Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, today reported results for the three and nine months ended September 30, 2022.

Cinemark Holdings, Inc.’s total revenues for the three months ended September 30, 2022 increased 50% to $650.4 million compared with $434.8 million for the three months ended September 30, 2021. For the three months ended September 30, 2022, admissions revenue was $324.6 million and concession revenue was $253.6 million, driven by attendance of 48.4 million patrons. Average ticket price was $6.71 and concession revenue per patron was $5.24.

Net loss attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2022 was $(24.5) million compared with a loss of $(77.8) million for the three months ended September 30, 2021. Diluted loss per share for the three months ended September 30, 2022 was $(0.20) compared with diluted loss per share of $(0.65) for the three months ended September 30, 2021.

Adjusted EBITDA for the three months ended September 30, 2022 was $99.5 million compared with $44.3 million for the three months ended September 30, 2021. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.

“We remain highly optimistic about the future of theatrical exhibition and Cinemark,” stated Sean Gamble, Cinemark’s President & CEO. “Consumer behavior over the past year validates that moviegoing enthusiasm remains strong and vibrant across all categories of films and audiences. Quarter after quarter, genre by genre, we’ve seen long-standing records broken and films performing at levels comparable to, or better than, pre-pandemic expectations.”

“While August and September were challenged by a dip in content availability, we are pleased by year-over-year improvements in product flow throughout 2022, which have driven a 130% increase in North American box office year-to-date. We have high confidence in the ongoing recovery of content and box office as delays caused by COVID fully subside and studios derive increasing promotional and financial value from theatrical.”

“Furthermore, Cinemark’s performance during the third quarter underscores that our strategies to navigate a highly fluid environment with regard to content, supply chain, and labor dynamics are working. Worldwide revenue for the quarter is up 50% year-over-year, Adjusted EBITDA is up over 125%, and we continue to expect to have positive free cash flow generation for the full year.”

Cinemark Holdings, Inc.’s total revenues for the nine months ended September 30, 2022 increased 120% to $1,855.0 million compared with $843.8 million for the nine months ended September 30, 2021. For the nine months ended September 30, 2022, admissions revenue was $942.3 million and concession revenue was $712.6 million, driven by attendance of 133.5 million patrons. Average ticket price was $7.06 and concession revenue per patron was $5.34.

Net loss attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2022 was $(171.9) million compared with a loss of $(428.5) million for the nine months ended September 30, 2021. Diluted loss per share for the nine months ended September 30, 2022 was $(1.43) compared with diluted loss per share of $(3.59) for the nine months ended September 30, 2021.

Adjusted EBITDA for the nine months ended September 30, 2022 was $263.0 million compared with $(59.5) million for the nine months ended September 30, 2021. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.

As of September 30, 2022, the Company’s aggregate screen count was 5,835, and the Company had commitments to open two new theatres and 19 screens during the remainder of 2022 and seven new theatres and 55 screens subsequent to 2022.

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, operates 517 theatres with 5,835 screens in 42 states domestically and 15 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.