STOCK TITAN

Cinemark Holdings, Inc. Reports Third Quarter 2024 Results

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags

Cinemark Holdings (CNK) reported strong Q3 2024 results with record-high third quarter revenue of $922 million, up 5% year-over-year. The company achieved net income of $189 million and record-high third quarter Adjusted EBITDA of $221 million with a 23.9% margin. Key highlights include entertaining 60 million moviegoers, achieving all-time-high food and beverage per caps of $7.97 in the U.S., and maintaining significant market share gains versus pre-pandemic levels. The company's domestic box office results outperformed the North American industry recovery by over 600 basis points year-over-year. Cinemark ended the quarter with a strong cash balance of $928 million.

Cinemark Holdings (CNK) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato record di 922 milioni di dollari, in aumento del 5% rispetto all'anno precedente. L'azienda ha ottenuto un reddito netto di 189 milioni di dollari e un Adjusted EBITDA record per il terzo trimestre di 221 milioni di dollari, con un margine del 23,9%. Tra i punti salienti ci sono stati 60 milioni di spettatori al cinema, il raggiungimento di un massimo storico nel fatturato per persona per cibo e bevande di 7,97 dollari negli Stati Uniti e il mantenimento di significativi guadagni di quota di mercato rispetto ai livelli pre-pandemia. I risultati al botteghino domestico dell'azienda hanno superato il recupero dell'industria nordamericana di oltre 600 punti base rispetto all'anno precedente. Cinemark ha chiuso il trimestre con una solida liquidità di 928 milioni di dollari.

Cinemark Holdings (CNK) informó resultados sólidos para el tercer trimestre de 2024, con un ingreso récord de 922 millones de dólares, un aumento del 5% en comparación con el año anterior. La compañía logró un ingreso neto de 189 millones de dólares y un EBITDA Ajustado récord de 221 millones de dólares para el tercer trimestre, con un margen del 23,9%. Los puntos destacados incluyen entretener a 60 millones de asistentes al cine, alcanzar un máximo histórico en el gasto por persona en alimentos y bebidas de 7,97 dólares en EE. UU., y mantener ganancias significativas en participación de mercado en comparación con los niveles previos a la pandemia. Los resultados de taquilla doméstica de la compañía superaron la recuperación de la industria norteamericana en más de 600 puntos básicos en comparación con el año anterior. Cinemark cerró el trimestre con un sólido saldo de efectivo de 928 millones de dólares.

시네마크 홀딩스 (CNK)는 2024년 3분기 실적이 강력하며 기록적인 9억 2200만 달러의 3분기 수익을 보고했으며, 이는 지난해 대비 5% 증가한 수치입니다. 회사는 1억 8900만 달러의 순이익을 달성하였고, 23.9%의 이익률을 기록한 2억 2100만 달러의 조정 EBITDA를 달성하였습니다. 주요 하이라이트로는 6000만 명의 영화 관객을 맞이하고, 미국에서 7.97달러의 식음료 지출 기록을 세우며, 팬데믹 이전 수준에 비해 상당한 시장 점유율을 유지한 것입니다. 회사의 국내 박스오피스 실적은 지난해 대비 북미 산업 회복을 600bp 이상 상회하였습니다. 시네마크는 분기를 9억 2800만 달러의 강력한 현금 잔고로 마무리했습니다.

Cinemark Holdings (CNK) a annoncé de solides résultats pour le troisième trimestre 2024, avec un chiffre d'affaires record de 922 millions de dollars, en hausse de 5 % par rapport à l'année précédente. L'entreprise a réalisé un revenu net de 189 millions de dollars et un EBITDA ajusté record pour le troisième trimestre de 221 millions de dollars, avec une marge de 23,9 %. Parmi les faits saillants, on note l'accueil de 60 millions de spectateurs, un chiffre record de 7,97 dollars de dépenses en nourriture et boissons par personne aux États-Unis, et le maintien de gains significatifs de part de marché par rapport aux niveaux d'avant la pandémie. Les résultats du box-office national de la société ont dépassé la reprise de l'industrie nord-américaine de plus de 600 points de base par rapport à l'année précédente. Cinemark a terminé le trimestre avec un solide solde de liquidités de 928 millions de dollars.

