Delivered FY 2024 Total Revenue in excess of
$3 billion, Net Income of $313 million, and Adjusted EBITDA of $590
million with a strong 19.4% Adjusted EBITDA margin
Generated $466 million in Cash from
Operating Activities and $315 million of Free Cash Flow
Reinstated cash dividend at $0.32 per share
of common stock per annum
Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most
influential theatrical exhibition companies in the world, today
reported results for the three months and full year ended December
31, 2024.
“The enduring and timeless consumer appeal of shared, cinematic
experiences that movie theaters uniquely provide was reinforced
once again in 2024 as North American industry box office of
approximately $8.8 billion far exceeded expectations and delivered
multiple all-time records,” stated Sean Gamble, Cinemark’s
President and CEO. “On better-than-expected industry performance,
Cinemark delivered outsized box office proceeds and solid overall
financial results driven by an intense focus on disciplined
operational execution and the sustained impact of our strategic
initiatives. Based on the strength of our company and our positive
future outlook, we are thrilled to reinstate our annual cash
dividend at $0.32 per share, which marks another major milestone in
our recovery from the pandemic and reflects our ongoing commitment
to creating long-term value for all shareholders.”
Q4 2024 and FY 2024 Earnings Highlights
- Entertained 51 million moviegoers during Q4 2024 and over 201
million for FY 2024.
- Delivered domestic box office results that surpassed North
American industry performance by 300 and 900 basis points relative
to FY 2023 and FY 2019, respectively; extended outperformance trend
to 14 of the past 16 years.
- International admissions performance outpaced Latin American
industry benchmark by approximately 100 and 700 basis points
relative to FY 2023 and FY 2019, respectively.
- Sustained market share growth versus FY 2019 of more than 100
basis points in the U.S. and Latin America; continued to maintain
the most significant market share gains of all major
exhibitors.
- Achieved an all-time high food and beverage per cap of $5.96
for FY 2024.
- Delivered record-high fourth quarter total revenue of $814
million representing a 27% increase year-over-year and a 3%
increase versus Q4 2019.
- Reported more than $3 billion of total revenue for FY 2024 that
was flat with FY 2023 despite headwinds caused by the 2023
Hollywood Guild Strikes.
- FY 2024 net income was $313 million with diluted earnings per
share attributable to Cinemark Holdings, Inc. of $2.06.
- Delivered FY 2024 Adjusted EBITDA of $590 million with a strong
19.4% Adjusted EBITDA margin.
- Generated $466 million in Cash from Operating Activities and
$315 million of Free Cash Flow during FY 2024; ended the year with
a strong cash balance of $1.1 billion.
- Further strengthened balance sheet by retiring $156 million of
pandemic-related debt and reduced interest expense on our term loan
through repricing transactions that resulted in a combined 100
basis points rate reduction.
- Given our solid financial position and our positive outlook for
theatrical exhibition, reinstated annual cash dividend at $0.32 per
share, payable quarterly, and representing a 1% yield. The first
quarterly dividend will be payable on March 19, 2025 to
shareholders of record on March 5, 2025.
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months
ended December 31, 2024 increased 27.5% to $814.3 million compared
with $638.9 million for the three months ended December 31, 2023.
For the three months ended December 31, 2024, admissions revenue
increased 26.1% to $406.5 million and concession revenue increased
29.0% to $313.4 million. Worldwide average ticket price was $7.97
and concession revenue per patron was $6.15.
Net income attributable to Cinemark Holdings, Inc. for the three
months ended December 31, 2024 was $51.3 million compared with a
net loss of $18.0 million for the three months ended December 31,
2023. Diluted earnings per share for the three months ended
December 31, 2024 was $0.33 compared with a diluted loss per share
of $(0.15) for the three months ended December 31, 2023.
Adjusted EBITDA for the three months ended December 31, 2024 was
$156.9 million compared with $79.6 million for the three months
ended December 31, 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 twelve months
ended December 31, 2024 decreased 0.6% to $3,049.5 million compared
with $3,066.7 million for the twelve months ended December 31,
2023. For the twelve months ended December 31, 2024, admissions
revenue decreased 2.1% to $1,522.5 million while concession revenue
remained relatively flat at $1,197.8 million, with a 4.1% decrease
in attendance to 201.1 million patrons. Worldwide average ticket
price was $7.57 and concession revenue per patron was $5.96.
Net income attributable to Cinemark Holdings, Inc. for the
twelve months ended December 31, 2024 was $309.7 million compared
with net income of $188.2 million for the twelve months ended
December 31, 2023. Diluted earnings per share for the twelve months
ended December 31, 2024 was $2.06 compared with diluted earnings
per share of $1.34 for the twelve months ended December 31, 2023.
Net income for the twelve months ended December 31, 2024 included a
$60.1 million income tax benefit primarily related to the release
of certain valuation allowances.
