Cinemark Holdings, Inc. (NYSE:CNK) Q2 2023 Earnings Conference Call August 4, 2023 8:30 AM ET
Company Participants
Chanda Brashears - Senior Vice President of Investor Relations
Sean Gamble - President & Chief Executive Officer
Melissa Thomas - Chief Financial Officer
Conference Call Participants
Ben Swinburne - Morgan Stanley
Robert Fishman - Moffat Nathanson
Eric Handler - ROTH MKM
Omar Mejias - Wells Fargo
David Karnovsky - JPMorgan
Jim Goss - Barrington Research
Aaron Lee - Macquarie
Operator
Greetings. Welcome to the Cinemark Holdings Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
At this time, I would like to hand the call over to Chanda Brashears, Senior Vice President of Investor Relations. Thank you. You may begin.
Chanda Brashears
Good morning, everyone. I would like to welcome you to Cinemark Holdings, Inc.'s second quarter 2023 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-looking projections due to a variety of factors. Information concerning the factors that could cause results to differ materially is contained in the company's most recently filed 10-K. Also, today's call may include non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the company's most recently filed earnings release, 10-Q and on the company's website at ir.cinemark.com.
With that, I would now like to turn the call over to Sean Gamble.
Sean Gamble
Thank you, Chanda, and good morning, everyone. We appreciate you joining us today for our second quarter 2023 earnings call. We believe box office performance during the second quarter, combined with movie going results witnessed year-to-date and over the past 2 years, provide conclusive evidence that consumer enthusiasm to view compelling films in a shared larger-than-life cinematic environment is as strong as ever.
Theatrical movie going enthusiasm has been largely undeterred by the impact of the pandemic and the evolution of in-home streaming offerings, and it continues to demonstrate resilience against macroeconomic inflationary and recessionary dynamics. Year-to-date through July, North American industry box office results are up 20% over 2022 and have improved to within approximately 85% of 2019 driven by further recovery in wide release volume and sustained consumer demand for an in-theater viewing experience. On par with box office results, wide release volume has also reached almost 85% of 2019, which represents a meaningful uptick from last year when volume had recovered to approximately 65% of pre-pandemic levels over the same time frame.