Cinemark Holdings, Inc. (NYSE:CNK) Q3 2024 Earnings Call October 31, 2024 8:30 AM ET

Company Participants

Chanda Brashears - Senior Vice President, Investor Relations
Sean Gamble - President and Chief Executive Officer
Melissa Thomas - Chief Financial Officer

Conference Call Participants

David Karnovsky - JPMorgan
Eric Handler - ROTH Capital
Omar Mejias - Wells Fargo
Chad Beynon - Macquarie Asset Management
Daniel Duran - Morgan Stanley
Robert Fishman - MoffettNathanson
Mike Hickey - Benchmark
Jim Goss - Barrington Research
Stephen Laszczyk - Goldman Sachs

Operator

Greetings and welcome to Cinemark Holdings Inc.’s Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Chanda Brashears, Senior Vice President, Investor Relations. Thank you. You may begin.

Chanda Brashears

Good morning, everyone. I would like to welcome you to Cinemark Holdings, Inc.’s third quarter 2024 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 on 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 this Halloween morning to discuss our third quarter 2024 results. Strong, sustained consumer enthusiasm for shared larger-than-life theatrical experiences was once again on full display in 3Q, as box office results far outpaced expectations for the third quarter in a row this year.

North American industry box office reached $2.7 billion and was up 1% year-over-year, which is remarkable considering the high bar that was set by last year’s Barbenheimer phenomenon. These results also represented the highest grossing quarter since the pandemic and climbed to within 4% of 3Q ‘19.