EX-99.1 2 cnk-ex99_1.htm EX-99.1 EX-99.1

 

附录99.1

img115247109_0.jpg

 

CINEMARk HOLDINGS, INC.报告2024年第三季度业绩

 

第三季度营业收入创下历史新高，达到9亿2200万美元，同比增长5%。

 

报告净利润18900万美元，创下历史新高的第三季度

营业利润调整后为22100万美元，调整后营业利润率为23.9%。

2024年10月31日，德州普莱诺─是全球最大且最具影响力的戏剧展示公司之一的环球影城控股有限公司（纽交所：CNK）今天公布了2024年9月30日结束的三个月及九个月的业绩报告。

“喜满客影城的董事长兼首席执行官肖恩·甘布尔表示：消费者对于分享的超大型戏剧体验的持续热情再次充分展示在第三季度，电影的成绩远超预期，再度实现自疫情以来最高的季度票房，接近2019年第三季度的水平，增长了4%。第三季度的成绩受到了一部接一部的热门电影的推动，因为持续推出大量引人入胜的影片到剧院之中，这些结果清晰地表明，看电影会促使看更多电影，进一步说明戏院上映提供给所有类型内容的高度影响力。我们赞扬我们的工作室合作伙伴，他们出色地制作并发行了如此引人入胜的影片，这些作品显然将在未来多年中对看电影的人们留下深刻的印象。”

Gamble先生接著说：“我也要表扬我们出色的喜满客影城团队，他们充分利用了这一季度电影票房的强劲表现，再次取得了超越行业标杆并创造了创纪录的第三季度营业收入和调整后EBITDA。这些稳固的成果直接反映了我们高度技能和足智多谋的全球团队，我们持续从我们正在进行的战略倡议中获益，以及喜满客众多独特优势，我们相信将维持我们在未来增长和成功中的地位。”

2024年第三季度盈利亮点

•
在全球范围内吸引了6000万名电影观众。
•
国内票房成绩超过北美行业板块去年同比增长600个基点和比2019年第三季度增长1,100个基点；此外，国际入场人次超过拉丁美洲行业板块去年同比增长100个基点并较2019第三季度增长800个基点。
•
在美国和拉丁美洲，相对于2019财年的市场份额持续增长超过100个基点；与疫情前结果相比，持续维持所有主要展示厅中最显著的市场份额增长。
•
持续有意义地推进并受益于战略倡议，以建立观众、发展新的营业收入来源，并进一步增强我们在行业板块领先的运营能力。
•
美国和全球的人均食品和饮料支出均达到历史新高，分别为7.97美元和6.08美元。
•
报告第三季度营业收入创历史新高，达92200万美元，同比增加5%，较2019年第三季度增加12%。
•
第三季净利润为18900万美元，每股摊薄收益归属于Cinemark Holdings, Inc。
1.19美元。
•
第三季度调整后的净收益达到新高，达到$22100万，调整后的净收益率高达23.9％，同比扩大140个基点。
•
从营运活动中产生了10700万美元现金，自由现金流为6400万美元；第三季结束时，现金余额高达92800万美元。
•
成功以发行50000万美元7.00%到期2032年无抵押票据来成功地再融资2026年到期的无抵押票据，并偿还了在拉丁美洲的600万美元COVID相关债务。

 

1

 

 

财务结果

Cinemark Holdings, Inc.截至2024年9月30日的总营业收入增加了5.4%，达到92180万美元，较2023年9月30日结束的87480万美元有所增加。截至2024年9月30日的三个月，入场收入增加了3.7%，达到46040万美元，而零食收入增加了8.1%，达到36730万美元。全球平均票价为7.62美元，每名顾客的零食收入为6.08美元。

截至2024年9月30日结束的三个月，归属于Cinemark Holdings，Inc.的净利润为1亿8780万美元，较截至2023年9月30日结束的三个月的净利润9020万美元高。2024年9月30日结束的三个月，每股摊薄收益为1.19美元，较截至2023年9月30日结束的三个月每股摊薄收益0.61美元高。截至2024年9月30日结束的三个月的净利润包括4270万美元的税收益，主要与先前在美国记录的部分减值准备的部分释放有关。

截至2024年9月30日的三个月内，调整后的EBITDA为22050万美元，而截至2023年9月30日的三个月为19680万美元。非GAAP财务指标的调解信息已在随附此新闻稿的财务时间表中提供。 https://ir.cinemark.com.

Cinemark Holdings, Inc.截至2024年9月30日的总营业收入较截至2023年9月30日的 $242,780万减少了7.9%，为 $223,520万。截至2024年9月30日的九个月，票房收入下降了9.5%，至 $111,600万，饮食收入下降了6.8%，至 $88,440万，由于观众人次下降了11.3%，至15010万。全球平均票价为 $7.44，每位观众的饮品收入为 $5.89。

净利润归属于Cinemark Holdings, Inc. 截至2024年9月30日的九个月期间为25840万美元，而截至2023年9月30日的九个月期间的净利润为20620万美元。截至2024年9月30日的九个月期间的每股摊薄收益为1.73美元，而截至2023年9月30日的九个月期间的摊薄每股收益为1.43美元。截至2024年9月30日的九个月期间的净利润包括7130万美元的税收福利，主要与某些估值抵押文件的释放有关。

至2024年9月30日止九个月的调整后EBITDA为4,3330万美元，相较于截至2023年9月30日止九个月的5,1450万美元。非GAAP财务指标的调和情况已在本新闻稿附带的财务附表和网址中提供。 https://ir.cinemark.com.

 

网络直播-今天美东时间上午8时30分

现场网络直播/重播： 在此处可观看 https://ir.cinemark.com。看涨后将提供重播，并存档一段时间。

2

 

 

关于Cinemark Holdings, Inc.

总部位于德州普莱诺市的喜满客影城（纽交所代号：CNK）是世界上最大、最具影响力的电影院公司之一。喜满客的影院线包含多个品牌，包括Century、Tinseltown和Rave，在2024年9月30日，国内运营499家影院，在42个州内拥有5680个萤幕，并在南美和中美洲的13个国家开设了影院。喜满客始终以客人的体验为重，从购票到放映结束，提供非凡的服务，包括Movie Club，作为首家美国影院推出的订阅计划；在主要市场中拥有最高比例的奢华躺椅座椅；XD - 领先的影院品牌高级大型格式；以及众多美食和饮品选择，进一步增强电影观赏体验。欲了解更多信息，请访问 https://ir.cinemark.com.

Investor Relations Contact:

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

Media Contact:

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

3

 

 

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.

4

 

 

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

 

 

5

 

 

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.

6

 

 

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.

7