Total revenue increased 33% year-over-year to $611M on stronger than expected box office performance, resulting in positive operating cash flow.
Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three months ended March 31, 2023.
“We remain highly encouraged about our industry’s ongoing recovery based on positive sustained momentum in movie-going trends, an accelerating improvement in film volume, and better than expected box office performance year-to-date,” stated Sean Gamble, President & CEO. “Consumers continue to demonstrate their avid desire to experience movies, and all forms of content, in a shared, larger-than-life, cinematic setting, and our studio partners are collectively reinforcing that there is simply no better way to amplify excitement, interest, cultural relevance, and financial value for their films than with a full-blown exclusive theatrical release.”
Mr. Gamble continued, “Our positive outlook for our industry also holds true for Cinemark, and our strong first quarter results reflect the significant impact we are deriving from our industry’s rebound, combined with our varied strategic actions to maximize attendance and box office, drive overall top-line growth, and improve our productivity, while delivering a top-notch experience for our guests.”
- We entertained 43 million movie-goers across our global circuit during the first quarter, which was up 30% year-over-year.
- Our first quarter box office results outpaced industry recovery by more than 700 basis points compared to the first quarter 2019.
- Cinemark continues to be the only major U.S. exhibitor to have achieved and maintained a meaningful increase in market share since reopening, which remains up approximately 100 basis points compared to our pre-pandemic average.
- The volume of wide-release theatrical films in the first quarter increased more than 25% year-over-year, and 2023 full year volume is tracking better than expected with 110 wide-release theatrical films now dated.
- We redeemed $100M of our 8.75% Senior Secured Notes on May 1, 2023 using cash on-hand, underscoring the health of our company, as well as our positive outlook regarding the future of theatrical exhibition.
Cinemark Holdings, Inc.’s total revenue for the three months ended March 31, 2023 increased 32.6% to $610.7 million compared with $460.5 million for the three months ended March 31, 2022. For the three months ended March 31, 2023, admissions revenue increased 31.9% to $311.0 million and concession revenue increased 36.3% to $235.8 million, driven by a 29.6% increase in attendance to 42.9 million patrons. Worldwide average ticket price was $7.25 and concession revenue per patron was $5.50.
Net loss attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2023 was $(3.1) million compared with a loss of $(74.0) million for the three months ended March 31, 2022. Diluted loss per share for the three months ended March 31, 2023 was $(0.03) compared with a diluted loss per share of $(0.62) for the three months ended March 31, 2022.
Adjusted EBITDA for the three months ended March 31, 2023 was $86.2 million compared with $25.2 million for the three months ended March 31, 2022. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
As of March 31, 2023, the Company’s aggregate screen count was 5,833, and the Company had commitments to open 7 new theatres and 59 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 March 31, 2023 operated 516 theatres with 5,833 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.