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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/23/2018
Entire Document
 

 

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2015, 2016 AND 2017

(In thousands)

 

 

 

2015

 

 

2016

 

 

2017

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

218,728

 

 

$

256,827

 

 

$

266,019

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

186,898

 

 

 

207,091

 

 

 

235,093

 

Amortization of intangible and other assets and favorable/unfavorable leases

 

 

2,308

 

 

 

1,980

 

 

 

2,420

 

Amortization of long-term prepaid rents

 

 

2,361

 

 

 

1,826

 

 

 

2,274

 

Amortization of debt issue costs

 

 

5,151

 

 

 

5,492

 

 

 

6,197

 

Amortization of deferred revenues, deferred lease incentives and other

 

 

(17,163

)

 

 

(16,731

)

 

 

(16,211

)

Impairment of long-lived assets

 

 

8,801

 

 

 

2,836

 

 

 

15,084

 

Share based awards compensation expense

 

 

15,758

 

 

 

13,394

 

 

 

12,681

 

Loss on sale of assets and other

 

 

8,143

 

 

 

20,459

 

 

 

22,812

 

Write-off of unamortized debt issue costs associated with early retirement of debt

 

 

 

 

 

2,369

 

 

 

-

 

Deferred lease expenses

 

 

(1,806

)

 

 

(990

)

 

 

(1,268

)

Reclassification of cumulative translation adjustments for a former Canadian subsidiary

 

 

 

 

 

 

 

 

(1,551

)

Equity in income of affiliates

 

 

(28,126

)

 

 

(31,962

)

 

 

(35,985

)

Deferred income tax expenses

 

 

11,095

 

 

 

(5,467

)

 

 

(15,015

)

Distributions from equity investees

 

 

19,027

 

 

 

21,916

 

 

 

25,973

 

Changes in other assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

 

(2,535

)

 

 

(1,007

)

 

 

(541

)

Accounts receivable

 

 

(26,370

)

 

 

(706

)

 

 

(13,195

)

Income tax receivable

 

 

(3,527

)

 

 

15,510

 

 

 

(4,363

)

Prepaid expenses and other

 

 

(2,557

)

 

 

(2,267

)

 

 

(775

)

Deferred charges and other assets - net

 

 

8,126

 

 

 

(1,619

)

 

 

(4,956

)

Accounts payable and accrued expenses

 

 

43,827

 

 

 

(30,516

)

 

 

23,405

 

Income tax payable

 

 

936

 

 

 

(2,261

)

 

 

438

 

Liabilities for uncertain tax positions

 

 

1,315

 

 

 

1,182

 

 

 

2,041

 

Other long-term liabilities

 

 

5,481

 

 

 

(5,522

)

 

 

7,900

 

Net cash provided by operating activities

 

 

455,871

 

 

 

451,834

 

 

 

528,477

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Additions to theatre properties and equipment and other

 

 

(331,726

)

 

 

(326,908

)

 

 

(380,862

)

Proceeds from sale of theatre properties and equipment and other

 

 

9,966

 

 

 

3,570

 

 

 

15,098

 

Acquisitions of theatres in the U.S. and international markets, net of cash acquired

 

 

(2,651

)

 

 

(15,300

)

 

 

(40,997

)

Acquisition of screen advertising business

 

 

 

 

 

(1,450

)

 

 

-

 

Proceeds from sale of marketable securities

 

 

 

 

 

13,451

 

 

 

-

 

Investment in joint ventures and other

 

 

(3,711

)

 

 

(1,132

)

 

 

(3,715

)

Net cash used for investing activities

 

 

(328,122

)

 

 

(327,769

)

 

 

(410,476

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid to stockholders

 

 

(115,863

)

 

 

(125,490

)

 

 

(135,079

)

Payroll taxes paid as a result of restricted stock withholdings

 

 

(4,770

)

 

 

(6,834

)

 

 

(2,943

)

Proceeds from issuance of Senior Notes, net of discount

 

 

 

 

 

222,750

 

 

 

-

 

Retirement of Senior Subordinated Notes

 

 

 

 

 

(200,000

)

 

 

-

 

Repayments of long-term debt

 

 

(8,420

)

 

 

(16,605

)

 

 

(5,671

)

Payment of debt issue costs

 

 

(6,957

)

 

 

(7,217

)

 

 

(1,146

)

Payments on capital leases

 

 

(16,513

)

 

 

(19,343

)

 

 

(21,725

)

Proceeds from financing lease

 

 

 

 

 

-

 

 

 

10,200

 

Purchases of non-controlling interests

 

 

 

 

 

(450

)

 

 

 

Other

 

 

1,376

 

 

 

554

 

 

 

(1,123

)

Net cash used for financing activities

 

 

(151,147

)

 

 

(152,635

)

 

 

(157,487

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(26,932

)

 

 

1,266

 

 

 

798

 

Decrease in cash and cash equivalents

 

 

(50,330

)

 

 

(27,304

)

 

 

(38,688

)

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

638,869

 

 

 

588,539

 

 

 

561,235

 

End of period

 

$

588,539

 

 

$

561,235

 

 

$

522,547

 

 

Supplemental information (see Note 15)

 

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

 

 

 

F-7