Cinemark Holdings Inc Stock Research

Market Summary

USD12.63+0.02

Delayed

0.16%

CNK Alerts

Big fall in Revenue (Y/Y)
Big fall in earnings (Y/Y)
Losses in recent quarter

CNK Stock Price

CNK RSI Chart

CNK Valuation

Market Cap

1.5B

Price/Earnings (Trailing)

-5.61

Price/Sales (Trailing)

0.62

EV/EBITDA

11.72

Price/Free Cashflow

12.13

CNK Price/Sales (Trailing)

CNK Profitability

EBT Margin

-10.80%

Return on Equity

-139.22%

Return on Assets

-5.59%

Free Cashflow Yield

8.25%

CNK Fundamentals

CNK Revenue

Revenue (TTM)

2.5B

Revenue Y/Y

-10.05%

Revenue Q/Q

-7.8%

CNK Earnings

Earnings (TTM)

-271.2M

Earnings Y/Y

-1.8K%

Earnings Q/Q

-305.31%

Price Action

52 Week Range

8.2819.76

(Low)(High)

Last 7 days

-6.0%

Last 30 days

6.8%

Last 90 days

9.9%

Trailing 12 Months

-21.2%

CNK Financial Health

Current Ratio

1.27

Debt/Equity

12.62

Debt/Cashflow

0.1

CNK Investor Care

Shares Dilution (1Y)

2.67%

Diluted EPS (TTM)

-2.26

Peers (Alternatives to Cinemark Holdings)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
DIS	172.1B	84.4B	-13.52%	-30.63%	51.83	2.04	15.66%	7.72%
NFLX	138.1B	31.6B	-15.28%	-11.62%	30.74	4.37	6.46%	-12.20%
LYV	15.6B	16.7B	-12.95%	-40.02%	52.86	0.94	166.11%	145.47%
MID-CAP
WWE	6.3B	1.3B	-4.49%	49.32%	32.07	4.86	17.93%	10.25%
AMC	4.5B	3.9B	-10.04%	-70.93%	-4.66	1.16	54.73%	23.28%
MSGS	4.4B	-	-3.27%	12.39%	78.75	5.31	97.57%	3.36%
TRIP	2.4B	1.5B	-24.37%	-23.30%	121.77	1.63	65.41%	113.51%
SMALL-CAP
MSGE	1.9B	2.0B	-11.56%	-31.40%	-20.33	0.98	52.20%	29.12%
CNK	1.5B	2.5B	6.77%	-21.19%	-5.61	0.62	62.51%	35.86%
SCPL	399.3M	671.0M	3.81%	30.81%	17.83	0.6	10.71%	16.06%
RDI	69.4M	205.8M	-1.46%	-17.56%	-3.06	0.34	97.60%	-232.34%
GAIA	55.7M	82.0M	-6.78%	-51.01%	-17.98	0.68	3.09%	-182.95%
CSSE	52.0M	175.2M	-45.42%	-67.51%	-0.76	0.3	85.09%	-73.73%

Financials for Cinemark Holdings

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-2.7%	2,455	2,522	2,306	1,857	1,511
S&GA Expenses	6.6%	177	166	161	-	-
Costs and Expenses	19.4%	2,355	1,973	1,763	-	-
EBITDA	-29.3%	129	182	120	-	-
EBITDA Margin	-52.6%	0.05*	0.11*	0.06*	-	-
Earnings Before Taxes	-18.5%	-265	-223	-289	-439	-
EBT Margin	20.5%	-0.11*	-0.14*	-0.16*	-	-
Interest Expenses	2.0%	155	152	151	150	-
Net Income	-65.3%	-271	-164	-217	-286	-422
Net Income Margin	-69.8%	-0.11*	-0.07*	-0.13*	-0.16*	-
Free Cahsflow	-5.4%	125	133	130	75.00	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Assets	-3.1%	4,851	5,004	5,024	5,231	5,079
Current Assets	-8.3%	801	873	720	874	669
Cash Equivalents	-9.1%	632	695	569	12.00	543
Inventory	-3.4%	20.00	20.00	17.00	16.00	15.00
Net PPE	-2.8%	1,260	1,296	1,349	1,383	1,435
Goodwill	-0.2%	1,249	1,251	1,257	1,249	1,250
Current Liabilities	-13.4%	628	726	646	769	643
Long Term Debt	-8.2%	2,458	2,678	2,750	2,543	-
LT Debt, Current	-14.4%	22.00	26.00	27.00	24.00	20.00
LT Debt, Non Current	-0.1%	2,474	2,475	2,477	2,476	2,477
Shareholder's Equity	-10.9%	195	219	299	323	315
Retained Earnings	-4.6%	-561	-536	-463	-389	-395
Additional Paid-In Capital	0.4%	1,214	1,209	1,203	1,198	1,189
Accumulated Depreciation	1.8%	2,132	2,094	2,067	1,986	1,930
Shares Outstanding	-0.1%	120	121	120	120	117
Minority Interest	-0.9%	11.00	11.00	13.00	12.00	11.00

