Cinemark Holdings, Inc. Files 2023 Annual Report on Form 10-K

Ticker: CNK · Form: 10-K · Filed: 2024-02-16T00:00:00.000Z

Sentiment: neutral

Topics: Cinemark, 10-K, Annual Report, Financials, Motion Picture Theaters

Related Tickers: CNK

TL;DR

<b>Cinemark Holdings, Inc. has filed its 2023 annual report (10-K), detailing its financial performance and operational aspects for the fiscal year ending December 31, 2023.</b>

AI Summary

Cinemark Holdings, Inc. (CNK) filed a Annual Report (10-K) with the SEC on February 16, 2024. Cinemark Holdings, Inc. filed its 2023 Form 10-K on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. Key entities involved include Cinemark Holdings, Inc. (CIK: 0001385280) and Cinemark USA Inc. (CIK: 0000885975). The company operates in the Services-Motion Picture Theaters industry (SIC code 7830). The filing references various financial instruments and operational segments, including credit facilities and restructuring plans.

Why It Matters

For investors and stakeholders tracking Cinemark Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cinemark's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed information within the filing, including financial statements, segment reporting, and risk disclosures, is essential for understanding the company's performance in the context of the motion picture theater industry and its ongoing business initiatives.

Risk Assessment

Risk Level: medium — Cinemark Holdings, Inc. shows moderate risk based on this filing. The company's financial performance is subject to industry-specific risks and the ongoing recovery of the motion picture exhibition sector, as indicated by references to various financial instruments and operational segments.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Cinemark's operational performance and financial position.

Key Numbers

Key Players & Entities

FAQ

When did Cinemark Holdings, Inc. file this 10-K?

Cinemark Holdings, Inc. filed this Annual Report (10-K) with the SEC on February 16, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Cinemark Holdings, Inc. (CNK).

Where can I read the original 10-K filing from Cinemark Holdings, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Cinemark Holdings, Inc..

What are the key takeaways from Cinemark Holdings, Inc.'s 10-K?

Cinemark Holdings, Inc. filed this 10-K on February 16, 2024. Key takeaways: Cinemark Holdings, Inc. filed its 2023 Form 10-K on February 16, 2024.. The filing covers the fiscal year ending December 31, 2023.. Key entities involved include Cinemark Holdings, Inc. (CIK: 0001385280) and Cinemark USA Inc. (CIK: 0000885975)..

Is Cinemark Holdings, Inc. a risky investment based on this filing?

Based on this 10-K, Cinemark Holdings, Inc. presents a moderate-risk profile. The company's financial performance is subject to industry-specific risks and the ongoing recovery of the motion picture exhibition sector, as indicated by references to various financial instruments and operational segments.

What should investors do after reading Cinemark Holdings, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Cinemark's operational performance and financial position. The overall sentiment from this filing is neutral.

Key Dates

Filing Stats: 4,432 words · 18 min read · ~15 pages · Grade level 12 · Accepted 2024-02-16 06:46:15

Key Financial Figures

Filing Documents

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [ Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 44 Item 9B. Other Information 45 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 PART III Item 10. Directors, Executive Officers and Corporate Governance 47 Item 11.

Executive Compensation

Executive Compensation 47 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47 Item 13. Certain Relationships and Related Transactions, and Director Independence 47 Item 14. Principal Accounting Fees and Services 47 PART IV Item 15. Exhibit and Financial Statement Schedules 47

SIGNATURES

SIGNATURES 58 Cautionary Statement Regardin g Forward-Looking Statements This combined annual report on Form 10-K includes "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Holdings is a holding company which conducts all of its operations through CUSA and its subsidiaries. The "forward-looking statements" include our current expectations, assumptions, estimates and projections about the respective business and industry of Holdings and CUSA. They include statements relating to: future revenue, expenses and profitability; currency exchange rate and inflationary impacts; the future development and expected growth of our business; projected capital expenditures; access to capital resources; attendance at movies generally or in any of the markets in which we operate; the number and diversity of popular movies released, the length of exclusive theatrical release windows and our ability to successfully license and exhibit popular films; national and international growth in our industry; competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats; determinations in lawsuits in which we are a party; and the ongoing recovery of our business and the motion picture exhibition industry from the effects of the COVID-19 pandemic and the writers' and actors' guilds strikes. You can identify forward-looking statements by the use of words such as "may," "should," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future" and "intends" and similar expressions. These statements are neither historical facts nor guarantees of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated ev

Business

Item 1. Business We are a leader and one of the most geographically diverse operators in the motion picture exhibition industry. As of December 31, 2023, we operated 501 theatres and 5,719 screens in the United States, or "U.S.", and Latin America. Our U.S. circuit operated 309 theatres and 4,324 screens and our Latin America circuit operated 192 theatres and 1,395 screens across 13 countries. Our significant and diverse presence in the U.S. and Latin America has made us an important distribution channel for movie studios and other content providers. We believe our portfolio of high-quality theatres with multiple platforms provides a preferred destination for moviegoers and has contributed to our consistent industry-leading results. As of December 31, 2023, we managed our business under two reportable operating segments: U.S. markets and international markets. See Note 22 to the consolidated financial statements. Impact of COVID-19 Pandemic The impact of the COVID-19 pandemic had an unprecedented effect on the theatrical exhibition industry. We temporarily closed our theatres in the U.S. and Latin America during March of 2020 at the onset of the COVID-19 outbreak. We reopened theatres as soon as local restrictions and the status of the COVID-19 pandemic would allow. All of our domestic and international theatres were reopened by the end of 2021. After reopening our theatres, we faced ongoing challenges with the significant reduction in the volume of new film releases. The industry has made significant progress in its recovery from the COVID-19 pandemic; however its ongoing recovery continues to be contingent upon several key factors, including the volume of new film content available, which has also been impacted by the recent writers' and actors' guild strikes, the box office performance of new film content released, the duration of the exclusive theatrical release window and evolving consumer behavior with competition from other forms of in-and-out of home

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