Cinemark Holdings (CNK) hat starke Ergebnisse für das 3. Quartal 2024 berichtet, mit einem rekordhohen Umsatz von 922 Millionen Dollar, der um 5% im Vergleich zum Vorjahr gestiegen ist. Das Unternehmen erzielte einen netto Gewinn von 189 Millionen Dollar und ein rekordhohes Adjusted EBITDA von 221 Millionen Dollar im 3. Quartal mit einer Marge von 23,9%. Zu den Höhepunkten gehören 60 Millionen Kinobesucher, die Erreichung eines Rekords von 7,97 Dollar an Lebensmittel- und Getränkausgaben pro Kopf in den USA und die Beibehaltung erheblicher Marktanteilsgewinne im Vergleich zu den Werten vor der Pandemie. Die inländischen Box-Office-Ergebnisse des Unternehmens übertrafen die Erholung der nordamerikanischen Branche um mehr als 600 Basispunkte im Vergleich zum Vorjahr. Cinemark schloss das Quartal mit einem starken Barguthaben von 928 Millionen Dollar ab.

Positive
  • Record Q3 revenue of $922M, up 5% YoY
  • Net income increased to $189M from $90.2M YoY
  • Record Q3 Adjusted EBITDA of $221M with 23.9% margin
  • All-time high food and beverage per caps of $7.97 in U.S.
  • Strong cash balance of $928M
  • Diluted EPS grew to $1.19 from $0.61 YoY
Negative
  • Nine-month revenue decreased 7.9% to $2.24B
  • Nine-month attendance decreased 11.3% to 150.1M patrons
  • Nine-month concession revenue declined 6.8% to $884.4M

Insights

Cinemark delivered an impressive Q3 2024 performance with $922 million in record revenue, up 5.4% year-over-year. The standout metrics include $189 million net income and record Adjusted EBITDA of $221 million with a robust 23.9% margin. Key performance indicators show strong operational execution with domestic box office outperforming industry recovery by 600 basis points year-over-year.

The company's financial health is solid with $928 million cash balance and successful refinancing of $500 million notes at 7% due 2032. Notably, food and beverage per-caps hit all-time highs at $7.97 in the U.S., demonstrating effective monetization strategies. The $42.7 million tax benefit from valuation allowance release further strengthens the bottom line.

The theatrical exhibition market shows robust recovery with Cinemark capturing significant market share gains - over 100 basis points versus 2019 in both U.S. and Latin America. With 60 million global moviegoers in Q3, the company demonstrates strong audience engagement despite streaming competition. The quarter's performance, reaching within 4% of 2019 levels, indicates theatrical experiences remain highly valued by consumers.

Strategic initiatives to diversify revenue streams and enhance operational capabilities are yielding results, evidenced by record concession revenues and expanded margins. The sustained market share growth versus major competitors positions Cinemark favorably for continued industry leadership as theatrical releases normalize.

Delivered record-high third quarter revenue of $922 million that grew 5% year-over-year

Reported $189 million of net income and record-high third quarter

Adjusted EBITDA of $221 million with a robust 23.9% Adjusted EBITDA margin

PLANO, Texas--(BUSINESS WIRE)-- 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, 2024.

“Strong, sustained consumer enthusiasm for shared, larger-than-life, theatrical experiences was once again on full display in the third quarter as film results far outpaced expectations, delivering the highest quarterly box office since the pandemic, which climbed to within 4% of 3Q19,” stated Sean Gamble, Cinemark’s President and CEO. “Propelled by one break-out hit after the next as a steadier cadence of compelling titles were released into theaters, the third quarter’s results clearly underscore that movie-going begets movie-going and further illustrate the heightened level of impact a theatrical release provides all categories of content. We commend our studio partners for their outstanding work producing and releasing such captivating films that will clearly leave a meaningful imprint on movie-goers for many years to come.”