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Cashflow From Operations	1.0%	236	234	172	166	-204
Share Based Compensation	-3.1%	29.00	30.00	30.00	29.00	-
Cashflow From Investing	-0.3%	-87.60	-87.30	-79.70	-89.30	-70.91
Cashflow From Financing	-23.0%	-39.63	-32.23	-29.33	-19.93	-6.00
Dividend Payments	NaN%	0.00	0.00	-	-	-

Risks for CNK

What is the probability of a big loss on CNK?

70.8%

Probability that Cinemark Holdings stock will be more than 20% underwater in next one year

61.5%

Probability that Cinemark Holdings stock will be more than 30% underwater in next one year.

50.4%

Probability that Cinemark Holdings stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CNK drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Cinemark Holdings was unfortunately bought at previous high price.

Drawdowns

Returns for CNK

Cumulative Returns on CNK

-5.6%

10-Year Cumulative Returns

-12%

7-Year Cumulative Returns

-19%

5-Year Cumulative Returns

-5.0%

3-Year Cumulative Returns

What are the long-term rolling returns for CNK?

FIve years rolling returns for Cinemark Holdings.

Annualized Returns

Which funds bought or sold CNK recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	2.38	-5,846,200	15,980,800	0.02%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-	-	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	-144,709	362,291	-%
2023-02-27	Parallax Volatility Advisers, L.P.	new	-	3,377	3,377	-%
2023-02-24	NATIXIS	sold off	-100	-2,265,000	-	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	-115,000	290,000	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-41,000	-	-%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	615	615	-%
2023-02-16	CHARTWELL INVESTMENT PARTNERS, LLC	unchanged	-	-311,000	779,000	0.03%
2023-02-16	GHP Investment Advisors, Inc.	unchanged	-	-43,533	110,467	0.01%

Latest Funds Activity

Are funds buying CNK calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CNK

No. of Funds

Cinemark Holdings News

Schedule 13G FIlings of Cinemark Holdings

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	orbis investment management ltd	7.3%	8,751,840	SC 13G
Feb 09, 2023	vanguard group inc	10.45%	12,598,530	SC 13G/A
Feb 06, 2023	wellington management group llp	10.92%	13,145,003	SC 13G/A
Jan 26, 2023	blackrock inc.	15.6%	18,684,578	SC 13G/A
Jan 20, 2023	blackrock inc.	15.6%	18,684,578	SC 13G
Nov 10, 2022	wellington management group llp	10.55%	12,722,193	SC 13G/A
Mar 09, 2022	vanguard group inc	10.24%	12,262,651	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 09, 2022	vanguard group inc	9.44%	11,289,958	SC 13G/A
Feb 04, 2022	wellington management group llp	8.88%	10,617,030	SC 13G/A

CNK Fair Value

Cinemark Holdings fair value in different scenarios

The table shows the Fair Value estimates for Cinemark Holdings for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	2.22 -82.42%	4.22 -66.59%	9.32 -26.21%	16.29 28.98%	26.82 112.35%
Current Inflation	5.18 -58.99%	7.88 -37.61%	10.15 -19.64%	15.41 22.01%	17.84 41.25%
Very High Inflation	1.91 -84.88%	3.57 -71.73%	7.24 -42.68%	12.20 -3.40%	19.71 56.06%

Historical Cinemark Holdings Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Cinemark Holdings

View All Filings

Date Filed	Form Type	Document
Feb 24, 2023	10-K	Annual Report
Feb 24, 2023	SC 13D/A	13D - Major Acquisition
Feb 24, 2023	8-K	Current Report
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading

