Cinemark Holdings, Inc. (NYSE:CNK) Q1 2022 Earnings Conference Call May 6, 2022 8:30 AM ET

Company Participants

Chanda Brashears - SVP, IR

Sean Gamble - President and CEO

Melissa Thomas - CFO

Conference Call Participants

Michael Ng - Goldman Sachs

Unidentified Analyst - J.P. Morgan

Eric Handler - MKM Partners

James Goss - Barrington Research

Benjamin Swinburne - Morgan Stanley

Michael Hickey - The Benchmark Company

Eric Wold - B. Riley Securities

Meghan Durkin - Crédit Suisse

Operator

Good day and thank you for standing by. Welcome to Cinemark’s First Quarter Earnings Call. At this time all participants are in a listen-only mode. After the speaker’s presentation there will be a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to our speaker today, Chanda Brashears, Senior Vice President of Investor Relations. Please go ahead.

Chanda Brashears

Good morning everyone. At this time, I would like to welcome you to Cinemark Holdings, Inc.’s first quarter 2022 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 would cause different results -- 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. In today's prepared commentary regarding revenue comparisons we will be predominately referring back to the first quarter of 2019 unless otherwise indicated as the first quarter of 2021 was impacted by COVID closures, government restrictions, and limited new film releases. From an expense standpoint we are comparing to the prior quarter, fourth quarter of 2021 and we believe it is the most relevant comparison in the current environment. 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 to discuss our first quarter 2022 results. Following Spiderman No Way Home’s record breaking success at year-end, we continue to be highly encouraged by the progress our industry and our company is making as we recover from COVID, which led to first quarter year-over-year revenue growth of over 300% for Cinemark. Nearly every film released in 2022 to date has performed in line or better than pre-pandemic expectations benefiting from favorable opening weekend results and strong week-to-week holds which in many cases exceed historic trends. Importantly, we're now seeing positive box office recovery across all categories of films and audiences.