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SEC Filings

10-Q
CINEMARK HOLDINGS, INC. filed this Form 10-Q on 05/10/2016
Entire Document
 


Table of Contents

Three Months Ended March 31, 2016 versus March 31, 2015

Revenues. Total revenues increased $59.5 million to $704.9 million for the three months ended March 31, 2016 (“first quarter of 2016”) from $645.4 million for the three months ended March 31, 2015 (“first quarter of 2015”), representing a 9.2% increase. The table below, presented by reportable operating segment, summarizes our revenue performance and certain key performance indicators that impact our revenues for the three months ended March 31, 2016 and 2015.

 

           International Operating Segment        
     U.S. Operating Segment                         Constant
Currency(3)
    Consolidated  
     2016      2015      %
Change
    2016      2015      %
Change
    2016      %
Change
    2016      2015      %
Change
 

Admissions revenues(1)

   $ 337.5       $ 295.8         14.1   $ 98.3       $ 104.9         (6.3 %)    $ 132.0         25.8   $ 435.8       $ 400.7         8.8

Concession revenues(1)

   $ 184.0       $ 159.6         15.3   $ 53.8       $ 54.8         (1.8 %)    $ 71.1         29.7   $ 237.8       $ 214.4         10.9

Other revenues(1)(2)

   $ 19.2       $ 15.7         22.3   $ 12.1       $ 14.6         (17.1 %)    $ 16.2         11.0   $ 31.3       $ 30.3         3.3

Total revenues (1)(2)

   $ 540.7       $ 471.1         14.8   $ 164.2       $ 174.3         (5.8 %)    $ 219.3         25.8   $ 704.9       $ 645.4         9.2

Attendance(1)

     44.5         41.5         7.2     28.0         24.0         16.7          72.5         65.5         10.7

 

(1)  Amounts in millions.
(2)  U.S. operating segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 15 of our condensed consolidated financial statements.
(3)  Constant currency revenue amounts were calculated using the average exchange rate for the corresponding month for 2015. We translate the results of our international operating segment from local currencies into U.S. dollars using currency rates in effect at different points in time. Significant changes in foreign exchange rates from one period to the next can result in meaningful variations in reported results. We are providing constant currency amounts for our international operating segment to present a period-to-period comparison of business performance without the impact of foreign currency fluctuations.

 

  U.S. Admissions revenues increased $41.7 million as a result of a 7.2% increase in attendance and a 6.3% increase in average ticket price from $7.13 for the first quarter of 2015 to $7.58 for the first quarter of 2016. Concession revenues increased $24.4 million as a result of the 7.2% increase in attendance and a 7.3% increase in concession revenues per patron from $3.85 for the first quarter of 2015 to $4.13 for the first quarter of 2016. The increase in attendance was due to the success of the films released during the first quarter of 2016, the carryover of Star Wars: The Force Awakens and The Revenant and new theatres. The increase in average ticket price was primarily due to price increases and the mix of premium product. The increase in concession revenues per patron was primarily due to incremental sales and price increases. Other revenues increased primarily due to increases in screen advertising revenues.

 

  International. Admissions revenues decreased $6.6 million as reported, but increased $27.1 million in constant currency. The constant currency increase is a result of a 16.7% increase in attendance and a 7.8% increase in constant currency average ticket price from $4.37 for the first quarter of 2015 to $4.71 for the first quarter of 2016. Concession revenues decreased $1.0 million as reported, but increased $16.3 million in constant currency. The constant currency increase is a result of the 16.7% increase in attendance and an 11.4% increase in constant currency concession revenues per patron from $2.28 for the first quarter of 2015 to $2.54 for the first quarter of 2016. The increase in attendance was due to the success of the films released during the first quarter of 2016 and new theatres. Average ticket price and concession revenues per patron increased primarily due to price increases, which was primarily due to local inflation.

 

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