Latest Insider Trading transactions for CNK

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-23	Gierhart Wanda Marie	sold (taxes)	-31,094	12.77	-2,435	evp - chief marketing officer
2023-02-23	Gamble Sean	sold (taxes)	-145,821	12.77	-11,419	chief executive officer
2023-02-23	Thomas Melissa	sold (taxes)	-43,366	12.77	-3,396	evp, chief financial officer
2023-02-23	Fernandes Valmir	sold (taxes)	-33,470	12.77	-2,621	pr - cinemark international
2023-02-23	Bedard Caren	sold (taxes)	-7,828	12.77	-613	svp-global controller
2023-02-23	Cavalier Michael	sold (taxes)	-40,429	12.77	-3,166	evp-general counsel
2023-02-20	Fernandes Valmir	acquired	-	-	52,469	pr - cinemark international
2023-02-20	Bedard Caren	acquired	-	-	7,705	svp-global controller
2023-02-20	Cavalier Michael	acquired	-	-	63,380	evp-general counsel
2023-02-20	Fernandes Valmir	acquired	-	-	29,794	pr - cinemark international

About Cinemark Holdings

Sean Gamble

www.cinemark.com

16000

Cinemark Holdings, Inc., together with its subsidiaries, engages in the motion picture exhibition business. As of March 3, 2022, it operated 522 theatres with 5,868 screens in the United States, and South and Central America. The company was founded in 1984 and is headquartered in Plano, Texas.

CNK Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenue

Total revenue

$ 2,454.7

$ 1,510.5

$ 686.3

Cost of operations

Depreciation and amortization

238.2

265.4

259.8

Impairment of long-lived and other assets

174.1

20.8

152.7

Restructuring costs

(0.5)

(1.0)

20.3

Other income (expense)

Interest expense

^[1]

(155.3)

(149.7)

(129.9)

Loss before income taxes

(265.0)

(439.0)

(927.3)

Income tax benefit

3.0

(16.8)

(309.4)

Net loss

(268.0)

(422.2)

(617.9)

Net loss attributable to Cinemark Holdings, Inc.

$ (271.2)

$ (422.8)

$ (616.8)

Weighted average shares outstanding

Basic

118,200,000

117,300,000

116,700,000

Diluted

118,200,000

117,300,000

116,700,000

Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders

Basic

$ (2.26)

$ (3.55)

$ (5.25)

Diluted

$ (2.26)

$ (3.55)

$ (5.25)

CUSA [Member]

Revenue

Total revenue

$ 2,454.7

$ 1,510.5

$ 686.3

Cost of operations

Film rentals and advertising

704.4

415.0

186.8

Concession supplies

169.3

97.9

48.6

Salaries and wages

372.7

232.9

145.0

Facility lease expense

308.3

280.0

279.8

Utilities and other

407.2

282.9

229.5

General and administrative expenses

174.6

158.5

125.4

Depreciation and amortization

238.2

265.4

259.8

Impairment of long-lived and other assets

174.1

20.8

152.7

Restructuring costs

0.5

(1.0)

20.4

(Gain) loss on disposal of assets and other

6.8

8.0

(8.9)

Total cost of operations

2,541.5

1,760.4

1,439.1

Operating loss

(86.8)

(249.9)

(752.8)

Other income (expense)

Interest expense

(131.2)

(125.6)

(115.7)

Interest income

16.5

6.3

4.8

Loss on extinguishment of debt

0.0

(6.5)

Foreign currency exchange loss

(11.5)

(1.3)

(4.8)

Distributions from NCM

0.0

0.1

7.0

Cash distributions from DCIP

3.7

13.1

0.0

Non-cash distribution from DCIP

0.0

12.9

Interest expense - NCM

(23.2)

(23.6)

Equity in income (loss)

(9.3)

(25.0)

(38.7)

Total other expense

(155.0)

(162.5)

(158.1)

Loss before income taxes

(241.8)

(412.4)

(910.9)

Income tax benefit

(13.1)

(32.3)

(303.6)

Net loss

(228.7)

(380.1)

(607.3)

Less: Net income attributable to noncontrolling interests

3.2

0.6

(1.1)

Net loss attributable to Cinemark Holdings, Inc.

(231.9)

(380.7)

(606.2)

CNK [Member]

Revenue

Total revenue

2,454.7

1,510.5

686.3

Cost of operations

Film rentals and advertising

704.4

415.0

186.8

Concession supplies

169.3

97.9

48.6

Salaries and wages

372.7

232.9

145.0

Facility lease expense

308.3

280.0

279.8

Utilities and other

407.2

282.9

229.5

General and administrative expenses

177.6

161.1

127.6

Depreciation and amortization

238.2

265.4

259.8

Impairment of long-lived and other assets

174.1

20.8

152.7

Restructuring costs

(0.5)

(1.0)

20.4

(Gain) loss on disposal of assets and other

(6.8)

8.0

(8.9)

