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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/27/2015
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Table of Contents

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2012, 2013 AND 2014

(In thousands)

 

     2012     2013     2014  

Operating activities

      

Net income

   $ 171,420      $ 150,548      $ 193,999   

Adjustments to reconcile net income to net cash provided by operating activities:

      

Depreciation

     143,394        160,071        173,138   

Amortization of intangible and other assets and favorable/unfavorable leases

     4,281        3,899        2,518   

Amortization of long-term prepaid rents

     2,673        2,625        1,542   

Amortization of debt issue costs

     4,792        5,476        5,245   

Amortization of deferred revenues, deferred lease incentives and other

     (9,343     (11,712     (13,665

Amortization of bond discount

     933        482        —     

Amortization of accumulated other comprehensive loss related to terminated interest rate swap agreement

     2,470        —          —     

Fair value change in interest rate swap agreements not designated as hedges

     (808     —          —     

Impairment of long-lived assets

     3,031        3,794        6,647   

Share based awards compensation expense

     15,070        16,886        12,818   

(Gain) loss on sale of assets and other

     12,168        (3,845     15,715   

Write-off of unamortized debt issue costs, debt discount and accumulated other comprehensive loss related to early retirement of debt

     —          15,688        —     

Deferred lease expenses

     4,104        5,701        2,536   

Equity in income of affiliates

     (13,109     (22,682     (22,743

Deferred income tax expenses

     5,280        (37,790     526   

Interest paid on redemption of senior notes

     —          (8,054     —     

Distributions from equity investees

     7,470        13,658        19,172   

Changes in other assets and liabilities:

      

Inventories

     (1,287     (1,539     400   

Accounts receivable

     (2,365     (15,938     33,804   

Income tax receivable

     10,657        4,060        (18,681

Prepaid expenses and other

     22        (3,557     4,011   

Deferred charges and other assets — net

     (26,507     (17,624     19,713   

Accounts payable and accrued expenses

     37,681        48,963        32,570   

Income tax payable

     2,385        15,035        (15,685

Liabilities for uncertain tax positions

     12,064        (14,345     (4,437

Other long-term liabilities

     8,729        (134     5,491   
  

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     395,205        309,666        454,634   

Investing activities

      

Additions to theatre properties and equipment

     (220,727     (259,670     (244,705

Proceeds from sale of theatre properties and equipment and other

     1,976        34,271        2,545   

Acquisition of theatres in the U.S., net of cash acquired

     (14,080     (259,247     (7,951

Proceeds from disposition of Mexico theatres

     —          126,167        —     

Investment in joint ventures and other

     (1,480     (6,222     (3,228
  

 

 

   

 

 

   

 

 

 

Net cash used for investing activities

     (234,311     (364,701     (253,339

Financing activities

      

Proceeds from stock option exercises

     459        57        112   

Payroll taxes paid as a result of restricted stock withholdings

     (3,263     (3,464     (9,861

Dividends paid to stockholders

     (96,367     (106,045     (115,625

Proceeds from issuance of notes

     400,000        530,000        —     

Other short term borrowings

     —          1,473        —     

Proceeds from amended senior secured credit facility

     700,000        —          —     

Repayment of former senior secured credit facility

     (898,955     —          —     

Redemption of senior notes

     —          (461,946     —     

Repayments of other long-term debt

     (9,711     (9,339     (9,846

Payment of debt issue costs

     (18,453     (9,328     —     

Payments on capital leases

     (9,451     (12,015     (14,035

Purchases of non-controlling interests

     —          (5,621     —     

Other

     (835     44        2,422   
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     63,424        (76,184     (146,833

Effect of exchange rates on cash and cash equivalents

     (3,062     (11,516     (15,522
  

 

 

   

 

 

   

 

 

 

Increase (decrease) in cash and cash equivalents

     221,256        (142,735     38,940   

Cash and cash equivalents:

      

Beginning of year

     521,408        742,664        599,929   
  

 

 

   

 

 

   

 

 

 

End of year

   $ 742,664      $ 599,929      $ 638,869   
  

 

 

   

 

 

   

 

 

 

Supplemental information (see Note 17)

The accompanying notes are an integral part of the consolidated financial statements.

 

F-7