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, 2024.

“Robust consumer enthusiasm to experience compelling content in a larger-than-life, theatrical setting was evident once again in the second quarter. Numerous films across varied genres delivered solid results, including June’s record-breaking release of Inside Out 2 – now the biggest animated title of all time – which drove cumulative Q2 box office performance beyond our expectations despite headwinds caused by last year’s strikes in Hollywood,” stated Sean Gamble, Cinemark President and CEO. “As strong consumer demand yielded better than expected industry performance, Cinemark delivered outsized results, extending our lengthy track record of outperformance through strong execution by our exceptional team, coupled with the ongoing benefits we are deriving from our strategic actions to build audiences, grow new sources of revenue and further hone our industry-leading operating capabilities.”

Melissa Thomas, Cinemark CFO, further added, “Our ability to deliver consistent operational performance has provided us financial flexibility and opportunities to de-lever. We are pleased with the significant progress we have made advancing our near-term capital allocation priorities to strengthen our balance sheet while strategically investing to position our company for sustainable growth. We continue to take a holistic approach in evaluating our capital structure with an ongoing focus on driving long-term shareholder value.”

Q2 2024 Earnings Highlights

• Entertained 50 million moviegoers across our global footprint.
• Delivered domestic box office results that surpassed North American industry recovery by 400 basis points and 960 basis points relative to Q2 2024 and Q2 2019, respectively; international admissions outpaced our corresponding Latin American industry recovery by 300 basis points and 500 basis points compared with Q2 2024 and Q2 2019, respectively.
• Sustained market share growth versus FY 2019 in excess of 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 $734 million of total revenue and $47 million of net income with diluted earnings per share attributable to Cinemark Holdings, Inc. of $0.32.
• Generated Adjusted EBITDA of $142 million with a strong 19.4% Adjusted EBITDA margin, demonstrating disciplined operational execution and the ongoing impact of our strategic initiatives.
• Maintained a healthy cash balance of $789 million at quarter-end.
• Advanced objective to strengthen balance sheet post-pandemic, as demonstrated by the following actions over the past few months:
• Redeemed remaining $150 million 8.75% senior secured notes due 2025 in May 2024 at par.
• Repriced term loan, reducing interest rate by 50 basis points and saving $3.2 million of cash interest annually.
• Issued $500 million 7.00% unsecured notes due 2032 and executed a cash tender for a vast majority of our unsecured notes due 2026.
• Continued to pursue balanced and disciplined investments to position Cinemark for the long-term with approximately $150 million expected to be deployed toward global growth and maintenance in 2024.

Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended June 30, 2024 decreased 22.1% to $734.2 million compared with $942.3 million for the three months ended June 30, 2023. For the three months ended June 30, 2024, admissions revenue decreased 23.5% to $365.8 million and concession revenue decreased 21.6% to $292.9 million, driven by a 22.4% decrease in attendance to 50.0 million patrons. Worldwide average ticket price was $7.32 and concession revenue per patron was $5.86.

Net income attributable to Cinemark Holdings, Inc. for the three months ended June 30, 2024 was $45.8 million compared with net income of $119.1 million for the three months ended June 30, 2023. Diluted earnings per share for the three months ended June 30, 2024 was $0.32 compared with diluted earnings per share of $0.80 for the three months ended June 30, 2023.

Adjusted EBITDA for the three months ended June 30, 2024 was $142.1 million compared with $231.5 million for the three months ended June 30, 2023. 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 six months ended June 30, 2024 decreased 15.4% to $1,313.4 million compared with $1,553.0 million for the six months ended June 30, 2023. For the six months ended June 30, 2024, admissions revenue decreased 16.9% to $655.6 million and concession revenue decreased 15.1% to $517.1 million, driven by a 16.4% decrease in attendance to 89.7 million patrons. Worldwide average ticket price was $7.31 and concession revenue per patron was $5.76.

Net income attributable to Cinemark Holdings, Inc. for the six months ended June 30, 2024 was $70.6 million compared with net income of $116.0 million for the six months ended June 30, 2023. Diluted earnings per share for the six months ended June 30, 2024 was $0.51 compared with diluted earnings per share of $0.82 for the six months ended June 30, 2023. Net income for the six months ended June 30, 2024 included a $28.6 million tax benefit primarily related to the release of certain valuation allowances.

Adjusted EBITDA for the six months ended June 30, 2024 was $212.8 million compared with $317.7 million for the six months ended June 30, 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 June 30, 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 three 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, 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.