Total cost of operations

2,544.5

1,763.0

1,441.3

Operating loss

(89.8)

(252.5)

(755.0)

Other income (expense)

Interest expense

(155.3)

(149.7)

(129.9)

Interest income

20.4

6.4

4.8

Loss on extinguishment of debt

0.0

(6.5)

0.0

Foreign currency exchange loss

(11.5)

(1.3)

(4.8)

Equity in income (loss)

(9.3)

(25.0)

(38.7)

Total other expense

(175.2)

(186.5)

(172.3)

Loss before income taxes

(265.0)

(439.0)

(927.3)

Income tax benefit

(3.0)

(16.8)

(309.4)

Net loss

(268.0)

(422.2)

(617.9)

Less: Net income attributable to noncontrolling interests

3.2

0.6

(1.1)

Net loss attributable to Cinemark Holdings, Inc.

$ (271.2)

$ (422.8)

$ (616.8)

Weighted average shares outstanding

Basic

118,200,000

117,300,000

116,700,000

Diluted

118,200,000

117,300,000

116,700,000

Loss per share attributable to Cinemark Holdings, Inc.'s common stockholders

Basic

$ (2.26)

$ (3.55)

$ (5.25)

Diluted

$ (2.26)

$ (3.55)

$ (5.25)

NCM

Cost of operations

Impairment of long-lived and other assets

$ 113.2

Other income (expense)

Interest expense - NCM

(23.2)

$ (23.6)

NCM | CNK [Member]

Other income (expense)

Distributions from NCM

0.0

0.1

7.0

Interest expense - NCM

(23.2)

(23.6)

DCIP | CNK [Member]

Other income (expense)

Cash distributions from DCIP

3.7

13.1

0.0

Non-cash distribution from DCIP

0.0

12.9

Admissions | CUSA [Member]

Revenue

Total revenue

1,246.9

780.0

356.5

Admissions | CNK [Member]

Revenue

Total revenue

1,246.9

780.0

356.5

Concession

Revenue

Total revenue

938.3

561.7

231.1

Concession | CUSA [Member]

Revenue

Total revenue

938.3

561.7

231.1

Concession | CNK [Member]

Revenue

Total revenue

938.3

561.7

231.1

Other | CUSA [Member]

Revenue

Total revenue

269.5

168.8

98.7

Other | CNK [Member]

Revenue

Total revenue

$ 269.5

$ 168.8

$ 98.7

[1]	Includes amortization of debt issuance costs and amortization of accumulated losses for amended swap agreements.

CNK Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Theatre properties and equipment

Total

$ 3,395.3

$ 3,368.8

Less: accumulated depreciation and amortization

^[1]

2,163.2

1,985.9

Total

1,232.1

1,382.9

Operating lease right-of-use assets, net

^[2]

1,102.7

1,230.8

Other assets

Goodwill

^[3]

1,250.9

1,248.8

Intangible assets, net

304.6

310.8

Current liabilities

Current portion of operating lease obligations

^[2]

219.3

217.1

Current portion of finance lease obligations

^[2]

14.4

14.6

Accrued other current liabilities (see Note 13)

200.4

225.0

Long-term liabilities

Operating lease obligations, less current portion

^[2]

970.6

1,078.3

Finance lease obligations, less current portion

^[2]

88.0

102.6

Commitments and Contingencies

Cinemark Holdings, Inc.'s stockholders' equity:

Treasury stock

(95.4)

(91.1)

Noncontrolling interests

9.3

11.6

CUSA [Member]

Current assets

Cash and cash equivalents

427.3

442.7

Inventories

23.7

15.5

Accounts receivable

69.0

68.8

Current income tax receivable

47.8

46.6

Prepaid expenses and other

50.7

36.2

Accounts receivable from parent

53.4

46.7

Total current assets

659.5

656.5

Theatre properties and equipment

Less: accumulated depreciation and amortization

2,165.7

1,985.9

Total

1,235.5

1,382.9

Operating lease right-of-use assets, net

1,107.9

1,230.8

Other assets

Goodwill

1,250.9

1,248.8

Intangible assets, net

304.6

310.8

Investments in affiliates

22.6

25.2

Deferred charges and other assets, net

40.4

22.3

Total other assets

1,628.1

1,742.5

Total assets

4,623.3

5,012.7

Current liabilities

Current portion of long-term debt

10.7

24.3

Current portion of operating lease obligations

219.3

217.1

Current portion of finance lease obligations

14.4

14.6

Current income tax payable

3.2

0.0

Accounts payable

72.2

76.0

Accrued interest

31.2

33.2

Accrued film rentals

65.1

86.1

Accrued payroll

54.5

54.9

Accrued property taxes

29.6

30.0

Accrued other current liabilities (see Note 13)