Mr. Gamble continued, “I’d also like to commend our sensational Cinemark team for capitalizing on the quarter’s box office strength and once again delivering exceptional results that surpassed industry benchmarks and generated record-high third quarter revenue and Adjusted EBITDA. These solid results are a direct reflection of our highly skilled and resourceful global team, the continued benefits we are deriving from our ongoing strategic initiatives, and Cinemark's many distinctive advantages that we believe will continue to position us for future growth and success.”

Q3 2024 Earnings Highlights

  • Entertained 60 million moviegoers across global footprint.
  • Delivered domestic box office results that surpassed North American industry recovery by over 600 basis points year-over-year and 1,100 basis points versus Q3 2019; furthermore, international admissions outpaced Latin American industry recovery by 100 basis points year-over-year and 800 basis points compared to Q3 2019.
  • 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 with pre-pandemic results of all major exhibitors.
  • Continued to meaningfully advance and benefit from strategic initiatives to build audiences, grow new sources of revenue and further enhance our industry-leading operating capabilities.
  • Achieved all-time-high food and beverage per caps of $7.97 in the U.S. and $6.08 worldwide.
  • Reported record-high third quarter total revenue of $922 million representing a 5% increase year-over-year and a 12% increase versus Q3 2019.
  • Net income was $189 million for the third quarter, with diluted earnings per share attributable to Cinemark Holdings, Inc.
    of $1.19.
  • Delivered record-high third quarter Adjusted EBITDA of $221 million with a robust 23.9% Adjusted EBITDA margin, which expanded 140 basis points year-over-year.
  • Generated $107 million in Cash from Operating Activities and $64 million of Free Cash Flow; ended the third quarter with a strong cash balance of $928 million.
  • Successfully refinanced unsecured notes due 2026 with the issuance of $500 million 7.00% unsecured notes due 2032 and repaid $6 million of COVID-related debt in Latin America.

Financial Results

Cinemark Holdings, Inc.’s total revenue for the three months ended September 30, 2024 increased 5.4% to $921.8 million compared with $874.8 million for the three months ended September 30, 2023. For the three months ended September 30, 2024, admissions revenue increased 3.7% to $460.4 million and concession revenue increased 8.1% to $367.3 million. Worldwide average ticket price was $7.62 and concession revenue per patron was $6.08.

Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2024 was $187.8 million compared with net income of $90.2 million for the three months ended September 30, 2023. Diluted earnings per share for the three months ended September 30, 2024 was $1.19 compared with diluted earnings per share of $0.61 for the three months ended September 30, 2023. Net income for the three months ended September 30, 2024 included a $42.7 million tax benefit primarily related to the partial release of valuation allowances previously recorded in the U.S.

Adjusted EBITDA for the three months ended September 30, 2024 was $220.5 million compared with $196.8 million for the three months ended September 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 nine months ended September 30, 2024 decreased 7.9% to $2,235.2 million compared with $2,427.8 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, admissions revenue decreased 9.5% to $1,116.0 million and concession revenue decreased 6.8% to $884.4 million, driven by an 11.3% decrease in attendance to 150.1 million patrons. Worldwide average ticket price was $7.44 and concession revenue per patron was $5.89.

Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2024 was $258.4 million compared with net income of $206.2 million for the nine months ended September 30, 2023. Diluted earnings per share for the nine months ended September 30, 2024 was $1.73 compared with diluted earnings per share of $1.43 for the nine months ended September 30, 2023. Net income for the nine months ended September 30, 2024 included a $71.3 million tax benefit primarily related to the release of certain valuation allowances.

Adjusted EBITDA for the nine months ended September 30, 2024 was $433.3 million compared with $514.5 million for the nine months ended September 30, 2023. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.

Webcast – Today at 8:30 AM ET

Live Webcast/Replay: Available at https://ir.cinemark.com. A replay will be available following the call and archived for a limited time.

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, 2024 operated 499 theaters with 5,680 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.

