted shares at a cost of $ 0.001 per share in accordance with its 2017 Omnibus Plan. |
Treasury Stock and Share Base_4
Treasury Stock and Share Based Awards - Summary of Treasury Stock Activity (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Schedule of Treasury Stock [Line Items] | |
Common stock repurchased value as result of restricted stock forfeitures | $ 0.001 |
Minimum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | 13.93 |
Maximum | |
Schedule of Treasury Stock [Line Items] | |
Market Value of Restricted Shares | $ 17.97 |
Treasury Stock and Share Base_5
Treasury Stock and Share Based Awards - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Stockholders Equity Note [Line Items] | |
Number of restricted shares granted | 900 |
Market value of common stock on the dates of grant | $ / shares | $ 16.43 |
Restricted Stock (Member) | |
Stockholders Equity Note [Line Items] | |
Number of restricted shares granted | 900 |
Restricted Stock (Member) | Minimum | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 16.43 |
Forfeiture rate for restricted stock awards | 0% |
Award vesting period for restricted stock | 1 year |
Restricted Stock (Member) | Maximum | |
Stockholders Equity Note [Line Items] | |
Forfeiture rate for restricted stock awards | 10% |
Award vesting period for restricted stock | 3 years |
Performance Shares [Member] | |
Stockholders Equity Note [Line Items] | |
Market value of common stock on the dates of grant | $ / shares | $ 16.43 |
Unrecognized compensation expense | $ | $ 19.1 |
Remaining compensation expense recognition period (in years) | 1 year 9 months 18 days |
Number of hypothetical shares of common stock at IRR levels | 2,100 |
Number of hypothetical shares of common stock | 1,150 |
Treasury Stock and Share Base_6
Treasury Stock and Share Based Awards - Summary of the performance metrics and measurement period (Details) - PSU | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Equity, Class of Treasury Stock [Line Items] | |
Performance Measurement Period | Three years with additional service requirement to the third anniversary of the date of the grant |
Performance metrics meet the target level | |
Equity, Class of Treasury Stock [Line Items] | |
Restricted stock units that vest at maximum performance targets | $ 0.57 |
Performance metrics meet the threshold level | |
Equity, Class of Treasury Stock [Line Items] | |
Restricted stock units that vest at maximum performance targets | $ 0.28 |
Performance metrics and measurement percentage | 50% |
Maximum Performance Target Level [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Restricted stock units that vest at maximum performance targets | $ 1.15 |
Performance metrics and measurement percentage | 200% |
Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Most likely performance metrics outcome estimated | Target |
Assumed forfeiture rate for performance stock unit awards [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Performance metrics and measurement percentage | 5% |
Treasury Stock and Share Base_7
Treasury Stock and Share Based Awards - Summary of performance metrics and measurement period (Parenthetical) (Details) - PSU | Mar. 31, 2024 |
Performance metrics meet the threshold level | |
Equity, Class of Treasury Stock [Line Items] | |
Performance metrics and measurement percentage | 50% |
Performance metrics meet the maximum level | |
Equity, Class of Treasury Stock [Line Items] | |
Performance metrics and measurement percentage | 200% |
Treasury Stock and Share Base_8
Treasury Stock and Share Based Awards - Summary of Restricted Stock Activity (Detail) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Shares of Restricted Stock | |
Shares of Restricted Stock, Granted | 900 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding, Beginning | $ / shares | $ 15.67 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 16.43 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 15.89 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 15.3 |
Weighted Average Grant Date Fair Value Outstanding, Ending | $ / shares | $ 15.88 |
Restricted Stock (Member) | |
Shares of Restricted Stock | |
Shares of Restricted Stock, Beginning balance | 2,350 |
Shares of Restricted Stock, Granted | 900 |
Shares of Restricted Stock, Vested | (770) |
Shares of Restricted Stock, Forfeited | (20) |
Shares of Restricted Stock, Ending balance | 2,460 |
Treasury Stock and Share Base_9
Treasury Stock and Share Based Awards - Summary of Restricted Stock and Restricted Stock Unit Award Activity (Detail) - USD ($) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Restricted Stock (Member) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units that vested during the period | 770 | ||
