Cinemark (CNK) Q4 2024 earnings summary

Executive summary

• Achieved strong operating and financial performance in 2024, with record Q4 results, over 201 million guests entertained, and continued market share gains both domestically and internationally.

• Outperformed industry box office recovery in both North America and Latin America, extending a multi-year outperformance trend.

• Reinstated annual cash dividend at $0.32 per share, payable quarterly, reflecting confidence in future prospects and marking a milestone in post-pandemic recovery.

• Operates 497 theaters with 5,653 screens across 14 countries, ranking as the 3rd largest exhibitor in the U.S. and a leader in Latin America.

• Positioned for sustainable growth and long-term shareholder returns through strategic investments and value creation opportunities.

Financial highlights

• FY 2024 worldwide revenue exceeded $3 billion, with Q4 revenue up 28% year-over-year to $814.3 million.

• Adjusted EBITDA for FY 2024 was $590 million (19.4% margin), with Q4 Adjusted EBITDA nearly doubling to $156.9 million.

• FY 2024 net income was $309.7 million (EPS $2.06), with Q4 net income of $51.3 million (EPS $0.33).

• Generated $315 million in free cash flow and ended FY 2024 with $1.1 billion in cash, maintaining strong liquidity.

• Achieved all-time highs in premium format box office and food & beverage per capita.

Outlook and guidance

• 2025 and 2026 film slates expected to be robust and diversified, supporting continued attendance and revenue growth.

• Preparing to address $460 million in convertible notes due August 2025, with elevated cash reserves.

• Expects higher CapEx in 2025 (~$225 million) for circuit upgrades and new builds, with margin expansion anticipated as box office recovers.

• Dividend reinstatement signals confidence in future cash flows and ongoing recovery.

• Anticipates moderate year-over-year growth in domestic concession per cap and average ticket price in 2025.