Q3 2024 Cinemark Holdings Inc Earnings Call Transcript
Key Points
- Cinemark Holdings Inc (CNK) achieved its highest third-quarter revenue of all time, reaching $922 million, driven by strong box office performance and strategic initiatives.
- The company set a new domestic concession per cap record of $7.97, contributing to robust financial results.
- Cinemark Holdings Inc (CNK) outperformed the North American industry box office growth by over 600 basis points, showcasing its competitive edge.
- The company reported a 12% increase in worldwide adjusted EBITDA to $221 million, marking its highest third-quarter adjusted EBITDA in history.
- Cinemark Holdings Inc (CNK) maintained a strong financial position with $928 million in cash, providing flexibility for future investments and debt repayment.
- Despite strong financial performance, Cinemark Holdings Inc (CNK) experienced a marginal decline in attendance compared to the previous year.
- The international segment saw a 7% decline in attendance, with certain films not resonating as well in Latin America as in the US.
- Film rental and advertising expenses increased by 180 basis points year-over-year due to a higher concentration of high-grossing titles.
- Concession costs were impacted by inflationary pressures on certain categories, such as candy and non-alcoholic beverages.
- The company anticipates potential capacity constraints and market share fluctuations in the fourth quarter due to film mix and content skewing more metro.
Greetings and welcome to Cinemark Holding Inc.'s third-quarter 2024 earnings call. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chanda Bashir, Senior Vice President, Investor Relations. Thank you. You may begin.
Good morning, everyone. I would like to welcome you to Cinemark Holding Inc.'s third-quarter 2024 earnings release conference call hosted by Sean Gamble, President and Chief Executive Officer; and Melissa Thomas, Chief Financial Officer.
Before we begin, I would like to remind everyone that statements or comments made on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties. The company's actual results may materially differ from forward
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