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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/28/2014
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Table of Contents

CINEMARK HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2011, 2012 AND 2013

(In thousands)

 

     2011     2012     2013  

Operating activities

      

Net income

   $ 132,582      $ 171,420      $ 150,548   

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

      

Depreciation

     150,149        143,394        160,071   

Amortization of intangible and other assets and favorable/unfavorable leases

     4,300        4,281        3,899   

Amortization of long-term prepaid rents

     2,657        2,673        2,625   

Amortization of debt issue costs

     4,744        4,792        5,476   

Amortization of deferred revenues, deferred lease incentives and other

     (9,629     (9,343     (11,712

Amortization of bond discount

     853        933        482   

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

     4,236        2,470        —     

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

     (1,130     (808     —     

Impairment of long-lived assets

     7,033        3,031        3,794   

Share based awards compensation expense

     9,692        15,070        16,886   

(Gain) loss on sale of assets and other

     8,792        12,168        (3,845

Loss on marketable securities — RealD

     12,610        —          —     

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

     4,945        —          15,688   

Deferred lease expenses

     4,155        4,104        5,701   

Deferred income tax expenses

     21,676        5,280        (37,790

Equity in income of affiliates

     (5,651     (13,109     (22,682

Interest paid on redemption of senior notes

     —          —          (8,054

Distributions from equity investees

     7,125        7,470        13,658   

Changes in other assets and liabilities and other

     32,062        41,379        14,921   
  

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     391,201        395,205        309,666   

Investing activities

      

Additions to theatre properties and equipment

     (184,819     (220,727     (259,670

Proceeds from sale of theatre properties and equipment and other

     6,230        1,976        34,271   

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

     —          (14,080     (259,247

Acquisition of theatres in Argentina

     (66,958     —          —     

Proceeds from disposition of Mexico theatres

     —          —          126,167   

Investment in joint ventures and other

     (1,520     (1,480     (6,222
  

 

 

   

 

 

   

 

 

 

Net cash used for investing activities

     (247,067     (234,311     (364,701

Financing activities

      

Proceeds from stock option exercises

     444        459        57   

Payroll taxes paid as a result of noncash stock option exercises and restricted stock withholdings

     (494     (3,263     (3,464

Dividends paid to stockholders

     (95,838     (96,367     (106,045

Proceeds from issuance of notes

     200,000        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

     (166,898     (9,711     (9,339

Payment of debt issue costs

     (4,539     (18,453     (9,328

Payments on capital leases

     (7,526     (9,451     (12,015

Purchases of non-controlling interests

     (1,443     —          (5,621

Other

     (2,120     (835     44   
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     (78,414     63,424        (76,184

Effect of exchange rates on cash and cash equivalents

     (9,309     (3,062     (11,516
  

 

 

   

 

 

   

 

 

 

Increase (decrease) in cash and cash equivalents

     56,411        221,256        (142,735

Cash and cash equivalents:

      

Beginning of year

     464,997        521,408        742,664   
  

 

 

   

 

 

   

 

 

 

End of year

   $ 521,408      $ 742,664      $ 599,929   
  

 

 

   

 

 

   

 

 

 

Supplemental information (see Note 19)

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

 

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