Fair value of performance stock units that vested during the period | $ 12,500,000 | $ 6,900,000 | |
Compensation expense recognized during the period | 4,200,000 | 3,900,000 | |
Income tax benefit related to performance stock units | 2,200,000 | $ 800,000 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated remaining expense | [1] | $ 27,500,000 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted stock units that vested during the period | 100 | 100 | |
Fair value of performance stock units that vested during the period | $ 2,100,000 | $ 1,200,000 | |
Accumulated dividends paid upon vesting of performance stock units | 100,000 | 200,000 | |
Compensation expense recognized during the period | 2,200,000 | 1,800,000 | |
Income tax benefit related to performance stock units | 100,000 | 0 | |
Cinemark Holdings Inc [Member] | Restricted Stock (Member) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of performance stock units that vested during the period | 0 | 0 | |
Compensation expense recognized during the period | 400,000 | 300,000 | |
Income tax benefit related to performance stock units | 0 | 0 | |
Cinemark Holdings Inc [Member] | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated remaining expense | 300,000 | ||
Cinemark Partners Second [Member] | Restricted Stock (Member) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of performance stock units that vested during the period | 12,500,000 | 6,900,000 | |
Compensation expense recognized during the period | 3,800,000 | 3,600,000 | |
Income tax benefit related to performance stock units | 2,200,000 | $ 800,000 | |
Cinemark Partners Second [Member] | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated remaining expense | [1] | $ 27,200,000 | |
[1] The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.9 years. |
Treasury Stock and Share Bas_10
Treasury Stock and Share Based Awards - Summary of Restricted Stock and Restricted Stock Unit Award Activity (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Cinemark Partners Second [Member] | Restricted Stock Units (RSUs) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted average period remaining | 1 year 10 months 24 days |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Net Summary of Goodwill (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Goodwill [Line Items] | ||
Beginning Balance | $ 1,251 | [1] |
Foreign currency translation adjustments | (2.2) | |
Ending Balance | 1,248.8 | [1] |
U.S. Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,182.9 | [1] |
Foreign currency translation adjustments | 0 | |
Ending Balance | 1,182.9 | [1] |
International Operating Segment | ||
Goodwill [Line Items] | ||
Beginning Balance | 68.1 | [1] |
Foreign currency translation adjustments | (2.2) | |
Ending Balance | $ 65.9 | [1] |
[1] Balances are presented net of accumulated impairment losses of $ 214.0 for the U.S. operating segment and $ 43.8 for the international operating segment. See discussion of the qualitative impairment analysis performed by the Company as of March 31, 2024 at Note 12. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Net Summary of Goodwill (Parenthetical) (Detail) $ in Millions | Mar. 31, 2024 USD ($) |
U.S. Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 214 |
International Operating Segment | |
Goodwill [Line Items] | |
Accumulated impairment losses | $ 43.8 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Net Intangible Assets (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible assets with finite lives, Beginning balance | $ 77.8 |
Intangible assets with finite lives, Ending balance | 77.8 |
Intangible assets with finite lives, Accumulated amortization, Beginning balance | (75.3) |
Accumulated amortization | (0.5) |
Intangible assets with finite lives, Accumulated amortization, Ending balance | (75.8) |
Net intangible assets with finite lives, Beginning balance | 2.5 |
Amortization, intangible assets | (0.5) |
Net intangible assets with finite lives, Ending balance | 2 |
Indefinite-lived Intangible Assets, Tradename and Other, Beginning Balance | 300.3 |
Indefinite-lived Intangible Assets, Tradename and Other, Ending Balance | 300.3 |
Total intangible assets - net, Beginning balance | 302.8 |
Amortization, Total intangible assets net | (0.5) |
Total intangible assets - net, Ending balance | $ 302.3 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Net Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
