Q2 2024 Cineplex Inc Earnings Call Transcript
Key Points
- Cineplex Inc (CPXGF) saw record-breaking results from titles like Inside Out 2 and Deadpool and Wolverine, leading to strong box office months in June and July.
- The company achieved all-time quarterly records for box office per patron ($13.11) and concession per patron ($9.56).
- Cineplex Inc (CPXGF) reported a significant increase in digital place-based media revenue by 28.1%, primarily due to the addition of Cadillac Fairview.
- The company is expanding its Location-Based Entertainment (LBE) business with three new locations set to open in the fourth quarter.
- Cineplex Inc (CPXGF) announced a normal course issuer bid to acquire up to 6.3 million common shares, reflecting confidence in the company's intrinsic value.
- The company experienced a 24.6% decrease in total revenue to $177 million due to the impact of the Hollywood strikes.
- Attendance declined by 31.8% to approximately 8.7 million moviegoers in the second quarter.
- Adjusted EBITDA decreased significantly to $0.9 million from $47.2 million in the previous year.
- Store level adjusted EBITDA margins for the LBE segment decreased to 16.2% from 21.8% due to increased minimum wages and costs related to flooding remediation.
- The company closed three theater locations as part of its ongoing portfolio optimization strategy.
Good morning or good afternoon, and welcome to today's Cineplex Q2 2024 earnings conference call. My name is Adam and I'll be your operator for today. (Operator Instructions).
I will now hand the floor to Mahsa Rejali, Vice President of Corporate Development and Investor Relations. Please go ahead.
Good morning, everyone. I would like to welcome you to Cineplex's second quarter 2024 earnings release conference call hosted by Ellis Jacob, President and Chief Executive Officer; and Gord Nelson, Chief Financial Officer.
Before we begin, let me remind you that certain statements being made are forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding the information currently available. Actual results may differ materially from those expressed in forward-looking statements. Information regarding factors that could cause results to vary can be found in the
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