Q3 2023 Results - Cinemark
Capital Structure and Allocation
CINEMARK™
Our balance sheet remains a strategic asset and key differentiator, providing ample flexibility
1)
2)
(in $ millions)
Long-term debt 1)
Cash balance
Net Debt
As of Sept. 30, 2023
•
$2,434
$806
$1,628
$588
2.8x
•
TTM Adj. EBITDA
Net Debt/ Adj. EBITDA
Target Net Leverage Ratio 2)
2.0-3.0x
The company has an undrawn revolver of $125M; Gross long-term debt excluding capital lease obligations
Historic net leverage ratio ~2.0-2.5x
•
.
Covenant-lite debt
Company has a history of proactively managing debt with nearest
maturity in 2025
Redeemed $100M of 8.75% Senior Secured Notes due May 2025
Successfully refinanced credit facility, securing $650M term loan
maturing in 2030 and upsizing revolver to $125M maturing in 2028
• Repaid substantially all remaining deferred lease obligations incurred
over the course of the pandemic
Continue to invest in high-confidence ROI initiatives with $150M of
CapEx planned for 2023
• Long-term target net leverage ratio of 2.0 – 3.0x, dependent upon
timing and extent of box office recovery, as well as strategic
investment opportunities
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