Forward-looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on information currently available as well as management’s assumptions and beliefs today. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the statements, and investors should not place undue reliance on them. Risks and uncertainties that could cause actual results to differ materially from such statements include:

  • future revenue, expenses and profitability;
  • currency exchange rate and inflationary impacts;
  • the future development and expected growth of our business;
  • projected capital expenditures;
  • access to capital resources;
  • attendance at movies generally or in any of the markets in which we operate;
  • the number and diversity of popular movies released, the length of exclusive theatrical release windows, and our ability to successfully license and exhibit popular films;
  • national and international growth in our industry;
  • competition from other exhibitors, alternative forms of entertainment and content delivery via streaming and other formats;
  • determinations in lawsuits in which we are a party; and
  • the ongoing recovery of our business and the motion picture exhibition industry from the effects of the COVID-19 pandemic and the 2023 writers' and actors' guilds strikes.

You can identify forward-looking statements by the use of words such as “may,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future” and “intends” and similar expressions which are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict. Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating forward-looking statements, you should carefully consider the risks and uncertainties described in the “Risk Factors” section or other sections in the Company's Annual Report on Form 10-K filed February 16, 2024. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements and risk factors. Forward-looking statements contained in this press release reflect our view only as of the date of this press release. We undertake no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Cinemark Holdings, Inc.

Financial and Operating Summary

(unaudited, in millions, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Statement of income data:

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

460.4

 

 

$

443.8

 

 

$

1,116.0

 

 

$

1,233.2

 

Concession

 

 

367.3

 

 

 

339.8

 

 

 

884.4

 

 

 

949.0

 

Other

 

 

94.1

 

 

 

91.2

 

 

 

234.8

 

 

 

245.6

 

Total revenue

 

$

921.8

 

 

$

874.8

 

 

$

2,235.2

 

 

$

2,427.8

 

Cost of operations

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

 

 

265.6

 

 

 

248.2

 

 

 

623.9

 

 

 

692.9

 

Concession supplies

 

 

64.5

 

 

 

63.0

 

 

 

165.1

 

 

 

174.0

 

Salaries and wages

 

 

109.9

 

 

 

107.9

 

 

 

294.1

 

 

 

306.2

 

Facility lease expense

 

 

85.9

 

 

 

84.4

 

 

 

244.7

 

 

 

250.9

 

Utilities and other

 

 

127.0

 

 

 

129.5

 

 

 

332.1

 

 

 

353.5

 

General and administrative expenses

 

 

56.4

 

 

 

48.2

 

 

 

161.0

 

 

 

144.7

 

Depreciation and amortization

 

 

49.1

 

 

 

51.9

 

 

 

148.3

 

 

 

159.6

 

Impairment of long-lived and other assets

 

 

 

 

 

2.0

 

 

 

 

 

 

12.1

 

(Gain) loss on disposal of assets and other

 

 

(0.1

)

 

 

(6.1

)

 

 

2.0

 

 

 

(8.8

)

Total cost of operations

 

 

758.3

 

 

 

729.0

 

 

 

1,971.2

 

 

 

2,085.1

 

Operating income

 

 

163.5

 

 

 

145.8

 

 

 

264.0

 

 

 

342.7

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(36.7

)

 

 

(38.1

)

 

 

(109.0

)

 

 

(112.0

)

Interest income

 

 

14.2

 

 

 

15.3

 

 

 

40.3

 

 

 

40.2

 

Loss on debt amendments and extinguishments

 

 

(3.0

)

 

 

 

 

 

(5.5

)

 

 

(10.7

)

Foreign currency exchange and other related loss

 

 

(3.0

)

 

 

(11.0

)

 

 

(7.9

)

 

 

(19.4

)

Interest expense - NCM

 

 

(5.4

)

 

 

(5.6

)

 

 

(16.5

)

 

 

(17.0

)

Equity in income of affiliates

 

 

5.0

 

 

 

1.5

 

 

 

11.3

 

 

 

1.2

 

Net gain on investment in NCMI

 

 

11.6

 

 

 

4.7

 

 

 

12.8

 

 

 

13.9

 

Income before income taxes

 

 

146.2

 

 

 

112.6

 

 

 

189.5

 

 

 

238.9

 

Income tax (benefit) expense

 

 

(42.7

)

 

 

21.4

 

 

 

(71.3

)

 

 

29.8

 

Net income

 

$

188.9

 

 

$

91.2

 

 

$

260.8

 

 

$

209.1

 

Less: Net income attributable to noncontrolling interests

 

 

1.1

 

 

 

1.0

 

 

 

2.4

 

 

 

2.9

 

Net income attributable to Cinemark Holdings, Inc.