Adjusted EBITDA for the twelve months ended December 31, 2024
was $590.2 million compared with $594.1 million for the twelve
months ended December 31, 2023. Reconciliations of non-GAAP
financial measures are provided in the financial schedules
accompanying this press release and at https://ir.cinemark.com.
On February 18, 2025 Cinemark Holdings, Inc.'s board of
directors approved an annual cash dividend of $0.32 per share of
common stock, payable quarterly. The first quarterly dividend will
be payable on March 19, 2025 to Cinemark Holdings, Inc.’s
shareholders of record as of March 5, 2025.
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 December 31, 2024 operated 497
theaters with 5,653 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;
- general economic conditions in the United States and
internationally;
- 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;
- changes in legislation, government regulations or policies that
affect our operations;
- determinations in lawsuits in which we are a party;
- impairment of the value of our long-lived assets and goodwill;
and
- extraordinary events beyond our control, such as conflicts,
wars, natural disasters, public health crises, labor strikes, or
terrorist attacks.
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 19, 2025. 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
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
Statement of income (loss)
data:
Revenue
Admissions
$
406.5
$
322.4
$
1,522.5
$
1,555.6
Concession
313.4
243.0
1,197.8
1,192.0
Other
94.4
73.5
329.2
319.1
Total revenue
814.3
638.9
3,049.5
3,066.7
Cost of operations
Film rentals and advertising
235.7
172.8
859.6
865.7
Concession supplies
60.3
47.3
225.4
221.3
Salaries and wages
107.7
96.9
401.8
403.1
Facility lease expense
80.6
78.8
325.3
329.7
Utilities and other
127.3
113.3
459.4
466.8
General and administrative expenses
57.1
54.1
218.1
198.8
Depreciation and amortization
49.2
49.9
197.5
209.5
Impairment of long-lived and other
assets
1.5
4.5
1.5
16.6
(Gain) loss on disposal of assets and
other
(0.4
)
1.1
1.6
(7.7
)
Total cost of operations
719.0
618.7
2,690.2
2,703.8
Operating income
95.3
20.2
359.3
362.9
Other income (expense)
Interest expense
(35.0
)
(38.4
)
(144.0
)
(150.4
)
Interest income
12.9
14.8
53.2
55.0
Loss on debt amendments and
extinguishments
(1.4
)
—
(6.9
)
(10.7
)
Foreign currency exchange and other
related loss
(1.8
)
(9.4
)
(9.7
)
(28.8
)
Interest expense - NCM
(5.5
)
(5.6
)
(22.0
)
(22.6
)
Equity in income of affiliates
0.6
2.4
11.9
3.6
Net (loss) gain on investment in NCMI
(1.8
)
(1.5
)
11.0
12.4
Income (loss) before income taxes
63.3
(17.5
)
252.8
221.4
Income tax expense (benefit)
11.2
0.1
(60.1
)
29.9
Net income (loss)
$
52.1
$
(17.6
)
$
312.9
$
191.5
Less: Net income attributable to
noncontrolling interests
0.8
0.4
3.2
3.3
Net income (loss) attributable to Cinemark
Holdings, Inc.
$
51.3
$
(18.0
)
$
309.7
$
188.2
Earnings (loss) per share attributable to
Cinemark Holdings, Inc.'s common stockholders
Basic
$
0.42
$
(0.15
)
$
2.54
$
1.55
Diluted
$
0.33
$
(0.15
)
$
2.06
$
1.34
Weighted average shares outstanding
Basic
120.0
119.2
119.9
119.1
Diluted
163.6
119.2
154.9
152.0
Other Operating Data
(unaudited, in millions)
As of December 31,
2024
2023
Balance sheet data:
Cash and cash equivalents
$
1,057.3
$
849.1
Theater properties and equipment, net
$
1,145.1
$
1,161.7
Total assets
$
5,067.0
$
4,836.8
Long-term debt, net of unamortized debt
issuance costs and original issue discount
$
2,334.7
$
2,399.1
Total equity
$
603.4
$
318.8
Twelve Months Ended December
31,
2024
2023
Cash flows provided by (used
for):
Operating activities (1)
$
466.0
$
444.3
Investing activities
$
(146.9
)
$
(131.8
)
Financing activities
$
(103.1
)
$
(125.4
)
(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:
Twelve Months Ended December
31,
2024
2023
Reconciliation of free cash
flow:
Cash flows provided by operating
activities
$
466.0
$
444.3
Less: Capital expenditures
(150.8
)
(149.5
)
Free cash flow
$
315.2
$
294.8
