Cinemark Holdings, Inc. Reports Fourth Quarter and Full Year 2023 Results

Theatrical exhibition company, Cinemark, reported results for the three months and full year ended December 31, 2023.

Delivered Total Revenue of $3.1 billion for FY 2023, an increase of 25% year-over-year

Plano, Texas ( February 16, 2024 ) -

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 and full year ended December 31, 2023.

“2023 represented another year of meaningful progress for our industry and our company,” stated Sean Gamble, Cinemark’s President and CEO. “Key indicators pertaining to the fundamental drivers of our industry – specifically consumer behavior and product flow – were further reinforced, and our team’s outstanding operational execution and financial discipline delivered outsized results across all of our key metrics, including Revenue, Adjusted EBITDA, and Free Cash Flow.”

“We believe our strong 2023 results provide a clear sign that our many ongoing strategic growth and productivity initiatives are driving significant impact. As we look ahead, we remain highly optimistic about the future of our company and our ability to fully capitalize on our industry’s continued recovery given our solid foundation, advantage market position, and the many opportunities that lie before us.”

Earnings Highlights

  • Entertained more than 40 million moviegoers during 4Q 2023 and 210 million for FY 2023.
  • Delivered domestic box office results that surpassed North American industry recovery relative to FY 2019 by approximately 700 basis points; international admissions outpaced the broader 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; remained the only major U.S. exhibitor to have achieved a meaningful increase in market share since the pandemic.
  • Delivered $3.1 billion of total revenue for FY 2023, an increase of 25% year-over-year and within 7% of FY 2019.
  • Achieved all-time high food & beverage per cap of $5.68 for FY 2023 with concession revenue that exceeded FY 2019 by 3% on 25% less attendance.
  • Reported $191 million of net income for FY 2023 with diluted earnings per share of $1.34.
  • Grew Adjusted EBITDA 77% to $594 million for FY 2023 and yielded a strong 19.4% Adjusted EBITDA margin by maximizing box office opportunities and successfully executing strategic initiatives.
  • Further strengthened the balance sheet with $295 million of Free Cash Flow generated for the year and increased the cash balance to $849 million at year-end; reduced pandemic-related debt by over $100 million during the year.

    • Financial Results
    Cinemark Holdings, Inc.’s total revenue for the three months ended December 31, 2023 increased 6.5% to $638.9 million compared with $599.7 million for the three months ended December 31, 2022. For the three months ended December 31, 2023, admissions revenue increased 5.8% to $322.4 million and concession revenue increased 7.7% to $243.0 million, driven by a 3.6% increase in attendance to 40.6 million patrons. Worldwide average ticket price was $7.94 and concession revenue per patron was $5.99.

    Net loss attributable to Cinemark Holdings, Inc. for the three months ended December 31, 2023 was $(18.0) million compared with $(99.3) million for the three months ended December 31, 2022. Diluted loss per share for the three months ended December 31, 2023 was $(0.15) compared with a diluted loss per share of $(0.82) for the three months ended December 31, 2022.

    Adjusted EBITDA for the three months ended December 31, 2023 was $79.6 million compared with $73.5 million for the three months ended December 31, 2022. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.

    Cinemark Holdings, Inc.’s total revenue for the twelve months ended December 31, 2023 increased 24.9% to $3,066.7 million compared with $2,454.7 million for the twelve months ended December 31, 2022. For the twelve months ended December 31, 2023, admissions revenue increased 24.8% to $1,555.6 million and concession revenue increased 27.0% to $1,192.0 million, driven by a 21.5% increase in attendance to 209.8 million patrons. Worldwide average ticket price was $7.41 and concession revenue per patron was $5.68.

    Net income attributable to Cinemark Holdings, Inc. for the twelve months ended December 31, 2023 was $188.2 million compared with a loss of $(271.2) million for the twelve months ended December 31, 2022. Diluted earnings per share for the twelve months ended December 31, 2023 was $1.34 compared with a diluted loss per share of $(2.26) for the twelve months ended December 31, 2022.

    Adjusted EBITDA for the twelve months ended December 31, 2023 was $594.1 million compared with $336.5 million for the twelve months ended December 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 December 31, 2023, the Company’s aggregate screen count was 5,719, and the Company had commitments to open 5 new theatres and 43 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 December 31, 2023 operated 501 theatres with 5,719 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.