 

$

187.8

 

 

$

90.2

 

 

$

258.4

 

 

$

206.2

 

Net income per share attributable to Cinemark Holdings, Inc.'s common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.54

 

 

$

0.74

 

 

$

2.11

 

 

$

1.70

 

Diluted

 

$

1.19

 

 

$

0.61

 

 

$

1.73

 

 

$

1.43

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

120.0

 

 

 

119.2

 

 

 

119.8

 

 

 

119.0

 

Diluted

 

 

158.2

 

 

 

152.0

 

 

 

153.7

 

 

 

151.8

 

 

Other Operating Data

(unaudited, in millions)

 

 

 

As of

 

 

 

September 30, 2024

 

 

December 31, 2023

 

Balance sheet data:

 

 

 

 

 

 

Cash and cash equivalents

 

$

928.3

 

 

$

849.1

 

Theatre properties and equipment, net

 

$

1,121.2

 

 

$

1,161.7

 

Total assets

 

$

4,934.9

 

 

$

4,836.8

 

Total long-term debt, net of unamortized debt issuance costs and original issue discount

 

$

2,333.8

 

 

$

2,399.1

 

Total equity

 

$

567.9

 

 

$

318.8

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Cash flows provided by (used for):

 

 

 

 

 

 

Operating activities (1)

 

$

269.6

 

 

$

335.8

 

Investing activities

 

$

(89.1

)

 

$

(74.9

)

Financing activities

 

$

(94.7

)

 

$

(118.0

)

(1)

We define free cash flow as cash flow provided by operating activities less capital expenditures. A reconciliation of cash flow provided by operating activities to free cash flow is provided below:

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Reconciliation of free cash flow:

 

 

 

 

 

 

Cash flows provided by operating activities

 

$

269.6

 

 

$

335.8

 

Less: capital expenditures

 

 

90.2

 

 

 

89.7

 

Free cash flow

 

$

179.4

 

 

$

246.1

 

 

Segment Information

(unaudited, in millions, except per patron data)

 

 

U.S. Operating Segment

 

 

International Operating Segment

 

 

Consolidated

 

 

Three Months Ended
September 30,

 

 

Three Months Ended September 30,

 

 

Three Months Ended
September 30,

 

Revenue and Attendance

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Constant
Currency (1)
2024

 

 

2024

 

 

2023

 

Admissions revenue

$

375.2

 

 

$

350.4

 

 

$

85.2

 

 

$

93.4

 

 

$

131.8

 

 

$

460.4

 

 

$

443.8

 

Concession revenue

 

299.6

 

 

 

268.0

 

 

 

67.7

 

 

 

71.8

 

 

 

103.0

 

 

 

367.3

 

 

 

339.8

 

Other revenue

 

66.6

 

 

 

64.1

 

 

 

27.5

 

 

 

27.1

 

 

 

42.3

 

 

 

94.1

 

 

 

91.2

 

Total revenue

$

741.4

 

 

$

682.5

 

 

$

180.4

 

 

$

192.3

 

 

$

277.1

 

 

$

921.8

 

 

$

874.8

 

Attendance

 

37.6

 

 

 

37.5

 

 

 

22.8

 

 

 

24.4

 

 

 

 

 

 

60.4

 

 

 

61.9

 

Average ticket price

$

9.98

 

 

$

9.34

 

 

$

3.74

 

 

$

3.83

 

 

$

5.78

 

 

$

7.62

 

 

$

7.17

 

Concession revenue per patron

$

7.97

 

 

$

7.15

 

 

$

2.97

 

 

$

2.94

 

 

$

4.52

 

 

$

6.08

 

 

$

5.49

 

Cost of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

$

222.3

 

 

$

201.1

 

 

$

43.3

 

 

$

47.1

 

 

$

67.7

 

 

$

265.6

 

 

$

248.2

 

Concession supplies

$

49.3

 

 

$

47.7

 

 

$

15.2

 

