Delivered record third quarter revenue of $875 million that grew 35% year-over-year and 6% versus the third quarter of 2019 - Reported $91 million of Net Income and third quarter record high Adjusted EBITDA of $197 million with a 22.5% Adjusted EBITDA margin
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 nine months ended September 30, 2023.
“Our third quarter results once again reflect the significant impact of our team’s dedication and skilled operating discipline, as well as the meaningful advancements of our strategic initiatives,” stated Sean Gamble, Cinemark President and CEO. “As we assess the fundamental drivers of our industry’s and company’s long-term health and prosperity – particularly consumer behavior trends, key indicators for new release volume recovery over time, and the significant range of incremental revenue and productivity opportunities that are fully within our control – we remain highly optimistic about the future.”
Earnings Highlights
- Entertained nearly 62 million global moviegoers throughout our U.S. and Latin American circuits.
- Delivered box office recovery that continued to surpass industry results and remained the only major U.S. exhibitor to have achieved a meaningful increase in market share since the pandemic.
- July was Cinemark’s biggest domestic box office month of all time.
- Achieved record third quarter revenue of $875 million, which increased 35% versus 3Q22 and 6% versus 3Q19.
- Reported $91 million of net income with diluted earnings per share of $0.61.
- $197 million of Adjusted EBITDA set a third quarter record, doubling versus 3Q22 and growing 16% versus 3Q19; generated strong 22.5% Adjusted EBITDA margin.
- Further strengthened the balance sheet by generating $50 million of Free Cash Flow and increasing quarter-end cash balance to $806 million.
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended September 30, 2023 increased 34.5% to $874.8 million compared with $650.4 million for the three months ended September 30, 2022. For the three months ended September 30, 2023, admissions revenue increased 36.7% to $443.8 million and concession revenue increased 34.0% to $339.8 million, driven by a 27.9% increase in attendance to 61.9 million patrons. Worldwide average ticket price was $7.17 and concession revenue per patron was $5.49.
Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2023 was $90.2 million compared with a loss of $(24.5) million for the three months ended September 30, 2022. Diluted earnings per share for the three months ended September 30, 2023 was $0.61 compared with a diluted loss per share of $(0.20) for the three months ended September 30, 2022.
Adjusted EBITDA for the three months ended September 30, 2023 was $196.8 million compared with $99.5 million for the three months ended September 30, 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 nine months ended September 30, 2023 increased 30.9% to $2,427.8 million compared with $1,855.0 million for the nine months ended September 30, 2022. For the nine months ended September 30, 2023, admissions revenue increased 30.9% to $1,233.2 million and concession revenue increased 33.2% to $949.0 million, driven by a 26.7% increase in attendance to 169.2 million patrons. Worldwide average ticket price was $7.29 and concession revenue per patron was $5.61.
Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2023 was $206.2 million compared with a loss of $(171.9) million for the nine months ended September 30, 2022. Diluted earnings per share for the nine months ended September 30, 2023 was $1.43 compared with a diluted loss per share of $(1.43) for the nine months ended September 30, 2022.
Adjusted EBITDA for the nine months ended September 30, 2023 was $514.5 million compared with $263.0 million for the nine months ended September 30, 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 September 30, 2023, the Company’s aggregate screen count was 5,765, and the Company had commitments to open 4 new theatres and 41 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 September 30, 2023 operated 507 theatres with 5,765 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.