Cinemark(US:CNK)2025-11-05 11:46Revenue Performance - Total revenue for the third quarter of 2025 was $857.5 million, a decrease of 7.0% compared to $921.8 million in the third quarter of 2024[202]. - Admissions revenue decreased by 6.7% to $429.7 million in the third quarter of 2025 from $460.4 million in the same period last year[207]. - Concession revenue also declined by 8.3% to $336.7 million in the third quarter of 2025, down from $367.3 million in the third quarter of 2024[207]. - Total revenue for the consolidated segment increased by 5.1% to $1,860.0 million for the nine months ended September 30, 2025, compared to $1,770.4 million in 2024[230]. Attendance Trends - Attendance decreased by 10.3% to 54.2 million in the third quarter of 2025, compared to 60.4 million in the same period last year[207]. - U.S. attendance decreased 11.7% to 33.2 million patrons in Q3 2025 compared to 37.6 million in Q3 2024, attributed to a less appealing film slate[210]. - International attendance decreased 7.9% to 21.0 million patrons in Q3 2025 from 22.8 million in Q3 2024, reflecting a similar trend in film appeal[210]. - U.S. attendance increased to 90.7 million patrons in 2025, up from 90.3 million in 2024, driven by a comparable film slate[234]. - International attendance decreased to 58.0 million patrons in 2025 from 59.8 million in 2024, reflecting a less appealing film slate[234]. Pricing and Revenue per Patron - The average ticket price increased by 4.1% to $7.93 in the third quarter of 2025, compared to $7.62 in the third quarter of 2024[207]. - Average ticket price in the U.S. increased 5.2% to $10.50 in Q3 2025 from $9.98 in Q3 2024, driven by strategic pricing actions[210]. - Concession revenue per patron in the U.S. rose 2.9% to $8.20 in Q3 2025 compared to $7.97 in Q3 2024, primarily due to strategic pricing and a higher mix of merchandise[210]. - Average ticket price increased by 4.6% to $10.36 in 2025, compared to $9.90 in 2024, due to strategic pricing initiatives[234]. - Concession revenue per patron increased by 4.5% to $8.21 in 2025, compared to $7.86 in 2024, driven by strategic pricing actions[234]. Expenses and Income - General and administrative expenses for Holdings increased to $61.9 million in Q3 2025 from $56.4 million in Q3 2024, mainly due to higher share-based compensation and increased headcount[214]. - Interest expense for Holdings decreased to $32.2 million in Q3 2025 from $36.7 million in Q3 2024, primarily due to the payoff of $460.0 million in convertible senior notes[217]. - General and administrative expenses increased to $170.5 million in 2025 from $161.0 million in 2024, primarily due to higher share-based compensation and wages[237]. - Interest expense for Holdings was $110.1 million in 2025, compared to $109.0 million in 2024, primarily due to the issuance of new Senior Notes[240]. Tax and Investment - An income tax benefit of $22.9 million was recorded for Holdings in Q3 2025, down from $42.7 million in Q3 2024, with an effective tax rate of approximately (82.8)%[225]. - Income tax expense for Holdings was $4.9 million in 2025, contrasting with a tax benefit of $71.3 million in 2024, resulting in an effective tax rate of 4.4% in 2025 versus (37.6)% in 2024[248]. - The company recorded a net loss on investment in NCMI of $1.5 million in Q3 2025 compared to a net gain of $11.6 million in Q3 2024, reflecting mark-to-market adjustments[224]. - Net loss on investment in NCMI was $9.4 million in 2025, compared to a net gain of $12.8 million in 2024[247]. Cash Flow and Capital Expenditures - Cash provided by operating activities was $248.3 million for Holdings and $260.1 million for CUSA in the nine months ended September 30, 2025, down from $269.6 million and $279.5 million respectively in 2024[252]. - Cash used for investing activities increased to $98.6 million in 2025 from $89.1 million in 2024, primarily due to higher capital expenditures[253]. - Total capital expenditures for the nine months ended September 30, 2025, were $105.6 million, up from $90.2 million in 2024, with new theaters at $18.3 million and existing theaters at $87.3 million[254]. - Cash used for financing activities surged to $761.8 million for Holdings and $544.1 million for CUSA in 2025, compared to $94.7 million in 2024[258]. Debt and Financing - The company issued $460.0 million of 4.50% convertible senior notes, maturing on August 15, 2025, with interest payable semi-annually[267]. - The company amended its senior secured credit facility to an aggregate principal amount of $775.0 million, including a $650.0 million term loan and a $125.0 million revolving credit facility[274]. - As of September 30, 2025, the company had $633.9 million outstanding under the term loan with an average interest rate of approximately 5.7% per annum[285]. - The company issued $500.0 million of 7.00% senior unsecured notes on July 18, 2024, maturing on August 1, 2032, to repay existing debt[286]. - The total long-term debt as of September 30, 2025, was $1,898.9 million, with an average interest rate of 5.9%[300].