Segment Information
(unaudited, in millions, except
per patron data)
U.S. Reportable
Segment
International Reportable
Segment
Consolidated
Three Months Ended December
31,
Three Months Ended December
31,
Constant Currency ¹
Three Months Ended December
31,
2024
2023
2024
2023
2024
2024
2023
Revenue and Attendance
Admissions revenue
$
338.7
$
267.5
$
67.8
$
54.9
$
91.7
$
406.5
$
322.4
Concession revenue
259.7
200.9
53.7
42.1
71.7
313.4
243.0
Other revenue
68.0
50.4
26.4
23.1
36.6
94.4
73.5
Total revenue
$
666.4
$
518.8
$
147.9
$
120.1
$
200.0
$
814.3
$
638.9
Attendance
32.6
26.2
18.4
14.4
51.0
40.6
Average ticket price
$
10.39
$
10.21
$
3.68
$
3.81
$
4.98
$
7.97
$
7.94
Concession revenue per patron
$
7.97
$
7.67
$
2.92
$
2.92
$
3.90
$
6.15
$
5.99
Cost of Operations
Film rentals and advertising
$
201.2
$
145.0
$
34.5
$
27.8
$
47.1
$
235.7
$
172.8
Concession supplies
47.7
38.1
12.6
9.2
16.9
60.3
47.3
Salaries and wages
91.2
80.8
16.5
16.1
23.3
107.7
96.9
Facility lease expense
61.8
61.7
18.8
17.1
23.5
80.6
78.8
Utilities and other
100.8
85.7
26.5
27.6
36.2
127.3
113.3
U.S. Reportable
Segment
International Reportable
Segment
Consolidated
Twelve Months Ended December
31,
Twelve Months Ended December
31,
Constant Currency ¹
Twelve Months Ended December
31,
2024
2023
2024
2023
2024
2024
2023
Revenue and Attendance
Admissions revenue
$
1,233.1
$
1,236.0
$
289.4
$
319.6
$
432.6
$
1,522.5
$
1,555.6
Concession revenue
969.3
952.0
228.5
240.0
336.9
1,197.8
1,192.0
Other revenue
234.4
227.3
94.8
91.8
140.6
329.2
319.1
Total revenue
$
2,436.8
$
2,415.3
$
612.7
$
651.4
$
910.1
$
3,049.5
$
3,066.7
Attendance
122.9
127.7
78.2
82.1
201.1
209.8
Average ticket price
$
10.03
$
9.68
$
3.70
$
3.89
$
5.53
$
7.57
$
7.41
Concession revenue per patron
$
7.89
$
7.45
$
2.92
$
2.92
$
4.31
$
5.96
$
5.68
Cost of Operations
Film rentals and advertising
$
714.4
$
703.6
$
145.2
$
162.1
$
220.1
$
859.6
$
865.7
Concession supplies
174.5
169.1
50.9
52.2
74.7
225.4
221.3
Salaries and wages
335.6
333.8
66.2
69.3
103.7
401.8
403.1
Facility lease expense
245.8
246.6
79.5
83.1
104.9
325.3
329.7
Utilities and other
356.5
355.4
102.9
111.4
156.8
459.4
466.8
(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 reportable 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 reportable 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 December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Adjusted EBITDA (1)
U.S.
$
128.0
$
68.5
$
466.6
$
463.9
International
28.9
11.1
123.6
130.2
Total Adjusted EBITDA
$
156.9
$
79.6
$
590.2
$
594.1
Capital expenditures
U.S.
$
41.4
$
40.8
$
109.1
$
111.5
International
19.2
19.0
41.7
38.0
Total capital expenditures
$
60.6
$
59.8
$
150.8
$
149.5
(1)
Adjusted EBITDA represents net income
(loss) 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 (loss) 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 December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net income (loss)
$
52.1
$
(17.6
)
$
312.9
$
191.5
Add (deduct):
Income tax expense (benefit)
11.2
0.1
(60.1
)
29.9
Interest expense (1)
35.0
38.4
144.0
150.4
Other income, net (2)
(4.4
)
(0.7
)
(44.4
)
(19.6
)
Cash distributions from other equity
investees (3)
4.2
2.5
9.3
5.7
Depreciation and amortization
49.2
49.9
197.5
209.5
Impairment of long-lived assets
1.5
4.5
1.5
16.6
(Gain) loss on disposal of assets and
other
(0.4
)
1.1
1.6
(7.7
)
Loss on debt amendments and
extinguishments
1.4
—
6.9
10.7
Non-cash rent
(2.3
)
(4.7
)
(12.5
)
(17.9
)
Share-based awards compensation expense
(4)
9.4
6.1
33.5
25.0
Adjusted EBITDA
$
156.9
$
79.6
$
590.2
$
594.1
(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 (loss) 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. reportable segment.
(4)
Non-cash expense included in general and
administrative expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250219046422/en/
Investor Relations Contact:
Chanda Brashears – 972-665-1671 or cbrashears@cinemark.com
Media Contact: Julia McCartha –
972-665-1322 or pr@cinemark.com
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