 

$

15.3

 

 

$

23.0

 

 

$

64.5

 

 

$

63.0

 

Salaries and wages

$

91.1

 

 

$

89.0

 

 

$

18.8

 

 

$

18.9

 

 

$

29.4

 

 

$

109.9

 

 

$

107.9

 

Facility lease expense

$

63.5

 

 

$

61.0

 

 

$

22.4

 

 

$

23.4

 

 

$

31.0

 

 

$

85.9

 

 

$

84.4

 

Utilities and other

$

97.3

 

 

$

98.9

 

 

$

29.7

 

 

$

30.6

 

 

$

46.3

 

 

$

127.0

 

 

$

129.5

 

 

U.S. Operating Segment

 

 

International Operating Segment

 

 

Consolidated

 

 

Nine Months Ended
September 30,

 

 

Nine Months Ended September 30,

 

 

Nine Months Ended
September 30,

 

Revenue and Attendance

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Constant
Currency (1)
2024

 

 

2024

 

 

2023

 

Admissions revenue

$

894.4

 

 

$

968.5

 

 

$

221.6

 

 

$

264.7

 

 

$

340.9

 

 

$

1,116.0

 

 

$

1,233.2

 

Concession revenue

 

709.6

 

 

 

751.1

 

 

 

174.8

 

 

 

197.9

 

 

 

265.2

 

 

 

884.4

 

 

 

949.0

 

Other revenue

 

166.4

 

 

 

176.9

 

 

 

68.4

 

 

 

68.7

 

 

 

104.0

 

 

 

234.8

 

 

 

245.6

 

Total revenue

$

1,770.4

 

 

$

1,896.5

 

 

$

464.8

 

 

$

531.3

 

 

$

710.1

 

 

$

2,235.2

 

 

$

2,427.8

 

Attendance

 

90.3

 

 

 

101.5

 

 

 

59.8

 

 

 

67.7

 

 

 

 

 

 

150.1

 

 

 

169.2

 

Average ticket price

$

9.90

 

 

$

9.54

 

 

$

3.71

 

 

$

3.91

 

 

$

5.70

 

 

$

7.44

 

 

$

7.29

 

Concession revenue per patron

$

7.86

 

 

$

7.40

 

 

$

2.92

 

 

$

2.92

 

 

$

4.43

 

 

$

5.89

 

 

$

5.61

 

Cost of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Film rentals and advertising

$

513.2

 

 

$

558.6

 

 

$

110.7

 

 

$

134.3

 

 

$

173.0

 

 

$

623.9

 

 

$

692.9

 

Concession supplies

$

126.8

 

 

$

131.0

 

 

$

38.3

 

 

$

43.0

 

 

$

57.8

 

 

$

165.1

 

 

$

174.0

 

Salaries and wages

$

244.4

 

 

$

253.0

 

 

$

49.7

 

 

$

53.2

 

 

$

80.4

 

 

$

294.1

 

 

$

306.2

 

Facility lease expense

$

184.0

 

 

$

184.9

 

 

$

60.7

 

 

$

66.0

 

 

$

81.4

 

 

$

244.7

 

 

$

250.9

 

Utilities and other

$

255.7

 

 

$

269.7

 

 

$

76.4

 

 

$

83.8

 

 

$

120.6

 

 

$

332.1

 

 

$

353.5

 

(1) 

Constant currency amounts, which are non-GAAP measurements, were calculated using the average exchange rate for the corresponding month for 2023. We translate the results of our international operating segment from local currencies into U.S. dollars using currency rates in effect at different points in time in accordance with U.S. GAAP. Significant changes in foreign currency exchange rates from one period to the next can result in meaningful variations in reported results. We are providing constant currency amounts for our international operating segment to present a period-to-period comparison of business performance that excludes the impact of foreign currency fluctuations.