For the nine months ended December 31, 2024 | $ 1.5 | |
For the twelve months ended December 31, 2025 | 0.5 | |
Total | $ 2 | $ 2.5 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived and other assets | $ 0 | $ 0.7 |
Investment In NCMI | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived and other assets | 0.7 | |
Goodwill And Intangible Assets | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived and other assets | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment in NCMI | [1] | $ 22.5 | $ 18.1 |
Interest rate swap assets | [2] | 13.4 | 9.9 |
Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment in NCMI | [1] | 22.5 | 0 |
Interest rate swap assets | [2] | 0 | 0 |
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment in NCMI | [1] | 0 | 18.1 |
Interest rate swap assets | [2] | 13.4 | 9.9 |
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investment in NCMI | [1] | 0 | 0 |
Interest rate swap assets | [2] | $ 0 | $ 0 |
[1] See further discussion of investment in NCMI at Note 8. See further discussion of interest rate swaps at Note 7. |
Foreign Currency Translation -
Foreign Currency Translation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||
Cumulative foreign currency losses | $ 395.7 | $ 384.9 | |
Cumulative inflation rate | 100% | ||
Cumulative inflation period | 3 years | ||
AR | |||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||
Foreign currency and other related gain (loss) | $ 1.1 | $ 3.6 | |
CNK [Member] | |||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||
Accumulated other comprehensive income (loss) | 374.3 | 363.9 | |
Foreign currency and other related gain (loss) | 1.4 | (2.2) | |
CUSA [Member] | |||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||
Accumulated other comprehensive income (loss) | 377.1 | $ 366.7 | |
Foreign currency and other related gain (loss) | $ 1.4 | $ (2.2) |
Foreign Currency Translation _2
Foreign Currency Translation - Summary of Impact of Translating Financial Statements of Company's International Subsidiaries (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 | |
Foreign Currency Translation [Line Items] | |||
Other comprehensive Loss | $ (10.8) | $ 8.1 | |
Brazil | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 5.02 | 4.85 | |
Other comprehensive Loss | $ (3.1) | 2.7 | |
Chile | |||
Foreign Currency Translation [Line Items] | |||
Exchange Rate | 980.26 | 879.54 | |
Other comprehensive Loss | $ (8.1) | 5.2 | |
Other foreign countries | |||
Foreign Currency Translation [Line Items] | |||
Other comprehensive Loss | $ 0.4 | $ 0.2 |
Supplemental Information to Con
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Schedule Of Cash Flow Supplemental [Line Items] | |||
Cash paid for income taxes, net | $ 2.9 | $ 0.9 | |
Noncash investing and financing activities: | |||
Change in accounts payable and accrued expenses for the acquisition of theatre properties and equipment | [1] | 1.4 | (5.1) |
Theatre and other assets acquired under finance leases | 27.2 | 0 | |
NCM | |||
Noncash investing and financing activities: | |||
Interest expense - NCM | (5.5) | (5.7) | |
Cinemark Partners Second [Member] | |||
Schedule Of Cash Flow Supplemental [Line Items] | |||
Cash paid for interest by CUSA | 45.7 | 40.6 | |
Cinemark Holdings Inc [Member] | |||
Schedule Of Cash Flow Supplemental [Line Items] | |||
Cash paid for interest by Holdings | [2] | $ 56.1 | $ 51 |
[1] Additions to theatre properties and equipment included in accounts payable as of March 31, 2024 and December 31, 2023 were $ 8.0 and $ 6.6 , respectively. Includes the cash interest paid by CUSA. |
Supplemental Information to C_2
Supplemental Information to Condensed Consolidated Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Additions to theatre properties and equipment included in accounts payable | $ 8 | $ 6.6 |
Segments - Holdings - Selected
Segments - Holdings - Selected Financial Information by Reportable Operating Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 579.2 | $ 610.7 | |
Adjusted EBITDA | 70.7 | 86.2 | |
Capital expenditures | 23.5 | 26.3 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 70.7 | 86.2 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (2.1) | (2.6) | |
U.S. Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | [1] | 457 | 479.1 |
U.S. Operating Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 459.1 | 481.7 | |
Adjusted EBITDA | 49.1 | 63.4 | |
Capital expenditures | 18.1 | 22.7 | |
International Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 122.2 | 131.6 | |
International Operating Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 122.2 | 131.6 | |
