Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three months ended March 31, 2024.

“2024 North American industry box office has kicked off better than expected, declining only modestly versus 2023 despite last year’s strike-induced headwinds. Outsized results across a wide array of diverse films provide further validation that consumer enthusiasm for experiencing compelling content in an elevated, cinematic, theatrical setting remains robust,” stated Sean Gamble, Cinemark’s President and CEO.

“During the quarter, our sensational team once again demonstrated their skillful ability to navigate a dynamic operating environment, delivering results that outpaced the market. As we look ahead, encouraging indicators pertaining to consumer moviegoing patterns, film volume recovery, and strength of content appeal continue to provide a positive long-term outlook for our industry. Moreover, we believe Cinemark is uniquely positioned to thrive on account of our advantaged competitive strengths and numerous levers to drive value creation.”

Q1 2024 Earnings Highlights

• Entertained 40 million moviegoers across our global footprint.
• Delivered domestic box office results that surpassed North American industry recovery relative to Q1 2019 by more than 700 basis points; international admissions outpaced our corresponding Latin American industry recovery by approximately 600 basis points.
• Sustained market share growth versus FY 2019 of more than 100 basis points in the U.S. and Latin America; continued to maintain the most significant market share gains compared to pre-pandemic results of all major exhibitors.
• Reported $579 million of total revenue and $25 million of net income with diluted earnings per share of $0.19.
• Generated Adjusted EBITDA of $71 million with a healthy 12.2% Adjusted EBITDA margin, demonstrating skillful navigation in a dynamic operating environment impacted by strike-induced headwinds.
• Maintained a healthy balance sheet with cash balance of $789 million at quarter-end; executed on capital allocation strategy to refortify the balance sheet by successfully redeeming the remaining $150 million of our COVID-related 8.75% senior secured notes on May 1, 2024, in advance of their maturity in May 2025, underscoring our positive long-term outlook for our company and our industry.

Financial Results

Cinemark Holdings, Inc.’s total revenue for the three months ended March 31, 2024 decreased 5.2% to $579.2 million compared with $610.7 million for the three months ended March 31, 2023. For the three months ended March 31, 2024, admissions revenue decreased 6.8% to $289.8 million and concession revenue decreased 4.9% to $224.2 million, driven by a 7.5% decrease in attendance to 39.7 million patrons. Worldwide average ticket price was $7.30 and concession revenue per patron was $5.65.

Net income attributable to Cinemark Holdings, Inc. for the three months ended March 31, 2024 was $24.8 million compared with a loss of $(3.1) million for the three months ended March 31, 2023. Diluted earnings per share for the three months ended March 31, 2024 was $0.19 compared with a diluted loss per share of $(0.03) for the three months ended March 31, 2023. Net income for the three months ended March 31, 2024 included a $27.7 million tax benefit primarily related to the release of valuation allowances.

Adjusted EBITDA for the three months ended March 31, 2024 was $70.7 million compared with $86.2 million for the three months ended March 31, 2023. 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, 2024, the Company’s aggregate screen count was 5,708, and the Company had commitments to open 3 new theatres and 33 screens over the next two years.

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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, 2024 operated 502 theatres with 5,708 screens in 42 states domestically and 13 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.