 

Other Segment Information

(unaudited, in millions)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Adjusted EBITDA (1)

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

180.7

 

 

$

151.2

 

 

$

338.6

 

 

$

395.4

 

International

 

 

39.8

 

 

 

45.6

 

 

 

94.7

 

 

 

119.1

 

Total Adjusted EBITDA (1)

 

$

220.5

 

 

$

196.8

 

 

$

433.3

 

 

$

514.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

33.5

 

 

$

26.9

 

 

$

67.7

 

 

$

70.7

 

International

 

 

9.5

 

 

 

8.2

 

 

 

22.5

 

 

 

19.0

 

Total capital expenditures

 

$

43.0

 

 

$

35.1

 

 

$

90.2

 

 

$

89.7

 

(1) 

Adjusted EBITDA represents net income before income taxes, depreciation and amortization expense and other items, as calculated below. Adjusted EBITDA is a non-GAAP financial measure commonly used in our industry and should not be construed as an alternative to net income as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We have included Adjusted EBITDA because we believe it provides management and investors with additional information to measure our performance and liquidity, estimate our value and evaluate our ability to service debt. In addition, we use Adjusted EBITDA for incentive compensation purposes. A reconciliation of net income to Adjusted EBITDA is provided below.

 

Reconciliation of Adjusted EBITDA

(unaudited, in millions)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

188.9

 

 

$

91.2

 

 

$

260.8

 

 

$

209.1

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (benefit) expense

 

 

(42.7

)

 

 

21.4

 

 

 

(71.3

)

 

 

29.8

 

Interest expense (1)

 

 

36.7

 

 

 

38.1

 

 

 

109.0

 

 

 

112.0

 

Other income, net (2)

 

 

(22.4

)

 

 

(4.9

)

 

 

(40.0

)

 

 

(18.9

)

Cash distributions from equity investees (3)

 

 

2.2

 

 

 

1.6

 

 

 

5.1

 

 

 

3.2

 

Depreciation and amortization

 

 

49.1

 

 

 

51.9

 

 

 

148.3

 

 

 

159.6

 

Impairment of long-lived and other assets

 

 

 

 

 

2.0

 

 

 

 

 

 

12.1

 

(Gain) loss on disposal of assets and other

 

 

(0.1

)

 

 

(6.1

)

 

 

2.0

 

 

 

(8.8

)

Loss on debt amendments and extinguishments

 

 

3.0

 

 

 

 

 

 

5.5

 

 

 

10.7

 

Non-cash rent expense

 

 

(2.6

)

 

 

(4.8

)

 

 

(10.2

)

 

 

(13.2

)

Share-based awards compensation expense (4)

 

 

8.4

 

 

 

6.4

 

 

 

24.1

 

 

 

18.9

 

Adjusted EBITDA

 

$

220.5

 

 

$

196.8

 

 

$

433.3

 

 

$

514.5

 

(1) 

Includes amortization of debt issuance costs, amortization of original issue discount and amortization of accumulated gains for amended swap agreements.

(2)

Includes interest income, foreign currency exchange and other related loss, interest expense - NCM, equity in income of affiliates and net gain on investment in NCMI.

(3)

Reflects cash distributions received from equity investees that were recorded as a reduction of the respective investment balances. These distributions are reported entirely within the U.S. operating segment.

(4)

Non-cash expense included in general and administrative expenses.

 

Investor Relations Contact:

Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com

Media Contact:

Julia McCartha – 972-665-1322 or pr@cinemark.com

Source: Cinemark Holdings, Inc.

FAQ

What was Cinemark's (CNK) revenue in Q3 2024?

Cinemark reported record-high third quarter revenue of $921.8 million, representing a 5.4% increase from $874.8 million in Q3 2023.

How much profit did Cinemark (CNK) make in Q3 2024?

Cinemark reported net income of $187.8 million in Q3 2024, with diluted earnings per share of $1.19.

What was Cinemark's (CNK) attendance in Q3 2024?

Cinemark entertained 60 million moviegoers across its global footprint during Q3 2024.

What was Cinemark's (CNK) cash position at the end of Q3 2024?

Cinemark ended the third quarter with a cash balance of $928 million.

Cinemark Holdings, Inc.

NYSE:CNK

CNK Rankings

CNK Latest News

CNK Stock Data

3.99B
109.24M
10.68%
119.03%
19.09%
Entertainment
Services-motion Picture Theaters
Link
United States of America
PLANO