Cinemark(US:CNK)2024-08-02 12:38Financial Performance & Market Position - Cinemark's FY23 total revenue reached $3 billion, within 7% of FY19 levels despite a 25% reduction in attendance[29] - The company's FY23 Adjusted EBITDA was $594 million, with a 194% margin[29] - Cinemark's domestic box office recovery surpassed the North American industry by 700 bps in FY23 compared to FY19, gaining the largest market share among major US exhibitors, approximately 100 bps[29] - In the first half of 2024, Cinemark's revenue was $1313 million, a 15% decrease compared to $1553 million in the first half of 2023[32] - Cinemark's free cash flow for FY23 was $295 million, and the company ended the year with a cash balance of $849 million[29] Global Footprint & Market Share - Cinemark has a distinctive global footprint with 502 theaters and 5708 screens across 14 countries[22] - The company holds approximately 20-40% market share in key Latin American countries[22] - Cinemark's domestic market share expanded from 13% in FY19 to 14% in FY23[24] - Cinemark is a leader across the Latin American region, with market share expanding meaningfully since pre-pandemic[24] Strategic Initiatives & Future Outlook - Cinemark aims to maintain a net leverage ratio between 20x and 30x, depending on box office recovery and strategic investment opportunities[35] - The company is focused on sustaining a high-quality circuit, pursuing ROI-generating initiatives, and evaluating accretive M&A opportunities[36] - Cinemark anticipates content volume recovery will rebound toward pre-pandemic levels in 2025 and 2026[33]