Print Page  |  Close Window

SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/23/2018
Entire Document
 

Comparison of Years Ended December 31, 2016 and December 31, 2015

Revenues. Total revenues increased $66.2 million to $2,918.8 million for 2016 from $2,852.6 million for 2015, representing a 2.3% increase. The table below, presented by reportable operating segment, summarizes our year-over-year revenue performance and certain key performance indicators that impact our revenues.

 

 

 

U.S. Operating Segment

 

 

International Operating Segment

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Constant Currency (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

2015

 

 

%

Change

 

 

2016

 

 

2015

 

 

%

Change

 

 

2016

 

 

%

Change

 

 

2016

 

 

2015

 

 

%

Change

 

Admissions revenues (1)

 

$

1,379.0

 

 

$

1,338.0

 

 

 

3.1

%

 

$

410.2

 

 

$

427.5

 

 

 

(4.0

)%

 

$

483.4

 

 

 

13.1

%

 

$

1,789.2

 

 

$

1,765.5

 

 

 

1.3

%

Concession revenues (1)

 

$

764.6

 

 

$

709.7

 

 

 

7.7

%

 

$

225.5

 

 

$

227.3

 

 

 

(0.8

)%

 

$

263.2

 

 

 

15.8

%

 

$

990.1

 

 

$

937.0

 

 

 

5.7

%

Other revenues (1)(2)

 

$

73.6

 

 

$

76.2

 

 

 

(3.4

)%

 

$

65.9

 

 

$

73.9

 

 

 

(10.8

)%

 

$

76.0

 

 

 

2.8

%

 

$

139.5

 

 

$

150.1

 

 

 

(7.1

)%

Total revenues (1)(2)

 

$

2,217.2

 

 

$

2,123.9

 

 

 

4.4

%

 

$

701.6

 

 

$

728.7

 

 

 

(3.7

)%

 

$

822.6

 

 

 

12.9

%

 

$

2,918.8

 

 

$

2,852.6

 

 

 

2.3

%

Attendance (1)

 

 

182.6

 

 

 

179.6

 

 

 

1.7

%

 

 

104.6

 

 

 

100.5

 

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

287.2

 

 

 

280.1

 

 

 

2.5

%

Average ticket price (1)

 

$

7.55

 

 

$

7.45

 

 

 

1.3

%

 

$

3.92

 

 

$

4.25

 

 

 

(7.8

)%

 

$

4.62

 

 

 

8.7

%

 

$

6.23

 

 

$

6.30

 

 

 

(1.1

)%

Concession revenues per patron (1)

 

$

4.19

 

 

$

3.95

 

 

 

6.1

%

 

$

2.16

 

 

$

2.26

 

 

 

(4.4

)%

 

$

2.52

 

 

 

11.5

%

 

$

3.45

 

 

$

3.35

 

 

 

3.0

%

 

(1)

Revenue and attendance amounts in millions. Average ticket price is calculated as admissions revenues divided by attendance. Concession revenues per patron is calculated as concession revenues divided by attendance.

(2)

U.S. operating segment revenues include eliminations of intercompany transactions with the international operating segment. See Note 18 of our consolidated financial statements.

(3)

Constant currency revenue amounts, which are non-GAAP measurements, were calculated using the average exchange rates for the corresponding months 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 $41.0 million due to a 1.7% increase in attendance and a 1.3% increase in average ticket price. The increase in concession revenues of $54.9 million was attributable to the 1.7% increase in attendance and a 6.1% increase in concession revenues per patron. The increase in attendance was due to the solid slate of films released during 2016 and new theatres. The increase in average ticket price was primarily due to price increases. The increase in concession revenues per patron was primarily due to incremental sales incidence and price increases.  

International. Admissions revenues decreased $17.3 million as reported, primarily due to the impact of changes in foreign currency exchange rates in certain countries in which we operate, partially offset by a 4.1% increase in attendance.  Admissions revenues increased $55.9 million in constant currency, primarily due to the 4.1% increase in attendance and an 8.7% increase in constant currency average ticket price. Concession revenues decreased $1.8 million as reported, primarily due to the impact of changes in foreign currency exchange rates in certain countries in which we operate, partially offset by the 4.1% increase in attendance.  Concession revenues increased $35.9 million in constant currency, primarily due to the 4.1% increase in attendance and an 11.5% increase in constant currency concession revenues per patron. The increase in attendance was due to new theatres and the success of the films released during 2016. The increase in constant currency average ticket price and concession revenues per patron was primarily driven by price increases, which was primarily due to local inflation.

36