200.1

224.4

Total current liabilities

703.9

760.6

Long-term liabilities

Long-term debt, less current portion

2,023.0

2,028.7

Operating lease obligations, less current portion

970.6

1,078.3

Finance lease obligations, less current portion

88.0

102.6

Long-term deferred tax liability

36.1

57.8

Long-term liability for uncertain tax positions

47.3

45.9

NCM screen advertising advances

338.2

346.0

Other long-term liabilities

37.3

37.9

Total long-term liabilities

3,538.2

3,697.2

Commitments and Contingencies

Cinemark Holdings, Inc.'s stockholders' equity:

Additional paid-in-capital

1,479.5

1,459.0

Treasury stock

(24.2)

Accumulated deficit

(775.9)

(544.0)

Accumulated other comprehensive income (loss)

356.3

397.0

Total equity

372.6

543.3

Noncontrolling interests

9.3

11.6

Total equity

381.9

554.9

Total liabilities and equity

4,623.3

5,012.7

CUSA [Member] | Class A Common Stock

Cinemark Holdings, Inc.'s stockholders' equity:

Common stock value

0.0

CUSA [Member] | Class B Common Stock

Cinemark Holdings, Inc.'s stockholders' equity:

Common stock value

49.5

CNK [Member]

Current assets

Cash and cash equivalents

674.5

707.3

Inventories

23.7

15.5

Accounts receivable

69.6

68.8

Current income tax receivable

45.1

46.6

Prepaid expenses and other

50.7

36.2

Total current assets

863.6

874.4

Theatre properties and equipment

Less: accumulated depreciation and amortization

2,165.7

1,985.9

Total

1,232.1

1,382.9

Operating lease right-of-use assets, net

1,102.7

1,230.8

Other assets

Goodwill

1,250.9

1,248.8

Intangible assets, net

304.6

310.8

Investments in affiliates

22.6

25.2

Deferred charges and other assets, net

31.6

22.3

Total other assets

1,619.3

1,742.5

Total assets

4,817.7

5,230.6

Current liabilities

Current portion of long-term debt

10.7

24.3

Current portion of operating lease obligations

219.3

217.1

Current portion of finance lease obligations

14.4

14.6

Current income tax payable

3.2

Accounts payable

72.2

76.0

Accrued interest

39.1

41.1

Accrued film rentals

65.1

86.1

Accrued payroll

54.5

54.9

Accrued property taxes

29.6

30.0

Accrued other current liabilities (see Note 13)

200.4

225.0

Total current liabilities

708.5

769.1

Long-term liabilities

Long-term debt, less current portion

^[4]

2,474.0

2,476.3

Operating lease obligations, less current portion

970.6

1,078.3

Finance lease obligations, less current portion

88.0

102.6

Long-term deferred tax liability

33.7

39.8

Long-term liability for uncertain tax positions

47.9

45.9

Other long-term liabilities

37.3

38.1

Total long-term liabilities

3,989.7

4,127.0

Commitments and Contingencies

Cinemark Holdings, Inc.'s stockholders' equity:

Common stock value

0.1

Additional paid-in-capital

1,219.3

1,197.8

Treasury stock

(95.4)

(91.1)

Accumulated deficit

(660.6)

(389.4)

Accumulated other comprehensive income (loss)

353.2

394.5

Total equity

110.2

322.9

Noncontrolling interests

9.3

11.6

Total equity

119.5

334.5

Total liabilities and equity

4,817.7

5,230.6

NCM | CUSA [Member]

Other assets

Investment

9.6

135.4

NCM | CNK [Member]

Other assets

Investment

9.6

135.4

Long-term liabilities

NCM screen advertising advances

$ 338.2

$ 346.0

[1]	Amortization of finance lease assets is included in depreciation and amortization expense on the consolidated statements of loss. Accumulated amortization of finance lease assets as of December 31, 2021 and 2022 was $57.8 and $62.5, respectively.
[2]	The operating lease right-of-use assets and liabilities recorded on the Company’s consolidated balance sheets generally do not include renewal options that have not yet been exercised.
[3]	Balances are presented net of accumulated impairment losses of $214.0 for the U.S. operating segment and $43.8 for the international operating segment.
[4]	The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $460.0 million 4.50% Convertible Senior Notes due 2025 and the related debt issuance costs.