Cineplex Reports Third Quarter 2024 Results
TORONTO, Nov. 6, 2024 /CNW/ - (TSX:CGX) - Today, Cineplex Inc. ("Cineplex" or the "Company") released its financial results for the three and nine months ended September 30, 2024. Unless otherwise specified, all amounts contained in this news release are in Canadian dollars.
Q3 2024 Highlights:
Reported $395.6 million in revenues, exceeding Q3 2019 revenues of $373.7 million
Generated adjusted EBITDAaL of $47.5 million from continuing operations
Reported net loss from continuing operations of $24.7 million, which was impacted by the provision for the Competition Tribunal's administrative monetary penalty of $39.2 million
Delivered BPP of $13.19 and CPP of $9.85, both all-time quarterly records
Cinema media per patron (CMPP) of $1.37 grew by 10.5% over prior year
Digital Place-Based Media revenues of $13.3 million grew by 40.3% over prior year, due to expanded digital-out-of-home networks
Commenced Normal Course Issuer Bid (NCIB) Program
"Our third quarter saw a steady stream of diverse film content which drove audiences into our theatres, resulting in box office revenues reaching 98% of 2019 levels and total revenues exceeding 2019 levels," said Ellis Jacob, President and CEO, Cineplex. "We achieved strong adjusted EBITDAaL and operating cash flow, which allowed us to invest in the business and return to shareholders through share repurchases."
"We have continued to make progress toward our strategic initiatives. We're excited about the opening of three new LBE locations and one new theatre before year end, which will further solidify our position as Canada's leading entertainment destination. Our market leadership also extends to our Media business, which recently joined the Canadian Out-of-Home Marketing and Measurement Bureau ("COMMB"). Our membership enhances the accreditation of our media segment and ensures our DOOH partners receive the most value for their impressions."
"While we are disappointed with the outcome of the Competition Tribunal's decision regarding our online booking fee, we remain confident in our position. As previously announced, Cineplex filed its Notice of Appeal with the Federal Court of Appeal on October 23rd. Enhancing the guest experience is at the forefront of what we do, and our commitment to Canadian consumers has always been about choice."
"Looking ahead, we remain confident that our market leadership, along with our diversified businesses, innovative strategies, and robust consumer data, uniquely position us to capitalize on the strong film slate ahead, enabling us to generate significant free cash flows."
Third Quarter Financial Results
Financial highlights
Third Quarter
Year to Date
(in thousands of dollars, except theatre attendance in thousands of patrons and per share and per patron amounts)
2024
2023
Change(ii)
2024
2023
Change (ii)
(i)
(i)
Total revenues
$ 395,600
$ 414,540
-4.6 %
$ 967,695
$ 1,073,816
-9.9 %
Theatre attendance
13,255
15,690
-15.5 %
31,805
38,263
-16.9 %
Net (loss) income from continuing operations
$ (24,734)
$ 24,466
NM
$ (109,016)
$ 150,152
NM
Net income from discontinued operations, including gain on disposition
$ ,
$ 5,280
-100.0 %
$ 68,003
$ 25,966
161.9 %
Net (loss) income (iii)
$ (24,734)
$ 29,746
NM
$ (41,013)
$ 176,118
NM
Net (loss) income as a percentage of sales from continuing operations (iii)
-6.3 %
5.9 %
-12.2 %
-11.3 %
14.0 %
-25.3 %
Cash provided by (used in) continuing operating activities
$ 16,374
$ 36,646
-55.3 %
$ 53,325
$ 112,303
-52.5 %
Box office revenues per patron ("BPP") (iv)
$ 13.19
$ 12.00
9.9 %
$ 13.03
$ 12.44
4.7 %
Concession revenues per patron ("CPP") (iv)
$ 9.85
$ 8.44
16.7 %
$ 9.49
$ 8.80
7.8 %
Adjusted EBITDA (iv)
$ 89,969
$ 116,448
-22.7 %
$ 179,176
$ 257,060
-30.3 %
Adjusted EBITDAaL (iv)
$ 47,482
$ 74,614
-36.4 %
$ 52,992
$ 133,185
-60.2 %
Adjusted EBITDAaL from discontinued operations (iv)
$ ,
$ 8,450
-100.0 %
$ 508
$ 30,380
-98.3 %
Adjusted EBITDAaL including discontinued operations (iv)
$ 47,482
$ 83,064
-42.8 %
$ 53,500
$ 163,565
-67.3 %
Adjusted EBITDAaL margin from continuing operations (iv)
12.0 %
18.0 %
-6.0 %
5.5 %
12.4 %
-6.9 %
Adjusted free cash flow (iv)
$ (8,363)
$ 59,767
NM
$ (27,417)
$ 84,738
NM
Adjusted free cash flow per share (iv)
$ (0.131)
$ 0.943
NM
$ (0.431)
$ 1.337
NM
(Loss) earnings per share from continuing operations - basic (iii)
$ (0.39)
$ 0.39
