Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three and six months ended June 30, 2023.

“The strength of the second quarter’s film lineup, supplemented with the ongoing benefits we are achieving from our strategic initiatives, translated into exceptional second quarter results across our entire global footprint,” stated Sean Gamble, Cinemark President and CEO. “We believe box office performance witnessed year-to-date, and over the past two years, provides conclusive evidence that consumer enthusiasm to view compelling films in a shared, larger-than-life, cinematic environment is as strong as ever. We remain confident in the long-term fundamentals of theatrical exhibition, and Cinemark is well-positioned to capture an outsized portion of our industry’s ongoing recovery.”

Earnings Highlights

• Entertained more than 64 million moviegoers and delivered box office recovery that once again outpaced industry results.
• Continued to be the only major U.S. exhibitor to have achieved and maintained a meaningful increase in market share since reopening, which remains up more than 100 basis points compared to our pre-pandemic average.
• Reported $120 million in net income.
• Delivered $232 million of Adjusted EBITDA, the second highest quarterly Adjusted EBITDA in Cinemark’s history; achieved a 24.6% Adjusted EBITDA margin that was amongst the Company’s highest of all time.
• Further strengthened the balance sheet by generating $215 million of Free Cash Flow and increasing cash by $108 million to end the quarter with a $758 million cash balance.
• Maintained proactive history of managing debt by redeeming $100 million of 8.75% senior secured notes in May 2023 and successfully refinancing credit facility that secured $650 million new term loan maturing in 2030, while upsizing revolver to $125 million maturing in 2028.

Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended June 30, 2023 increased 26.6% to $942.3 million compared with $744.1 million for the three months ended June 30, 2022. For the three months ended June 30, 2023, admissions revenue increased 25.3% to $478.4 million and concession revenue increased 30.6% to $373.4 million, driven by a 23.8% increase in attendance to 64.4 million patrons. Worldwide average ticket price was $7.43 and concession revenue per patron was $5.80.

Net income attributable to Cinemark Holdings, Inc. for the three months ended June 30, 2023 was $119.1 million compared with a loss of $(73.4) million for the three months ended June 30, 2022. Diluted earnings per share for the three months ended June 30, 2023 was $0.80 compared with a diluted loss per share of $(0.61) for the three months ended June 30, 2022.

Adjusted EBITDA for the three months ended June 30, 2023 was $231.5 million compared with $138.3 million for the three months ended June 30, 2022. Reconciliations of non-GAAP financial measures are provided in the financial schedules at https://ir.cinemark.com.

Cinemark Holdings, Inc.’s total revenue for the six months ended June 30, 2023 increased 28.9% to $1,553.0 million compared with $1,204.6 million for the six months ended June 30, 2022. For the six months ended June 30, 2023, admissions revenue increased 27.8% to $789.4 million and concession revenue increased 32.7% to $609.2 million, driven by a 26.1% increase in attendance to 107.3 million patrons. Worldwide average ticket price was $7.36 and concession revenue per patron was $5.68.

Net income attributable to Cinemark Holdings, Inc. for the six months ended June 30, 2023 was $116.0 million compared with a loss of $(147.4) million for the six months ended June 30, 2022. Diluted earnings per share for the six months ended June 30, 2023 was $0.82 compared with a diluted loss per share of $(1.23) for the six months ended June 30, 2022.

Adjusted EBITDA for the six months ended June 30, 2023 was $317.7 million compared with $163.5 million for the six months ended June 30, 2022. Reconciliations of non-GAAP financial measures are provided in the financial schedules at https://ir.cinemark.com.

As of June 30, 2023, the Company’s aggregate screen count was 5,812, and the Company had commitments to open 5 new theatres and 46 screens over the next two years.

About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of June 30, 2023 operated 514 theatres with 5,812 screens in 42 states domestically and 14 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD – the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.