Adjusted EBITDA | 21.6 | 22.8 | |
Capital expenditures | $ 5.4 | $ 3.6 | |
[1] U.S. segment revenue excludes intercompany transactions with the international operating segment. See Note 16 for the amount of intercompany eliminations for the periods presented. |
Segments - Holdings - Reconcili
Segments - Holdings - Reconciliation of Net Income (Loss) to Adjusted EBITDA (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Add (deduct): | |||
Interest expense | [1] | $ 37.7 | $ 36.8 |
Other (income) expense, net | [2] | (17.7) | (1.9) |
Depreciation and amortization | 49.4 | 54.9 | |
Impairment of long-lived and other assets | 0 | 0.7 | |
Gain on disposal of assets and other | 0.4 | 0.3 | |
Non-cash rent expense | (4.4) | (3.9) | |
Share based awards compensation expense | 6.4 | 5.7 | |
Adjusted EBITDA | 70.7 | 86.2 | |
CNK | |||
Segment Reporting Information [Line Items] | |||
Net income (loss) | 25.3 | (2.5) | |
Add (deduct): | |||
Income tax benefit | (27.7) | (3.9) | |
Interest expense | 37.7 | 36.8 | |
Cash distributions from equity investees | 1.3 | 0 | |
Depreciation and amortization | 49.4 | 54.9 | |
Impairment of long-lived and other assets | 0 | 0.7 | |
Non-cash rent expense | (4.4) | (3.9) | |
Share based awards compensation expense | 6.4 | 5.7 | |
Other Cash Distributions From Equity Investees [Member] | |||
Add (deduct): | |||
Cash distributions from equity investees | [3] | $ 1.3 | $ 0 |
[1] Includes amortization of debt issuance costs, amortization of original issue discount, and amortization of accumulated gains for amended swap agreements. Includes interest income, foreign currency exchange gain (loss), interest expense - NCM, equity in income (loss) of affiliates and unrealized gain on investment in NCMI. Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. operating segment. |
Segments - Holdings - Selecte_2
Segments - Holdings - Selected Financial Information by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 579.2 | $ 610.7 | |
Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 579.2 | 610.7 | |
Theatre properties and equipment, net | 1,159.7 | $ 1,161.7 | |
Reportable Geographical Components | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 459.1 | 481.7 | |
Theatre properties and equipment, net | 1,006.2 | 1,002.1 | |
Reportable Geographical Components | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 54.3 | 44.5 | |
Theatre properties and equipment, net | 51.9 | 54.7 | |
Reportable Geographical Components | Other international countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 67.9 | 87.1 | |
Theatre properties and equipment, net | 101.6 | $ 104.9 | |
Reportable Geographical Components | Eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ (2.1) | $ (2.6) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) Theatre | Mar. 31, 2023 USD ($) | |
FE Concepts, LLC | ||
Related Party Transaction [Line Items] | ||
Management fee revenues | $ 10 | $ 20 |
Percentage of voting interest | 50% | |
Laredo Theatre, Ltd | ||
Related Party Transaction [Line Items] | ||
Company's interest in Laredo | 75% | |
Lone Star Theatre's interest in Laredo | 25% | |
Ownership interest held by David Roberts | 100% | |
Percentage of stock owned by founder | 8.50% | |
Percentage of management fees based on theatre revenues | 5% | |
Management fee revenues | $ 100 | 100 |
Excess cash distribution paid | 100 | 0 |
Syufy Enterprises, LP | ||
Related Party Transaction [Line Items] | ||
Management fee revenues | $ 30 | 0 |
Number of theatres leased | Theatre | 12 | |
Total rent paid to Syufy | $ 5,700 | $ 5,500 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Tax Credit Carryforward [Line Items] | ||
Deferred tax benefit | $ 33.7 | |
CNK [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Income tax benefit | $ (27.7) | $ (3.9) |
Effective income tax rate | 1,144.30% | |
Deferred tax benefit | $ (37.1) | (8.8) |
CUSA [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Income tax benefit | $ (26.6) | (8.5) |
Effective income tax rate | (2120.50%) | |
Deferred tax benefit | $ (34.3) | $ (13.3) |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions | May 01, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |
Eight Point Seven Five Percent Secured Notes [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||
Senior Notes | 8.75% | ||
Eight Point Seven Five Percent Secured Notes [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Outstanding principal amount | $ 150 | ||
Debt Instrument, Face Amount | $ 156.6 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% |